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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: November 30, 2020
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
Table of Contents
VALIC Company I
SEMI ANNUAL REPORT NOVEMBER 30, 2020
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Table of Contents
VALIC Company I
Dear Valued Investor:
We are pleased to provide you with the following Semi-Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for the six-month period ended November 30, 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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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — November 30, 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 June 1, 2020 and held until November 30, 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 November 30, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 November 30, 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 November 30, 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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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — November 30, 2020 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2020 | Ending Account Value Using Actual Return at November 30, 2020 | Expenses Paid During the Six Months Ended November 30, 2020 | Beginning Account Value at June 1, 2020 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2020 | Expenses Paid During the Six Months Ended November 30, 2020 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,185.19 | $ | 4.77 | $ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,230.29 | $ | 4.58 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,026.67 | $ | 3.20 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,241.42 | $ | 4.21 | $ | 1,000.00 | $ | 1,021.31 | $ | 3.80 | 0.75 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,139.28 | $ | 3.81 | $ | 1,000.00 | $ | 1,021.51 | $ | 3.60 | 0.71 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,093.88 | $ | 1.68 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.62 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 1,298.76 | $ | 5.13 | $ | 1,000.00 | $ | 1,020.61 | $ | 4.51 | 0.89 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,115.33 | $ | 4.61 | $ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | ||||||||||||||
Global Strategy# | $ | 1,000.00 | $ | 1,096.05 | $ | 3.84 | $ | 1,000.00 | $ | 1,021.41 | $ | 3.70 | 0.73 | % | ||||||||||||||
Government Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 0.50 | $ | 1,000.00 | $ | 1,024.57 | $ | 0.51 | 0.10 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,005.35 | $ | 3.37 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,242.30 | $ | 3.54 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 1,168.73 | $ | 5.65 | $ | 1,000.00 | $ | 1,019.85 | $ | 5.27 | 1.04 | % | ||||||||||||||
Inflation Protected# | $ | 1,000.00 | $ | 1,064.37 | $ | 2.85 | $ | 1,000.00 | $ | 1,022.31 | $ | 2.79 | 0.55 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 1,193.86 | $ | 2.47 | $ | 1,000.00 | $ | 1,022.81 | $ | 2.28 | 0.45 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,083.20 | $ | 3.45 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,299.92 | $ | 4.90 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
International Socially Responsible | $ | 1,000.00 | $ | 1,194.41 | $ | 3.63 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||||
International Value# | $ | 1,000.00 | $ | 1,245.50 | $ | 4.17 | $ | 1,000.00 | $ | 1,021.36 | $ | 3.75 | 0.74 | % | ||||||||||||||
Large Cap Core# | $ | 1,000.00 | $ | 1,204.12 | $ | 4.53 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,211.65 | $ | 4.16 | $ | 1,000.00 | $ | 1,021.31 | $ | 3.80 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,237.11 | $ | 2.02 | $ | 1,000.00 | $ | 1,023.26 | $ | 1.83 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,275.76 | $ | 4.62 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Nasdaq -100® Index | $ | 1,000.00 | $ | 1,284.31 | $ | 2.98 | $ | 1,000.00 | $ | 1,022.46 | $ | 2.64 | 0.52 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,327.64 | $ | 5.66 | $ | 1,000.00 | $ | 1,020.21 | $ | 4.91 | 0.97 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,297.42 | $ | 5.70 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,289.31 | $ | 5.34 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,311.01 | $ | 2.55 | $ | 1,000.00 | $ | 1,022.86 | $ | 2.23 | 0.44 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,231.82 | $ | 5.09 | $ | 1,000.00 | $ | 1,020.51 | $ | 4.61 | 0.91 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,321.43 | $ | 5.59 | $ | 1,000.00 | $ | 1,020.26 | $ | 4.86 | 0.96 | % | ||||||||||||||
Stock Index# | $ | 1,000.00 | $ | 1,198.16 | $ | 1.60 | $ | 1,000.00 | $ | 1,023.61 | $ | 1.47 | 0.29 | % | ||||||||||||||
Systematic Core# | $ | 1,000.00 | $ | 1,218.77 | $ | 4.28 | $ | 1,000.00 | $ | 1,021.21 | $ | 3.90 | 0.77 | % | ||||||||||||||
Systematic Value# | $ | 1,000.00 | $ | 1,100.08 | $ | 4.16 | $ | 1,000.00 | $ | 1,021.11 | $ | 4.00 | 0.79 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,144.41 | $ | 4.57 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 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 November 30, 2020” and the “Annualized Expense Ratio” would have been lower. |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.7 | % | ||
Exchange — Traded Funds | 9.6 | |||
Electronic Components — Semiconductors | 4.7 | |||
Diversified Banking Institutions | 2.7 | |||
Applications Software | 2.3 | |||
Banks — Commercial | 2.1 | |||
Energy — Alternate Sources | 2.0 | |||
Sovereign | 1.9 | |||
Computers | 1.9 | |||
Electric — Integrated | 1.7 | |||
U.S. Government Treasuries | 1.6 | |||
Electric — Generation | 1.5 | |||
Computer Services | 1.4 | |||
Web Portals/ISP | 1.3 | |||
Real Estate Operations & Development | 1.3 | |||
E — Commerce/Products | 1.3 | |||
Enterprise Software/Service | 1.2 | |||
Internet Content — Entertainment | 1.1 | |||
Real Estate Investment Trusts | 1.0 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Electric — Distribution | 0.9 | |||
Aerospace/Defense | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Oil Companies — Integrated | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Banks — Super Regional | 0.6 | |||
Independent Power Producers | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Telephone — Integrated | 0.5 | |||
Computer Software | 0.5 | |||
Finance — Credit Card | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Transport — Rail | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Retail — Building Products | 0.4 | |||
Networking Products | 0.4 | |||
Medical — Drugs | 0.4 | |||
Data Processing/Management | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Internet Application Software | 0.4 | |||
Medical Instruments | 0.4 | |||
Multimedia | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Coal | 0.3 | |||
Electronic Forms | 0.3 | |||
Computer Aided Design | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Metal — Aluminum | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Insurance — Multi — line | 0.3 | |||
E — Commerce/Services | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Instruments — Controls | 0.3 | |||
Investment Companies | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Commercial Services | 0.3 | |||
Cellular Telecom | 0.3 | |||
Transport — Services | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Petrochemicals | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 |
Computer Data Security | 0.3 | % | ||
Electric Products — Misc. | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Electronic Measurement Instruments | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Retail — Discount | 0.2 | |||
Entertainment Software | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Steel — Producers | 0.2 | |||
Oil — Field Services | 0.2 | |||
Food — Retail | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Appliances | 0.2 | |||
Communications Software | 0.2 | |||
Wireless Equipment | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Finance — Other Services | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Advertising Services | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Internet Security | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Machinery — Material Handling | 0.2 | |||
Finance — Leasing Companies | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Machinery — Farming | 0.1 | |||
Pipelines | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Industrial Gases | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Hotels/Motels | 0.1 | |||
Fisheries | 0.1 | |||
Athletic Footwear | 0.1 | |||
Software Tools | 0.1 | |||
Consulting Services | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Coatings/Paint | 0.1 | |||
Pastoral & Agricultural | 0.1 | |||
Electronic Connectors | 0.1 | |||
Leisure Products | 0.1 | |||
Audio/Video Products | 0.1 | |||
Rubber — Tires | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Television | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Brewery | 0.1 | |||
Building Products — Cement | 0.1 | |||
Gas — Distribution | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Transactional Software | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Satellite Telecom | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Electronic Security Devices | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Airport Development/Maintenance | 0.1 | % | ||
Shipbuilding | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Tobacco | 0.1 | |||
Theaters | 0.1 | |||
Recycling | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Gold Mining | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Forestry | 0.1 | |||
Metal — Copper | 0.1 | |||
Import/Export | 0.1 | |||
86.6 | % | |||
* | Calculated as a percentage of net assets |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 55.8% |
| |||||||
Advertising Services — 0.2% |
| |||||||
Stroeer SE & Co. KGaA | 890 | $ | 79,623 | |||||
Trade Desk, Inc., Class A† | 168 | 151,380 | ||||||
231,003 | ||||||||
Aerospace/Defense — 0.7% |
| |||||||
Boeing Co. | 1,175 | 247,584 | ||||||
General Dynamics Corp. | 552 | 82,441 | ||||||
Korea Aerospace Industries, Ltd. | 1,020 | 21,432 | ||||||
Lockheed Martin Corp. | 473 | 172,645 | ||||||
Northrop Grumman Corp. | 359 | 108,511 | ||||||
Raytheon Technologies Corp. | 3,291 | 236,031 | ||||||
Saab AB, Series B† | 2,236 | 58,605 | ||||||
TransDigm Group, Inc. | 118 | 68,345 | ||||||
995,594 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
L3Harris Technologies, Inc. | 483 | 92,731 | ||||||
Agricultural Biotech — 0.0% |
| |||||||
Corteva, Inc. | 1,290 | 49,433 | ||||||
Airport Development/Maintenance — 0.1% |
| |||||||
Flughafen Zurich AG†# | 627 | 106,116 | ||||||
Apparel Manufacturers — 0.0% |
| |||||||
Capri Holdings, Ltd.† | 27 | 955 | ||||||
Carter’s, Inc. | 27 | 2,403 | ||||||
Hanesbrands, Inc. | 116 | 1,647 | ||||||
VF Corp. | 470 | 39,198 | ||||||
44,203 | ||||||||
Appliances — 0.2% |
| |||||||
Coway Co, Ltd.† | 543 | 34,056 | ||||||
De’Longhi SpA† | 1,701 | 59,370 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 13,000 | 131,615 | ||||||
Rational AG | 71 | 63,096 | ||||||
288,137 | ||||||||
Applications Software — 2.3% |
| |||||||
CDK Global, Inc. | 476 | 22,800 | ||||||
Elastic NV† | 246 | 30,455 | ||||||
Five9, Inc.† | 878 | 136,266 | ||||||
Intuit, Inc. | 330 | 116,167 | ||||||
Microsoft Corp. | 11,301 | 2,419,205 | ||||||
PTC, Inc.† | 510 | 55,003 | ||||||
RealPage, Inc.† | 765 | 52,777 | ||||||
ServiceNow, Inc.† | 729 | 389,687 | ||||||
3,222,360 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 1,232 | 165,950 | ||||||
Audio/Video Products — 0.1% |
| |||||||
LG Electronics, Inc. | 1,107 | 85,535 | ||||||
Sony Corp. | 600 | 55,770 | ||||||
141,305 | ||||||||
Auto - Cars/Light Trucks — 0.9% |
| |||||||
Ford Motor Co. | 5,730 | 52,028 | ||||||
General Motors Co. | 1,790 | 78,474 | ||||||
Hyundai Motor Co. | 1,487 | 243,903 | ||||||
Hyundai Motor Co. (2nd Preference Shares) | 382 | 29,896 | ||||||
Kia Motors Corp. | 2,594 | 135,496 | ||||||
SAIC Motor Corp., Ltd., Class A | 22,100 | 89,008 | ||||||
Suzuki Motor Corp. | 700 | 37,575 | ||||||
Tesla, Inc.† | 1,012 | 574,411 | ||||||
Toyota Motor Corp. | 1,200 | 80,448 | ||||||
1,321,239 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
Cummins, Inc. | 588 | $ | 135,928 | |||||
PACCAR, Inc. | 732 | 63,728 | ||||||
Zhengzhou Yutong Bus Co., Ltd., Class A† | 61,900 | 163,444 | ||||||
363,100 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Aptiv PLC | 330 | 39,171 | ||||||
Brembo SpA† | 6,327 | 81,585 | ||||||
Cie Plastic Omnium SA | 2,420 | 83,599 | ||||||
Georg Fischer AG | 113 | 131,559 | ||||||
Hanon Systems | 2,299 | 31,268 | ||||||
Hyundai Mobis Co., Ltd. | 647 | 142,667 | ||||||
IKD Co., Ltd., Class A | 6,100 | 15,208 | ||||||
Koito Manufacturing Co., Ltd. | 700 | 42,107 | ||||||
Rheinmetall AG | 1,179 | 104,859 | ||||||
Sumitomo Electric Industries, Ltd. | 2,400 | 27,448 | ||||||
Valeo SA | 1,791 | 69,476 | ||||||
Weifu High - Technology Group Co., Ltd., Class A | 38,400 | 151,098 | ||||||
920,045 | ||||||||
Banks - Commercial — 1.4% |
| |||||||
Agricultural Bank of China, Ltd., Class A | 130,500 | 65,228 | ||||||
Banca Generali SpA† | 1,351 | 44,865 | ||||||
Banco BPM SpA†# | 47,574 | 105,014 | ||||||
Banco de Sabadell SA | 276,397 | 107,318 | ||||||
BAWAG Group AG†* | 2,786 | 126,218 | ||||||
Cembra Money Bank AG | 968 | 112,272 | ||||||
China Everbright Bank Co., Ltd. | 199,000 | 77,535 | ||||||
China Minsheng Banking Corp., Ltd., Class A | 86,900 | 69,972 | ||||||
Citizens Financial Group, Inc. | 1,403 | 45,822 | ||||||
Concordia Financial Group, Ltd. | 4,700 | 16,702 | ||||||
First Republic Bank | 544 | 70,481 | ||||||
Industrial & Commercial Bank of China, Ltd., Class A | 76,200 | 61,588 | ||||||
Industrial Bank Co., Ltd., Class A | 41,400 | 132,209 | ||||||
Jyske Bank A/S† | 4,035 | 151,696 | ||||||
M&T Bank Corp. | 425 | 49,508 | ||||||
Regions Financial Corp. | 3,114 | 47,551 | ||||||
Ringkjoebing Landbobank A/S | 1,660 | 143,915 | ||||||
Shinhan Financial Group Co., Ltd. | 4,494 | 130,773 | ||||||
SpareBank 1 SR Bank ASA† | 13,761 | 137,519 | ||||||
SVB Financial Group† | 166 | 57,247 | ||||||
Truist Financial Corp. | 4,327 | 200,859 | ||||||
Zions Bancorp NA | 548 | 21,147 | ||||||
1,975,439 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Bank of New York Mellon Corp. | 2,709 | 105,976 | ||||||
Northern Trust Corp. | 685 | 63,787 | ||||||
State Street Corp. | 1,174 | 82,744 | ||||||
252,507 | ||||||||
Banks - Super Regional — 0.6% |
| |||||||
Comerica, Inc. | 467 | 22,976 | ||||||
Fifth Third Bancorp | 2,291 | 58,054 | ||||||
Huntington Bancshares, Inc. | 3,332 | 40,251 | ||||||
KeyCorp | 3,179 | 49,147 | ||||||
PNC Financial Services Group, Inc. | 1,415 | 195,369 | ||||||
US Bancorp | 4,589 | 198,291 | ||||||
Wells Fargo & Co. | 12,424 | 339,796 | ||||||
903,884 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
Varta AG†# | 349 | 47,167 | ||||||
W - Scope Corp.†# | 1,600 | 12,046 | ||||||
59,213 | ||||||||
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Monster Beverage Corp.† | 33 | $ | 2,798 | |||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Kweichow Moutai Co., Ltd., Class A | 500 | 130,193 | ||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Shimano, Inc. | 100 | 23,697 | ||||||
Brewery — 0.1% |
| |||||||
Asahi Group Holdings, Ltd. | 800 | 30,935 | ||||||
Boston Beer Co., Inc., Class A† | 2 | 1,862 | ||||||
Royal Unibrew A/S | 928 | 97,020 | ||||||
129,817 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class C† | 38 | 913 | ||||||
Nordic Entertainment Group AB, Class B† | 2,597 | 129,109 | ||||||
130,022 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Forbo Holding AG | 57 | 93,082 | ||||||
Fortune Brands Home & Security, Inc. | 81 | 6,763 | ||||||
Owens Corning | 53 | 3,862 | ||||||
ROCKWOOL International A/S, Class B | 224 | 81,844 | ||||||
Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A | 41,500 | 66,958 | ||||||
Wienerberger AG | 3,295 | 91,343 | ||||||
343,852 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
China State Construction Engineering Corp., Ltd., Class A | 149,700 | 123,495 | ||||||
GS Engineering & Construction Corp. | 860 | 24,637 | ||||||
JM AB | 1,050 | 33,605 | ||||||
Peab AB† | 7,084 | 76,812 | ||||||
Penta-Ocean Construction Co., Ltd. | 3,400 | 25,305 | ||||||
Samsung C&T Corp. | 831 | 90,493 | ||||||
374,347 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Belimo Holding AG | 10 | 84,182 | ||||||
Carrier Global Corp. | 1,819 | 69,249 | ||||||
Daikin Industries, Ltd. | 100 | 22,668 | ||||||
Johnson Controls International PLC | 1,825 | 84,023 | ||||||
260,122 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Anhui Conch Cement Co., Ltd., Class A | 10,700 | 91,846 | ||||||
Buzzi Unicem SpA# | 1,545 | 37,615 | ||||||
129,461 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Acciona SA# | 3,240 | 412,378 | ||||||
Ackermans & van Haaren NV | 557 | 81,059 | ||||||
Boskalis Westminster NV† | 2,997 | 69,176 | ||||||
China Railway Construction Corp., Ltd., Class A | 37,700 | 49,200 | ||||||
Daelim Industrial Co., Ltd. | 336 | 24,292 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 959 | 29,119 | ||||||
NCC AB, Class B | 3,437 | 59,227 | ||||||
724,451 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
Bravida Holding AB* | 8,137 | 98,761 | ||||||
ISS A/S†# | 4,438 | 81,112 | ||||||
179,873 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Thor Industries, Inc. | 48 | 4,632 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 1,011 | $ | 75,319 | |||||
Lennar Corp., Class A | 1,149 | 87,163 | ||||||
Open House Co., Ltd. | 500 | 19,804 | ||||||
PulteGroup, Inc. | 214 | 9,337 | ||||||
191,623 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Charter Communications, Inc., Class A† | 240 | 156,478 | ||||||
Comcast Corp., Class A | 5,408 | 271,698 | ||||||
Sirius XM Holdings, Inc.# | 2,131 | 13,830 | ||||||
442,006 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Kangwon Land, Inc. | 1,340 | 27,186 | ||||||
Cellular Telecom — 0.1% |
| |||||||
Hikari Tsushin, Inc. | 100 | 24,014 | ||||||
LG Uplus Corp. | 2,390 | 25,810 | ||||||
SK Telecom Co., Ltd. | 399 | 85,638 | ||||||
T-Mobile US, Inc.† | 430 | 57,164 | ||||||
192,626 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow, Inc. | 1,252 | 66,368 | ||||||
DuPont de Nemours, Inc. | 1,240 | 78,666 | ||||||
Hanwha Solutions Corp. | 1,065 | 45,957 | ||||||
PPG Industries, Inc. | 400 | 58,708 | ||||||
249,699 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
Wanhua Chemical Group Co., Ltd.† | 3,400 | 41,943 | ||||||
Chemicals - Specialty — 0.2% |
| |||||||
Chemours Co. | 76 | 1,849 | ||||||
Ecolab, Inc. | 306 | 67,978 | ||||||
IMCD NV | 981 | 122,753 | ||||||
Nolato AB† | 150 | 13,475 | ||||||
Shin-Etsu Chemical Co., Ltd. | 400 | 65,651 | ||||||
271,706 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Meiko Electronics Co. | 1,000 | 19,157 | ||||||
Taiyo Holdings Co., Ltd. | 300 | 18,420 | ||||||
37,577 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
OC Oerlikon Corp. AG | 8,979 | 84,479 | ||||||
Sherwin-Williams Co. | 100 | 74,763 | ||||||
159,242 | ||||||||
Commercial Services — 0.3% |
| |||||||
Amadeus IT Group SA | 1,403 | 96,163 | ||||||
Cintas Corp. | 318 | 112,985 | ||||||
CoStar Group, Inc.† | 84 | 76,488 | ||||||
Elis SA† | 7,688 | 125,363 | ||||||
410,999 | ||||||||
Commercial Services - Finance — 0.7% |
| |||||||
Automatic Data Processing, Inc. | 518 | 90,070 | ||||||
Equifax, Inc. | 303 | 50,571 | ||||||
Euronet Worldwide, Inc.† | 169 | 22,720 | ||||||
Experian PLC | 2,807 | 99,017 | ||||||
FleetCor Technologies, Inc.† | 9 | 2,387 | ||||||
Global Payments, Inc. | 528 | 103,060 | ||||||
Hypoport SE† | 96 | 50,501 | ||||||
IHS Markit, Ltd. | 853 | 84,839 | ||||||
PayPal Holdings, Inc.† | 1,331 | 284,994 |
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) �� (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services - Finance (continued) |
| |||||||
S&P Global, Inc. | 91 | $ | 32,012 | |||||
Square, Inc., Class A† | 544 | 114,762 | ||||||
StoneCo, Ltd., Class A† | 75 | 5,492 | ||||||
940,425 | ||||||||
Communications Software — 0.2% |
| |||||||
RingCentral, Inc., Class A† | 291 | 86,442 | ||||||
Sinch AB†* | 582 | 76,271 | ||||||
Zoom Video Communications, Inc., Class A† | 259 | 123,895 | ||||||
286,608 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
ANSYS, Inc.† | 223 | 75,387 | ||||||
Autodesk, Inc.† | 802 | 224,745 | ||||||
Cadence Design Systems, Inc.† | 576 | 66,989 | ||||||
Dassault Systemes SE | 75 | 13,871 | ||||||
Synopsys, Inc.† | 326 | 74,165 | ||||||
455,157 | ||||||||
Computer Data Security — 0.3% |
| |||||||
Avast PLC* | 9,615 | 65,117 | ||||||
Check Point Software Technologies, Ltd.† | 611 | 71,902 | ||||||
Crowdstrike Holdings, Inc., Class A† | 269 | 41,232 | ||||||
Fortinet, Inc.† | 690 | 85,029 | ||||||
Zscaler, Inc.† | 605 | 94,229 | ||||||
357,509 | ||||||||
Computer Services — 1.4% |
| |||||||
Accenture PLC, Class A | 1,088 | 271,010 | ||||||
Amdocs, Ltd. | 1,018 | 66,995 | ||||||
Atos SE† | 474 | 43,469 | ||||||
CACI International, Inc., Class A† | 306 | 72,611 | ||||||
Capgemini SE | 593 | 82,266 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,884 | 147,197 | ||||||
EPAM Systems, Inc.† | 159 | 51,250 | ||||||
Fujitsu, Ltd. | 400 | 55,575 | ||||||
International Business Machines Corp. | 2,585 | 319,299 | ||||||
Itochu Techno-Solutions Corp. | 1,500 | 52,945 | ||||||
Leidos Holdings, Inc. | 608 | 61,226 | ||||||
LG Corp. | 1,022 | 65,205 | ||||||
NEC Corp. | 1,900 | 102,462 | ||||||
Netcompany Group A/S†* | 983 | 91,051 | ||||||
Nihon Unisys, Ltd. | 700 | 25,881 | ||||||
Nomura Research Institute, Ltd. | 1,200 | 40,517 | ||||||
NTT Data Corp. | 7,200 | 95,724 | ||||||
Samsung SDS Co., Ltd. | 357 | 55,814 | ||||||
SCSK Corp. | 700 | 41,772 | ||||||
Softwareone Holding AG | 1,300 | 33,045 | ||||||
Solutions 30 SE†# | 2,550 | 51,619 | ||||||
Sopra Steria Group† | 723 | 110,219 | ||||||
1,937,152 | ||||||||
Computer Software — 0.5% |
| |||||||
Akamai Technologies, Inc.† | 1,178 | 121,935 | ||||||
Citrix Systems, Inc. | 699 | 86,620 | ||||||
Dropbox, Inc., Class A† | 3,039 | 60,689 | ||||||
Software AG | 1,202 | 51,703 | ||||||
Splunk, Inc.† | 625 | 127,612 | ||||||
Twilio, Inc., Class A† | 476 | 152,363 | ||||||
Zhejiang Dahua Technology Co., Ltd., Class A | 45,800 | 145,356 | ||||||
746,278 | ||||||||
Computers — 1.9% |
| |||||||
Apple, Inc. | 22,199 | 2,642,791 | ||||||
Hewlett Packard Enterprise Co. | 4,285 | 47,306 |
Security Description | Shares | Value (Note 2) | ||||||
Computers (continued) |
| |||||||
HP, Inc. | 3,251 | $ | 71,295 | |||||
2,761,392 | ||||||||
Computers - Integrated Systems — 0.2% |
| |||||||
Bechtle AG | 648 | 141,221 | ||||||
Net One Systems Co., Ltd. | 1,200 | 42,758 | ||||||
OBIC Co., Ltd. | 200 | 44,962 | ||||||
228,941 | ||||||||
Computers - Other — 0.0% |
| |||||||
Lumentum Holdings, Inc.† | 55 | 4,751 | ||||||
Consulting Services — 0.1% |
| |||||||
Booz Allen Hamilton Holding Corp. | 797 | 69,172 | ||||||
FTI Consulting, Inc.† | 89 | 9,347 | ||||||
Prored Partners Co., Ltd.† | 400 | 18,659 | ||||||
Verisk Analytics, Inc. | 343 | 68,020 | ||||||
165,198 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Clorox Co. | 85 | 17,252 | ||||||
Kimberly-Clark Corp. | 153 | 21,314 | ||||||
38,566 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 550 | 52,805 | ||||||
Gerresheimer AG | 903 | 105,237 | ||||||
Silgan Holdings, Inc. | 171 | 5,780 | ||||||
163,822 | ||||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Graphic Packaging Holding Co. | 64 | 980 | ||||||
Huhtamaki Oyj | 2,219 | 111,436 | ||||||
Rengo Co., Ltd. | 3,900 | 29,698 | ||||||
SIG Combibloc Group AG | 3,241 | 74,539 | ||||||
216,653 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Amorepacific Corp. | 340 | 55,000 | ||||||
Fancl Corp.# | 800 | 32,452 | ||||||
LG Household & Health Care, Ltd. | 100 | 136,822 | ||||||
Procter & Gamble Co. | 5 | 694 | ||||||
224,968 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
CompuGroup Medical SE & Co. KgaA | 470 | 46,701 | ||||||
DocuSign, Inc.† | 848 | 193,242 | ||||||
Fidelity National Information Services, Inc. | 909 | 134,905 | ||||||
Fiserv, Inc.† | 713 | 82,123 | ||||||
Jack Henry & Associates, Inc. | 118 | 18,982 | ||||||
Paychex, Inc. | 783 | 72,937 | ||||||
548,890 | ||||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Lifco AB | 534 | 43,644 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Avantor, Inc.† | 77 | 2,101 | ||||||
Thermo Fisher Scientific, Inc. | 23 | 10,694 | ||||||
12,795 | ||||||||
Diagnostic Kits — 0.0% |
| |||||||
Quidel Corp.† | 41 | 7,997 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 48 | 5,273 | ||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Direct Marketing — 0.0% |
| |||||||
DKSH Holding AG | 840 | $ | 57,448 | |||||
Distribution/Wholesale — 0.2% |
| |||||||
AddTech AB, Class B | 5,526 | 69,583 | ||||||
ALSO Holding AG | 171 | 44,408 | ||||||
Copart, Inc.† | 822 | 94,900 | ||||||
Fastenal Co. | 1,235 | 61,071 | ||||||
Pool Corp. | 59 | 20,421 | ||||||
290,383 | ||||||||
Diversified Banking Institutions — 2.1% |
| |||||||
Bank of America Corp. | 26,122 | 735,595 | ||||||
Citigroup, Inc. | 7,051 | 388,299 | ||||||
Goldman Sachs Group, Inc. | 1,031 | 237,728 | ||||||
JPMorgan Chase & Co. | 10,123 | 1,193,299 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 8,800 | 37,805 | ||||||
Morgan Stanley | 3,969 | 245,403 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,300 | 37,755 | ||||||
Woori Financial Group, Inc. | 5,858 | 52,039 | ||||||
2,927,923 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
Hana Financial Group, Inc. | 3,028 | 92,628 | ||||||
KB Financial Group, Inc. | 3,851 | 157,827 | ||||||
250,455 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
3M Co. | 1,036 | 178,948 | ||||||
Aalberts NV | 3,092 | 133,885 | ||||||
Eaton Corp. PLC | 922 | 111,663 | ||||||
General Electric Co. | 25,881 | 263,469 | ||||||
Illinois Tool Works, Inc. | 484 | 102,167 | ||||||
Indutrade AB† | 2,070 | 118,018 | ||||||
Parker-Hannifin Corp. | 577 | 154,209 | ||||||
Siemens AG | 265 | 35,404 | ||||||
Sulzer AG | 1,102 | 109,503 | ||||||
Trane Technologies PLC | 532 | 77,800 | ||||||
1,285,066 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
Sumitomo Metal Mining Co., Ltd. | 500 | 18,616 | ||||||
E-Commerce/Products — 1.3% |
| |||||||
Amazon.com, Inc.† | 544 | 1,723,414 | ||||||
eBay, Inc. | 1,443 | 72,770 | ||||||
Etsy, Inc.† | 14 | 2,250 | ||||||
Wayfair, Inc., Class A†# | 26 | 6,613 | ||||||
1,805,047 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Booking Holdings, Inc.† | 60 | 121,707 | ||||||
Match Group, Inc.† | 640 | 89,094 | ||||||
MercadoLibre, Inc.† | 60 | 93,200 | ||||||
Uber Technologies, Inc.† | 2,578 | 128,024 | ||||||
432,025 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Reply SpA | 539 | 60,244 | ||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 1,092 | 129,435 | ||||||
Casio Computer Co., Ltd. | 1,200 | 21,552 | ||||||
Emerson Electric Co. | 2,391 | 183,676 | ||||||
LG Innotek Co., Ltd. | 156 | 21,852 | ||||||
356,515 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Distribution — 0.6% |
| |||||||
E.ON SE | 25,700 | $ | 278,236 | |||||
Iren SpA | 18,758 | 50,300 | ||||||
Orsted A/S* | 2,600 | 468,319 | ||||||
796,855 | ||||||||
Electric - Generation — 1.3% |
| |||||||
ACEA SpA | 14,194 | 298,838 | ||||||
EDP Renovaveis SA | 21,580 | 457,173 | ||||||
Encavis AG | 2,690 | 57,565 | ||||||
Engie SA† | 22,300 | 329,049 | ||||||
RWE AG | 8,810 | 365,398 | ||||||
SDIC Power Holdings Co., Ltd., Class A | 18,700 | 26,904 | ||||||
SSE PLC | 18,450 | 329,841 | ||||||
1,864,768 | ||||||||
Electric - Integrated — 1.7% |
| |||||||
A2A SpA | 30,432 | 46,393 | ||||||
Avangrid, Inc. | 6,320 | 294,133 | ||||||
BKW AG | 116 | 11,973 | ||||||
EDP - Energias de Portugal SA | 62,350 | 332,304 | ||||||
Enel SpA | 35,050 | 349,945 | ||||||
Enersis Chile SA ADR | 68,985 | 240,758 | ||||||
Fortum Oyj | 14,960 | 342,714 | ||||||
Hera SpA | 12,804 | 46,736 | ||||||
Iberdrola SA | 25,940 | 354,137 | ||||||
Korea Electric Power Corp.† | 2,578 | 49,973 | ||||||
NextEra Energy, Inc. | 4,520 | 332,627 | ||||||
2,401,693 | ||||||||
Electronic Components - Misc. — 0.5% |
| |||||||
Hoya Corp. | 300 | 39,971 | ||||||
LG Display Co., Ltd.† | 2,716 | 37,431 | ||||||
Luxshare Precision Industry Co., Ltd., Class A | 7,279 | 57,162 | ||||||
Minebea Mitsumi, Inc. | 1,300 | 27,071 | ||||||
Murata Manufacturing Co., Ltd. | 600 | 52,466 | ||||||
Nidec Corp. | 700 | 89,210 | ||||||
Omron Corp. | 1,500 | 135,488 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 548 | 77,256 | ||||||
TKH Group NV | 3,023 | 142,292 | ||||||
658,347 | ||||||||
Electronic Components - Semiconductors — 4.7% |
| |||||||
Advanced Micro Devices, Inc.† | 1,344 | 124,535 | ||||||
ams AG† | 4,334 | 110,645 | ||||||
Broadcom, Inc. | 742 | 297,972 | ||||||
Dialog Semiconductor PLC† | 2,113 | 111,456 | ||||||
Infineon Technologies AG | 3,001 | 105,674 | ||||||
Intel Corp. | 4,718 | 228,115 | ||||||
IPG Photonics Corp.† | 381 | 78,871 | ||||||
Marvell Technology Group, Ltd. | 1,699 | 78,647 | ||||||
Melexis NV | 217 | 20,747 | ||||||
Microchip Technology, Inc. | 817 | 109,797 | ||||||
Micron Technology, Inc.† | 1,264 | 81,010 | ||||||
Monolithic Power Systems, Inc. | 48 | 15,358 | ||||||
NVIDIA Corp. | 1,084 | 581,089 | ||||||
ON Semiconductor Corp.† | 544 | 15,640 | ||||||
Qorvo, Inc.† | 57 | 8,931 | ||||||
Samsung Electronics Co., Ltd. | 52,023 | 3,135,813 | ||||||
Samsung Electronics Co., Ltd. (Preference Shares) | 7,535 | 416,058 | ||||||
SK Hynix, Inc. | 6,633 | 584,445 | ||||||
Skyworks Solutions, Inc. | 343 | 48,421 | ||||||
SOITEC† | 336 | 58,797 | ||||||
STMicroelectronics NV | 2,941 | 115,173 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 1,759 | $ | 283,639 | |||||
Xilinx, Inc. | 666 | 96,936 | ||||||
6,707,769 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 568 | 74,300 | ||||||
TE Connectivity, Ltd. | 695 | 79,209 | ||||||
153,509 | ||||||||
Electronic Forms — 0.3% |
| |||||||
Adobe, Inc.† | 958 | 458,374 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
FLIR Systems, Inc. | 1,515 | 57,934 | ||||||
Fortive Corp. | 670 | 46,987 | ||||||
National Instruments Corp. | 794 | 29,719 | ||||||
Roper Technologies, Inc. | 223 | 95,221 | ||||||
Shimadzu Corp. | 800 | 28,774 | ||||||
Trimble, Inc.† | 1,241 | 74,299 | ||||||
Vontier Corp.† | 466 | 15,457 | ||||||
348,391 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Otsuka Corp. | 500 | 24,234 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
dormakaba Holding AG | 190 | 106,525 | ||||||
Energy - Alternate Sources — 1.8% |
| |||||||
Atlantica Sustainable Infrastructure PLC | 10,930 | 375,883 | ||||||
Enphase Energy, Inc.†# | 21 | 2,868 | ||||||
ERG SpA | 14,110 | 339,989 | ||||||
First Solar, Inc.† | 5,410 | 505,456 | ||||||
LONGi Green Energy Technology Co., Ltd., Class A | 2,500 | 26,093 | ||||||
NEL ASA† | 23,805 | 65,320 | ||||||
Scatec ASA* | 1,660 | 51,913 | ||||||
Siemens Gamesa Renewable Energy SA | 16,910 | 603,721 | ||||||
Vestas Wind Systems A/S | 2,720 | 555,969 | ||||||
2,527,212 | ||||||||
Engineering/R&D Services — 0.2% |
| |||||||
AF Poyry AB† | 2,001 | 56,879 | ||||||
Alten SA† | 1,084 | 115,469 | ||||||
SPIE SA† | 4,172 | 85,249 | ||||||
257,597 | ||||||||
Enterprise Software/Service — 1.2% |
| |||||||
Alteryx, Inc., Class A†# | 201 | 24,088 | ||||||
AVEVA Group PLC# | 629 | 28,444 | ||||||
Ceridian HCM Holding, Inc.† | 501 | 48,306 | ||||||
Coupa Software, Inc.† | 160 | 52,626 | ||||||
Guidewire Software, Inc.† | 213 | 26,088 | ||||||
HubSpot, Inc.† | 403 | 158,915 | ||||||
Oracle Corp. | 5,620 | 324,386 | ||||||
Oracle Corp. Japan | 400 | 44,330 | ||||||
salesforce.com, Inc.† | 2,221 | 545,922 | ||||||
SAP SE | 1,080 | 131,379 | ||||||
TIS, Inc. | 1,600 | 31,847 | ||||||
Tyler Technologies, Inc.† | 264 | 112,886 | ||||||
Veeva Systems, Inc., Class A† | 260 | 71,986 | ||||||
Workday, Inc., Class A† | 728 | 163,647 | ||||||
1,764,850 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Activision Blizzard, Inc. | 1,262 | 100,304 | ||||||
Capcom Co., Ltd. | 300 | 16,896 | ||||||
Electronic Arts, Inc. | 503 | 64,258 |
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software (continued) |
| |||||||
Embracer Group AB† | 2,399 | $ | 48,697 | |||||
Netmarble Corp.†* | 228 | 25,756 | ||||||
Stillfront Group AB† | 510 | 58,689 | ||||||
Take-Two Interactive Software, Inc.† | 98 | 17,690 | ||||||
332,290 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Sweco AB | 4,755 | 82,771 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Ally Financial, Inc. | 49 | 1,453 | ||||||
Finance - Credit Card — 0.5% |
| |||||||
Alliance Data Systems Corp. | 32 | 2,340 | ||||||
Mastercard, Inc., Class A | 1,025 | 344,923 | ||||||
Visa, Inc., Class A | 1,803 | 379,261 | ||||||
Western Union Co. | 709 | 15,995 | ||||||
742,519 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Avanza Bank Holding AB | 2,077 | 45,672 | ||||||
Haitong Securities Co., Ltd.# | 81,600 | 70,219 | ||||||
Korea Investment Holdings Co., Ltd. | 525 | 35,156 | ||||||
Mirae Asset Daewoo Co., Ltd. | 4,386 | 37,576 | ||||||
Samsung Securities Co. Ltd. | 924 | 32,942 | ||||||
Virtu Financial, Inc., Class A | 104 | 2,370 | ||||||
223,935 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
Tokyo Century Corp. | 300 | 19,856 | ||||||
Finance - Other Services — 0.2% |
| |||||||
Euronext NV* | 1,437 | 152,557 | ||||||
Intertrust NV†* | 5,720 | 98,662 | ||||||
251,219 | ||||||||
Fisheries — 0.1% |
| |||||||
Bakkafrost P/F† | 1,039 | 65,055 | ||||||
Leroy Seafood Group ASA | 7,590 | 47,438 | ||||||
Salmar ASA† | 1,079 | 59,130 | ||||||
171,623 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 81 | 11,979 | ||||||
Orion Corp. | 249 | 26,665 | ||||||
38,644 | ||||||||
Food - Dairy Products — 0.1% |
| |||||||
Emmi AG | 60 | 57,474 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 16,200 | 93,008 | ||||||
Morinaga Milk Industry Co., Ltd. | 800 | 38,851 | ||||||
189,333 | ||||||||
Food - Misc./Diversified — 0.3% |
| |||||||
AAK AB | 3,571 | 70,447 | ||||||
Axfood AB | 2,082 | 47,335 | ||||||
CJ CheilJedang Corp. | 97 | 31,689 | ||||||
Corbion NV | 2,139 | 110,735 | ||||||
Fuji Oil Holdings, Inc. | 900 | 24,104 | ||||||
Glanbia PLC (LSE) | 2,154 | 26,362 | ||||||
Glanbia PLC (Euronext Dublin) | 4,098 | 50,350 | ||||||
Viscofan SA | 1,559 | 110,649 | ||||||
471,671 | ||||||||
Food - Retail — 0.2% |
| |||||||
HelloFresh SE† | 2,872 | 168,827 | ||||||
Kesko Oyj, Class B | 2,994 | 78,571 |
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Retail (continued) |
| |||||||
Kroger Co. | 165 | $ | 5,445 | |||||
Seven & i Holdings Co., Ltd. | 1,200 | 38,080 | ||||||
Sprouts Farmers Market, Inc.† | 157 | 3,324 | ||||||
294,247 | ||||||||
Forestry — 0.1% |
| |||||||
Holmen AB | 1,814 | 78,381 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Evolution Gaming Group AB* | 573 | 49,012 | ||||||
Gas - Distribution — 0.1% |
| |||||||
Italgas SpA | 7,288 | 46,771 | ||||||
Rubis SCA | 1,863 | 79,735 | ||||||
126,506 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Corp. | 1,483 | 87,230 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 66 | 1,403 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 824 | 85,391 | ||||||
Marriott International, Inc., Class A | 734 | 93,123 | ||||||
178,514 | ||||||||
Human Resources — 0.0% |
| |||||||
Recruit Holdings Co., Ltd. | 500 | 21,073 | ||||||
Import/Export — 0.1% |
| |||||||
ITOCHU Corp. | 2,700 | 71,341 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Clearway Energy, Inc., Class C | 12,810 | 374,949 | ||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Hangzhou Hikvision Digital Technology Co., Ltd., Class A | 13,500 | 93,669 | ||||||
Industrial Automated/Robotic — 0.6% |
| |||||||
Cognex Corp. | 854 | 64,170 | ||||||
FANUC Corp. | 400 | 97,184 | ||||||
Harmonic Drive Systems, Inc.# | 900 | 71,810 | ||||||
Keyence Corp. | 500 | 255,220 | ||||||
Nittoku Co., Ltd. | 600 | 23,822 | ||||||
Rockwell Automation, Inc. | 395 | 100,946 | ||||||
SMC Corp. | 200 | 127,050 | ||||||
Yaskawa Electric Corp. | 800 | 38,544 | ||||||
778,746 | ||||||||
Industrial Gases — 0.1% |
| |||||||
Air Products & Chemicals, Inc. | 263 | 73,677 | ||||||
Linde PLC | 453 | 116,158 | ||||||
189,835 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
ABB, Ltd. | 2,960 | 78,076 | ||||||
Honeywell International, Inc. | 1,719 | 350,538 | ||||||
428,614 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
PerkinElmer, Inc. | 138 | 18,354 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Aflac, Inc. | 49 | 2,153 | ||||||
Anicom Holdings, Inc. | 1,600 | 16,751 | ||||||
China Pacific Insurance Group Co., Ltd. | 6,800 | 25,880 | ||||||
Dai-ichi Life Holdings, Inc. | 700 | 11,026 | ||||||
Samsung Life Insurance Co., Ltd. | 883 | 56,896 | ||||||
112,706 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Multi-line — 0.3% |
| |||||||
Allstate Corp. | 79 | $ | 8,086 | |||||
ASR Nederland NV | 3,627 | 135,332 | ||||||
Helvetia Holding AG | 980 | 96,247 | ||||||
Ping An Insurance Group Co of China, Ltd., Class A | 4,800 | 65,653 | ||||||
Unipol Gruppo SpA† | 26,908 | 129,031 | ||||||
434,349 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
DB Insurance Co., Ltd. | 547 | 21,750 | ||||||
Markel Corp.† | 8 | 7,791 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,600 | 46,513 | ||||||
Progressive Corp. | 23 | 2,004 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 321 | 54,537 | ||||||
Topdanmark A/S | 987 | 41,883 | ||||||
174,478 | ||||||||
Internet Application Software — 0.4% |
| |||||||
Okta, Inc.† | 795 | 194,807 | ||||||
Shopify, Inc., Class A† | 218 | 237,703 | ||||||
Zendesk, Inc.† | 494 | 65,949 | ||||||
498,459 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
Masmovil Ibercom SA†# | 2,323 | 62,347 | ||||||
Internet Content - Entertainment — 1.1% |
| |||||||
Facebook, Inc., Class A† | 3,070 | 850,298 | ||||||
Kakao Corp. | 536 | 178,255 | ||||||
NCSoft Corp. | 157 | 114,925 | ||||||
Netflix, Inc.† | 534 | 262,034 | ||||||
Pinterest, Inc., Class A† | 29 | 2,030 | ||||||
Snap, Inc., Class A†# | 1,727 | 76,713 | ||||||
Twitter, Inc.† | 1,413 | 65,719 | ||||||
1,549,974 | ||||||||
Internet Gambling — 0.0% |
| |||||||
Kindred Group PLC SDR† | 8,020 | 67,101 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 408 | 66,426 | ||||||
Internet Security — 0.2% |
| |||||||
Palo Alto Networks, Inc.† | 426 | 125,210 | ||||||
Proofpoint, Inc.† | 533 | 55,160 | ||||||
Trend Micro, Inc.# | 800 | 43,448 | ||||||
223,818 | ||||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Azimut Holding SpA | 2,998 | 63,191 | ||||||
LPL Financial Holdings, Inc. | 26 | 2,360 | ||||||
Raymond James Financial, Inc. | �� | 25 | 2,274 | |||||
T. Rowe Price Group, Inc. | 95 | 13,624 | ||||||
Vontobel Holding AG | 604 | 45,927 | ||||||
127,376 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Han’s Laser Technology Industry Group Co., Ltd., Class A | 14,100 | 84,700 | ||||||
Mycronic AB | 1,892 | 50,207 | ||||||
134,907 | ||||||||
Leisure Products — 0.1% |
| |||||||
Thule Group AB†* | 4,024 | 135,496 | ||||||
Yamaha Corp. | 300 | 17,126 | ||||||
152,622 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Signify NV†* | 2,744 | 116,198 | ||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machine Tools & Related Products — 0.0% |
| |||||||
IMA Industria Macchine Automatiche SpA† | 593 | $ | 48,030 | |||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Caterpillar, Inc. | 1,251 | 217,161 | ||||||
Metso Outotec Oyj | 8,160 | 73,003 | ||||||
290,164 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
Disco Corp. | 100 | 31,849 | ||||||
Fuji Electric Co., Ltd. | 800 | 28,429 | ||||||
Hitachi, Ltd. | 2,800 | 106,368 | ||||||
Konecranes OYJ | 2,936 | 100,163 | ||||||
Mitsubishi Electric Corp. | 6,200 | 91,070 | ||||||
Siemens Energy AG† | 132 | 3,921 | ||||||
Union Tool Co. | 400 | 11,743 | ||||||
373,543 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 644 | 168,483 | ||||||
Kubota Corp. | 1,600 | 31,732 | ||||||
200,215 | ||||||||
Machinery - General Industrial — 0.3% |
| |||||||
Beijer Ref AB | 1,054 | 36,129 | ||||||
Bucher Industries AG | 270 | 113,556 | ||||||
Duerr AG | 2,560 | 93,504 | ||||||
Hexagon AB, Class B | 934 | 77,513 | ||||||
Otis Worldwide Corp. | 906 | 60,648 | ||||||
Valmet Oyj | 2,333 | 59,026 | ||||||
440,376 | ||||||||
Machinery - Material Handling — 0.2% |
| |||||||
Daifuku Co., Ltd. | 800 | 92,720 | ||||||
Interroll Holding AG | 30 | 85,337 | ||||||
Jungheinrich AG (Preference Shares) | 760 | 33,181 | ||||||
211,238 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Curtiss-Wright Corp. | 30 | 3,458 | ||||||
Interpump Group SpA | 2,202 | 95,558 | ||||||
99,016 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Elekta AB, Series B | 5,577 | 75,525 | ||||||
Getinge AB, Class B | 3,164 | 67,564 | ||||||
Intuitive Surgical, Inc.† | 277 | 201,116 | ||||||
Tecan Group AG | 350 | 153,364 | ||||||
497,569 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Evotec SE† | 2,357 | 71,891 | ||||||
Quest Diagnostics, Inc. | 57 | 7,067 | ||||||
Syneos Health, Inc.† | 18 | 1,185 | ||||||
80,143 | ||||||||
Medical Products — 0.0% |
| |||||||
Abbott Laboratories | 158 | 17,099 | ||||||
Hill-Rom Holdings, Inc. | 27 | 2,561 | ||||||
Hologic, Inc.† | 251 | 17,352 | ||||||
Terumo Corp. | 500 | 19,861 | ||||||
West Pharmaceutical Services, Inc. | 9 | 2,476 | ||||||
59,349 | ||||||||
Medical - Biomedical/Gene — 0.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 58 | 7,082 | ||||||
Amgen, Inc. | 17 | 3,775 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Bavarian Nordic A/S†# | 1,633 | $ | 48,988 | |||||
Gilead Sciences, Inc. | 20 | 1,213 | ||||||
Idorsia, Ltd.† | 1,748 | 52,012 | ||||||
JCR Pharmaceuticals Co., Ltd.† | �� | 1,300 | 33,870 | |||||
MorphoSys AG† | 689 | 77,371 | ||||||
Pharma Mar SA# | 360 | 41,526 | ||||||
Samsung Biologics Co, Ltd.†* | 157 | 111,520 | ||||||
Seagen, Inc.† | 56 | 9,537 | ||||||
Seegene, Inc. | 164 | 27,848 | ||||||
Swedish Orphan Biovitrum AB† | 3,071 | 57,110 | ||||||
United Therapeutics Corp.† | 38 | 5,040 | ||||||
Vertex Pharmaceuticals, Inc.† | 97 | 22,092 | ||||||
Vitrolife AB† | 1,600 | 38,877 | ||||||
537,861 | ||||||||
Medical - Drugs — 0.4% |
| |||||||
ALK-Abello A/S† | 131 | 46,352 | ||||||
Alteogen, Inc.† | 184 | 26,722 | ||||||
Daiichi Sankyo Co., Ltd. | 1,500 | 53,075 | ||||||
Eli Lilly & Co. | 60 | 8,739 | ||||||
Hanmi Pharm Co., Ltd. | 84 | 27,214 | ||||||
Huadong Medicine Co., Ltd., Class A | 24,400 | 102,535 | ||||||
Jiangsu Hengrui Medicine Co., Ltd.† | 4,000 | 52,256 | ||||||
PRA Health Sciences, Inc.† | 25 | 2,805 | ||||||
Santen Pharmaceutical Co., Ltd. | 2,900 | 48,194 | ||||||
Shin Poong Pharmaceutical Co Ltd† | 316 | 37,695 | ||||||
Siegfried Holding AG | 173 | 121,457 | ||||||
Yuhan Corp. | 536 | 31,195 | ||||||
Zoetis, Inc. | 16 | 2,566 | ||||||
560,805 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Celltrion Healthcare Co., Ltd.† | 657 | 72,495 | ||||||
Celltrion, Inc.† | 888 | 272,848 | ||||||
345,343 | ||||||||
Medical - HMO — 0.0% |
| |||||||
Humana, Inc. | 54 | 21,628 | ||||||
UnitedHealth Group, Inc. | 106 | 35,652 | ||||||
57,280 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Acadia Healthcare Co., Inc.† | 6 | 255 | ||||||
HCA Healthcare, Inc. | 55 | 8,256 | ||||||
8,511 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Korian SA† | 2,531 | 84,112 | ||||||
Medical - Outpatient/Home Medical — 0.0% |
| |||||||
Amedisys, Inc.† | 10 | 2,448 | ||||||
Chemed Corp. | 21 | 10,043 | ||||||
12,491 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
Amplifon SpA† | 1,738 | 69,596 | ||||||
Cardinal Health, Inc. | 124 | 6,769 | ||||||
Galenica AG* | 1,382 | 88,585 | ||||||
Guangxi Liuzhou Pharmaceutical Co., Ltd., Class A | 11,380 | 40,768 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd. | 6,800 | 22,594 | ||||||
McKesson Corp. | 1 | 180 | ||||||
228,492 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Aurubis AG | 845 | 64,368 | ||||||
VAT Group AG* | 478 | 100,361 | ||||||
164,729 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Metal Products - Distribution — 0.0% |
| |||||||
MISUMI Group, Inc. | 1,300 | $ | 40,781 | |||||
Metal Products - Fasteners — 0.0% |
| |||||||
SFS Group AG | 353 | 40,126 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 3,094 | 72,369 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
China Railway Signal & Communication Corp., Ltd.* | 54,000 | 19,159 | ||||||
Stadler Rail AG# | 569 | 25,596 | ||||||
Zhuzhou CRRC Times Electric Co., Ltd. | 22,800 | 71,774 | ||||||
116,529 | ||||||||
Multilevel Direct Selling — 0.0% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 15 | 773 | ||||||
Multimedia — 0.2% |
| |||||||
FactSet Research Systems, Inc. | 4 | 1,335 | ||||||
Walt Disney Co. | 2,188 | 323,846 | ||||||
325,181 | ||||||||
Networking Products — 0.4% |
| |||||||
Arista Networks, Inc.† | 601 | 162,691 | ||||||
Cisco Systems, Inc. | 9,662 | 415,659 | ||||||
578,350 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Korea Zinc Co., Ltd. | 97 | 33,223 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 958 | 92,658 | ||||||
Waste Connections, Inc. | 609 | 63,324 | ||||||
Waste Management, Inc. | 987 | 117,581 | ||||||
273,563 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 241 | 91,199 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
ConocoPhillips | 2,188 | 86,557 | ||||||
EOG Resources, Inc. | 1,689 | 79,180 | ||||||
Inpex Corp. | 4,800 | 26,851 | ||||||
Pioneer Natural Resources Co. | 38 | 3,822 | ||||||
196,410 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Chevron Corp. | 2,180 | 190,052 | ||||||
Exxon Mobil Corp. | 4,797 | 182,910 | ||||||
372,962 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Hyundai Heavy Industries Holdings Co., Ltd. | 124 | 31,321 | ||||||
Marathon Petroleum Corp. | 750 | 29,160 | ||||||
Phillips 66 | 540 | 32,713 | ||||||
S-Oil Corp. | 489 | 30,757 | ||||||
SK Holdings Co., Ltd. | 344 | 65,751 | ||||||
SK Innovation Co., Ltd. | 559 | 87,395 | ||||||
277,097 | ||||||||
Oil - Field Services — 0.2% |
| |||||||
SBM Offshore NV | 3,942 | 74,413 | ||||||
Schlumberger, Ltd. | 3,435 | 71,414 | ||||||
Subsea 7 SA† | 16,620 | 157,757 | ||||||
303,584 | ||||||||
Paper & Related Products — 0.0% |
| |||||||
BillerudKorsnas AB | 3,876 | 62,522 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Pastoral & Agricultural — 0.1% |
| |||||||
Guangdong Haid Group Co., Ltd., Class A | 14,200 | $ | 121,436 | |||||
Liaoning Wellhope Agri-Tech JSC, Ltd., Class A | 16,800 | 32,925 | ||||||
154,361 | ||||||||
Petrochemicals — 0.3% |
| |||||||
LG Chem, Ltd. | 455 | 328,950 | ||||||
Lotte Chemical Corp. | 186 | 47,402 | ||||||
376,352 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
CVS Health Corp. | 161 | 10,914 | ||||||
Pipelines — 0.1% |
| |||||||
Gaztransport Et Technigaz SA | 617 | 60,866 | ||||||
Kinder Morgan, Inc. | 5,073 | 72,950 | ||||||
Williams Cos., Inc. | 2,881 | 60,443 | ||||||
194,259 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Generac Holdings, Inc.† | 68 | 14,661 | ||||||
Schneider Electric SE | 619 | 86,131 | ||||||
100,792 | ||||||||
Private Equity — 0.0% |
| |||||||
Bure Equity AB | 600 | 19,084 | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
New York Times Co., Class A | 6 | 257 | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
Alexandria Real Estate Equities, Inc. | 407 | 66,638 | ||||||
Alstria Office REIT-AG | 8,737 | 140,592 | ||||||
American Tower Corp. | 493 | 113,982 | ||||||
AvalonBay Communities, Inc. | 467 | 77,797 | ||||||
Cofinimmo SA | 450 | 66,990 | ||||||
Crown Castle International Corp. | 646 | 108,250 | ||||||
Digital Realty Trust, Inc. | 320 | 43,120 | ||||||
Equinix, Inc. | 120 | 83,735 | ||||||
Inmobiliaria Colonial Socimi SA | 9,027 | 86,143 | ||||||
Merlin Properties Socimi SA | 10,510 | 96,596 | ||||||
Prologis, Inc. | 957 | 95,748 | ||||||
Public Storage | 271 | 60,829 | ||||||
Realty Income Corp. | 1,274 | 76,402 | ||||||
SBA Communications Corp. | 181 | 51,979 | ||||||
Segro PLC | 2,903 | 35,296 | ||||||
Simon Property Group, Inc. | 968 | 79,928 | ||||||
Warehouses De Pauw CVA | 2,620 | 88,758 | ||||||
Welltower, Inc. | 1,189 | 74,883 | ||||||
Weyerhaeuser Co. | 1,240 | 36,010 | ||||||
1,483,676 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Entra ASA#* | 7,182 | 143,545 | ||||||
Fabege AB | 5,324 | 83,551 | ||||||
Fastighets AB Balder, Class B† | 1,522 | 76,092 | ||||||
Hufvudstaden AB, Class A | 5,278 | 83,752 | ||||||
Kungsleden AB | 12,683 | 133,752 | ||||||
Wallenstam AB | 2,463 | 37,131 | ||||||
Wihlborgs Fastigheter AB | 5,990 | 132,065 | ||||||
689,888 | ||||||||
Real Estate Operations & Development — 0.5% |
| |||||||
ADLER Group SA†* | 1,770 | 51,179 | ||||||
Allreal Holding AG | 365 | 77,037 | ||||||
CA Immobilien Anlagen AG | 1,869 | 64,765 | ||||||
Castellum AB | 3,880 | 95,949 | ||||||
China Vanke Co., Ltd., Class A† | 14,900 | 69,495 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Operations & Development (continued) |
| |||||||
Grand City Properties SA | 3,388 | $ | 80,019 | |||||
Mitsui Fudosan Co., Ltd. | 1,800 | 37,612 | ||||||
Poly Developments and Holdings Group Co., Ltd., Class A | 4,800 | 12,558 | ||||||
PSP Swiss Property AG | 408 | 49,701 | ||||||
Samhallsbyggnadsbolaget i Norden AB | 17,816 | 60,571 | ||||||
TAG Immobilien AG | 4,139 | 123,727 | ||||||
722,613 | ||||||||
Recreational Vehicles — 0.1% |
| |||||||
Dometic Group AB†* | 7,316 | 92,165 | ||||||
Polaris, Inc. | 10 | 960 | ||||||
93,125 | ||||||||
Recycling — 0.1% |
| |||||||
TOMRA Systems ASA | 2,183 | 93,961 | ||||||
Respiratory Products — 0.0% |
| |||||||
ResMed, Inc. | 52 | 10,899 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
HUGO BOSS AG | 3,467 | 106,740 | ||||||
Lululemon Athletica, Inc.† | 140 | 51,831 | ||||||
Ross Stores, Inc. | 500 | 53,760 | ||||||
212,331 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 29 | 32,992 | ||||||
O’Reilly Automotive, Inc.† | 131 | 57,959 | ||||||
90,951 | ||||||||
Retail - Building Products — 0.4% |
| |||||||
Home Depot, Inc. | 1,278 | 354,530 | ||||||
Lowe’s Cos., Inc. | 1,204 | 187,607 | ||||||
Nitori Holdings Co., Ltd. | 200 | 42,586 | ||||||
584,723 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 539 | 58,643 | ||||||
Retail - Convenience Store — 0.0% |
| |||||||
Casey’s General Stores, Inc. | 4 | 727 | ||||||
Retail - Discount — 0.2% |
| |||||||
Dollar General Corp. | 419 | 91,585 | ||||||
Dollar Tree, Inc.† | 320 | 34,957 | ||||||
E-MART Inc. | 239 | 33,262 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 47 | 4,139 | ||||||
Pan Pacific International Holdings Corp. | 1,500 | 35,445 | ||||||
Target Corp. | 680 | 122,080 | ||||||
Walmart, Inc. | 138 | 21,085 | ||||||
342,553 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Shop Apotheke Europe NV†* | 270 | 42,578 | ||||||
Zur Rose Group AG† | 168 | 50,469 | ||||||
93,047 | ||||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 36 | 5,069 | ||||||
Retail - Home Furnishings — 0.0% |
| |||||||
Williams-Sonoma, Inc. | 101 | 11,056 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Lao Feng Xiang Co., Ltd., Class A | 2,100 | 15,046 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
TJX Cos., Inc. | 1,607 | 102,061 | ||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
Hotel Shilla Co., Ltd. | 354 | 25,593 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
H20 Retailing Corp. | 5,400 | $ | 33,259 | |||||
Retail - Restaurants — 0.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 38 | 48,998 | ||||||
McDonald’s Corp. | 730 | 158,731 | ||||||
Starbucks Corp. | 1,291 | 126,544 | ||||||
Yum! Brands, Inc. | 410 | 43,378 | ||||||
377,651 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Hankook Tire & Technology Co., Ltd. | 1,012 | 29,906 | ||||||
Nokian Renkaat Oyj | 3,102 | 109,008 | ||||||
138,914 | ||||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Daetwyler Holding AG | 138 | 37,509 | ||||||
Hexpol AB | 8,522 | 88,778 | ||||||
126,287 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Eutelsat Communications SA# | 10,863 | 119,990 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 1,436 | 17,806 | ||||||
Security Services — 0.0% |
| |||||||
Loomis AB† | 2,115 | 60,317 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Analog Devices, Inc. | 850 | 118,218 | ||||||
Maxim Integrated Products, Inc. | 53 | 4,401 | ||||||
NXP Semiconductors NV | 1,297 | 205,471 | ||||||
QUALCOMM, Inc. | 2,061 | 303,317 | ||||||
Renesas Electronics Corp.† | 10,600 | 94,222 | ||||||
725,629 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
Advantest Corp. | 400 | 27,816 | ||||||
Applied Materials, Inc. | 1,191 | 98,234 | ||||||
ASM International NV | 724 | 127,946 | ||||||
BE Semiconductor Industries NV | 1,923 | 100,494 | ||||||
KLA Corp. | 230 | 57,953 | ||||||
Lam Research Corp. | 170 | 76,952 | ||||||
Siltronic AG | 556 | 81,046 | ||||||
Teradyne, Inc. | 632 | 69,735 | ||||||
640,176 | ||||||||
Shipbuilding — 0.1% |
| |||||||
HLB, Inc.† | 428 | 35,237 | ||||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.† | 418 | 38,908 | ||||||
Samsung Heavy Industries Co., Ltd.† | 5,059 | 31,226 | ||||||
105,371 | ||||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc., Class A† | 1,182 | 165,350 | ||||||
Steel - Producers — 0.2% |
| |||||||
Baoshan Iron & Steel Co., Ltd., Class A | 67,200 | 63,400 | ||||||
Hyundai Steel Co. | 1,062 | 30,520 | ||||||
POSCO | 726 | 153,526 | ||||||
Reliance Steel & Aluminum Co. | 93 | 10,955 | ||||||
SSAB AB, Class B† | 19,138 | 52,704 | ||||||
Steel Dynamics, Inc. | 28 | 1,014 | ||||||
312,119 | ||||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Corning, Inc. | 1,791 | 67,019 | ||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 2,297 | $ | 50,006 | |||||
KMW Co., Ltd.† | 258 | 17,137 | ||||||
67,143 | ||||||||
Telephone - Integrated — 0.5% |
| |||||||
AT&T, Inc. | 8,499 | 244,346 | ||||||
Freenet AG | 4,534 | 92,645 | ||||||
KDDI Corp. | 1,900 | 54,279 | ||||||
Nippon Telegraph & Telephone Corp. | 2,400 | 56,667 | ||||||
SoftBank Group Corp. | 700 | 48,759 | ||||||
Verizon Communications, Inc. | 4,412 | 266,529 | ||||||
763,225 | ||||||||
Television — 0.1% |
| |||||||
ION Media Networks, Inc.†(1)(2) | 18 | 15,578 | ||||||
ProSiebenSat.1 Media SE† | 8,090 | 117,105 | ||||||
132,683 | ||||||||
Theaters — 0.1% |
| |||||||
CTS Eventim AG & Co. KGaA† | 1,606 | 97,223 | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 79 | 3,147 | ||||||
KT&G Corp. | 1,189 | 88,647 | ||||||
Philip Morris International, Inc. | 79 | 5,984 | ||||||
97,778 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 719 | 132,519 | ||||||
Transactional Software — 0.1% |
| |||||||
SimCorp A/S | 961 | 126,127 | ||||||
Transport - Marine — 0.0% |
| |||||||
Euronav NV | 6,381 | 50,198 | ||||||
Transport - Rail — 0.5% |
| |||||||
Central Japan Railway Co. | 400 | 50,958 | ||||||
CSX Corp. | 1,640 | 147,682 | ||||||
Norfolk Southern Corp. | 583 | 138,183 | ||||||
Tokyu Corp. | 3,800 | 46,117 | ||||||
Union Pacific Corp. | 1,268 | 258,773 | ||||||
641,713 | ||||||||
Transport - Services — 0.3% |
| |||||||
FedEx Corp. | 518 | 148,448 | ||||||
United Parcel Service, Inc., Class B | 1,294 | 221,365 | ||||||
YTO Express Group Co., Ltd. | 6,500 | 12,749 | ||||||
382,562 | ||||||||
Transport - Truck — 0.0% |
| |||||||
Hyundai Glovis Co., Ltd. | 229 | 36,837 | ||||||
Landstar System, Inc. | 71 | 9,331 | ||||||
Old Dominion Freight Line, Inc. | 14 | 2,847 | ||||||
49,015 | ||||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Herbalife Nutrition, Ltd.† | 102 | 4,887 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
GoDaddy, Inc., Class A† | 796 | 63,314 | ||||||
VeriSign, Inc.† | 293 | 58,811 | ||||||
122,125 | ||||||||
Web Portals/ISP — 1.1% |
| |||||||
Alphabet, Inc., Class A† | 381 | 668,426 | ||||||
Alphabet, Inc., Class C† | 365 | 642,670 | ||||||
Baidu, Inc. ADR† | 158 | 21,961 |
Security Description | Shares/ Principal Amount(7) | Value (Note 2) | ||||||
Web Portals/ISP (continued) | ||||||||
NAVER Corp. | 1,161 | $ | 291,155 | |||||
1,624,212 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Motorola Solutions, Inc. | 210 | 36,022 | ||||||
Samsung SDI Co., Ltd. | 520 | 250,472 | ||||||
286,494 | ||||||||
Total Common Stocks | ||||||||
(cost $61,176,338) | 79,371,654 | |||||||
EXCHANGE-TRADED FUNDS — 9.5% |
| |||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 34,400 | 3,930,200 | ||||||
iShares MSCI Europe Small-Cap ETF | 3,900 | 223,743 | ||||||
iShares MSCI Eurozone ETF# | 32,400 | 1,391,256 | ||||||
iShares MSCI France ETF# | 52,300 | 1,400,071 | ||||||
iShares MSCI South Korea ETF# | 24,800 | 1,895,216 | ||||||
iShares MSCI Spain ETF | 43,200 | 1,403,568 | ||||||
iShares Russell 1000 Growth ETF# | 98 | 22,662 | ||||||
VanEck Vectors Gold Miners ETF | 94,756 | 3,286,138 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $12,601,587) | 13,552,854 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7% |
| |||||||
Electric - Generation — 0.1% |
| |||||||
China Huadian Overseas Development Management Co., Ltd. | 200,000 | 207,087 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Dai-ichi Life Insurance Co., Ltd. | 200,000 | 220,000 | ||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
Mitsui Sumitomo Insurance Co., Ltd. | 200,000 | 238,000 | ||||||
Investment Companies — 0.1% |
| |||||||
Huarong Finance II Co., Ltd. | 200,000 | 203,107 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Chalco Hong Kong Investment Co., Ltd. | 200,000 | 201,993 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,029,000) | 1,070,187 | |||||||
RIGHTS — 0.0% |
| |||||||
Enterprise Software/Service — 0.0% |
| |||||||
Aveva Group PLC | 0 | 3 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
BUWOG AG#(1) | 1,461 | 0 | ||||||
Total Rights |
| |||||||
(cost $3) | 3 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.3% |
| |||||||
Banks - Commercial — 0.7% |
| |||||||
Banco de Credito e Inversiones SA | 200,000 | 218,840 | ||||||
Grupo Aval, Ltd. | 200,000 | 206,100 | ||||||
Metropolitan Bank & Trust Co. | 200,000 | 202,546 | ||||||
NongHyup Bank | 200,000 | 203,148 | ||||||
Oversea-Chinese Banking Corp Ltd | 200,000 | 201,549 | ||||||
1,032,183 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Cellular Telecom — 0.2% |
| |||||||
Turkcell Iletisim Hizmetleri AS | $ | 200,000 | $ | 208,224 | ||||
Chemicals - Diversified — 0.1% |
| |||||||
Braskem Netherlands Finance BV | 200,000 | 202,060 | ||||||
Coal — 0.3% |
| |||||||
Adaro Indonesia PT | 250,000 | 257,500 | ||||||
Indika Energy Capital III Pte, Ltd. | 200,000 | 202,000 | ||||||
459,500 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 200,000 | 210,617 | ||||||
Mizuho Financial Group, Inc. | 200,000 | 206,785 | ||||||
Mizuho Financial Group, Inc. | 200,000 | 216,759 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 200,000 | 211,655 | ||||||
845,816 | ||||||||
Electric - Distribution — 0.3% |
| |||||||
Energuate Trust | 200,000 | 208,502 | ||||||
Infraestructura Energetica Nova SAB de CV | 200,000 | 194,600 | ||||||
403,102 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Korea East-West Power Co., Ltd. | 200,000 | 207,284 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
ReNew Power Synthetic | 200,000 | 211,601 | ||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Mirae Asset Daewoo Co., Ltd. | 200,000 | 205,522 | ||||||
Finance - Leasing Companies — 0.1% |
| |||||||
BOC Aviation, Ltd. | 200,000 | 198,148 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Cometa Energia SA de CV | 187,400 | 215,979 |
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Independent Power Producers (continued) | ||||||||
Termocandelaria Power, Ltd. | $ | 200,000 | $ | 221,000 | ||||
436,979 | ||||||||
Investment Companies — 0.2% | ||||||||
Beijing State-Owned Assets Management Hong Kong Co., Ltd. | 200,000 | 216,228 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
China Great Wall International Holdings V, Ltd. | 200,000 | 196,403 | ||||||
Metal - Aluminum — 0.2% |
| |||||||
Indonesia Asahan Aluminium Persero PT | 200,000 | 238,395 | ||||||
Multimedia — 0.1% |
| |||||||
Globo Comunicacao e Participacoes SA | 200,000 | 208,102 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Korea National Oil Corp. | 200,000 | 221,818 | ||||||
Oil Companies - Integrated — 0.4% |
| |||||||
Ecopetrol SA | 40,000 | 47,550 | ||||||
Pertamina Persero PT | 200,000 | 273,588 | ||||||
Saudi Arabian Oil Co. | 200,000 | 221,579 | ||||||
542,717 | ||||||||
Real Estate Operations & Development — 0.8% |
| |||||||
Country Garden Holdings Co., Ltd. | 200,000 | 223,496 | ||||||
Goodman HK Finance | 200,000 | 207,212 | ||||||
Longfor Group Holdings, Ltd. | 200,000 | 216,426 | ||||||
Sun Hung Kai Properties Capital Market, Ltd. | 200,000 | 224,263 | ||||||
Vanke Real Estate Hong Kong Co., Ltd. | 200,000 | 212,554 | ||||||
1,083,951 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
CMB International Leasing Management, Ltd. | 200,000 | 205,844 | ||||||
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Web Portals/ISP — 0.2% |
| |||||||
Baidu, Inc. | $ | 200,000 | $ | 213,272 | ||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $7,232,755) |
| 7,537,149 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.9% |
| |||||||
Sovereign — 1.9% |
| |||||||
United Mexican States | MXN | 47,000,000 | 2,785,547 | |||||
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 $84,497,406) |
| 104,317,905 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 13.3% | ||||||||
Registered Investment Companies — 11.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 10,696,304 | 10,696,304 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 6,047,096 | 6,047,096 | ||||||
16,743,400 | ||||||||
U.S. Government Treasuries — 1.6% |
| |||||||
United States Treasury Bills | 2,250,000 | 2,249,935 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $18,993,310) |
| 18,993,335 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $103,490,716) (8) | 86.6 | % | 123,311,240 | |||||
Other assets less liabilities | 13.4 | 19,013,064 | ||||||
NET ASSETS | 100.0 | % | $ | 142,324,304 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $3,417,254 representing 2.4% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $ | 15,578 | 865.44 | 0.01 | % | |||||||||||||||
(3) | Perpetual maturity — maturity date reflects the next call date. |
(4) | The rate shown is the 7-day yield as of November 30, 2020. |
(5) | At November 30, 2020, the Fund had loaned securities with a total value of $6,362,622. This was secured by collateral of $6,047,096, which was received in cash and subsequently invested in short-term investments currently valued at $6,047,096 as reported in the Portfolio of Investments. Additional collateral of $577,320 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 19,188 | ||||||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 51,527 | |||||||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 1,766 | |||||||||
United States Treasury Bills | 0.00% | 12/24/2020 to 07/15/2021 | 81,830 | |||||||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 11/15/2049 | 423,009 |
(6) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(7) | Denominated in United States dollars unless otherwise indicated. |
(8) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
ETF—Exchange Traded Fund
Euronext Dublin—Euronext Stock Exchange, Dublin
LSE—London Stock Exchange
MXN—Mexican Peso
SDR—Swedish Depositary Receipt
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation | ||||||||||||||||
140 | Long | FTSE China A50 Index | December 2020 | $ | 2,301,224 | $ | 2,340,380 | $ | 39,156 | |||||||||||||
45 | Long | IBEX 35 Index | December 2020 | 4,299,600 | 4,328,026 | 28,426 | ||||||||||||||||
5 | Long | MSCI Europe Index | December 2020 | 341,061 | 361,775 | 20,714 | ||||||||||||||||
38 | Long | U.S. Treasury Ultra Bonds | March 2021 | 8,186,707 | 8,209,188 | 22,481 | ||||||||||||||||
$ | 110,777 | |||||||||||||||||||||
Unrealized (Depreciation) | ||||||||||||||||||||||
87 | Long | CAC 40 Index | December 2020 | $ | 5,743,713 | $ | 5,717,130 | $ | (26,583 | ) | ||||||||||||
3 | Short | NASDAQ 100 E-mini Index | December 2020 | 787,969 | 736,620 | (51,349 | ) | |||||||||||||||
28 | Short | Russell 1000 E-mini Growth Index | December 2020 | 3,450,204 | 3,252,760 | (197,444 | ) | |||||||||||||||
9 | Short | Russell 1000 E-mini Value Index | December 2020 | 637,770 | 585,630 | (52,140 | ) | |||||||||||||||
1 | Short | TOPIX Index | December 2020 | 184,486 | 168,151 | (16,335 | ) | |||||||||||||||
$ | (343,851 | ) | ||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | (233,074 | ) | |||||||||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Morgan Stanley Capital Services, Inc | CNH | 16,160,000 | USD | 2,349,281 | 12/16/2020 | $ | – | $ | (102,695 | ) | ||||||||||||||||||
DKK | 7,330,000 | USD | 1,179,788 | 03/17/2021 | 1,945 | – | ||||||||||||||||||||||
EUR | 1,120,000 | USD | 1,330,874 | 12/16/2020 | – | (5,687 | ) | |||||||||||||||||||||
EUR | 2,400,000 | USD | 2,859,990 | 03/17/2021 | – | (10,736 | ) | |||||||||||||||||||||
JPY | 412,200,000 | USD | 3,943,614 | 12/16/2020 | – | (5,755 | ) | |||||||||||||||||||||
KRW | 2,645,600,000 | USD | 2,228,868 | 12/16/2020 | – | (161,714 | ) | |||||||||||||||||||||
KRW | 1,479,000,000 | USD | 1,333,285 | 03/17/2021 | – | (2,818 | ) | |||||||||||||||||||||
MXN | 56,400,000 | USD | 2,596,011 | 12/16/2020 | – | (190,476 | ) | |||||||||||||||||||||
NOK | 5,400,000 | USD | 610,266 | 12/16/2020 | 3,201 | – | ||||||||||||||||||||||
SEK | 16,660,000 | USD | 1,905,509 | 12/16/2020 | – | (37,497 | ) | |||||||||||||||||||||
USD | 2,543,133 | AUD | 3,490,000 | 12/16/2020 | 19,092 | – | ||||||||||||||||||||||
USD | 2,687,408 | CAD | 3,540,000 | 12/16/2020 | 38,655 | – | ||||||||||||||||||||||
USD | 1,729,596 | CHF | 1,570,000 | 12/16/2020 | – | (1,023 | ) | |||||||||||||||||||||
USD | 1,330,380 | EUR | 1,120,000 | 12/16/2020 | 6,181 | – | ||||||||||||||||||||||
USD | 2,636,190 | GBP | 2,060,000 | 12/16/2020 | 110,644 | – | ||||||||||||||||||||||
USD | 12,007,873 | JPY | 1,272,520,000 | 12/16/2020 | 184,391 | – | ||||||||||||||||||||||
Unrealized Appreciation/(Depreciation) | $ | 364,109 | $ | (518,401 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
CNH—Yuan Renminbi Offshore
DKK—Danish Krone
EUR—Euro Currency
GBP—British Pound Sterling
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
NOK—Norwegian Krone
SEK—Swedish Krona
USD—U.S. Dollar
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 117,105 | $ | — | $ | 15,578 | $ | 132,683 | ||||||||
Other Industries | 79,176,624 | 62,347 | — | 79,238,971 | ||||||||||||
Exchange-Traded Funds | 13,552,854 | — | — | 13,552,854 | ||||||||||||
Preferred Securitites/Capital Securities | — | 1,070,187 | — | 1,070,187 | ||||||||||||
Rights: | ||||||||||||||||
Enterprise Software/Service | 3 | — | — | 3 | ||||||||||||
Real Estate Operations & Development | — | — | 0 | 0 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 7,537,149 | — | 7,537,149 | ||||||||||||
Foreign Government Obligations | — | 2,785,547 | — | 2,785,547 | ||||||||||||
Escrows and Lititgation Trusts | — | 493 | 18 | 511 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 16,743,400 | — | — | 16,743,400 | ||||||||||||
U.S. Government Treasuries | — | 2,249,935 | ��� | 2,249,935 | ||||||||||||
Total Investments at Value | $ | 109,589,986 | $ | 13,705,658 | $ | 15,596 | $ | 123,311,240 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 110,777 | $ | — | $ | — | $ | 110,777 | ||||||||
Forward Foreign Currency Contracts | — | 364,109 | — | 364,109 | ||||||||||||
Total Other Financial Instruments | $ | 110,777 | $ | 364,109 | $ | — | $ | 474,886 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 343,851 | $ | — | $ | — | $ | 343,851 | ||||||||
Forward Foreign Currency Contracts | — | 518,401 | — | 518,401 | ||||||||||||
Total Other Financial Instruments | $ | 343,851 | $ | 518,401 | $ | — | $ | 862,252 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
19 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
E-Commerce/Products | 15.6 | % | ||
Internet Content-Entertainment | 10.1 | |||
Applications Software | 9.7 | |||
Web Portals/ISP | 6.7 | |||
Finance-Credit Card | 5.4 | |||
Commercial Services-Finance | 5.3 | |||
Computers | 4.5 | |||
Enterprise Software/Service | 3.9 | |||
Electronic Components-Semiconductors | 3.6 | |||
Medical-HMO | 3.3 | |||
Data Processing/Management | 2.9 | |||
Internet Content-Information/News | 2.7 | |||
Diagnostic Equipment | 2.3 | |||
E-Commerce/Services | 1.8 | |||
Medical-Biomedical/Gene | 1.4 | |||
Medical Instruments | 1.4 | |||
Pharmacy Services | 1.4 | |||
Medical Products | 1.3 | |||
Retail-Apparel/Shoe | 1.3 | |||
Retail-Discount | 1.2 | |||
Entertainment Software | 1.2 | |||
Commercial Services | 1.0 | |||
Computer Software | 1.0 | |||
Diversified Banking Institutions | 1.0 | |||
Retail-Restaurants | 0.9 | |||
Semiconductor Components-Integrated Circuits | 0.8 | |||
Internet Application Software | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Athletic Footwear | 0.7 | |||
Computer Aided Design | 0.7 | |||
Registered Investment Companies | 0.6 | |||
Transport-Rail | 0.5 | |||
Communications Software | 0.4 | |||
Finance-Investment Banker/Broker | 0.4 | |||
Medical-Hospitals | 0.3 | |||
Industrial Gases | 0.3 | |||
Medical-Drugs | 0.3 | |||
Insurance Brokers | 0.3 | |||
Retail-Automobile | 0.3 | |||
Finance-Other Services | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Diversified Financial Services | 0.3 | |||
Diversified Manufacturing Operations | 0.2 | |||
Electronic Connectors | 0.2 | |||
Retail-Major Department Stores | 0.1 | |||
Coatings/Paint | 0.1 | |||
Chemicals-Diversified | 0.1 | |||
Hotels/Motels | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Auto/Truck Parts & Equipment-Original | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
20 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Aerospace/Defense — 0.0% |
| |||||||
Northrop Grumman Corp. | 362 | $ | 109,418 | |||||
Aerospace/Defense-Equipment — 0.0% |
| |||||||
L3Harris Technologies, Inc. | 403 | 77,372 | ||||||
Airlines — 0.0% |
| |||||||
United Airlines Holdings, Inc.† | 451 | 20,318 | ||||||
Apparel Manufacturers — 0.0% |
| |||||||
VF Corp. | 4,100 | 341,940 | ||||||
Applications Software — 9.7% |
| |||||||
Intuit, Inc. | 55,783 | 19,636,732 | ||||||
Microsoft Corp. | 232,553 | 49,782,621 | ||||||
ServiceNow, Inc.† | 45,964 | 24,570,056 | ||||||
93,989,409 | ||||||||
Athletic Footwear — 0.7% |
| |||||||
NIKE, Inc., Class B | 52,915 | 7,127,650 | ||||||
Auto-Cars/Light Trucks — 0.0% |
| |||||||
Tesla, Inc.† | 200 | 113,520 | ||||||
Auto/Truck Parts & Equipment-Original — 0.1% |
| |||||||
Aptiv PLC | 4,390 | 521,093 | ||||||
Banks-Fiduciary — 0.0% |
| |||||||
State Street Corp. | 1,581 | 111,429 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Charter Communications, Inc., Class A† | 800 | 521,592 | ||||||
Cellular Telecom — 0.0% |
| |||||||
T-Mobile US, Inc.† | 1,500 | 199,410 | ||||||
Chemicals-Diversified — 0.1% |
| |||||||
PPG Industries, Inc. | 8,000 | 1,174,160 | ||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 1,656 | 1,238,075 | ||||||
Commercial Services — 1.0% |
| |||||||
Cintas Corp. | 10,240 | 3,638,272 | ||||||
CoStar Group, Inc.† | 7,096 | 6,461,405 | ||||||
10,099,677 | ||||||||
Commercial Services-Finance — 5.3% |
| |||||||
Equifax, Inc. | 900 | 150,210 | ||||||
Global Payments, Inc. | 95,374 | 18,616,051 | ||||||
PayPal Holdings, Inc.† | 118,821 | 25,441,953 | ||||||
S&P Global, Inc. | 18,203 | 6,403,451 | ||||||
Square, Inc., Class A† | 2,500 | 527,400 | ||||||
51,139,065 | ||||||||
Communications Software — 0.4% |
| |||||||
Zoom Video Communications, Inc., Class A† | 8,400 | 4,018,224 | ||||||
Computer Aided Design — 0.7% |
| |||||||
Synopsys, Inc.† | 30,078 | 6,842,745 | ||||||
Computer Software — 1.0% |
| |||||||
Snowflake, Inc., Class A†# | 485 | 158,032 | ||||||
Splunk, Inc.† | 45,279 | 9,245,066 | ||||||
Twilio, Inc., Class A† | 1,787 | 572,001 | ||||||
9,975,099 | ||||||||
Computers — 4.5% |
| |||||||
Apple, Inc. | 370,139 | 44,065,048 | ||||||
Data Processing/Management — 2.9% |
| |||||||
DocuSign, Inc.† | 21,462 | 4,890,760 | ||||||
Fidelity National Information Services, Inc. | 83,938 | 12,457,239 | ||||||
Fiserv, Inc.† | 90,187 | 10,387,739 | ||||||
27,735,738 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Decision Support Software — 0.0% |
| |||||||
MSCI, Inc. | 500 | $ | 204,710 | |||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 1,196 | 575,623 | ||||||
Diagnostic Equipment — 2.3% |
| |||||||
Danaher Corp. | 51,906 | 11,659,645 | ||||||
Thermo Fisher Scientific, Inc. | 22,499 | 10,461,585 | ||||||
22,121,230 | ||||||||
Diversified Banking Institutions — 1.0% |
| |||||||
Goldman Sachs Group, Inc. | 28,438 | 6,557,234 | ||||||
Morgan Stanley | 51,651 | 3,193,581 | ||||||
9,750,815 | ||||||||
Diversified Financial Services — 0.3% |
| |||||||
ANT International Co., Ltd., Class C(1)(2) | 273,650 | 2,380,755 | ||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
General Electric Co. | 102,467 | 1,043,114 | ||||||
Parker-Hannifin Corp. | 3,400 | 908,684 | ||||||
1,951,798 | ||||||||
Drug Delivery Systems — 0.0% |
| |||||||
Becton Dickinson and Co. | 844 | 198,205 | ||||||
E-Commerce/Products — 15.6% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 145,751 | 38,384,984 | ||||||
Amazon.com, Inc.† | 34,773 | 110,162,255 | ||||||
Etsy, Inc.† | 10,400 | 1,671,280 | ||||||
Pinduoduo, Inc. ADR† | 10,893 | 1,512,057 | ||||||
151,730,576 | ||||||||
E-Commerce/Services — 1.8% |
| |||||||
Booking Holdings, Inc.† | 3,938 | 7,988,036 | ||||||
Match Group, Inc.† | 68,022 | 9,469,343 | ||||||
Trip.com Group, Ltd . ADR† | 3,699 | 124,249 | ||||||
17,581,628 | ||||||||
Electronic Components-Semiconductors — 3.6% |
| |||||||
Advanced Micro Devices, Inc.† | 105,000 | 9,729,300 | ||||||
Marvell Technology Group, Ltd. | 166,301 | 7,698,073 | ||||||
Monolithic Power Systems, Inc. | 300 | 95,988 | ||||||
NVIDIA Corp. | 27,871 | 14,940,528 | ||||||
Texas Instruments, Inc. | 17,387 | 2,803,654 | ||||||
35,267,543 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
TE Connectivity, Ltd. | 15,000 | 1,709,550 | ||||||
Electronic Forms — 0.0% |
| |||||||
Adobe, Inc.† | 200 | 95,694 | ||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Agilent Technologies, Inc. | 1,853 | 216,616 | ||||||
Fortive Corp. | 28,784 | 2,018,622 | ||||||
Roper Technologies, Inc. | 11,864 | 5,065,928 | ||||||
7,301,166 | ||||||||
Enterprise Software/Service — 3.9% |
| |||||||
Atlassian Corp. PLC, Class A† | 8,983 | 2,021,624 | ||||||
Coupa Software, Inc.† | 905 | 297,663 | ||||||
Paycom Software, Inc.† | 6,471 | 2,698,925 | ||||||
salesforce.com, Inc.† | 90,783 | 22,314,461 | ||||||
Veeva Systems, Inc., Class A† | 11,700 | 3,239,379 | ||||||
Workday, Inc., Class A† | 30,464 | 6,848,003 | ||||||
37,420,055 | ||||||||
Entertainment Software — 1.2% |
| |||||||
Sea, Ltd. ADR† | 61,900 | 11,164,903 | ||||||
21 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance-Credit Card — 5.4% |
| |||||||
Mastercard, Inc., Class A | 66,528 | $ | 22,387,337 | |||||
Visa, Inc., Class A | 141,786 | 29,824,685 | ||||||
52,212,022 | ||||||||
Finance-Investment Banker/Broker — 0.4% |
| |||||||
Charles Schwab Corp. | 72,509 | 3,536,989 | ||||||
Finance-Other Services — 0.3% |
| |||||||
Intercontinental Exchange, Inc. | 23,977 | 2,529,813 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 2,141 | 221,872 | ||||||
Marriott International, Inc., Class A | 2,919 | 370,333 | ||||||
592,205 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Linde PLC | 12,960 | 3,323,203 | ||||||
Instruments-Controls — 0.0% |
| |||||||
Honeywell International, Inc. | 405 | 82,588 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Marsh & McLennan Cos., Inc. | 8,299 | 951,398 | ||||||
Willis Towers Watson PLC | 9,833 | 2,047,132 | ||||||
2,998,530 | ||||||||
Insurance-Multi-line — 0.0% |
| |||||||
Chubb, Ltd. | 2,766 | 408,898 | ||||||
Internet Application Software — 0.8% |
| |||||||
Shopify, Inc., Class A† | 3,001 | 3,272,230 | ||||||
Wix.com, Ltd.† | 15,900 | 4,061,337 | ||||||
7,333,567 | ||||||||
Internet Content-Entertainment — 10.1% |
| |||||||
Facebook, Inc., Class A† | 231,768 | 64,192,783 | ||||||
Netflix, Inc.† | 42,794 | 20,999,016 | ||||||
Snap, Inc., Class A† | 165,657 | 7,358,484 | ||||||
Spotify Technology SA† | 19,600 | 5,710,852 | ||||||
98,261,135 | ||||||||
Internet Content-Information/News — 2.7% |
| |||||||
Tencent Holdings, Ltd. | 363,800 | 26,424,730 | ||||||
Medical Instruments — 1.4% |
| |||||||
Intuitive Surgical, Inc.† | 18,476 | 13,414,500 | ||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
PPD, Inc.† | 16,797 | 587,895 | ||||||
Medical Products — 1.3% |
| |||||||
Stryker Corp. | 55,570 | 12,970,038 | ||||||
Medical-Biomedical/Gene — 1.4% |
| |||||||
Exact Sciences Corp.† | 1,215 | 147,088 | ||||||
Incyte Corp.† | 39,724 | 3,358,267 | ||||||
Seagen, Inc.† | 883 | 150,384 | ||||||
Vertex Pharmaceuticals, Inc.† | 44,100 | 10,043,775 | ||||||
13,699,514 | ||||||||
Medical-Drugs — 0.3% |
| |||||||
AbbVie, Inc. | 2,044 | 213,762 | ||||||
Zoetis, Inc. | 17,914 | 2,873,047 | ||||||
3,086,809 | ||||||||
Medical-HMO — 3.3% |
| |||||||
Anthem, Inc. | 17,784 | 5,540,072 | ||||||
Centene Corp.† | 83,444 | 5,144,323 | ||||||
Humana, Inc. | 5,800 | 2,323,016 | ||||||
UnitedHealth Group, Inc. | 55,231 | 18,576,394 | ||||||
31,583,805 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical-Hospitals — 0.3% |
| |||||||
HCA Healthcare, Inc. | 22,312 | $ | 3,349,254 | |||||
Pharmacy Services — 1.4% |
| |||||||
Cigna Corp. | 63,572 | 13,295,448 | ||||||
Retail-Apparel/Shoe — 1.3% |
| |||||||
Lululemon Athletica, Inc.† | 18,909 | 7,000,490 | ||||||
Ross Stores, Inc. | 50,203 | 5,397,826 | ||||||
12,398,316 | ||||||||
Retail-Automobile — 0.3% |
| |||||||
Carvana Co.†# | 11,771 | 2,945,222 | ||||||
Retail-Discount — 1.2% |
| |||||||
Dollar General Corp. | 53,146 | 11,616,652 | ||||||
Dollar Tree, Inc.† | 899 | 98,207 | ||||||
11,714,859 | ||||||||
Retail-Major Department Stores — 0.1% |
| |||||||
TJX Cos., Inc. | 20,343 | 1,291,984 | ||||||
Retail-Restaurants — 0.9% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,300 | 5,544,549 | ||||||
Domino’s Pizza, Inc. | 1,400 | 549,598 | ||||||
McDonald’s Corp. | 1,500 | 326,160 | ||||||
Yum! Brands, Inc. | 25,351 | 2,682,136 | ||||||
9,102,443 | ||||||||
Semiconductor Components-Integrated Circuits — 0.8% |
| |||||||
Maxim Integrated Products, Inc. | 29,795 | 2,474,177 | ||||||
QUALCOMM, Inc. | 36,178 | 5,324,316 | ||||||
7,798,493 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 19,748 | 1,628,815 | ||||||
KLA Corp. | 413 | 104,064 | ||||||
Lam Research Corp. | 1,466 | 663,599 | ||||||
2,396,478 | ||||||||
Transport-Rail — 0.5% |
| |||||||
Canadian Pacific Railway, Ltd. | 395 | 127,131 | ||||||
Kansas City Southern | 458 | 85,266 | ||||||
Norfolk Southern Corp. | 10,526 | 2,494,872 | ||||||
Union Pacific Corp. | 11,177 | 2,281,002 | ||||||
4,988,271 | ||||||||
Web Portals/ISP — 6.7% |
| |||||||
Alphabet, Inc., Class A† | 6,693 | 11,742,199 | ||||||
Alphabet, Inc., Class C† | 30,216 | 53,202,520 | ||||||
64,944,719 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $449,778,649) |
| 966,146,961 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,014 | 500,014 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 162,718 | 162,718 | ||||||
T. Rowe Price Government Reserve Fund † | 5,018,127 | 5,018,127 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,680,859) |
| 5,680,859 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $455,459,508)(5) | 100.2 | % | 971,827,820 | |||||
Liabilities in excess of other assets | (0.2 | ) | (1,716,840 | ) | ||||
NET ASSETS | 100.0 | % | $ | 970,110,980 | ||||
22 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $ | 2,380,755 | $ | 8.70 | 0.25 | % |
(3) | At November 30, 2020, the Fund had loaned securities with a total value of $1,108,830. This was secured by collateral of $162,718 which was received in cash and subsequently invested in short-term investments currently valued at $162,718 as reported in the Portfolio of Investments. Additional collateral of $966,024 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2021 to 11/15/2049 | $966,024 |
(4) | The rate shown is the 7-day yield as of November 30, 2020. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American | Depositary Receipt |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | — | $ | 2,380,755 | $ | 2,380,755 | ||||||||
Other Industries | 963,766,206 | — | — | 963,766,206 | ||||||||||||
Short-Term Investment Securities | 5,680,859 | — | — | 5,680,859 | ||||||||||||
Total Investments at Value | $ | 969,447,065 | $ | — | $ | 2,380,755 | $ | 971,827,820 | ||||||||
* | 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
23 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 20.7 | % | ||
United States Treasury Notes | 13.5 | |||
Registered Investment Companies | 9.9 | |||
Federal Home Loan Mtg. Corp. | 9.0 | |||
United States Treasury Bonds | 6.1 | |||
Government National Mtg. Assoc. | 5.6 | |||
Diversified Banking Institutions | 5.0 | |||
Uniform Mtg. Backed Securities | 4.3 | |||
Banks — Commercial | 3.1 | |||
Diversified Financial Services | 2.8 | |||
Electric — Integrated | 2.3 | |||
Pipelines | 1.3 | |||
Telephone — Integrated | 1.2 | |||
Real Estate Investment Trusts | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Oil Companies — Integrated | 0.7 | |||
Medical — Drugs | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
SupraNational Banks | 0.6 | |||
Banks — Super Regional | 0.6 | |||
Electric — Distribution | 0.6 | |||
Federal Home Loan Bank | 0.5 | |||
Cellular Telecom | 0.5 | |||
Paper & Related Products | 0.5 | |||
Computers | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Banks — Special Purpose | 0.4 | |||
Computer Services | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Brewery | 0.3 | |||
Machinery — Farming | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Electric — Generation | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Pharmacy Services | 0.3 | |||
Television | 0.3 | |||
Food — Wholesale/Distribution | 0.3 | |||
Savings & Loans/Thrifts | 0.2 | |||
Diversified Minerals | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Sovereign | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Transport — Rail | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Medical — HMO | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Electronic Components — Semiconductors | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Transport — Equipment & Leasing | 0.1 | |||
Transport — Services | 0.1 | |||
Finance — Commercial | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Oil — Field Services | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Medical — Generic Drugs | 0.1 |
Food — Meat Products | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Multimedia | 0.1 | |||
Retail — Discount | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Advertising Agencies | 0.1 | |||
Investment Companies | 0.1 | |||
Water | 0.1 | |||
Steel — Producers | 0.1 | |||
Building Products — Wood | 0.1 | |||
Commercial Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Shipbuilding | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Non-Profit Charity | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Retail — Automobile | 0.1 | |||
Entertainment Software | 0.1 | |||
Instruments — Controls | 0.1 | |||
Petrochemicals | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Retail — Building Products | 0.1 | |||
104.9 | % | |||
Credit Quality†#
Aaa | 64.8 | % | ||
Aa | 1.7 | |||
A | 10.2 | |||
Baa | 18.7 | |||
Ba | 1.2 | |||
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. |
24 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 2.6% |
| |||||||
Diversified Financial Services — 2.6% |
| |||||||
BA Credit Card Trust | $ | 100,000 | $ | 102,553 | ||||
BA Credit Card Trust | 267,000 | 269,768 | ||||||
BANK | 400,000 | 429,268 | ||||||
Benchmark Mtg. Trust | 186,000 | 193,341 | ||||||
Benchmark Mtg. Trust | 500,000 | 575,634 | ||||||
BX Commercial Mtg. Trust FRS | 100,000 | 96,873 | ||||||
Capital One Prime Auto Receivables Trust | 200,000 | 203,684 | ||||||
CarMax Auto Owner Trust | 230,000 | 235,673 | ||||||
CarMax Auto Owner Trust | 227,893 | 232,940 | ||||||
Chase Mtg. Finance Corp. VRS | 132,418 | 136,936 | ||||||
COMM Mtg. Trust VRS | 125,000 | 131,475 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,797,403 | ||||||
GM Financial Consumer Automobile Receivables Trust | 200,000 | 201,949 | ||||||
GM Financial Consumer Automobile Receivables Trust | 75,000 | 76,289 | ||||||
Honda Auto Receivables Owner Trust | 430,000 | 430,040 | ||||||
Honda Auto Receivables Owner Trust | 100,000 | 101,854 | ||||||
Honda Auto Receivables Owner Trust | 23,000 | 23,422 | ||||||
ILPT Trust | 410,000 | 464,220 | ||||||
Jackson Park Trust | 200,000 | 210,423 | ||||||
JP Morgan Mtg. Trust VRS | 188,493 | 189,006 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 33,921 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) | ||||||||
MSDB Trust VRS | $ | 790,000 | $ | 852,419 | ||||
MTRO Commercial Mtg. Trust FRS | 250,000 | 248,948 | ||||||
One Bryant Park Trust | 270,000 | 287,137 | ||||||
Toyota Auto Loan Extended Note Trust | 100,000 | 106,736 | ||||||
Toyota Auto Receivables Owner Trust | 225,000 | 233,674 | ||||||
Total Asset Backed Securities | ||||||||
(cost $7,635,011) | 7,865,586 | |||||||
U.S. CORPORATE BONDS & NOTES — 23.6% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Omnicom Group, Inc. | 189,000 | 200,569 | ||||||
Omnicom Group, Inc. | 53,000 | 63,924 | ||||||
264,493 | ||||||||
Aerospace/Defense — 0.1% |
| |||||||
BAE Systems Holdings, Inc. | 339,000 | 383,864 | ||||||
Lockheed Martin Corp. | 4,000 | 4,362 | ||||||
388,226 | ||||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Daimler Finance North America LLC | 257,000 | 259,239 | ||||||
General Motors Financial Co., Inc. | 224,000 | 236,842 | ||||||
Hyundai Capital America | 161,000 | 171,858 | ||||||
667,939 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR Financial Corp. | 152,000 | 153,780 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
BorgWarner, Inc. | 182,000 | 194,074 | ||||||
Banks - Commercial — 1.5% |
| |||||||
BankUnited, Inc. | 543,000 | 622,412 | ||||||
BankUnited, Inc. | 541,000 | 607,004 |
25 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Citizens Financial Group, Inc. | $ | 583,000 | $ | 609,103 | ||||
First Horizon Bank | 250,000 | 291,196 | ||||||
Regions Financial Corp. | 297,000 | 450,484 | ||||||
Santander Holdings USA, Inc. | 119,000 | 128,536 | ||||||
Signature Bank New York | 531,000 | 537,726 | ||||||
SunTrust Bank | 406,000 | 440,194 | ||||||
SunTrust Bank | 4,000 | 4,083 | ||||||
Synovus Bank | 250,000 | 253,108 | ||||||
Truist Bank | 257,000 | 269,057 | ||||||
Zions Bancorp NA | 397,000 | 408,023 | ||||||
4,620,926 | ||||||||
Banks - Super Regional — 0.6% |
| |||||||
Wells Fargo & Co. | 143,000 | 150,921 | ||||||
Wells Fargo & Co. | 356,000 | 387,793 | ||||||
Wells Fargo & Co. | 647,000 | 754,762 | ||||||
Wells Fargo & Co. | 330,000 | 471,265 | ||||||
1,764,741 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Co. | 221,000 | 229,813 | ||||||
PepsiCo, Inc. | 243,000 | 259,707 | ||||||
PepsiCo, Inc. | 185,000 | 206,845 | ||||||
696,365 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Pernod Ricard International Finance LLC | 151,000 | 149,289 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Brewery — 0.3% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | $ | 438,000 | $ | 572,327 | ||||
Anheuser-Busch InBev Worldwide, Inc. | 351,000 | 445,515 | ||||||
1,017,842 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications LLC | 178,000 | 230,042 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | 350,000 | 414,543 | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Carrier Global Corp. | 104,000 | 111,052 | ||||||
Carrier Global Corp. | 123,000 | 131,039 | ||||||
Carrier Global Corp. | 302,000 | 332,669 | ||||||
574,760 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 237,000 | 240,453 | ||||||
Cable/Satellite TV — 0.6% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 60,000 | 62,701 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 315,000 | 323,650 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 182,000 | 217,327 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 31,000 | 39,077 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 104,000 | 145,021 | ||||||
Comcast Corp. | 194,000 | 190,787 | ||||||
Comcast Corp. | 231,000 | 260,590 | ||||||
Comcast Corp. | 96,000 | 116,617 |
26 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cable/Satellite TV (continued) |
| |||||||
Comcast Corp. | $ | 68,000 | $ | 83,715 | ||||
Comcast Corp. | 151,000 | 199,839 | ||||||
Time Warner Cable LLC | 216,000 | 298,878 | ||||||
1,938,202 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile USA, Inc. | 358,000 | 363,212 | ||||||
T-Mobile USA, Inc. | 38,000 | 39,237 | ||||||
T-Mobile USA, Inc. | 150,000 | 159,929 | ||||||
562,378 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
LYB International Finance III LLC | 139,000 | 148,874 | ||||||
Westlake Chemical Corp. | 373,000 | 408,422 | ||||||
557,296 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Ecolab, Inc. | 234,000 | 242,243 | ||||||
Huntsman International LLC | 237,000 | 272,908 | ||||||
515,151 | ||||||||
Commercial Services — 0.1% |
| |||||||
Quanta Services, Inc. | 223,000 | 238,657 | ||||||
Computer Services — 0.3% |
| |||||||
IBM Credit LLC | 628,000 | 666,045 | ||||||
Leidos, Inc. | 156,000 | 158,617 | ||||||
Leidos, Inc. | 141,000 | 156,943 | ||||||
Leidos, Inc. | 73,000 | 86,422 | ||||||
1,068,027 | ||||||||
Computers — 0.4% |
| |||||||
Apple, Inc. | 160,000 | 171,199 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Computers (continued) |
| |||||||
Dell International LLC/EMC Corp. | $ | 244,000 | $ | 350,862 | ||||
Hewlett Packard Enterprise Co. | 505,000 | 517,528 | ||||||
Hewlett Packard Enterprise Co. | 183,000 | 234,428 | ||||||
1,274,017 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 4,000 | 4,621 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Sonoco Products Co | 212,000 | 234,812 | ||||||
Diversified Banking Institutions — 2.7% |
| |||||||
Bank of America Corp. | 460,000 | 469,712 | ||||||
Bank of America Corp. | 211,000 | 212,274 | ||||||
Bank of America Corp. | 377,000 | 399,506 | ||||||
Bank of America Corp. | 254,000 | 289,942 | ||||||
Bank of America Corp. | 57,000 | 72,647 | ||||||
Bank of America Corp. | 266,000 | 307,410 | ||||||
Bank of America Corp. | 234,000 | 343,732 | ||||||
Citigroup, Inc. | 225,000 | 242,083 | ||||||
Citigroup, Inc. | 173,000 | 196,232 | ||||||
Citigroup, Inc. | 214,000 | 251,086 | ||||||
Citigroup, Inc. | 110,000 | 147,712 | ||||||
Citigroup, Inc. | 139,000 | 187,361 | ||||||
Citigroup, Inc. | 284,000 | 393,919 | ||||||
Goldman Sachs Group, Inc. | 404,000 | 452,984 | ||||||
Goldman Sachs Group, Inc. | 217,000 | 254,187 |
27 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Goldman Sachs Group, Inc. | $ | 414,000 | $ | 634,359 | ||||
JPMorgan Chase & Co. | 314,000 | 315,386 | ||||||
JPMorgan Chase & Co. | 733,000 | 766,056 | ||||||
JPMorgan Chase & Co. | 626,000 | 640,017 | ||||||
JPMorgan Chase & Co. | 89,000 | 97,163 | ||||||
JPMorgan Chase & Co. | 93,000 | 103,902 | ||||||
JPMorgan Chase & Co. | 228,000 | 258,420 | ||||||
JPMorgan Chase & Co. | 125,000 | 152,348 | ||||||
Morgan Stanley | 109,000 | 127,005 | ||||||
Morgan Stanley | 582,000 | 665,157 | ||||||
Morgan Stanley | 52,000 | 61,967 | ||||||
8,042,567 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
General Electric Co. | 90,000 | 102,436 | ||||||
General Electric Co. | 82,000 | 96,706 | ||||||
Illinois Tool Works, Inc. | 173,000 | 188,229 | ||||||
387,371 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc. | 114,000 | 157,784 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Emerson Electric Co. | 211,000 | 212,988 | ||||||
Electric - Distribution — 0.4% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 280,000 | 277,549 | ||||||
National Rural Utilities Cooperative Finance Corp. | 562,000 | 609,471 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Distribution (continued) |
| |||||||
NSTAR Electric Co. | $ | 202,000 | $ | 245,002 | ||||
1,132,022 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Emera US Finance LP | 197,000 | 247,960 | ||||||
Liberty Utilities Finance GP | 137,000 | 137,250 | ||||||
385,210 | ||||||||
Electric - Integrated — 2.0% |
| |||||||
AEP Texas, Inc. | 89,000 | 109,657 | ||||||
AES Corp. | 437,000 | 444,637 | ||||||
Appalachian Power Co. | 224,000 | 268,337 | ||||||
Avangrid, Inc. | 537,000 | 587,875 | ||||||
Consolidated Edison Co. of New York, Inc. | 52,000 | 64,543 | ||||||
Dominion Energy South Carolina, Inc. | 237,000 | 373,795 | ||||||
Dominion Resources, Inc. | 251,000 | 323,152 | ||||||
DTE Electric Co. | 357,000 | 463,241 | ||||||
Entergy Texas, Inc. | 400,000 | 504,823 | ||||||
Exelon Corp. | 151,000 | 204,335 | ||||||
FirstEnergy Corp. | 439,000 | 603,352 | ||||||
Interstate Power & Light Co. | 133,000 | 149,907 | ||||||
Kentucky Utilities Co. | 99,000 | 112,823 | ||||||
Pacific Gas & Electric Co. | 221,000 | 231,300 | ||||||
Pacific Gas & Electric Co. | 197,000 | 211,610 | ||||||
PECO Energy Co. | 156,000 | 171,895 |
28 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
Public Service Co. of Colorado | $ | 370,000 | $ | 396,219 | ||||
Public Service Co. of Colorado | 211,000 | 246,717 | ||||||
Public Service Co. of Colorado | 149,000 | 193,325 | ||||||
Southern California Edison Co. | 22,000 | 25,591 | ||||||
Union Electric Co | 219,000 | 241,249 | ||||||
5,928,383 | ||||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Broadcom, Inc. | 170,000 | 197,431 | ||||||
Broadcom, Inc. | 99,000 | 119,848 | ||||||
NVIDIA Corp. | 187,000 | 241,042 | ||||||
558,321 | ||||||||
Electronic Measurement Instruments — 0.0% |
| |||||||
Trimble, Inc. | 22,000 | 25,251 | ||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Arrow Electronics, Inc. | 121,000 | 132,228 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Hanwha Energy USA Holdings Corp. | 356,000 | 365,556 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Oracle Corp. | 510,000 | 546,990 | ||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 176,000 | 169,776 | ||||||
Finance - Commercial — 0.1% |
| |||||||
GE Capital Funding LLC | 413,000 | 475,811 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Synchrony Financial | 827,000 | 930,311 | ||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Co. | 152,000 | 165,357 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance - Credit Card (continued) |
| |||||||
American Express Co. | $ | 117,000 | $ | 135,849 | ||||
Mastercard, Inc. | 247,000 | 262,429 | ||||||
Visa, Inc. | 90,000 | 89,448 | ||||||
653,083 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Smithfield Foods, Inc. | 156,000 | 173,004 | ||||||
Smithfield Foods, Inc. | 161,000 | 191,751 | ||||||
364,755 | ||||||||
Food - Misc./Diversified — 0.2% |
| |||||||
Conagra Brands, Inc. | 203,000 | 275,118 | ||||||
Mars, Inc. | 135,000 | 138,831 | ||||||
Nestle Holdings, Inc. | 297,000 | 334,117 | ||||||
748,066 | ||||||||
Food - Wholesale/Distribution — 0.3% |
| |||||||
Sysco Corp. | 192,000 | 200,698 | ||||||
Sysco Corp. | 81,000 | 107,027 | ||||||
Sysco Corp. | 236,000 | 348,656 | ||||||
Sysco Corp. | 90,000 | 139,588 | ||||||
795,969 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 168,000 | 168,270 | ||||||
Insurance Brokers — 0.0% |
| |||||||
Willis North America, Inc. | 33,000 | 40,663 | ||||||
Willis North America, Inc. | 44,000 | 61,912 | ||||||
102,575 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
Brighthouse Financial, Inc. | 81,000 | 83,792 |
29 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Life/Health (continued) |
| |||||||
Brighthouse Financial, Inc. | $ | 306,000 | $ | 374,960 | ||||
Pacific LifeCorp | 60,000 | 67,487 | ||||||
Prudential Financial, Inc. | 507,000 | 522,230 | ||||||
Prudential Financial, Inc. | 54,000 | 65,578 | ||||||
Unum Group | 90,000 | 100,240 | ||||||
1,214,287 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Berkshire Hathaway Finance Corp. | 132,000 | 144,431 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 185,000 | 191,387 | ||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Caterpillar Financial Services Corp. | 336,000 | 338,338 | ||||||
Caterpillar Financial Services Corp. | 248,000 | 250,375 | ||||||
588,713 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
ABB Finance USA, Inc. | 287,000 | 306,801 | ||||||
Machinery - Farming — 0.3% |
| |||||||
CNH Industrial Capital LLC | 230,000 | 235,521 | ||||||
CNH Industrial Capital LLC | 265,000 | 288,771 | ||||||
John Deere Capital Corp. | 339,000 | 351,196 | ||||||
John Deere Capital Corp. | 108,000 | 118,278 | ||||||
993,766 | ||||||||
Medical - Biomedical/Gene — 0.4% |
| |||||||
Amgen, Inc. | 731,000 | 791,832 | ||||||
Regeneron Pharmaceuticals, Inc. | 251,000 | 246,989 | ||||||
Regeneron Pharmaceuticals, Inc. | 141,000 | 137,839 | ||||||
1,176,660 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Drugs — 0.4% |
| |||||||
AbbVie, Inc. | $ | 194,000 | $ | 235,574 | ||||
AbbVie, Inc. | 240,000 | 303,211 | ||||||
Bristol-Myers Squibb Co. | 303,000 | 303,398 | ||||||
Bristol-Myers Squibb Co. | 145,000 | 197,750 | ||||||
GlaxoSmithKline Capital, Inc. | 174,000 | 186,861 | ||||||
1,226,794 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 173,000 | 205,252 | ||||||
Viatris, Inc. | 140,000 | 159,743 | ||||||
364,995 | ||||||||
Medical - HMO — 0.2% |
| |||||||
UnitedHealth Group, Inc. | 282,000 | 290,056 | ||||||
UnitedHealth Group, Inc. | 147,000 | 170,303 | ||||||
UnitedHealth Group, Inc. | 139,000 | 158,332 | ||||||
618,691 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 253,000 | 294,645 | ||||||
Multimedia — 0.1% |
| |||||||
Walt Disney Co. | 297,000 | 304,161 | ||||||
Non-Profit Charity — 0.1% |
| |||||||
Ford Foundation | 183,000 | 192,876 | ||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Diamondback Energy, Inc. | 173,000 | 181,037 | ||||||
EOG Resources, Inc. | 221,000 | 303,441 | ||||||
Hess Corp. | 355,000 | 431,679 | ||||||
Marathon Oil Corp. | 314,000 | 371,702 |
30 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Marathon Oil Corp. | $ | 135,000 | $ | 160,004 | ||||
Noble Energy, Inc. | 125,000 | 157,199 | ||||||
Noble Energy, Inc. | 201,000 | 278,609 | ||||||
Pioneer Natural Resources Co. | 199,000 | 195,743 | ||||||
2,079,414 | ||||||||
Oil Companies - Integrated — 0.5% |
| |||||||
BP Capital Markets America, Inc. | 434,000 | 432,793 | ||||||
BP Capital Markets America, Inc. | 503,000 | 564,954 | ||||||
Chevron Corp. | 430,000 | 446,536 | ||||||
Chevron USA, Inc. | 149,000 | 149,186 | ||||||
1,593,469 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Phillips 66 | 213,000 | 211,853 | ||||||
Valero Energy Corp. | 152,000 | 151,334 | ||||||
363,187 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Halliburton Co. | 192,000 | 197,382 | ||||||
Schlumberger Holdings Corp. | 180,000 | 202,030 | ||||||
399,412 | ||||||||
Paper & Related Products — 0.4% |
| |||||||
Domtar Corp. | 345,000 | 411,738 | ||||||
Georgia-Pacific LLC | 389,000 | 389,178 | ||||||
Georgia-Pacific LLC | 277,000 | 298,156 | ||||||
1,099,072 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | 159,000 | 168,222 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | $ | 96,000 | $ | 96,884 | ||||
CVS Health Corp. | 112,000 | 140,543 | ||||||
CVS Health Corp. | 370,000 | 469,459 | ||||||
CVS Health Corp. | 122,000 | 164,571 | ||||||
871,457 | ||||||||
Pipelines — 1.3% |
| |||||||
Cheniere Corpus Christi Holdings LLC | 229,000 | 250,836 | ||||||
Colonial Enterprises, Inc. | 84,000 | 94,070 | ||||||
Enable Midstream Partners LP | 142,000 | 139,912 | ||||||
Energy Transfer Operating LP | 244,000 | 254,146 | ||||||
Energy Transfer Operating LP | 109,000 | 125,575 | ||||||
Energy Transfer Operating LP | 136,000 | 153,983 | ||||||
EnLink Midstream Partners LP | 25,000 | 18,344 | ||||||
Enterprise Products Operating LLC | 231,000 | 251,234 | ||||||
Enterprise Products Operating LLC | 168,000 | 196,459 | ||||||
Gray Oak Pipeline LLC | 314,000 | 316,491 | ||||||
Gray Oak Pipeline LLC | 186,000 | 191,362 | ||||||
Kinder Morgan, Inc. | 201,000 | 240,687 | ||||||
MPLX LP | 170,000 | 172,131 | ||||||
ONEOK Partners LP | 132,000 | 159,003 | ||||||
ONEOK, Inc. | 102,000 | 102,968 | ||||||
ONEOK, Inc. | 89,000 | 115,415 |
31 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Pipelines (continued) |
| |||||||
Plains All American Pipeline LP/PAA Finance Corp. | $ | 98,000 | $ | 91,997 | ||||
Sabine Pass Liquefaction LLC | 157,000 | 183,984 | ||||||
Valero Energy Partners LP | 303,000 | 343,894 | ||||||
Williams Cos., Inc. | 330,000 | 415,291 | ||||||
3,817,782 | ||||||||
Real Estate Investment Trusts — 0.7% |
| |||||||
American Tower Corp. | 202,000 | 209,969 | ||||||
Columbia Property Trust Operating Partnership LP | 271,000 | 284,956 | ||||||
Federal Realty Investment Trust | 297,000 | 298,626 | ||||||
Host Hotels & Resorts LP | 248,000 | 249,424 | ||||||
Host Hotels & Resorts LP | 210,000 | 215,643 | ||||||
Omega Healthcare Investors, Inc. | 188,000 | 189,029 | ||||||
Piedmont Operating Partnership LP | 245,000 | 245,184 | ||||||
Rexford Industrial Realty LP | 100,000 | 100,445 | ||||||
Simon Property Group LP | 180,000 | 176,324 | ||||||
VEREIT Operating Partnership LP | 120,000 | 122,855 | ||||||
2,092,455 | ||||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 279,000 | 280,105 | ||||||
Retail - Auto Parts — 0.2% |
| |||||||
Advance Auto Parts, Inc. | 157,000 | 158,449 | ||||||
Advance Auto Parts, Inc. | 223,000 | 256,289 | ||||||
Genuine Parts Co. | 191,000 | 189,689 | ||||||
604,427 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc. | $ | 147,000 | $ | 176,854 | ||||
Retail - Building Products — 0.1% |
| |||||||
Lowe’s Cos., Inc. | 142,000 | 152,503 | ||||||
Retail - Discount — 0.1% |
| |||||||
Walmart, Inc. | 282,000 | 295,353 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 316,000 | 309,571 | ||||||
Kohl’s Corp. | 97,000 | 121,823 | ||||||
431,394 | ||||||||
Retail - Restaurants — 0.2% |
| |||||||
McDonald’s Corp. | 123,000 | 144,357 | ||||||
McDonald’s Corp. | 131,000 | 168,625 | ||||||
McDonald’s Corp. | 198,000 | 256,384 | ||||||
569,366 | ||||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
First Niagara Financial Group, Inc. | 300,000 | 320,754 | ||||||
New York Community Bancorp, Inc. | 429,000 | 445,258 | ||||||
766,012 | ||||||||
Shipbuilding — 0.1% |
| |||||||
Huntington Ingalls Industries, Inc. | 193,000 | 229,015 | ||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc. | 98,000 | 119,582 | ||||||
Steel - Producers — 0.1% |
| |||||||
Reliance Steel & Aluminum Co. | 251,000 | 256,136 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Corning, Inc. | 400,000 | 549,706 | ||||||
Telephone - Integrated — 1.0% |
| |||||||
AT&T, Inc. | 71,000 | 72,773 |
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated (continued) |
| |||||||
AT&T, Inc. | $ | 727,000 | $ | 880,841 | ||||
AT&T, Inc. | 184,000 | 228,170 | ||||||
AT&T, Inc. | 145,000 | 176,243 | ||||||
AT&T, Inc. | 337,000 | 422,758 | ||||||
Verizon Communications, Inc. | 379,000 | 373,927 | ||||||
Verizon Communications, Inc. | 371,000 | 392,979 | ||||||
Verizon Communications, Inc. | 313,000 | 329,782 | ||||||
Verizon Communications, Inc. | 102,000 | 128,156 | ||||||
Verizon Communications, Inc. | 77,000 | 97,336 | ||||||
3,102,965 | ||||||||
Television — 0.3% |
| |||||||
Viacom, Inc. | 737,000 | 856,763 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 152,000 | 171,634 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 160,000 | 187,542 | ||||||
GATX Corp. | 277,000 | 304,918 | ||||||
492,460 | ||||||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 169,000 | 182,022 | ||||||
Transport - Rail — 0.2% |
| |||||||
Kansas City Southern | 151,000 | 162,621 | ||||||
Kansas City Southern | 99,000 | 123,789 | ||||||
Norfolk Southern Corp. | 187,000 | 239,856 | ||||||
526,266 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Services — 0.1% |
| |||||||
FedEx Corp. Pass Through Trust | $ | 305,000 | $ | 311,991 | ||||
United Parcel Service, Inc. | 154,000 | 173,957 | ||||||
485,948 | ||||||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 37,000 | 40,114 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 334,000 | 369,209 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 127,000 | 146,035 | ||||||
555,358 | ||||||||
Water — 0.1% |
| |||||||
American Water Capital Corp. | 101,000 | 120,268 | ||||||
Essential Utilities, Inc. | 125,000 | 139,679 | ||||||
259,947 | ||||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $65,535,124) | 71,220,414 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.8% |
| |||||||
Aerospace/Defense — 0.1% |
| |||||||
BAE Systems PLC | 206,000 | 232,852 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
Nutrien, Ltd. | 134,000 | 160,921 | ||||||
Yara International ASA | 99,000 | 107,105 | ||||||
268,026 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Nissan Motor Co., Ltd. | 200,000 | 207,958 | ||||||
Banks - Commercial — 1.6% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 200,000 | 210,120 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 228,000 | 257,822 | ||||||
Bank of Montreal | 505,000 | 521,174 | ||||||
Canadian Imperial Bank of Commerce | 150,000 | 151,030 |
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Canadian Imperial Bank of Commerce | $ | 345,000 | $ | 365,118 | ||||
Cooperatieve Rabobank UA | 565,000 | 566,350 | ||||||
Credit Suisse AG | 349,000 | 354,839 | ||||||
Danske Bank A/S | 200,000 | 213,726 | ||||||
Danske Bank A/S | 239,000 | 257,897 | ||||||
DBS Group Holdings, Ltd. | 231,000 | 238,064 | ||||||
ING Groep NV | 496,000 | 502,871 | ||||||
ING Groep NV | 220,000 | 258,438 | ||||||
National Bank of Canada | 387,000 | 399,157 | ||||||
Shinhan Bank Co., Ltd. | 200,000 | 225,939 | ||||||
Standard Chartered PLC | 229,000 | 232,488 | ||||||
4,755,033 | ||||||||
Banks - Special Purpose — 0.3% |
| |||||||
BNG Bank NV | 206,000 | 205,940 | ||||||
Industrial Bank of Korea | 652,000 | 658,338 | ||||||
864,278 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Femsa SAB de CV | 330,000 | 333,244 | ||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Diageo Capital PLC | 233,000 | 246,484 | ||||||
Cellular Telecom — 0.3% |
| |||||||
Colombia Telecomunicaciones SA ESP | 209,000 | 231,990 | ||||||
SK Telecom Co., Ltd. | 200,000 | 213,791 | ||||||
Vodafone Group PLC | 183,000 | 239,684 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Cellular Telecom (continued) |
| |||||||
Vodafone Group PLC | $ | 131,000 | $ | 179,329 | ||||
864,794 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Braskem Netherlands Finance BV | 209,000 | 216,472 | ||||||
Braskem Netherlands Finance BV | 300,000 | 303,090 | ||||||
519,562 | ||||||||
Chemicals - Specialty — 0.0% |
| |||||||
Albemarle Wodgina Pty, Ltd. | 116,000 | 118,716 | ||||||
Diversified Banking Institutions — 2.2% |
| |||||||
Banco Santander SA | 200,000 | 212,926 | ||||||
Barclays PLC | 208,000 | 217,090 | ||||||
BNP Paribas SA | 599,000 | 650,277 | ||||||
BNP Paribas SA | 424,000 | 470,784 | ||||||
Credit Agricole SA | 250,000 | 258,114 | ||||||
Credit Suisse Group AG | 269,000 | 279,974 | ||||||
Credit Suisse Group AG | 500,000 | 588,548 | ||||||
Deutsche Bank AG | 249,000 | 254,128 | ||||||
HSBC Holdings PLC | 342,000 | 344,884 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 302,000 | 318,032 | ||||||
Mizuho Financial Group, Inc. | 536,000 | 565,675 | ||||||
Natwest Group PLC | 611,000 | 616,309 | ||||||
NatWest Markets PLC | 315,000 | 327,235 | ||||||
Royal Bank of Scotland Group PLC | 414,000 | 429,109 | ||||||
UniCredit SpA | 350,000 | 356,050 |
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
UniCredit SpA | $ | 409,000 | $ | 448,019 | ||||
UniCredit SpA | 377,000 | 398,604 | ||||||
6,735,758 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
GE Capital International Funding Co. ULC | 445,000 | 513,003 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Siemens Financieringsmaatschappij NV | 250,000 | 277,262 | ||||||
Diversified Minerals — 0.2% |
| |||||||
Anglo American Capital PLC | 209,000 | 214,380 | ||||||
Teck Resources, Ltd. | 443,000 | 551,376 | ||||||
765,756 | ||||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | 400,000 | 535,508 | ||||||
Electric - Integrated — 0.2% |
| |||||||
Enel Finance International NV | 248,000 | 332,849 | ||||||
Engie Energia Chile SA | 209,000 | 225,409 | ||||||
558,258 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
Athene Holding, Ltd. | 232,000 | 245,529 | ||||||
Manulife Financial Corp. | 220,000 | 241,378 | ||||||
486,907 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Enstar Group, Ltd. | 377,000 | 418,668 | ||||||
Investment Companies — 0.1% |
| |||||||
JAB Holdings BV | 263,000 | 263,906 | ||||||
Medical - Drugs — 0.2% |
| |||||||
AstraZeneca PLC | 88,000 | 83,225 | ||||||
Shire Acquisitions Investments Ireland DAC | 382,000 | 426,759 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Takeda Pharmaceutical Co., Ltd. | $ | 243,000 | $ | 260,282 | ||||
770,266 | ||||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Canadian Natural Resources, Ltd. | 158,000 | 163,029 | ||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Equinor ASA | 127,000 | 132,800 | ||||||
Equinor ASA | 23,000 | 25,479 | ||||||
Petro - Canada | 99,000 | 124,599 | ||||||
Total Capital International SA | 90,000 | 103,234 | ||||||
386,112 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Suzano Austria GmbH | 255,000 | 268,770 | ||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
TSMC Global, Ltd. | 377,000 | 374,910 | ||||||
SupraNational Banks — 0.6% |
| |||||||
African Development Bank | 299,000 | 302,521 | ||||||
European Bank for Reconstruction & Development | 366,000 | 379,374 | ||||||
International Bank for Reconstruction & Development | 502,000 | 502,711 | ||||||
International Bank for Reconstruction & Development | 226,000 | 255,070 | ||||||
International Finance Corp. | 438,000 | 440,462 | ||||||
1,880,138 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telecom Italia Capital SA | 141,000 | 192,915 | ||||||
Telefonica Emisiones SAU | 250,000 | 318,730 | ||||||
511,645 | ||||||||
Transport - Rail — 0.0% |
| |||||||
Canadian Pacific Railway Co. | 70,000 | 113,000 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $22,092,598) | 23,433,843 | |||||||
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES — 40.1% |
| |||||||
Federal Home Loan Bank — 0.5% |
| |||||||
2.13% due 09/14/2029 | $ | 1,000,000 | $ | 1,102,187 | ||||
5.50% due 07/15/2036 | 250,000 | 388,515 | ||||||
1,490,702 | ||||||||
Federal Home Loan Mtg. Corp. — 9.0% |
| |||||||
2.50% due 01/01/2028 | 117,180 | 122,947 | ||||||
2.50% due 04/01/2028 | 610,914 | 643,863 | ||||||
2.50% due 03/01/2031 | 414,236 | 431,923 | ||||||
2.50% due 10/01/2032 | 517,837 | 539,666 | ||||||
3.00% due 08/01/2027 | 90,491 | 95,081 | ||||||
3.00% due 10/01/2042 | 357,544 | 389,595 | ||||||
3.00% due 11/01/2042 | 423,921 | 450,707 | ||||||
3.00% due 04/01/2043 | 429,572 | 455,982 | ||||||
3.00% due 05/01/2043 | 696,358 | 758,790 | ||||||
3.00% due 08/01/2043 | 425,591 | 452,227 | ||||||
3.00% due 10/01/2045 | 242,077 | 254,153 | ||||||
3.00% due 08/01/2046 | 1,457,160 | 1,528,143 | ||||||
3.00% due 01/01/2050 | 3,074,905 | 3,214,497 | ||||||
3.50% due 01/01/2032 | 920,638 | 986,124 | ||||||
3.50% due 11/01/2041 | 327,262 | 353,766 | ||||||
3.50% due 03/01/2042 | 119,142 | 128,997 | ||||||
3.50% due 04/01/2042 | 701,613 | 760,807 | ||||||
3.50% due 06/01/2042 | 777,601 | 841,934 | ||||||
3.50% due 08/01/2042 | 174,538 | 190,592 | ||||||
3.50% due 03/01/2045 | 522,053 | 559,512 | ||||||
3.50% due 07/01/2045 | 731,415 | 789,742 | ||||||
3.50% due 08/01/2045 | 414,536 | 450,662 | ||||||
3.50% due 11/01/2045 | 232,010 | 248,022 | ||||||
3.50% due 12/01/2046 | 506,978 | 540,599 | ||||||
3.50% due 11/01/2047 | 3,445,963 | 3,650,470 | ||||||
3.50% due 08/01/2049 | 667,542 | 710,880 | ||||||
3.50% due 04/01/2050 | 823,053 | 867,904 | ||||||
4.00% due 09/01/2040 | 161,954 | 177,071 | ||||||
4.00% due 10/01/2045 | 397,555 | 430,991 | ||||||
4.00% due 07/01/2049 | 445,519 | 483,428 | ||||||
4.00% due 01/01/2050 | 1,313,258 | 1,400,777 | ||||||
4.50% due 04/01/2044 | 91,330 | 102,349 | ||||||
4.50% due 07/01/2045 | 1,369,014 | 1,535,412 | ||||||
5.00% due 10/01/2033 | 304 | 346 | ||||||
5.00% due 06/01/2039 | 257,225 | 299,073 | ||||||
5.00% due 11/01/2043 | 315,129 | 365,813 | ||||||
5.50% due 02/01/2035 | 39,996 | 44,695 | ||||||
6.00% due 10/01/2033 | 77,282 | 87,217 | ||||||
6.00% due 03/01/2040 | 389 | 462 | ||||||
6.50% due 02/01/2035 | 1,349 | 1,552 | ||||||
6.75% due 09/15/2029 | 500,000 | 749,083 | ||||||
6.75% due 03/15/2031 | 250,000 | 385,766 | ||||||
Federal Home Loan Mtg. Corp. FRS |
| |||||||
2.36% (6 ML+1.49%) | 16,990 | 17,572 | ||||||
3.38% (12 ML+1.88%) | 207,212 | 219,054 | ||||||
Federal Home Loan Mtg. Corp. REMIC |
| |||||||
Series 4740, Class BA | 434,243 | 447,259 | ||||||
Series 4800, Class KG | 61,890 | 63,246 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 107,684 | 17,843 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | 26,654 | 26,654 | ||||||
27,273,248 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. — 20.7% |
| |||||||
2.00% due 07/01/2035 | $ | 1,911,929 | $ | 1,990,978 | ||||
2.00% due 12/01/2050 | 1,995,086 | 2,072,328 | ||||||
2.50% due 04/01/2028 | 186,562 | 196,563 | ||||||
2.50% due 07/01/2031 | 975,165 | 1,015,222 | ||||||
2.50% due 01/01/2032 | 481,118 | 501,354 | ||||||
2.50% due 04/01/2035 | 1,385,124 | 1,439,920 | ||||||
2.50% due 05/01/2050 | 1,435,509 | 1,519,749 | ||||||
2.50% due 06/01/2050 | 2,437,917 | 2,557,283 | ||||||
2.50% due 07/01/2050 | 1,469,649 | 1,566,782 | ||||||
3.00% due 10/01/2027 | 51,971 | 54,482 | ||||||
3.00% due 12/01/2027 | 549,354 | 575,923 | ||||||
3.00% due 01/01/2028 | 419,486 | 440,016 | ||||||
3.00% due 03/01/2030 | 1,065,820 | 1,139,252 | ||||||
3.00% due 10/01/2030 | 288,868 | 302,736 | ||||||
3.00% due 02/01/2033 | 1,396,553 | 1,462,029 | ||||||
3.00% due 07/01/2034 | 38,023 | 39,790 | ||||||
3.00% due 11/01/2039 | 762,215 | 796,193 | ||||||
3.00% due 03/01/2042 | 439,970 | 466,484 | ||||||
3.00% due 12/01/2042 | 444,765 | 476,510 | ||||||
3.00% due 02/01/2045 | 329,838 | 346,432 | ||||||
3.00% due 09/01/2046 | 61,127 | 64,092 | ||||||
3.00% due 01/01/2047 | 326,342 | 341,960 | ||||||
3.00% due 11/01/2048 | 1,999,034 | 2,090,376 | ||||||
3.00% due 06/01/2049 | 1,468,864 | 1,570,688 | ||||||
3.00% due 03/01/2050 | 1,768,702 | 1,867,960 | ||||||
3.50% due 08/01/2026 | 67,951 | 71,931 | ||||||
3.50% due 09/01/2026 | 22,149 | 23,454 | ||||||
3.50% due 08/01/2027 | 20,861 | 22,080 | ||||||
3.50% due 10/01/2028 | 239,144 | 258,786 | ||||||
3.50% due 03/01/2033 | 758,688 | 805,160 | ||||||
3.50% due 08/01/2033 | 386,539 | 409,274 | ||||||
3.50% due 12/01/2041 | 328,892 | 358,960 | ||||||
3.50% due 08/01/2042 | 947,187 | 1,020,142 | ||||||
3.50% due 07/01/2045 | 259,253 | 276,995 | ||||||
3.50% due 08/01/2045 | 296,372 | 319,196 | ||||||
3.50% due 09/01/2045 | 218,450 | 232,603 | ||||||
3.50% due 10/01/2045 | 477,578 | 522,633 | ||||||
3.50% due 11/01/2045 | 148,790 | 158,398 | ||||||
3.50% due 12/01/2045 | 1,354,025 | 1,445,433 | ||||||
3.50% due 02/01/2046 | 389,760 | 416,053 | ||||||
3.50% due 03/01/2046 | 208,458 | 221,831 | ||||||
3.50% due 07/01/2046 | 1,015,311 | 1,103,590 | ||||||
3.50% due 01/01/2047 | 1,512,531 | 1,607,609 | ||||||
3.50% due 12/01/2047 | 2,810,411 | 2,973,199 | ||||||
3.50% due 04/01/2048 | 1,739,412 | 1,875,852 | ||||||
3.50% due 08/01/2049 | 1,555,430 | 1,639,246 | ||||||
4.00% due 07/01/2040 | 99,893 | 112,397 | ||||||
4.00% due 10/01/2040 | 45,620 | 49,868 | ||||||
4.00% due 12/01/2040 | 586,893 | 645,126 | ||||||
4.00% due 10/01/2041 | 286,105 | 311,627 | ||||||
4.00% due 11/01/2041 | 270,738 | 295,293 | ||||||
4.00% due 01/01/2043 | 382,384 | 420,928 | ||||||
4.00% due 02/01/2045 | 646,178 | 709,353 | ||||||
4.00% due 06/01/2046 | 174,598 | 189,418 | ||||||
4.00% due 01/01/2047 | 373,921 | 403,151 | ||||||
4.00% due 05/01/2047 | 403,470 | 433,534 | ||||||
4.00% due 06/01/2047 | 1,232,554 | 1,349,684 | ||||||
4.00% due 07/01/2047 | 1,633,005 | 1,755,160 | ||||||
4.00% due 08/01/2047 | 1,093,298 | 1,173,716 | ||||||
4.00% due 12/01/2048 | 480,623 | 512,671 | ||||||
4.00% due 01/01/2049 | 960,701 | 1,024,959 | ||||||
4.00% due 03/01/2049 | 321,647 | 343,014 | ||||||
4.00% due 03/01/2050 | 1,434,544 | 1,529,712 | ||||||
4.50% due 11/01/2022 | 4,343 | 4,553 | ||||||
4.50% due 10/01/2024 | 88,162 | 93,809 |
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
4.50% due 08/01/2045 | $ | 1,471,618 | $ | 1,661,711 | ||||
4.50% due 06/01/2048 | 862,600 | 937,801 | ||||||
4.50% due 10/01/2048 | 587,802 | 637,735 | ||||||
4.50% due 11/01/2048 | 254,960 | 279,367 | ||||||
4.50% due 12/01/2048 | 1,476,155 | 1,600,875 | ||||||
4.50% due 10/01/2049 | 1,021,592 | 1,108,741 | ||||||
5.00% due 10/01/2033 | 1,554 | 1,791 | ||||||
5.00% due 03/01/2034 | 25,172 | 29,162 | ||||||
5.00% due 05/01/2040 | 63,308 | 73,591 | ||||||
5.00% due 06/01/2040 | 32,463 | 37,566 | ||||||
5.00% due 02/01/2045 | 199,721 | 230,140 | ||||||
5.50% due 12/01/2029 | 38,400 | 42,968 | ||||||
5.50% due 04/01/2033 | 35,467 | 41,473 | ||||||
5.50% due 12/01/2033 | 32,134 | 37,879 | ||||||
5.50% due 07/01/2037 | 145,671 | 171,162 | ||||||
5.50% due 08/01/2037 | 144,556 | 170,765 | ||||||
5.50% due 06/01/2038 | 15,977 | 18,848 | ||||||
6.00% due 12/01/2036 | 215,671 | 257,225 | ||||||
6.00% due 11/01/2038 | 59,343 | 70,025 | ||||||
6.00% due 06/01/2040 | 46,972 | 55,351 | ||||||
6.50% due 10/01/2037 | 12,788 | 14,361 | ||||||
Federal National Mtg. Assoc. FRS |
| |||||||
1.90% (6 ML+1.54%) | 178,896 | 185,662 | ||||||
2.33% (12 ML+1.83%) | 84,038 | 87,697 | ||||||
2.33% (12 ML+1.82%) | 35,650 | 37,208 | ||||||
2.79% (12 ML+1.77%) | 178,819 | 186,646 | ||||||
2.82% (12 ML+1.57%) | 30,559 | 31,836 | ||||||
2.95% (12 ML+1.91%) | 108,055 | 113,745 | ||||||
3.04% (1 Yr USTYCR+2.26%) | 69,424 | 73,112 | ||||||
3.06% (1 Yr USTYCR+2.22%) | 139,667 | 147,054 | ||||||
3.11% (12 ML+1.67%) | 152,694 | 159,437 | ||||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series 2017-100, Class NP | 209,531 | 225,340 | ||||||
Series 2018-27, Class EA | 983,327 | 1,049,155 | ||||||
Series 2018-35, Class CD | 603,457 | 637,539 | ||||||
62,428,468 | ||||||||
Government National Mtg. Assoc. — 5.6% |
| |||||||
2.50% due 05/20/2050 | 2,916,217 | 3,074,825 | ||||||
2.50% due 06/20/2050 | 1,467,886 | 1,548,177 | ||||||
3.00% due 02/20/2045 | 289,413 | 308,000 | ||||||
3.00% due 05/20/2045 | 222,300 | 237,174 | ||||||
3.00% due 07/20/2045 | 38,614 | 41,057 | ||||||
3.00% due 11/20/2045 | 791,069 | 841,250 | ||||||
3.00% due 12/20/2045 | 364,289 | 387,339 | ||||||
3.00% due 01/20/2046 | 1,136,812 | 1,208,519 | ||||||
3.00% due 03/20/2046 | 1,111,534 | 1,181,398 | ||||||
3.00% due 04/20/2046 | 1,475,512 | 1,568,396 | ||||||
3.00% due 09/20/2047 | 1,165,124 | 1,233,170 | ||||||
3.00% due 05/20/2050 | 1,941,507 | 2,035,494 | ||||||
3.50% due 03/20/2045 | 193,179 | 207,214 | ||||||
3.50% due 04/20/2045 | 360,627 | 386,845 | ||||||
3.50% due 07/20/2045 | 83,066 | 89,121 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) |
| |||||||
3.50% due 07/20/2046 | $ | 112,878 | $ | 121,453 | ||||
3.50% due 03/20/2047 | 320,785 | 345,182 | ||||||
4.00% due 07/20/2045 | 121,065 | 132,440 | ||||||
4.00% due 05/20/2048 | 1,482,981 | 1,598,292 | ||||||
Government National Mtg. Assoc. REMIC VRS | 200,000 | 207,489 | ||||||
16,752,835 | ||||||||
Uniform Mtg. Backed Securities — 4.3% |
| |||||||
2.00% due December 15 TBA | 1,000,000 | 1,041,172 | ||||||
2.00% due December 30 TBA | 6,300,000 | 6,543,175 | ||||||
2.50% due December 30 TBA | 4,500,000 | 4,715,180 | ||||||
3.00% due December 30 TBA | 500,000 | 522,324 | ||||||
12,821,851 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $117,903,122) | 120,767,104 | |||||||
U.S. GOVERNMENT TREASURIES — 19.6% |
| |||||||
United States Treasury Bonds — 6.1% |
| |||||||
1.25% due 05/15/2050 | 1,175,900 | 1,084,951 | ||||||
2.38% due 11/15/2049 | 5,000,000 | 5,965,625 | ||||||
2.75% due 11/15/2042 | 406,000 | 510,053 | ||||||
2.88% due 11/15/2046# | 384,000 | 497,595 | ||||||
3.00% due 11/15/2045 | 1,729,000 | 2,280,119 | ||||||
3.00% due 05/15/2047 | 1,441,000 | 1,913,209 | ||||||
3.13% due 11/15/2041 | 2,303,000 | 3,054,264 | ||||||
3.13% due 02/15/2042 | 392,000 | 521,130 | ||||||
3.88% due 08/15/2040 | 167,000 | 242,698 | ||||||
4.25% due 05/15/2039 | 256,000 | 385,060 | ||||||
4.38% due 11/15/2039 | 105,000 | 161,011 | ||||||
4.38% due 05/15/2040 | 192,000 | 295,740 | ||||||
4.75% due 02/15/2037 | 564,000 | 870,697 | ||||||
5.00% due 05/15/2037 | 153,000 | 242,876 | ||||||
5.25% due 11/15/2028 | 354,000 | 479,822 | ||||||
18,504,850 | ||||||||
United States Treasury Notes — 13.5% |
| |||||||
0.63% due 03/31/2027 | 538,000 | 541,047 | ||||||
0.63% due 08/15/2030 | 672,000 | 658,980 | ||||||
1.38% due 10/15/2022 | 3,000,000 | 3,068,555 | ||||||
1.50% due 11/30/2024 | 1,500,000 | 1,573,066 | ||||||
1.50% due 02/15/2030 | 480,000 | 510,488 | ||||||
1.63% due 08/15/2022 | 2,296,000 | 2,354,297 | ||||||
1.63% due 08/31/2022 | 1,921,000 | 1,970,601 | ||||||
1.63% due 12/15/2022 | 358,000 | 368,754 | ||||||
1.63% due 02/15/2026 | 4,839,000 | 5,146,541 | ||||||
1.63% due 11/30/2026 | 1,600,000 | 1,707,000 | ||||||
1.63% due 08/15/2029 | 900,000 | 966,867 | ||||||
1.75% due 09/30/2022 | 5,137,000 | 5,288,301 | ||||||
1.75% due 11/15/2029 | 3,500,000 | 3,800,918 | ||||||
2.00% due 02/15/2025 | 1,729,000 | 1,852,191 | ||||||
2.00% due 11/15/2026 | 384,000 | 418,035 | ||||||
2.25% due 04/30/2024 | 167,000 | 178,527 | ||||||
2.25% due 11/15/2024# | 3,596,000 | 3,875,111 | ||||||
2.25% due 08/15/2027 | 576,000 | 639,743 | ||||||
2.38% due 05/15/2029 | 500,000 | 567,305 | ||||||
2.50% due 02/28/2021 | 2,401,000 | 2,414,861 | ||||||
2.50% due 01/15/2022 | 2,401,000 | 2,464,964 | ||||||
2.63% due 02/15/2029# | 171,000 | 197,071 | ||||||
40,563,223 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $54,287,027) | 59,068,073 | |||||||
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.3% |
| |||||||
Banks - Special Purpose — 0.1% |
| |||||||
Korea Development Bank | $ | 200,000 | $ | 200,312 | ||||
Sovereign — 0.2% |
| |||||||
Republic of Italy | 200,000 | 223,740 | ||||||
United Mexican States | 228,000 | 263,000 | ||||||
United Mexican States | 198,000 | 227,950 | ||||||
714,690 | ||||||||
Total Foreign Government Obligations |
| |||||||
(cost $819,349) | 915,002 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC | 7,025 | 176,538 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.9% |
| |||||||
Banks - Super Regional — 0.0% |
| |||||||
Wells Fargo & Co. | 71,000 | 94,747 | ||||||
Diversified Banking Institutions — 0.1% |
| |||||||
JPMorgan Chase & Co. | 217,000 | 233,818 | ||||||
Electric - Distribution — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 151,000 | 159,018 | ||||||
Electric - Integrated — 0.1% |
| |||||||
CMS Energy Corp. | 133,000 | 134,636 | ||||||
CMS Energy Corp. | 154,000 | 169,371 | ||||||
Dominion Resources, Inc. | 110,000 | 120,700 | ||||||
424,707 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 210,000 | 226,012 | ||||||
Prudential Financial, Inc. | 85,000 | 98,595 | ||||||
Voya Financial, Inc. | 144,000 | 147,243 | ||||||
471,850 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Allianz SE | 200,000 | 202,040 | ||||||
Oil Companies - Integrated — 0.1% |
| |||||||
BP Capital Markets PLC | 274,000 | 302,167 | ||||||
Pipelines — 0.0% |
| |||||||
Enterprise Products Operating LLC | 114,000 | 112,450 | ||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Scentre Group Trust 2 | $ | 206,000 | $ | 215,908 | ||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 337,000 | 356,988 | ||||||
Total Preferred Securities/Capital Securities |
| |||||||
(cost $2,397,017) | 2,573,693 | |||||||
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 $270,844,838) | 286,021,278 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.9% |
| |||||||
Registered Investment Companies — 9.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 29,188,684 | 29,188,684 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 661,408 | 661,408 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $29,850,092) | 29,850,092 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $300,694,930)(10) | 104.9 | % | 315,871,370 | |||||
Liabilities in excess of other assets | (4.9 | ) | (14,652,574 | ) | ||||
NET ASSETS | 100.0 | % | $ | 301,218,796 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $24,165,368 representing 8.0% 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 November 30, 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 November 30, 2020. |
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
(9) | At November 30, 2020, the Fund had loaned securities with a total value of $2,521,814. This was secured by collateral of $661,408 which was received in cash and subsequently invested in short-term investments currently valued at $661,408 as reported in the Portfolio of Investments. Additional collateral of $1,907,063 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 0.50% to 17.97% | 01/25/2023 to 12/25/2050 | $ | 587,486 | ||||
Federal National Mtg. Assoc. | 1.50% to 12.24% | 02/01/2026 to 08/25/2058 | 496,328 | |||||
Government National Mtg. Assoc. | 0.50% to 9.59% | 10/20/2034 to 12/16/2062 | 282,781 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 04/08/2021 | 123,679 | |||||
United States Treasury Notes/Bonds | 0.13% to 3.88% | 12/31/2020 to 08/15/2048 | 416,789 |
(10) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 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 November 30, 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 | $ | — | $ | 7,865,586 | $ | — | $ | 7,865,586 | ||||||||
U.S. Corporate Bonds & Notes | — | 71,220,414 | — | 71,220,414 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 23,433,843 | — | 23,433,843 | ||||||||||||
U.S. Government Agencies | — | 120,767,104 | — | 120,767,104 | ||||||||||||
U.S. Government Treasuries | — | 59,068,073 | — | 59,068,073 | ||||||||||||
Foreign Government Obligations | — | 915,002 | — | 915,002 | ||||||||||||
Preferred Securities | 176,538 | — | — | 176,538 | ||||||||||||
Preferred Securities/Capital Securities | — | 2,573,693 | — | 2,573,693 | ||||||||||||
Escrows and Litigation Trusts | — | 997 | 28 | 1,025 | ||||||||||||
Short-Term Investment Securities | 29,850,092 | — | — | 29,850,092 | ||||||||||||
Total Investment at Value | $ | 30,026,630 | $ | 285,844,712 | $ | 28 | $ | 315,871,370 | ||||||||
* | 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
39 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Applications Software | 6.9 | % | ||
Computers | 6.2 | |||
E-Commerce/Products | 5.3 | |||
Web Portals/ISP | 5.1 | |||
Medical-HMO | 5.0 | |||
Diversified Banking Institutions | 4.8 | |||
Retail-Discount | 4.4 | |||
Insurance-Property/Casualty | 3.2 | |||
Internet Content-Entertainment | 3.0 | |||
Semiconductor Components-Integrated Circuits | 2.7 | |||
Finance-Credit Card | 2.7 | |||
Cable/Satellite TV | 2.5 | |||
Medical-Drugs | 2.4 | |||
Agricultural Biotech | 2.3 | |||
Auto-Cars/Light Trucks | 2.2 | |||
Semiconductor Equipment | 2.0 | |||
Computer Services | 2.0 | |||
Commercial Services | 1.9 | |||
Cosmetics & Toiletries | 1.9 | |||
Networking Products | 1.8 | |||
Transport-Rail | 1.7 | |||
Oil Companies-Integrated | 1.6 | |||
Medical Labs & Testing Services | 1.6 | |||
Cellular Telecom | 1.6 | |||
Beverages-Non-alcoholic | 1.6 | |||
Commercial Services-Finance | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Human Resources | 1.5 | |||
Registered Investment Companies | 1.5 | |||
Retail-Apparel/Shoe | 1.5 | |||
Electronic Measurement Instruments | 1.4 | |||
Real Estate Management/Services | 1.3 | |||
Broadcast Services/Program | 1.2 | |||
Coatings/Paint | 1.2 | |||
Machinery-General Industrial | 1.2 | |||
Medical Products | 1.1 | |||
Finance-Auto Loans | 1.1 | |||
Oil Companies-Exploration & Production | 1.1 | |||
Retail-Auto Parts | 1.1 | |||
Repurchase Agreements | 1.0 | |||
Retail-Building Products | 0.9 | |||
Insurance-Reinsurance | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Medical-Biomedical/Gene | 0.7 | |||
Tobacco | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Finance-Other Services | 0.5 | |||
Telecom Equipment-Fiber Optics | 0.3 | |||
100.8 | % | |||
* | Calculated as a percentage of net assets |
40 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
BAE Systems PLC | 143,098 | $ | 3,899,420 | |||||
Agricultural Biotech — 2.3% |
| |||||||
Corteva, Inc. | 158,888 | 6,088,588 | ||||||
Applications Software — 6.9% |
| |||||||
CDK Global, Inc. | 63,317 | 3,032,884 | ||||||
Microsoft Corp. | 69,252 | 14,824,776 | ||||||
17,857,660 | ||||||||
Auto - Cars/Light Trucks — 2.2% |
| |||||||
General Motors Co. | 129,623 | 5,682,672 | ||||||
Beverages - Non-alcoholic — 1.6% |
| |||||||
Coca-Cola Co. | 79,337 | 4,093,789 | ||||||
Broadcast Services/Program — 1.2% |
| |||||||
Fox Corp., Class A | 111,578 | 3,217,910 | ||||||
Cable/Satellite TV — 2.5% |
| |||||||
Comcast Corp., Class A | 127,779 | 6,419,617 | ||||||
Cellular Telecom — 1.6% |
| |||||||
Vodafone Group PLC ADR | 248,672 | 4,122,982 | ||||||
Coatings/Paint — 1.2% |
| |||||||
Axalta Coating Systems, Ltd.† | 111,548 | 3,191,388 | ||||||
Commercial Services — 1.9% |
| |||||||
Quanta Services, Inc. | 72,787 | 4,974,264 | ||||||
Commercial Services - Finance — 1.5% |
| |||||||
FleetCor Technologies, Inc.† | 15,196 | 4,030,131 | ||||||
Computer Services — 2.0% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 66,154 | 5,168,612 | ||||||
Computers — 6.2% |
| |||||||
Apple, Inc. | 134,862 | 16,055,321 | ||||||
Cosmetics & Toiletries — 1.9% |
| |||||||
Unilever PLC ADR | 79,077 | 4,828,442 | ||||||
Diversified Banking Institutions — 4.8% |
| |||||||
Bank of America Corp. | 139,945 | 3,940,851 | ||||||
JPMorgan Chase & Co. | 39,899 | 4,703,294 | ||||||
Morgan Stanley | 63,293 | 3,913,406 | ||||||
12,557,551 | ||||||||
E-Commerce/Products — 5.3% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 14,466 | 3,809,766 | ||||||
Amazon.com, Inc.† | 3,196 | 10,125,056 | ||||||
13,934,822 | ||||||||
Electronic Measurement Instruments — 1.4% |
| |||||||
Fortive Corp. | 43,058 | 3,019,658 | ||||||
Vontier Corp.† | 17,671 | 586,147 | ||||||
3,605,805 | ||||||||
Finance - Auto Loans — 1.1% |
| |||||||
Ally Financial, Inc. | 97,749 | 2,898,258 | ||||||
Finance - Credit Card — 2.7% |
| |||||||
Visa, Inc., Class A | 33,700 | 7,088,795 | ||||||
Finance - Other Services — 0.5% |
| |||||||
Intercontinental Exchange, Inc. | 12,460 | 1,314,655 | ||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Skechers U.S.A., Inc., Class A† | 49,464 | 1,655,560 | ||||||
Human Resources — 1.5% |
| |||||||
Robert Half International, Inc. | 60,738 | 3,898,165 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 3.2% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 28,663 | $ | 6,561,247 | |||||
Fidelity National Financial, Inc. | 47,853 | 1,722,230 | ||||||
8,283,477 | ||||||||
Insurance - Reinsurance — 0.8% |
| |||||||
Reinsurance Group of America, Inc. | 19,061 | 2,197,352 | ||||||
Internet Content - Entertainment — 3.0% |
| |||||||
Facebook, Inc., Class A† | 28,650 | 7,935,190 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Raymond James Financial, Inc. | 23,422 | 2,130,231 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
Otis Worldwide Corp. | 45,075 | 3,017,320 | ||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Laboratory Corp. of America Holdings† | 20,789 | 4,154,474 | ||||||
Medical Products — 1.1% |
| |||||||
Koninklijke Philips NV† | 57,910 | 2,983,523 | ||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Biogen, Inc.† | 7,643 | 1,835,619 | ||||||
Medical - Drugs — 2.4% |
| |||||||
Novo Nordisk A/S ADR | 32,271 | 2,166,352 | ||||||
Sanofi ADR | 79,521 | 3,991,954 | ||||||
6,158,306 | ||||||||
Medical - HMO — 5.0% |
| |||||||
Anthem, Inc. | 13,277 | 4,136,051 | ||||||
Humana, Inc. | 4,514 | 1,807,947 | ||||||
UnitedHealth Group, Inc. | 20,855 | 7,014,371 | ||||||
12,958,369 | ||||||||
Networking Products — 1.8% |
| |||||||
Cisco Systems, Inc. | 111,645 | 4,802,968 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
ConocoPhillips | 71,734 | 2,837,797 | ||||||
Oil Companies - Integrated — 1.6% |
| |||||||
BP PLC ADR | 86,345 | 1,688,908 | ||||||
Chevron Corp. | 29,985 | 2,614,092 | ||||||
4,303,000 | ||||||||
Real Estate Management/Services — 1.3% |
| |||||||
CBRE Group, Inc., Class A† | 54,440 | 3,328,462 | ||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Ross Stores, Inc. | 35,701 | 3,838,572 | ||||||
Retail - Auto Parts — 1.1% |
| |||||||
O’Reilly Automotive, Inc.† | 6,300 | 2,787,372 | ||||||
Retail - Building Products — 0.9% |
| |||||||
Lowe’s Cos., Inc. | 14,401 | 2,243,964 | ||||||
Retail - Discount — 4.4% |
| |||||||
Dollar General Corp. | 8,480 | 1,853,559 | ||||||
Dollar Tree, Inc.† | 53,296 | 5,822,055 | ||||||
Walmart, Inc. | 24,008 | 3,668,182 | ||||||
11,343,796 | ||||||||
Semiconductor Components - Integrated Circuits — 2.7% |
| |||||||
NXP Semiconductors NV | 11,142 | 1,765,116 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 55,618 | 5,396,058 | ||||||
7,161,174 | ||||||||
41 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment — 2.0% | ||||||||
Applied Materials, Inc. | 63,354 | $ | 5,225,438 | |||||
Telecom Equipment - Fiber Optics — 0.3% | ||||||||
Ciena Corp.† | 15,024 | 673,075 | ||||||
Tobacco — 0.6% | ||||||||
Altria Group, Inc. | 41,670 | 1,659,716 | ||||||
Transport - Rail — 1.7% | ||||||||
Norfolk Southern Corp. | 18,280 | 4,332,726 | ||||||
Web Portals/ISP — 5.1% | ||||||||
Alphabet, Inc., Class A† | 3,746 | 6,571,982 | ||||||
Alphabet, Inc., Class C† | 3,751 | 6,604,536 | ||||||
13,176,518 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $184,919,291) | 255,952,846 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% | ||||||||
Registered Investment Companies — 1.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,841,068 | 3,841,068 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.0% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $2,748,000 and collateralized by $2,814,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $2,803,008 | 2,748,000 | $ | 2,748,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $191,508,359)(3) | 100.8 | % | 262,541,914 | |||||
Liabilities in excess of other assets | (0.8 | ) | (2,047,106 | ) | ||||
NET ASSETS | 100.0 | % | $ | 260,494,808 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | The rate shown is the 7-day yield as of November 30, 2020. |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $3,738,182. This was secured by collateral of $3,841,068, which was received in cash and subsequently invested in short-term investments currently valued at $3,841,068 as reported in the Portfolio of Investments. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 255,952,846 | $ | — | $ | — | $ | 255,952,846 | ||||||||
Short-Term Investment Securities : | ||||||||||||||||
Registered Investment Companies . . . . | 3,841,068 | — | — | 3,841,068 | ||||||||||||
Repurchase Agreements | — | 2,748,000 | — | 2,748,000 | ||||||||||||
Total Investments at Value | $ | 259,793,914 | $ | 2,748,000 | $ | — | $ | 262,541,914 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
42 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 7.0 | % | ||
Medical — Drugs | 6.1 | |||
Registered Investment Companies | 4.2 | |||
Electronic Components — Semiconductors | 3.9 | |||
Cosmetics & Toiletries | 3.6 | |||
Telephone — Integrated | 3.2 | |||
Insurance — Property/Casualty | 2.9 | |||
Medical — Wholesale Drug Distribution | 2.9 | |||
Diversified Manufacturing Operations | 2.9 | |||
Medical — HMO | 2.5 | |||
Computer Services | 2.5 | |||
Food — Misc./Diversified | 2.4 | |||
Chemicals — Diversified | 2.2 | |||
Insurance — Multi-line | 2.2 | |||
Networking Products | 2.2 | |||
Electric — Integrated | 2.1 | |||
Medical Instruments | 2.0 | |||
Oil Companies — Integrated | 2.0 | |||
Medical Products | 1.8 | |||
Beverages — Non-alcoholic | 1.7 | |||
Banks — Super Regional | 1.5 | |||
Pipelines | 1.5 | |||
Finance — Credit Card | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Commercial Services — Finance | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Data Processing/Management | 1.3 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Computers — Memory Devices | 1.2 | |||
Computers | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Insurance Brokers | 1.2 | |||
Tobacco | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Retail — Drug Store | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Oil Refining & Marketing | 1.1 | |||
Food — Confectionery | 1.1 | |||
Retail — Consumer Electronics | 1.1 | |||
Insurance — Life/Health | 1.0 | |||
Applications Software | 1.0 | |||
Pharmacy Services | 1.0 | |||
Medical — Biomedical/Gene | 0.9 | |||
Brewery | 0.9 | |||
Soap & Cleaning Preparation | 0.9 | |||
Internet Security | 0.8 | |||
Broadcast Services/Program | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Transport — Rail | 0.6 | |||
Wireless Equipment | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Repurchase Agreements | 0.5 | |||
Finance — Other Services | 0.5 | |||
Agricultural Biotech | 0.4 | |||
Gas — Distribution | 0.4 | |||
Home Decoration Products | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Food — Dairy Products | 0.4 | |||
Audio/Video Products | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Retail — Building Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Transport — Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
43 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.1% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
BAE Systems PLC | 1,989,517 | $ | 13,367,718 | |||||
Agricultural Biotech — 0.4% |
| |||||||
Corteva, Inc. | 101,455 | 3,887,756 | ||||||
Applications Software — 1.0% |
| |||||||
CDK Global, Inc. | 62,721 | 3,004,336 | ||||||
Microsoft Corp. | 29,950 | 6,411,396 | ||||||
9,415,732 | ||||||||
Audio/Video Products — 0.3% |
| |||||||
Sony Corp. | 32,100 | 2,983,701 | ||||||
Auto - Cars/Light Trucks — 1.3% |
| |||||||
General Motors Co. | 269,306 | 11,806,375 | ||||||
Banks - Super Regional — 1.5% |
| |||||||
Wells Fargo & Co. | 512,169 | 14,007,822 | ||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
Coca-Cola Co. | 301,603 | 15,562,715 | ||||||
Brewery — 0.9% |
| |||||||
Constellation Brands, Inc., Class A | 38,760 | 7,978,358 | ||||||
Broadcast Services/Program — 0.7% |
| |||||||
Fox Corp., Class A | 216,700 | 6,249,628 | ||||||
Fox Corp., Class B | 5,070 | 143,887 | ||||||
6,393,515 | ||||||||
Cable/Satellite TV — 1.3% |
| |||||||
Comcast Corp., Class A | 243,899 | 12,253,486 | ||||||
Chemicals - Diversified — 2.2% |
| |||||||
Dow, Inc. | 206,118 | 10,926,315 | ||||||
DuPont de Nemours, Inc. | 70,777 | 4,490,093 | ||||||
PPG Industries, Inc. | 32,880 | 4,825,798 | ||||||
20,242,206 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
Automatic Data Processing, Inc. | 70,517 | 12,261,496 | ||||||
Computer Services — 2.5% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 149,852 | 11,707,937 | ||||||
International Business Machines Corp. | 78,271 | 9,668,034 | ||||||
Leidos Holdings, Inc. | 9,210 | 927,447 | ||||||
22,303,418 | ||||||||
Computers — 1.2% |
| |||||||
HP, Inc. | 504,378 | 11,061,010 | ||||||
Computers - Memory Devices — 1.2% |
| |||||||
NetApp, Inc. | 209,150 | 11,149,787 | ||||||
Cosmetics & Toiletries — 3.6% |
| |||||||
Colgate-Palmolive Co. | 125,395 | 10,738,828 | ||||||
Procter & Gamble Co. | 71,066 | 9,868,935 | ||||||
Unilever PLC ADR | 195,329 | 11,926,789 | ||||||
32,534,552 | ||||||||
Data Processing/Management — 1.3% |
| |||||||
Paychex, Inc. | 128,754 | 11,993,435 | ||||||
Distribution/Wholesale — 0.4% |
| |||||||
Ferguson PLC | 31,344 | 3,520,075 | ||||||
Diversified Banking Institutions — 7.0% |
| |||||||
Bank of America Corp. | 635,585 | 17,898,074 | ||||||
Citigroup, Inc. | 335,212 | 18,460,125 | ||||||
JPMorgan Chase & Co. | 164,646 | 19,408,470 | ||||||
Morgan Stanley | 128,786 | 7,962,838 | ||||||
63,729,507 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 2.9% |
| |||||||
3M Co. | 59,185 | $ | 10,223,025 | |||||
General Electric Co. | 882,794 | 8,986,843 | ||||||
Siemens AG | 52,267 | 6,982,832 | ||||||
26,192,700 | ||||||||
Electric Products - Misc. — 1.2% |
| |||||||
Emerson Electric Co. | 141,395 | 10,861,964 | ||||||
Electric - Integrated — 2.1% |
| |||||||
Edison International | 90,090 | 5,527,922 | ||||||
Exelon Corp. | 45,750 | 1,878,953 | ||||||
PPL Corp. | 121,300 | 3,447,346 | ||||||
Public Service Enterprise Group, Inc. | 144,148 | 8,400,945 | ||||||
19,255,166 | ||||||||
Electronic Components - Semiconductors — 3.9% |
| |||||||
Broadcom, Inc. | 26,837 | 10,777,202 | ||||||
Samsung Electronics Co., Ltd. GDR | 9,251 | 14,006,014 | ||||||
Texas Instruments, Inc. | 68,071 | 10,976,449 | ||||||
35,759,665 | ||||||||
Enterprise Software/Service — 0.3% |
| |||||||
Open Text Corp. | 58,695 | 2,592,558 | ||||||
Finance - Credit Card — 1.5% |
| |||||||
American Express Co. | 39,430 | 4,676,004 | ||||||
Visa, Inc., Class A | 41,537 | 8,737,308 | ||||||
13,413,312 | ||||||||
Finance - Investment Banker/Broker — 1.1% |
| |||||||
Charles Schwab Corp. | 201,676 | 9,837,755 | ||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 24,230 | 4,240,977 | ||||||
Food - Confectionery — 1.1% |
| |||||||
J.M. Smucker Co. | 83,067 | 9,735,452 | ||||||
Food - Dairy Products — 0.4% |
| |||||||
Danone SA | 49,370 | 3,171,871 | ||||||
Food - Misc./Diversified — 2.4% |
| |||||||
Campbell Soup Co. | 189,948 | 9,501,199 | ||||||
General Mills, Inc. | 155,345 | 9,448,083 | ||||||
Nestle SA | 25,182 | 2,803,758 | ||||||
21,753,040 | ||||||||
Gas - Distribution — 0.4% |
| |||||||
NiSource, Inc. | 156,060 | 3,776,652 | ||||||
Home Decoration Products — 0.4% |
| |||||||
Newell Brands, Inc. | 172,770 | 3,673,090 | ||||||
Insurance Brokers — 1.2% |
| |||||||
Arthur J. Gallagher & Co. | 91,094 | 10,513,159 | ||||||
Insurance - Life/Health — 1.0% |
| |||||||
Equitable Holdings, Inc. | 182,452 | 4,630,632 | ||||||
Prudential Financial, Inc. | 64,702 | 4,892,765 | ||||||
9,523,397 | ||||||||
Insurance - Multi-line — 2.2% |
| |||||||
Allstate Corp. | 36,188 | 3,703,842 | ||||||
Hartford Financial Services Group, Inc. | 106,493 | 4,706,991 | ||||||
MetLife, Inc. | 256,061 | 11,822,336 | ||||||
20,233,169 | ||||||||
Insurance - Property/Casualty — 2.9% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 43,795 | 10,025,114 | ||||||
Fidelity National Financial, Inc. | 137,383 | 4,944,414 | ||||||
First American Financial Corp. | 10,960 | 530,902 |
44 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Travelers Cos., Inc. | 85,004 | $ | 11,020,769 | |||||
26,521,199 | ||||||||
Internet Security — 0.8% |
| |||||||
NortonLifeLock, Inc. | 418,037 | 7,620,815 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
Raymond James Financial, Inc. | 114,530 | 10,416,504 | ||||||
Machinery - Electrical — 0.1% |
| |||||||
Siemens Energy AG† | 26,148 | 776,647 | ||||||
Medical Instruments — 2.0% |
| |||||||
Alcon, Inc.† | 97,985 | 6,251,632 | ||||||
Medtronic PLC | 107,623 | 12,236,735 | ||||||
18,488,367 | ||||||||
Medical Products — 1.8% |
| |||||||
Koninklijke Philips NV† | 214,176 | 11,077,611 | ||||||
Zimmer Biomet Holdings, Inc. | 32,940 | 4,912,013 | ||||||
15,989,624 | ||||||||
Medical - Biomedical/Gene — 0.9% |
| |||||||
Amgen, Inc. | 38,894 | 8,636,024 | ||||||
Medical - Drugs — 6.1% |
| |||||||
AstraZeneca PLC | 65,767 | 6,843,212 | ||||||
Bayer AG | 144,688 | 8,330,975 | ||||||
Bristol-Myers Squibb Co. | 161,982 | 10,107,677 | ||||||
Johnson & Johnson | 64,938 | 9,395,230 | ||||||
Merck & Co., Inc. | 115,902 | 9,317,362 | ||||||
Sanofi | 117,490 | 11,871,938 | ||||||
55,866,394 | ||||||||
Medical - HMO — 2.5% |
| |||||||
Anthem, Inc. | 42,539 | 13,251,749 | ||||||
Humana, Inc. | 4,630 | 1,854,408 | ||||||
UnitedHealth Group, Inc. | 22,480 | 7,560,923 | ||||||
22,667,080 | ||||||||
Medical - Wholesale Drug Distribution — 2.9% |
| |||||||
AmerisourceBergen Corp. | 102,118 | 10,529,387 | ||||||
Cardinal Health, Inc. | 196,086 | 10,704,335 | ||||||
McKesson Corp. | 27,693 | 4,982,247 | ||||||
26,215,969 | ||||||||
Networking Products — 2.2% |
| |||||||
Cisco Systems, Inc. | 457,590 | 19,685,522 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
ConocoPhillips | 107,780 | 4,263,777 | ||||||
Pioneer Natural Resources Co. | 58,746 | 5,908,672 | ||||||
10,172,449 | ||||||||
Oil Companies - Integrated — 2.0% |
| |||||||
BP PLC | 949,934 | 3,136,251 | ||||||
Chevron Corp. | 119,464 | 10,414,872 | ||||||
Equinor ASA | 305,979 | 4,822,250 | ||||||
18,373,373 | ||||||||
Oil Refining & Marketing — 1.1% |
| |||||||
Marathon Petroleum Corp. | 252,322 | 9,810,279 | ||||||
Pharmacy Services — 1.0% |
| |||||||
Cigna Corp. | 7,870 | 1,645,932 | ||||||
CVS Health Corp. | 103,859 | 7,040,601 | ||||||
8,686,533 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Pipelines — 1.5% |
| |||||||
Enterprise Products Partners LP | 423,425 | $ | 8,214,445 | |||||
Williams Cos., Inc. | 251,149 | 5,269,106 | ||||||
13,483,551 | ||||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Ross Stores, Inc. | 55,320 | 5,948,006 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Lowe’s Cos., Inc. | 13,522 | 2,106,998 | ||||||
Retail - Consumer Electronics — 1.1% |
| |||||||
Best Buy Co., Inc. | 88,433 | 9,621,510 | ||||||
Retail - Discount — 0.2% |
| |||||||
Dollar General Corp. | 8,422 | 1,840,881 | ||||||
Retail - Drug Store — 1.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 270,822 | 10,293,944 | ||||||
Retail - Major Department Stores — 0.4% |
| |||||||
TJX Cos., Inc. | 53,880 | 3,421,919 | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
NXP Semiconductors NV | 32,270 | 5,112,213 | ||||||
Semiconductor Equipment — 0.4% |
| |||||||
Applied Materials, Inc. | 42,900 | 3,538,392 | ||||||
Soap & Cleaning Preparation — 0.9% |
| |||||||
Henkel AG & Co. KGaA (Preference Shares) | 72,730 | 7,828,863 | ||||||
Telephone - Integrated — 3.2% |
| |||||||
Verizon Communications, Inc. | 488,122 | 29,487,450 | ||||||
Tobacco — 1.1% |
| |||||||
Altria Group, Inc. | 247,420 | 9,854,739 | ||||||
British American Tobacco PLC | 16,760 | 589,759 | ||||||
10,444,498 | ||||||||
Transport - Rail — 0.6% |
| |||||||
Union Pacific Corp. | 27,954 | 5,704,852 | ||||||
Transport - Services — 0.1% |
| |||||||
FedEx Corp. | 3,474 | 995,579 | ||||||
Wireless Equipment — 0.6% |
| |||||||
Motorola Solutions, Inc. | 31,300 | 5,368,888 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $793,602,140) | 866,110,914 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.2% |
| |||||||
Registered Investment Companies — 4.2% |
| |||||||
State Street Institutional Liquid Reserves Fund, Premier Class | 38,475,129 | 38,482,824 | ||||||
REPURCHASE AGREEMENTS — 0.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $4,592,000 and collateralized by $4,702,400 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of 4,683,865 | $ | 4,592,000 | 4,592,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $836,679,386)(2) | 99.8 | % | 909,185,738 | |||||
Other assets less liabilities | 0.2 | 1,770,615 | ||||||
NET ASSETS | 100.0 | % | $ | 910,956,353 | ||||
† | Non-income producing security |
45 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
(1) | The rate shown is the 7-day yield as of November 30, 2020. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 866,110,914 | $ | — | $ | — | $ | 866,110,914 | ||||||||
Short-Term Investment Securities | 38,482,824 | — | — | 38,482,824 | ||||||||||||
Repurchase Agreements | — | 4,592,000 | — | 4,592,000 | ||||||||||||
Total Investments at Value | $ | 904,593,738 | $ | 4,592,000 | $ | — | $ | 909,185,738 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
46 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 54.4 | % | ||
Domestic Fixed Income Investment Companies | 19.7 | |||
United States Treasury Notes | 12.7 | |||
International Equity Investment Companies | 10.5 | |||
Registered Investment Companies | 2.0 | |||
Options — Purchased | 0.8 | |||
International Fixed Income Investment Companies | 0.4 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
47 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 85.0%(1)@ |
| |||||||
Domestic Equity Investment Companies — 54.4% |
| |||||||
VALIC Co. I Blue Chip Growth Fund† | 315,129 | $ | 8,064,163 | |||||
VALIC Co. I Dividend Value Fund | 670,604 | 7,624,763 | ||||||
VALIC Co. I Growth Fund | 368,562 | 8,620,676 | ||||||
VALIC Co. I Large Cap Core Fund | 611,036 | 8,578,949 | ||||||
VALIC Co. I Large Capital Growth Fund | 335,908 | 6,845,811 | ||||||
VALIC Co. I Mid Cap Index Fund | 139,126 | 3,571,361 | ||||||
VALIC Co. I Small Cap Aggressive Growth Fund† | 54,341 | 955,320 | ||||||
VALIC Co. I Small Cap Index Fund | 74,692 | 1,476,664 | ||||||
VALIC Co. I Small Cap Special Values Fund | 132,009 | 1,430,973 | ||||||
VALIC Co. I Stock Index Fund | 485,295 | 23,415,494 | ||||||
VALIC Co. I Systematic Core Fund | 147,672 | 3,702,138 | ||||||
VALIC Co. I Systematic Value Fund | 520,183 | 6,746,777 | ||||||
VALIC Co. I Value Fund | 429,937 | 7,700,165 | ||||||
VALIC Co. II Capital Appreciation Fund | 343,072 | 6,542,387 | ||||||
VALIC Co. II Large Cap Value Fund | 189,128 | 3,894,151 | ||||||
VALIC Co. II Mid Cap Growth Fund | 186,616 | 2,306,569 | ||||||
VALIC Co. II Mid Cap Value Fund | 125,381 | 2,202,941 | ||||||
VALIC Co. II Small Cap Growth Fund | 25,479 | 615,056 | ||||||
VALIC Co. II Small Cap Value Fund | 34,636 | 389,305 | ||||||
VALIC Co. II U.S. Socially Responsible Fund | 74,480 | 1,641,531 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $85,628,379) | 106,325,194 | |||||||
Domestic Fixed Income Investment Companies — 19.7% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,179,461 | 12,714,585 | ||||||
VALIC Co. I Government Securities Fund | 787,010 | 8,877,473 | ||||||
VALIC Co. I Inflation Protected Fund | 220,161 | 2,657,339 | ||||||
VALIC Co. II Core Bond Fund | 840,592 | 10,179,575 | ||||||
VALIC Co. II High Yield Bond Fund | 200,774 | 1,547,967 | ||||||
VALIC Co. II Strategic Bond Fund | 226,355 | 2,650,620 | ||||||
Total Domestic Fixed Income Investment Companies |
| |||||||
(cost $36,036,249) | 38,627,559 | |||||||
International Equity Investment Companies — 10.5% |
| |||||||
VALIC Co. I Emerging Economies Fund | 144,468 | 1,356,553 | ||||||
VALIC Co. I Global Real Estate Fund | 170,585 | 1,303,268 | ||||||
VALIC Co. I International Equities Index Fund | 767,059 | 5,668,569 | ||||||
VALIC Co. I International Growth Fund | 364,893 | 5,914,911 | ||||||
VALIC Co. I International Socially Responsible Fund | 27,438 | 785,545 | ||||||
VALIC Co. I International Value Fund | 561,377 | 5,439,744 | ||||||
VALIC Co. II International Opportunities Fund | 5,256 | 117,374 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $17,096,314) | 20,585,964 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund | 54,931 | $ | 722,342 | |||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $139,398,731) | 166,261,059 | |||||||
U.S. GOVERNMENT TREASURIES — 12.7% |
| |||||||
United States Treasury Notes — 12.7% |
| |||||||
0.63% due 05/15/2030 | $ | 2,444,000 | 2,402,376 | |||||
0.63% due 08/15/2030 | 2,683,600 | 2,631,605 | ||||||
1.50% due 02/15/2030 | 1,608,100 | 1,710,239 | ||||||
1.63% due 08/15/2029 | 2,458,800 | 2,641,481 | ||||||
1.75% due 11/15/2029 | 2,213,800 | 2,404,135 | ||||||
2.38% due 05/15/2029 | 5,086,900 | 5,771,644 | ||||||
2.63% due 02/15/2029 | 610,700 | 703,808 | ||||||
2.75% due 02/15/2028# | 1,388,100 | 1,596,857 | ||||||
2.88% due 05/15/2028 | 2,104,100 | 2,446,181 | ||||||
3.13% due 11/15/2028 | 2,097,500 | 2,492,748 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $23,146,171) | 24,801,074 | |||||||
OPTIONS - PURCHASED — 0.8% |
| |||||||
Over the Counter Purchased Put Options(2) | 29,000 | 1,540,925 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $165,071,857) | 192,603,058 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 2.0% |
| |||||||
AB Government Money Market Portfolio, | ||||||||
(cost $4,026,119) | 4,026,119 | 4,026,119 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $169,097,976)(4) | 100.5 | % | 196,629,177 | |||||
Liabilities in excess of other assets | (0.5 | ) | (1,061,563 | ) | ||||
NET ASSETS | 100.0 | % | $ | 195,567,614 | ||||
@ | 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 November 30, 2020 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | March 2021 | $ | 2,500 | 8,000 | $ | 28,973,040 | $ | 444,312 | $ | 96,984 | $ | (347,328 | ) | ||||||||||||||||||
S&P 500 Index | Citibank, N.A. | April 2021 | 3,200 | 3,000 | 10,864,890 | 277,829 | 221,063 | (56,766 | ) | |||||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | April 2021 | 3,200 | 3,500 | 12,675,705 | 313,501 | 257,907 | (55,594 | ) | |||||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | June 2021 | 3,000 | 3,500 | 12,675,705 | 301,318 | 263,403 | (37,915 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | March 2021 | 2,500 | 2,000 | 7,243,260 | 126,762 | 24,246 | (102,516 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | June 2021 | 3,000 | 9,000 | 32,594,670 | 1,063,233 | 677,322 | (385,911 | ) | |||||||||||||||||||||||
29,000 | $ | 105,027,270 | $ | 2,526,955 | $ | 1,540,925 | $ | (986,030 | ) | |||||||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
48 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
(3) | The rate shown is the 7-day yield as of November 30 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) | ||||||||||||||||
30 | Short | S&P 500 E-Mini Index | December 2020 | $ | 5,428,002 | $ | 5,434,800 | $ | (6,798 | ) | ||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 166,261,059 | $ | — | $ | — | $ | 166,261,059 | ||||||||
U.S. Government Treasuries | — | 24,801,074 | — | 24,801,074 | ||||||||||||
Options Purchased | — | 1,540,925 | — | 1,540,925 | ||||||||||||
Short-Term Investment Securities | 4,026,119 | — | — | 4,026,119 | ||||||||||||
Total Investments at Value | $ | 170,287,178 | $ | 26,341,999 | $ | — | $ | 196,629,177 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 6,798 | $ | — | $ | — | $ | 6,798 | ||||||||
* | 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
49 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
E-Commerce/Products | 10.8 | % | ||
Semiconductor Components — Integrated Circuits | 8.6 | |||
Banks — Commercial | 8.5 | |||
Electronic Components — Semiconductors | 7.9 | |||
Internet Content — Information/News | 7.6 | |||
Real Estate Operations & Development | 3.8 | |||
Entertainment Software | 2.6 | |||
Appliances | 2.4 | |||
Auto — Cars/Light Trucks | 2.2 | |||
Oil Companies — Integrated | 2.2 | |||
Diversified Financial Services | 2.0 | |||
Metal — Iron | 2.0 | |||
Auto/Truck Parts & Equipment — Original | 1.9 | |||
Electronic Components — Misc. | 1.7 | |||
Building Products — Cement | 1.7 | |||
Steel — Producers | 1.6 | |||
Finance — Mortgage Loan/Banker | 1.6 | |||
Metal — Diversified | 1.4 | |||
Food — Retail | 1.4 | |||
Applications Software | 1.2 | |||
Investment Management/Advisor Services | 1.0 | |||
Medical — Drugs | 1.0 | |||
Building Products — Doors & Windows | 0.9 | |||
E-Commerce/Services | 0.9 | |||
Home Furnishings | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Internet Content — Entertainment | 0.8 | |||
Gold Mining | 0.8 | |||
Machinery — Construction & Mining | 0.7 | |||
Communications Software | 0.7 | |||
Finance — Leasing Companies | 0.7 | |||
Retail — Discount | 0.7 | |||
Platinum | 0.6 | |||
Power Converter/Supply Equipment | 0.6 | |||
Banks — Money Center | 0.6 | |||
Retail — Automobile | 0.6 | |||
Circuit Boards | 0.6 | |||
Transport — Truck | 0.5 | |||
Computers — Periphery Equipment | 0.5 | |||
Diamonds/Precious Stones | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Auto/Truck Parts & Equipment — Replacement | 0.5 | |||
Computers | 0.5 | |||
Tools — Hand Held | 0.5 | |||
Paper & Related Products | 0.5 | |||
Non-Hazardous Waste Disposal | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Medical Instruments | 0.4 | |||
Motorcycle/Motor Scooter | 0.4 | |||
Rubber/Plastic Products | 0.4 | |||
Food — Flour & Grain | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Consulting Services | 0.4 | |||
Computer Services | 0.4 | |||
Retail — Apparel/Shoe | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Retail — Hypermarkets | 0.3 | |||
Electronic Connectors | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Home Decoration Products | 0.3 | |||
Rubber — Tires | 0.3 | |||
Transport — Services | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Food — Confectionery | 0.2 |
Electric — Generation | 0.2 | |||
Coal | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Gas — Distribution | 0.2 | |||
Medical — Hospitals | 0.2 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
Cayman Islands | 24.9 | % | ||
South Korea | 18.0 | |||
Taiwan | 15.7 | |||
China | 15.4 | |||
Russia | 7.0 | |||
India | 6.1 | |||
Brazil | 4.0 | |||
South Africa | 2.6 | |||
Bermuda | 1.6 | |||
United States | 1.1 | |||
United Kingdom | 1.0 | |||
Hong Kong | 0.7 | |||
Poland | 0.5 | |||
Turkey | 0.5 | |||
Thailand | 0.3 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
50 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Bermuda — 1.6% |
| |||||||
Brilliance China Automotive Holdings, Ltd. | 4,670,000 | $ | 4,157,243 | |||||
Haier Electronics Group Co., Ltd. | 1,304,000 | 6,216,294 | ||||||
Nine Dragons Paper Holdings, Ltd. | 3,345,000 | 4,393,224 | ||||||
14,766,761 | ||||||||
Brazil — 4.0% |
| |||||||
Atacadao SA | 779,250 | 2,925,060 | ||||||
Banco do Brasil SA | 1,483,955 | 9,378,937 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 548,491 | 3,395,947 | ||||||
Raia Drogasil SA | 567,093 | 2,736,281 | ||||||
Vale SA ADR | 1,259,053 | 18,331,812 | ||||||
36,768,037 | ||||||||
Cayman Islands — 24.9% |
| |||||||
Alibaba Group Holding, Ltd.† | 2,004,344 | 67,595,425 | ||||||
Alibaba Group Holding, Ltd. ADR† | 27,472 | 7,235,026 | ||||||
Chailease Holding Co., Ltd. | 1,161,000 | 6,354,390 | ||||||
China Conch Venture Holdings, Ltd. | 911,500 | 4,327,569 | ||||||
China Lesso Group Holdings, Ltd. | 1,711,000 | 3,055,101 | ||||||
China Resources Cement Holdings, Ltd. | 3,498,000 | 4,350,471 | ||||||
Country Garden Holdings Co., Ltd. | 6,193,000 | 8,181,643 | ||||||
Geely Automobile Holdings, Ltd. | 1,667,000 | 4,634,708 | ||||||
IGG, Inc. | 2,317,000 | 2,316,686 | ||||||
JD.com, Inc. ADR† | 95,699 | 8,167,910 | ||||||
JD.com, Inc., Class A† | 203,950 | 8,909,434 | ||||||
Kingsoft Corp., Ltd.# | 479,000 | 2,403,945 | ||||||
Longfor Group Holdings, Ltd.* | 1,225,500 | 8,031,867 | ||||||
Meituan, Class B† | 172,700 | 6,461,447 | ||||||
NetEase, Inc. | 311,600 | 5,809,045 | ||||||
NetEase, Inc. ADR | 64,985 | 5,872,694 | ||||||
Tencent Holdings, Ltd. | 869,800 | 63,178,202 | ||||||
Tianneng Power International, Ltd.# | 1,054,000 | 2,211,060 | ||||||
Tingyi Cayman Islands Holding Corp. | 2,298,000 | 3,877,906 | ||||||
Zhongsheng Group Holdings, Ltd. | 679,000 | 5,098,380 | ||||||
228,072,909 | ||||||||
China — 15.4% |
| |||||||
Anhui Conch Cement Co., Ltd. | 1,288,000 | 8,242,083 | ||||||
China Construction Bank Corp. | 22,037,000 | 17,286,040 | ||||||
China National Accord Medicines Corp., Ltd., Class A | 604,171 | 4,541,701 | ||||||
China Vanke Co., Ltd. | 2,330,300 | 8,853,940 | ||||||
GF Securities Co., Ltd. | 6,591,000 | 9,200,640 | ||||||
Hang Zhou Great Star Industrial Co., Ltd., Class A† | 1,033,881 | 4,394,882 | ||||||
Hangzhou Robam Appliances Co., Ltd. | 899,718 | 5,463,482 | ||||||
Industrial & Commercial Bank of China, Ltd. | 20,026,000 | 12,711,558 | ||||||
Livzon Pharmaceutical Group, Inc. | 1,084,900 | 4,269,028 | ||||||
LONGi Green Energy Technology Co., Ltd., Class A | 351,400 | 3,667,646 | ||||||
Midea Group Co., Ltd. | 512,699 | 6,764,897 | ||||||
Poly Developments and Holdings Group Co., Ltd., Class A | 3,643,674 | 9,532,385 | ||||||
Postal Savings Bank of China Co., Ltd.* | 9,109,000 | 5,147,357 | ||||||
Sany Heavy Industry Co., Ltd., Class A | 1,443,833 | 6,736,367 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. | 1,804,000 | 3,733,192 | ||||||
Suofeiya Home Collection Co., Ltd., Class A | 1,741,767 | 7,224,065 | ||||||
Weichai Power Co., Ltd. | 2,246,881 | 4,585,915 | ||||||
Weifu High-Technology Group Co., Ltd., Class A | 1,872,980 | 7,369,904 | ||||||
Xiamen C & D, Inc., Class A | 1,817,998 | 2,521,698 | ||||||
Zhuzhou Kibing Group Co., Ltd., Class A | 4,829,473 | 8,518,456 | ||||||
140,765,236 | ||||||||
Hong Kong — 0.7% |
| |||||||
Beijing Enterprises Holdings, Ltd. | 499,500 | 1,617,516 | ||||||
Lenovo Group, Ltd. | 6,192,000 | 4,417,693 | ||||||
6,035,209 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
India — 6.1% |
| |||||||
HCL Technologies, Ltd. | 952,977 | $ | 10,592,529 | |||||
HDFC Bank, Ltd. ADR† | 164,654 | 11,361,126 | ||||||
Hero MotoCorp, Ltd. | 97,705 | 4,070,148 | ||||||
Housing Development Finance Corp., Ltd. | 486,731 | 14,709,143 | ||||||
Kotak Mahindra Bank, Ltd.† | 221,951 | 5,650,357 | ||||||
Mindtree, Ltd. | 170,169 | 3,249,023 | ||||||
Tech Mahindra, Ltd. | 561,789 | 6,577,042 | ||||||
56,209,368 | ||||||||
Poland — 0.5% |
| |||||||
CD Projekt SA† | 45,945 | 4,767,831 | ||||||
Russia — 7.0% |
| |||||||
Alrosa PJSC† | 4,108,344 | 4,742,767 | ||||||
Inter RAO UES PJSC† | 32,805,758 | 2,214,422 | ||||||
Lukoil PJSC ADR | 187,110 | 12,349,260 | ||||||
Magnit PJSC GDR† | 370,277 | 5,587,480 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 5,657,015 | 3,161,909 | ||||||
MMC Norilsk Nickel PJSC ADR# | 134,465 | 3,769,054 | ||||||
Polyus PJSC GDR | 72,280 | 6,830,460 | ||||||
Sberbank of Russia PJSC ADR | 1,032,770 | 13,766,824 | ||||||
Severstal PAO GDR | 322,862 | 4,717,014 | ||||||
Tatneft PJSC ADR# | 190,499 | 7,174,192 | ||||||
64,313,382 | ||||||||
South Africa — 2.6% |
| |||||||
Clicks Group, Ltd. | 166,066 | 2,517,651 | ||||||
Exxaro Resources, Ltd. | 256,821 | 1,978,283 | ||||||
Foschini Group, Ltd.# | 501,256 | 3,178,519 | ||||||
Impala Platinum Holdings, Ltd. | 560,648 | 5,890,945 | ||||||
Naspers, Ltd., Class N# | 31,789 | 6,422,871 | ||||||
Netcare, Ltd. | 1,791,694 | 1,423,058 | ||||||
Woolworths Holdings, Ltd. | 1,201,005 | 2,713,579 | ||||||
24,124,906 | ||||||||
South Korea — 18.0% |
| |||||||
CJ CheilJedang Corp. | 13,046 | 4,262,012 | ||||||
Coway Co, Ltd.† | 61,512 | 3,857,876 | ||||||
Daelim Industrial Co., Ltd. | 34,820 | 2,517,374 | ||||||
E-MART Inc. | 44,172 | 6,147,474 | ||||||
Hana Financial Group, Inc. | 313,627 | 9,594,030 | ||||||
Hankook Tire & Technology Co., Ltd. | 89,308 | 2,639,168 | ||||||
Hyundai Glovis Co., Ltd. | 30,076 | 4,838,035 | ||||||
Hyundai Mobis Co., Ltd. | 45,786 | 10,096,050 | ||||||
Kakao Corp. | 21,016 | 6,989,190 | ||||||
Kia Motors Corp. | 223,601 | 11,679,669 | ||||||
Kumho Petrochemical Co., Ltd. | 29,814 | 3,745,105 | ||||||
Orion Corp. | 21,671 | 2,320,739 | ||||||
POSCO | 35,443 | 7,495,063 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 50,097 | 7,062,611 | ||||||
Samsung Electronics Co., Ltd. | 749,077 | 45,152,443 | ||||||
Samsung Securities Co. Ltd. | 98,004 | 3,493,975 | ||||||
Shinhan Financial Group Co., Ltd.# | 278,480 | 8,103,616 | ||||||
SK Hynix, Inc. | 283,391 | 24,970,062 | ||||||
164,964,492 | ||||||||
Taiwan — 15.7% |
| |||||||
ASE Technology Holding Co., Ltd. | 1,069,000 | 2,872,920 | ||||||
Delta Electronics, Inc. | 677,000 | 5,332,392 | ||||||
Elite Material Co., Ltd. | 723,000 | 3,957,126 | ||||||
FLEXium Interconnect, Inc. | 576,072 | 2,425,354 | ||||||
Gigabyte Technology Co., Ltd. | 947,000 | 2,608,175 | ||||||
Globalwafers Co., Ltd. | 358,000 | 7,008,648 | ||||||
International Games System Co., Ltd.† | 142,000 | 3,377,809 | ||||||
Lite-On Technology Corp. | 1,285,000 | 2,166,275 | ||||||
Lotes Co., Ltd. | 180,000 | 2,810,280 |
51 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Taiwan (continued) | ||||||||
Makalot Industrial Co., Ltd. | 726,000 | $ | 4,699,482 | |||||
Micro-Star International Co., Ltd. | 505,000 | 2,214,718 | ||||||
Nanya Technology Corp. | 1,727,000 | 4,386,801 | ||||||
Nien Made Enterprise Co., Ltd. | 224,000 | 2,644,540 | ||||||
Novatek Microelectronics Corp. | 400,000 | 4,196,123 | ||||||
Radiant Opto-Electronics Corp. | 694,000 | 2,824,454 | ||||||
Simplo Technology Co., Ltd.† | 202,000 | 2,349,373 | ||||||
Sunonwealth Electric Machine Industry Co Ltd | 1,272,000 | 2,512,537 | ||||||
TaiDoc Technology Corp. | 516,000 | 4,145,742 | ||||||
Taiwan Cement Corp. | 1,789,000 | 2,692,680 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 821,000 | 13,840,558 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 499,671 | 48,478,080 | ||||||
United Microelectronics Corp. | 5,032,000 | 7,150,110 | ||||||
Yuanta Financial Holding Co., Ltd. | 13,898,520 | 9,313,630 | ||||||
144,007,807 | ||||||||
Thailand — 0.3% |
| |||||||
Hana Microelectronics PCL† | 1,802,000 | 2,546,628 | ||||||
Turkey — 0.5% |
| |||||||
BIM Birlesik Magazalar AS | 449,479 | 4,023,469 | ||||||
United Kingdom — 1.0% |
| |||||||
Anglo American PLC | 320,369 | 9,453,859 | ||||||
United States — 0.9% |
| |||||||
MercadoLibre, Inc.† | 5,145 | 7,991,883 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $720,625,573) | 908,811,777 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,941,078 | 1,941,078 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $722,566,651)(3) | 99.4 | % | 910,752,855 | |||||
Other assets less liabilities | 0.6 | 5,940,584 | ||||||
NET ASSETS | 100.0 | % | $ | 916,693,439 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $13,179,224 representing 1.4% of net assets. |
(1) | At November 30, 2020, the Fund had loaned securities with a total value of $14,779,674. This was secured by collateral of $1,941,078, which was received in cash and subsequently invested in short-term investments currently valued at $1,941,078 as reported in the Portfolio of Investments. Additional collateral of $13,936,407 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 06/17/2021 | $ | 1,233,269 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 12/31/2020 to 02/15/2050 | 12,703,138 |
(2) | The rate shown is the 7-day yield as of November 30, 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 November 30, 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 | $ | 54,194,284 | $ | 10,119,098 | $ | — | $ | 64,313,382 | ||||||||
Other Countries | 844,498,395 | — | — | 844,498,395 | ||||||||||||
Short-Term Investment Securities | 1,941,078 | — | — | 1,941,078 | ||||||||||||
Total Investments at Value | $ | 900,633,757 | $ | 10,119,098 | $ | — | $ | 910,752,855 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
52 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 71.5 | % | ||
Real Estate Operations & Development | 12.9 | |||
Real Estate Management/Services | 8.7 | |||
Hotels/Motels | 2.9 | |||
Registered Investment Companies | 2.5 | |||
Telecom Services | 1.1 | |||
Building-Heavy Construction | 0.4 | |||
100.0 | % | |||
Country Allocation*
United States | 46.8 | % | ||
Japan | 13.3 | |||
United Kingdom | 6.9 | |||
Germany | 6.8 | |||
Hong Kong | 4.2 | |||
Australia | 4.1 | |||
Canada | 3.4 | |||
Singapore | 3.1 | |||
France | 2.5 | |||
Cayman Islands | 2.4 | |||
Sweden | 1.6 | |||
Bermuda | 1.3 | |||
Switzerland | 1.3 | |||
Spain | 1.0 | |||
Belgium | 0.7 | |||
Norway | 0.3 | |||
Ireland | 0.3 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
53 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Australia — 4.1% |
| |||||||
BGP Holdings PLC†(1) | 479,213 | $ | 0 | |||||
Goodman Group | 404,816 | 5,550,859 | ||||||
Ingenia Communities Group | 1,294,517 | 4,475,631 | ||||||
Mirvac Group | 1,375,128 | 2,604,285 | ||||||
NEXTDC, Ltd.† | 159,010 | 1,313,115 | ||||||
13,943,890 | ||||||||
Belgium — 0.7% |
| |||||||
Warehouses De Pauw CVA | 73,325 | 2,484,028 | ||||||
Bermuda — 1.3% |
| |||||||
Shangri-La Asia, Ltd.† | 4,854,000 | 4,433,763 | ||||||
Canada — 3.4% |
| |||||||
Allied Properties Real Estate Investment Trust | 92,467 | 2,906,370 | ||||||
Canadian Apartment Properties REIT | 91,061 | 3,587,188 | ||||||
Chartwell Retirement Residences | 163,751 | 1,423,538 | ||||||
Summit Industrial Income REIT | 361,073 | 3,683,851 | ||||||
11,600,947 | ||||||||
Cayman Islands — 2.4% |
| |||||||
CK Asset Holdings, Ltd. | 1,073,000 | 5,876,475 | ||||||
GDS Holdings, Ltd. ADR† | 25,358 | 2,282,981 | ||||||
8,159,456 | ||||||||
France — 2.5% |
| |||||||
Gecina SA | 35,107 | 5,330,993 | ||||||
Klepierre SA# | 154,794 | 3,415,953 | ||||||
8,746,946 | ||||||||
Germany — 6.8% |
| |||||||
Alstria Office REIT-AG | 200,229 | 3,221,996 | ||||||
Deutsche Wohnen AG | 56,719 | 2,844,312 | ||||||
Instone Real Estate Group AG†* | 34,742 | 891,003 | ||||||
Vonovia SE | 238,147 | 16,328,561 | ||||||
23,285,872 | ||||||||
Hong Kong — 4.2% |
| |||||||
Link REIT | 807,200 | 7,081,570 | ||||||
Sun Hung Kai Properties, Ltd. | 263,004 | 3,511,900 | ||||||
Swire Properties, Ltd. | 1,202,400 | 3,668,762 | ||||||
14,262,232 | ||||||||
Ireland — 0.3% |
| |||||||
Dalata Hotel Group PLC† | 237,336 | 1,072,973 | ||||||
Japan — 13.3% |
| |||||||
Comforia Residential REIT, Inc.† | 922 | 2,554,929 | ||||||
ESCON Japan Reit Investment Corp. | 2,211 | 2,393,132 | ||||||
GLP J-REIT | 2,877 | 4,351,325 | ||||||
Kyoritsu Maintenance Co., Ltd. | 60,100 | 2,092,562 | ||||||
Mitsubishi Estate Co., Ltd. | 551,900 | 9,536,663 | ||||||
Mitsui Fudosan Co., Ltd. | 206,200 | 4,308,672 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 800 | 3,800,766 | ||||||
Nippon Prologis REIT, Inc.# | 843 | 2,644,468 | ||||||
Sankei Real Estate, Inc.# | 2,832 | 2,650,253 | ||||||
Sumitomo Realty & Development Co., Ltd. | 209,100 | 6,819,785 | ||||||
United Urban Investment Corp.# | 3,909 | 4,418,218 | ||||||
45,570,773 | ||||||||
Norway — 0.3% |
| |||||||
Entra ASA#* | 60,932 | 1,217,832 | ||||||
Singapore — 3.1% |
| |||||||
Ascendas India Trust | 3,057,300 | 3,123,067 | ||||||
CapitaLand, Ltd. | 1,033,820 | 2,412,748 |
Security Description | Shares | Value (Note 2) | ||||||
Singapore (continued) | ||||||||
Keppel DC REIT | 1,423,000 | $ | 2,981,493 | |||||
Mapletree Logistics Trust | 1,379,800 | 2,026,772 | ||||||
10,544,080 | ||||||||
Spain — 1.0% |
| |||||||
Cellnex Telecom SA* | 19,716 | 1,243,644 | ||||||
Merlin Properties Socimi SA | 230,805 | 2,121,309 | ||||||
3,364,953 | ||||||||
Sweden — 1.6% |
| |||||||
Castellum AB | 226,375 | 5,598,076 | ||||||
Switzerland — 1.3% |
| |||||||
PSP Swiss Property AG | 35,457 | 4,319,219 | ||||||
United Kingdom — 6.9% |
| |||||||
Big Yellow Group PLC | 236,155 | 3,582,766 | ||||||
Capital & Counties Properties PLC | 635,195 | 1,140,654 | ||||||
Derwent London PLC | 91,660 | 3,717,219 | ||||||
Segro PLC | 489,242 | 5,948,366 | ||||||
Tritax Big Box REIT PLC | 778,085 | 1,715,701 | ||||||
Tritax EuroBox PLC* | 1,872,403 | 2,479,182 | ||||||
UNITE Group PLC† | 377,729 | 4,982,820 | ||||||
23,566,708 | ||||||||
United States — 44.3% |
| |||||||
Alexandria Real Estate Equities, Inc. | 24,531 | 4,016,461 | ||||||
American Tower Corp. | 81,165 | 18,765,348 | ||||||
Apple Hospitality REIT, Inc. | 159,540 | 2,115,500 | ||||||
AvalonBay Communities, Inc. | 22,227 | 3,702,796 | ||||||
Boston Properties, Inc. | 39,456 | 3,873,001 | ||||||
Brixmor Property Group, Inc. | 173,222 | 2,645,100 | ||||||
Columbia Property Trust, Inc. | 21,183 | 296,138 | ||||||
CoreSite Realty Corp. | 22,117 | 2,773,251 | ||||||
Crown Castle International Corp. | 64,369 | 10,786,313 | ||||||
CubeSmart | 43,600 | 1,418,308 | ||||||
CyrusOne, Inc. | 45,479 | 3,179,437 | ||||||
DiamondRock Hospitality Co. | 58,114 | 437,017 | ||||||
Digital Realty Trust, Inc. | 24,082 | 3,245,050 | ||||||
Duke Realty Corp. | 129,217 | 4,917,999 | ||||||
Equinix, Inc. | 8,770 | 6,119,618 | ||||||
Equity LifeStyle Properties, Inc. | 26,959 | 1,579,528 | ||||||
Equity Residential | 43,699 | 2,531,046 | ||||||
Essential Properties Realty Trust, Inc. | 89,880 | 1,846,135 | ||||||
Extra Space Storage, Inc. | 40,060 | 4,515,964 | ||||||
Gaming and Leisure Properties, Inc. | 20,112 | 835,453 | ||||||
Healthcare Realty Trust, Inc. | 55,866 | 1,648,047 | ||||||
Healthcare Trust of America, Inc., Class A | 99,175 | 2,581,525 | ||||||
Healthpeak Properties, Inc. | 55,810 | 1,610,677 | ||||||
Highwoods Properties, Inc. | 12,156 | 465,575 | ||||||
Hilton Worldwide Holdings, Inc. | 11,388 | 1,180,138 | ||||||
Host Hotels & Resorts, Inc. | 120,278 | 1,687,500 | ||||||
Invitation Homes, Inc. | 203,142 | 5,805,798 | ||||||
JBG SMITH Properties | 4,646 | 142,818 | ||||||
Kilroy Realty Corp. | 18,200 | 1,113,112 | ||||||
Life Storage, Inc. | 7,992 | 876,882 | ||||||
Marriott International, Inc., Class A | 10,041 | 1,273,902 | ||||||
National Retail Properties, Inc. | 42,122 | 1,587,999 | ||||||
NETSTREIT Corp. | 21,610 | 409,942 | ||||||
Omega Healthcare Investors, Inc. | 83,188 | 2,929,881 | ||||||
PotlatchDeltic Corp. | 16,829 | 783,222 | ||||||
Prologis, Inc. | 77,113 | 7,715,156 | ||||||
QTS Realty Trust, Inc., Class A# | 27,658 | 1,643,162 | ||||||
Realty Income Corp. | 24,518 | 1,470,345 | ||||||
Regency Centers Corp. | 52,460 | 2,391,127 | ||||||
Retail Opportunity Investments Corp. | 79,341 | 1,029,846 |
54 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Rexford Industrial Realty, Inc. | 86,804 | $ | 4,159,648 | |||||
RLJ Lodging Trust | 33,772 | 416,409 | ||||||
SBA Communications Corp. | 16,830 | 4,833,239 | ||||||
SITE Centers Corp. | 26,185 | 264,207 | ||||||
STAG Industrial, Inc. | 27,762 | 826,752 | ||||||
Sun Communities, Inc. | 21,366 | 2,969,874 | ||||||
Sunstone Hotel Investors, Inc. | 120,830 | 1,268,715 | ||||||
UDR, Inc. | 155,373 | 5,977,199 | ||||||
Urban Edge Properties | 23,152 | 300,513 | ||||||
Ventas, Inc. | 20,559 | 984,982 | ||||||
VEREIT, Inc. | 274,627 | 1,947,105 | ||||||
VICI Properties, Inc. | 58,928 | 1,490,289 | ||||||
Vornado Realty Trust | 9,188 | 357,505 | ||||||
Welltower, Inc. | 59,552 | 3,750,585 | ||||||
Weyerhaeuser Co. | 148,854 | 4,322,720 | ||||||
Xenia Hotels & Resorts, Inc. | 2,626 | 37,000 | ||||||
151,852,859 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $313,038,759) | 334,024,607 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.5% |
| |||||||
Registered Investment Companies — 2.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3) | 4,062,244 | 4,062,244 | ||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 0.01%(2) | 4,387,147 | 4,387,147 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $8,449,391) | 8,449,391 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $321,488,150)(4) | 100.0 | % | 342,473,998 | |||||
Other assets less liabilities | 0.0 | 144,795 | ||||||
NET ASSETS | 100.0 | % | $ | 342,618,793 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $5,831,661 representing 1.7% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | The rate shown is the 7-day yield as of November 30, 2020. |
(3) | At November 30, 2020, the Fund had loaned securities with a total value of $13,166,568. This was secured by collateral of $4,062,244, which was received in cash and subsequently invested in short-term investments currently valued at $4,062,244 as reported in the Portfolio of Investments. Additional collateral of $9,973,114 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
United States Treasury Bills | 0.00% | 7/15/2021 | $ | 763,598 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 02/15/2047 | 9,209,516 |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 13,943,890 | $ | — | $ | 0 | $ | 13,943,890 | ||||||||
Other Countries | 320,080,717 | — | — | 320,080,717 | ||||||||||||
Short-Term Investment Securities | 8,449,391 | — | — | 8,449,391 | ||||||||||||
Total Investments at Value | $ | 342,473,998 | $ | — | $ | 0 | $ | 342,473,998 | ||||||||
* | 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
55 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Sovereign | 19.4 | % | ||
Foreign Government Obligations | 11.2 | |||
Medical-Drugs | 5.6 | |||
U.S. Government Agencies | 3.5 | |||
U.S. Government Treasuries | 3.2 | |||
Electronic Components-Semiconductors | 3.2 | |||
Medical-Biomedical/Gene | 2.3 | |||
Cosmetics & Toiletries | 2.2 | |||
Computer Services | 2.0 | |||
Telephone-Integrated | 2.0 | |||
Tobacco | 1.7 | |||
Semiconductor Components-Integrated Circuits | 1.6 | |||
Semiconductor Equipment | 1.4 | |||
Retail-Discount | 1.3 | |||
Applications Software | 1.3 | |||
Metal-Diversified | 1.3 | |||
Banks-Commercial | 1.2 | |||
Real Estate Investment Trusts | 1.1 | |||
Retail-Building Products | 0.9 | |||
Electric-Integrated | 0.9 | |||
Computers | 0.9 | |||
Retail-Apparel/Shoe | 0.9 | |||
Transport-Services | 0.9 | |||
Cellular Telecom | 0.9 | |||
Food-Misc./Diversified | 0.8 | |||
Commercial Services-Finance | 0.8 | |||
Diversified Minerals | 0.8 | |||
Athletic Footwear | 0.8 | |||
Food-Retail | 0.8 | |||
Beverages-Non-alcoholic | 0.8 | |||
Internet Content-Entertainment | 0.8 | |||
Building-Residential/Commercial | 0.8 | |||
Telecom Services | 0.7 | |||
United States Treasury Notes | 0.6 | |||
Finance-Credit Card | 0.6 | |||
Oil Companies-Integrated | 0.6 | |||
Electronic Forms | 0.6 | |||
Web Portals/ISP | 0.6 | |||
Diversified Manufacturing Operations | 0.5 | |||
Networking Products | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Metal-Iron | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Repurchase Agreements | 0.5 | |||
Consumer Products-Misc. | 0.5 | |||
Gold Mining | 0.5 | |||
Transport-Rail | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Electronic Components-Misc. | 0.4 | |||
Auto-Cars/Light Trucks | 0.4 | |||
Commercial Services | 0.4 | |||
Data Processing/Management | 0.4 | |||
Entertainment Software | 0.4 | |||
Soap & Cleaning Preparation | 0.4 | |||
Auto-Heavy Duty Trucks | 0.3 | |||
Medical Products | 0.3 | |||
Chemicals-Diversified | 0.3 | |||
Industrial Gases | 0.3 | |||
Insurance-Life/Health | 0.3 | |||
Import/Export | 0.3 | |||
Steel-Producers | 0.2 | |||
Insurance-Property/Casualty | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Toys | 0.2 | |||
Food-Meat Products | 0.2 | |||
Retail-Auto Parts | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Retail-Drug Store | 0.2 |
Diversified Financial Services | 0.2 | |||
Electronic Connectors | 0.2 | |||
Computers-Memory Devices | 0.2 | |||
Transport-Truck | 0.2 | |||
Casino Hotels | 0.2 | |||
Computer Aided Design | 0.2 | |||
Beverages-Wine/Spirits | 0.2 | |||
Precious Metals | 0.2 | |||
Building Products-Cement | 0.2 | |||
Diversified Operations | 0.2 | |||
Investment Management/Advisor Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Food-Confectionery | 0.1 | |||
Auto/Truck Parts & Equipment-Original | 0.1 | |||
Oil Companies-Exploration & Production | 0.1 | |||
Private Equity | 0.1 | |||
Retail-Consumer Electronics | 0.1 | |||
Diversified Banking Institutions | 0.1 | |||
Communications Software | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Paper & Related Products | 0.1 | |||
Building & Construction Products-Misc. | 0.1 | |||
Television | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Rubber-Tires | 0.1 | |||
Coal | 0.1 | |||
Building Products-Air & Heating | 0.1 | |||
Respiratory Products | 0.1 | |||
Finance-Other Services | 0.1 | |||
Food-Dairy Products | 0.1 | |||
Machinery-Electrical | 0.1 | |||
Retail-Jewelry | 0.1 | |||
Retail-Gardening Products | 0.1 | |||
Computer Software | 0.1 | |||
Retail-Hypermarkets | 0.1 | |||
Computer Data Security | 0.1 | |||
Instruments-Controls | 0.1 | |||
Advertising Agencies | 0.1 | |||
Machinery-General Industrial | 0.1 | |||
Diamonds/Precious Stones | 0.1 | |||
Petrochemicals | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Multimedia | 0.1 | |||
Containers-Paper/Plastic | 0.1 | |||
Investment Companies | 0.1 | |||
Medical Information Systems | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Central Bank | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Brewery | 0.1 | |||
Gas-Transportation | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Medical-Wholesale Drug Distribution | 0.1 | |||
Chemicals-Plastics | 0.1 | |||
Human Resources | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Coatings/Paint | 0.1 | |||
99.3 | % | |||
* | Calculated as a percentage of net assets |
56 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Country Allocation* (continued)
United States | 40.6 | % | ||
Japan | 13.1 | |||
South Korea | 8.8 | |||
Mexico | 5.2 | |||
United Kingdom | 4.5 | |||
Australia | 2.6 | |||
India | 2.3 | |||
Indonesia | 2.2 | |||
Switzerland | 2.2 | |||
Norway | 2.1 | |||
China | 1.6 | |||
Brazil | 1.6 | |||
Canada | 1.4 | |||
Taiwan | 1.4 | |||
Spain | 0.9 | |||
Russia | 0.9 | |||
Denmark | 0.8 | |||
Ireland | 0.8 | |||
Colombia | 0.7 | |||
Argentina | 0.6 | |||
Ghana | 0.6 | |||
Italy | 0.5 | |||
Hong Kong | 0.5 | |||
Netherlands | 0.5 | |||
Cayman Islands | 0.4 | |||
France | 0.3 | |||
Sweden | 0.3 | |||
Thailand | 0.2 | |||
Finland | 0.2 | |||
Singapore | 0.2 | |||
Jersey | 0.2 | |||
South Africa | 0.2 | |||
New Zealand | 0.2 | |||
Malaysia | 0.1 | |||
Bermuda | 0.1 | |||
Israel | 0.1 | |||
Turkey | 0.1 | |||
United Arab Emirates | 0.1 | |||
Germany | 0.1 | |||
SupraNational | 0.1 | |||
99.3 | % | |||
* | Calculated as a percentage of net assets |
57 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 60.7% | ||||||||
Australia — 2.6% | ||||||||
AGL Energy, Ltd. | 10,455 | $ | 103,606 | |||||
Aurizon Holdings, Ltd. | 32,508 | 101,416 | ||||||
BHP Group, Ltd. | 53,239 | 1,487,779 | ||||||
BlueScope Steel, Ltd. | 7,986 | 100,242 | ||||||
Brambles, Ltd. | 24,705 | 198,756 | ||||||
CIMIC Group, Ltd.†# | 1,590 | 29,844 | ||||||
Coca-Cola Amatil, Ltd. | 8,252 | 76,626 | ||||||
Cochlear, Ltd.# | 1,098 | 177,656 | ||||||
Coles Group, Ltd.# | 20,612 | 270,226 | ||||||
Crown Resorts, Ltd.# | 5,628 | 39,825 | ||||||
CSL, Ltd. | 7,742 | 1,690,015 | ||||||
Evolution Mining, Ltd.# | 14,340 | 52,316 | ||||||
Fortescue Metals Group, Ltd. | 43,671 | 584,393 | ||||||
Magellan Financial Group, Ltd. | 1,810 | 78,628 | ||||||
Medibank Private, Ltd. | 52,830 | 110,523 | ||||||
Newcrest Mining, Ltd.# | 8,331 | 164,687 | ||||||
Northern Star Resources, Ltd.# | 6,430 | 59,518 | ||||||
Qantas Airways, Ltd.† | 8,578 | 33,876 | ||||||
REA Group, Ltd.# | 910 | 97,018 | ||||||
Rio Tinto, Ltd. | 8,026 | 597,397 | ||||||
Sonic Healthcare, Ltd. | 6,485 | 156,805 | ||||||
Telstra Corp., Ltd. | 73,797 | 166,304 | ||||||
Wesfarmers, Ltd. | 20,189 | 732,836 | ||||||
Woolworths Group, Ltd. | 21,727 | 589,783 | ||||||
7,700,075 | ||||||||
Belgium — 0.0% | ||||||||
Colruyt SA | 942 | 56,206 | ||||||
Proximus SADP | 2,782 | 58,107 | ||||||
114,313 | ||||||||
Bermuda — 0.1% | ||||||||
Brilliance China Automotive Holdings, Ltd. | 28,000 | 24,926 | ||||||
Invesco, Ltd. | 4,855 | 78,796 | ||||||
Jardine Matheson Holdings, Ltd. | 3,200 | 169,824 | ||||||
Kerry Properties, Ltd. | 12,000 | 30,716 | ||||||
Nine Dragons Paper Holdings, Ltd. | 24,000 | 31,521 | ||||||
NWS Holdings, Ltd. | 23,000 | 21,988 | ||||||
Shanghai Industrial Urban Development Group, Ltd. | 600 | 63 | ||||||
357,834 | ||||||||
Brazil — 0.5% | ||||||||
AMBEV SA | 51,900 | 135,432 | ||||||
BB Seguridade Participacoes SA | 16,700 | 89,027 | ||||||
Cia Paranaense de Energia, Class B (Preference Shares) | 600 | 7,646 | ||||||
Cielo SA | 18,900 | 12,524 | ||||||
Engie Brasil Energia SA | 3,500 | 27,661 | ||||||
Hypera SA | 5,200 | 31,166 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 58,700 | 312,926 | ||||||
Itausa SA (Preference Shares) | 85,400 | 168,651 | ||||||
Porto Seguro SA | 1,200 | 10,617 | ||||||
Telefonica Brasil SA | 8,400 | 70,165 | ||||||
TIM SA | 12,200 | 30,720 | ||||||
Vale SA | 40,900 | 595,475 | ||||||
1,492,010 | ||||||||
Canada — 1.4% | ||||||||
Algonquin Power & Utilities Corp. | 5,600 | 87,749 | ||||||
B2Gold Corp. | 9,000 | 50,173 | ||||||
BCE, Inc. | 2,300 | 99,707 | ||||||
Canadian Apartment Properties REIT | 600 | 23,636 | ||||||
Canadian National Railway Co. | 10,600 | 1,110,033 | ||||||
CGI, Inc.† | 2,700 | 199,397 | ||||||
CI Financial Corp. | 3,500 | 45,869 | ||||||
Constellation Software, Inc. | 100 | 123,838 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) | ||||||||
Empire Co., Ltd., Class A | 1,900 | $ | 51,995 | |||||
First Capital Real Estate Investment Trust | 1,900 | 22,779 | ||||||
Franco-Nevada Corp. | 2,300 | 306,153 | ||||||
Gildan Activewear, Inc. | 3,100 | 81,063 | ||||||
Hydro One, Ltd.* | 3,900 | 90,991 | ||||||
IGM Financial, Inc. | 800 | 21,160 | ||||||
Keyera Corp.# | 2,400 | 41,414 | ||||||
Kirkland Lake Gold, Ltd. | 4,100 | 167,984 | ||||||
Magna International, Inc.# | 5,500 | 337,276 | ||||||
Metro, Inc. | 3,800 | 174,565 | ||||||
Power Corp. of Canada | 7,745 | 174,377 | ||||||
Quebecor, Inc., Class B | 2,300 | 57,274 | ||||||
RioCan Real Estate Investment Trust | 2,500 | 33,765 | ||||||
Rogers Communications, Inc., Class B | 5,100 | 240,568 | ||||||
Saputo, Inc. | 3,100 | 86,004 | ||||||
Shaw Communications, Inc., Class B# | 4,800 | 83,456 | ||||||
SmartCentres Real Estate Investment Trust | 900 | 16,694 | ||||||
Teck Resources, Ltd., Class B | 7,300 | 115,343 | ||||||
TELUS Corp. (Non Voting Shares)# | 6,100 | 117,852 | ||||||
Wheaton Precious Metals Corp. | 4,800 | 185,281 | ||||||
4,146,396 | ||||||||
Cayman Islands — 0.4% | ||||||||
China Conch Venture Holdings, Ltd. | 25,500 | 121,067 | ||||||
China Feihe, Ltd.* | 6,000 | 14,336 | ||||||
China Hongqiao Group, Ltd. | 12,500 | 10,918 | ||||||
China Lesso Group Holdings, Ltd. | 13,000 | 23,212 | ||||||
China Medical System Holdings, Ltd. | 22,000 | 22,480 | ||||||
China Overseas Property Holdings, Ltd. | 5,000 | 3,271 | ||||||
China Resources Cement Holdings, Ltd. | 38,000 | 47,261 | ||||||
CK Asset Holdings, Ltd. | 20,000 | 109,534 | ||||||
Country Garden Services Holdings Co., Ltd. | 17,000 | 95,187 | ||||||
Dali Foods Group Co., Ltd.* | 36,500 | 22,603 | ||||||
GSX Techedu, Inc. ADR†# | 395 | 25,395 | ||||||
Kingboard Holdings, Ltd. | 9,500 | 36,402 | ||||||
Kingboard Laminates Holdings, Ltd. | 17,000 | 27,503 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 23,000 | 18,694 | ||||||
Longfor Group Holdings, Ltd.* | 30,500 | 199,895 | ||||||
NetEase, Inc. ADR | 1,985 | 179,384 | ||||||
Sands China, Ltd. | 44,400 | 182,159 | ||||||
Seazen Group, Ltd. | 14,000 | 12,373 | ||||||
Shui On Land, Ltd. | 48,500 | 6,695 | ||||||
Yihai International Holding, Ltd. | 1,000 | 11,721 | ||||||
Yuzhou Group Holdings Co., Ltd. | 26,000 | 10,331 | ||||||
Zhen Ding Technology Holding, Ltd. | 5,000 | 21,665 | ||||||
ZTO Express Cayman, Inc. ADR | 2,700 | 76,248 | ||||||
1,278,334 | ||||||||
Chile — 0.0% | ||||||||
Aguas Andinas SA, Class A | 40,586 | 11,773 | ||||||
Cia Cervecerias Unidas SA | 2,177 | 15,401 | ||||||
Colbun SA | 116,621 | 18,674 | ||||||
Enel Americas SA | 388,393 | 56,380 | ||||||
Enel Chile SA | 443,567 | 30,897 | ||||||
133,125 | ||||||||
China — 1.6% | ||||||||
A-Living Smart City Services Co., Ltd.#* | 3,000 | 12,637 | ||||||
Agricultural Bank of China, Ltd. | 471,000 | 178,652 | ||||||
Agricultural Bank of China, Ltd., Class A | 58,100 | 29,040 | ||||||
Anhui Conch Cement Co., Ltd. | 24,000 | 153,579 | ||||||
Anhui Conch Cement Co., Ltd., Class A | 4,000 | 34,335 | ||||||
Anhui Kouzi Distillery Co., Ltd., Class A | 100 | 912 | ||||||
Apeloa Pharmaceutical Co., Ltd. | 500 | 1,584 | ||||||
Autobio Diagnostics Co., Ltd. | 100 | 2,203 |
58 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
China (continued) | ||||||||
BAIC Motor Corp., Ltd.#* | 12,000 | $ | 4,490 | |||||
Bank of Beijing Co., Ltd., Class A | 15,600 | 11,566 | ||||||
Bank of China, Ltd. | 1,381,000 | 488,184 | ||||||
Bank of China, Ltd., Class A | 28,400 | 14,238 | ||||||
Bank of Communications Co., Ltd. | 148,000 | 81,914 | ||||||
Bank of Communications Co., Ltd., Class A | 31,300 | 22,397 | ||||||
Bank of Hangzhou Co., Ltd. | 3,800 | 8,775 | ||||||
Bank of Nanjing Co., Ltd., Class A | 6,500 | 8,512 | ||||||
Baoshan Iron & Steel Co., Ltd., Class A | 14,800 | 13,963 | ||||||
Beijing Capital Development Co., Ltd. | 1,000 | 953 | ||||||
Beijing Kunlun Tech Co., Ltd. | 300 | 1,004 | ||||||
Chacha Food Co., Ltd. | 100 | 820 | ||||||
Chaozhou Three-Circle Group Co., Ltd. | 700 | 3,398 | ||||||
China Cinda Asset Management Co., Ltd. | 140,000 | 27,274 | ||||||
China CITIC Bank Corp., Ltd. | 170,000 | 73,474 | ||||||
China CITIC Bank Corp., Ltd., Class A | 4,300 | 3,423 | ||||||
China Construction Bank Corp. | 1,312,000 | 1,029,146 | ||||||
China Construction Bank Corp., Class A | 4,000 | 4,345 | ||||||
China Everbright Bank Co., Ltd. | 50,000 | 19,481 | ||||||
China Everbright Bank Co., Ltd., Class A | 29,300 | 19,319 | ||||||
China Minsheng Banking Corp., Ltd.# | 112,000 | 61,844 | ||||||
China Minsheng Banking Corp., Ltd., Class A | 28,600 | 23,029 | ||||||
China National Building Material Co., Ltd. | 26,000 | 34,148 | ||||||
China Pacific Insurance Group Co., Ltd. | 19,600 | 74,596 | ||||||
China Pacific Insurance Group Co., Ltd., Class A | 2,600 | 15,267 | ||||||
China Petroleum & Chemical Corp. | 370,000 | 167,551 | ||||||
China Petroleum & Chemical Corp., Class A† | 19,600 | 12,477 | ||||||
China Railway Group, Ltd. | 26,000 | 12,847 | ||||||
China Reinsurance Group Corp. | 40,000 | 4,232 | ||||||
China Shenhua Energy Co., Ltd. | 65,500 | 126,588 | ||||||
China Shenhua Energy Co., Ltd., Class A | 4,300 | 12,817 | ||||||
China South Publishing & Media Group Co., Ltd. | 1,200 | 1,962 | ||||||
China Telecom Corp., Ltd. | 168,000 | 50,718 | ||||||
China Yangtze Power Co., Ltd. | 15,600 | 47,661 | ||||||
Chinese Universe Publishing and Media Group Co., Ltd., Class A | 1,000 | 1,787 | ||||||
Chongqing Brewery Co., Ltd. | 300 | 4,786 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. | 41,000 | 17,561 | ||||||
Da An Gene Co., Ltd. of Sun Yat-Sen University | 140 | 701 | ||||||
Daqin Railway Co., Ltd., Class A | 13,900 | 14,318 | ||||||
Dongfeng Motor Group Co., Ltd. | 46,000 | 47,359 | ||||||
East Money Information Co., Ltd. | 3,500 | 14,623 | ||||||
Focus Media Information Technology Co., Ltd., Class A | 10,700 | 15,768 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 2,160 | 52,243 | ||||||
Fujian Sunner Development Co., Ltd. | 1,000 | 4,003 | ||||||
Fuyao Glass Industry Group Co., Ltd.* | 6,800 | 32,548 | ||||||
Fuyao Glass Industry Group Co., Ltd., Class A | 1,400 | 8,529 | ||||||
Great Wall Motor Co., Ltd. | 21,000 | 42,536 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 2,000 | 20,249 | ||||||
Greendland Holdings Corp., Ltd., Class A | 3,300 | 3,229 | ||||||
Guangdong Haid Group Co., Ltd., Class A | 600 | 5,131 | ||||||
Guangzhou Automobile Group Co., Ltd. | 44,000 | 47,343 | ||||||
Guangzhou Shiyuan Electronic Technology Co., Ltd. | 100 | 1,630 | ||||||
Hangzhou Robam Appliances Co., Ltd. | 500 | 3,036 | ||||||
Hefei Meiya Optoelectronic Technology, Inc. | 300 | 2,024 | ||||||
Heilongjiang Agriculture Co., Ltd. | 1,200 | 3,123 | ||||||
Henan Shuanghui Investment & Development Co., Ltd. | 2,300 | 16,116 | ||||||
Hithink RoyalFlush Information Network Co., Ltd. | 100 | 2,173 | ||||||
HLA Corp., Ltd., Class A | 2,400 | 2,443 | ||||||
Hualan Biological Engineering, Inc., Class A | 1,200 | 7,847 | ||||||
Huaxin Cement Co., Ltd. | 1,200 | 4,468 | ||||||
Huayu Automotive Systems Co., Ltd., Class A | 2,100 | 9,973 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd. | 600 | 1,994 | ||||||
Hunan Valin Steel Co., Ltd. | 3,100 | 2,520 | ||||||
Industrial & Commercial Bank of China, Ltd. | 847,000 | 537,635 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) | ||||||||
Industrial & Commercial Bank of China, Ltd., Class A | 23,800 | $ | 19,236 | |||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. | 5,900 | 4,733 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 2,600 | 14,927 | ||||||
Jafron Biomedical Co., Ltd. | 500 | 4,957 | ||||||
Jiangsu Expressway Co., Ltd. | 16,000 | 18,000 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. | 500 | 13,521 | ||||||
Jiangsu Zhongtian Technology Co., Ltd. | 1,200 | 1,971 | ||||||
Jiangxi Zhengbang Technology Co., Ltd., Class A | 900 | 2,551 | ||||||
Juewei Food Co., Ltd. | 200 | 2,154 | ||||||
Kweichow Moutai Co., Ltd., Class A | 1,000 | 260,386 | ||||||
Lomon Billions Group Co., Ltd. | 1,000 | 4,816 | ||||||
Luenmei Quantum Co., Ltd. | 500 | 1,034 | ||||||
Luzhou Laojiao Co., Ltd. | 900 | 25,067 | ||||||
Maanshan Iron & Steel Co., Ltd. | 5,100 | 2,154 | ||||||
Muyuan Foodstuff Co., Ltd. | 1,470 | 17,196 | ||||||
NanJi E-Commerce Co., Ltd. | 1,100 | 2,772 | ||||||
New Hope Liuhe Co., Ltd. | 1,800 | 7,102 | ||||||
Offcn Education Technology Co., Ltd. | 400 | 2,193 | ||||||
Ovctek China, Inc. | 200 | 1,945 | ||||||
Perfect World Co., Ltd., Class A | 700 | 2,866 | ||||||
Postal Savings Bank of China Co., Ltd.* | 105,000 | 59,334 | ||||||
RiseSun Real Estate Development Co., Ltd. | 3,000 | 3,332 | ||||||
SAIC Motor Corp., Ltd., Class A | 5,500 | 22,151 | ||||||
Sansteel Minguang Co., Ltd., Class A | 2,400 | 2,607 | ||||||
Seazen Holdings Co., Ltd. | 900 | 4,843 | ||||||
Shaanxi Coal Industry Co., Ltd. | 7,100 | 11,261 | ||||||
Shandong Buchang Pharmaceuticals Co., Ltd. | 600 | 2,201 | ||||||
Shandong Hualu Hengsheng Chemical Co., Ltd. | 1,100 | 5,866 | ||||||
Shandong Sun Paper Industry JSC, Ltd., Class A | 1,000 | 2,233 | ||||||
Shanghai International Airport Co., Ltd., Class A | 500 | 5,965 | ||||||
Shanghai M&G Stationery, Inc. | 400 | 4,422 | ||||||
Shanghai Pudong Development Bank Co., Ltd. | 12,200 | 18,646 | ||||||
Shanxi Lu’an Environmental Energy Development Co., Ltd. | 2,400 | 2,396 | ||||||
Shanxi Xishan Coal & Electricity Power Co., Ltd. | 1,650 | 1,376 | ||||||
Shengyi Technology Co., Ltd. | 1,000 | 4,240 | ||||||
Shenzhen Expressway Co., Ltd.# | 6,000 | 5,984 | ||||||
Shenzhen Goodix Technology Co., Ltd. | 100 | 2,536 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 400 | 20,501 | ||||||
Shenzhen Salubris Pharmaceuticals Co., Ltd. | 500 | 2,068 | ||||||
Sichuan Chuantou Energy Co., Ltd. | 2,800 | 4,437 | ||||||
Sichuan Swellfun Co., Ltd. | 200 | 2,127 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd.# | 64,000 | 14,202 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. Class A | 4,800 | 2,581 | ||||||
Suofeiya Home Collection Co., Ltd., Class A | 300 | 1,244 | ||||||
Tangshan Jidong Cement Co., Ltd. | 500 | 1,206 | ||||||
Toly Bread Co., Ltd. | 100 | 912 | ||||||
Tongkun Group Co., Ltd. | 700 | 2,096 | ||||||
Topchoice Medical Corp.† | 100 | 3,186 | ||||||
Wanhua Chemical Group Co., Ltd.† | 2,400 | 29,607 | ||||||
Weichai Power Co., Ltd. | 3,900 | 9,889 | ||||||
Weifu High-Technology Group Co., Ltd., Class A | 700 | 2,754 | ||||||
Weihai Guangwei Composites Co., Ltd. | 100 | 1,088 | ||||||
Wens Foodstuffs Group Co., Ltd. | 4,700 | 13,781 | ||||||
Wuchan Zhongda Group Co., Ltd. | 2,000 | 1,395 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. | 1,900 | 7,543 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 2,400 | 92,613 | ||||||
Xiamen C & D, Inc., Class A | 1,700 | 2,358 | ||||||
Yanzhou Coal Mining Co., Ltd. | 18,000 | 14,839 | ||||||
Yanzhou Coal Mining Co., Ltd., Class A | 1,000 | 1,726 | ||||||
Yealink Network Technology Corp., Ltd. | 200 | 2,093 | ||||||
Yunda Holding Co., Ltd. | 1,390 | 3,632 | ||||||
Zhejiang Expressway Co., Ltd. | 12,000 | 8,546 | ||||||
Zhejiang Juhua Co., Ltd. | 2,100 | 2,517 |
59 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
China (continued) |
| |||||||
Zhejiang NHU Co., Ltd. | 1,500 | $ | 7,247 | |||||
Zhejiang Semir Garment Co., Ltd. Class A | 1,400 | 1,895 | ||||||
Zhejiang Supor Co., Ltd. | 300 | 3,185 | ||||||
Zhejiang Weixing New Building Materials Co., Ltd. | 1,100 | 3,155 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. | 200 | 1,776 | ||||||
4,658,224 | ||||||||
Colombia — 0.0% | ||||||||
Ecopetrol SA | 79,432 | 45,964 | ||||||
Denmark — 0.8% | ||||||||
Coloplast A/S, Class B | 2,656 | 396,514 | ||||||
Novo Nordisk A/S, Class B | 23,707 | 1,594,473 | ||||||
Novozymes A/S, Class B | 1,515 | 86,648 | ||||||
Pandora A/S | 2,563 | 256,703 | ||||||
Tryg A/S# | 1,631 | 47,282 | ||||||
2,381,620 | ||||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE | 17,130 | 68,782 | ||||||
Eastern Co. SAE | 21,255 | 15,037 | ||||||
ElSwedy Electric Co. | 14,744 | 8,720 | ||||||
92,539 | ||||||||
Finland — 0.2% | ||||||||
Elisa Oyj | 2,455 | 131,780 | ||||||
Kone Oyj, Class B | 2,554 | 214,233 | ||||||
Orion Oyj, Class B | 1,809 | 85,149 | ||||||
UPM-Kymmene Oyj | 3,763 | 123,978 | ||||||
555,140 | ||||||||
France — 0.3% | ||||||||
BioMerieux | 290 | 41,788 | ||||||
Hermes International | 520 | 507,019 | ||||||
Peugeot SA†# | 10,286 | 242,510 | ||||||
Publicis Groupe SA | 1,611 | 73,197 | ||||||
Sartorius Stedim Biotech | 197 | 71,202 | ||||||
935,716 | ||||||||
Germany — 0.1% | ||||||||
Fuchs Petrolub SE (Preference Shares) | 520 | 29,724 | ||||||
HOCHTIEF AG | 204 | 19,686 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 2,414 | 153,480 | ||||||
202,890 | ||||||||
Greece — 0.0% | ||||||||
Hellenic Telecommunications Organization SA | 1,671 | 27,846 | ||||||
JUMBO SA | 1,500 | 26,821 | ||||||
Motor Oil Hellas Corinth Refineries SA | 944 | 12,060 | ||||||
OPAP SA | 2,202 | 24,822 | ||||||
91,549 | ||||||||
Hong Kong — 0.5% | ||||||||
Beijing Enterprises Holdings, Ltd. | 3,500 | 11,334 | ||||||
China Merchants Port Holdings Co., Ltd. | 12,000 | 14,228 | ||||||
China Mobile, Ltd. | 103,500 | 619,581 | ||||||
China Taiping Insurance Holdings Co., Ltd. | 11,800 | 20,857 | ||||||
CNOOC, Ltd. | 238,000 | 249,636 | ||||||
Far East Horizon, Ltd. | 14,000 | 14,865 | ||||||
Galaxy Entertainment Group, Ltd. | 30,000 | 228,356 | ||||||
Guangdong Investment, Ltd. | 42,000 | 69,792 | ||||||
Power Assets Holdings, Ltd. | 18,500 | 97,380 | ||||||
Shanghai Industrial Holdings, Ltd. | 2,000 | 2,972 | ||||||
Sino Land Co., Ltd. | 36,000 | 49,232 | ||||||
Sino-Ocean Group Holdings, Ltd. | 45,000 | 9,463 | ||||||
Sinotruk Hong Kong, Ltd.# | 6,000 | 14,893 |
Security Description | Shares | Value (Note 2) | ||||||
Hong Kong (continued) | ||||||||
Wharf Holdings, Ltd. | 11,000 | $ | 27,220 | |||||
Yuexiu Property Co., Ltd. | 80,000 | 16,617 | ||||||
1,446,426 | ||||||||
India — 1.1% | ||||||||
Asian Paints, Ltd. | 2,997 | 88,974 | ||||||
Bajaj Auto, Ltd. | 1,301 | 55,694 | ||||||
Bharat Petroleum Corp., Ltd. | 10,526 | 52,953 | ||||||
Bharti Infratel, Ltd. | 6,139 | 18,154 | ||||||
Britannia Industries, Ltd. | 835 | 40,021 | ||||||
Coal India, Ltd. | 26,401 | 44,634 | ||||||
Colgate-Palmolive India, Ltd. | 961 | 19,388 | ||||||
Dabur India, Ltd. | 8,094 | 54,533 | ||||||
Eicher Motors, Ltd. | 2,033 | 69,454 | ||||||
GAIL India, Ltd. | 24,560 | 34,076 | ||||||
HCL Technologies, Ltd. | 16,892 | 187,758 | ||||||
HDFC Asset Management Co., Ltd.* | 676 | 23,058 | ||||||
Hero MotoCorp, Ltd. | 1,384 | 57,654 | ||||||
Hindustan Petroleum Corp., Ltd. | 11,954 | 33,970 | ||||||
Hindustan Unilever, Ltd. | 14,946 | 431,944 | ||||||
Indian Oil Corp., Ltd. | 30,723 | 35,014 | ||||||
Indraprastha Gas, Ltd. | 1,546 | 10,245 | ||||||
Infosys, Ltd. | 56,909 | 854,793 | ||||||
ITC, Ltd. | 54,851 | 143,319 | ||||||
Jubilant Foodworks, Ltd. | 511 | 16,974 | ||||||
Marico, Ltd. | 7,255 | 35,895 | ||||||
Nestle India, Ltd. | 441 | 101,062 | ||||||
Oil & Natural Gas Corp., Ltd. | 40,495 | 42,898 | ||||||
Page Industries, Ltd. | 79 | 24,163 | ||||||
Petronet LNG, Ltd. | 9,131 | 30,547 | ||||||
Pidilite Industries, Ltd. | 1,808 | 36,935 | ||||||
REC, Ltd. | 10,162 | 16,322 | ||||||
Tata Consultancy Services, Ltd. | 16,847 | 609,216 | ||||||
Tech Mahindra, Ltd. | 6,908 | 80,874 | ||||||
3,250,522 | ||||||||
Indonesia — 0.2% | ||||||||
Adaro Energy Tbk PT | 244,500 | 24,069 | ||||||
Charoen Pokphand Indonesia Tbk PT | 89,300 | 38,420 | ||||||
Gudang Garam Tbk PT† | 7,300 | 21,843 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 196,900 | 21,266 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 34,400 | 24,119 | ||||||
Indofood Sukses Makmur Tbk PT | 31,000 | 15,588 | ||||||
Kalbe Farma Tbk PT | 212,900 | 22,692 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 830,300 | 189,934 | ||||||
Unilever Indonesia Tbk PT | 153,700 | 84,089 | ||||||
United Tractors Tbk PT | 30,300 | 49,356 | ||||||
491,376 | ||||||||
Ireland — 0.8% | ||||||||
Accenture PLC, Class A | 8,000 | 1,992,720 | ||||||
Jazz Pharmaceuticals PLC† | 400 | 56,284 | ||||||
Seagate Technology PLC | 5,200 | 305,812 | ||||||
2,354,816 | ||||||||
Israel — 0.1% | ||||||||
Azrieli Group, Ltd. | 517 | 31,571 | ||||||
Check Point Software Technologies, Ltd.† | 1,982 | 233,242 | ||||||
ICL Group, Ltd. | 9,965 | 47,296 | ||||||
312,109 | ||||||||
Italy — 0.5% | ||||||||
DiaSorin SpA | 248 | 52,243 | ||||||
Enel SpA | 101,440 | 1,012,793 | ||||||
Infrastrutture Wireless Italiane SpA* | 1,683 | 21,662 |
60 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Italy (continued) | ||||||||
Moncler SpA† | 3,155 | $ | 154,903 | |||||
Recordati SpA# | 1,557 | 82,890 | ||||||
Snam SpA | 25,419 | 142,600 | ||||||
Telecom Italia SpA | 41,709 | 21,170 | ||||||
1,488,261 | ||||||||
Japan — 3.2% | ||||||||
ABC-Mart, Inc. | 400 | 20,843 | ||||||
Advantest Corp. | 2,400 | 166,897 | ||||||
Aeon Mall Co., Ltd. | 800 | 12,835 | ||||||
Astellas Pharma, Inc. | 31,000 | 440,503 | ||||||
Bandai Namco Holdings, Inc. | 3,200 | 292,107 | ||||||
Bridgestone Corp. | 9,100 | 317,628 | ||||||
Chugai Pharmaceutical Co., Ltd. | 6,100 | 294,717 | ||||||
Daito Trust Construction Co., Ltd. | 1,300 | 127,510 | ||||||
Daiwa House Industry Co., Ltd. | 8,100 | 248,276 | ||||||
Hitachi, Ltd. | 6,800 | 258,322 | ||||||
Hoya Corp. | 6,500 | 866,044 | ||||||
Hulic Co., Ltd. | 2,900 | 29,361 | ||||||
Iida Group Holdings Co., Ltd. | 2,200 | 44,211 | ||||||
ITOCHU Corp. | 23,100 | 610,358 | ||||||
Japan Airlines Co., Ltd.†# | 2,000 | 37,874 | ||||||
Japan Post Bank Co., Ltd. | 5,800 | 45,667 | ||||||
Japan Tobacco, Inc. | 20,700 | 420,345 | ||||||
Kakaku.com, Inc. | 2,500 | 70,139 | ||||||
Kao Corp. | 6,600 | 493,609 | ||||||
KDDI Corp. | 33,200 | 948,458 | ||||||
Marubeni Corp. | 23,300 | 135,805 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,300 | 48,776 | ||||||
MonotaRO Co., Ltd.# | 800 | 48,812 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,100 | 90,120 | ||||||
Nexon Co., Ltd. | 7,000 | 211,542 | ||||||
Nintendo Co., Ltd. | 700 | 397,337 | ||||||
Nippon Telegraph & Telephone Corp. | 23,300 | 550,139 | ||||||
Nitori Holdings Co., Ltd. | 200 | 42,586 | ||||||
Obayashi Corp. | 7,200 | 63,448 | ||||||
OBIC Co., Ltd. | 400 | 89,923 | ||||||
Oracle Corp. Japan | 600 | 66,494 | ||||||
Sekisui House, Ltd. | 9,500 | 170,891 | ||||||
Shionogi & Co., Ltd. | 4,200 | 225,006 | ||||||
Showa Denko KK | 1,500 | 27,830 | ||||||
SoftBank Corp. | 23,600 | 290,366 | ||||||
Subaru Corp. | 9,700 | 192,606 | ||||||
Sundrug Co., Ltd. | 500 | 20,977 | ||||||
Tokyo Electron, Ltd. | 2,400 | 815,402 | ||||||
Tosoh Corp. | 4,600 | 72,525 | ||||||
Tsuruha Holdings, Inc. | 100 | 14,636 | ||||||
USS Co., Ltd. | 1,300 | 27,195 | ||||||
Welcia Holdings Co., Ltd. | 600 | 24,109 | ||||||
Yamaha Motor Co., Ltd. | 1,900 | 36,581 | ||||||
ZOZO, Inc. | 2,100 | 52,379 | ||||||
9,461,189 | ||||||||
Jersey — 0.2% | ||||||||
Ferguson PLC | 2,313 | 259,760 | ||||||
Polymetal International PLC | 10,026 | 208,760 | ||||||
468,520 | ||||||||
Liberia — 0.0% | ||||||||
Royal Caribbean Cruises, Ltd. | 1,089 | 85,824 | ||||||
Malaysia — 0.1% | ||||||||
Carlsberg Brewery Malaysia Bhd | 1,200 | 5,667 | ||||||
DiGi.Com Bhd | 59,400 | 58,321 | ||||||
Fraser & Neave Holdings Bhd | 1,900 | 15,138 | ||||||
Hartalega Holdings Bhd | 25,700 | 90,840 |
Security Description | Shares | Value (Note 2) | ||||||
Malaysia (continued) | ||||||||
Nestle Malaysia Bhd | 1,200 | $ | 39,470 | |||||
Petronas Chemicals Group Bhd | 37,700 | 59,409 | ||||||
Petronas Dagangan Bhd | 2,300 | 11,720 | ||||||
Petronas Gas Bhd | 11,100 | 49,479 | ||||||
Top Glove Corp. Bhd | 32,700 | 57,149 | ||||||
Westports Holdings Bhd | 14,100 | 14,882 | ||||||
402,075 | ||||||||
Mexico — 0.2% | ||||||||
Fibra Uno Administracion SA de CV | 49,500 | 49,402 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B† | 5,800 | 59,454 | ||||||
Grupo Mexico SAB de CV, Class B | 22,700 | 82,555 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 26,600 | 42,170 | ||||||
Megacable Holdings SA de CV | 4,400 | 16,045 | ||||||
Wal-Mart de Mexico SAB de CV | 86,000 | 226,380 | ||||||
476,006 | ||||||||
Netherlands — 0.5% | ||||||||
Ferrari NV | 1,530 | 322,671 | ||||||
Koninklijke Ahold Delhaize NV | 17,238 | 493,291 | ||||||
Koninklijke Vopak NV | 507 | 26,628 | ||||||
LyondellBasell Industries NV, Class A | 5,351 | 455,370 | ||||||
NN Group NV | 2,254 | 91,550 | ||||||
1,389,510 | ||||||||
New Zealand — 0.2% | ||||||||
a2 Milk Co., Ltd.†# | 5,539 | 57,288 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 10,876 | 273,935 | ||||||
Spark New Zealand, Ltd. | 37,653 | 120,394 | ||||||
451,617 | ||||||||
Norway — 0.1% | ||||||||
Mowi ASA | 7,399 | 149,753 | ||||||
Orkla ASA | 9,124 | 87,385 | ||||||
Telenor ASA | 11,158 | 189,961 | ||||||
427,099 | ||||||||
Philippines — 0.0% | ||||||||
Globe Telecom, Inc. | 570 | 23,094 | ||||||
Manila Electric Co. | 3,790 | 22,198 | ||||||
Metro Pacific Investments Corp. | 104,000 | 8,868 | ||||||
PLDT, Inc. | 625 | 17,081 | ||||||
71,241 | ||||||||
Poland — 0.0% | ||||||||
PGE Polska Grupa Energetyczna SA† | 5,574 | 8,560 | ||||||
Polski Koncern Naftowy Orlen SA | 2,347 | 34,604 | ||||||
43,164 | ||||||||
Portugal — 0.0% | ||||||||
Jeronimo Martins SGPS SA | 3,531 | 60,484 | ||||||
Russia — 0.9% | ||||||||
Alrosa PJSC | 181,980 | 210,082 | ||||||
Inter RAO UES PJSC | 1,747,000 | 117,924 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 113,800 | 63,607 | ||||||
MMC Norilsk Nickel PJSC | 2,513 | 708,411 | ||||||
Mobile TeleSystems PJSC ADR | 33,800 | 291,694 | ||||||
Moscow Exchange MICEX-RTS PJSC | 45,920 | 91,951 | ||||||
Novolipetsk Steel PJSC | 110,580 | 278,607 | ||||||
PhosAgro PJSC GDR | 6,549 | 83,696 | ||||||
Polyus PJSC | 1,318 | 249,588 | ||||||
Severstal PAO | 16,549 | 243,858 | ||||||
Tatneft PJSC | 62,593 | 405,492 | ||||||
2,744,910 | ||||||||
61 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore — 0.2% | ||||||||
Mapletree Commercial Trust | 22,000 | $ | 33,464 | |||||
Singapore Exchange, Ltd. | 20,200 | 133,898 | ||||||
Singapore Telecommunications, Ltd. | 132,900 | 236,835 | ||||||
Venture Corp., Ltd. | 3,900 | 54,757 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 47,300 | 31,036 | ||||||
489,990 | ||||||||
South Africa — 0.2% | ||||||||
AngloGold Ashanti, Ltd. | 4,421 | 93,169 | ||||||
Clicks Group, Ltd. | 4,006 | 60,733 | ||||||
Exxaro Resources, Ltd. | 5,200 | 40,056 | ||||||
Kumba Iron Ore, Ltd. | 1,501 | 51,080 | ||||||
Mr. Price Group, Ltd. | 5,016 | 52,708 | ||||||
Nedbank Group, Ltd. | 2,703 | 21,381 | ||||||
Pick n Pay Stores, Ltd.# | 2,826 | 9,228 | ||||||
Tiger Brands, Ltd. | 2,464 | 31,345 | ||||||
Vodacom Group, Ltd. | 11,704 | 93,133 | ||||||
452,833 | ||||||||
South Korea — 1.2% | ||||||||
BGF retail Co., Ltd. | 98 | 11,115 | ||||||
BNK Financial Group, Inc. | 4,540 | 23,099 | ||||||
Coway Co, Ltd.† | 881 | 55,254 | ||||||
Daelim Industrial Co., Ltd. | 383 | 27,690 | ||||||
Hana Financial Group, Inc. | 5,229 | 159,958 | ||||||
Hankook Tire & Technology Co., Ltd. | 1,042 | 30,792 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 942 | 18,984 | ||||||
Industrial Bank of Korea | 4,710 | 39,585 | ||||||
KB Financial Group, Inc. | 6,534 | 267,785 | ||||||
Korea Zinc Co., Ltd. | 121 | 41,443 | ||||||
KT&G Corp. | 1,950 | 145,384 | ||||||
Kumho Petrochemical Co., Ltd. | 263 | 33,037 | ||||||
LG Household & Health Care, Ltd. (Preference Shares) | 32 | 20,099 | ||||||
NCSoft Corp. | 218 | 159,577 | ||||||
PearlAbyss Corp.† | 84 | 15,721 | ||||||
S-1 Corp. | 258 | 18,373 | ||||||
Samsung Card Co., Ltd. | 391 | 11,696 | ||||||
Samsung Electronics Co., Ltd. | 32,279 | 1,945,695 | ||||||
Samsung Electronics Co., Ltd. (Preference Shares) | 5,982 | 330,306 | ||||||
Shinhan Financial Group Co., Ltd. | 6,235 | 181,435 | ||||||
Woori Financial Group, Inc. | 6,652 | 59,093 | ||||||
3,596,121 | ||||||||
Spain — 0.9% | ||||||||
Banco Santander SA† | 122,935 | 354,510 | ||||||
Bankinter SA# | 4,919 | 24,345 | ||||||
Enagas SA | 3,433 | 83,621 | ||||||
Endesa SA | 5,277 | 150,883 | ||||||
Iberdrola SA | 73,300 | 1,000,704 | ||||||
Industria de Diseno Textil SA | 19,182 | 637,243 | ||||||
Red Electrica Corp. SA | 6,360 | 129,995 | ||||||
Repsol SA | 23,717 | 227,968 | ||||||
Telefonica SA | 36,707 | 160,125 | ||||||
2,769,394 | ||||||||
SupraNational — 0.1% | ||||||||
HKT Trust & HKT, Ltd. | 59,000 | 77,184 | ||||||
Unibail-Rodamco-Westfield (Euronext Paris)# | 1,041 | 73,885 | ||||||
Unibail-Rodamco-Westfield (Euronext Amsterdam) | 22 | 1,561 | ||||||
152,630 | ||||||||
Sweden — 0.3% | ||||||||
Boliden AB | 4,299 | 148,114 | ||||||
Epiroc AB, Class B | 2,790 | 44,337 | ||||||
Evolution Gaming Group AB* | 1,324 | 113,183 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) | ||||||||
Hennes & Mauritz AB, Class B† | 13,321 | $ | 282,048 | |||||
ICA Gruppen AB | 1,015 | 49,064 | ||||||
Svenska Cellulosa AB SCA, Class B† | 4,152 | 67,119 | ||||||
Swedish Match AB | 1,259 | 101,402 | ||||||
805,267 | ||||||||
Switzerland — 2.2% | ||||||||
EMS-Chemie Holding AG | 149 | 136,170 | ||||||
Garmin, Ltd. | 2,180 | 254,537 | ||||||
Geberit AG | 534 | 321,428 | ||||||
Logitech International SA | 1,223 | 108,176 | ||||||
Nestle SA | 14,034 | 1,562,542 | ||||||
Novartis AG | 15,052 | 1,362,672 | ||||||
Partners Group Holding AG | 371 | 398,047 | ||||||
Roche Holding AG | 4,420 | 1,454,527 | ||||||
Swiss Prime Site AG | 546 | 49,147 | ||||||
Swisscom AG | 414 | 218,674 | ||||||
TE Connectivity, Ltd. | 4,360 | 496,909 | ||||||
6,362,829 | ||||||||
Taiwan — 1.4% | ||||||||
Accton Technology Corp. | 6,000 | 50,311 | ||||||
Advantech Co., Ltd. | 3,499 | 37,688 | ||||||
Asia Cement Corp. | 17,000 | 25,826 | ||||||
Asustek Computer, Inc. | 4,000 | 34,944 | ||||||
Catcher Technology Co., Ltd. | 8,000 | 52,767 | ||||||
Chicony Electronics Co., Ltd. | 7,000 | 20,974 | ||||||
China Development Financial Holding Corp. | 171,000 | 53,515 | ||||||
Chunghwa Telecom Co., Ltd. | 58,000 | 220,788 | ||||||
Eclat Textile Co., Ltd. | 1,000 | 14,034 | ||||||
Far EasTone Telecommunications Co., Ltd. | 24,000 | 52,206 | ||||||
Feng TAY Enterprise Co., Ltd. | 5,200 | 33,478 | ||||||
Formosa Chemicals & Fibre Corp. | 47,000 | 126,971 | ||||||
Formosa Taffeta Co., Ltd. | 10,000 | 10,753 | ||||||
Globalwafers Co., Ltd. | 2,000 | 39,154 | ||||||
Lite-On Technology Corp. | 34,000 | 57,318 | ||||||
Micro-Star International Co., Ltd. | 3,000 | 13,157 | ||||||
Nanya Technology Corp. | 20,000 | 50,803 | ||||||
Nien Made Enterprise Co., Ltd. | 1,000 | 11,806 | ||||||
Novatek Microelectronics Corp. | 8,000 | 83,922 | ||||||
Powertech Technology, Inc. | 11,000 | 35,506 | ||||||
Ruentex Development Co., Ltd. | 5,000 | 7,377 | ||||||
Standard Foods Corp | 4,000 | 8,757 | ||||||
Synnex Technology International Corp. | 8,000 | 12,490 | ||||||
Taiwan Cement Corp. | 59,050 | 88,878 | ||||||
Taiwan Mobile Co., Ltd. | 26,000 | 88,575 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 157,914 | 2,662,141 | ||||||
Vanguard International Semiconductor Corp. | 14,000 | 51,574 | ||||||
Walsin Technology Corp.† | 3,000 | 20,472 | ||||||
WPG Holdings, Ltd. | 20,000 | 29,927 | ||||||
3,996,112 | ||||||||
Thailand — 0.2% | ||||||||
Advanced Info Service PCL | 21,200 | 124,046 | ||||||
Airports of Thailand PCL | 62,900 | 133,078 | ||||||
Bumrungrad Hospital PCL | 6,300 | 25,929 | ||||||
Home Product Center PCL | 79,000 | 38,390 | ||||||
Intouch Holdings PCL | 33,600 | 61,646 | ||||||
PTT Exploration & Production PCL | 18,700 | 59,809 | ||||||
Siam Cement PCL | 10,200 | 126,109 | ||||||
569,007 | ||||||||
Turkey — 0.1% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 4,990 | 11,033 | ||||||
BIM Birlesik Magazalar AS | 7,564 | 67,708 |
62 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Turkey (continued) | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 29,009 | $ | 40,806 | |||||
Ford Otomotiv Sanayi AS | 1,488 | 20,512 | ||||||
Haci Omer Sabanci Holding AS | 14,730 | 18,158 | ||||||
Turkcell Iletisim Hizmetleri AS | 18,203 | 34,451 | ||||||
Turkiye Is Bankasi, Class C† | 24,806 | 20,651 | ||||||
213,319 | ||||||||
United Arab Emirates — 0.1% | ||||||||
Aldar Properties PJSC | 57,229 | 47,364 | ||||||
Dubai Islamic Bank PJSC | 27,098 | 33,051 | ||||||
Emirates Telecommunications Group Co. PJSC | 28,152 | 132,745 | ||||||
213,160 | ||||||||
United Kingdom — 4.5% | ||||||||
Admiral Group PLC | 4,295 | 163,588 | ||||||
Anglo American PLC | 18,351 | 541,525 | ||||||
Auto Trader Group PLC* | 15,364 | 114,825 | ||||||
Barratt Developments PLC† | 20,465 | 169,154 | ||||||
Berkeley Group Holdings PLC | 2,207 | 136,050 | ||||||
BHP Group PLC | 34,851 | 789,197 | ||||||
British American Tobacco PLC | 28,316 | 996,398 | ||||||
British Land Co. PLC | 15,015 | 94,421 | ||||||
BT Group PLC | 168,312 | 262,082 | ||||||
Burberry Group PLC | 6,962 | 160,475 | ||||||
Croda International PLC | 947 | 75,194 | ||||||
Direct Line Insurance Group PLC | 22,118 | 87,221 | ||||||
Evraz PLC | 10,678 | 54,991 | ||||||
GlaxoSmithKline PLC | 76,170 | 1,391,181 | ||||||
Hargreaves Lansdown PLC | 6,214 | 118,464 | ||||||
Hikma Pharmaceuticals PLC | 1,129 | 39,254 | ||||||
Imperial Brands PLC | 20,373 | 369,651 | ||||||
Intertek Group PLC | 2,547 | 187,501 | ||||||
ITV PLC† | 75,061 | 94,144 | ||||||
J Sainsbury PLC# | 13,201 | 37,151 | ||||||
Kingfisher PLC† | 30,609 | 111,646 | ||||||
Land Securities Group PLC# | 10,019 | 87,835 | ||||||
M&G PLC | 38,258 | 95,632 | ||||||
Mondi PLC | 7,657 | 169,248 | ||||||
Next PLC | 2,711 | 236,800 | ||||||
Persimmon PLC | 6,585 | 233,165 | ||||||
Prudential PLC | 18,911 | 294,845 | ||||||
RELX PLC | 34,225 | 797,333 | ||||||
Rio Tinto PLC | 22,336 | 1,439,432 | ||||||
Royal Dutch Shell PLC, Class A | 54,013 | 915,359 | ||||||
Smith & Nephew PLC | 9,544 | 184,619 | ||||||
Taylor Wimpey PLC† | 68,286 | 140,149 | ||||||
Unilever PLC | 18,527 | 1,129,004 | ||||||
Unilever PLC | 21,736 | 1,317,651 | ||||||
WM Morrison Supermarkets PLC | 16,933 | 40,600 | ||||||
13,075,785 | ||||||||
United States — 32.7% | ||||||||
3M Co. | 3,963 | 684,529 | ||||||
A.O. Smith Corp. | 692 | 38,967 | ||||||
AbbVie, Inc. | 16,947 | 1,772,317 | ||||||
ABIOMED, Inc.† | 99 | 27,136 | ||||||
Adobe, Inc.† | 3,767 | 1,802,396 | ||||||
Air Products & Chemicals, Inc. | 2,974 | 833,136 | ||||||
Alexion Pharmaceuticals, Inc.† | 1,684 | 205,633 | ||||||
Alphabet, Inc., Class A† | 496 | 870,182 | ||||||
Alphabet, Inc., Class C† | 496 | 873,327 | ||||||
Altria Group, Inc. | 38,851 | 1,547,435 | ||||||
American Tower Corp. | 6,045 | 1,397,604 | ||||||
Amgen, Inc. | 6,740 | 1,496,550 | ||||||
Apollo Global Management, Inc.# | 990 | 43,184 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Apple, Inc. | 19,724 | $ | 2,348,142 | |||||
Applied Materials, Inc. | 14,964 | 1,234,231 | ||||||
Arista Networks, Inc.† | 297 | 80,398 | ||||||
AT&T, Inc. | 53,122 | 1,527,257 | ||||||
Best Buy Co., Inc. | 3,864 | 420,403 | ||||||
Biogen, Inc.† | 3,767 | 904,720 | ||||||
Booking Holdings, Inc.† | 296 | 600,421 | ||||||
BorgWarner, Inc. | 2,476 | 96,193 | ||||||
Bristol-Myers Squibb Co. | 24,379 | 1,521,250 | ||||||
Broadridge Financial Solutions, Inc. | 1,685 | 247,493 | ||||||
C.H. Robinson Worldwide, Inc. | 2,181 | 204,949 | ||||||
Cabot Oil & Gas Corp. | 6,144 | 107,643 | ||||||
Cadence Design Systems, Inc.† | 3,765 | 437,870 | ||||||
Campbell Soup Co. | 2,575 | 128,802 | ||||||
Cardinal Health, Inc. | 2,476 | 135,165 | ||||||
Carrier Global Corp. | 7,334 | 279,205 | ||||||
Celanese Corp. | 1,586 | 205,117 | ||||||
Cerner Corp. | 2,180 | 163,151 | ||||||
Charles Schwab Corp. | 2,063 | 100,633 | ||||||
Church & Dwight Co., Inc. | 2,873 | 252,163 | ||||||
Cisco Systems, Inc. | 34,490 | 1,483,760 | ||||||
Citrix Systems, Inc. | 1,982 | 245,609 | ||||||
Clorox Co. | 2,478 | 502,935 | ||||||
Cognizant Technology Solutions Corp., Class A | 7,928 | 619,415 | ||||||
Colgate-Palmolive Co. | 6,837 | 585,521 | ||||||
Copart, Inc.† | 3,469 | 400,496 | ||||||
Cummins, Inc. | 2,478 | 572,839 | ||||||
D.R. Horton, Inc. | 4,260 | 317,370 | ||||||
Dollar General Corp. | 3,864 | 844,593 | ||||||
Domino’s Pizza, Inc. | 199 | 78,121 | ||||||
eBay, Inc. | 5,945 | 299,806 | ||||||
Electronic Arts, Inc. | 2,181 | 278,623 | ||||||
Eli Lilly & Co. | 9,812 | 1,429,118 | ||||||
Equity LifeStyle Properties, Inc. | 2,080 | 121,867 | ||||||
Erie Indemnity Co., Class A | 397 | 89,567 | ||||||
Estee Lauder Cos., Inc., Class A | 3,470 | 851,260 | ||||||
Expeditors International of Washington, Inc. | 2,676 | 239,154 | ||||||
Extra Space Storage, Inc. | 1,685 | 189,950 | ||||||
F5 Networks, Inc.† | 990 | 161,182 | ||||||
Facebook, Inc., Class A† | 7,136 | 1,976,458 | ||||||
FactSet Research Systems, Inc. | 396 | 132,169 | ||||||
Fastenal Co. | 9,810 | 485,104 | ||||||
Fox Corp., Class A | 4,558 | 131,453 | ||||||
Fox Corp., Class B | 2,080 | 59,030 | ||||||
General Mills, Inc. | 9,613 | 584,663 | ||||||
Gilead Sciences, Inc. | 21,258 | 1,289,723 | ||||||
Hershey Co. | 2,774 | 410,247 | ||||||
HollyFrontier Corp. | 2,279 | 53,306 | ||||||
Hormel Foods Corp.# | 5,053 | 238,401 | ||||||
Host Hotels & Resorts, Inc. | 5,351 | 75,075 | ||||||
HP, Inc. | 10,803 | 236,910 | ||||||
IDEXX Laboratories, Inc.† | 992 | 457,292 | ||||||
Illinois Tool Works, Inc. | 4,560 | 962,570 | ||||||
Ingredion, Inc. | 890 | 68,664 | ||||||
Intel Corp. | 25,570 | 1,236,309 | ||||||
International Business Machines Corp. | 12,784 | 1,579,080 | ||||||
Intuit, Inc. | 4,659 | 1,640,061 | ||||||
J.M. Smucker Co. | 792 | 92,822 | ||||||
Jack Henry & Associates, Inc. | 990 | 159,251 | ||||||
JB Hunt Transport Services, Inc. | 1,188 | 160,713 | ||||||
Johnson & Johnson | 10,407 | 1,505,685 | ||||||
Kellogg Co. | 3,468 | 221,640 | ||||||
Kimberly-Clark Corp. | 5,253 | 731,795 | ||||||
KLA Corp. | 2,378 | 599,185 | ||||||
Kroger Co. | 12,090 | 398,970 |
63 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) | ||||||||
Lam Research Corp. | 2,280 | $ | 1,032,065 | |||||
Lamb Weston Holdings, Inc. | 1,585 | 114,722 | ||||||
Lockheed Martin Corp. | 4,164 | 1,519,860 | ||||||
Lowe’s Cos., Inc. | 11,596 | 1,806,889 | ||||||
Lululemon Athletica, Inc.† | 1,785 | 660,843 | ||||||
MarketAxess Holdings, Inc. | 496 | 267,433 | ||||||
Masimo Corp.† | 198 | 50,389 | ||||||
Mastercard, Inc., Class A | 5,253 | 1,767,687 | ||||||
Match Group, Inc.† | 517 | 71,972 | ||||||
Maxim Integrated Products, Inc. | 4,458 | 370,192 | ||||||
Merck & Co., Inc. | 19,821 | 1,593,410 | ||||||
Mettler-Toledo International, Inc.† | 198 | 227,708 | ||||||
Microsoft Corp. | 8,326 | 1,782,347 | ||||||
Monster Beverage Corp.† | 5,549 | 470,444 | ||||||
Moody’s Corp. | 2,477 | 699,356 | ||||||
NetApp, Inc. | 3,467 | 184,826 | ||||||
NIKE, Inc., Class B | 16,948 | 2,282,896 | ||||||
Nucor Corp. | 3,864 | 207,497 | ||||||
NVIDIA Corp. | 4,361 | 2,337,758 | ||||||
NVR, Inc.† | 39 | 155,890 | ||||||
O’Reilly Automotive, Inc.† | 1,190 | 526,504 | ||||||
Old Dominion Freight Line, Inc. | 1,536 | 312,361 | ||||||
Omnicom Group, Inc. | 3,270 | 206,010 | ||||||
Oracle Corp. | 16,749 | 966,752 | ||||||
PACCAR, Inc. | 4,657 | 405,438 | ||||||
Packaging Corp. of America | 1,288 | 167,440 | ||||||
Paychex, Inc. | 4,855 | 452,243 | ||||||
PepsiCo, Inc. | 11,595 | 1,672,347 | ||||||
Pfizer, Inc. | 40,833 | 1,564,312 | ||||||
Philip Morris International, Inc. | 22,397 | 1,696,573 | ||||||
PPL Corp. | 8,721 | 247,851 | ||||||
Procter & Gamble Co. | 13,577 | 1,885,438 | ||||||
Progressive Corp. | 4,459 | 388,423 | ||||||
Public Storage | 3,272 | 734,433 | ||||||
PulteGroup, Inc. | 3,764 | 164,223 | ||||||
QUALCOMM, Inc. | 9,812 | 1,444,032 | ||||||
Ralph Lauren Corp. | 594 | 50,936 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,289 | 665,163 | ||||||
Robert Half International, Inc. | 2,081 | 133,559 | ||||||
Rockwell Automation, Inc. | 1,586 | 405,318 | ||||||
Rollins, Inc. | 2,180 | 124,652 | ||||||
Ross Stores, Inc. | 6,143 | 660,495 | ||||||
S&P Global, Inc. | 4,461 | 1,569,291 | ||||||
SEI Investments Co. | 692 | 36,503 | ||||||
Simon Property Group, Inc. | 5,847 | 482,787 | ||||||
Skyworks Solutions, Inc. | 3,270 | 461,626 | ||||||
Snap-on, Inc. | 692 | 121,688 | ||||||
Steel Dynamics, Inc. | 2,873 | 104,031 | ||||||
T. Rowe Price Group, Inc. | 2,675 | 383,622 | ||||||
Take-Two Interactive Software, Inc.† | 793 | 143,144 | ||||||
Target Corp. | 8,524 | 1,530,314 | ||||||
Teradyne, Inc. | 1,090 | 120,271 | ||||||
Texas Instruments, Inc. | 13,677 | 2,205,416 | ||||||
Tractor Supply Co. | 1,783 | 251,064 | ||||||
Tyson Foods, Inc., Class A | 4,359 | 284,207 | ||||||
United Parcel Service, Inc., Class B | 11,100 | 1,898,877 | ||||||
Veeva Systems, Inc., Class A† | 991 | 274,378 | ||||||
Verizon Communications, Inc. | 28,146 | 1,700,300 | ||||||
Vertex Pharmaceuticals, Inc.† | 1,982 | 451,401 | ||||||
VF Corp. | 4,757 | 396,734 | ||||||
ViacomCBS, Inc., Class B | 7,334 | 258,744 | ||||||
Viatris, Inc.† | 5,066 | 85,210 | ||||||
Walgreens Boots Alliance, Inc. | 11,794 | 448,290 | ||||||
Walmart, Inc. | 10,208 | 1,559,680 | ||||||
West Pharmaceutical Services, Inc. | 396 | 108,963 |
Security Description | Shares/ Principal Amount(3) | Value (Note 2) | ||||||
United States (continued) | ||||||||
Western Union Co. | 4,658 | $ | 105,084 | |||||
Whirlpool Corp. | 297 | 57,799 | ||||||
WW Grainger, Inc. | 695 | 290,719 | ||||||
Xilinx, Inc. | 3,170 | 461,393 | ||||||
Zoom Video Communications, Inc., Class A† | 695 | 332,460 | ||||||
95,988,047 | ||||||||
Total Common Stocks | ||||||||
(cost $160,812,584) |
| 178,295,372 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 20.2% | ||||||||
Argentina — 0.6% | ||||||||
Republic of Argentina | ARS | 5,793,600 | 49,407 | |||||
Republic of Argentina | ARS | 66,178,289 | 529,854 | |||||
Republic of Argentina | ARS | 698,400 | 5,263 | |||||
Republic of Argentina | ARS | 37,208,148 | 279,631 | |||||
Republic of Argentina | ARS | 37,208,149 | 255,973 | |||||
Republic of Argentina | ARS | 79,847,000 | 190,713 | |||||
Republic of Argentina | ARS | 43,574,000 | 140,722 | |||||
Republic of Argentina | ARS | 40,723,000 | 222,616 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 18,274 | |||||
1,692,453 | ||||||||
Brazil — 1.0% | ||||||||
Federative Republic of Brazil | BRL | 10,820,000 | 1,991,480 | |||||
Federative Republic of Brazil | BRL | 5,356,000 | 1,046,731 | |||||
3,038,211 | ||||||||
Colombia — 0.7% | ||||||||
Republic of Colombia | COP | 64,000,000 | 18,152 | |||||
Republic of Colombia | COP | 2,472,300,000 | 731,717 | |||||
Republic of Colombia | COP | 2,400,700,000 | 771,975 | |||||
Republic of Colombia | COP | 329,000,000 | 93,026 |
64 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Colombia (continued) | ||||||||
Republic of Colombia | COP | 1,269,000,000 | $ | 429,480 | ||||
2,044,350 | ||||||||
Ghana — 0.6% | ||||||||
Republic of Ghana | GHS | 1,400,000 | 237,881 | |||||
Republic of Ghana | GHS | 4,210,000 | 672,515 | |||||
Republic of Ghana | GHS | 1,400,000 | 237,465 | |||||
Republic of Ghana | GHS | 4,210,000 | 652,372 | |||||
Republic of Ghana | GHS | 50,000 | 8,735 | |||||
Republic of Ghana | GHS | 50,000 | 8,645 | |||||
Republic of Ghana | GHS | 50,000 | 8,768 | |||||
1,826,381 | ||||||||
India — 1.2% | ||||||||
Republic of India | INR | 118,010,000 | 1,690,723 | |||||
Republic of India | INR | 40,000,000 | 570,647 | |||||
Republic of India | INR | 96,000,000 | 1,385,758 | |||||
3,647,128 | ||||||||
Indonesia — 2.0% | ||||||||
Republic of Indonesia | IDR | 5,689,000,000 | 414,233 | |||||
Republic of Indonesia | IDR | 3,435,000,000 | 254,209 | |||||
Republic of Indonesia | IDR | 4,525,000,000 | 331,383 | |||||
Republic of Indonesia | IDR | 45,950,000,000 | 3,591,032 | |||||
Republic of Indonesia | IDR | 116,000,000 | 8,995 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 528,058 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 872,410 | |||||
6,000,320 | ||||||||
Security Description | Principal | Value (Note 2) | ||||||
Mexico — 4.4% | ||||||||
United Mexican States | MXN | 2,759,607 | $ | 136,418 | ||||
United Mexican States | MXN | 20,960,000 | 1,046,981 | |||||
United Mexican States | MXN | 78,664,000 | 4,011,308 | |||||
United Mexican States | MXN | 10,255,000 | 531,995 | |||||
United Mexican States | MXN | 89,440,000 | 4,550,895 | |||||
United Mexican States | MXN | 38,822,000 | 2,101,472 | |||||
United Mexican States | MXN | 6,840,000 | 402,205 | |||||
12,781,274 | ||||||||
Norway — 2.0% | ||||||||
Kingdom of Norway | NOK | 2,523,000 | 297,381 | |||||
Kingdom of Norway | NOK | 4,250,000 | 503,451 | |||||
Kingdom of Norway | NOK | 14,941,000 | 1,750,528 | |||||
Kingdom of Norway | NOK | 12,599,000 | 1,538,251 | |||||
Kingdom of Norway | NOK | 15,973,000 | 1,826,516 | |||||
5,916,127 | ||||||||
South Korea — 7.6% | ||||||||
Republic of South Korea | KRW | 176,000,000 | 159,559 | |||||
Republic of South Korea | KRW | 1,470,700,000 | 1,336,996 | |||||
Republic of South Korea | KRW | 2,374,500,000 | 2,158,387 | |||||
Republic of South Korea | KRW | 9,776,590,000 | 8,622,755 | |||||
Republic of South Korea | KRW | 257,000,000 | 235,550 | |||||
Republic of South Korea | KRW | 2,889,000,000 | 2,674,970 | |||||
Republic of South Korea | KRW | 321,000,000 | 294,065 |
65 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares/ | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Korea (continued) | ||||||||
Republic of South Korea | KRW | 742,000,000 | $ | 693,336 | ||||
Republic of South Korea | KRW | 4,490,000,000 | 4,292,144 | |||||
Republic of South Korea | KRW | 579,100,000 | 557,622 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,289,702 | |||||
22,315,086 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $70,172,875) | 59,261,330 | |||||||
U.S. GOVERNMENT TREASURIES — 0.6% | ||||||||
United States Treasury Notes | ||||||||
1.63% due 10/31/2026 | 1,210,000 | 1,290,541 | ||||||
2.13% due 05/31/2026 | 550,000 | 600,746 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $1,831,829) | 1,891,287 | |||||||
RIGHTS — 0.0% | ||||||||
Hong Kong — 0.0% | ||||||||
Sino-Ocean Group Holding, Ltd. | HKD | 180 | 0 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $232,817,288) | 239,447,989 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 17.3% | ||||||||
Foreign Government Obligations — 10.5% | ||||||||
Republic of Argentina(6) | ||||||||
due 12/04/2020(1)(2) | ARS | 14,646,900 | 116,285 | |||||
due 02/26/2021(1)(2) | ARS | 2,773,700 | 20,013 | |||||
due 04/17/2021(1)(2) | ARS | 14,696,800 | 118,164 | |||||
254,462 | ||||||||
Government of Japan | ||||||||
(0.09)%-(0.10)% due 01/18/2021 | JPY | 196,000,000 | 1,877,654 | |||||
(0.11)% due 05/25/2021 | JPY | 654,600,000 | 6,273,412 | |||||
(0.12)%-(0.14)% due 12/14/2020 | JPY | 87,150,000 | 834,803 | |||||
(0.12)% due 02/25/2021 | JPY | 13,400,000 | 128,382 | |||||
(0.13)% due 02/10/2021 | JPY | 655,950,000 | 6,284,261 | |||||
(0.13)% due 04/12/2021 | JPY | 317,300,000 | 3,040,391 | |||||
(0.14)% due 01/12/2021 | JPY | 303,700,000 | 2,909,360 | |||||
(0.14)%-(0.17)% due 03/10/2021 | JPY | 702,300,000 | 6,728,781 | |||||
(0.17)% due 03/25/2021 | JPY | 33,500,000 | 320,980 | |||||
(0.19)% due 01/12/2021 | JPY | 91,800,000 | 879,418 | |||||
29,277,442 | ||||||||
United Mexican States | ||||||||
4.16%-4.42% due 03/25/2021 | MXN | 163,391,000 | 797,420 | |||||
4.21% due 04/08/2021 | MXN | 2,542,800 | 123,893 | |||||
4.38%-4.48% due 02/25/2021 | MXN | 39,068,000 | 191,306 | |||||
4.44% due 12/17/2020 | MXN | 30,110,000 | 148,677 | |||||
1,261,296 | ||||||||
30,793,200 | ||||||||
Registered Investment Companies — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 197,938 | 197,938 | ||||||
Security Description | Principal | Value (Note 2) | ||||||
U.S. Government Agencies — 3.5% | ||||||||
Federal Home Loan Bank | $ | 10,165,000 | $ | 10,165,000 | ||||
U.S. Government Treasuries — 3.2% | ||||||||
United States Treasury Bills | ||||||||
0.09% due 01/07/2021 | 6,875,000 | 6,874,417 | ||||||
0.09% due 01/12/2021 | 2,700,000 | 2,699,748 | ||||||
9,574,165 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $50,311,923) | 50,730,303 | |||||||
REPURCHASE AGREEMENTS — 0.5% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $149,000 and collateralized by $152,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $151,999 | 149,000 | 149,000 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $1,231,000 and collateralized by $1,260,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $1,255,631 | 1,231,000 | 1,231,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $1,380,000) | 1,380,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $284,509,211)(7) | 99.3 | % | 291,558,292 | |||||
Other assets less liabilities | 0.7 | 2,200,587 | ||||||
NET ASSETS | 100.0 | % | $ | 293,758,879 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $6,625,689 representing 2.3% of net assets. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities: |
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | |||||||||||||||||||||||||||||
Foreign Government Obligations | |||||||||||||||||||||||||||||||||||
Republic of Argentina | | 10/28/2020 - 11/12/2020 | ARS | 5,793,600 | $ | 45,744 | $ | 49,407 | $ | 0.01 | 0.02 | % |
66 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | |||||||||||||||||||||||||||||
Republic of Argentina 1.20% due 03/18/2022 | | 03/19/2020 - 11/05/2020 | ARS | 66,178,289 | $ | 1,084,926 | $ | 529,854 | $ | 0.01 | 0.18 | % | |||||||||||||||||||||||
Republic of Argentina 1.30% due 09/20/2022 | | 10/29/2020 - 11/03/2020 | ARS | 698,400 | 4,530 | 5,263 | 0.01 | 0.00 | |||||||||||||||||||||||||||
Republic of Argentina 1.40% due 03/25/2023 | | 03/26/2020 - 04/24/2020 | ARS | 37,208,148 | 684,556 | 279,631 | 0.01 | 0.10 | |||||||||||||||||||||||||||
Republic of Argentina 1.50% due 03/25/2024 | | 03/26/2020 - 04/24/2020 | ARS | 37,208,149 | 684,556 | 255,973 | 0.01 | 0.09 | |||||||||||||||||||||||||||
Republic of Argentina 15.50% due 10/17/2026 | | 10/17/2016 - 05/17/2018 | ARS | 79,847,000 | 4,460,922 | 190,713 | 0.00 | 0.06 | |||||||||||||||||||||||||||
Republic of Argentina 16.00% due 10/17/2023 | | 10/17/2016 - 05/17/2018 | ARS | 43,574,000 | 2,079,973 | 140,722 | 0.00 | 0.05 | |||||||||||||||||||||||||||
Republic of Argentina 18.20% due 10/03/2021 | | 10/03/2016 - 08/01/2018 | ARS | 40,723,000 | 2,672,053 | 222,616 | 0.01 | 0.08 | |||||||||||||||||||||||||||
Republic of Argentina 33.87% (BADLARPP | 04/03/2017 | ARS | 2,800,000 | 186,226 | 18,274 | 0.01 | 0.01 | ||||||||||||||||||||||||||||
Republic of Argentina discount note due 12/04/2020 | | 04/03/2020 - 10/30/2020 | ARS | 14,646,900 | 163,659 | 116,284 | 0.01 | 0.04 | |||||||||||||||||||||||||||
Republic of Argentina discount note due 02/26/2021 | | 10/29/2020 - 11/12/2020 | ARS | 2,773,700 | 18,745 | 20,013 | 0.01 | 0.01 | |||||||||||||||||||||||||||
Republic of Argentina discount note due 04/17/2021 | | 05/07/2020 - 11/03/2020 | ARS | 14,696,800 | 133,027 | 118,164 | 0.01 | 0.04 | |||||||||||||||||||||||||||
$ | 1,946,914 | 0.68 | % | ||||||||||||||||||||||||||||||||
(2) | Principal amount of security is adjusted for inflation. |
(3) | Denominated in United States Dollars unless otherwise indicated. |
(4) | At November 30, 2020, the Fund had loaned securities with a total value of $2,367,970. This was secured by collateral of $197,938, which was received in cash and subsequently |
invested in short-term investments currently valued at $197,938 as reported in the Portfolio of Investments. Additional collateral of $2,412,184 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $68,051 | |||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 182,745 | |||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 6,263 | |||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 121,971 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 02/15/2050 | 2,033,154 |
(5) | The rate shown is the 7-day yield as of November 30, 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
HKD—Hong Kong Dollar
IDR—Indonesian Rupiah
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican | Peso |
NOK—Norwegian | Krone |
FRS— | Floating Rate Security |
The rates shown on the FRS are the current interest rates at November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
BADLARPP— Argentina Deposit Rates Badlar 30-35 days
Forward Foreign Currency Contracts | ||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||
Bank of America, N.A. | EUR | 454,552 | USD | 537,058 | 04/16/2021 | $ | – | $ | (7,017 | ) | ||||||||||||||
EUR | 36,820 | USD | 43,701 | 04/29/2021 | – | (384 | ) | |||||||||||||||||
EUR | 431,144 | USD | 515,269 | 05/27/2021 | – | (1,266 | ) | |||||||||||||||||
– | (8,667 | ) | ||||||||||||||||||||||
BNP Paribas SA | EUR | 118,000 | USD | 140,041 | 02/26/2021 | – | (1,043 | ) | ||||||||||||||||
Citibank N.A. | AUD | 5,644,750 | JPY | 431,793,457 | 03/10/2021 | – | (4,144 | ) | ||||||||||||||||
AUD | 3,160,000 | JPY | 234,650,540 | 04/19/2021 | – | (69,472 | ) | |||||||||||||||||
BRL | 4,622,695 | USD | 841,041 | 12/02/2020 | – | (21,821 | ) | |||||||||||||||||
BRL | 4,999,700 | USD | 862,940 | 01/04/2021 | – | (69,918 | ) | |||||||||||||||||
BRL | 4,622,695 | USD | 856,308 | 02/02/2021 | – | (5,588 | ) | |||||||||||||||||
EUR | 900,000 | USD | 1,014,516 | 01/04/2021 | – | (60,282 | ) | |||||||||||||||||
EUR | 89,576 | USD | 106,080 | 04/15/2021 | – | (1,135 | ) | |||||||||||||||||
EUR | 955,070 | CHF | 1,020,000 | 04/19/2021 | – | (15,796 | ) | |||||||||||||||||
EUR | 910,000 | USD | 1,068,622 | 04/19/2021 | – | (20,674 | ) | |||||||||||||||||
JPY | 57,130,000 | USD | 551,129 | 04/19/2021 | 2,726 | – | ||||||||||||||||||
KRW | 538,612,000 | USD | 449,218 | 01/19/2021 | – | (37,410 | ) | |||||||||||||||||
KRW | 1,049,895,196 | USD | 872,368 | 01/29/2021 | – | (76,181 | ) | |||||||||||||||||
KRW | 1,245,000,000 | USD | 1,123,900 | 02/23/2021 | – | (838 | ) | |||||||||||||||||
KRW | 4,014,104,804 | USD | 3,558,121 | 02/26/2021 | – | (68,200 | ) | |||||||||||||||||
KRW | 524,000,000 | USD | 443,880 | 03/22/2021 | – | (29,493 | ) | |||||||||||||||||
KRW | 1,051,000,000 | USD | 942,221 | 05/17/2021 | – | (7,235 | ) |
67 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||
MXN | 15,565,000 | USD | 720,168 | 01/13/2021 | $ | – | $ | (46,636 | ) | |||||||||||||||
MXN | 22,911,000 | USD | 1,058,147 | 01/15/2021 | – | (70,303 | ) | |||||||||||||||||
MXN | 18,134,000 | USD | 859,403 | 01/27/2021 | – | (32,561 | ) | |||||||||||||||||
MXN | 30,327,000 | USD | 1,432,864 | 01/28/2021 | – | (58,674 | ) | |||||||||||||||||
MXN | 16,943,000 | USD | 774,732 | 03/08/2021 | – | (55,049 | ) | |||||||||||||||||
MXN | 20,773,000 | USD | 922,433 | 03/11/2021 | – | (94,581 | ) | |||||||||||||||||
MXN | 20,978,000 | USD | 965,314 | 03/16/2021 | – | (61,164 | ) | |||||||||||||||||
USD | 857,643 | BRL | 4,622,695 | 12/02/2020 | 5,219 | – | ||||||||||||||||||
USD | 2,620,644 | JPY | 275,110,000 | 04/19/2021 | 20,191 | – | ||||||||||||||||||
28,136 | (907,155 | ) | ||||||||||||||||||||||
Deutsche Bank AG | EUR | 1,382,342 | SEK | 14,293,534 | 12/14/2020 | 17,403 | – | |||||||||||||||||
EUR | 480,683 | SEK | 5,000,117 | 12/15/2020 | 9,525 | – | ||||||||||||||||||
EUR | 540,927 | USD | 638,781 | 01/15/2021 | – | (7,365 | ) | |||||||||||||||||
EUR | 924,401 | NOK | 10,160,000 | 01/19/2021 | 38,065 | – | ||||||||||||||||||
EUR | 517,132 | SEK | 5,360,100 | 01/19/2021 | 7,852 | – | ||||||||||||||||||
EUR | 1,192,051 | SEK | 12,146,883 | 02/16/2021 | – | (6,667 | ) | |||||||||||||||||
EUR | 411,628 | SEK | 4,280,150 | 03/15/2021 | 7,556 | – | ||||||||||||||||||
EUR | 60,000 | USD | 71,050 | 04/08/2021 | – | (754 | ) | |||||||||||||||||
EUR | 483,005 | SEK | 5,000,117 | 04/15/2021 | 6,050 | – | ||||||||||||||||||
EUR | 516,616 | SEK | 5,360,100 | 04/16/2021 | 7,870 | – | ||||||||||||||||||
EUR | 594,577 | SEK | 6,180,000 | 04/19/2021 | 10,320 | – | ||||||||||||||||||
EUR | 201,877 | USD | 240,298 | 04/27/2021 | – | (1,398 | ) | |||||||||||||||||
EUR | 154,729 | USD | 183,795 | 04/29/2021 | – | (1,462 | ) | |||||||||||||||||
EUR | 1,857,096 | USD | 2,214,178 | 05/27/2021 | – | (10,730 | ) | |||||||||||||||||
KRW | 920,000,000 | USD | 767,370 | 01/13/2021 | – | (63,843 | ) | |||||||||||||||||
KRW | 920,000,000 | USD | 768,139 | 02/04/2021 | – | (63,043 | ) | |||||||||||||||||
104,641 | (155,262 | ) | ||||||||||||||||||||||
Goldman Sachs International | EUR | 1,333,816 | CHF | 1,441,755 | 12/14/2020 | – | (4,372 | ) | ||||||||||||||||
EUR | 328,288 | CHF | 352,526 | 01/14/2021 | – | (3,549 | ) | |||||||||||||||||
EUR | 535,563 | CHF | 576,705 | 02/12/2021 | – | (3,906 | ) | |||||||||||||||||
EUR | 535,520 | CHF | 576,701 | 03/15/2021 | – | (3,726 | ) | |||||||||||||||||
EUR | 327,785 | CHF | 352,528 | 04/13/2021 | – | (2,719 | ) | |||||||||||||||||
– | (18,272 | ) | ||||||||||||||||||||||
HSBC Bank PLC | AUD | 1,725,000 | JPY | 133,423,575 | 12/14/2020 | 11,886 | – | |||||||||||||||||
AUD | 1,307,504 | JPY | 100,715,725 | 03/11/2021 | 5,750 | – | ||||||||||||||||||
AUD | 3,040,000 | JPY | 233,669,600 | 03/16/2021 | 8,676 | – | ||||||||||||||||||
AUD | 880,000 | JPY | 67,576,080 | 03/17/2021 | 1,892 | – | ||||||||||||||||||
AUD | 1,307,496 | JPY | 98,987,253 | 04/13/2021 | – | (10,579 | ) | |||||||||||||||||
BRL | 2,763,195 | USD | 502,244 | 12/02/2020 | – | (13,528 | ) | |||||||||||||||||
BRL | 2,763,195 | USD | 511,883 | 02/02/2021 | – | (3,312 | ) | |||||||||||||||||
EUR | 1,018,902 | JPY | 125,570,445 | 01/25/2021 | – | (13,278 | ) | |||||||||||||||||
EUR | 1,065,851 | JPY | 133,805,358 | 02/24/2021 | 9,210 | – | ||||||||||||||||||
EUR | 2,084,789 | JPY | 258,535,581 | 02/25/2021 | – | (12,569 | ) | |||||||||||||||||
EUR | 1,065,913 | JPY | 131,111,583 | 03/25/2021 | – | (17,060 | ) | |||||||||||||||||
EUR | 517,579 | USD | 610,855 | 04/13/2021 | – | (8,618 | ) | |||||||||||||||||
KRW | 1,103,729,587 | USD | 915,730 | 01/19/2021 | – | (81,472 | ) | |||||||||||||||||
KRW | 3,988,829,320 | USD | 3,517,641 | 01/29/2021 | – | (86,148 | ) | |||||||||||||||||
KRW | 3,173,000,000 | USD | 2,809,755 | 02/10/2021 | – | (56,865 | ) | |||||||||||||||||
KRW | 6,315,000,000 | USD | 5,513,245 | 04/20/2021 | – | (191,620 | ) | |||||||||||||||||
MXN | 60,330,000 | USD | 2,777,496 | 01/07/2021 | – | (196,646 | ) | |||||||||||||||||
MXN | 80,900,000 | USD | 3,869,554 | 02/10/2021 | – | (103,633 | ) | |||||||||||||||||
USD | 512,652 | BRL | 2,763,195 | 12/02/2020 | 3,120 | – | ||||||||||||||||||
40,534 | (795,328 | ) | ||||||||||||||||||||||
JPMorgan Chase Bank N.A | AUD | 937,467 | JPY | 72,766,618 | 12/14/2020 | 8,916 | – | |||||||||||||||||
AUD | 365,822 | JPY | 27,896,858 | 01/13/2021 | – | (1,191 | ) | |||||||||||||||||
AUD | 4,773,844 | JPY | 363,682,405 | 02/22/2021 | – | (18,210 | ) | |||||||||||||||||
AUD | 454,406 | JPY | 34,441,258 | 02/25/2021 | – | (3,420 | ) | |||||||||||||||||
AUD | 1,763,000 | USD | 1,286,759 | 02/26/2021 | – | (8,313 | ) | |||||||||||||||||
AUD | 2,360,889 | JPY | 178,962,143 | 04/13/2021 | – | (16,941 | ) | |||||||||||||||||
AUD | 365,822 | JPY | 27,833,960 | 07/13/2021 | – | (1,416 | ) | |||||||||||||||||
BRL | 3,499,270 | USD | 605,620 | 12/02/2020 | – | (47,546 | ) | |||||||||||||||||
BRL | 3,499,270 | USD | 647,258 | 02/02/2021 | – | (5,177 | ) | |||||||||||||||||
EUR | 500,521 | NOK | 5,358,700 | 12/16/2020 | 5,122 | – | ||||||||||||||||||
EUR | 493,925 | NOK | 5,358,700 | 01/19/2021 | 12,471 | – |
68 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||||||
EUR | 2,120,000 | USD | 2,524,454 | 03/04/2021 | $ | – | $ | (10,610 | ) | |||||||||||||||||||
EUR | 1,023,360 | NOK | 11,353,925 | 03/31/2021 | 52,123 | – | ||||||||||||||||||||||
USD | 648,253 | BRL | 3,499,270 | 12/02/2020 | 4,913 | – | ||||||||||||||||||||||
USD | 1,059,037 | NOK | 9,620,500 | 12/21/2020 | 22,542 | – | ||||||||||||||||||||||
106,087 | (112,824 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 164,504 | 05/27/2021 | – | (828 | ) | ||||||||||||||||||||
Standard Chartered Bank | EUR | 2,642,368 | USD | 3,134,707 | 12/08/2020 | – | (17,673 | ) | ||||||||||||||||||||
INR | 114,436,600 | USD | 1,550,737 | 12/02/2020 | 5,471 | – | ||||||||||||||||||||||
USD | 1,550,667 | INR | 114,436,600 | 12/02/2020 | – | (5,409 | ) | |||||||||||||||||||||
5,471 | (23,082 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 274,152 | CHF | 293,814 | 12/09/2020 | – | (3,690 | ) | ||||||||||||||||||||
EUR | 274,226 | CHF | 293,814 | 01/11/2021 | – | (3,696 | ) | |||||||||||||||||||||
EUR | 204,488 | CHF | 220,358 | 01/13/2021 | – | (1,361 | ) | |||||||||||||||||||||
EUR | 274,287 | CHF | 293,817 | 02/09/2021 | – | (3,706 | ) | |||||||||||||||||||||
EUR | 820,097 | CHF | 881,461 | 02/10/2021 | – | (7,800 | ) | |||||||||||||||||||||
EUR | 176,932 | USD | 210,392 | 03/08/2021 | – | (1,200 | ) | |||||||||||||||||||||
EUR | 408,558 | CHF | 440,716 | 03/10/2021 | – | (2,042 | ) | |||||||||||||||||||||
EUR | 226,932 | USD | 268,284 | 04/09/2021 | – | (3,299 | ) | |||||||||||||||||||||
EUR | 204,635 | CHF | 220,358 | 04/13/2021 | – | (1,392 | ) | |||||||||||||||||||||
– | (28,186 | ) | ||||||||||||||||||||||||||
Unrealized Appreciation (Depreciation) | $ | 284,869 | $ | (2,050,647 | ) | |||||||||||||||||||||||
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 November 30, 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 | $ | 178,295,372 | $ | — | — | 178,295,372 | ||||||||||
Foreign Government Obligations | — | 59,261,330 | — | 59,261,330 | ||||||||||||
U.S. Government Treasuries | — | 1,891,287 | — | 1,891,287 | ||||||||||||
Rights | — | 0 | — | 0 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 197,938 | — | — | 197,938 | ||||||||||||
Other Short-Term Investments | — | 50,532,365 | — | 50,532,365 | ||||||||||||
Repurchase Agreements | — | 1,380,000 | — | 1,380,000 | ||||||||||||
Total Investments at Value | $ | 178,493,310 | $ | 113,064,982 | $ | — | $ | 291,558,292 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 284,869 | $ | — | $ | 284,869 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 2,050,647 | $ | — | $ | 2,050,647 | ||||||||
* | 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
69 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
U.S. Government Treasuries | 51.5 | % | ||
U.S. Government Agencies | 48.5 | |||
Repurchase Agreements | 0.1 | |||
100.1 | % | |||
Credit Quality†#
P-1 | 100.1 | % | ||
* | Calculated as a percentage of net assets |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues |
Weighted Average days to Maturity - 24.5 days
70 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 100.0% |
| |||||||
U.S. Government Agencies — 48.5% |
| |||||||
Federal Farm Credit Bank FRS | $ | 8,000,000 | $ | 8,000,000 | ||||
Federal Home Loan Bank | ||||||||
0.00% due 12/01/2020 | 40,000,000 | 40,000,000 | ||||||
0.07% due 12/14/2020 | 9,500,000 | 9,499,760 | ||||||
0.07% due 01/13/2021 | 11,000,000 | 10,999,080 | ||||||
0.08% due 12/02/2020 | 12,000,000 | 11,999,973 | ||||||
0.08% due 12/09/2020 | 9,000,000 | 8,999,840 | ||||||
0.08% due 12/16/2020 | 11,000,000 | 10,999,633 | ||||||
0.08% due 12/23/2020 | 10,000,000 | 9,999,493 | ||||||
0.08% due 01/20/2021 | 9,000,000 | 8,999,062 | ||||||
0.09% due 12/04/2020 | 11,000,000 | 10,999,918 | ||||||
0.09% due 12/18/2020 | 11,000,000 | 10,999,558 | ||||||
0.09% due 12/30/2020 | 9,000,000 | 8,999,384 | ||||||
0.09% due 01/04/2021 | 8,000,000 | 7,999,358 | ||||||
0.32% due 12/15/2020 | 7,500,000 | 7,499,067 | ||||||
0.35% due 12/24/2020 | 8,500,000 | 8,498,099 | ||||||
0.35% due 12/28/2020 | 8,500,000 | 8,497,769 | ||||||
Federal Home Loan Bank FRS | 6,000,000 | 6,000,000 | ||||||
Federal Home Loan Mtg. Corp. FRS | 5,000,000 | 5,000,000 | ||||||
0.12% (SOFR+0.04%) | 5,000,000 | 5,000,000 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $198,989,994) | 198,989,994 | |||||||
U.S. Government Treasuries — 51.5% |
| |||||||
United States Treasury Bills | ||||||||
0.05% due 01/21/2021 | 11,000,000 | 10,999,252 | ||||||
0.06% due 01/19/2021 | 11,000,000 | 10,999,042 | ||||||
0.06% due 01/26/2021 | 10,000,000 | 9,999,036 | ||||||
0.06% due 01/28/2021 | 11,500,000 | 11,498,981 | ||||||
0.07% due 01/12/2021 | 10,000,000 | 9,999,137 | ||||||
0.07% due 01/14/2021 | 9,000,000 | 8,999,224 | ||||||
0.08% due 12/10/2020 | 10,000,000 | 9,999,795 | ||||||
0.08% due 12/15/2020 | 10,000,000 | 9,999,689 | ||||||
0.08% due 12/17/2020 | 10,000,000 | 9,999,644 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries (continued) |
| |||||||
0.08% due 12/22/2020 | $ | 11,000,000 | $ | 10,999,500 | ||||
0.08% due 12/24/2020 | 11,000,000 | 10,999,438 | ||||||
0.08% due 01/07/2021 | 9,000,000 | 8,999,306 | ||||||
0.08% due 02/04/2021 | 10,000,000 | 9,998,637 | ||||||
0.09% due 12/01/2020 | 12,500,000 | 12,500,000 | ||||||
0.09% due 12/03/2020 | 12,000,000 | 11,999,943 | ||||||
0.09% due 12/08/2020 | 11,000,000 | 10,999,803 | ||||||
0.09% due 12/29/2020 | 10,000,000 | 9,999,336 | ||||||
0.09% due 12/31/2020 | 11,000,000 | 10,999,183 | ||||||
0.09% due 01/05/2021 | 10,000,000 | 9,999,149 | ||||||
United States Treasury Notes | 11,000,000 | 11,023,792 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $211,011,887) | 211,011,887 | |||||||
Total Short-Term Investment Securities — 100.0% | ||||||||
(amortized cost $410,001,881) | 410,001,881 | |||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $378,000 and collateralized by $385,500 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $385,651 | 378,000 | 378,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(amortized cost $410,379,881)(1) | 100.1 | % | 410,379,881 | |||||
Liabilities in excess of other assets | (0.1 | ) | (584,012 | ) | ||||
NET ASSETS | 100.0 | % | $ | 409,795,869 | ||||
(1) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 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 November 30, 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 | $ | — | $ | 410,001,881 | $ | — | $ | 410,001,881 | ||||||||
Repurchase Agreements | — | 378,000 | — | 378,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 410,379,881 | $ | — | $ | 410,379,881 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
71 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 35.2 | % | ||
United States Treasury Notes | 18.7 | |||
United States Treasury Bonds | 12.3 | |||
Federal Home Loan Mtg. Corp. | 11.0 | |||
Diversified Financial Services | 5.9 | |||
Repurchase Agreements | 4.7 | |||
Government National Mtg. Assoc. | 4.5 | |||
Sovereign | 1.7 | |||
Federal Farm Credit Bank | 1.2 | |||
Diversified Banking Institutions | 1.0 | |||
Uniform Mtg. Backed Securities | 0.7 | |||
Banks — Super Regional | 0.6 | |||
Airlines | 0.6 | |||
Telephone — Integrated | 0.4 | |||
Multimedia | 0.3 | |||
Pharmacy Services | 0.3 | |||
Tennessee Valley Authority | 0.3 | |||
Pipelines | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Electric — Integrated | 0.2 | |||
Medical — Biomedical/Gene | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Drugs | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.6 | % | |||
Credit Quality Allocation†#
Aaa | 92.7 | % | ||
A | 2.5 | |||
Baa | 2.0 | |||
Not Rated@ | 2.8 | |||
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. |
72 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.9% |
| |||||||
Diversified Financial Services — 5.9% |
| |||||||
AMSR Trust | $ | 568,738 | $ | 572,421 | ||||
BANK | 500,000 | 534,869 | ||||||
BBCMS Trust | 271,790 | 267,394 | ||||||
Citigroup Commercial Mtg. Trust | 1,250,000 | 1,366,786 | ||||||
COMM Mtg. Trust VRS | 748,038 | 14,447 | ||||||
COMM Mtg. Trust VRS | 600,000 | 582,221 | ||||||
DBUBS Mtg. Trust | 9,282 | 9,290 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 433,800 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,241,561 | ||||||
Progress Residential Trust | 298,068 | 302,286 | ||||||
Sofi Professional Loan Program Trust | 917,409 | 943,545 | ||||||
Tricon American Homes Trust | 528,386 | 528,460 | ||||||
UBS Commercial Mtg. Trust | 1,500,000 | 1,627,094 | ||||||
UBS-BAMLL Trust | 217,000 | 212,795 | ||||||
WF-RBS Commercial Mtg. Trust | 255,456 | 256,249 | ||||||
Total Asset Backed Securities | ||||||||
(cost $8,577,821) | 8,893,218 | |||||||
U.S. CORPORATE BONDS & NOTES — 4.0% |
| |||||||
Airlines — 0.6% |
| |||||||
American Airlines Pass-Through Trust | 614,749 | 593,366 | ||||||
American Airlines Pass-Through Trust | 282,755 | 267,547 | ||||||
860,913 | ||||||||
Banks - Super Regional — 0.6% |
| |||||||
Wells Fargo & Co. | 900,000 | 941,654 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Citigroup, Inc. | $ | 400,000 | $ | 447,152 | ||||
Citigroup, Inc. | 162,000 | 169,694 | ||||||
Morgan Stanley | 319,000 | 321,664 | ||||||
938,510 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 248,621 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 115,348 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 154,984 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 159,049 | ||||||
Medical - Drugs — 0.1% |
| |||||||
AbbVie, Inc. | 126,000 | 130,163 | ||||||
Multimedia — 0.3% |
| |||||||
Walt Disney Co. | 500,000 | 519,961 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 129,294 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 440,000 | 517,009 | ||||||
Pipelines — 0.2% |
| |||||||
Enterprise Products Operating LLC | 127,000 | 143,219 | ||||||
Magellan Midstream Partners LP | 137,000 | 146,992 | ||||||
290,211 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 258,330 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
AT&T, Inc. | 580,000 | 588,826 | ||||||
73 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | $ | 89,000 | $ | 93,344 | ||||
Norfolk Southern Corp. | 19,000 | 22,676 | ||||||
116,020 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $5,668,312) | 5,968,893 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.4% |
| |||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 237,391 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 374,863 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $580,000) | 612,254 | |||||||
U.S. GOVERNMENT AGENCIES — 52.9% |
| |||||||
Federal Farm Credit Bank — 1.2% |
| |||||||
3.33% due 04/28/2037 | 500,000 | 620,332 | ||||||
3.35% due 10/21/2025 | 1,000,000 | 1,138,568 | ||||||
1,758,900 | ||||||||
Federal Home Loan Mtg. Corp. — 11.0% |
| |||||||
2.50% due 05/01/2050 | 789,770 | 830,717 | ||||||
3.50% due 06/01/2033 | 870,669 | 939,838 | ||||||
4.50% due 09/01/2039 | 266,371 | 297,551 | ||||||
4.50% due 11/01/2039 | 143,621 | 160,538 | ||||||
4.50% due 02/01/2040 | 210,584 | 236,177 | ||||||
4.50% due 04/01/2040 | 20,905 | 23,467 | ||||||
4.50% due 06/01/2040 | 33,642 | 37,250 | ||||||
4.50% due 08/01/2040 | 218,462 | 244,292 | ||||||
4.50% due 03/01/2041 | 867,945 | 970,731 | ||||||
4.50% due 04/01/2041 | 109,994 | 123,445 | ||||||
4.50% due 06/01/2041 | 185,049 | 206,972 | ||||||
5.00% due 10/01/2034 | 20,352 | 22,481 | ||||||
5.50% due 12/01/2036 | 9,663 | 10,888 | ||||||
6.00% due 11/01/2033 | 51,159 | 61,390 | ||||||
6.50% due 02/01/2032 | 16,282 | 18,506 | ||||||
8.00% due 02/01/2030 | 139 | 140 | ||||||
8.00% due 08/01/2030 | 114 | 136 | ||||||
8.00% due 06/01/2031 | 860 | 900 | ||||||
Federal Home Loan Mtg. Corp. FRS | 5,209 | 5,295 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 594,902 | 637,424 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | 591,000 | 629,866 | ||||||
Federal Home Loan Mtg. Corp. REMIC |
| |||||||
Series 4594, Class GN | 591,966 | 619,793 | ||||||
Series 3981, Class PA | 145,687 | 150,428 | ||||||
Series 4097, Class YK | 1,750,000 | 1,952,346 | ||||||
Series 4150, Class IG | 2,236,964 | 185,889 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Series 4838, Class CY | $ | 1,000,000 | $ | 1,129,566 | ||||
Series 4365, Class HZ | 846,274 | 905,336 | ||||||
Series 4599, Class PA | 1,039,313 | 1,094,176 | ||||||
Series 4057, Class WY | 1,000,000 | 1,095,544 | ||||||
Series 3813, Class D | 1,000,000 | 1,063,942 | ||||||
Series 3917, Class B | 465,000 | 511,977 | ||||||
Series 3927, Class AY | 1,494,968 | 1,646,205 | ||||||
Series 3786, Class PB | 566,457 | 595,390 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 306,620 | 52,718 | ||||||
16,461,314 | ||||||||
Federal National Mtg. Assoc. — 35.2% |
| |||||||
2.04% due 06/01/2037 | 253,802 | 260,087 | ||||||
2.50% due 07/01/2050 | 1,956,149 | 2,051,926 | ||||||
2.55% due 09/01/2034 | 700,000 | 772,062 | ||||||
2.81% due 04/01/2025 | 800,000 | 863,315 | ||||||
2.94% due 01/01/2026 | 1,549,390 | 1,694,783 | ||||||
3.00% due 03/01/2043 | 863,013 | 937,615 | ||||||
3.00% due 02/01/2050 | 893,515 | 940,051 | ||||||
3.12% due 07/01/2029 | 3,483,355 | 3,967,575 | ||||||
3.30% due 02/01/2030 | 2,918,668 | 3,281,645 | ||||||
3.64% due 07/01/2028 | 1,493,197 | 1,724,786 | ||||||
3.69% due 05/01/2030 | 1,473,215 | 1,729,382 | ||||||
4.00% due 09/01/2040 | 67,220 | 73,810 | ||||||
4.00% due 10/01/2040 | 60,390 | 66,336 | ||||||
4.00% due 12/01/2040 | 86,294 | 94,055 | ||||||
4.00% due 01/01/2041 | 193,850 | 212,919 | ||||||
4.00% due 02/01/2041 | 728,406 | 799,310 | ||||||
4.00% due 03/01/2041 | 1,094,787 | 1,202,617 | ||||||
4.00% due 06/01/2042 | 626,852 | 680,626 | ||||||
4.00% due 03/01/2043 | 1,701,176 | 1,864,063 | ||||||
5.00% due 12/01/2036 | 9,041 | 9,997 | ||||||
5.50% due 12/01/2033 | 11,113 | 12,624 | ||||||
5.50% due 10/01/2034 | 7,086 | 7,929 | ||||||
6.50% due 07/01/2032 | 3,630 | 4,251 | ||||||
7.00% due 09/01/2031 | 11,131 | 12,534 | ||||||
Federal National Mtg. Assoc. FRS | 2,750 | 2,715 | ||||||
2.37% (6 ML+1.50%) | 3,014 | 3,080 | ||||||
3.32% (12 ML+1.32%) | 643 | 648 | ||||||
Federal National Mtg. Assoc. STRIPS | 126,946 | 25,708 | ||||||
Federal National Mtg. Assoc. VRS | 1,887,894 | 2,043,370 | ||||||
Federal National Mtg. Assoc. Grantor Trust | 1,124,508 | 1,235,497 | ||||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series 2002-34, Class AO | 152,043 | 146,929 |
74 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series 2020-M8, Class A2 | $ | 800,000 | $ | 836,684 | ||||
Series 2011-126, Class EC | 58,198 | 58,540 | ||||||
Series 2020-12, Class JC | 1,435,997 | 1,494,424 | ||||||
Series 2013-23, Class KJ | 1,102,556 | 1,144,278 | ||||||
Series 2012-93, Class ME | 1,244,644 | 1,300,837 | ||||||
Series 2013-73, Class TD | 429,964 | 447,113 | ||||||
Series 2019-M31, Class A2 | 1,000,000 | 1,088,852 | ||||||
Series 2013-100, Class DE | 1,239,349 | 1,273,665 | ||||||
Series 2013-106, Class PY | 2,900,000 | 3,219,799 | ||||||
Series 2016-30, Class PA | 575,572 | 610,043 | ||||||
Series 2016-25, Class LA | 418,796 | 444,846 | ||||||
Series 2016-33, Class JA | 422,786 | 448,651 | ||||||
Series 2015-97, Class N | 2,000,000 | 2,176,912 | ||||||
Series 2016-38, Class NA | 748,066 | 801,428 | ||||||
Series 2016-30, Class LY | 800,000 | 937,675 | ||||||
Series 2012-50, Class VB | 1,355,000 | 1,411,696 | ||||||
Series 2012-47, Class VB | 2,000,000 | 2,098,614 | ||||||
Series 2010-117, Class DY | 974,930 | 1,055,838 | ||||||
Series 2010-134, Class MB | 250,000 | 303,798 | ||||||
Series 2007-116, Class PB | 44,373 | 51,898 | ||||||
Federal National Mtg. Assoc. REMIC VRS | ||||||||
Series 2015-M13, Class A2 | 515,000 | 550,841 | ||||||
Series 2016-M1, Class A2 | 1,239,000 | 1,353,974 | ||||||
Series 2014-M13, Class A2 | 1,179,678 | 1,265,125 | ||||||
Series 2018-M4, Class A2 | 1,400,000 | 1,587,546 | ||||||
52,685,322 | ||||||||
Government National Mtg. Assoc. — 4.5% |
| |||||||
3.50% due 09/15/2048 | 863,397 | 988,718 | ||||||
3.50% due 10/15/2048 | 1,020,603 | 1,167,114 | ||||||
3.50% due 02/15/2049 | 979,142 | 1,121,749 | ||||||
4.00% due 01/20/2050 | 723,571 | 770,029 | ||||||
4.50% due 03/15/2038 | 12,083 | 13,360 | ||||||
4.50% due 03/15/2039 | 3,926 | 4,398 | ||||||
4.50% due 05/15/2039 | 98,999 | 110,495 | ||||||
4.50% due 06/15/2039 | 80,857 | 90,297 | ||||||
4.50% due 07/15/2039 | 165,556 | 184,340 | ||||||
4.50% due 09/15/2039 | 2,271 | 2,536 | ||||||
4.50% due 12/15/2039 | 59,655 | 65,636 | ||||||
4.50% due 04/15/2040 | 68,127 | 76,098 | ||||||
4.50% due 06/15/2040 | 168,388 | 188,351 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) |
| |||||||
4.50% due 08/15/2040 | $ | 31,465 | $ | 35,239 | ||||
5.00% due 09/15/2035 | 944 | 1,077 | ||||||
5.00% due 02/15/2036 | 37,372 | 43,331 | ||||||
5.00% due 05/15/2036 | 5,690 | 6,269 | ||||||
6.00% due 01/15/2032 | 4,992 | 5,652 | ||||||
7.50% due 02/15/2029 | 2,245 | 2,255 | ||||||
7.50% due 07/15/2030 | 110 | 113 | ||||||
7.50% due 01/15/2031 | 4,071 | 4,626 | ||||||
Government National Mtg. Assoc. REMIC |
| |||||||
Series 2014-58, Class EP | 432,000 | 518,706 | ||||||
Series 2004-18, Class Z | 192,561 | 212,002 | ||||||
Series 2008-6, Class GL | 668,289 | 716,094 | ||||||
Series 2005-21, Class Z | 333,085 | 378,535 | ||||||
6,707,020 | ||||||||
Tennessee Valley Authority — 0.3% |
| |||||||
0.75% due 05/15/2025 | 500,000 | 506,000 | ||||||
Uniform Mtg. Backed Securities — 0.7% |
| |||||||
2.00% due January 30 TBA | 1,000,000 | 1,036,658 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $74,133,028) | 79,155,214 | |||||||
U.S. GOVERNMENT TREASURIES — 31.0% |
| |||||||
United States Treasury Bonds — 12.3% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 2,017,612 | ||||||
2.00% due 02/15/2050 | 3,000,000 | 3,310,547 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 1,289,492 | ||||||
3.00% due 02/15/2048 | 750,000 | 998,701 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,330,664 | ||||||
3.75% due 08/15/2041# | 4,000,000 | 5,761,875 | ||||||
3.75% due 11/15/2043 | 1,000,000 | 1,459,180 | ||||||
3.88% due 08/15/2040 | 1,500,000 | 2,179,922 | ||||||
18,347,993 | ||||||||
United States Treasury Notes — 18.7% |
| |||||||
0.63% due 03/31/2027 | 7,000,000 | 7,039,648 | ||||||
0.63% due 08/15/2030 | 1,000,000 | 980,625 | ||||||
1.75% due 05/15/2023 | 8,000,000 | 8,309,687 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,188,555 | ||||||
2.75% due 02/15/2024 | 2,500,000 | 2,703,418 | ||||||
2.88% due 08/15/2028 | 5,000,000 | 5,829,102 | ||||||
28,051,035 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $41,167,412) | 46,399,028 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.7% |
| |||||||
Sovereign — 1.7% |
| |||||||
Israel Government AID | 2,641,000 | 2,580,834 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $132,595,004) | 143,609,441 | |||||||
75 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 4.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $7,105,000 and collateralized by $4,808,500 of United States Treasury Bonds, bearing interest at 4.25% due 05/15/2039 and having an approximate value of $7,247,141 | $ | 7,105,000 | $ | 7,105,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $139,700,004)(7) | 100.6 | % | 150,714,441 | |||||
Liabilities in excess of other assets | (0.6 | ) | (945,847 | ) | ||||
NET ASSETS | 100.0 | % | $ | 149,768,594 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $4,263,445 representing 2.8% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2020, the Fund had loaned securities with a total value of $7,104,255. This was secured by collateral of $7,244,424 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 0.50% to 17.97% | 01/25/2023 to 12/25/2050 | $ | 3,114,307 | ||||
Federal National Mtg. Assoc. | 1.50% to 12.24% | 02/01/2026 to 08/25/2058 | 2,631,070 | |||||
Government National Mtg. Assoc. | 0.50% to 9.59% | 10/20/2034 to 12/16/2062 | 1,499,047 |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Collateralized Mortgage Obligation |
(5) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2020. |
(6) | Principal Only |
(7) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 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 November 30, 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 | $ | — | $ | 8,893,218 | $ | — | $ | 8,893,218 | ||||||||
U.S. Corporate Bonds & Notes | — | 5,968,893 | — | 5,968,893 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 612,254 | — | 612,254 | ||||||||||||
U.S. Government Agencies | — | 79,155,214 | — | 79,155,214 | ||||||||||||
U.S. Government Treasuries | — | 46,399,028 | — | 46,399,028 | ||||||||||||
Foreign Government Obligations | — | 2,580,834 | — | 2,580,834 | ||||||||||||
Repurchase Agreements | — | 7,105,000 | — | 7,105,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 150,714,441 | $ | — | $ | 150,714,441 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
76 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Applications Software | 12.9 | % | ||
E-Commerce/Products | 11.7 | |||
Internet Content — Entertainment | 7.4 | |||
Finance — Credit Card | 7.2 | |||
Commercial Services — Finance | 4.7 | |||
Computers | 4.1 | |||
Web Portals/ISP | 3.7 | |||
Electronic Components — Semiconductors | 3.5 | |||
E-Commerce/Services | 3.3 | |||
Medical — Drugs | 2.8 | |||
Semiconductor Equipment | 2.2 | |||
Electronic Forms | 2.2 | |||
Data Processing/Management | 2.1 | |||
Commercial Services | 2.0 | |||
Distribution/Wholesale | 1.9 | |||
Athletic Footwear | 1.9 | |||
Semiconductor Components — Integrated Circuits | 1.8 | |||
Medical Instruments | 1.7 | |||
Internet Application Software | 1.7 | |||
Enterprise Software/Service | 1.7 | |||
Real Estate Investment Trusts | 1.6 | |||
Computer Aided Design | 1.5 | |||
Medical Labs & Testing Services | 1.5 | |||
Medical — HMO | 1.4 | |||
Electronic Measurement Instruments | 1.3 | |||
Exchange — Traded Funds | 1.2 | |||
Diagnostic Equipment | 1.0 | |||
Communications Software | 1.0 | |||
Coatings/Paint | 1.0 | |||
Repurchase Agreements | 0.8 | |||
Computer Software | 0.6 | |||
Retail — Building Products | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Retail — Restaurants | 0.3 | |||
Medical Products | 0.3 | |||
Medical — Biomedical/Gene | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Retail — Discount | 0.3 | |||
Beverages — Non-alcoholic | 0.2 | |||
Diversified Banking Institutions | 0.2 | |||
Transport — Rail | 0.2 | |||
Multimedia | 0.2 | |||
Industrial Gases | 0.2 | |||
Computer Services | 0.1 | |||
Insurance Brokers | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Instruments — Controls | 0.1 | |||
Finance — Other Services | 0.1 | |||
Tobacco | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Electric — Integrated | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Hotels/Motels | 0.1 | |||
Transport — Services | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Electronic Connectors | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Machinery — Farming | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Entertainment Software | 0.1 | |||
Diagnostic Kits | 0.1 |
Retail — Apparel/Shoe | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Consulting Services | 0.1 | |||
Building Products — Cement | 0.1 | |||
Decision Support Software | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
77 |
Table of Contents
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
Boeing Co. | 4,637 | $ | 977,062 | |||||
Lockheed Martin Corp. | 4,886 | 1,783,390 | ||||||
Northrop Grumman Corp. | 3,080 | 930,961 | ||||||
Raytheon Technologies Corp. | 16,083 | 1,153,473 | ||||||
Teledyne Technologies, Inc.† | 732 | 276,652 | ||||||
TransDigm Group, Inc. | 1,077 | 623,788 | ||||||
5,745,326 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Howmet Aerospace, Inc. | 3,898 | 91,447 | ||||||
L3Harris Technologies, Inc. | 4,294 | 824,405 | ||||||
915,852 | ||||||||
Apparel Manufacturers — 0.0% |
| |||||||
VF Corp. | 3,364 | 280,558 | ||||||
Applications Software — 12.9% |
| |||||||
Intuit, Inc. | 108,619 | 38,236,060 | ||||||
Microsoft Corp. | 580,067 | 124,174,943 | ||||||
ServiceNow, Inc.† | 88,582 | 47,351,508 | ||||||
209,762,511 | ||||||||
Athletic Footwear — 1.9% |
| |||||||
NIKE, Inc., Class B | 225,084 | 30,318,815 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Cummins, Inc. | 1,848 | 427,202 | ||||||
PACCAR, Inc. | 6,876 | 598,625 | ||||||
1,025,827 | ||||||||
Banks - Commercial — 0.0% |
| |||||||
First Republic Bank | 1,675 | 217,013 | ||||||
SVB Financial Group† | 658 | 226,918 | ||||||
443,931 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Co. | 30,716 | 1,584,946 | ||||||
Monster Beverage Corp.† | 4,913 | 416,524 | ||||||
PepsiCo, Inc. | 13,202 | 1,904,124 | ||||||
3,905,594 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Brown - Forman Corp., Class B | 3,626 | 292,473 | ||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 2,744 | 229,124 | ||||||
Building Products - Air & Heating — 0.0% |
| |||||||
Carrier Global Corp. | 8,572 | 326,336 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 1,237 | 328,584 | ||||||
Vulcan Materials Co. | 2,631 | 367,419 | ||||||
696,003 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 5,195 | 278,816 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 1,377 | 78,737 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 6,574 | 489,763 | ||||||
NVR, Inc.† | 69 | 275,805 | ||||||
PulteGroup, Inc. | 5,327 | 232,417 | ||||||
997,985 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Charter Communications, Inc., Class A† | 2,971 | $ | 1,937,062 | |||||
Comcast Corp., Class A | 50,708 | 2,547,570 | ||||||
4,484,632 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Las Vegas Sands Corp. | 3,719 | 207,186 | ||||||
MGM Resorts International | 4,961 | 140,148 | ||||||
Wynn Resorts, Ltd. | 1,928 | 193,764 | ||||||
541,098 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Celanese Corp. | 2,350 | 303,926 | ||||||
Dow, Inc. | 14,721 | 780,360 | ||||||
FMC Corp. | 2,574 | 298,610 | ||||||
PPG Industries, Inc. | 2,391 | 350,927 | ||||||
1,733,823 | ||||||||
Chemicals - Specialty — 0.0% |
| |||||||
Ecolab, Inc. | 2,515 | 558,707 | ||||||
Coatings/Paint — 1.0% |
| |||||||
Sherwin-Williams Co. | 20,768 | 15,526,780 | ||||||
Commercial Services — 2.0% |
| |||||||
Cintas Corp. | 1,727 | 613,603 | ||||||
CoStar Group, Inc.† | 34,944 | 31,818,958 | ||||||
Quanta Services, Inc. | 1,234 | 84,332 | ||||||
32,516,893 | ||||||||
Commercial Services - Finance — 4.7% |
| |||||||
Adyen NV†* | 14,361 | 27,443,103 | ||||||
Automatic Data Processing, Inc. | 5,295 | 920,695 | ||||||
Equifax, Inc. | 1,448 | 241,671 | ||||||
FleetCor Technologies, Inc.† | 1,670 | 442,901 | ||||||
Global Payments, Inc. | 2,913 | 568,588 | ||||||
IHS Markit, Ltd. | 5,409 | 537,979 | ||||||
MarketAxess Holdings, Inc. | 754 | 406,542 | ||||||
Moody’s Corp. | 3,206 | 905,182 | ||||||
PayPal Holdings, Inc.† | 23,306 | 4,990,281 | ||||||
S&P Global, Inc. | 113,109 | 39,789,484 | ||||||
76,246,426 | ||||||||
Communications Software — 1.0% |
| |||||||
RingCentral, Inc., Class A† | 55,146 | 16,381,119 | ||||||
Computer Aided Design — 1.5% |
| |||||||
ANSYS, Inc.† | 1,704 | 576,054 | ||||||
Autodesk, Inc.† | 80,674 | 22,607,275 | ||||||
Cadence Design Systems, Inc.† | 5,538 | 644,069 | ||||||
Synopsys, Inc.† | 3,015 | 685,913 | ||||||
24,513,311 | ||||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 2,668 | 328,778 | ||||||
Computer Services — 0.1% |
| |||||||
Accenture PLC, Class A | 7,961 | 1,983,005 | ||||||
Leidos Holdings, Inc. | 1,328 | 133,730 | ||||||
2,116,735 | ||||||||
Computer Software — 0.6% |
| |||||||
Akamai Technologies, Inc.† | 2,327 | 240,868 | ||||||
Citrix Systems, Inc. | 1,276 | 158,122 | ||||||
Twilio, Inc., Class A† | 30,724 | 9,834,445 | ||||||
10,233,435 | ||||||||
78 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers — 4.1% |
| |||||||
Apple, Inc. | 564,169 | $ | 67,164,319 | |||||
Computers - Memory Devices — 0.0% |
| |||||||
NetApp, Inc. | 2,029 | 108,166 | ||||||
Seagate Technology PLC | 2,660 | 156,435 | ||||||
264,601 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 1,772 | 269,344 | ||||||
Verisk Analytics, Inc. | 2,226 | 441,438 | ||||||
710,782 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly - Clark Corp. | 3,319 | 462,370 | ||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Ball Corp. | 4,606 | 442,222 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Colgate - Palmolive Co. | 7,664 | 656,345 | ||||||
Estee Lauder Cos., Inc., Class A | 4,481 | 1,099,279 | ||||||
Procter & Gamble Co. | 28,682 | 3,983,069 | ||||||
5,738,693 | ||||||||
Data Processing/Management — 2.1% |
| |||||||
Broadridge Financial Solutions, Inc. | 1,601 | 235,155 | ||||||
Fair Isaac Corp.† | 66,498 | 31,438,924 | ||||||
Fiserv, Inc.† | 11,040 | 1,271,587 | ||||||
Jack Henry & Associates, Inc. | 792 | 127,401 | ||||||
Paychex, Inc. | 4,264 | 397,192 | ||||||
33,470,259 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 1,661 | 680,047 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 1,424 | 685,357 | ||||||
DENTSPLY SIRONA, Inc. | 2,300 | 117,047 | ||||||
802,404 | ||||||||
Diagnostic Equipment — 1.0% |
| |||||||
Adaptive Biotechnologies Corp.† | 234,966 | 11,330,061 | ||||||
Danaher Corp. | 8,026 | 1,802,880 | ||||||
Thermo Fisher Scientific, Inc. | 7,858 | 3,653,813 | ||||||
16,786,754 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 1,689 | 778,595 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
Teleflex, Inc. | 924 | 353,661 | ||||||
Distribution/Wholesale — 1.9% |
| |||||||
Copart, Inc.† | 263,562 | 30,428,233 | ||||||
Fastenal Co. | 7,976 | 394,413 | ||||||
LKQ Corp.† | 2,892 | 101,856 | ||||||
Pool Corp. | 796 | 275,504 | ||||||
31,200,006 | ||||||||
Diversified Banking Institutions — 0.2% |
| |||||||
JPMorgan Chase & Co. | 29,057 | 3,425,239 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Illinois Tool Works, Inc. | 3,486 | 735,860 | ||||||
Parker - Hannifin Corp. | 1,405 | 375,500 | ||||||
Trane Technologies PLC | 2,948 | 431,116 | ||||||
1,542,476 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Drug Delivery Systems — 0.0% |
| |||||||
DexCom, Inc.† | 1,902 | $ | 608,031 | |||||
E-Commerce/Products — 11.7% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 93,968 | 24,747,412 | ||||||
Amazon.com, Inc.† | 52,050 | 164,896,482 | ||||||
eBay, Inc. | 13,207 | 666,029 | ||||||
Etsy, Inc.† | 2,370 | 380,859 | ||||||
190,690,782 | ||||||||
E-Commerce/Services — 3.3% |
| |||||||
Booking Holdings, Inc.† | 813 | 1,649,130 | ||||||
Match Group, Inc.† | 137,878 | 19,193,996 | ||||||
MercadoLibre, Inc.† | 21,060 | 32,713,130 | ||||||
53,556,256 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 2,834 | 369,809 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 4,561 | 540,616 | ||||||
Emerson Electric Co. | 6,410 | 492,416 | ||||||
1,033,032 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Sempra Energy | 2,586 | 329,663 | ||||||
Electric - Integrated — 0.1% |
| |||||||
NextEra Energy, Inc. | 20,620 | 1,517,426 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Garmin, Ltd. | 2,963 | 345,960 | ||||||
Electronic Components - Semiconductors — 3.5% |
| |||||||
Advanced Micro Devices, Inc.† | 23,321 | 2,160,924 | ||||||
Broadcom, Inc. | 7,989 | 3,208,223 | ||||||
Intel Corp. | 48,153 | 2,328,197 | ||||||
IPG Photonics Corp.† | 354 | 73,281 | ||||||
Marvell Technology Group, Ltd. | 358,037 | 16,573,533 | ||||||
Microchip Technology, Inc. | 5,015 | 673,966 | ||||||
Micron Technology, Inc.† | 22,068 | 1,414,338 | ||||||
Monolithic Power Systems, Inc. | 16,955 | 5,424,922 | ||||||
NVIDIA Corp. | 42,419 | 22,739,129 | ||||||
Qorvo, Inc.† | 2,269 | 355,507 | ||||||
Skyworks Solutions, Inc. | 1,924 | 271,611 | ||||||
Texas Instruments, Inc. | 11,280 | 1,818,900 | ||||||
Xilinx, Inc. | 3,009 | 437,960 | ||||||
57,480,491 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 5,927 | 775,311 | ||||||
TE Connectivity, Ltd. | 3,278 | 373,594 | ||||||
1,148,905 | ||||||||
Electronic Forms — 2.2% |
| |||||||
Adobe, Inc.† | 74,538 | 35,664,197 | ||||||
Electronic Measurement Instruments — 1.3% |
| |||||||
Agilent Technologies, Inc. | 3,491 | 408,098 | ||||||
FLIR Systems, Inc. | 1,250 | 47,800 | ||||||
Keysight Technologies, Inc.† | 3,717 | 446,189 | ||||||
Roper Technologies, Inc. | 48,214 | 20,587,378 | ||||||
21,489,465 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 1,832 | 208,921 | ||||||
Enterprise Software/Service — 1.7% |
| |||||||
Coupa Software, Inc.† | 29,955 | 9,852,499 | ||||||
Oracle Corp. | 23,041 | 1,329,927 | ||||||
Paycom Software, Inc.† | 973 | 405,819 |
79 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service (continued) |
| |||||||
salesforce.com, Inc.† | 63,810 | $ | 15,684,498 | |||||
Tyler Technologies, Inc.† | 799 | 341,652 | ||||||
27,614,395 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc. | 3,040 | 388,360 | ||||||
Take - Two Interactive Software, Inc.† | 2,271 | 409,938 | ||||||
798,298 | ||||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Synchrony Financial | 10,784 | 328,589 | ||||||
Finance - Credit Card — 7.2% |
| |||||||
American Express Co. | 7,773 | 921,800 | ||||||
Discover Financial Services | 3,774 | 287,466 | ||||||
Mastercard, Inc., Class A | 160,979 | 54,171,043 | ||||||
Visa, Inc., Class A | 296,471 | 62,362,675 | ||||||
Western Union Co. | 8,164 | 184,180 | ||||||
117,927,164 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 21,477 | 1,047,648 | ||||||
Finance - Other Services — 0.1% |
| |||||||
Cboe Global Markets, Inc. | 2,160 | 197,251 | ||||||
CME Group, Inc. | 3,633 | 635,884 | ||||||
Intercontinental Exchange, Inc. | 6,132 | 646,988 | ||||||
Nasdaq, Inc. | 1,073 | 137,333 | ||||||
1,617,456 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 1,962 | 290,160 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Tyson Foods, Inc., Class A | 2,806 | 182,951 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Campbell Soup Co. | 1,769 | 88,485 | ||||||
Lamb Weston Holdings, Inc. | 1,588 | 114,940 | ||||||
McCormick & Co., Inc. | 1,256 | 234,847 | ||||||
438,272 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Sysco Corp. | 4,546 | 324,084 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 1,736 | 74,822 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 5,508 | 570,794 | ||||||
Marriott International, Inc., Class A | 5,282 | 670,127 | ||||||
1,240,921 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 4,849 | 158,805 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Rockwell Automation, Inc. | 1,313 | 335,550 | ||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 4,388 | 1,229,254 | ||||||
Linde PLC | 7,409 | 1,899,816 | ||||||
3,129,070 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 6,412 | 1,307,535 | ||||||
Mettler - Toledo International, Inc.† | 300 | 345,012 | ||||||
1,652,547 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Scientific — 0.0% |
| |||||||
PerkinElmer, Inc. | 1,266 | $ | 168,378 | |||||
Waters Corp.† | 763 | 177,024 | ||||||
345,402 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Aon PLC, Class A | 2,899 | 593,976 | ||||||
Arthur J. Gallagher & Co. | 1,940 | 223,895 | ||||||
Marsh & McLennan Cos., Inc. | 6,137 | 703,546 | ||||||
Willis Towers Watson PLC | 1,229 | 255,866 | ||||||
1,777,283 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Cincinnati Financial Corp. | 1,367 | 104,370 | ||||||
Insurance - Property/Casualty — 0.0% |
| |||||||
Progressive Corp. | 7,093 | 617,871 | ||||||
Internet Application Software — 1.7% |
| |||||||
Shopify, Inc., Class A† | 9,453 | 10,307,362 | ||||||
Wix.com, Ltd.† | 68,260 | 17,435,652 | ||||||
27,743,014 | ||||||||
Internet Content - Entertainment — 7.4% |
| |||||||
Facebook, Inc., Class A† | 188,108 | 52,100,273 | ||||||
Netflix, Inc.† | 74,939 | 36,772,567 | ||||||
Snap, Inc., Class A†# | 731,122 | 32,476,439 | ||||||
121,349,279 | ||||||||
Internet Security — 0.0% |
| |||||||
NortonLifeLock, Inc. | 7,278 | 132,678 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 1,553 | 287,677 | ||||||
BlackRock, Inc. | 1,437 | 1,003,529 | ||||||
T. Rowe Price Group, Inc. | 3,336 | 478,416 | ||||||
1,769,622 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 6,346 | 1,101,602 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 3,673 | 960,930 | ||||||
Machinery - General Industrial — 0.0% |
| |||||||
IDEX Corp. | 855 | 165,143 | ||||||
Otis Worldwide Corp. | 4,286 | 286,905 | ||||||
452,048 | ||||||||
Machinery - Pumps — 0.0% |
| |||||||
Dover Corp. | 1,687 | 205,865 | ||||||
Ingersoll Rand, Inc.† | 5,382 | 238,261 | ||||||
Xylem, Inc. | 2,109 | 202,401 | ||||||
646,527 | ||||||||
Medical Information Systems — 0.0% |
| |||||||
Cerner Corp. | 3,822 | 286,038 | ||||||
Medical Instruments — 1.7% |
| |||||||
Boston Scientific Corp.† | 449,170 | 14,889,985 | ||||||
Edwards Lifesciences Corp.† | 12,350 | 1,036,042 | ||||||
Intuitive Surgical, Inc.† | 16,559 | 12,022,662 | ||||||
27,948,689 | ||||||||
Medical Labs & Testing Services — 1.5% |
| |||||||
Catalent, Inc.† | 3,260 | 313,416 | ||||||
IQVIA Holdings, Inc.† | 2,622 | 443,092 | ||||||
Lonza Group AG | 37,605 | 23,570,628 | ||||||
24,327,136 | ||||||||
80 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 0.3% |
| |||||||
Abbott Laboratories | 20,398 | $ | 2,207,471 | |||||
ABIOMED, Inc.† | 510 | 139,791 | ||||||
Baxter International, Inc. | 4,525 | 344,217 | ||||||
Cooper Cos., Inc. | 556 | 186,382 | ||||||
Hologic, Inc.† | 2,778 | 192,043 | ||||||
STERIS PLC | 912 | 176,755 | ||||||
Stryker Corp. | 4,284 | 999,886 | ||||||
Varian Medical Systems, Inc.† | 996 | 173,284 | ||||||
West Pharmaceutical Services, Inc. | 1,467 | 403,660 | ||||||
4,823,489 | ||||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 2,525 | 308,328 | ||||||
Amgen, Inc. | 6,864 | 1,524,082 | ||||||
Bio - Rad Laboratories, Inc., Class A† | 306 | 164,781 | ||||||
Illumina, Inc.† | 1,740 | 560,437 | ||||||
Incyte Corp.† | 3,693 | 312,206 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,391 | 717,798 | ||||||
Vertex Pharmaceuticals, Inc.† | 5,174 | 1,178,378 | ||||||
4,766,010 | ||||||||
Medical - Drugs — 2.8% |
| |||||||
AbbVie, Inc. | 18,580 | 1,943,096 | ||||||
AstraZeneca PLC ADR | 294,088 | 15,569,019 | ||||||
Bristol - Myers Squibb Co. | 24,624 | 1,536,538 | ||||||
Eli Lilly & Co. | 8,673 | 1,263,222 | ||||||
Johnson & Johnson | 21,965 | 3,177,896 | ||||||
Merck & Co., Inc. | 27,632 | 2,221,336 | ||||||
Zoetis, Inc. | 118,783 | 19,050,418 | ||||||
44,761,525 | ||||||||
Medical - HMO — 1.4% |
| |||||||
Humana, Inc. | 55,761 | 22,333,396 | ||||||
Metal - Copper — 0.0% |
| |||||||
Freeport - McMoRan, Inc. | 15,865 | 371,082 | ||||||
Multimedia — 0.2% |
| |||||||
Walt Disney Co. | 21,896 | 3,240,827 | ||||||
Networking Products — 0.0% |
| |||||||
Arista Networks, Inc.† | 1,087 | 294,251 | ||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 1,921 | 185,799 | ||||||
Waste Management, Inc. | 4,478 | 533,464 | ||||||
719,263 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Holdings Corp. | 3,554 | 77,797 | ||||||
Zebra Technologies Corp., Class A† | 1,060 | 401,125 | ||||||
478,922 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 1,177 | 175,773 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Apache Corp. | 4,649 | 59,926 | ||||||
Cabot Oil & Gas Corp. | 4,988 | 87,390 | ||||||
ConocoPhillips | 21,305 | 842,826 | ||||||
EOG Resources, Inc. | 5,783 | 271,107 | ||||||
Hess Corp. | 5,430 | 256,187 | ||||||
Pioneer Natural Resources Co. | 2,023 | 203,473 | ||||||
1,720,909 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 2,391 | 29,314 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Phillips 66 | 4,337 | $ | 262,735 | |||||
Real Estate Investment Trusts — 1.6% |
| |||||||
Alexandria Real Estate Equities, Inc. | 1,258 | 205,972 | ||||||
American Tower Corp. | 8,811 | 2,037,103 | ||||||
Boston Properties, Inc. | 1,238 | 121,522 | ||||||
Crown Castle International Corp. | 4,835 | 810,201 | ||||||
Duke Realty Corp. | 4,343 | 165,295 | ||||||
Equinix, Inc. | 1,759 | 1,227,413 | ||||||
Essex Property Trust, Inc. | 648 | 159,330 | ||||||
Extra Space Storage, Inc. | 1,487 | 167,630 | ||||||
Federal Realty Investment Trust | 574 | 50,064 | ||||||
Healthpeak Properties, Inc. | 5,026 | 145,050 | ||||||
Mid-America Apartment Communities, Inc. | 1,022 | 128,936 | ||||||
Prologis, Inc. | 8,364 | 836,818 | ||||||
Public Storage | 1,329 | 298,307 | ||||||
Realty Income Corp. | 3,084 | 184,948 | ||||||
SBA Communications Corp. | 68,151 | 19,571,604 | ||||||
Simon Property Group, Inc. | 2,584 | 213,361 | ||||||
UDR, Inc. | 2,755 | 105,985 | ||||||
26,429,539 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
CBRE Group, Inc., Class A† | 6,660 | 407,192 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 1,432 | 325,035 | ||||||
Respiratory Products — 0.0% |
| |||||||
ResMed, Inc. | 2,878 | 603,229 | ||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 7,070 | 760,166 | ||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 464 | 527,870 | ||||||
O’Reilly Automotive, Inc.† | 1,471 | 650,829 | ||||||
1,178,699 | ||||||||
Retail - Automobile — 0.0% |
| |||||||
CarMax, Inc.† | 3,239 | 302,782 | ||||||
Retail - Building Products — 0.4% |
| |||||||
Home Depot, Inc. | 15,181 | 4,211,361 | ||||||
Lowe’s Cos., Inc. | 9,908 | 1,543,865 | ||||||
5,755,226 | ||||||||
Retail - Discount — 0.3% |
| |||||||
Costco Wholesale Corp. | 5,174 | 2,027,018 | ||||||
Dollar General Corp. | 4,947 | 1,081,315 | ||||||
Target Corp. | 6,364 | 1,142,529 | ||||||
4,250,862 | ||||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 1,131 | 159,256 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 2,146 | 282,156 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
TJX Cos., Inc. | 23,818 | 1,512,681 | ||||||
Retail - Perfume & Cosmetics — 0.0% |
| |||||||
Ulta Beauty, Inc.† | 615 | 169,371 | ||||||
Retail - Restaurants — 0.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 556 | 716,923 | ||||||
Darden Restaurants, Inc. | 1,189 | 128,388 | ||||||
Domino’s Pizza, Inc. | 782 | 306,990 | ||||||
McDonald’s Corp. | 6,503 | 1,414,012 | ||||||
Starbucks Corp. | 23,220 | 2,276,024 |
81 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
Yum! Brands, Inc. | 5,987 | $ | 633,425 | |||||
5,475,762 | ||||||||
Semiconductor Components - Integrated Circuits — 1.8% |
| |||||||
Analog Devices, Inc. | 185,592 | 25,812,136 | ||||||
Maxim Integrated Products, Inc. | 2,333 | 193,732 | ||||||
QUALCOMM, Inc. | 22,411 | 3,298,227 | ||||||
29,304,095 | ||||||||
Semiconductor Equipment — 2.2% |
| |||||||
Applied Materials, Inc. | 18,141 | 1,496,270 | ||||||
ASML Holding NV (NASDAQ) | 72,916 | 31,917,521 | ||||||
KLA Corp. | 3,088 | 778,083 | ||||||
Lam Research Corp. | 2,893 | 1,309,545 | ||||||
Teradyne, Inc. | 3,298 | 363,901 | ||||||
35,865,320 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 475 | 76,090 | ||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 2,653 | 232,854 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Corning, Inc. | 7,104 | 265,832 | ||||||
Theaters — 0.0% |
| |||||||
Live Nation Entertainment, Inc.† | 1,891 | 124,144 | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 14,397 | 573,433 | ||||||
Philip Morris International, Inc. | 13,611 | 1,031,033 | ||||||
1,604,466 | ||||||||
Transport - Rail — 0.2% |
| |||||||
CSX Corp. | 7,598 | 684,200 | ||||||
Kansas City Southern | 1,874 | 348,882 | ||||||
Norfolk Southern Corp. | 2,736 | 648,487 | ||||||
Union Pacific Corp. | 8,360 | 1,706,109 | ||||||
3,387,678 | ||||||||
Transport - Services — 0.1% |
| |||||||
Expeditors International of Washington, Inc. | 1,732 | 154,789 | ||||||
United Parcel Service, Inc., Class B | 6,320 | 1,081,162 | ||||||
1,235,951 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 977 | 132,169 | ||||||
Old Dominion Freight Line, Inc. | 1,911 | 388,621 | ||||||
520,790 | ||||||||
Water — 0.0% |
| |||||||
American Water Works Co., Inc. | 1,800 | 276,084 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
VeriSign, Inc.† | 1,064 | 213,566 | ||||||
Web Portals/ISP — 3.7% |
| |||||||
Alphabet, Inc., Class A† | 28,315 | 49,675,836 | ||||||
Alphabet, Inc., Class C† | 5,832 | 10,268,636 | ||||||
59,944,472 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 3,373 | 578,570 | ||||||
Total Common Stocks | ||||||||
(cost $1,042,511,177) | 1,600,687,576 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
EXCHANGE-TRADED FUNDS — 1.2% |
| |||||||
iShares S&P 500 Growth ETF | 84,000 | $ | 5,166,840 | |||||
SPDR Portfolio S&P 500 Growth ETF# | 264,464 | 14,095,931 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $18,230,688) | 19,262,771 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,060,741,865) | 1,619,950,347 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 256,150 | 256,150 | ||||||
U.S. Government Treasuries — 0.0% |
| |||||||
United States Treasury Bills Disc. Notes 0.12% due 11/04/2021(3) | $ | 100,000 | 99,897 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $356,041) | 356,047 | |||||||
REPURCHASE AGREEMENTS — 0.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $12,901,000 and collateralized by $13,211,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $13,159,028 | 12,901,000 | 12,901,000 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $759,000 and collateralized by $719,800 of United States Treasury Notes, bearing interest at 0.13% due 10/15/2025 and having an approximate value of $774,209 | 759,000 | 759,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $13,660,000) | 13,660,000 | 13,660,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,074,757,906)(4) | 100.1 | % | 1,633,966,394 | |||||
Liabilities in excess of other assets | (0.1 | ) | (1,696,592 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,632,269,802 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $27,443,103 representing 1.7% of net assets. |
(1) | At November 30, 2020, the Fund had loaned securities with a total value of $2,640,084. This was secured by collateral of $256,150, which was received in cash and subsequently invested in short-term investments currently valued at $256,150 as reported in the Portfolio of Investments. Additional collateral of $2,534,768 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, |
82 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 597,683 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 1,605,025 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 55,009 | |||||
United States Treasury Bills | 0.00% | 07/15/2021 | 8,007 | |||||
United States Treasury Notes/Bonds | 1.38% to 8.13% | 01/31/2021 to 02/15/2030 | 269,044 |
(2) | The rate shown is the 7-day yield as of November 30, 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) | ||||||||||||||||
4 | Long | S&P 500 E-Mini Index | December 2020 | $ | 674,456 | $ | 724,640 | $ | 50,184 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 1,600,687,576 | $ | — | $ | — | $ | 1,600,687,576 | ||||||||
Exchange-Traded Funds | 19,262,771 | — | — | 19,262,771 | ||||||||||||
Short-Term Investment Securities | ||||||||||||||||
Registered Investment Companies | 256,150 | — | — | 256,150 | ||||||||||||
U.S Government Treasuries | — | 99,897 | — | 99,897 | ||||||||||||
Repurchase Agreements | — | 13,660,000 | — | 13,660,000 | ||||||||||||
Total Investments at Value | $ | 1,620,206,497 | $ | 13,759,897 | $ | — | $ | 1,633,966,394 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 50,184 | $ | — | $ | — | $ | 50,184 | ||||||||
* | 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
83 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 34.9 | % | ||
Medical — Drugs | 13.4 | |||
Medical — HMO | 11.9 | |||
Medical Products | 8.4 | |||
Diagnostic Equipment | 7.9 | |||
Medical Instruments | 4.6 | |||
Drug Delivery Systems | 2.8 | |||
Medical Labs & Testing Services | 2.3 | |||
Pharmacy Services | 2.3 | |||
Electronic Measurement Instruments | 2.2 | |||
Therapeutics | 1.5 | |||
Medical — Hospitals | 1.2 | |||
Diagnostic Kits | 0.9 | |||
Disposable Medical Products | 0.9 | |||
Registered Investment Companies | 0.7 | |||
Hospital Beds/Equipment | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Patient Monitoring Equipment | 0.5 | |||
Medical — Outpatient/Home Medical | 0.5 | |||
Health Care Providers & Services | 0.4 | |||
Instruments — Controls | 0.3 | |||
Veterinary Diagnostics | 0.3 | |||
Medical Information Systems | 0.3 | |||
Specified Purpose Acquisitions | 0.3 | |||
Healthcare Safety Devices | 0.2 | |||
Applications Software | 0.2 | |||
Commercial Services | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
84 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.2% |
| |||||||
Applications Software — 0.1% |
| |||||||
Outset Medical, Inc.† | 11,219 | $ | 718,016 | |||||
Phreesia, Inc.† | 17,329 | 765,249 | ||||||
1,483,265 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Multiplan Corp.†# | 93,400 | 648,196 | ||||||
Diagnostic Equipment — 7.9% |
| |||||||
10X Genomics, Inc., Class A† | 24,190 | 3,703,731 | ||||||
Adaptive Biotechnologies Corp.† | 32,702 | 1,576,890 | ||||||
Avantor, Inc.† | 204,834 | 5,587,872 | ||||||
Danaher Corp. | 107,713 | 24,195,571 | ||||||
GenMark Diagnostics, Inc.† | 75,165 | 1,004,956 | ||||||
Quanterix Corp.† | 45,339 | 1,958,191 | ||||||
Repligen Corp.† | 3,280 | 622,118 | ||||||
Thermo Fisher Scientific, Inc. | 78,936 | 36,703,661 | ||||||
75,352,990 | ||||||||
Diagnostic Kits — 0.9% |
| |||||||
DiaSorin SpA | 13,425 | 2,828,075 | ||||||
Quidel Corp.† | 30,156 | 5,881,928 | ||||||
8,710,003 | ||||||||
Disposable Medical Products — 0.9% |
| |||||||
ICU Medical, Inc.† | 8,909 | 1,681,128 | ||||||
Teleflex, Inc. | 17,781 | 6,805,678 | ||||||
8,486,806 | ||||||||
Drug Delivery Systems — 2.8% |
| |||||||
Becton Dickinson and Co. | 82,125 | 19,286,235 | ||||||
DexCom, Inc.† | 22,035 | 7,044,149 | ||||||
26,330,384 | ||||||||
Electronic Measurement Instruments — 2.2% |
| |||||||
Agilent Technologies, Inc. | 128,764 | 15,052,512 | ||||||
Sartorius AG (Preference Shares) | 12,235 | 5,575,109 | ||||||
20,627,621 | ||||||||
Enterprise Software/Service — 0.6% |
| |||||||
Veeva Systems, Inc., Class A† | 20,600 | 5,703,522 | ||||||
Health Care Providers & Services — 0.1% |
| |||||||
Alignment Healthcare Partners LP†(1)(2) | 87,707 | 1,062,886 | ||||||
Healthcare Safety Devices — 0.2% |
| |||||||
Tandem Diabetes Care, Inc.† | 26,600 | 2,497,208 | ||||||
Hospital Beds/Equipment — 0.6% |
| |||||||
Outset Medical, Inc. | 99,676 | 6,060,301 | ||||||
Instruments - Controls — 0.3% |
| |||||||
Mettler-Toledo International, Inc.† | 2,676 | 3,077,507 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Lantheus Holdings, Inc.† | 44,750 | 588,910 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Oak Street Health, Inc.† | 15,112 | 712,833 | ||||||
Schrodinger, Inc.† | 12,872 | 895,634 | ||||||
1,608,467 | ||||||||
Medical Instruments — 4.6% |
| |||||||
Alcon, Inc.† | 36,569 | 2,333,173 | ||||||
Bio-Techne Corp. | 7,400 | 2,244,494 | ||||||
Bruker Corp. | 108,147 | 5,473,320 | ||||||
Intuitive Surgical, Inc.�� | 45,508 | 33,041,083 | ||||||
Pulmonx Corp.† | 10,452 | 566,498 | ||||||
43,658,568 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Catalent, Inc.† | 40,401 | $ | 3,884,152 | |||||
Evotec SE† | 52,514 | 1,601,739 | ||||||
Invitae Corp.†# | 29,300 | 1,454,745 | ||||||
Lonza Group AG | 4,482 | 2,809,296 | ||||||
PPD, Inc.† | 38,516 | 1,348,060 | ||||||
Teladoc Health, Inc.† | 13,118 | 2,607,465 | ||||||
Wuxi Biologics Cayman, Inc.†* | 178,500 | 1,770,941 | ||||||
15,476,398 | ||||||||
Medical Products — 8.3% |
| |||||||
Alphatec Holdings, Inc.† | 54,821 | 575,621 | ||||||
AtriCure, Inc.† | 26,026 | 1,131,610 | ||||||
Cooper Cos., Inc. | 11,975 | 4,014,259 | ||||||
Envista Holdings Corp.† | 150,361 | 4,470,233 | ||||||
Hologic, Inc.† | 159,718 | 11,041,305 | ||||||
Inari Medical, Inc.† | 7,787 | 537,848 | ||||||
iRhythm Technologies, Inc.† | 16,129 | 3,943,702 | ||||||
Nevro Corp.† | 31,149 | 5,022,776 | ||||||
Novocure, Ltd.† | 22,650 | 2,845,973 | ||||||
Penumbra, Inc.† | 30,447 | 6,756,189 | ||||||
Shockwave Medical, Inc.†# | 55,672 | 5,446,392 | ||||||
Stryker Corp. | 95,599 | 22,312,807 | ||||||
West Pharmaceutical Services, Inc. | 29,694 | 8,170,601 | ||||||
Zimmer Biomet Holdings, Inc. | 16,350 | 2,438,112 | ||||||
78,707,428 | ||||||||
Medical - Biomedical/Gene — 34.0% |
| |||||||
Abcam PLC | 81,460 | 1,560,559 | ||||||
ACADIA Pharmaceuticals, Inc.† | 117,971 | 6,684,237 | ||||||
Acceleron Pharma, Inc.† | 81,282 | 9,596,966 | ||||||
Acerta Pharma BV, Class B(1) | 9,771,120 | 1,195,985 | ||||||
ADC Therapeutics SA† | 17,557 | 655,052 | ||||||
Adverum Biotechnologies, Inc.† | 33,195 | 451,120 | ||||||
Akero Therapeutics, Inc.† | 10,988 | 316,235 | ||||||
Akouos, Inc.† | 23,127 | 478,266 | ||||||
Alexion Pharmaceuticals, Inc.† | 92,753 | 11,326,069 | ||||||
Allogene Therapeutics, Inc.† | 55,765 | 1,731,503 | ||||||
Alnylam Pharmaceuticals, Inc.† | 56,408 | 7,327,963 | ||||||
Amarin Corp. PLC ADR†# | 64,152 | 318,194 | ||||||
Amgen, Inc. | 55,040 | 12,221,082 | ||||||
Annexon, Inc.† | 18,951 | 458,614 | ||||||
Apellis Pharmaceuticals, Inc.† | 55,218 | 2,602,977 | ||||||
Arcturus Therapeutics Holdings, Inc.† | 27,128 | 2,489,265 | ||||||
Ardelyx, Inc.† | 71,911 | 453,039 | ||||||
Argenx SE ADR�� | 43,749 | 12,548,088 | ||||||
Ascendis Pharma A/S ADR† | 51,281 | 8,652,643 | ||||||
Atea Pharmaceuticals, Inc.†# | 11,891 | 396,208 | ||||||
Atea Pharmaceuticals, Inc. | 71,191 | 2,253,480 | ||||||
Athira Pharma, Inc.† | 33,364 | 830,764 | ||||||
Avidity Biosciences, Inc.† | 14,274 | 427,364 | ||||||
Avrobio, Inc.† | 5,691 | 78,365 | ||||||
BeiGene, Ltd. ADR† | 19,709 | 5,039,394 | ||||||
Berkeley Lights, Inc.† | 15,593 | 1,292,036 | ||||||
Biogen, Inc.† | 29,867 | 7,173,157 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 4,137 | 367,986 | ||||||
BioMarin Pharmaceutical, Inc.† | 24,651 | 1,940,034 | ||||||
BioNTech SE ADR† | 63,453 | 7,883,401 | ||||||
Bluebird Bio, Inc.† | 16,426 | 724,222 | ||||||
Blueprint Medicines Corp.† | 34,479 | 3,726,490 | ||||||
Burning Rock Biotech, Ltd. ADR† | 37,444 | 1,068,277 | ||||||
C4 Therapeutics, Inc.† | 13,130 | 449,046 | ||||||
C4 Therapeutics, Inc. | 39,764 | 1,291,932 |
85 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Cara Therapeutics, Inc.† | 43,722 | $ | 641,402 | |||||
Cardiff Oncology, Inc.† | 25,847 | 638,679 | ||||||
Celldex Therapeutic,s Inc.† | 13,100 | 294,750 | ||||||
Cerevel Therapeutics Holdings PIPE†(2) | 41,722 | 559,659 | ||||||
Cerevel Therapeutics Holdings, Inc.† | 33,419 | 471,876 | ||||||
Constellation Pharmaceuticals, Inc.† | 11,600 | 293,944 | ||||||
CRISPR Therapeutics AG†# | 20,477 | 2,598,941 | ||||||
CureVac NV†# | 22,684 | 2,385,676 | ||||||
Deciphera Pharmaceuticals, Inc.† | 17,282 | 1,068,028 | ||||||
Denali Therapeutics, Inc.† | 94,423 | 5,756,970 | ||||||
Dicerna Pharmaceuticals, Inc.† | 44,767 | 1,131,262 | ||||||
Dyne Therapeutics, Inc.† | 23,070 | 465,091 | ||||||
Epizyme, Inc.† | 30,834 | 423,659 | ||||||
Exact Sciences Corp.† | 76,851 | 9,303,582 | ||||||
Exelixis, Inc.† | 276,780 | 5,303,105 | ||||||
Fate Therapeutics, Inc.† | 56,400 | 3,297,426 | ||||||
FibroGen, Inc.† | 68,393 | 2,825,315 | ||||||
Five Prime Therapeutics, Inc.† | 38,016 | 714,701 | ||||||
Flame Biosciences, Inc.(1)(2) | 48,560 | 318,068 | ||||||
Generation Bio Co.† | 16,399 | 790,760 | ||||||
Generation Bio Co.†(2) | 48,484 | 2,221,004 | ||||||
Genmab A/S† | 5,990 | 2,298,013 | ||||||
Global Blood Therapeutics, Inc.† | 31,599 | 1,450,710 | ||||||
Guardant Health, Inc.† | 29,322 | 3,551,481 | ||||||
Homology Medicines, Inc.† | 23,265 | 228,928 | ||||||
IGM Biosciences, Inc.†# | 9,877 | 659,586 | ||||||
Immunic, Inc.† | 14,926 | 279,564 | ||||||
Immunovant, Inc.† | 9,396 | 462,189 | ||||||
Incyte Corp.† | 141,965 | 12,001,721 | ||||||
Insmed, Inc.† | 99,105 | 3,866,086 | ||||||
Ionis Pharmaceuticals, Inc.† | 87,911 | 4,442,143 | ||||||
Iovance Biotherapeutics, Inc.† | 134,003 | 5,200,656 | ||||||
IVERIC bio, Inc.† | 81,249 | 554,118 | ||||||
Karuna Therapeutics, Inc.†# | 23,932 | 2,387,696 | ||||||
Karyopharm Therapeutics, Inc.† | 24,824 | 421,760 | ||||||
Kodiak Sciences, Inc.† | 61,430 | 8,395,638 | ||||||
Kronos Bio, Inc.† | 22,514 | 722,024 | ||||||
Kronos Bio, Inc. | 18,614 | 567,103 | ||||||
Kymera Therapeutics, Inc.† | 15,902 | 741,669 | ||||||
Legend Biotech Corp. ADR† | 10,415 | 309,638 | ||||||
MeiraGTx Holdings PLC† | 30,411 | 429,403 | ||||||
Mersana Therapeutics, Inc.† | 43,039 | 1,096,634 | ||||||
Mirati Therapeutics, Inc.† | 27,049 | 6,433,605 | ||||||
Moderna, Inc.† | 53,978 | 8,244,600 | ||||||
MorphoSys AG† | 9,638 | 1,082,299 | ||||||
Nkarta, Inc.† | 15,702 | 522,563 | ||||||
Novavax, Inc.†# | 13,400 | 1,869,300 | ||||||
Nurix Therapeutics, Inc.† | 29,744 | 1,267,689 | ||||||
Pacific Biosciences of California, Inc.† | 118,180 | 1,868,426 | ||||||
Prelude Therapeutics Inc† | 18,751 | 965,114 | ||||||
Protara Therapeutics, Inc.† | 21,003 | 505,122 | ||||||
PTC Therapeutics, Inc.† | 23,370 | 1,462,261 | ||||||
Radius Health, Inc.† | 3,162 | 49,896 | ||||||
RAPT Therapeutics, Inc.† | 33,599 | 728,090 | ||||||
Regeneron Pharmaceuticals, Inc.† | 28,149 | 14,525,728 | ||||||
REGENXBIO, Inc.† | 15,867 | 552,806 | ||||||
Relay Therapeutics, Inc.† | 16,081 | 857,278 | ||||||
Replimune Group, Inc.† | 36,669 | 1,895,054 | ||||||
Rocket Pharmaceuticals, Inc.†# | 50,064 | 1,549,981 | ||||||
Royalty Pharma PLC, Class A | 107,456 | 4,577,626 | ||||||
Sage Therapeutics, Inc.† | 39,395 | 2,918,776 | ||||||
Scholar Rock Holding Corp.† | 39,613 | 1,973,520 | ||||||
Seagen, Inc.† | 71,394 | 12,159,112 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
SpringWorks Therapeutics, Inc.† | 13,764 | $ | 900,716 | |||||
Stoke Therapeutics, Inc.†# | 18,909 | 984,970 | ||||||
Translate Bio, Inc.† | 38,034 | 845,115 | ||||||
Turning Point Therapeutics, Inc.† | 27,195 | 2,896,268 | ||||||
Twist Bioscience Corp.† | 22,777 | 2,545,102 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 73,400 | 8,700,836 | ||||||
Vaxart, Inc.†# | 30,800 | 245,784 | ||||||
Verily Life Sciences LLC†(1)(2) | 6,986 | 861,094 | ||||||
Vertex Pharmaceuticals, Inc.† | 108,521 | 24,715,658 | ||||||
WaVe Life Sciences, Ltd.† | 39,568 | 348,990 | ||||||
Xencor, Inc.†# | 57,893 | 2,450,032 | ||||||
Zai Lab, Ltd. ADR† | 15,754 | 1,745,228 | ||||||
Zeneca, Inc. CVR†(1) | 23,110 | 14,213 | ||||||
Zentalis Pharmaceuticals, Inc.†# | 15,867 | 808,582 | ||||||
Zymeworks, Inc.† | 21,017 | 1,106,545 | ||||||
322,758,650 | ||||||||
Medical - Drugs — 13.4% |
| |||||||
AbbVie, Inc. | 138,750 | 14,510,475 | ||||||
Alector, Inc.† | 29,063 | 381,016 | ||||||
Alkermes PLC† | 9,817 | 179,258 | ||||||
Astellas Pharma, Inc. | 154,300 | 2,192,568 | ||||||
AstraZeneca PLC ADR | 302,454 | 16,011,915 | ||||||
Bayer AG | 26,323 | 1,515,649 | ||||||
Bristol-Myers Squibb Co. CVR† | 193,509 | 228,341 | ||||||
Chugai Pharmaceutical Co., Ltd. | 50,000 | 2,415,709 | ||||||
Daiichi Sankyo Co., Ltd. | 168,800 | 5,972,674 | ||||||
Eisai Co., Ltd. | 26,200 | 1,979,305 | ||||||
Eli Lilly & Co. | 122,976 | 17,911,454 | ||||||
Enanta Pharmaceuticals, Inc.† | 14,560 | 599,872 | ||||||
Intellia Therapeutics, Inc.†# | 27,523 | 1,080,828 | ||||||
Ipsen SA | 14,570 | 1,405,160 | ||||||
Madrigal Pharmaceuticals, Inc.† | 4,300 | 502,197 | ||||||
Merck & Co., Inc. | 334,092 | 26,857,656 | ||||||
Merck KGaA | 30,304 | 4,838,429 | ||||||
Milestone Pharmaceuticals, Inc.†# | 24,122 | 161,617 | ||||||
Pfizer, Inc. | 134,861 | 5,166,525 | ||||||
PRA Health Sciences, Inc.† | 22,600 | 2,535,720 | ||||||
Progenics Pharmaceuticals, Inc. CVR†(1) | 54,000 | 0 | ||||||
Protagonist Therapeutics, Inc.† | 26,552 | 641,496 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 10,703 | 1,634,883 | ||||||
Roche Holding AG | 30,327 | 9,979,961 | ||||||
Sanofi | 64,210 | 6,488,187 | ||||||
Seres Therapeutics, Inc.† | 26,788 | 739,617 | ||||||
uniQure NV† | 23,600 | 1,134,688 | ||||||
127,065,200 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Arvinas, Inc.† | 13,300 | 321,860 | ||||||
Medical - HMO — 11.9% |
| |||||||
Anthem, Inc. | 46,499 | 14,485,369 | ||||||
Centene Corp.† | 259,048 | 15,970,309 | ||||||
Humana, Inc. | 44,895 | 17,981,345 | ||||||
Molina Healthcare, Inc.† | 35,893 | 7,326,838 | ||||||
UnitedHealth Group, Inc. | 170,048 | 57,193,944 | ||||||
112,957,805 | ||||||||
Medical - Hospitals — 1.2% |
| |||||||
HCA Healthcare, Inc. | 73,920 | 11,096,131 | ||||||
Medical - Outpatient/Home Medical — 0.5% |
| |||||||
Amedisys, Inc.† | 11,590 | 2,837,116 | ||||||
Pennant Group, Inc.† | 31,791 | 1,611,486 | ||||||
4,448,602 | ||||||||
86 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Patient Monitoring Equipment — 0.5% |
| |||||||
Insulet Corp.† | 19,400 | $ | 4,999,574 | |||||
Pharmacy Services — 2.0% |
| |||||||
Cigna Corp. | 84,269 | 17,624,019 | ||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 36,095 | 885,432 | ||||||
Option Care Health, Inc.† | 23,679 | 372,944 | ||||||
18,882,395 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
Accolade, Inc.† | 12,628 | 655,519 | ||||||
Specified Purpose Acquisitions — 0.3% |
| |||||||
BCLS Acquisition Corp.† | 36,091 | 378,956 | ||||||
CM Life Sciences, Inc.† | 43,967 | 470,447 | ||||||
Eucrates Biomedical Acquisition Corp.† | 35,726 | 359,046 | ||||||
Health Sciences Acquisitions Corp.† | 39,862 | 464,392 | ||||||
Helix Acquisition Corp.† | 36,753 | 384,069 | ||||||
Therapeutics Acquisition Corp., Class A† | 43,605 | 610,470 | ||||||
2,667,380 | ||||||||
Therapeutics — 1.5% |
| |||||||
Agios Pharmaceuticals, Inc.† | 28,229 | 1,307,567 | ||||||
Axsome Therapeutics, Inc.† | 22,777 | 1,651,105 | ||||||
G1 Therapeutics, Inc.†# | 12,912 | 235,773 | ||||||
GW Pharmaceuticals PLC ADR†# | 10,710 | 1,500,257 | ||||||
Neurocrine Biosciences, Inc.† | 60,364 | 5,730,958 | ||||||
Sarepta Therapeutics, Inc.† | 27,383 | 3,857,169 | ||||||
14,282,829 | ||||||||
Veterinary Diagnostics — 0.3% |
| |||||||
Elanco Animal Health, Inc.†# | 91,588 | 2,801,678 | ||||||
Total Common Stocks | ||||||||
(cost $588,532,132) |
| 923,018,083 | ||||||
CONVERTIBLE PREFERRED SECURITIES† — 2.6% |
| |||||||
Commercial Services — 0.1% |
| |||||||
Ginkgo Bioworks | 8,722 | 1,309,957 | ||||||
Health Care Providers & Services — 0.3% |
| |||||||
Bright Health, Inc. | 60,348 | 1,232,167 | ||||||
Freenome Holdings, Inc. | 94,602 | 625,632 | ||||||
Freenome Holdings, Inc. | 53,807 | 355,842 | ||||||
PrognomIQ, Inc. | 216,177 | 493,989 | ||||||
PrognomIQ, Inc. | 35,670 | 81,510 | ||||||
PrognomIQ, Inc. | 30,468 | 69,623 | ||||||
2,858,763 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Doximity, Inc. | 64,785 | 1,085,149 | ||||||
Medical Instruments — 0.0% |
| |||||||
RefleXion Medical, Inc. | 160,251 | 305,509 | ||||||
RefleXion Medical, Inc. | 67,040 | 127,808 | ||||||
433,317 | ||||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Tempus Labs, Inc. | 60,677 | $ | 3,396,262 | |||||
Tempus Labs, Inc. | 39,722 | 2,267,665 | ||||||
Tempus Labs, Inc. | 10,551 | 607,338 | ||||||
Tempus Labs, Inc. | 6,661 | 385,271 | ||||||
6,656,536 | ||||||||
Medical Products — 0.1% |
| |||||||
Kardium, Inc. | 542,402 | 525,544 | ||||||
Medical - Biomedical/Gene — 0.9% |
| |||||||
Caris Life Sciences, Inc. | 217,911 | 601,434 | ||||||
Longboard Pharmaceuticals, Inc. | 23,868 | 238,680 | ||||||
National Resilience, Inc. | 69,360 | 947,458 | ||||||
Seer, Inc. | 142,683 | 1,133,459 | ||||||
Seer, Inc. | 121,873 | 968,147 | ||||||
Thrive Earlier Detection Corp., | 199,654 | 1,072,961 | ||||||
VelosBio, Inc. | 256,410 | 2,933,330 | ||||||
7,895,469 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Insitro, Inc. | 52,029 | 324,177 | ||||||
Pharmacy Services — 0.3% |
| |||||||
JAND, Inc. (dba Warby Parker) | 75,264 | 1,846,271 | ||||||
JAND, Inc. (dba Warby Parker) | 2,948 | 72,316 | ||||||
JAND, Inc. (dba Warby Parker) | 34,881 | 855,652 | ||||||
2,774,239 | ||||||||
Retirement/Aged Care — 0.1% |
| |||||||
Honor Tech, Inc. | 180,527 | 434,723 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $12,846,317) | 24,297,874 | |||||||
WARRANTS — 0.0% |
| |||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Cerevel Therapeutics Holding | 11,139 | 37,873 | ||||||
U.S. CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Applications Software — 0.1% |
| |||||||
Color Genomics, Inc. | 543,971 | 543,971 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $601,943,859) | 947,897,801 | |||||||
87 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% |
| |||||||
Registered Investment Companies — 0.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,008 | $ | 500,008 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,408,207 | 3,408,207 | ||||||
T. Rowe Price Government Reserve Fund | 2,943,292 | 2,943,292 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,851,507) | 6,851,507 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $608,795,366)(5) | 100.6 | % | 954,749,308 | |||||
Liabilities in excess of other assets | (0.6 | ) | (5,222,533 | ) | ||||
NET ASSETS | 100.0 | % | $ | 949,526,775 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $1,770,941 representing 0.2% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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, | 2/28/2020 | 87,707 | $ | 1,062,887 | $ | 1,062,886 | $ | 12.12 | 0.11 | % | ||||||||||||||
Atea Pharmaceuticals, Inc. | 10/30/2020 | 71,191 | 630,224 | 2,253,480 | 31.65 | 0.24 | % | |||||||||||||||||
C4 Therapeutics, Inc. | 6/5/2020 | 39,764 | 352,123 | 1,291,932 | 32.49 | 0.14 | % | |||||||||||||||||
Cerevel Therapeutics Holdings PIPE | 10/29/2020 | 41,722 | 417,220 | 559,659 | 13.41 | 0.06 | % | |||||||||||||||||
Flame Biosciences, Inc. | 9/28/2020 | 48,560 | 318,068 | 318,068 | 6.55 | 0.03 | % | |||||||||||||||||
Generation Bio Co. | 1/9/2020 | 48,484 | 478,836 | 2,221,004 | 45.81 | 0.23 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/23/2015 | 33,706 | 387,123 | |||||||||||||||||||||
3/9/2018 | 2,389 | 37,548 | ||||||||||||||||||||||
36,095 | 424,671 | 885,432 | 24.53 | 0.09 | % | |||||||||||||||||||
Kronos Bio, Inc. | 10/9/2020 | 18,614 | 300,626 | 567,103 | 30.47 | 0.06 | % |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Outset Medical, Inc. | 4/19/2017 | 40,530 | 829,778 | |||||||||||||||||||||
8/20/2018 | 28,593 | 532,202 | ||||||||||||||||||||||
1/27/2020 | 11,264 | 195,769 | ||||||||||||||||||||||
1/28/2020 | 19,289 | 335,247 | ||||||||||||||||||||||
99,676 | 1,892,995 | 6,060,301 | 60.80 | 0.64 | % | |||||||||||||||||||
Verily Life Sciences LLC | 1/25/2019 | 6,986 | 861,094 | 861,094 | 123.26 | 0.09 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Bright Health, Inc. | 9/16/2020 | 60,348 | 1,232,167 | 1,232,167 | 20.42 | 0.13 | % | |||||||||||||||||
Caris Life Sciences, | 8/14/2020 | 217,911 | 601,434 | 601,434 | 2.76 | 0.06 | % | |||||||||||||||||
Doximity, Inc. | 4/10/2014 | 64,785 | 312,316 | 1,085,149 | 16.75 | 0.11 | % | |||||||||||||||||
Freenome Holdings, Inc. | 6/24/2019 | 94,602 | 431,111 | 625,632 | 6.61 | 0.07 | % | |||||||||||||||||
Freenome Holdings, Inc. | 8/14/2020 | 53,807 | 355,842 | 355,842 | 6.61 | 0.04 | % | |||||||||||||||||
Gingko Bioworks | 9/9/2019 | 6,443 | 967,674 | |||||||||||||||||||||
9/30/2019 | 2,279 | 324,284 | ||||||||||||||||||||||
8,722 | 1,291,958 | 1,309,957 | 150.19 | 0.14 | % | |||||||||||||||||||
Honor Tech, Inc. | 10/16/2020 | 180,527 | 434,723 | 434,723 | 2.41 | 0.05 | % | |||||||||||||||||
Insitro, Inc. | 5/21/2020 | 52,029 | 324,177 | 324,177 | 6.23 | 0.03 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/23/2015 | 75,264 | 864,430 | 1,846,271 | 24.53 | 0.19 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | 3/9/2018 | 2,948 | 46,334 | 72,316 | 24.53 | 0.01 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/3/2020 | 34,881 | 679,939 | 855,652 | 24.53 | 0.09 | % | |||||||||||||||||
Kardium, Inc. | 11/29/2018 | 542,402 | 525,533 | 525,544 | 0.97 | 0.06 | % | |||||||||||||||||
Longboard Pharmaceuticals, Inc. | 10/27/2020 | 23,868 | 238,680 | 238,680 | 10.00 | 0.03 | % | |||||||||||||||||
National Resilience, Inc. | 10/23/2020 | 69,360 | 947,458 | 947,458 | 13.66 | 0.10 | % | |||||||||||||||||
PrognomIQ, Inc. | 9/11/2020 | 216,177 | 493,989 | 493,989 | 2.29 | 0.05 | % | |||||||||||||||||
PrognomIQ, Inc. | 11/15/2019 | 35,670 | 81,510 | 81,510 | 2.29 | 0.01 | % | |||||||||||||||||
PrognomIQ, Inc. | 5/12/2020 | 30,468 | 69,623 | 69,623 | 2.29 | 0.01 | % | |||||||||||||||||
RefleXion Medical, Inc. | 4/23/2018 | 160,251 | 271,145 | 305,509 | 1.91 | 0.03 | % | |||||||||||||||||
RefleXion Medical, Inc. | 4/4/2020 | 67,040 | 127,808 | 127,808 | 1.91 | 0.01 | % | |||||||||||||||||
Seer, Inc. | 11/15/2019 | 142,683 | 463,720 | 1,133,459 | 7.94 | 0.12 | % | |||||||||||||||||
Seer, Inc. | 5/12/2020 | 121,873 | 457,024 | 968,147 | 7.94 | 0.10 | % | |||||||||||||||||
Tempus Labs, Inc. | 3/20/2018 | 60,677 | 568,780 | 3,396,262 | 55.97 | 0.36 | % | |||||||||||||||||
Tempus Labs, Inc. | 8/23/2018 | 39,722 | 665,058 | 2,267,665 | 57.09 | 0.24 | % |
88 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Tempus Labs, Inc. | 5/1/2019 | 10,551 | 261,239 | 607,338 | 57.56 | 0.06 | % | |||||||||||||||||
Tempus Labs, Inc. | 2/6/2020 | 6,661 | 255,465 | 385,271 | 57.84 | 0.04 | % | |||||||||||||||||
Thrive Earlier Detection Corp. | 7/24/2020 | 199,654 | 495,941 | 1,072,961 | 5.37 | 0.11 | % | |||||||||||||||||
VelosBio, Inc. | 7/7/2020 | 256,410 | 500,051 | 2,933,330 | 11.44 | 0.31 | % | |||||||||||||||||
U.S. Convertible Bonds & Notes | ||||||||||||||||||||||||
Color Genomics, Inc. | 1/13/2020 | 543,971 | 543,971 | 543,971 | 1.00 | 0.06 | % | |||||||||||||||||
$ | 40,922,804 | 4.31 | % | |||||||||||||||||||||
(3) | The rate shown is the 7-day yield as of November 30, 2020. |
(4) | At November 30, 2020, the Fund had loaned securities with a total value of $17,335,443. This was secured by collateral of $3,408,207, which was received in cash and subsequently invested in short-term investments currently valued at $3,408,207 as reported in the Portfolio of Investments. Additional collateral of $13,583,913 was received |
in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 147,266 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 395,469 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 13,554 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 1,357,474 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 02/15/2050 | 11,670,150 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Health Care Providers & Services | $ | — | $ | — | $ | 1,062,886 | $ | 1,062,886 | ||||||||
Hospital Beds/Equipment | — | 6,060,301 | — | 6,060,301 | ||||||||||||
Medical - Biomedical/Gene | 313,476,112 | 6,893,178 | 2,389,360 | 322,758,650 | ||||||||||||
Medical - Drugs | 127,065,200 | — | 0 | 127,065,200 | ||||||||||||
Pharmacy Services | 17,996,963 | — | 885,432 | 18,882,395 | ||||||||||||
Other Industries | 447,188,651 | — | — | 447,188,651 | ||||||||||||
U.S. Convertible Preferred Securities: | — | — | 24,297,874 | 24,297,874 | ||||||||||||
Warrants | 37,873 | — | — | 37,873 | ||||||||||||
U.S. Convertible Bonds & Notes: | — | — | 543,971 | 543,971 | ||||||||||||
Short-Term Investment Securities | 6,851,507 | — | — | 6,851,507 | ||||||||||||
Total Investments at Value | $ | 912,616,306 | $ | 12,953,479 | $ | 29,179,523 | $ | 954,749,308 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | U.S. Convertible Bonds & Notes | ||||||||||
Balance as of May 31, 2020 | $3,688,502 | $ | 12,295,108 | $ | 543,971 | |||||||
Accrued Discounts | — | — | — | |||||||||
Accrued Premiums | — | — | — | |||||||||
Realized Gain | — | — | — | |||||||||
Realized Loss | — | — | — | |||||||||
Change in unrealized appreciation(1) | 1,015,955 | 15,719,884 | — | |||||||||
Change in unrealized depreciation(1) | — | — | — | |||||||||
Net purchases | 318,068 | 5,300,285 | — | |||||||||
Net sales | — | — | — | |||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3(2) | (684,847 | ) | (9,017,403 | ) | — | |||||||
Balance as of November 30, 2020 | | $4,337,678 | | $ | 24,297,874 | | $ | 543,971 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2020 includes: |
89 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Common Stocks | Convertible Preferred Securities | U.S. Convertible Bonds & Notes | ||||||||||
$ | 526,874 | $ | 9,033,052 | $ | — | |||||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2020.
(2) | Private Common and Preferred Securities was converted to Restricted Common Stock following the Company’s IPO listing. Security is now valued using Level 2 inputs |
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/20 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average)# | ||||||
Common Stocks | $ | 3,127,480 | Market Approach | Market Transaction Price* | $6.55 - $123.26 ($45.6670) | |||||
$ | 1,210,198 | Income Approach | Estimated Future Cash Distribution* | $0.00 - $0.615 ($0.116591) | ||||||
Convertible Preferred Securities | $ | 10,448,292 | Market Approach | Market Transaction Price* | $0.96892 - $150.19000 ($30.560998) | |||||
$ | 2,101,606 | Market Approach | Mid Point of Announced IPO Range | $17.000 | ||||||
Pending Reverse Split adjustment | 2.14 | |||||||||
$ | 4,006,291 | Market Approach | Expected Future Cash Distribution* | $5.972 - $14.300 ($12.0694) | ||||||
Discount for Uncertainty | 10.0% - 20.0% (17.34%) | |||||||||
$ | 6,656,536 | Market Approach | Market Transaction Price* | $57.3069 | ||||||
Future Dividend Payout Adjustment | (2.3%) - 0.9% ((1.22%)) | |||||||||
$ | 1,085,149 | Market Approach | Transaction Price* | $11.6000 | ||||||
Gross Profit Multiple* | 13.0x | |||||||||
Revenue Multiple* | 10.53x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
U.S. 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. |
# | The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount. |
See Notes to Financial Statements
90 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2020 — (unaudited)
Industry Allocation*
United States Treasury Notes | 37.9 | % | ||
Sovereign | 29.6 | |||
United States Treasury Bonds | 14.4 | |||
Repurchase Agreements | 5.7 | |||
Diversified Banking Institutions | 3.4 | |||
Uniform Mtg. Backed Securities | 1.6 | |||
Pipelines | 1.4 | |||
Insurance-Life/Health | 1.0 | |||
Diversified Financial Services | 1.0 | |||
Federal Home Loan Bank | 0.9 | |||
Chemicals-Specialty | 0.7 | |||
Insurance-Multi-line | 0.4 | |||
Federal Home Loan Mtg. Corp. | 0.4 | |||
Oil Companies-Integrated | 0.3 | |||
Oil Companies-Exploration & Production | 0.2 | |||
Chemicals-Diversified | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Decision Support Software | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Computer Services | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Insurance Brokers | 0.1 | |||
Federal National Mtg. Assoc. | 0.1 | |||
Retail-Building Products | 0.1 | |||
Commercial Services-Finance | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
Banks-Commercial | 0.1 | |||
Transactional Software | 0.1 | |||
Data Processing/Management | 0.1 | |||
Insurance-Property/Casualty | 0.1 | |||
Containers-Paper/Plastic | 0.1 | |||
Retail-Pawn Shops | 0.1 | |||
Retail-Auto Parts | 0.1 | |||
Casino Hotels | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Food-Wholesale/Distribution | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Retail-Restaurants | 0.1 | |||
Auto/Truck Parts & Equipment-Original | 0.1 | |||
Building Products-Doors & Windows | 0.1 | |||
Medical-Drugs | 0.1 | |||
Telecom Services | 0.1 | |||
Consulting Services | 0.1 | |||
Medical-Hospitals | 0.1 | |||
Containers-Metal/Glass | 0.1 | |||
Professional Sports | 0.1 | |||
102.5% | ||||
Credit Quality+#
Aaa | 78.0 | % | ||
Aa | 2.2 | |||
A | 2.2 | |||
Baa | 8.5 | |||
Ba | 2.0 | |||
B | 1.6 | |||
Not Rated@ | 5.5 | |||
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. |
91 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.0% | ||||||||
Diversified Financial Services — 1.0% | ||||||||
BANK VRS | $ | 11,105,000 | $ | 1,210,435 | ||||
CAMB Commercial Mtg. Trust FRS | 750,000 | 749,525 | ||||||
Preston Ridge Partners Mtg. VRS | 1,618,546 | 1,619,799 | ||||||
Traingle Re, Ltd. 1 ML+3.00% | 1,020,000 | 1,023,859 | ||||||
Vericrest Opportunity Loan Trust VRS | 1,703,459 | 1,706,873 | ||||||
Vericrest Opportunity Loan Trust VRS | 2,007,184 | 2,010,975 | ||||||
Westlake Automobile Receivables Trust | 780,000 | 785,005 | ||||||
Wingstop Funding LLC | 315,000 | 319,060 | ||||||
Total Asset Backed Securities | ||||||||
(cost $9,409,417) |
| 9,425,531 | ||||||
U.S. CORPORATE BONDS & NOTES — 5.3% | ||||||||
Apparel Manufacturers — 0.0% | ||||||||
William Carter Co. | 260,000 | 273,975 | ||||||
Building & Construction Products-Misc. — 0.0% | ||||||||
Standard Industries, Inc. | 215,000 | 227,363 | ||||||
Chemicals-Diversified — 0.2% | ||||||||
Dow Chemical Co. | 1,495,000 | 1,955,506 | ||||||
Chemicals-Specialty — 0.6% | ||||||||
Huntsman International LLC | 4,800,000 | 5,527,252 | ||||||
Computer Services — 0.1% | ||||||||
Booz Allen Hamilton, Inc. | 1,131,000 | 1,167,758 | ||||||
Decision Support Software — 0.2% | ||||||||
MSCI, Inc. | 1,465,000 | 1,547,406 | ||||||
Diversified Banking Institutions — 2.1% | ||||||||
Bank of America Corp. | 2,353,000 | 2,367,204 | ||||||
Bank of America Corp. | 5,000,000 | 5,320,364 | ||||||
Bank of America Corp. | 2,614,000 | 3,020,942 |
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Bank of America Corp. | $ | 2,721,000 | $ | 3,396,194 | ||||
JPMorgan Chase & Co. | 5,013,000 | 5,472,782 | ||||||
19,577,486 | ||||||||
Office Automation & Equipment — 0.1% | ||||||||
CDW LLC/CDW Finance Corp. | 994,000 | 996,584 | ||||||
Oil Companies-Exploration & Production — 0.2% | ||||||||
Apache Corp. | 1,800,000 | 1,791,000 | ||||||
Apache Corp. | 451,000 | 471,070 | ||||||
2,262,070 | ||||||||
Oil Companies-Integrated — 0.3% | ||||||||
BP Capital Markets America, Inc. | 3,161,000 | 3,288,289 | ||||||
Oil Refining & Marketing — 0.2% | ||||||||
Valero Energy Corp. | 1,587,000 | 1,580,048 | ||||||
Pipelines — 0.9% | ||||||||
Cheniere Corpus Christi Holdings LLC | 580,000 | 635,305 | ||||||
Energy Transfer Operating LP | 1,159,000 | 1,275,342 | ||||||
Enterprise Products Operating LLC | 2,225,000 | 2,245,375 | ||||||
MPLX LP | 1,730,000 | 1,751,688 | ||||||
MPLX LP | 2,274,000 | 2,582,477 | ||||||
8,490,187 | ||||||||
Retail-Pawn Shops — 0.1% | ||||||||
FirstCash, Inc. | 610,000 | 626,775 | ||||||
Transactional Software — 0.1% | ||||||||
Black Knight InfoServ LLC | 702,000 | 712,530 | ||||||
Trucking/Leasing — 0.2% | ||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 1,398,000 | 1,515,670 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $47,011,097) |
| 49,748,899 | ||||||
92 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 0.8% | ||||||||
Banks-Commercial — 0.1% | ||||||||
Danske Bank A/S | $ | 675,000 | $ | 721,324 | ||||
Diversified Banking Institutions — 0.7% | ||||||||
Credit Agricole SA | 1,297,000 | 1,339,094 | ||||||
Credit Agricole SA | 2,548,000 | 2,832,075 | ||||||
Natwest Group PLC | 2,729,000 | 2,752,715 | ||||||
6,923,884 | ||||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $7,163,225) |
| 7,645,208 | ||||||
U.S. GOVERNMENT AGENCIES — 3.0% | ||||||||
Federal Home Loan Bank — 0.9% | ||||||||
1.75% due 03/08/2030 | 5,100,000 | 5,445,067 | ||||||
3.25% due 11/16/2028 | 2,800,000 | 3,344,214 | ||||||
8,789,281 | ||||||||
Federal Home Loan Mtg. Corp. — 0.4% | ||||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | 6,265,000 | 286,162 | ||||||
Series K119, Class X1 | 24,140,000 | 1,854,044 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | ||||||||
Series 4012, Class NF | 150,508 | 150,913 | ||||||
Series 3925, Class FL | 709,045 | 711,539 | ||||||
Series 4001, Class FM | 268,084 | 270,377 | ||||||
Series 3355, Class BF | 291,804 | 297,911 | ||||||
3,570,946 | ||||||||
Federal National Mtg. Assoc. — 0.1% | ||||||||
Federal National Mtg. Assoc. REMIC FRS | ||||||||
Series 2012-93, Class BF | 474,389 | 476,059 | ||||||
Series 2011-103, Class FD | 309,994 | 311,015 | ||||||
787,074 | ||||||||
Government National Mtg. Assoc. — 0.0% | ||||||||
Government National Mtg. Assoc. REMIC FRS | 244,335 | 246,127 | ||||||
Security Description94197 | Principal Amount(7) | Value (Note 2) | ||||||
Uniform Mtg. Backed Securities — 1.6% | ||||||||
Uniform Mtg. Backed Securities | $ | 14,300,000 | $ | 14,663,644 | ||||
Total U.S. Government Agencies | ||||||||
(cost $27,618,423) |
| 28,057,072 | ||||||
U.S. GOVERNMENT TREASURIES — 52.3% | ||||||||
United States Treasury Bonds — 14.4% | ||||||||
United States Treasury Bonds TIPS (5) | ||||||||
0.25% due 02/15/2050 | 26,320,840 | 31,205,275 | ||||||
0.63% due 02/15/2043 | 6,616,774 | 8,201,870 | ||||||
0.75% due 02/15/2042 | 6,718,624 | 8,498,360 | ||||||
0.75% due 02/15/2045 | 26,568,461 | 34,065,057 | ||||||
0.88% due 02/15/2047 | 6,361,321 | 8,504,208 | ||||||
1.00% due 02/15/2046 | 7,589,712 | 10,292,954 | ||||||
1.00% due 02/15/2048 (12) | 10,881,586 | 15,076,665 | ||||||
1.38% due 02/15/2044 | 4,785,274 | 6,857,023 | ||||||
2.13% due 02/15/2040 | 2,890,008 | 4,451,327 | ||||||
2.13% due 02/15/2041 | 4,956,003 | 7,722,137 | ||||||
134,874,876 | ||||||||
United States Treasury Notes — 37.9% | ||||||||
United States Treasury Notes TIPS (5) | ||||||||
0.13% due 04/15/2021 | 6,479,026 | 6,485,859 | ||||||
0.13% due 07/15/2024 | 9,234,727 | 9,768,609 | ||||||
0.13% due 10/15/2024 | 10,144,300 | 10,744,769 | ||||||
0.13% due 07/15/2026 | 28,405,940 | 30,766,813 | ||||||
0.13% due 01/15/2030 | 11,835,720 | 13,039,172 | ||||||
0.13% due 07/15/2030 | 44,152,644 | 48,907,677 | ||||||
0.25% due 07/15/2029 | 10,174,900 | 11,344,881 | ||||||
0.38% due 07/15/2023 | 13,420,560 | 14,083,550 | ||||||
0.38% due 01/15/2027 | 28,525,489 | 31,363,924 | ||||||
0.38% due 07/15/2027 | 15,823,511 | 17,553,795 | ||||||
0.50% due 04/15/2024 | 9,287,640 | 9,848,647 | ||||||
0.50% due 01/15/2028 | 11,770,087 | 13,169,470 | ||||||
0.63% due 07/15/2021 | 15,935,964 | 16,109,434 | ||||||
0.63% due 04/15/2023 | 13,307,187 | 13,897,693 | ||||||
0.63% due 01/15/2024 | 8,365,875 | 8,883,405 | ||||||
0.63% due 01/15/2026 | 14,962,152 | 16,457,783 | ||||||
0.75% due 07/15/2028 | 10,575,972 | 12,143,640 | ||||||
0.88% due 01/15/2029 | 55,918,188 | 64,871,651 | ||||||
1.13% due 01/15/2021 | 6,543,790 | 6,546,730 | ||||||
355,987,502 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $462,085,900) |
| 490,862,378 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 29.6% | ||||||||
Sovereign — 29.6% | ||||||||
Commonwealth of Australia | AUD | 22,491,150 | 18,445,774 | |||||
Commonwealth of Australia | AUD | 9,500,000 | 9,667,468 | |||||
Commonwealth of Australia | AUD | 15,206,250 | 13,386,094 | |||||
Government of Canada | CAD | 29,357,919 | 34,146,241 | |||||
Government of Canada | CAD | 25,468,380 | 29,981,384 | |||||
Government of Canada | CAD | 29,617,390 | 30,012,836 |
93 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Sovereign (continued) | ||||||||
Government of New Zealand | NZD | 67,569,700 | $ | 52,956,202 | ||||
Government of Romania | EUR | 1,850,000 | 2,885,356 | |||||
Kingdom of Spain | EUR | 2,609,000 | 3,161,705 | |||||
Kingdom of Spain | EUR | 9,637,575 | 13,748,473 | |||||
Republic of Italy | EUR | 7,467,450 | 9,079,557 | |||||
Republic of Italy | EUR | 32,941,920 | 40,198,881 | |||||
United Kingdom Gilt Treasury | GBP | 6,676,285 | 9,838,603 | |||||
United Kingdom Gilt Treasury | GBP | 4,743,340 | 10,019,784 | |||||
Total Foreign Government Obligations | ||||||||
(cost $253,646,146) |
| 277,528,358 | ||||||
LOANS(8)(9)(10) — 2.3% | ||||||||
Aerospace/Defense-Equipment — 0.0% |
| |||||||
TransDigm, Inc. FRS | 250,000 | 242,049 | ||||||
Airlines — 0.0% | ||||||||
JetBlue Airways Corp. FRS | 125,000 | 126,953 | ||||||
Appliances — 0.0% | ||||||||
Weber-Stephen Products LLC FRS | 150,000 | 149,281 | ||||||
Auto/Truck Parts & Equipment-Original — 0.1% |
| |||||||
Panther BF Aggregator 2 LP FRS | 245,491 | 242,729 | ||||||
Trico Group LLC FRS | 165,000 | 163,969 | ||||||
406,698 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Nexstar Broadcasting, Inc. FRS | 250,000 | 246,920 | ||||||
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Building & Construction-Misc. — 0.0% | ||||||||
Wilsonart LLC FRS | $ | 200,000 | $ | 197,857 | ||||
Building Products-Air & Heating — 0.0% | ||||||||
Ingersoll-Rand Services Co. FRS | 250,000 | 245,268 | ||||||
Building Products-Cement — 0.0% | ||||||||
Quikrete Holdings, Inc. FRS | 250,000 | 246,215 | ||||||
Building Products-Doors & Windows — 0.1% | ||||||||
NCI Building Systems, Inc. FRS | 300,000 | 297,500 | ||||||
Building-Heavy Construction — 0.0% | ||||||||
Brand Industrial Services, Inc. FRS | 200,000 | 192,000 | ||||||
Cable/Satellite TV — 0.1% | ||||||||
UPC Broadband Holdings BV FRS | 150,000 | 148,406 | ||||||
Charter Communications Operating LLC FRS | 200,000 | 197,500 | ||||||
UPC Broadband Holdings BV FRS | 150,000 | 148,406 | ||||||
494,312 | ||||||||
Casino Hotels — 0.1% | ||||||||
Caesars Resort Collection LLC FRS | 375,000 | 362,484 | ||||||
Boyd Gaming Corp. FRS | 250,000 | 246,023 | ||||||
608,507 | ||||||||
Chemicals-Specialty — 0.1% |
| |||||||
Tronox Finance LLC FRS | 205,183 | 202,419 | ||||||
Tronox Finance LLC FRS | 144,817 | 142,866 | ||||||
Diamond BC BV FRS | 300,000 | 293,562 |
94 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
LOANS (continued) | ||||||||
Chemicals-Specialty (continued) | ||||||||
Starfruit US HoldCo. LLC FRS | $ | 250,000 | $ | 244,922 | ||||
883,769 | ||||||||
Commercial Services — 0.0% |
| |||||||
Amentum Government Services | 280,000 | 277,200 | ||||||
Commercial Services-Finance — 0.1% | ||||||||
WEX, Inc. FRS | 250,000 | 245,375 | ||||||
EVO Payments International LLC FRS | 300,000 | 298,219 | ||||||
MPH Acquisition Holdings LLC FRS | 225,000 | 221,681 | ||||||
765,275 | ||||||||
Computer Data Security — 0.0% |
| |||||||
McAfee LLC FRS | 250,000 | 249,271 | ||||||
Consulting Services — 0.1% | ||||||||
AlixPartners LLP FRS | 300,000 | 293,727 | ||||||
Containers-Metal/Glass — 0.1% | ||||||||
Berlin Packaging LLC FRS | 300,000 | 293,000 | ||||||
Containers-Paper/Plastic — 0.1% | ||||||||
Flex Acquisition Co, Inc. FRS | 300,000 | 295,500 | ||||||
Proampac PG Borrower LLC FRS | 86,358 | 85,279 | ||||||
Proampac PG Borrower LLC FRS | 263,642 | 260,346 | ||||||
641,125 | ||||||||
Cosmetics & Toiletries — 0.0% | ||||||||
Sunshine Luxembourg VII SARL FRS | 200,000 | 199,573 | ||||||
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Data Processing/Management — 0.1% | ||||||||
Dun & Bradstreet Corp. FRS | $ | 175,000 | $ | 173,809 | ||||
CCC Information Services, Inc. FRS | 225,000 | 223,547 | ||||||
Dun & Bradstreet Corp. FRS | 300,000 | 297,891 | ||||||
695,247 | ||||||||
Diagnostic Equipment — 0.1% |
| |||||||
Avantor Funding, Inc. FRS | 455,000 | 454,431 | ||||||
Distribution/Wholesale — 0.1% | ||||||||
Core & Main LP FRS | 249,357 | 245,409 | ||||||
American Builders & Contractors Supply Co., Inc. FRS | 250,000 | 245,039 | ||||||
490,448 | �� | |||||||
Enterprise Software/Service — 0.1% | ||||||||
Hyland Software, Inc. FRS | 250,000 | 249,063 | ||||||
Ultimate Software Group, Inc. FRS | 250,000 | 248,182 | ||||||
E2open LLC FRS | 245,000 | 243,009 | ||||||
740,254 | ||||||||
Finance-Credit Card — 0.0% | ||||||||
Blackhawk Network Holdings, Inc. FRS | 250,000 | 238,000 | ||||||
Finance-Investment Banker/Broker — 0.0% | ||||||||
Deerfield Dakota Holding LLC FRS | 100,000 | 99,578 | ||||||
Food-Baking — 0.0% | ||||||||
Hostess Brands LLC FRS | 250,000 | 247,048 | ||||||
Food-Catering — 0.0% | ||||||||
Aramark Services, Inc. FRS | 250,000 | 241,758 | ||||||
95 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
LOANS (continued) | ||||||||
Food-Misc./Diversified — 0.0% | ||||||||
Froneri US, Inc. FRS | $ | 250,000 | $ | 243,594 | ||||
Food-Wholesale/Distribution — 0.1% |
| |||||||
US Foods, Inc. FRS | 250,000 | 242,187 | ||||||
US Foods, Inc. FRS | 250,000 | 240,469 | ||||||
482,656 | ||||||||
Gambling (Non-Hotel) — 0.0% | ||||||||
Scientific Games International, Inc. FRS | 250,000 | 240,521 | ||||||
Hotels/Motels — 0.0% | ||||||||
Four Seasons Holdings, Inc. FRS | 150,000 | 146,180 | ||||||
Insurance Brokers — 0.1% | ||||||||
HUB International, Ltd. FRS | 639 | 623 | ||||||
HUB International, Ltd. FRS | 249,361 | 242,997 | ||||||
USI, Inc. FRS | 375,000 | 366,830 | ||||||
Hyperion Insurance Group, Ltd. FRS | 56,713 | 56,193 | ||||||
Alliant Holdings Intermediate LLC FRS | 250,000 | 243,636 | ||||||
Hyperion Refinance SARL FRS | 68,287 | 67,661 | ||||||
977,940 | ||||||||
Insurance-Multi-line — 0.0% | ||||||||
Acrisure LLC FRS | 250,000 | 244,625 | ||||||
Insurance-Property/Casualty — 0.1% | ||||||||
Asurion LLC FRS | 300,000 | 296,766 | ||||||
Asurion LLC FRS | 150,000 | 148,383 |
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Insurance-Property/Casualty (continued) | ||||||||
Sedgwick Claims Management Services, Inc. FRS | $ | 250,000 | $ | 243,867 | ||||
689,016 | ||||||||
Internet Content-Entertainment — 0.0% | ||||||||
Adevinta ASA FRS | EUR | 105,000 | 125,406 | |||||
Internet Content-Information/News — 0.0% | ||||||||
MH Sub I LLC FRS | 240,000 | 237,360 | ||||||
Leisure Products — 0.0% | ||||||||
Hayward Industries, Inc. FRS | 250,000 | 244,937 | ||||||
Machinery-General Industrial — 0.0% | ||||||||
Vertical US Newco, Inc. FRS | 250,000 | 249,219 | ||||||
Medical Labs & Testing Services — 0.0% | ||||||||
Jaguar Holding Co. II FRS | 150,000 | 149,644 | ||||||
Medical Products — 0.0% | ||||||||
Agiliti Health, Inc. FRS | 160,000 | 158,800 | ||||||
Medical-Drugs — 0.1% | ||||||||
Bausch Health Americas, Inc. FRS | 300,000 | 296,011 | ||||||
Medical-Generic Drugs — 0.0% | ||||||||
Endo Luxembourg Finance Co. I SARL FRS | 250,000 | 242,277 | ||||||
Medical-Hospitals — 0.1% | ||||||||
Surgery Center Holdings, Inc. FRS | 300,000 | 293,464 | ||||||
Medical-Outpatient/Home Medical — 0.0% | ||||||||
Dentalcorp Perfect Smile ULC FRS | 250,000 | 242,813 | ||||||
Multimedia — 0.0% | ||||||||
EW Scripps Co. FRS | 275,000 | 268,881 | ||||||
Pharmacy Services — 0.0% | ||||||||
Change Healthcare Holdings LLC FRS | 262,195 | 259,614 | ||||||
96 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
LOANS (continued) | ||||||||
Pollution Control — 0.0% | ||||||||
Filtration Group Corp. FRS | $ | 120,000 | $ | 119,350 | ||||
Professional Sports — 0.1% | ||||||||
Delta 2 Luxembourg SARL FRS | 300,000 | 291,667 | ||||||
Protection/Safety — 0.0% |
| |||||||
APX Group, Inc. FRS | 200,000 | 198,125 | ||||||
Racetracks — 0.0% | ||||||||
Penn National Gaming, Inc. FRS | 268,891 | 263,574 | ||||||
Real Estate Investment Trusts — 0.0% | ||||||||
VICI Properties 1 LLC FRS | 250,000 | 243,344 | ||||||
Research & Development — 0.0% |
| |||||||
PAREXEL International Corp. FRS | 250,000 | 244,375 | ||||||
Retail-Arts & Crafts — 0.0% | ||||||||
Michaels Stores, Inc. FRS | 249,375 | 245,323 | ||||||
Retail-Auto Parts — 0.1% | ||||||||
Harbor Freight Tools USA, Inc. FRS | 221,648 | 220,025 | ||||||
KPAE Finance Sub, Inc. FRS | 115,000 | 114,856 | ||||||
LS Group OpCo Acquistion LLC FRS | 285,000 | 282,150 | ||||||
617,031 | ||||||||
Retail-Building Products — 0.1% | ||||||||
Beacon Roofing Supply, Inc. FRS | 250,000 | 244,375 | ||||||
SRS Distribution, Inc. FRS | 250,000 | 244,140 | ||||||
White Cap Buyer LLC FRS | 300,000 | 297,161 | ||||||
785,676 | ||||||||
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Retail-Pet Food & Supplies — 0.0% | ||||||||
PetSmart, Inc. FRS | $ | 250,000 | $ | 248,618 | ||||
Retail-Restaurants — 0.1% | ||||||||
1011778 BC ULC FRS | 275,000 | 267,094 | ||||||
IRB Holding Corp. FRS | 160,000 | 158,200 | ||||||
425,294 | ||||||||
Retail-Sporting Goods — 0.0% | ||||||||
Bass Pro Group LLC FRS | 200,000 | 199,806 | ||||||
Telecom Services — 0.1% | ||||||||
MTN Infrastructure TopCo, Inc. FRS | 300,000 | 295,125 | ||||||
Telephone-Integrated — 0.0% | ||||||||
Frontier Communications Corp. FRS | 100,000 | 100,000 | ||||||
Television — 0.0% | ||||||||
Gray Television, Inc. FRS | 250,000 | 245,937 | ||||||
Veterinary Diagnostics — 0.0% | ||||||||
Elanco Animal Health, Inc. FRS | 250,000 | 246,015 | ||||||
Web Hosting/Design — 0.0% | ||||||||
Go Daddy Operating Co. LLC FRS | 200,000 | 197,000 | ||||||
Total Loans | ||||||||
(cost $20,958,833) | 21,022,482 | |||||||
PREFERRED SECURITIES — 0.0% | ||||||||
Diversified Banking Institutions — 0.0% | ||||||||
Banco Santander SA 4.00% | 9,950 | 248,750 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.5% | ||||||||
Diversified Banking Institutions — 0.6% | ||||||||
BAC Capital Trust XIV FRS | 3,161,000 | 3,122,120 | ||||||
Goldman Sachs Group, Inc. | 2,799,000 | 2,801,799 | ||||||
5,923,919 | ||||||||
97 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) | ||||||||
Insurance - Life/Health — 1.0% | ||||||||
Prudential Financial, Inc. | $ | 8,376,000 | $ | 9,715,703 | ||||
Insurance - Multi-line — 0.4% | ||||||||
Hartford Financial Services Group, Inc. FRS | 3,832,000 | 3,410,554 | ||||||
Pipelines — 0.5% | ||||||||
Energy Transfer Operating LP | 2,554,000 | 2,035,219 | ||||||
EnLink Midstream Partners LP | 475,000 | 261,250 | ||||||
Enterprise Products Operating LLC | 1,029,000 | 1,015,005 | ||||||
MPLX LP | 1,271,000 | 1,156,610 | ||||||
4,468,084 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $22,811,563) | 23,518,260 | |||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% | ||||||||
Lehman Brothers Holdings, Inc. FRS† | 1,000,000 | 9,200 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $850,943,435) | 908,066,138 | |||||||
REPURCHASE AGREEMENTS — 5.7% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $53,521,000 and collateralized by $28,103,300 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and by $24,729,600 of United States Treasury Notes, bearing interest at 0.13% due 10/15/2025 and having an approximate aggregate value of $54,591,427 | 53,521,000 | 53,521,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $904,464,435) (11) | 102.5 | % | 961,587,138 | |||||
Liabilities in excess of other assets | (2.5 | ) | (23,698,833 | ) | ||||
NET ASSETS | 100.0 | % | $ | 937,888,305 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $85,616,531 representing 9.1% of net assets. |
† | Non-income producing security |
(1) | Interest Only |
(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) | Collateralized Mortgage Obligation |
(5) | Principal Amount of security is adjusted for inflation. |
(6) | Perpetual maturity — maturity date reflects the next call date. |
(7) | Denominated in United States dollars unless otherwise indicated. |
(8) | The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan. |
(9) | Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. |
(10) | All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated. |
(11) | See Note 5 for cost of investments on a tax basis. |
(12) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
BTL—Bank Term Loan
REMIC—Real Estate Mortgage Investment Conduit
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.
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 as of November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
AUD Australian Dollar
CAD Canadian Dollar
EUR Euro Currency
GBP British Pound
NZD New Zealand Dollar
Index Legend
1 ML—1 Month USD LIBOR
1 WL—1 Week LIBOR
2 ML—2 Month USD LIBOR
3 ML—3 Month USD LIBOR
6 ML—6 Month USD LIBOR
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Canadian Imperial Bank Of Commerce | CAD | 3,340,000 | USD | 2,498,182 | 12/16/2020 | $ | – | $ | (73,865 | ) | ||||||||||||||||||
Citibank N.A. | EUR | 1,793,000 | USD | 2,121,793 | 12/16/2020 | – | (17,898 | ) | ||||||||||||||||||||
Credit Agricole Cib | EUR | 54,584,000 | USD | 63,759,570 | 12/16/2020 | – | (1,378,682 | ) | ||||||||||||||||||||
Goldman Sachs International | AUD | 55,780,000 | USD | 39,427,870 | 12/16/2020 | – | (1,523,682 | ) | ||||||||||||||||||||
CAD | 119,525,000 | USD | 89,393,560 | 12/16/2020 | – | (2,649,550 | ) | |||||||||||||||||||||
GBP | 15,101,000 | USD | 19,388,989 | 12/16/2020 | – | (746,907 | ) | |||||||||||||||||||||
– | (4,920,139 | ) | ||||||||||||||||||||||||||
Hsbc Bank Usa | EUR | 595,000 | USD | 698,114 | 12/16/2020 | – | (11,934 | ) | ||||||||||||||||||||
NZD | 76,400,000 | USD | 50,052,238 | 12/16/2020 | – | (3,520,985 | ) | |||||||||||||||||||||
– | (3,532,919 | ) | ||||||||||||||||||||||||||
98 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Jpmorgan Chase Bank N.A | EUR | 104,000 | USD | 123,428 | 12/31/2020 | $ | – | $ | (752 | ) | ||||||||||||||||||
Westpac Banking Corporation | AUD | 223,000 | USD | 159,788 | 12/16/2020 | – | (3,930 | ) | ||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | – | $ | (9,928,185 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
NZD—New Zealand Dollar
USD—U.S. Dollar
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation | ||||||||||||||||
181 | Short | Euro-Bund | December 2020 | $ | 37,844,637 | $ | 37,837,517 | $ | 7,120 | |||||||||||||
273 | Long | U.S. Treasury 10 Year Notes | March 2021 | 37,653,189 | 37,720,922 | 67,733 | ||||||||||||||||
81 | Long | U.S. Treasury 5 Year Notes | March 2021 | 10,197,950 | 10,208,531 | 10,581 | ||||||||||||||||
56 | Short | U.S. Treasury Ultra Bonds | March 2021 | 12,123,395 | 12,097,750 | 25,645 | ||||||||||||||||
$ | 111,079 | |||||||||||||||||||||
Unrealized (Depreciation) | ||||||||||||||||||||||
97 | Short | Long GILT | March 2021 | $ | 17,336,230 | $ | 17,352,857 | $ | (16,627 | ) | ||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 94,452 | ||||||||||||||||||||
* | 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. |
Over the Counter Interest Rate Swap Contracts | ||||||||||||||||||
Rates Exchanged | Value | |||||||||||||||||
Swap Counterparty | Notional Amount (000’s) | Maturity Date | Payments Received by the Portfolio/ | Payments Made by the Portfolio/ Frequency | Upfront Payments Made (Received) by the Portfolio | Unrealized Appreciation | ||||||||||||
Barclays Bank PLC | USD 100,000 | 04/15/2022 | USD-12 Month- USCPI/Maturity | 1.135%/Maturity | $ | — | $ | 269,919 | ||||||||||
Centrally Cleared Interest Rate Swap Contracts | ||||||||||||||||||
Rates Exchanged | Value | |||||||||||||||||
Notional Amount (000’s) | Maturity Date | Payments Received by the Portfolio/ | Payments Made by the Portfolio/ Frequency | Upfront Payments Made (Received) by the Portfolio | Unrealized Appreciation | |||||||||||||
USD 9,500 | 12/16/2030 | USD-3 Month-LIBOR-BBA/Quarterly | 0.719%/Semi-annually | $ | 91,100 | $ | 31,634 |
BBA—British Bankers’ Association
LIBOR—London Interbank Offered Rate
USCPI—United States Consumer Price Index
USD—United States Dollar
99 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 9,425,531 | $ | — | $ | 9,425,531 | ||||||||
U.S. Corporate Bonds & Notes | — | 49,748,899 | — | 49,748,899 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 7,645,208 | — | 7,645,208 | ||||||||||||
U.S. Government Agencies | — | 28,057,072 | — | 28,057,072 | ||||||||||||
U.S. Government Treasuries | — | 490,862,378 | — | 490,862,378 | ||||||||||||
Foreign Government Obligations | — | 277,528,358 | — | 277,528,358 | ||||||||||||
Loans | — | 21,022,482 | — | 21,022,482 | ||||||||||||
Preferred Securities | 248,750 | — | — | 248,750 | ||||||||||||
Preferred Securities/Capital Securities | — | 23,518,260 | — | 23,518,260 | ||||||||||||
Escrows and Litigation Trusts | — | 9,200 | — | 9,200 | ||||||||||||
Repurchase Agreements | — | 53,521,000 | — | 53,521,000 | ||||||||||||
Total Investment at Value | $ | 248,750 | $ | 961,338,388 | $ | — | $ | 961,587,138 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Over the Counter Interest Rate Swap Contracts | $ | — | $ | 269,919 | $ | — | $ | 269,919 | ||||||||
Centrally Cleared Interest Rate Swap Contracts | — | 31,634 | — | 31,634 | ||||||||||||
Futures Contracts | 111,079 | — | — | 111,079 | ||||||||||||
Forward Foreign Currency Contracts | — | — | — | — | ||||||||||||
Total Other Financial Instruments | $ | 111,079 | $ | 301,553 | $ | — | $ | 412,632 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Over the Counter Interest Rate Swap Contracts | $ | — | $ | — | $ | — | $ | — | ||||||||
Centrally Cleared Interest Rate Swap Contracts | — | — | — | — | ||||||||||||
Futures Contracts | 16,627 | — | — | 16,627 | ||||||||||||
Forward Foreign Currency Contracts | — | 9,928,185 | — | 9,928,185 | ||||||||||||
Total Other Financial Instruments | $ | 16,627 | $ | 9,928,185 | $ | — | $ | 9,944,812 | ||||||||
* | 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. |
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 May 31, 2020 | $ | 9,640,000 | ||
Accrued Discounts | — | |||
Accrued Premiums | — | |||
Realized Gain | 300,000 | |||
Realized Loss | — | |||
Change in unrealized appreciation | 360,000 | |||
Change in unrealized depreciation | — | |||
Net purchases | — | |||
Net sales | (10,300,000 | ) | ||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Balance as of November 30, 2020 | $ | — | ||
There were no Level 3 securities at the end of the reporting period. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
100 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Repurchase Agreements | 10.0 | % | ||
Medical — Drugs | 7.1 | |||
Banks — Commercial | 4.2 | |||
Diversified Banking Institutions | 3.5 | |||
Exchange — Traded Funds | 2.7 | |||
Auto — Cars/Light Trucks | 2.7 | |||
Food — Misc./Diversified | 2.5 | |||
Cosmetics & Toiletries | 2.1 | |||
Oil Companies — Integrated | 2.1 | |||
Insurance — Life/Health | 2.0 | |||
Telephone — Integrated | 1.9 | |||
Semiconductor Equipment | 1.5 | |||
Electric — Integrated | 1.4 | |||
Chemicals — Diversified | 1.4 | |||
Electronic Components — Misc. | 1.3 | |||
Medical Products | 1.3 | |||
Insurance — Multi-line | 1.2 | |||
Food — Retail | 1.2 | |||
Real Estate Investment Trusts | 1.1 | |||
Industrial Automated/Robotic | 1.1 | |||
U.S. Government Treasuries | 1.1 | |||
Metal — Diversified | 1.1 | |||
Chemicals — Specialty | 1.0 | |||
Registered Investment Companies | 0.9 | |||
Textile — Apparel | 0.9 | |||
Finance — Other Services | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Brewery | 0.9 | |||
Diversified Minerals | 0.9 | |||
Tobacco | 0.9 | |||
Transport — Rail | 0.9 | |||
Import/Export | 0.9 | |||
Audio/Video Products | 0.8 | |||
Cellular Telecom | 0.8 | |||
Transport — Services | 0.8 | |||
Computer Services | 0.8 | |||
Commercial Services | 0.8 | |||
Machinery — Electrical | 0.8 | |||
Enterprise Software/Service | 0.7 | |||
Beverages — Wine/Spirits | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Real Estate Operations & Development | 0.6 | |||
Building — Heavy Construction | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Electric — Generation | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Internet Content — Information/News | 0.5 | |||
Electric — Distribution | 0.5 | |||
Electronic Components — Semiconductors | 0.5 | |||
Investment Companies | 0.5 | |||
Toys | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Medical Instruments | 0.5 | |||
Building Products — Cement | 0.5 | |||
Paper & Related Products | 0.5 | |||
Real Estate Management/Services | 0.4 | |||
Industrial Gases | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Human Resources | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Athletic Footwear | 0.4 | |||
Medical Labs & Testing Services | 0.4 |
Building — Residential/Commercial | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Retail — Building Products | 0.3 | |||
Rubber — Tires | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Food — Dairy Products | 0.3 | |||
Gas — Distribution | 0.3 | |||
Instruments — Controls | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Gambling (Non-Hotel) | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Multimedia | 0.2 | |||
Coatings/Paint | 0.2 | |||
Steel — Producers | 0.2 | |||
Private Equity | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Optical Supplies | 0.2 | |||
Telecom Services | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Food — Catering | 0.2 | |||
Casino Hotels | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Dialysis Centers | 0.2 | |||
Diversified Operations | 0.2 | |||
Machinery — Farming | 0.2 | |||
Networking Products | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Entertainment Software | 0.2 | |||
Airport Development/Maintenance | 0.2 | |||
Retail — Discount | 0.2 | |||
Food — Confectionery | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Electric — Transmission | 0.2 | |||
Miscellaneous Manufacturing | 0.2 | |||
Advertising Services | 0.2 | |||
Consulting Services | 0.2 | |||
Investment Management/Advisor Services | 0.1 | |||
Water | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Security Services | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Gold Mining | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Hotels/Motels | 0.1 | |||
Computer Aided Design | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Metal — Iron | 0.1 | |||
Wireless Equipment | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Applications Software | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Computer Data Security | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Casino Services | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Telecommunication Equipment | 0.1 |
101 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Computers — Periphery Equipment | 0.1 | % | ||
Respiratory Products | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Fisheries | 0.1 | |||
Internet Application Software | 0.1 | |||
Pipelines | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Advertising Agencies | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Gas — Transportation | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Electronics — Military | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Internet Gambling | 0.1 | |||
Food — Meat Products | 0.1 | |||
Leisure Products | 0.1 | |||
Internet Security | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
100.2 | % | |||
Country Allocation*
Japan | 21.9 | % | ||
United States | 14.7 | |||
United Kingdom | 11.3 | |||
France | 9.0 | |||
Germany | 7.7 | |||
Australia | 5.8 | |||
Netherlands | 4.2 | |||
Sweden | 2.7 | |||
Spain | 2.1 | |||
Hong Kong | 2.1 | |||
Denmark | 2.1 | |||
Italy | 1.6 | |||
Finland | 1.0 | |||
Singapore | 0.9 | |||
Belgium | 0.8 | |||
Ireland | 0.7 | |||
Jersey | 0.6 | |||
Cayman Islands | 0.5 | |||
Israel | 0.5 | |||
Norway | 0.5 | |||
New Zealand | 0.3 | |||
Luxembourg | 0.2 | |||
Bermuda | 0.2 | |||
Austria | 0.2 | |||
Portugal | 0.1 | |||
SupraNational | 0.1 | |||
Isle of Man | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
102 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 85.5% |
| |||||||
Australia — 5.8% |
| |||||||
Afterpay, Ltd.† | 19,314 | $ | 1,346,999 | |||||
AGL Energy, Ltd. | 56,572 | 560,610 | ||||||
AMP, Ltd.# | 310,318 | 389,519 | ||||||
Ampol, Ltd. | 22,548 | 507,299 | ||||||
APA Group# | 106,542 | 809,444 | ||||||
Aristocrat Leisure, Ltd. | 51,893 | 1,221,231 | ||||||
ASX, Ltd. | 17,481 | 989,470 | ||||||
Aurizon Holdings, Ltd. | 173,064 | 539,910 | ||||||
AusNet Services# | 168,263 | 229,117 | ||||||
Australia & New Zealand Banking Group, Ltd. | 256,101 | 4,256,115 | ||||||
BGP Holdings PLC†(1) | 835,027 | 0 | ||||||
BHP Group, Ltd. | 266,005 | 7,433,585 | ||||||
BlueScope Steel, Ltd. | 45,387 | 569,709 | ||||||
Brambles, Ltd. | 137,048 | 1,102,577 | ||||||
CIMIC Group, Ltd.†# | 8,642 | 162,207 | ||||||
Coca-Cola Amatil, Ltd. | 45,763 | 424,943 | ||||||
Cochlear, Ltd.# | 5,931 | 959,632 | ||||||
Coles Group, Ltd. | 120,451 | 1,579,129 | ||||||
Commonwealth Bank of Australia | 159,849 | 9,277,849 | ||||||
Computershare, Ltd. | 43,956 | 460,757 | ||||||
Crown Resorts, Ltd.# | 33,630 | 237,974 | ||||||
CSL, Ltd. | 41,000 | 8,949,963 | ||||||
Dexus | 98,533 | 706,646 | ||||||
Evolution Mining, Ltd. | 146,210 | 533,408 | ||||||
Fortescue Metals Group, Ltd. | 152,914 | 2,046,254 | ||||||
Goodman Group | 148,592 | 2,037,502 | ||||||
GPT Group | 175,894 | 609,423 | ||||||
Insurance Australia Group, Ltd.# | 208,683 | 788,896 | ||||||
LendLease Group | 59,725 | 620,791 | ||||||
Macquarie Group, Ltd. | 30,400 | 3,094,438 | ||||||
Magellan Financial Group, Ltd. | 11,522 | 500,528 | ||||||
Medibank Private, Ltd. | 248,681 | 520,251 | ||||||
Mirvac Group | 355,228 | 672,748 | ||||||
National Australia Bank, Ltd. | 288,613 | 4,849,392 | ||||||
Newcrest Mining, Ltd. | 72,984 | 1,442,745 | ||||||
Northern Star Resources, Ltd. | 66,825 | 618,557 | ||||||
Orica, Ltd. | 36,628 | 434,222 | ||||||
Origin Energy, Ltd. | 159,034 | 604,708 | ||||||
Qantas Airways, Ltd.† | 82,452 | 325,619 | ||||||
QBE Insurance Group, Ltd. | 132,667 | 973,842 | ||||||
Ramsay Health Care, Ltd. | 16,534 | 765,224 | ||||||
REA Group, Ltd.# | 4,757 | 507,160 | ||||||
Rio Tinto, Ltd. | 33,520 | 2,494,983 | ||||||
Santos, Ltd. | 159,885 | 722,960 | ||||||
Scentre Group | 468,681 | 963,299 | ||||||
SEEK, Ltd. | 30,217 | 577,810 | ||||||
Sonic Healthcare, Ltd. | 40,763 | 985,633 | ||||||
South32, Ltd. | 437,609 | 770,945 | ||||||
Stockland | 215,302 | 719,093 | ||||||
Suncorp Group, Ltd. | 113,861 | 843,319 | ||||||
Sydney Airport# | 119,404 | 588,121 | ||||||
Tabcorp Holdings, Ltd. | 216,856 | 611,263 | ||||||
Telstra Corp., Ltd. | 375,880 | 847,058 | ||||||
TPG Telecom, Ltd.† | 33,512 | 188,678 | ||||||
Transurban Group | 246,975 | 2,541,714 | ||||||
Treasury Wine Estates, Ltd. | 65,087 | 410,405 | ||||||
Vicinity Centres# | 347,665 | 421,086 | ||||||
Washington H. Soul Pattinson & Co., Ltd.# | 9,728 | 207,370 | ||||||
Wesfarmers, Ltd. | 102,384 | 3,716,414 | ||||||
Westpac Banking Corp. | 326,128 | 4,819,006 | ||||||
WiseTech Global, Ltd. | 13,155 | 298,384 | ||||||
Woodside Petroleum, Ltd. | 86,177 | 1,415,087 | ||||||
Woolworths Group, Ltd. | 114,055 | 3,096,042 | ||||||
91,899,063 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG# | 6,574 | $ | 277,129 | |||||
Erste Group Bank AG† | 25,227 | 725,218 | ||||||
OMV AG | 13,298 | 450,496 | ||||||
Raiffeisen Bank International AG† | 13,366 | 256,055 | ||||||
Verbund AG | 6,149 | 431,655 | ||||||
voestalpine AG | 10,480 | 335,529 | ||||||
2,476,082 | ||||||||
Belgium — 0.8% |
| |||||||
Ageas SA/NV | 15,811 | 777,416 | ||||||
Anheuser-Busch InBev SA NV | 68,803 | 4,586,166 | ||||||
Colruyt SA | 5,000 | 298,332 | ||||||
Elia Group SA/NV# | 2,790 | 315,500 | ||||||
Galapagos NV† | 3,830 | 471,253 | ||||||
Groupe Bruxelles Lambert SA | 10,199 | 993,709 | ||||||
KBC Group NV† | 22,560 | 1,571,585 | ||||||
Proximus SADP | 13,735 | 286,881 | ||||||
Sofina SA | 1,392 | 441,679 | ||||||
Solvay SA | 6,692 | 765,048 | ||||||
Telenet Group Holding NV | 4,108 | 175,428 | ||||||
UCB SA | 11,416 | 1,219,591 | ||||||
Umicore SA | 17,800 | 797,714 | ||||||
12,700,302 | ||||||||
Bermuda — 0.2% |
| |||||||
CK Infrastructure Holdings, Ltd. | 60,000 | 306,926 | ||||||
Dairy Farm International Holdings, Ltd.# | 30,526 | 124,241 | ||||||
Hongkong Land Holdings, Ltd. | 105,400 | 428,978 | ||||||
Jardine Matheson Holdings, Ltd. | 19,886 | 1,055,350 | ||||||
Jardine Strategic Holdings, Ltd. | 20,061 | 479,257 | ||||||
Kerry Properties, Ltd. | 59,000 | 151,020 | ||||||
Pacific Century Premium Developments, Ltd.† | 41,472 | 4,548 | ||||||
2,550,320 | ||||||||
Cayman Islands — 0.5% |
| |||||||
ASM Pacific Technology, Ltd. | 27,700 | 346,650 | ||||||
BeiGene, Ltd. ADR† | 3,636 | 929,689 | ||||||
Budweiser Brewing Co. APAC, Ltd.* | 155,500 | 535,650 | ||||||
CK Asset Holdings, Ltd. | 233,308 | 1,277,753 | ||||||
CK Hutchison Holdings, Ltd. | 243,808 | 1,769,334 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 19,375 | 351,269 | ||||||
Microport Scientific Corp.# | 65,000 | 280,510 | ||||||
Sands China, Ltd. | 219,200 | 899,305 | ||||||
WH Group, Ltd.* | 864,500 | 706,006 | ||||||
Wharf Real Estate Investment Co., Ltd.# | 151,000 | 702,298 | ||||||
Wynn Macau, Ltd.†# | 140,800 | 240,145 | ||||||
8,038,609 | ||||||||
Denmark — 2.1% |
| |||||||
Ambu A/S, Class B# | 14,757 | 494,486 | ||||||
AP Moller - Maersk A/S, Series A# | 291 | 551,203 | ||||||
AP Moller - Maersk A/S, Series B | 590 | 1,204,072 | ||||||
Carlsberg A/S, Class B | 9,302 | 1,383,926 | ||||||
Chr. Hansen Holding A/S† | 9,525 | 922,857 | ||||||
Coloplast A/S, Class B | 10,727 | 1,601,435 | ||||||
Danske Bank A/S† | 62,283 | 1,026,539 | ||||||
Demant A/S† | 9,780 | 368,306 | ||||||
DSV PANALPINA A/S | 18,692 | 2,949,287 | ||||||
Genmab A/S† | 5,895 | 2,261,567 | ||||||
GN Store Nord A/S | 11,562 | 941,235 | ||||||
H. Lundbeck A/S | 6,294 | 192,495 | ||||||
Novo Nordisk A/S, Class B | 155,487 | 10,457,661 | ||||||
Novozymes A/S, Class B | 18,794 | 1,074,898 | ||||||
Orsted A/S* | 17,082 | 3,076,851 | ||||||
Pandora A/S | 9,030 | 904,418 |
103 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Tryg A/S | 10,913 | $ | 316,362 | |||||
Vestas Wind Systems A/S | 17,782 | 3,634,650 | ||||||
33,362,248 | ||||||||
Finland — 1.0% |
| |||||||
Elisa Oyj | 12,844 | 689,444 | ||||||
Fortum Oyj | 40,106 | 918,776 | ||||||
Kone Oyj, Class B | 30,691 | 2,574,399 | ||||||
Neste Oyj | 38,202 | 2,560,082 | ||||||
Nokia Oyj† | 510,535 | 2,038,601 | ||||||
Nordea Bank Abp† | 292,562 | 2,499,273 | ||||||
Orion Oyj, Class B | 9,502 | 447,258 | ||||||
Sampo Oyj, Class A | 42,533 | 1,838,148 | ||||||
Stora Enso Oyj, Class R | 52,531 | 887,915 | ||||||
UPM-Kymmene Oyj | 48,195 | 1,587,858 | ||||||
Wartsila Oyj Abp | 40,074 | 376,778 | ||||||
16,418,532 | ||||||||
France — 9.0% |
| |||||||
Accor SA† | 17,109 | 586,744 | ||||||
Aeroports de Paris | 2,681 | 338,672 | ||||||
Air Liquide SA | 42,747 | 7,018,881 | ||||||
Alstom SA†# | 22,633 | 1,206,801 | ||||||
Amundi SA†* | 5,476 | 436,341 | ||||||
Arkema SA | 6,236 | 726,902 | ||||||
Atos SE† | 8,874 | 813,802 | ||||||
AXA SA | 174,651 | 4,106,651 | ||||||
BioMerieux | 3,741 | 539,064 | ||||||
BNP Paribas SA† | 101,569 | 5,205,495 | ||||||
Bollore SA | 79,684 | 309,296 | ||||||
Bouygues SA | 20,583 | 819,561 | ||||||
Bureau Veritas SA† | 26,526 | 684,723 | ||||||
Capgemini SE | 14,536 | 2,016,558 | ||||||
Carrefour SA | 54,671 | 895,393 | ||||||
Cie de Saint-Gobain† | 46,725 | 2,219,405 | ||||||
Cie Generale des Etablissements Michelin SCA | 15,323 | 1,909,142 | ||||||
CNP Assurances† | 15,500 | 246,831 | ||||||
Covivio | 4,693 | 383,466 | ||||||
Credit Agricole SA† | 104,193 | 1,202,349 | ||||||
Danone SA | 55,760 | 3,582,409 | ||||||
Dassault Aviation SA† | 226 | 233,190 | ||||||
Dassault Systemes SE | 11,931 | 2,206,656 | ||||||
Edenred | 21,961 | 1,255,583 | ||||||
Eiffage SA† | 7,645 | 749,063 | ||||||
Electricite de France SA† | 56,050 | 850,116 | ||||||
Engie SA† | 164,926 | 2,433,576 | ||||||
EssilorLuxottica SA† | 25,680 | 3,717,242 | ||||||
Eurazeo SE† | 3,550 | 218,930 | ||||||
Faurecia SE† | 6,855 | 340,980 | ||||||
Gecina SA | 4,140 | 628,658 | ||||||
Getlink SE† | 39,731 | 661,134 | ||||||
Hermes International | 2,860 | 2,788,603 | ||||||
ICADE | 2,692 | 198,931 | ||||||
Iliad SA | 1,336 | 271,239 | ||||||
Ipsen SA | 3,406 | 328,481 | ||||||
JCDecaux SA†# | 7,690 | 172,820 | ||||||
Kering SA | 6,842 | 4,937,697 | ||||||
Klepierre SA# | 17,764 | 392,011 | ||||||
L’Oreal SA | 22,726 | 8,316,956 | ||||||
La Francaise des Jeux SAEM* | 7,761 | 323,650 | ||||||
Legrand SA | 24,105 | 2,040,935 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 25,082 | 14,447,922 | ||||||
Natixis SA† | 85,490 | 263,100 | ||||||
Orange SA | 180,149 | 2,275,694 | ||||||
Orpea SA† | 4,668 | 583,550 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Pernod Ricard SA | 19,174 | $ | 3,659,475 | |||||
Peugeot SA†# | 53,108 | 1,252,111 | ||||||
Publicis Groupe SA | 19,562 | 888,813 | ||||||
Remy Cointreau SA# | 2,038 | 362,223 | ||||||
Renault SA† | 17,357 | 690,592 | ||||||
Safran SA† | 28,935 | 4,221,200 | ||||||
Sanofi | 102,081 | 10,314,914 | ||||||
Sartorius Stedim Biotech | 2,497 | 902,500 | ||||||
Schneider Electric SE | 49,924 | 6,946,726 | ||||||
SCOR SE† | 14,318 | 489,149 | ||||||
SEB SA | 2,044 | 363,777 | ||||||
Societe Generale SA† | 73,205 | 1,457,065 | ||||||
Sodexo SA | 7,989 | 660,979 | ||||||
Suez SA | 31,207 | 600,630 | ||||||
Teleperformance | 5,302 | 1,765,799 | ||||||
Thales SA | 9,621 | 884,373 | ||||||
TOTAL SE | 223,199 | 9,538,157 | ||||||
Ubisoft Entertainment SA† | 8,211 | 781,405 | ||||||
Valeo SA | 20,677 | 802,092 | ||||||
Veolia Environnement SA | 48,662 | 1,117,975 | ||||||
Vinci SA | 46,529 | 4,745,433 | ||||||
Vivendi SA | 74,935 | 2,250,746 | ||||||
Wendel SE | 2,421 | 273,628 | ||||||
Worldline SA†* | 20,956 | 1,937,297 | ||||||
142,792,262 | ||||||||
Germany — 7.7% |
| |||||||
adidas AG† | 17,192 | 5,481,651 | ||||||
Allianz SE | 37,670 | 8,881,789 | ||||||
BASF SE | 82,937 | 6,067,465 | ||||||
Bayer AG | 88,711 | 5,107,881 | ||||||
Bayerische Motoren Werke AG | 29,897 | 2,604,800 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 5,135 | 339,341 | ||||||
Beiersdorf AG | 9,102 | 1,017,766 | ||||||
Brenntag AG | 13,951 | 1,066,052 | ||||||
Carl Zeiss Meditec AG | 3,634 | 484,633 | ||||||
Commerzbank AG† | 90,468 | 562,236 | ||||||
Continental AG | 9,933 | 1,353,108 | ||||||
Covestro AG* | 15,698 | 875,411 | ||||||
Daimler AG | 77,283 | 5,203,960 | ||||||
Delivery Hero SE†* | 11,664 | 1,408,733 | ||||||
Deutsche Bank AG† | 177,294 | 1,975,907 | ||||||
Deutsche Boerse AG | 17,157 | 2,860,087 | ||||||
Deutsche Lufthansa AG† | 26,988 | 310,530 | ||||||
Deutsche Post AG | 89,323 | 4,315,234 | ||||||
Deutsche Telekom AG | 300,965 | 5,426,380 | ||||||
Deutsche Wohnen SE | 30,863 | 1,547,700 | ||||||
E.ON SE | 202,730 | 2,194,818 | ||||||
Evonik Industries AG | 18,935 | 571,667 | ||||||
Fraport AG Frankfurt Airport Services Worldwide† | 3,757 | 213,232 | ||||||
Fresenius Medical Care AG & Co. KGaA | 19,244 | 1,618,343 | ||||||
Fresenius SE & Co. KGaA | 37,750 | 1,688,629 | ||||||
Fuchs Petrolub SE (Preference Shares) | 6,276 | 358,745 | ||||||
GEA Group AG | 13,853 | 474,420 | ||||||
Hannover Rueck SE | 5,445 | 911,258 | ||||||
HeidelbergCement AG | 13,437 | 954,327 | ||||||
Henkel AG & Co. KGaA | 9,384 | 905,571 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 16,088 | 1,731,758 | ||||||
HOCHTIEF AG | 2,233 | 215,488 | ||||||
Infineon Technologies AG | 112,956 | 3,977,514 | ||||||
KION Group AG | 5,865 | 450,827 | ||||||
Knorr-Bremse AG | 6,551 | 838,325 | ||||||
LANXESS AG | 7,502 | 524,934 | ||||||
LEG Immobilien AG | 6,231 | 887,904 | ||||||
Merck KGaA | 11,670 | 1,863,268 |
104 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) |
| |||||||
METRO AG | 16,259 | $ | 148,562 | |||||
MTU Aero Engines AG | 4,794 | 1,131,982 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 12,651 | 3,525,200 | ||||||
Nemetschek SE | 5,215 | 412,433 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 13,827 | 879,106 | ||||||
Puma SE† | 8,853 | 880,307 | ||||||
RWE AG | 58,008 | 2,405,906 | ||||||
SAP SE | 94,292 | 11,470,329 | ||||||
Sartorius AG (Preference Shares) | 3,212 | 1,463,608 | ||||||
Scout24 AG* | 9,716 | 742,902 | ||||||
Siemens AG | 69,078 | 9,228,770 | ||||||
Siemens Energy AG† | 34,539 | 1,025,877 | ||||||
Siemens Healthineers AG* | 24,268 | 1,115,949 | ||||||
Symrise AG | 11,617 | 1,455,021 | ||||||
TeamViewer AG†* | 11,739 | 559,135 | ||||||
Telefonica Deutschland Holding AG | 94,009 | 259,489 | ||||||
thyssenkrupp AG† | 36,539 | 244,166 | ||||||
Uniper SE | 18,175 | 615,714 | ||||||
United Internet AG | 9,635 | 384,215 | ||||||
Volkswagen AG | 2,931 | 543,666 | ||||||
Volkswagen AG (Preference Shares) | 16,758 | 2,825,357 | ||||||
Vonovia SE | 46,518 | 3,189,509 | ||||||
Zalando SE†* | 13,701 | 1,385,907 | ||||||
123,164,802 | ||||||||
Hong Kong — 2.1% |
| |||||||
AIA Group, Ltd. | 1,091,800 | 11,965,916 | ||||||
Bank of East Asia, Ltd. | 118,400 | 263,042 | ||||||
BOC Hong Kong Holdings, Ltd. | 334,000 | 1,088,046 | ||||||
CLP Holdings, Ltd. | 148,500 | 1,394,753 | ||||||
Galaxy Entertainment Group, Ltd. | 196,000 | 1,491,927 | ||||||
Hang Lung Properties, Ltd. | 183,000 | 453,778 | ||||||
Hang Seng Bank, Ltd. | 69,100 | 1,204,406 | ||||||
Henderson Land Development Co., Ltd. | 131,231 | 550,249 | ||||||
Hong Kong & China Gas Co., Ltd. | 962,546 | 1,482,741 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 108,800 | 5,409,786 | ||||||
Link REIT | 185,800 | 1,630,024 | ||||||
MTR Corp., Ltd. | 139,000 | 754,085 | ||||||
New World Development Co., Ltd. | 137,750 | 698,431 | ||||||
PCCW, Ltd. | 384,000 | 233,341 | ||||||
Power Assets Holdings, Ltd. | 125,500 | 660,607 | ||||||
Sino Land Co., Ltd. | 286,000 | 391,121 | ||||||
SJM Holdings, Ltd. | 179,000 | 209,459 | ||||||
Sun Hung Kai Properties, Ltd. | 117,500 | 1,568,981 | ||||||
Swire Pacific, Ltd., Class A | 45,000 | 258,352 | ||||||
Swire Properties, Ltd. | 105,600 | 322,207 | ||||||
Techtronic Industries Co., Ltd. | 124,000 | 1,589,385 | ||||||
33,620,637 | ||||||||
Ireland — 0.7% |
| |||||||
CRH PLC | 70,867 | 2,774,397 | ||||||
DCC PLC | 8,894 | 673,717 | ||||||
Flutter Entertainment PLC† | 13,936 | 2,584,964 | ||||||
James Hardie Industries PLC CDI | 40,015 | 1,158,765 | ||||||
Kerry Group PLC, Class A | 14,355 | 2,010,284 | ||||||
Kingspan Group PLC† | 13,902 | 1,213,047 | ||||||
Smurfit Kappa Group PLC | 20,465 | 870,033 | ||||||
11,285,207 | ||||||||
Isle of Man — 0.1% |
| |||||||
GVC Holdings PLC† | 52,621 | 726,421 | ||||||
Israel — 0.5% |
| |||||||
Azrieli Group, Ltd. | 3,832 | 234,005 | ||||||
Bank Hapoalim BM† | 102,535 | 671,705 | ||||||
Bank Leumi Le-Israel BM | 131,194 | 736,898 |
Security Description | Shares | Value (Note 2) | ||||||
Israel (continued) |
| |||||||
Check Point Software Technologies, Ltd.† | 10,329 | $ | 1,215,517 | |||||
CyberArk Software, Ltd.† | 3,497 | 401,700 | ||||||
Elbit Systems, Ltd. | 2,395 | 306,624 | ||||||
ICL Group, Ltd. | 63,597 | 301,845 | ||||||
Israel Discount Bank, Ltd., Class A | 105,108 | 355,878 | ||||||
Mizrahi Tefahot Bank, Ltd. | 12,736 | 272,054 | ||||||
NICE, Ltd.† | 5,634 | 1,354,551 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR† | 98,924 | 940,767 | ||||||
Wix.com, Ltd.† | 4,653 | 1,188,516 | ||||||
7,980,060 | ||||||||
Italy — 1.6% |
| |||||||
Assicurazioni Generali SpA | 99,620 | 1,701,671 | ||||||
Atlantia SpA† | 44,740 | 815,465 | ||||||
DiaSorin SpA | 2,273 | 478,824 | ||||||
Enel SpA | 734,425 | 7,332,616 | ||||||
Eni SpA | 229,712 | 2,275,122 | ||||||
FinecoBank Banca Fineco SpA† | 55,040 | 862,372 | ||||||
Infrastrutture Wireless Italiane SpA* | 21,672 | 278,937 | ||||||
Intesa Sanpaolo SpA† | 1,493,238 | 3,429,541 | ||||||
Leonardo SpA# | 36,544 | 264,339 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 56,081 | 499,983 | ||||||
Moncler SpA† | 17,494 | 858,916 | ||||||
Nexi SpA†* | 39,681 | 747,869 | ||||||
Pirelli & C SpA†#* | 36,119 | 193,881 | ||||||
Poste Italiane SpA* | 47,176 | 480,804 | ||||||
Prysmian SpA | 21,792 | 713,032 | ||||||
Recordati Industria Chimica e Farmaceutica SpA# | 9,442 | 502,663 | ||||||
Snam SpA | 183,929 | 1,031,837 | ||||||
Telecom Italia SpA | 755,047 | 353,508 | ||||||
Telecom Italia SpA (RSP) | 544,298 | 276,263 | ||||||
Terna Rete Elettrica Nazionale SpA# | 127,049 | 950,525 | ||||||
UniCredit SpA† | 191,919 | 1,978,648 | ||||||
26,026,816 | ||||||||
Japan — 21.9% |
| |||||||
ABC-Mart, Inc. | 3,000 | 156,322 | ||||||
Acom Co., Ltd. | 36,000 | 172,759 | ||||||
Advantest Corp. | 18,000 | 1,251,724 | ||||||
Aeon Co., Ltd. | 59,000 | 1,754,741 | ||||||
Aeon Mall Co., Ltd. | 9,200 | 147,605 | ||||||
AGC, Inc. | 17,500 | 582,495 | ||||||
Air Water, Inc. | 16,600 | 273,646 | ||||||
Aisin Seiki Co., Ltd. | 14,600 | 432,826 | ||||||
Ajinomoto Co., Inc. | 42,100 | 879,301 | ||||||
Alfresa Holdings Corp. | 17,000 | 340,326 | ||||||
Amada Co., Ltd. | 29,200 | 281,372 | ||||||
ANA Holdings, Inc.†# | 10,400 | 250,785 | ||||||
Aozora Bank, Ltd.# | 10,700 | 194,219 | ||||||
Asahi Group Holdings, Ltd. | 40,900 | 1,581,545 | ||||||
Asahi Intecc Co., Ltd. | 17,600 | 644,828 | ||||||
Asahi Kasei Corp. | 113,300 | 1,038,692 | ||||||
Astellas Pharma, Inc. | 168,100 | 2,388,662 | ||||||
Bandai Namco Holdings, Inc. | 18,000 | 1,643,103 | ||||||
Bank of Kyoto, Ltd. | 5,100 | 254,512 | ||||||
Benesse Holdings, Inc. | 6,500 | 136,475 | ||||||
Bridgestone Corp. | 48,300 | 1,685,874 | ||||||
Brother Industries, Ltd. | 20,100 | 385,057 | ||||||
Calbee, Inc. | 7,900 | 233,444 | ||||||
Canon, Inc.# | 90,300 | 1,603,171 | ||||||
Casio Computer Co., Ltd. | 17,500 | 314,296 | ||||||
Central Japan Railway Co. | 13,000 | 1,656,130 | ||||||
Chiba Bank, Ltd. | 47,900 | 271,617 | ||||||
Chubu Electric Power Co., Inc. | 58,200 | 701,020 | ||||||
Chugai Pharmaceutical Co., Ltd. | 60,600 | 2,927,839 |
105 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Chugoku Electric Power Co., Inc. | 26,200 | $ | 333,021 | |||||
Coca-Cola Bottlers Japan Holdings, Inc.# | 11,202 | 172,322 | ||||||
Concordia Financial Group, Ltd. | 92,800 | 329,778 | ||||||
Cosmos Pharmaceutical Corp. | 1,810 | 312,069 | ||||||
CyberAgent, Inc. | 9,149 | 626,584 | ||||||
Dai Nippon Printing Co., Ltd. | 22,000 | 412,184 | ||||||
Dai-ichi Life Holdings, Inc. | 97,400 | 1,534,237 | ||||||
Daicel Corp. | 21,400 | 150,456 | ||||||
Daifuku Co., Ltd. | 9,191 | 1,065,240 | ||||||
Daiichi Sankyo Co., Ltd. | 153,600 | 5,434,851 | ||||||
Daikin Industries, Ltd. | 22,500 | 5,100,216 | ||||||
Daito Trust Construction Co., Ltd. | 5,900 | 578,697 | ||||||
Daiwa House Industry Co., Ltd. | 51,100 | 1,566,284 | ||||||
Daiwa House REIT Investment Corp. | 178 | 428,462 | ||||||
Daiwa Securities Group, Inc. | 130,400 | 567,190 | ||||||
Denso Corp. | 39,100 | 1,846,014 | ||||||
Dentsu Group, Inc.# | 19,500 | 635,057 | ||||||
Disco Corp. | 2,600 | 828,065 | ||||||
East Japan Railway Co. | 27,300 | 1,696,575 | ||||||
Eisai Co., Ltd. | 22,800 | 1,722,448 | ||||||
Electric Power Development Co., Ltd. | 12,400 | 166,759 | ||||||
ENEOS Holdings, Inc. | 277,100 | 951,536 | ||||||
FANUC Corp. | 17,300 | 4,203,204 | ||||||
Fast Retailing Co., Ltd. | 5,300 | 4,362,854 | ||||||
Fuji Electric Co., Ltd. | 11,500 | 408,669 | ||||||
FUJIFILM Holdings Corp. | 32,500 | 1,751,078 | ||||||
Fujitsu, Ltd. | 17,800 | 2,473,075 | ||||||
Fukuoka Financial Group, Inc. | 15,500 | 276,595 | ||||||
GLP J-REIT | 329 | 497,597 | ||||||
GMO Payment Gateway, Inc. | 3,700 | 518,851 | ||||||
Hakuhodo DY Holdings, Inc. | 21,100 | 305,182 | ||||||
Hamamatsu Photonics KK | 12,700 | 714,071 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,700 | 676,121 | ||||||
Hikari Tsushin, Inc. | 1,900 | 456,255 | ||||||
Hino Motors, Ltd. | 25,900 | 224,516 | ||||||
Hirose Electric Co., Ltd. | 2,935 | 414,948 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,600 | 269,655 | ||||||
Hitachi Construction Machinery Co., Ltd. | 9,700 | 268,608 | ||||||
Hitachi Metals, Ltd. | 19,400 | 284,868 | ||||||
Hitachi, Ltd. | 87,400 | 3,320,195 | ||||||
Honda Motor Co., Ltd. | 147,200 | 4,048,705 | ||||||
Hoshizaki Corp.# | 4,600 | 455,153 | ||||||
Hoya Corp. | 33,900 | 4,516,753 | ||||||
Hulic Co., Ltd. | 27,400 | 277,412 | ||||||
Idemitsu Kosan Co., Ltd. | 17,476 | 363,916 | ||||||
Iida Group Holdings Co., Ltd. | 13,300 | 267,274 | ||||||
Inpex Corp. | 92,400 | 516,874 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 30,400 | 163,356 | ||||||
Isuzu Motors, Ltd. | 49,800 | 485,598 | ||||||
Ito En, Ltd. | 4,843 | 373,894 | ||||||
ITOCHU Corp. | 121,600 | 3,212,966 | ||||||
Itochu Techno-Solutions Corp. | 8,700 | 307,083 | ||||||
Japan Airlines Co., Ltd.† | 10,000 | 189,368 | ||||||
Japan Airport Terminal Co., Ltd.# | 4,600 | 267,893 | ||||||
Japan Exchange Group, Inc. | 46,000 | 1,138,324 | ||||||
Japan Post Bank Co., Ltd. | 36,600 | 288,172 | ||||||
Japan Post Holdings Co., Ltd. | 142,200 | 1,052,471 | ||||||
Japan Post Insurance Co., Ltd. | 20,300 | 338,333 | ||||||
Japan Prime Realty Investment Corp.# | 74 | 217,251 | ||||||
Japan Real Estate Investment Corp. | 119 | 617,797 | ||||||
Japan Retail Fund Investment Corp.# | 236 | 376,379 | ||||||
Japan Tobacco, Inc. | 108,400 | 2,201,226 | ||||||
JFE Holdings, Inc.† | 44,400 | 406,575 | ||||||
JGC Holdings Corp. | 19,900 | 178,223 | ||||||
JSR Corp. | 18,400 | 508,467 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
JTEKT Corp. | 18,600 | $ | 144,489 | |||||
Kajima Corp. | 40,600 | 533,944 | ||||||
Kakaku.com, Inc. | 12,100 | 339,472 | ||||||
Kamigumi Co., Ltd. | 8,900 | 153,875 | ||||||
Kansai Electric Power Co., Inc. | 63,600 | 581,964 | ||||||
Kansai Paint Co., Ltd. | 16,000 | 485,057 | ||||||
Kao Corp. | 43,500 | 3,253,333 | ||||||
Kawasaki Heavy Industries, Ltd.† | 12,800 | 185,747 | ||||||
KDDI Corp. | 145,600 | 4,159,502 | ||||||
Keihan Holdings Co., Ltd. | 8,700 | 409,583 | ||||||
Keikyu Corp. | 19,899 | 340,608 | ||||||
Keio Corp. | 9,300 | 660,086 | ||||||
Keisei Electric Railway Co., Ltd. | 11,700 | 392,802 | ||||||
Keyence Corp. | 16,500 | 8,422,270 | ||||||
Kikkoman Corp. | 13,100 | 814,358 | ||||||
Kintetsu Group Holdings Co., Ltd. | 15,500 | 687,404 | ||||||
Kirin Holdings Co., Ltd. | 74,300 | 1,618,018 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 4,401 | 529,047 | ||||||
Kobe Bussan Co., Ltd. | 11,140 | 388,406 | ||||||
Koito Manufacturing Co., Ltd. | 9,400 | 565,441 | ||||||
Komatsu, Ltd. | 79,000 | 1,922,031 | ||||||
Konami Holdings Corp. | 8,400 | 440,115 | ||||||
Kose Corp. | 2,979 | 454,840 | ||||||
Kubota Corp. | 93,700 | 1,858,294 | ||||||
Kuraray Co., Ltd. | 28,800 | 285,793 | ||||||
Kurita Water Industries, Ltd. | 8,900 | 328,209 | ||||||
Kyocera Corp. | 29,000 | 1,656,389 | ||||||
Kyowa Kirin Co., Ltd. | 24,400 | 662,586 | ||||||
Kyushu Electric Power Co., Inc. | 34,300 | 289,447 | ||||||
Kyushu Railway Co. | 13,500 | 284,224 | ||||||
Lasertec Corp.† | 6,825 | 719,109 | ||||||
Lawson, Inc. | 4,500 | 203,879 | ||||||
LINE Corp.† | 3,300 | 170,057 | ||||||
Lion Corp.# | 20,300 | 479,889 | ||||||
LIXIL Corp. | 24,000 | 575,862 | ||||||
M3, Inc. | 39,800 | 3,668,157 | ||||||
Makita Corp. | 20,200 | 1,044,828 | ||||||
Marubeni Corp. | 149,100 | 869,036 | ||||||
Marui Group Co., Ltd. | 17,200 | 314,015 | ||||||
Maruichi Steel Tube, Ltd. | 5,100 | 107,276 | ||||||
Mazda Motor Corp. | 51,300 | 303,181 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 6,000 | 291,379 | ||||||
Mebuki Financial Group, Inc. | 83,700 | 171,569 | ||||||
Medipal Holdings Corp. | 16,600 | 312,125 | ||||||
MEIJI Holdings Co., Ltd. | 10,300 | 728,103 | ||||||
Mercari, Inc.†# | 7,700 | 352,548 | ||||||
Minebea Mitsumi, Inc. | 32,800 | 683,019 | ||||||
MISUMI Group, Inc. | 25,600 | 803,065 | ||||||
Mitsubishi Chemical Holdings Corp. | 115,600 | 639,454 | ||||||
Mitsubishi Corp. | 120,700 | 2,812,865 | ||||||
Mitsubishi Electric Corp. | 164,800 | 2,420,697 | ||||||
Mitsubishi Estate Co., Ltd. | 106,800 | 1,845,471 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 14,300 | 303,259 | ||||||
Mitsubishi Heavy Industries, Ltd. | 28,900 | 650,942 | ||||||
Mitsubishi Materials Corp. | 10,100 | 191,745 | ||||||
Mitsubishi Motors Corp.†# | 60,600 | 109,126 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,103,800 | 4,741,899 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 36,400 | 167,008 | ||||||
Mitsui & Co., Ltd. | 147,300 | 2,511,437 | ||||||
Mitsui Chemicals, Inc. | 16,600 | 466,358 | ||||||
Mitsui Fudosan Co., Ltd. | 84,000 | 1,755,230 | ||||||
Miura Co., Ltd. | 7,936 | 417,324 | ||||||
Mizuho Financial Group, Inc. | 217,820 | 2,769,694 | ||||||
MonotaRO Co., Ltd. | 11,300 | 689,473 | ||||||
MS&AD Insurance Group Holdings, Inc. | 40,200 | 1,168,649 |
106 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Murata Manufacturing Co., Ltd. | 51,900 | $ | 4,538,267 | |||||
Nabtesco Corp. | 10,200 | 421,092 | ||||||
Nagoya Railroad Co., Ltd. | 16,900 | 464,912 | ||||||
NEC Corp. | 22,300 | 1,202,577 | ||||||
Nexon Co., Ltd. | 43,900 | 1,326,671 | ||||||
NGK Insulators, Ltd. | 23,300 | 370,256 | ||||||
NGK Spark Plug Co., Ltd. | 13,800 | 249,960 | ||||||
NH Foods, Ltd. | 7,400 | 315,776 | ||||||
Nidec Corp. | 40,400 | 5,148,678 | ||||||
Nihon M&A Center, Inc. | 13,524 | 945,644 | ||||||
Nikon Corp. | 27,300 | 169,710 | ||||||
Nintendo Co., Ltd. | 10,100 | 5,733,008 | ||||||
Nippon Building Fund, Inc. | 115 | 635,584 | ||||||
Nippon Express Co., Ltd. | 6,500 | 434,579 | ||||||
Nippon Paint Holdings Co., Ltd. | 13,200 | 1,690,460 | ||||||
Nippon Prologis REIT, Inc.# | 189 | 592,888 | ||||||
Nippon Shinyaku Co., Ltd. | 4,100 | 292,969 | ||||||
Nippon Steel Corp.† | 72,900 | 891,349 | ||||||
Nippon Telegraph & Telephone Corp. | 116,200 | 2,743,611 | ||||||
Nippon Yusen KK | 13,800 | 300,851 | ||||||
Nissan Chemical Corp. | 11,200 | 669,425 | ||||||
Nissan Motor Co., Ltd.† | 209,600 | 988,774 | ||||||
Nisshin Seifun Group, Inc. | 17,900 | 290,961 | ||||||
Nissin Foods Holdings Co., Ltd. | 5,700 | 470,632 | ||||||
Nitori Holdings Co., Ltd. | 7,200 | 1,533,103 | ||||||
Nitto Denko Corp. | 14,300 | 1,183,448 | ||||||
Nomura Holdings, Inc. | 283,900 | 1,424,939 | ||||||
Nomura Real Estate Holdings, Inc. | 10,400 | 225,134 | ||||||
Nomura Real Estate Master Fund, Inc. | 383 | 498,927 | ||||||
Nomura Research Institute, Ltd. | 28,900 | 975,790 | ||||||
NSK, Ltd. | 32,400 | 262,241 | ||||||
NTT Data Corp. | 57,000 | 757,816 | ||||||
Obayashi Corp. | 58,600 | 516,398 | ||||||
OBIC Co., Ltd. | 6,300 | 1,416,293 | ||||||
Odakyu Electric Railway Co., Ltd. | 26,599 | 806,378 | ||||||
Oji Holdings Corp. | 77,900 | 353,684 | ||||||
Olympus Corp. | 105,200 | 2,273,791 | ||||||
Omron Corp. | 16,800 | 1,517,471 | ||||||
Ono Pharmaceutical Co., Ltd. | 33,400 | 1,056,707 | ||||||
Oracle Corp. Japan | 3,500 | 387,883 | ||||||
Oriental Land Co., Ltd. | 18,100 | 3,079,947 | ||||||
ORIX Corp. | 118,600 | 1,764,232 | ||||||
Orix JREIT, Inc. | 237 | 354,138 | ||||||
Osaka Gas Co., Ltd. | 33,900 | 650,724 | ||||||
Otsuka Corp. | 9,400 | 455,594 | ||||||
Otsuka Holdings Co., Ltd. | 35,300 | 1,434,316 | ||||||
Pan Pacific International Holdings Corp. | 37,200 | 879,046 | ||||||
Panasonic Corp. | 199,330 | 2,124,086 | ||||||
Park24 Co., Ltd.† | 9,800 | 146,061 | ||||||
PeptiDream, Inc.† | 8,500 | 433,142 | ||||||
Persol Holdings Co., Ltd. | 16,074 | 294,382 | ||||||
Pigeon Corp. | 10,400 | 464,215 | ||||||
Pola Orbis Holdings, Inc.# | 8,232 | 164,403 | ||||||
Rakuten, Inc. | 77,700 | 870,032 | ||||||
Recruit Holdings Co., Ltd. | 114,883 | 4,841,812 | ||||||
Renesas Electronics Corp.† | 69,600 | 618,667 | ||||||
Resona Holdings, Inc. | 188,900 | 661,693 | ||||||
Ricoh Co., Ltd. | 60,500 | 403,913 | ||||||
Rinnai Corp. | 3,300 | 385,000 | ||||||
Rohm Co., Ltd. | 7,900 | 659,090 | ||||||
Ryohin Keikaku Co., Ltd. | 21,540 | 442,973 | ||||||
Santen Pharmaceutical Co., Ltd. | 32,500 | 540,110 | ||||||
SBI Holdings, Inc. | 21,400 | 580,096 | ||||||
SCSK Corp. | 4,714 | 281,305 | ||||||
Secom Co., Ltd. | 19,000 | 1,891,810 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Sega Sammy Holdings, Inc. | 15,600 | $ | 219,207 | |||||
Seibu Holdings, Inc. | 19,000 | 188,362 | ||||||
Seiko Epson Corp. | 25,300 | 377,319 | ||||||
Sekisui Chemical Co., Ltd. | 32,300 | 557,825 | ||||||
Sekisui House, Ltd. | 55,600 | 1,000,161 | ||||||
Seven & i Holdings Co., Ltd. | 68,000 | 2,157,893 | ||||||
Seven Bank, Ltd. | 53,200 | 116,694 | ||||||
SG Holdings Co., Ltd. | 28,856 | 862,363 | ||||||
Sharp Corp.# | 19,200 | 257,471 | ||||||
Shimadzu Corp. | 20,000 | 719,349 | ||||||
Shimamura Co., Ltd. | 2,000 | 206,897 | ||||||
Shimano, Inc. | 6,700 | 1,587,720 | ||||||
Shimizu Corp. | 49,800 | 378,270 | ||||||
Shin-Etsu Chemical Co., Ltd. | 32,000 | 5,252,107 | ||||||
Shinsei Bank, Ltd.# | 14,000 | 166,552 | ||||||
Shionogi & Co., Ltd. | 23,900 | 1,280,390 | ||||||
Shiseido Co., Ltd. | 36,100 | 2,544,981 | ||||||
Shizuoka Bank, Ltd. | 37,600 | 267,234 | ||||||
Showa Denko KK# | 12,200 | 226,354 | ||||||
SMC Corp. | 5,200 | 3,303,295 | ||||||
SoftBank Corp. | 259,300 | 3,190,334 | ||||||
SoftBank Group Corp. | 141,500 | 9,856,207 | ||||||
Sohgo Security Services Co., Ltd. | 6,400 | 342,682 | ||||||
Sompo Holdings, Inc. | 30,300 | 1,163,822 | ||||||
Sony Corp. | 113,900 | 10,587,027 | ||||||
Square Enix Holdings Co., Ltd. | 8,300 | 509,607 | ||||||
Stanley Electric Co., Ltd. | 11,800 | 346,992 | ||||||
Subaru Corp. | 55,600 | 1,104,012 | ||||||
SUMCO Corp. | 23,704 | 479,983 | ||||||
Sumitomo Chemical Co., Ltd. | 134,500 | 476,676 | ||||||
Sumitomo Corp. | 107,300 | 1,322,236 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 16,200 | 205,293 | ||||||
Sumitomo Electric Industries, Ltd. | 68,100 | 778,845 | ||||||
Sumitomo Heavy Industries, Ltd. | 10,000 | 215,805 | ||||||
Sumitomo Metal Mining Co., Ltd. | 21,000 | 781,868 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 117,800 | 3,421,165 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 30,500 | 891,336 | ||||||
Sumitomo Realty & Development Co., Ltd. | 27,900 | 909,957 | ||||||
Sumitomo Rubber Industries, Ltd. | 15,400 | 136,151 | ||||||
Sundrug Co., Ltd. | 6,480 | 271,862 | ||||||
Suntory Beverage & Food, Ltd. | 12,600 | 460,431 | ||||||
Suzuken Co., Ltd. | 6,100 | 233,132 | ||||||
Suzuki Motor Corp. | 33,300 | 1,787,483 | ||||||
Sysmex Corp. | 15,100 | 1,580,872 | ||||||
T&D Holdings, Inc. | 48,600 | 567,466 | ||||||
Taiheiyo Cement Corp. | 10,900 | 292,964 | ||||||
Taisei Corp. | 17,200 | 607,931 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 3,100 | 197,165 | ||||||
Taiyo Nippon Sanso Corp. | 13,700 | 228,858 | ||||||
Takeda Pharmaceutical Co., Ltd. | 142,300 | 5,104,535 | ||||||
TDK Corp. | 11,700 | 1,649,655 | ||||||
Teijin, Ltd. | 16,100 | 275,119 | ||||||
Terumo Corp. | 58,300 | 2,315,806 | ||||||
THK Co., Ltd. | 10,900 | 336,710 | ||||||
TIS, Inc. | 20,256 | 403,180 | ||||||
Tobu Railway Co., Ltd. | 17,100 | 512,672 | ||||||
Toho Co., Ltd. | 10,100 | 427,605 | ||||||
Toho Gas Co., Ltd. | 6,700 | 438,324 | ||||||
Tohoku Electric Power Co., Inc. | 38,600 | 323,515 | ||||||
Tokio Marine Holdings, Inc. | 57,000 | 2,833,621 | ||||||
Tokyo Century Corp.# | 3,916 | 259,191 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 130,600 | 340,261 | ||||||
Tokyo Electron, Ltd. | 13,500 | 4,586,638 | ||||||
Tokyo Gas Co., Ltd. | 34,000 | 763,534 | ||||||
Tokyu Corp. | 45,100 | 547,334 |
107 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Tokyu Fudosan Holdings Corp. | 55,200 | $ | 267,540 | |||||
Toppan Printing Co., Ltd. | 23,700 | 323,491 | ||||||
Toray Industries, Inc. | 125,200 | 678,886 | ||||||
Toshiba Corp. | 34,900 | 976,799 | ||||||
Tosoh Corp. | 23,500 | 370,508 | ||||||
TOTO, Ltd. | 12,800 | 724,598 | ||||||
Toyo Suisan Kaisha, Ltd. | 8,000 | 393,103 | ||||||
Toyoda Gosei Co., Ltd. | 5,900 | 160,046 | ||||||
Toyota Industries Corp. | 13,200 | 953,333 | ||||||
Toyota Motor Corp. | 191,500 | 12,838,204 | ||||||
Toyota Tsusho Corp. | 19,200 | 663,908 | ||||||
Trend Micro, Inc.# | 12,100 | 657,155 | ||||||
Tsuruha Holdings, Inc. | 3,304 | 483,574 | ||||||
Unicharm Corp. | 36,400 | 1,765,261 | ||||||
United Urban Investment Corp.# | 267 | 301,782 | ||||||
USS Co., Ltd. | 19,799 | 414,186 | ||||||
Welcia Holdings Co., Ltd. | 8,500 | 341,547 | ||||||
West Japan Railway Co. | 14,700 | 670,793 | ||||||
Yakult Honsha Co., Ltd. | 11,600 | 552,778 | ||||||
Yamada Holdings Co., Ltd. | 65,500 | 311,188 | ||||||
Yamaha Corp. | 12,100 | 690,766 | ||||||
Yamaha Motor Co., Ltd. | 25,300 | 487,098 | ||||||
Yamato Holdings Co., Ltd. | 27,900 | 704,716 | ||||||
Yamazaki Baking Co., Ltd.# | 10,900 | 180,831 | ||||||
Yaskawa Electric Corp. | 21,700 | 1,045,508 | ||||||
Yokogawa Electric Corp. | 20,600 | 363,854 | ||||||
Yokohama Rubber Co., Ltd.# | 10,700 | 156,093 | ||||||
Z Holdings Corp. | 239,500 | 1,507,198 | ||||||
ZOZO, Inc. | 9,893 | 246,756 | ||||||
348,610,528 | ||||||||
Jersey — 0.6% |
| |||||||
Experian PLC | 82,018 | 2,893,198 | ||||||
Ferguson PLC | 20,292 | 2,278,884 | ||||||
Glencore PLC† | 902,370 | 2,548,544 | ||||||
WPP PLC | 110,645 | 1,070,307 | ||||||
8,790,933 | ||||||||
Luxembourg — 0.2% |
| |||||||
ArcelorMittal SA† | 64,728 | 1,185,186 | ||||||
Aroundtown SA† | 90,177 | 625,829 | ||||||
Eurofins Scientific SE† | 11,910 | 966,918 | ||||||
SES SA FDR | 34,625 | 314,973 | ||||||
Tenaris SA | 42,640 | 329,898 | ||||||
3,422,804 | ||||||||
Netherlands — 4.2% |
| |||||||
ABN AMRO Bank NV CVA†* | 38,196 | 394,112 | ||||||
Adyen NV†* | 1,635 | 3,124,398 | ||||||
Aegon NV | 161,576 | 604,420 | ||||||
AerCap Holdings NV† | 11,706 | 430,313 | ||||||
Airbus SE†# | 53,100 | 5,556,850 | ||||||
Akzo Nobel NV | 17,424 | 1,851,043 | ||||||
Altice Europe NV†# | 56,264 | 296,512 | ||||||
Argenx SE† | 4,032 | 1,150,450 | ||||||
ASML Holding NV | 38,436 | 16,681,942 | ||||||
CNH Industrial NV† | 92,402 | 1,010,513 | ||||||
Davide Campari-Milano NV | 52,445 | 606,447 | ||||||
EXOR NV | 9,793 | 681,971 | ||||||
Ferrari NV | 11,382 | 2,400,418 | ||||||
Fiat Chrysler Automobiles NV† | 99,124 | 1,544,925 | ||||||
Heineken Holding NV | 10,403 | 961,095 | ||||||
Heineken NV | 23,405 | 2,471,360 | ||||||
ING Groep NV† | 352,208 | 3,434,575 | ||||||
Just Eat Takeaway.com NV†#* | 11,414 | 1,212,297 |
Security Description | Shares | Value (Note 2) | ||||||
Netherlands (continued) |
| |||||||
Koninklijke Ahold Delhaize NV | 99,393 | $ | 2,844,278 | |||||
Koninklijke DSM NV | 15,563 | 2,548,883 | ||||||
Koninklijke KPN NV | 322,582 | 961,596 | ||||||
Koninklijke Philips NV† | 82,634 | 4,273,996 | ||||||
Koninklijke Vopak NV | 6,349 | 333,457 | ||||||
NN Group NV | 26,028 | 1,057,168 | ||||||
Prosus NV | 44,011 | 4,768,968 | ||||||
QIAGEN NV† | 20,603 | 993,128 | ||||||
Randstad NV† | 10,759 | 667,362 | ||||||
STMicroelectronics NV | 57,555 | 2,253,241 | ||||||
Wolters Kluwer NV | 24,653 | 2,067,336 | ||||||
67,183,054 | ||||||||
New Zealand — 0.3% |
| |||||||
a2 Milk Co., Ltd.†# | 66,805 | 690,944 | ||||||
Auckland International Airport, Ltd.† | 113,023 | 616,578 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 51,888 | 1,306,908 | ||||||
Mercury NZ, Ltd. | 61,507 | 258,772 | ||||||
Meridian Energy, Ltd. | 115,698 | 521,649 | ||||||
Ryman Healthcare, Ltd. | 36,119 | 373,062 | ||||||
Spark New Zealand, Ltd. | 165,882 | 530,403 | ||||||
4,298,316 | ||||||||
Norway — 0.5% |
| |||||||
Adevinta ASA† | 21,647 | 357,219 | ||||||
DNB ASA† | 85,619 | 1,550,996 | ||||||
Equinor ASA | 90,442 | 1,425,372 | ||||||
Gjensidige Forsikring ASA | 18,060 | 393,240 | ||||||
Mowi ASA | 39,690 | 803,312 | ||||||
Norsk Hydro ASA | 121,437 | 491,432 | ||||||
Orkla ASA | 67,820 | 649,542 | ||||||
Schibsted ASA, Class B† | 8,850 | 322,328 | ||||||
Telenor ASA | 65,126 | 1,108,751 | ||||||
Yara International ASA# | 15,988 | 646,644 | ||||||
7,748,836 | ||||||||
Papua New Guinea — 0.0% |
| |||||||
Oil Search, Ltd.# | 178,245 | 476,260 | ||||||
Portugal — 0.1% |
| |||||||
Banco Espirito Santo SA†(1) | 213,818 | 0 | ||||||
EDP - Energias de Portugal SA | 250,779 | 1,336,566 | ||||||
Galp Energia SGPS SA | 45,263 | 488,303 | ||||||
Jeronimo Martins SGPS SA | 22,730 | 389,350 | ||||||
2,214,219 | ||||||||
Singapore — 0.9% |
| |||||||
Ascendas Real Estate Investment Trust | 277,748 | 615,078 | ||||||
CapitaLand Integrated Commercial Trust | 408,952 | 591,557 | ||||||
CapitaLand, Ltd. | 231,900 | 541,212 | ||||||
City Developments, Ltd. | 41,100 | 239,034 | ||||||
DBS Group Holdings, Ltd. | 162,100 | 3,045,834 | ||||||
Genting Singapore, Ltd. | 546,000 | 337,904 | ||||||
Jardine Cycle & Carriage, Ltd. | 8,900 | 128,807 | ||||||
Keppel Corp., Ltd. | 131,500 | 497,114 | ||||||
Mapletree Commercial Trust | 194,400 | 295,699 | ||||||
Mapletree Logistics Trust | 245,078 | 359,992 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 298,600 | 2,244,259 | ||||||
Singapore Airlines, Ltd.† | 121,849 | 394,307 | ||||||
Singapore Exchange, Ltd. | 72,600 | 481,239 | ||||||
Singapore Technologies Engineering, Ltd. | 141,000 | 405,816 | ||||||
Singapore Telecommunications, Ltd. | 737,200 | 1,313,729 | ||||||
Suntec Real Estate Investment Trust | 178,000 | 200,410 | ||||||
United Overseas Bank, Ltd. | 106,200 | 1,782,472 | ||||||
UOL Group, Ltd. | 41,900 | 230,252 | ||||||
Venture Corp., Ltd. | 24,852 | 348,927 |
108 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) |
| |||||||
Wilmar International, Ltd. | 173,500 | $ | 544,633 | |||||
Yangzijiang Shipbuilding Holdings, Ltd. | 233,300 | 153,081 | ||||||
14,751,356 | ||||||||
Spain — 2.1% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 24,152 | 763,170 | ||||||
Aena SME SA†* | 6,095 | 993,140 | ||||||
Amadeus IT Group SA | 40,679 | 2,788,187 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 602,097 | 2,822,572 | ||||||
Banco Santander SA† | 1,500,584 | 4,327,258 | ||||||
Bankinter SA# | 60,874 | 301,274 | ||||||
CaixaBank SA | 324,067 | 829,952 | ||||||
Cellnex Telecom SA#* | 28,568 | 1,802,010 | ||||||
Enagas SA | 22,474 | 547,422 | ||||||
Endesa SA | 28,681 | 820,065 | ||||||
Ferrovial SA (Madrid)# | 43,760 | 1,217,284 | ||||||
Ferrovial SA† | 438 | 12,173 | ||||||
Grifols SA# | 26,935 | 763,074 | ||||||
Iberdrola SA | 536,392 | 7,322,917 | ||||||
Industria de Diseno Textil SA | 98,500 | 3,272,257 | ||||||
Mapfre SA# | 97,327 | 186,567 | ||||||
Naturgy Energy Group SA# | 26,659 | 614,857 | ||||||
Red Electrica Corp. SA | 39,087 | 798,919 | ||||||
Repsol SA | 134,340 | 1,291,275 | ||||||
Siemens Gamesa Renewable Energy SA | 21,527 | 768,557 | ||||||
Telefonica SA | 439,537 | 1,917,372 | ||||||
34,160,302 | ||||||||
SupraNational — 0.1% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd. | 239,269 | 240,780 | ||||||
HKT Trust & HKT, Ltd. | 342,000 | 447,408 | ||||||
Unibail-Rodamco-Westfield# | 12,495 | 886,828 | ||||||
1,575,016 | ||||||||
Sweden — 2.7% |
| |||||||
Alfa Laval AB† | 28,407 | 716,393 | ||||||
Assa Abloy AB, Class B | 90,506 | 2,153,724 | ||||||
Atlas Copco AB, Class A | 60,636 | 3,055,519 | ||||||
Atlas Copco AB, Class B | 35,236 | 1,555,792 | ||||||
Boliden AB | 24,698 | 850,920 | ||||||
Electrolux AB, Series B | 20,366 | 488,201 | ||||||
Epiroc AB, Class A | 59,507 | 988,673 | ||||||
Epiroc AB, Class B | 35,214 | 559,604 | ||||||
EQT AB | 21,513 | 478,699 | ||||||
Essity AB, Class B | 54,789 | 1,736,890 | ||||||
Evolution Gaming Group AB* | 11,480 | 981,373 | ||||||
Hennes & Mauritz AB, Class B† | 72,543 | 1,535,964 | ||||||
Hexagon AB, Class B | 25,413 | 2,109,034 | ||||||
Husqvarna AB, Class B | 37,745 | 401,879 | ||||||
ICA Gruppen AB | 9,082 | 439,016 | ||||||
Industrivarden AB, Class C† | 14,419 | 439,787 | ||||||
Investment AB Latour, Class B | 13,369 | 351,959 | ||||||
Investor AB, Class B | 41,129 | 2,846,503 | ||||||
Kinnevik AB Class B | 21,844 | 1,087,374 | ||||||
L E Lundbergforetagen AB, Class B† | 6,863 | 351,436 | ||||||
Lundin Energy AB | 16,782 | 401,700 | ||||||
Nibe Industrier AB, Class B† | 28,158 | 793,174 | ||||||
Sandvik AB† | 101,942 | 2,286,204 | ||||||
Securitas AB, Class B† | 28,275 | 464,827 | ||||||
Skandinaviska Enskilda Banken AB, Class A† | 146,961 | 1,553,415 | ||||||
Skanska AB, Class B | 30,717 | 729,882 | ||||||
SKF AB, Class B | 34,373 | 846,410 | ||||||
Svenska Cellulosa AB SCA, Class B† | 54,709 | 884,399 | ||||||
Svenska Handelsbanken AB, Class A† | 140,488 | 1,426,681 | ||||||
Swedbank AB, Class A† | 81,774 | 1,479,901 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Swedish Match AB | 14,646 | $ | 1,179,617 | |||||
Tele2 AB, Class B | 45,093 | 579,902 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 263,560 | 3,221,941 | ||||||
Telia Co AB | 221,572 | 939,309 | ||||||
Volvo AB, Class B† | 134,299 | 3,050,222 | ||||||
42,966,324 | ||||||||
Switzerland — 8.3% |
| |||||||
ABB, Ltd. | 166,413 | 4,389,458 | ||||||
Adecco Group AG | 14,012 | 848,661 | ||||||
Alcon, Inc.† | 44,400 | 2,832,806 | ||||||
Baloise Holding AG | 4,186 | 721,812 | ||||||
Banque Cantonale Vaudoise | 2,720 | 280,156 | ||||||
Barry Callebaut AG | 273 | 586,105 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 9 | 800,220 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 98 | 836,303 | ||||||
Cie Financiere Richemont SA | 47,136 | 3,915,076 | ||||||
Clariant AG | 17,984 | 360,966 | ||||||
Coca-Cola HBC AG | 18,081 | 521,143 | ||||||
Credit Suisse Group AG | 219,263 | 2,769,892 | ||||||
EMS-Chemie Holding AG | 739 | 675,367 | ||||||
Geberit AG | 3,345 | 2,013,442 | ||||||
Givaudan SA | 834 | 3,399,324 | ||||||
Julius Baer Group, Ltd. | 20,210 | 1,166,231 | ||||||
Kuehne & Nagel International AG | 4,876 | 1,103,706 | ||||||
LafargeHolcim, Ltd. | 47,275 | 2,479,369 | ||||||
Logitech International SA | 14,850 | 1,313,500 | ||||||
Lonza Group AG | 6,724 | 4,214,570 | ||||||
Nestle SA | 268,727 | 29,919,998 | ||||||
Novartis AG | 200,494 | 18,150,912 | ||||||
Partners Group Holding AG | 1,688 | 1,811,059 | ||||||
Roche Holding AG | 63,440 | 20,876,734 | ||||||
Schindler Holding AG (Participation Certificate) | 3,677 | 1,003,462 | ||||||
Schindler Holding AG | 1,817 | 481,068 | ||||||
SGS SA | 547 | 1,558,386 | ||||||
Sika AG | 12,803 | 3,267,142 | ||||||
Sonova Holding AG† | 4,943 | 1,224,395 | ||||||
Straumann Holding AG | 934 | 1,070,952 | ||||||
Swatch Group AG (TRQX) | 4,751 | 227,839 | ||||||
Swatch Group AG (XEGT) | 2,613 | 644,660 | ||||||
Swiss Life Holding AG | 2,882 | 1,286,950 | ||||||
Swiss Prime Site AG | 6,860 | 617,494 | ||||||
Swiss Re AG | 26,608 | 2,430,807 | ||||||
Swisscom AG | 2,339 | 1,235,455 | ||||||
Temenos AG | 5,984 | 755,943 | ||||||
UBS Group AG | 331,042 | 4,695,605 | ||||||
Vifor Pharma AG | 4,109 | 602,729 | ||||||
Zurich Insurance Group AG | 13,586 | 5,515,131 | ||||||
132,604,828 | ||||||||
United Kingdom — 11.3% |
| |||||||
3i Group PLC | 87,868 | 1,253,997 | ||||||
Admiral Group PLC | 17,258 | 657,324 | ||||||
Anglo American PLC | 110,774 | 3,268,861 | ||||||
Antofagasta PLC | 35,608 | 595,047 | ||||||
Ashtead Group PLC | 40,572 | 1,720,558 | ||||||
Associated British Foods PLC | 32,169 | 904,897 | ||||||
AstraZeneca PLC | 118,493 | 12,329,478 | ||||||
Auto Trader Group PLC* | 87,548 | 654,302 | ||||||
AVEVA Group PLC# | 5,834 | 263,816 | ||||||
Aviva PLC | 354,661 | 1,518,686 | ||||||
BAE Systems PLC | 290,339 | 1,950,810 | ||||||
Barclays PLC† | 1,565,554 | 2,808,427 | ||||||
Barratt Developments PLC† | 91,950 | 760,016 |
109 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Berkeley Group Holdings PLC | 11,351 | $ | 699,731 | |||||
BHP Group PLC | 190,716 | 4,318,743 | ||||||
BP PLC | 1,829,458 | 6,040,041 | ||||||
British American Tobacco PLC | 207,162 | 7,289,720 | ||||||
British Land Co. PLC# | 79,494 | 499,896 | ||||||
BT Group PLC | 803,110 | 1,250,538 | ||||||
Bunzl PLC | 30,412 | 956,427 | ||||||
Burberry Group PLC | 36,544 | 842,345 | ||||||
Coca-Cola European Partners PLC | 18,454 | 824,525 | ||||||
Compass Group PLC | 161,068 | 2,842,997 | ||||||
Croda International PLC | 11,638 | 924,085 | ||||||
Diageo PLC | 211,048 | 8,103,130 | ||||||
Direct Line Insurance Group PLC | 123,216 | 485,897 | ||||||
Evraz PLC | 46,043 | 237,120 | ||||||
GlaxoSmithKline PLC | 453,034 | 8,274,285 | ||||||
Halma PLC | 34,281 | 1,012,750 | ||||||
Hargreaves Lansdown PLC | 29,981 | 571,559 | ||||||
Hikma Pharmaceuticals PLC | 15,607 | 542,633 | ||||||
HSBC Holdings PLC† | 1,839,015 | 9,518,660 | ||||||
Imperial Brands PLC | 85,459 | 1,550,583 | ||||||
Informa PLC† | 135,638 | 958,739 | ||||||
InterContinental Hotels Group PLC† | 15,669 | 969,882 | ||||||
Intertek Group PLC | 14,573 | 1,072,814 | ||||||
J Sainsbury PLC | 160,276 | 451,062 | ||||||
JD Sports Fashion PLC† | 39,546 | 409,219 | ||||||
Johnson Matthey PLC# | 17,476 | 518,151 | ||||||
Kingfisher PLC† | 190,540 | 694,994 | ||||||
Land Securities Group PLC# | 63,606 | 557,621 | ||||||
Legal & General Group PLC | 538,680 | 1,814,743 | ||||||
Lloyds Banking Group PLC† | 6,388,780 | 3,033,828 | ||||||
London Stock Exchange Group PLC | 28,561 | 3,086,449 | ||||||
M&G PLC | 234,767 | 586,837 | ||||||
Melrose Industries PLC† | 438,691 | 897,731 | ||||||
Mondi PLC | 43,845 | 969,134 | ||||||
National Grid PLC | 316,930 | 3,584,620 | ||||||
Natwest Group PLC† | 436,856 | 900,382 | ||||||
Next PLC | 12,005 | 1,048,613 | ||||||
Ocado Group PLC†# | 41,269 | 1,214,242 | ||||||
Pearson PLC# | 67,941 | 586,024 | ||||||
Persimmon PLC | 28,799 | 1,019,729 | ||||||
Prudential PLC | 235,575 | 3,672,895 | ||||||
Reckitt Benckiser Group PLC | 64,149 | 5,630,654 | ||||||
RELX PLC | 174,397 | 4,062,892 | ||||||
Rentokil Initial PLC† | 167,443 | 1,110,106 | ||||||
Rio Tinto PLC | 101,316 | 6,529,257 | ||||||
Rolls-Royce Holdings PLC† | 755,581 | 1,064,719 | ||||||
Royal Dutch Shell PLC, Class A# | 370,334 | 6,276,053 | ||||||
Royal Dutch Shell PLC, Class B | 334,661 | 5,506,425 | ||||||
RSA Insurance Group PLC | 93,415 | 839,374 | ||||||
Sage Group PLC | 98,496 | 794,425 | ||||||
Schroders PLC | 11,225 | 481,711 | ||||||
Segro PLC | 107,530 | 1,307,385 | ||||||
Severn Trent PLC | 21,487 | 684,339 | ||||||
Smith & Nephew PLC | 78,988 | 1,527,945 | ||||||
Smiths Group PLC | 35,777 | 695,886 | ||||||
Spirax-Sarco Engineering PLC | 6,658 | 988,355 | ||||||
SSE PLC | 93,855 | 1,677,897 | ||||||
St James’s Place PLC# | 48,457 | 658,925 | ||||||
Standard Chartered PLC† | 242,248 | 1,460,393 | ||||||
Standard Life Aberdeen PLC | 205,945 | 743,771 | ||||||
Taylor Wimpey PLC† | 329,065 | 675,368 | ||||||
Tesco PLC | 884,334 | 2,676,217 | ||||||
Unilever PLC | 105,516 | 6,429,965 | ||||||
Unilever PLC | 131,900 | 7,995,866 | ||||||
United Utilities Group PLC | 61,573 | 739,103 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Vodafone Group PLC | 2,417,572 | $ | 3,986,190 | |||||
Whitbread PLC† | 18,225 | 736,432 | ||||||
WM Morrison Supermarkets PLC# | 217,170 | 520,702 | ||||||
179,319,948 | ||||||||
Total Common Stocks | ||||||||
(cost $1,181,979,473) | 1,361,164,085 | |||||||
EXCHANGE-TRADED FUNDS — 2.7% |
| |||||||
United States — 2.7% |
| |||||||
iShares MSCI EAFE ETF | 608,400 | 42,679,260 | ||||||
RIGHTS — 0.0% |
| |||||||
Germany — 0.0% |
| |||||||
Kion Group AG | 5,865 | 2,085 | ||||||
Singapore — 0.0% |
| |||||||
Ascendas Real Estate Investment Trust | 10,277 | 77 | ||||||
Spain — 0.0% |
| |||||||
Banco Santander SA | 1,500,584 | 187,410 | ||||||
United Kingdom — 0.0% |
| |||||||
Aveva Group PLC | 4,537 | 67,751 | ||||||
Total Rights | ||||||||
(cost $478,911) | 257,323 | |||||||
WARRANTS — 0.0% |
| |||||||
Switzerland — 0.0% |
| |||||||
Cie Financiere Richemont SA | 94,272 | 18,673 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,217,592,695) | 1,404,119,341 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 15,131,098 | 15,131,098 | ||||||
U.S. Government Treasuries — 1.1% |
| |||||||
United States Treasury Bills | $ | 6,000,000 | 5,998,747 | |||||
0.10% due 11/04/2021(4) | 8,000,000 | 7,991,738 | ||||||
0.12% due 10/07/2021(4) | 2,500,000 | 2,497,766 | ||||||
0.17% due 12/31/2020(4) | 750,000 | 749,948 | ||||||
17,238,199 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $32,369,999) | 32,369,297 | |||||||
REPURCHASE AGREEMENTS — 10.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $159,502,000 and collateralized by $163,335,900 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $162,692,103 | 159,502,000 | 159,502,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,409,464,694)(5) | 100.2 | % | 1,595,990,638 | |||||
Liabilities in excess of other assets | (0.2 | ) | (3,316,778 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,592,673,860 | ||||
110 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (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 November 30, 2020, the aggregate value of these securities was $23,966,955 representing 1.5% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $27,243,746. This was secured by collateral of $15,131,098, which was received in cash and subsequently invested in short-term investments currently valued at $15,131,098 as reported in the Portfolio of Investments. Additional collateral of $14,138,587 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
United States Treasury Bills | 0.00% | 12/24/2020 to 07/15/2021 | $ | 690,233 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 02/15/2050 | 13,448,354 |
(3) | The rate shown is the 7-day yield as of November 30, 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) | ||||||||||||||||
1,862 | Long | MSCI EAFE Index | December 2020 | $ | 183,120,329 | $ | 189,272,300 | $ | 6,151,971 | |||||||||||||
* | 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 November 30, 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 | $ | 91,899,063 | $ | — | $ | 0 | $ | 91,899,063 | ||||||||
Portugal | 2,214,219 | — | 0 | 2,214,219 | ||||||||||||
Spain | 34,148,129 | 12,173 | — | 34,160,302 | ||||||||||||
Other Countries | 1,232,890,501 | — | — | 1,232,890,501 | ||||||||||||
Exchange-Traded Funds | 42,679,260 | — | — | 42,679,260 | ||||||||||||
Rights: | ||||||||||||||||
Singapore | — | 77 | — | 77 | ||||||||||||
Other Countries | 257,246 | — | — | 257,246 | ||||||||||||
Warrants | 18,673 | — | — | 18,673 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 15,131,098 | — | — | 15,131,098 | ||||||||||||
U.S. Government Treasuries | — | 17,238,199 | — | 17,238,199 | ||||||||||||
Repurchase Agreements | — | 159,502,000 | — | 159,502,000 | ||||||||||||
Total Investments at Value | $ | 1,419,238,189 | $ | 176,752,449 | $ | 0 | $ | 1,595,990,638 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 6,151,971 | $ | — | $ | — | $ | 6,151,971 | ||||||||
* | 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 |
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
111 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Sovereign | 65.9 | % | ||
United States Treasury Notes | 19.6 | |||
United States Treasury Bonds | 4.0 | |||
Registered Investment Companies | 3.8 | |||
Oil Companies-Integrated | 1.7 | |||
Banks — Commercial | 0.8 | |||
Electric — Generation | 0.7 | |||
Electric — Distribution | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Investment Companies | 0.4 | |||
Finance — Leasing Companies | 0.3 | |||
Energy — Alternate Sources | 0.2 | |||
Warehousing & Harbor Transportation Services | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Multimedia | 0.2 | |||
Industrial Gases | 0.2 | |||
Steel — Producers | 0.2 | |||
Food — Meat Products | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Electric — Integrated | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Transport — Services | 0.1 | |||
Cellular Telecom | 0.1 | |||
Paper & Related Products | 0.1 | |||
100.1 | % | |||
Country Allocation*
United States | 27.4 | % | ||
Japan | 10.1 | |||
Italy | 5.6 | |||
Spain | 5.5 | |||
France | 5.4 | |||
United Kingdom | 4.6 | |||
Mexico | 2.6 | |||
Germany | 2.6 | |||
Qatar | 2.0 | |||
Saudi Arabia | 1.9 | |||
Australia | 1.9 | |||
Netherlands | 1.7 | |||
Egypt | 1.7 | |||
Colombia | 1.6 | |||
Romania | 1.6 | |||
United Arab Emirates | 1.4 | |||
Indonesia | 1.3 | |||
Oman | 1.2 | |||
Ukraine | 1.0 | |||
Sri Lanka | 0.9 | |||
El Salvador | 0.9 | |||
Belarus | 0.9 | |||
Russia | 0.8 | |||
Kenya | 0.8 | |||
Philippines | 0.8 | |||
British Virgin Islands | 0.8 | |||
Canada | 0.8 | |||
Chile | 0.8 | |||
Turkey | 0.8 | |||
Panama | 0.7 | |||
Brazil | 0.7 | |||
South Africa | 0.7 | |||
Ghana | 0.7 | |||
Belgium | 0.7 | |||
Pakistan | 0.6 | |||
Costa Rica | 0.6 | |||
Ivory Coast | 0.6 | |||
Poland | 0.6 | |||
Uruguay | 0.6 | |||
China | 0.5 | |||
Singapore | 0.5 |
Peru | 0.5 | |||
Cayman Islands | 0.4 | |||
Ireland | 0.4 | |||
Luxembourg | 0.3 | |||
Norway | 0.3 | |||
Kazakhstan | 0.3 | |||
Angola | 0.2 | |||
Dominican Republic | 0.2 | |||
India | 0.2 | |||
Ethiopia | 0.2 | |||
Georgia | 0.1 | |||
Austria | 0.1 | |||
100.1 | % | |||
Credit Quality†#
Aaa | 31.2 | % | ||
Aa | 11.9 | |||
A | 13.0 | |||
Baa | 18.6 | |||
Ba | 5.1 | |||
B | 7.2 | |||
Caa | 1.2 | |||
Not Rated@ | 11.8 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unvailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
112 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 6.6% |
| |||||||
Austria — 0.1% |
| |||||||
Suzano Austria GmbH | $ | 200,000 | $ | 210,800 | ||||
Brazil — 0.4% |
| |||||||
BRF SA | 300,000 | 319,800 | ||||||
Globo Comunicacao e Participacoes SA | 400,000 | 416,204 | ||||||
736,004 | ||||||||
British Virgin Islands — 0.8% |
| |||||||
CNOOC Finance, Ltd. | 420,000 | 438,227 | ||||||
Huarong Finance II Co., Ltd. | 400,000 | 441,168 | ||||||
Shandong Iron & Steel Xinheng International Co., Ltd. | 330,000 | 333,300 | ||||||
Yingde Gases Investment, Ltd. | 400,000 | 411,043 | ||||||
1,623,738 | ||||||||
Cayman Islands — 0.4% |
| |||||||
Energuate Trust | 300,000 | 312,753 | ||||||
Grupo Aval, Ltd. | 255,000 | 262,777 | ||||||
Lamar Funding, Ltd. | 280,000 | 267,369 | ||||||
842,899 | ||||||||
Chile — 0.3% |
| |||||||
Banco de Credito e Inversiones SA | 510,000 | 558,042 | ||||||
Colombia — 0.5% |
| |||||||
Colombia Telecomunicaciones SA ESP | 210,000 | 233,100 | ||||||
Ecopetrol SA | 175,000 | 208,031 | ||||||
Ecopetrol SA | 300,000 | 379,950 | ||||||
Empresas Publicas de Medellin ESP | 240,000 | 255,303 | ||||||
1,076,384 | ||||||||
India — 0.2% |
| |||||||
ReNew Power, Ltd. | 430,000 | 444,620 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Indonesia — 0.5% |
| |||||||
Indonesia Asahan Aluminium Persero PT | $ | 200,000 | $ | 249,207 | ||||
Pertamina Persero PT | 300,000 | 400,478 | ||||||
Saka Energi Indonesia PT | 400,000 | 377,711 | ||||||
1,027,396 | ||||||||
Luxembourg — 0.3% |
| |||||||
Rumo Luxembourg SARL | 220,000 | 237,708 | ||||||
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL | 370,000 | 400,796 | ||||||
638,504 | ||||||||
Mexico — 1.1% |
| |||||||
Infraestructura Energetica Nova SAB de CV | 250,000 | 243,250 | ||||||
Petroleos Mexicanos | 340,000 | 318,478 | ||||||
Petroleos Mexicanos | 500,000 | 418,750 | ||||||
Petroleos Mexicanos | 690,000 | 635,352 | ||||||
Petroleos Mexicanos | 300,000 | 262,800 | ||||||
Petroleos Mexicanos | 500,000 | 430,000 | ||||||
2,308,630 | ||||||||
Netherlands — 0.9% |
| |||||||
Braskem Netherlands Finance BV | 300,000 | 303,090 | ||||||
MDGH—GMTN BV | 300,000 | 342,750 | ||||||
Minejesa Capital BV | 250,000 | 264,375 | ||||||
Mong Duong Finance Holdings BV | 420,000 | 442,140 | ||||||
Petrobras Global Finance BV | 400,000 | 452,920 | ||||||
1,805,275 | ||||||||
Peru — 0.2% |
| |||||||
Banco de Credito del Peru | 300,000 | 303,753 | ||||||
113 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Philippines — 0.2% |
| |||||||
Philippine National Bank | $ | 400,000 | $ | 421,177 | ||||
Singapore — 0.5% |
| |||||||
BOC Aviation, Ltd. | 580,000 | 574,630 | ||||||
LLPL Capital Pte, Ltd. | 281,700 | 329,519 | ||||||
904,149 | ||||||||
United Arab Emirates — 0.2% |
| |||||||
DP World PLC | 400,000 | 442,000 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $12,748,101) |
| 13,343,371 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 65.9% |
| |||||||
Angola — 0.2% |
| |||||||
Republic of Angola | 570,000 | 488,319 | ||||||
Australia — 1.9% |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | 844,752 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 799,346 | |||||
Commonwealth of Australia | AUD | 600,000 | 550,157 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 830,660 | |||||
Commonwealth of Australia | AUD | 800,000 | 748,016 | |||||
3,772,931 | ||||||||
Belarus — 0.9% |
| |||||||
Republic of Belarus | 450,000 | 451,591 | ||||||
Republic of Belarus | 550,000 | 550,248 | ||||||
Republic of Belarus | 750,000 | 771,435 | ||||||
1,773,274 | ||||||||
Belgium — 0.7% |
| |||||||
Kingdom of Belgium | EUR | 1,000,000 | 1,360,432 | |||||
Brazil — 0.3% |
| |||||||
Federative Republic of Brazil | 600,000 | 663,900 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Canada — 0.8% |
| |||||||
Government of Canada | CAD | 1,000,000 | $ | 798,183 | ||||
Government of Canada | CAD | 1,000,000 | 810,811 | |||||
1,608,994 | ||||||||
Chile — 0.5% |
| |||||||
Republic of Chile | 560,000 | 593,600 | ||||||
Republic of Chile | 400,000 | 455,504 | ||||||
1,049,104 | ||||||||
China — 0.3% |
| |||||||
People’s Republic of China | 600,000 | 599,094 | ||||||
Colombia — 1.1% |
| |||||||
Republic of Colombia | 735,000 | 771,382 | ||||||
Republic of Colombia | 500,000 | 569,625 | ||||||
Republic of Colombia | 400,000 | 481,000 | ||||||
Republic of Colombia | 300,000 | 430,503 | ||||||
2,252,510 | ||||||||
Costa Rica — 0.6% |
| |||||||
Republic of Costa Rica | 1,440,000 | 1,270,080 | ||||||
Dominican Republic — 0.2% |
| |||||||
Dominican Republic | 450,000 | 468,000 | ||||||
Egypt — 1.7% |
| |||||||
Arab Republic of Egypt | EUR | 500,000 | 599,336 | |||||
Arab Republic of Egypt | 550,000 | 578,457 | ||||||
Arab Republic of Egypt | EUR | 500,000 | 610,397 | |||||
Arab Republic of Egypt | 770,000 | 857,426 | ||||||
Arab Republic of Egypt | 687,000 | 742,818 | ||||||
3,388,434 | ||||||||
114 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
El Salvador — 0.9% |
| |||||||
Republic of El Salvador | $ | 420,000 | $ | 370,020 | ||||
Republic of El Salvador | 450,000 | 394,650 | ||||||
Republic of El Salvador | 740,000 | 700,780 | ||||||
Republic of El Salvador | 400,000 | 378,800 | ||||||
1,844,250 | ||||||||
Ethiopia — 0.2% |
| |||||||
Federal Republic of Ethiopia | 350,000 | 343,406 | ||||||
France — 5.4% |
| |||||||
Government of France | EUR | 1,050,000 | 1,354,759 | |||||
Government of France | EUR | 1,000,000 | 1,437,468 | |||||
Government of France | EUR | 1,800,000 | 2,838,619 | |||||
Government of France | EUR | 250,000 | 459,158 | |||||
Government of France | EUR | 1,390,000 | 2,421,779 | |||||
Government of France | EUR | 450,347 | 812,294 | |||||
Government of France | EUR | 1,000,000 | 1,589,116 | |||||
10,913,193 | ||||||||
Georgia — 0.1% |
| |||||||
Republic of Georgia | 270,000 | 273,518 | ||||||
Germany — 2.6% |
| |||||||
Federal Republic of Germany | EUR | 1,000,000 | 1,299,155 | |||||
Federal Republic of Germany | EUR | 1,000,000 | 1,253,196 | |||||
Federal Republic of Germany | EUR | 600,000 | 1,202,282 | |||||
Federal Republic of Germany | EUR | 700,000 | 1,441,633 | |||||
Federal Republic of Germany | EUR | 50,000 | 103,673 | |||||
5,299,939 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Ghana — 0.7% |
| |||||||
Republic of Ghana | $ | 580,000 | $ | 565,355 | ||||
Republic of Ghana | 314,000 | 308,109 | ||||||
Republic of Ghana | 400,000 | 517,228 | ||||||
1,390,692 | ||||||||
Indonesia — 0.8% |
| |||||||
Republic of Indonesia | 300,000 | 350,601 | ||||||
Republic of Indonesia | 750,000 | 838,155 | ||||||
Republic of Indonesia | 300,000 | 475,114 | ||||||
1,663,870 | ||||||||
Ireland — 0.4% |
| |||||||
Republic of Ireland | EUR | 600,000 | 776,853 | |||||
Italy — 5.6% |
| |||||||
Republic of Italy | EUR | 1,000,000 | 1,272,891 | |||||
Republic of Italy | EUR | 1,000,000 | 1,284,378 | |||||
Republic of Italy | EUR | 800,000 | 1,022,136 | |||||
Republic of Italy | EUR | 500,000 | 668,712 | |||||
Republic of Italy | EUR | 700,000 | 985,929 | |||||
Republic of Italy | EUR | 500,000 | 764,996 | |||||
Republic of Italy | EUR | 190,000 | 276,004 | |||||
Republic of Italy | EUR | 550,000 | 1,026,082 | |||||
Republic of Italy | EUR | 150,000 | 238,843 | |||||
Republic of Italy | EUR | 350,000 | 658,110 | |||||
Republic of Italy | EUR | 600,000 | 1,102,695 | |||||
Republic of Italy | EUR | 750,000 | 1,275,405 |
115 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 532,913 | $ | 809,163 | ||||
11,385,344 | ||||||||
Ivory Coast — 0.6% |
| |||||||
Republic of Ivory Coast | 560,000 | 616,000 | ||||||
Republic of Ivory Coast | 550,000 | 619,503 | ||||||
1,235,503 | ||||||||
Japan — 10.1% |
| |||||||
Government of Japan | JPY | 200,000,000 | 1,935,211 | |||||
Government of Japan | JPY | 299,999,999 | 2,896,092 | |||||
Government of Japan | JPY | 150,000,000 | 1,470,977 | |||||
Government of Japan | JPY | 75,000,000 | 828,657 | |||||
Government of Japan | JPY | 90,000,000 | 1,011,302 | |||||
Government of Japan | JPY | 120,000,000 | 1,494,609 | |||||
Government of Japan | JPY | 85,000,000 | 1,061,002 | |||||
Government of Japan | JPY | 100,000,000 | 1,256,533 | |||||
Government of Japan | JPY | 130,000,000 | 1,638,336 | |||||
Government of Japan | JPY | 60,000,000 | 663,661 | |||||
Government of Japan | JPY | 128,000,000 | 1,454,835 | |||||
Government of Japan | JPY | 33,000,000 | 449,922 | |||||
Government of Japan | JPY | 130,000,000 | 1,637,626 | |||||
Government of Japan | JPY | 200,000,000 | 2,567,605 | |||||
20,366,368 | ||||||||
Kazakhstan — 0.3% |
| |||||||
Republic of Kazakhstan | 350,000 | 564,245 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Kenya — 0.8% |
| |||||||
Republic of Kenya | $ | 480,000 | $ | 518,726 | ||||
Republic of Kenya | 420,000 | 455,334 | ||||||
Republic of Kenya | 200,000 | 228,246 | ||||||
Republic of Kenya | 400,000 | 447,472 | ||||||
1,649,778 | ||||||||
Mexico — 1.5% |
| |||||||
United Mexican States | 540,000 | 540,481 | ||||||
United Mexican States | 800,000 | 906,008 | ||||||
United Mexican States | 380,000 | 457,938 | ||||||
United Mexican States | MXN | 20,000,000 | 1,185,339 | |||||
3,089,766 | ||||||||
Netherlands — 0.8% |
| |||||||
Kingdom of the Netherlands | EUR | 1,000,000 | 1,625,354 | |||||
Norway — 0.3% |
| |||||||
Kingdom of Norway | NOK | 5,000,000 | 610,466 | |||||
Oman — 1.2% |
| |||||||
Sultanate of Oman | 620,000 | 608,375 | ||||||
Sultanate of Oman | 1,025,000 | 1,065,692 | ||||||
Sultanate of Oman | 800,000 | 838,448 | ||||||
2,512,515 | ||||||||
Pakistan — 0.6% |
| |||||||
Islamic Republic of Pakistan | 675,000 | 695,250 | ||||||
Islamic Republic of Pakistan | 550,000 | 594,000 | ||||||
1,289,250 | ||||||||
Panama — 0.7% |
| |||||||
Republic of Panama | 520,000 | 527,280 |
116 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Panama (continued) |
| |||||||
Republic of Panama | $ | 300,000 | $ | 349,128 | ||||
Republic of Panama | 200,000 | 254,000 | ||||||
Republic of Panama | 200,000 | 293,752 | ||||||
1,424,160 | ||||||||
Peru — 0.3% |
| |||||||
Republic of Peru | 550,000 | 545,875 | ||||||
Philippines — 0.6% |
| |||||||
Republic of the Philippines | 700,000 | 745,659 | ||||||
Republic of the Philippines | 400,000 | 465,911 | ||||||
1,211,570 | ||||||||
Poland — 0.6% |
| |||||||
Republic of Poland | PLN | 2,000,000 | 601,695 | |||||
Republic of Poland | PLN | 2,000,000 | 607,076 | |||||
1,208,771 | ||||||||
Qatar — 2.0% |
| |||||||
State of Qatar | 480,000 | 528,000 | ||||||
State of Qatar | 880,000 | 1,164,372 | ||||||
State of Qatar | 1,190,000 | 1,646,662 | ||||||
State of Qatar | 420,000 | 600,075 | ||||||
3,939,109 | ||||||||
Romania — 1.6% |
| |||||||
Government of Romania | EUR | 1,000,000 | 1,202,990 | |||||
Government of Romania | 700,000 | 747,950 | ||||||
Government of Romania | 740,000 | 790,690 | ||||||
Government of Romania | 500,000 | 546,250 | ||||||
3,287,880 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Russia — 0.8% |
| |||||||
Russian Federation | $ | 1,200,000 | $ | 1,388,993 | ||||
Russian Federation | 200,000 | 271,624 | ||||||
1,660,617 | ||||||||
Saudi Arabia — 1.9% |
| |||||||
Kingdom of Saudi Arabia | 995,000 | 1,093,256 | ||||||
Kingdom of Saudi Arabia | 750,000 | 824,063 | ||||||
Kingdom of Saudi Arabia | 250,000 | 278,775 | ||||||
Kingdom of Saudi Arabia | 500,000 | 636,250 | ||||||
Kingdom of Saudi Arabia | 200,000 | 254,500 | ||||||
Kingdom of Saudi Arabia | 600,000 | 751,428 | ||||||
3,838,272 | ||||||||
South Africa — 0.7% |
| |||||||
Republic of South Africa | 1,060,000 | 1,067,123 | ||||||
Republic of South Africa | 350,000 | 328,069 | ||||||
1,395,192 | ||||||||
Spain — 5.5% |
| |||||||
Kingdom of Spain | EUR | 2,300,000 | 2,897,603 | |||||
Kingdom of Spain | EUR | 500,000 | 614,016 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,330,624 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,309,257 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,331,799 | |||||
Kingdom of Spain | EUR | 600,000 | 798,435 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,413,156 | |||||
Kingdom of Spain | EUR | 400,000 | 939,045 |
117 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Spain (continued) |
| |||||||
Kingdom of Spain | EUR | 300,000 | $ | 536,754 | ||||
11,170,689 | ||||||||
Sri Lanka — 0.9% |
| |||||||
Republic of Sri Lanka | 1,070,000 | 716,900 | ||||||
Republic of Sri Lanka | 300,000 | 186,000 | ||||||
Republic of Sri Lanka | 870,000 | 508,950 | ||||||
Republic of Sri Lanka | 800,000 | 468,000 | ||||||
1,879,850 | ||||||||
Turkey — 0.8% |
| |||||||
Republic of Turkey | 700,000 | 682,570 | ||||||
Republic of Turkey | 250,000 | 255,302 | ||||||
Republic of Turkey | 600,000 | 664,728 | ||||||
1,602,600 | ||||||||
Ukraine — 1.0% |
| |||||||
Government of Ukraine | 200,000 | 212,200 | ||||||
Government of Ukraine | 370,000 | 393,214 | ||||||
Government of Ukraine | 460,000 | 502,251 | ||||||
Government of Ukraine | 700,000 | 831,649 | ||||||
1,939,314 | ||||||||
United Arab Emirates — 1.2% |
| |||||||
Emirate of Abu Dhabi | 510,000 | 544,354 | ||||||
Emirate of Abu Dhabi | 1,050,000 | 1,176,000 | ||||||
Emirate of Abu Dhabi | 215,000 | 266,703 | ||||||
Emirate of Abu Dhabi | 400,000 | 496,192 | ||||||
2,483,249 | ||||||||
Security Description | Principal | Value (Note 2) | ||||||
United Kingdom — 4.6% |
| |||||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | $ | 1,370,219 | ||||
United Kingdom Gilt Treasury | GBP | 900,000 | 1,336,302 | |||||
United Kingdom Gilt Treasury | GBP | 900,000 | 1,556,786 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 425,105 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 805,213 | |||||
United Kingdom Gilt Treasury | GBP | 700,000 | 960,034 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 483,472 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 572,166 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 611,921 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 545,152 | |||||
United Kingdom Gilt Treasury | GBP | 350,000 | 671,012 | |||||
9,337,382 | ||||||||
Uruguay — 0.6% |
| |||||||
Oriental Republic of Uruguay | $ | 193,015 | 233,068 | |||||
Oriental Republic of Uruguay | 690,000 | 936,675 | ||||||
1,169,743 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $125,127,418) | 133,623,655 | |||||||
U.S. GOVERNMENT TREASURIES — 23.6% |
| |||||||
United States — 23.6% |
| |||||||
United States Treasury Bonds | 1,600,000 | 1,765,625 | ||||||
2.50% due 02/15/2045 | 500,000 | 604,433 | ||||||
2.88% due 05/15/2049 | 400,000 | 524,094 | ||||||
3.00% due 02/15/2047 | 1,200,000 | 1,591,172 | ||||||
3.13% due 08/15/2044 | 900,000 | 1,203,223 | ||||||
3.38% due 05/15/2044 | 700,000 | 970,758 | ||||||
3.38% due 11/15/2048 | 450,000 | 641,531 | ||||||
3.75% due 11/15/2043 | 500,000 | 729,590 | ||||||
United States Treasury Notes | 3,000,000 | 2,988,516 | ||||||
0.63% due 08/15/2030 | 2,000,000 | 1,961,250 | ||||||
1.38% due 06/30/2023 | 1,000,000 | 1,031,094 | ||||||
1.50% due 11/30/2024 | 1,000,000 | 1,048,711 | ||||||
1.50% due 08/15/2026 | 1,000,000 | 1,058,672 |
118 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States (continued) |
| |||||||
1.50% due 02/15/2030 | $ | 2,000,000 | $ | 2,127,031 | ||||
1.75% due 05/15/2023 | 2,000,000 | 2,077,422 | ||||||
2.00% due 11/30/2022 | 1,500,000 | 1,555,137 | ||||||
2.00% due 08/15/2025 | 2,000,000 | 2,155,312 | ||||||
2.00% due 11/15/2026 | 1,500,000 | 1,632,949 | ||||||
2.13% due 12/31/2022 | 1,100,000 | 1,145,074 | ||||||
2.13% due 03/31/2024 | 1,500,000 | 1,595,039 | ||||||
2.13% due 05/15/2025# | 500,000 | 539,941 | ||||||
2.25% due 11/15/2024# | 1,500,000 | 1,616,426 | ||||||
2.25% due 11/15/2025 | 1,000,000 | 1,092,422 | ||||||
2.25% due 11/15/2027 | 600,000 | 667,922 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,211,117 | ||||||
2.38% due 05/15/2027 | 1,200,000 | 1,340,062 | ||||||
2.50% due 08/15/2023 | 2,000,000 | 2,125,703 | ||||||
2.50% due 05/15/2024 | 1,700,000 | 1,832,879 | ||||||
2.75% due 11/15/2023 | 1,500,000 | 1,613,555 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,297,641 | ||||||
2.75% due 02/15/2028 | 1,600,000 | 1,840,625 | ||||||
2.88% due 08/15/2028 | 1,500,000 | 1,748,730 | ||||||
3.13% due 11/15/2028 | 1,200,000 | 1,426,125 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $45,790,320) | 47,759,781 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2% |
| |||||||
China — 0.2% |
| |||||||
China Minmetals Corp. | 430,000 | 436,665 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $184,076,278) | 195,163,472 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.8% |
| |||||||
Registered Investment Companies — 3.8% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,535,226 | 4,535,226 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,140,015 | 3,140,015 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $7,675,241) | 7,675,241 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $191,751,519)(5) | 100.1 | % | 202,838,713 | |||||
Liabilities in excess of other assets | (0.1 | ) | (159,220 | ) | ||||
NET ASSETS | 100.0 | % | $ | 202,679,493 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $40,261,280 representing 19.9% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Denominated in United States dollars unless otherwise indicated. |
(2) | Perpetual maturity - maturity date reflects the next call date. |
(3) | At November 30, 2020, the Fund had loaned securities with a total value of $7,924,846. This was secured by collateral of $3,140,015, which was received in cash and subsequently invested in short-term investments currently valued at $3,140,015 as reported in the Portfolio of Investments. Additional collateral of $5,036,757 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 0.50% to 17.97% | 07/01/2022 to 08/25/2056 | $ | 1,154,419 | ||||
Federal National Mtg. Assoc. | 1.32% to 38.46% | 12/01/2020 to 08/25/2058 | 3,070,538 | |||||
Government National Mtg. Assoc. | 0.50% to 9.59% | 10/20/2034 to 12/16/2062 | 341,689 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.00% | 04/15/2021 to 02/15/2047 | 470,111 |
(4) | The rate shown is the 7-day yield as of November 30, 2020. |
(5) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Jen
MXN—Mexican Peso
NOK—Norwegian Krone
PLN--Polish Zloty
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 13,343,371 | $ | — | $ | 13,343,371 | ||||||||
Foreign Government Obligations | — | 133,623,655 | — | 133,623,655 | ||||||||||||
U.S. Government Treasuries | — | 47,759,781 | — | 47,759,781 | ||||||||||||
Preferred Securities/Capital Securities | — | 436,665 | — | 436,665 | ||||||||||||
Short-Term Investment Securities | 7,675,241 | — | — | 7,675,241 | ||||||||||||
Total Investments at Value | $ | 7,675,241 | $ | 195,163,472 | $ | — | $ | 202,838,713 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
119 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Transport — Services | 9.7 | % | ||
Apparel Manufacturers | 9.7 | |||
Banks — Commercial | 7.7 | |||
Semiconductor Equipment | 5.1 | |||
Industrial Automated/Robotic | 5.0 | |||
Beverages — Wine/Spirits | 4.8 | |||
Retail — Apparel/Shoe | 4.5 | |||
Schools | 4.1 | |||
Cosmetics & Toiletries | 4.0 | |||
Computer Services | 3.9 | |||
Semiconductor Components — Integrated Circuits | 3.7 | |||
Food — Misc./Diversified | 3.2 | |||
Insurance — Life/Health | 3.1 | |||
Commercial Services — Finance | 2.9 | |||
Private Equity | 2.9 | |||
Electric — Transmission | 2.8 | |||
E-Commerce/Services | 2.8 | |||
Registered Investment Companies | 2.8 | |||
E-Commerce/Products | 2.5 | |||
Chemicals — Specialty | 2.3 | |||
Medical Products | 2.1 | |||
Food — Confectionery | 1.6 | |||
Computer Aided Design | 1.6 | |||
Athletic Footwear | 1.6 | |||
Medical — Biomedical/Gene | 1.4 | |||
95.8 | % | |||
Country Allocation*
Denmark | 10.3 | % | ||
Netherlands | 9.9 | |||
France | 9.3 | |||
Japan | 9.0 | |||
India | 7.7 | |||
United States | 6.7 | |||
Canada | 6.6 | |||
Cayman Islands | 6.6 | |||
Switzerland | 5.4 | |||
Italy | 4.5 | |||
United Kingdom | 4.0 | |||
Taiwan | 3.7 | |||
China | 3.2 | |||
Hong Kong | 3.1 | |||
Bermuda | 2.8 | |||
Germany | 1.6 | |||
Sweden | 1.4 | |||
95.8 | % | |||
* | Calculated as a percentage of net assets |
120 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.0% |
| |||||||
Bermuda — 2.8% |
| |||||||
Brookfield Infrastructure Partners LP | 317,155 | $ | 15,797,491 | |||||
Canada — 6.6% |
| |||||||
Brookfield Asset Management, Inc., Class A | 405,101 | 16,402,539 | ||||||
Canada Goose Holdings, Inc.†# | 623,216 | 20,715,700 | ||||||
37,118,239 | ||||||||
Cayman Islands — 6.6% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 54,096 | 14,246,722 | ||||||
TAL Education Group ADR† | 324,761 | 22,752,756 | ||||||
36,999,478 | ||||||||
China — 3.2% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 745,612 | 18,033,702 | ||||||
Denmark — 10.3% |
| |||||||
Chr. Hansen Holding A/S† | 133,614 | 12,945,583 | ||||||
DSV PANALPINA A/S | 284,572 | 44,900,739 | ||||||
57,846,322 | ||||||||
France — 9.3% |
| |||||||
Dassault Systemes SE | 48,587 | 8,986,237 | ||||||
Hermes International | 34,637 | 33,772,323 | ||||||
Pernod Ricard SA | 51,146 | 9,761,525 | ||||||
52,520,085 | ||||||||
Germany — 1.6% |
| |||||||
adidas AG† | 27,982 | 8,922,031 | ||||||
Hong Kong — 3.1% |
| |||||||
AIA Group, Ltd. | 1,571,318 | 17,221,340 | ||||||
India — 7.7% |
| |||||||
HDFC Bank, Ltd.† | 1,686,253 | 32,743,108 | ||||||
Kotak Mahindra Bank, Ltd.† | 410,452 | 10,449,154 | ||||||
43,192,262 | ||||||||
Italy — 4.5% |
| |||||||
Moncler SpA† | 512,180 | 25,146,874 | ||||||
Japan — 9.0% |
| |||||||
Keyence Corp. | 55,400 | 28,278,410 | ||||||
Pigeon Corp.# | 495,800 | 22,130,536 | ||||||
50,408,946 | ||||||||
Netherlands — 9.9% |
| |||||||
Adyen NV†* | 8,584 | 16,403,565 | ||||||
ASML Holding NV | 65,773 | 28,546,710 | ||||||
Davide Campari-Milano NV | 943,382 | 10,908,791 | ||||||
55,859,066 | ||||||||
Sweden — 1.4% |
| |||||||
Vitrolife AB† | 336,216 | 8,169,317 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Switzerland — 5.4% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 103 | $ | 9,158,074 | |||||
Kuehne & Nagel International AG | 43,210 | 9,780,795 | ||||||
Straumann Holding AG | 10,234 | 11,734,611 | ||||||
30,673,480 | ||||||||
Taiwan — 3.7% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 216,704 | 21,024,622 | ||||||
United Kingdom — 4.0% |
| |||||||
Diageo PLC | 180,272 | 6,921,495 | ||||||
Rightmove PLC† | 1,887,426 | 15,726,390 | ||||||
22,647,885 | ||||||||
United States — 3.9% |
| |||||||
EPAM Systems, Inc.† | 68,354 | 22,032,545 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $334,833,345) | 523,613,685 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.8% |
| |||||||
Registered Investment Companies — 2.8% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) | 15,669,262 | 15,669,262 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $350,502,607)(3) | 95.8 | % | 539,282,947 | |||||
Other assets less liabilities | 4.2 | 23,766,966 | ||||||
NET ASSETS | 100.0 | % | $ | 563,049,913 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $16,403,565 representing 2.9% of net assets. |
(1) | The rate shown is the 7-day yield as of November 30, 2020. |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $25,829,968. This was secured by collateral of $15,669,262, which was received in cash and subsequently invested in short-term investments currently valued at $15,669,262 as reported in the Portfolio of Investments. Additional collateral of $11,391,340 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 04/08/2021 | $ | 348,721 | ||||
United States Treasury Notes/Bonds | zero coupon to 4.25% | 12/31/2020 to 05/15/2049 | 11,042,619 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 523,613,685 | $ | — | $ | — | $ | 523,613,685 | ||||||||
Short-Term Investment Securities | 15,669,262 | — | — | 15,669,262 | ||||||||||||
Total Investments at Value | $ | 539,282,947 | $ | — | $ | — | $ | 539,282,947 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
121 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 6.0 | % | ||
Insurance — Life/Health | 4.0 | |||
Banks — Commercial | 3.6 | |||
Cosmetics & Toiletries | 3.0 | |||
Insurance — Multi-line | 2.9 | |||
Telephone — Integrated | 2.7 | |||
Auto — Cars/Light Trucks | 2.0 | |||
Semiconductor Equipment | 1.8 | |||
Real Estate Operations & Development | 1.8 | |||
Real Estate Investment Trusts | 1.7 | |||
Commercial Services | 1.6 | |||
Chemicals — Specialty | 1.6 | |||
Investment Companies | 1.5 | |||
Electronic Components — Misc. | 1.4 | |||
Chemicals — Diversified | 1.3 | |||
Repurchase Agreements | 1.3 | |||
Finance — Other Services | 1.3 | |||
Transport — Rail | 1.3 | |||
Medical Products | 1.3 | |||
Industrial Automated/Robotic | 1.3 | |||
Enterprise Software/Service | 1.2 | |||
Food — Retail | 1.2 | |||
Import/Export | 1.2 | |||
Steel — Producers | 1.1 | |||
Insurance — Reinsurance | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Oil Companies — Integrated | 1.1 | |||
Audio/Video Products | 1.1 | |||
Building & Construction Products — Misc. | 1.0 | |||
Diversified Banking Institutions | 1.0 | |||
Medical — Biomedical/Gene | 1.0 | |||
Industrial Gases | 1.0 | |||
Electric — Distribution | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
U.S. Government Treasuries | 0.9 | |||
Food — Dairy Products | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Real Estate Management/Services | 0.8 | |||
Power Converter/Supply Equipment | 0.8 | |||
Instruments — Controls | 0.8 | |||
Machinery — Electrical | 0.8 | |||
Medical Labs & Testing Services | 0.8 | |||
Private Equity | 0.8 | |||
Oil Refining & Marketing | 0.7 | |||
Transport — Services | 0.7 | |||
Internet Content — Information/News | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Electric — Integrated | 0.7 | |||
Gas — Distribution | 0.7 | |||
Water | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Machinery — General Industrial | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Rubber — Tires | 0.6 | |||
Paper & Related Products | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Optical Supplies | 0.5 | |||
Toys | 0.5 | |||
Electric — Transmission | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Human Resources | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Building Products — Cement | 0.5 | |||
Electric — Generation | 0.5 | |||
Electronic Components — Semiconductors | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Airport Development/Maintenance | 0.4 |
Gas — Transportation | 0.4 | |||
Computer Services | 0.4 | |||
Medical Instruments | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Food — Catering | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Telecom Services | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Machinery — Farming | 0.4 | |||
Multimedia | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Hotels/Motels | 0.4 | |||
Gold Mining | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Metal — Copper | 0.3 | |||
Coatings/Paint | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Retail — Discount | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Diversified Operations | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Networking Products | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Cellular Telecom | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Pipelines | 0.3 | |||
Retail — Building Products | 0.3 | |||
Computer Aided Design | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Metal — Iron | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Metal — Diversified | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Diversified Manufacturing Operations | 0.2 | |||
MRI/Medical Diagnostic Imaging | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Wireless Equipment | 0.2 | |||
Advertising Services | 0.2 | |||
Applications Software | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Advertising Agencies | 0.2 | |||
Diversified Minerals | 0.2 | |||
Fisheries | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Security Services | 0.2 | |||
Steel Pipe & Tube | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Steel — Specialty | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Computer Data Security | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Television | 0.1 | |||
Airlines | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Athletic Footwear | 0.1 | |||
Food — Meat Products | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Consulting Services | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Respiratory Products | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Internet Application Software | 0.1 | |||
Wire & Cable Products | 0.1 |
122 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Satellite Telecom | 0.1 | % | ||
Computers — Periphery Equipment | 0.1 | |||
98.5% | ||||
Country Allocation*
Japan | 24.3 | % | ||
United Kingdom | 11.6 | |||
France | 10.5 | |||
Switzerland | 8.6 | |||
Germany | 6.5 | |||
Australia | 5.7 | |||
Netherlands | 5.6 | |||
Sweden | 3.0 | |||
Hong Kong | 2.9 | |||
Denmark | 2.7 | |||
United States | 2.2 | |||
Spain | 2.1 | |||
Italy | 2.1 | |||
Finland | 2.0 | |||
Singapore | 1.5 | |||
Belgium | 1.5 | |||
Norway | 0.9 | |||
Ireland | 0.8 | |||
Jersey | 0.6 | |||
Portugal | 0.6 | |||
Cayman Islands | 0.6 | |||
Israel | 0.5 | |||
Austria | 0.5 | |||
Luxembourg | 0.4 | |||
New Zealand | 0.3 | |||
Bermuda | 0.3 | |||
SupraNational | 0.1 | |||
Papua New Guinea | 0.1 | |||
98.5% | ||||
* | Calculated as a percentage of net assets |
123 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.3% |
| |||||||
Australia — 5.7% |
| |||||||
Afterpay, Ltd.† | 3,859 | $ | 269,135 | |||||
AGL Energy, Ltd. | 25,046 | 248,198 | ||||||
Ampol, Ltd. | 23,515 | 529,055 | ||||||
APA Group | 75,332 | 572,329 | ||||||
ASX, Ltd. | 9,202 | 520,857 | ||||||
Aurizon Holdings, Ltd. | 120,207 | 375,011 | ||||||
BGP Holdings PLC†(1) | 60,919 | 0 | ||||||
BlueScope Steel, Ltd. | 33,623 | 422,044 | ||||||
Brambles, Ltd. | 63,470 | 510,628 | ||||||
Coca-Cola Amatil, Ltd. | 65,362 | 606,934 | ||||||
Cochlear, Ltd. | 854 | 138,177 | ||||||
Coles Group, Ltd. | 47,183 | 618,575 | ||||||
Computershare, Ltd. | 16,395 | 171,856 | ||||||
CSL, Ltd. | 13,940 | 3,042,988 | ||||||
Dexus | 28,278 | 202,800 | ||||||
Evolution Mining, Ltd. | 61,739 | 225,238 | ||||||
Fortescue Metals Group, Ltd. | 70,883 | 948,537 | ||||||
Goodman Group | 51,282 | 703,182 | ||||||
GPT Group | 61,897 | 214,456 | ||||||
Insurance Australia Group, Ltd. | 62,321 | 235,596 | ||||||
Macquarie Group, Ltd. | 16,161 | 1,645,040 | ||||||
Newcrest Mining, Ltd. | 41,204 | 814,519 | ||||||
Northern Star Resources, Ltd. | 22,371 | 207,074 | ||||||
Origin Energy, Ltd. | 123,475 | 469,499 | ||||||
QBE Insurance Group, Ltd. | 37,063 | 272,061 | ||||||
Ramsay Health Care, Ltd. | 9,388 | 434,494 | ||||||
Santos, Ltd. | 109,662 | 495,864 | ||||||
Scentre Group | 277,553 | 570,466 | ||||||
Sonic Healthcare, Ltd. | 34,789 | 841,184 | ||||||
Stockland | 85,968 | 287,127 | ||||||
Suncorp Group, Ltd. | 60,881 | 450,919 | ||||||
Sydney Airport | 96,995 | 477,746 | ||||||
Telstra Corp., Ltd. | 194,029 | 437,251 | ||||||
Transurban Group | 119,194 | 1,226,671 | ||||||
Vicinity Centres | 166,785 | 202,007 | ||||||
Washington H. Soul Pattinson & Co., Ltd. | 2,906 | 61,947 | ||||||
Woodside Petroleum, Ltd. | 84,232 | 1,383,148 | ||||||
20,832,613 | ||||||||
Austria — 0.5% |
| |||||||
Erste Group Bank AG† | 12,326 | 354,344 | ||||||
OMV AG | 15,366 | 520,553 | ||||||
Verbund AG | 1,627 | 114,214 | ||||||
voestalpine AG | 23,831 | 762,976 | ||||||
1,752,087 | ||||||||
Belgium — 1.5% |
| |||||||
Ageas SA/NV | 2,563 | 126,021 | ||||||
Colruyt SA | 4,364 | 260,384 | ||||||
Galapagos NV† | 997 | 122,674 | ||||||
Groupe Bruxelles Lambert SA | 22,874 | 2,228,660 | ||||||
KBC Group NV | 12,320 | 858,242 | ||||||
Proximus SADP | 4,849 | 101,280 | ||||||
Solvay SA | 3,637 | 415,792 | ||||||
UCB SA | 10,853 | 1,159,444 | ||||||
Umicore SA | 4,987 | 223,494 | ||||||
5,495,991 | ||||||||
Bermuda — 0.3% |
| |||||||
CK Infrastructure Holdings, Ltd. | 8,000 | 40,923 | ||||||
Dairy Farm International Holdings, Ltd. | 27,500 | 111,925 | ||||||
Hongkong Land Holdings, Ltd. | 55,100 | 224,257 | ||||||
Jardine Matheson Holdings, Ltd. | 8,700 | 461,709 | ||||||
Jardine Strategic Holdings, Ltd. | 8,800 | 210,232 | ||||||
1,049,046 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cayman Islands — 0.6% |
| |||||||
BeiGene, Ltd. ADR† | 317 | $ | 81,054 | |||||
CK Asset Holdings, Ltd. | 103,808 | 568,523 | ||||||
CK Hutchison Holdings, Ltd. | 65,000 | 471,710 | ||||||
WH Group, Ltd.* | 424,000 | 346,265 | ||||||
Wharf Real Estate Investment Co., Ltd. | 122,000 | 567,420 | ||||||
2,034,972 | ||||||||
Denmark — 2.7% |
| |||||||
Ambu A/S, Class B | 2,334 | 78,209 | ||||||
Chr. Hansen Holding A/S | 2,578 | 249,777 | ||||||
Demant A/S† | 2,605 | 98,102 | ||||||
DSV PANALPINA A/S | 5,197 | 820,000 | ||||||
Genmab A/S† | 2,025 | 776,874 | ||||||
H. Lundbeck A/S | 3,753 | 114,782 | ||||||
Novo Nordisk A/S, Class B | 69,830 | 4,696,588 | ||||||
Novozymes A/S, Class B | 4,284 | 245,018 | ||||||
Orsted A/S* | 7,392 | 1,331,465 | ||||||
Pandora A/S | 3,725 | 373,085 | ||||||
Vestas Wind Systems A/S | 5,332 | 1,089,864 | ||||||
9,873,764 | ||||||||
Finland — 2.0% |
| |||||||
Elisa Oyj | 4,829 | 259,212 | ||||||
Kone Oyj, Class B | 13,906 | 1,166,453 | ||||||
Neles Oyj | 3,945 | 50,917 | ||||||
Neste Oyj | 18,469 | 1,237,688 | ||||||
Nokia Oyj† | 195,633 | 781,176 | ||||||
Nordea Bank Abp† | 149,115 | 1,273,847 | ||||||
Orion Oyj, Class B | 11,247 | 529,395 | ||||||
Sampo Oyj, Class A | 16,341 | 706,208 | ||||||
Stora Enso Oyj, Class R | 30,154 | 509,684 | ||||||
UPM-Kymmene Oyj | 26,756 | 881,517 | ||||||
7,396,097 | ||||||||
France — 10.5% |
| |||||||
Accor SA† | 6,150 | 210,911 | ||||||
Aeroports de Paris | 2,264 | 285,995 | ||||||
Air Liquide SA | 22,577 | 3,707,050 | ||||||
Amundi SA†* | 2,230 | 177,692 | ||||||
Arkema SA | 3,503 | 408,328 | ||||||
Atos SE† | 4,174 | 382,782 | ||||||
AXA SA | 102,690 | 2,414,598 | ||||||
BioMerieux | 1,011 | 145,681 | ||||||
Bouygues SA† | 21,140 | 841,739 | ||||||
Bureau Veritas SA† | 11,721 | 302,557 | ||||||
Capgemini SE | 7,401 | 1,026,730 | ||||||
Carrefour SA | 31,728 | 519,636 | ||||||
Casino Guichard Perrachon SA† | 3,862 | 111,346 | ||||||
Cie de Saint-Gobain† | 23,752 | 1,128,204 | ||||||
Cie Generale des Etablissements Michelin SCA | 8,332 | 1,038,111 | ||||||
CNP Assurances† | 21,713 | 345,770 | ||||||
Covivio | 2,035 | 166,280 | ||||||
Danone SA | 37,830 | 2,430,461 | ||||||
Dassault Systemes SE | 5,470 | 1,011,685 | ||||||
Edenred | 9,742 | 556,983 | ||||||
Eiffage SA† | 5,995 | 587,395 | ||||||
EssilorLuxottica SA† | 13,318 | 1,927,813 | ||||||
Eurazeo SE† | 5,026 | 309,955 | ||||||
Gecina SA | 1,567 | 237,949 | ||||||
Getlink SE† | 26,210 | 436,141 | ||||||
Hermes International | 3,229 | 3,148,391 | ||||||
Iliad SA | 719 | 145,974 | ||||||
Ipsen SA | 3,686 | 355,485 | ||||||
Klepierre SA | 13,440 | 296,590 | ||||||
L’Oreal SA | 12,857 | 4,705,232 |
124 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
France (continued) |
| |||||||
Legrand SA | 13,096 | $ | 1,108,819 | |||||
Natixis SA† | 125,128 | 385,088 | ||||||
Orpea† | 2,487 | 310,902 | ||||||
Publicis Groupe SA† | 11,512 | 523,055 | ||||||
Sartorius Stedim Biotech | 2,629 | 950,209 | ||||||
Schneider Electric SE | 20,895 | 2,907,456 | ||||||
SCOR SE† | 5,897 | 201,461 | ||||||
Sodexo SA | 3,824 | 316,383 | ||||||
Suez SA | 33,182 | 638,642 | ||||||
Ubisoft Entertainment SA† | 1,212 | 115,341 | ||||||
Valeo SA | 4,245 | 164,670 | ||||||
Veolia Environnement SA | 37,405 | 859,354 | ||||||
Wendel SE | 2,016 | 227,854 | ||||||
Worldline SA†* | 3,214 | 297,121 | ||||||
38,369,819 | ||||||||
Germany — 6.5% |
| |||||||
Allianz SE | 11,673 | 2,752,246 | ||||||
Beiersdorf AG | 8,154 | 911,762 | ||||||
Brenntag AG | 2,406 | 183,852 | ||||||
Carl Zeiss Meditec AG | 810 | 108,022 | ||||||
Commerzbank AG† | 85,771 | 533,045 | ||||||
Covestro AG* | 5,315 | 296,395 | ||||||
Deutsche Boerse AG | 6,646 | 1,107,894 | ||||||
Deutsche Wohnen SE | 17,209 | 862,987 | ||||||
Evonik Industries AG | 7,369 | 222,478 | ||||||
Fraport AG Frankfurt Airport Services Worldwide† | 2,868 | 162,776 | ||||||
Hannover Rueck SE | 1,641 | 274,633 | ||||||
HeidelbergCement AG | 7,777 | 552,341 | ||||||
Henkel AG & Co. KGaA | 4,203 | 405,596 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 14,936 | 1,607,753 | ||||||
Infineon Technologies AG | 27,474 | 967,441 | ||||||
Knorr-Bremse AG | 1,128 | 144,349 | ||||||
LANXESS AG | 1,424 | 99,641 | ||||||
Merck KGaA | 12,248 | 1,955,553 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 6,793 | 1,892,869 | ||||||
Puma SE† | 3,696 | 367,516 | ||||||
SAP SE | 33,393 | 4,062,155 | ||||||
Sartorius AG (Preference Shares) | 1,127 | 513,539 | ||||||
Siemens Healthineers AG* | 13,780 | 633,665 | ||||||
Symrise AG | 3,803 | 476,323 | ||||||
TeamViewer AG†* | 2,140 | 101,929 | ||||||
Telefonica Deutschland Holding AG | 107,196 | 295,888 | ||||||
United Internet AG | 5,128 | 204,489 | ||||||
Vonovia SE | 21,799 | 1,494,650 | ||||||
Zalando SE†* | 4,241 | 428,993 | ||||||
23,620,780 | ||||||||
Hong Kong — 2.9% |
| |||||||
AIA Group, Ltd. | 333,000 | 3,649,615 | ||||||
BOC Hong Kong Holdings, Ltd. | 126,500 | 412,089 | ||||||
Hang Lung Properties, Ltd. | 86,000 | 213,251 | ||||||
Hang Seng Bank, Ltd. | 22,000 | 383,458 | ||||||
Henderson Land Development Co., Ltd. | 106,503 | 446,565 | ||||||
Hong Kong & China Gas Co., Ltd. | 525,050 | 808,806 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 29,700 | 1,476,752 | ||||||
Link REIT | 50,500 | 443,037 | ||||||
MTR Corp., Ltd. | 77,000 | 417,731 | ||||||
New World Development Co., Ltd. | 81,250 | 411,960 | ||||||
Power Assets Holdings, Ltd. | 44,000 | 231,607 | ||||||
Sun Hung Kai Properties, Ltd. | 73,500 | 981,448 | ||||||
Swire Pacific, Ltd., Class A | 31,000 | 177,976 | ||||||
Swire Properties, Ltd. | 54,200 | 165,375 | ||||||
Wharf Holdings, Ltd. | 73,000 | 180,639 | ||||||
10,400,309 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ireland — 0.8% |
| |||||||
CRH PLC | 27,196 | $ | 1,064,706 | |||||
DCC PLC | 7,978 | 604,330 | ||||||
Kerry Group PLC, Class A | 9,975 | 1,396,906 | ||||||
3,065,942 | ||||||||
Israel — 0.5% |
| |||||||
Bank Hapoalim B | 58,066 | 380,389 | ||||||
Bank Leumi Le-Israel BM | 74,268 | 417,153 | ||||||
Check Point Software Technologies, Ltd.† | 3,706 | 436,122 | ||||||
NICE, Ltd.† | 1,638 | 393,815 | ||||||
Wix.com, Ltd.† | 951 | 242,914 | ||||||
1,870,393 | ||||||||
Italy — 2.1% |
| |||||||
Assicurazioni Generali SpA | 107,154 | 1,830,364 | ||||||
DiaSorin SpA | 861 | 181,376 | ||||||
FinecoBank Banca Fineco SpA† | 14,431 | 226,106 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 56,238 | 501,382 | ||||||
Moncler SpA† | 9,133 | 448,410 | ||||||
Nexi SpA†* | 7,864 | 148,213 | ||||||
Poste Italiane SpA* | 44,625 | 454,805 | ||||||
Prysmian SpA | 6,635 | 217,097 | ||||||
Recordati SpA | 15,145 | 806,273 | ||||||
Snam SpA | 284,615 | 1,596,683 | ||||||
Terna Rete Elettrica Nazionale SpA | 141,587 | 1,059,292 | ||||||
7,470,001 | ||||||||
Japan — 24.3% |
| |||||||
Aeon Co., Ltd. | 37,200 | 1,106,379 | ||||||
Ajinomoto Co., Inc. | 27,500 | 574,365 | ||||||
ANA Holdings, Inc.† | 12,300 | 296,602 | ||||||
Aozora Bank, Ltd. | 2,300 | 41,748 | ||||||
Astellas Pharma, Inc. | 92,800 | 1,318,667 | ||||||
Bridgestone Corp. | 26,500 | 924,962 | ||||||
Canon, Inc. | 41,300 | 733,233 | ||||||
Central Japan Railway Co. | 7,400 | 942,720 | ||||||
Chiba Bank, Ltd. | 7,900 | 44,797 | ||||||
Chubu Electric Power Co., Inc. | 27,900 | 336,056 | ||||||
Chugai Pharmaceutical Co., Ltd. | 27,300 | 1,318,977 | ||||||
Concordia Financial Group, Ltd. | 24,700 | 87,775 | ||||||
Dai Nippon Printing Co., Ltd. | 5,700 | 106,793 | ||||||
Dai-ichi Life Holdings, Inc. | 35,200 | 554,467 | ||||||
Daiichi Sankyo Co., Ltd. | 62,700 | 2,218,523 | ||||||
Daikin Industries, Ltd. | 7,400 | 1,677,404 | ||||||
Denso Corp. | 21,200 | 1,000,908 | ||||||
Dentsu Group, Inc. | 7,500 | 244,253 | ||||||
East Japan Railway Co. | 16,300 | 1,012,973 | ||||||
Eisai Co., Ltd. | 10,400 | 785,678 | ||||||
ENEOS Holdings, Inc. | 156,300 | 536,720 | ||||||
FANUC Corp. | 5,700 | 1,384,871 | ||||||
FUJIFILM Holdings Corp. | 12,100 | 651,940 | ||||||
Hankyu Hanshin Holdings, Inc. | 9,200 | 300,498 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 5,700 | 334,138 | ||||||
Hitachi Metals, Ltd. | 34,000 | 499,253 | ||||||
Hitachi, Ltd. | 25,800 | 980,103 | ||||||
Hoya Corp. | 10,700 | 1,425,642 | ||||||
Idemitsu Kosan Co., Ltd. | 9,300 | 193,661 | ||||||
Inpex Corp. | 68,800 | 384,858 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 29,100 | 156,371 | ||||||
Isuzu Motors, Ltd. | 19,400 | 189,169 | ||||||
JFE Holdings, Inc. | 94,400 | 864,429 | ||||||
Kajima Corp. | 22,500 | 295,905 | ||||||
Kao Corp. | 17,300 | 1,293,854 | ||||||
KDDI Corp. | 51,500 | 1,471,252 | ||||||
Keikyu Corp. | 400 | 6,847 |
125 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Keio Corp. | 2,000 | $ | 141,954 | |||||
Keyence Corp. | 4,600 | 2,348,027 | ||||||
Kintetsu Group Holdings Co., Ltd. | 7,700 | 341,485 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 400 | 48,084 | ||||||
Komatsu, Ltd. | 29,200 | 710,421 | ||||||
Kose Corp. | 1,300 | 198,487 | ||||||
Kubota Corp. | 32,100 | 636,619 | ||||||
Kyocera Corp. | 6,200 | 354,125 | ||||||
Kyowa Kirin Co., Ltd. | 20,900 | 567,543 | ||||||
Lawson, Inc. | 2,600 | 117,797 | ||||||
Lion Corp. | 4,200 | 99,287 | ||||||
LIXIL Group Corp. | 3,000 | 71,983 | ||||||
M3, Inc. | 5,800 | 534,556 | ||||||
Marubeni Corp. | 85,200 | 496,592 | ||||||
Maruichi Steel Tube, Ltd. | 7,200 | 151,448 | ||||||
Mazda Motor Corp. | 43,600 | 257,674 | ||||||
MEIJI Holdings Co., Ltd. | 8,200 | 579,655 | ||||||
Mitsubishi Chemical Holdings Corp. | 59,600 | 329,684 | ||||||
Mitsubishi Corp. | 54,500 | 1,270,101 | ||||||
Mitsubishi Electric Corp. | 57,500 | 844,600 | ||||||
Mitsubishi Estate Co., Ltd. | 37,600 | 649,716 | ||||||
Mitsui & Co., Ltd. | 91,200 | 1,554,943 | ||||||
Mitsui Fudosan Co., Ltd. | 37,100 | 775,227 | ||||||
MS&AD Insurance Group Holdings, Inc. | 13,100 | 380,829 | ||||||
Murata Manufacturing Co., Ltd. | 14,700 | 1,285,405 | ||||||
Nexon Co., Ltd. | 2,300 | 69,507 | ||||||
NGK Spark Plug Co., Ltd. | 1,300 | 23,547 | ||||||
NH Foods, Ltd. | 2,400 | 102,414 | ||||||
Nidec Corp. | 13,200 | 1,682,241 | ||||||
Nikon Corp. | 1,100 | 6,838 | ||||||
Nintendo Co., Ltd. | 3,200 | 1,816,398 | ||||||
Nippon Express Co., Ltd. | 2,400 | 160,460 | ||||||
Nippon Paint Holdings Co., Ltd. | 1,000 | 128,065 | ||||||
Nippon Shinyaku Co., Ltd. | 1,500 | 107,184 | ||||||
Nippon Steel Corp. | 114,300 | 1,397,547 | ||||||
Nippon Telegraph & Telephone Corp. | 50,000 | 1,180,556 | ||||||
Nisshin Seifun Group, Inc. | 16,400 | 266,579 | ||||||
Nissin Foods Holdings Co., Ltd. | 2,000 | 165,134 | ||||||
Nitori Holdings Co., Ltd. | 2,000 | 425,862 | ||||||
Odakyu Electric Railway Co., Ltd. | 5,700 | 172,802 | ||||||
Ono Pharmaceutical Co., Ltd. | 35,300 | 1,116,819 | ||||||
Oriental Land Co., Ltd. | 5,400 | 918,879 | ||||||
ORIX Corp. | 58,800 | 874,678 | ||||||
Osaka Gas Co., Ltd. | 28,100 | 539,391 | ||||||
Otsuka Holdings Co., Ltd. | 26,300 | 1,068,626 | ||||||
Pan Pacific International Holdings Corp. | 3,800 | 89,795 | ||||||
Panasonic Corp. | 65,600 | 699,042 | ||||||
Pigeon Corp. | 5,800 | 258,889 | ||||||
Rakuten, Inc. | 27,100 | 303,447 | ||||||
Recruit Holdings Co., Ltd. | 30,300 | 1,277,012 | ||||||
Resona Holdings, Inc. | 98,100 | 343,632 | ||||||
Ryohin Keikaku Co., Ltd. | 5,000 | 102,826 | ||||||
Santen Pharmaceutical Co., Ltd. | 27,600 | 458,678 | ||||||
Secom Co., Ltd. | 5,600 | 557,586 | ||||||
Sekisui House, Ltd. | 11,000 | 197,874 | ||||||
SG Holdings Co., Ltd. | 4,600 | 137,471 | ||||||
Shimano, Inc. | 1,800 | 426,552 | ||||||
Shin-Etsu Chemical Co., Ltd. | 11,100 | 1,821,825 | ||||||
Shionogi & Co., Ltd. | 16,300 | 873,237 | ||||||
Shiseido Co., Ltd. | 12,800 | 902,375 | ||||||
Shizuoka Bank, Ltd. | 4,500 | 31,983 | ||||||
SMC Corp. | 1,500 | 952,874 | ||||||
SoftBank Corp. | 54,200 | 666,857 | ||||||
SoftBank Group Corp. | 42,200 | 2,939,448 | ||||||
Sony Corp. | 33,800 | 3,141,716 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Sumitomo Chemical Co., Ltd. | 44,800 | $ | 158,774 | |||||
Sumitomo Corp. | 63,600 | 783,730 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 13,300 | 168,543 | ||||||
Sumitomo Electric Industries, Ltd. | 43,100 | 492,925 | ||||||
Sumitomo Metal Mining Co., Ltd. | 19,300 | 718,574 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 68,600 | 1,992,291 | ||||||
Sumitomo Realty & Development Co., Ltd. | 11,100 | 362,026 | ||||||
Suntory Beverage & Food, Ltd. | 8,500 | 310,608 | ||||||
Sysmex Corp. | 4,700 | 492,059 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 6,900 | 438,851 | ||||||
Terumo Corp. | 19,100 | 758,694 | ||||||
Tobu Railway Co., Ltd. | 4,000 | 119,923 | ||||||
Toho Gas Co., Ltd. | 600 | 39,253 | ||||||
Tohoku Electric Power Co., Inc. | 17,900 | 150,024 | ||||||
Tokio Marine Holdings, Inc. | 18,800 | 934,598 | ||||||
Tokyo Electron, Ltd. | 3,000 | 1,019,253 | ||||||
Tokyo Gas Co., Ltd. | 24,900 | 559,177 | ||||||
Tokyu Corp. | 18,500 | 224,516 | ||||||
Toppan Printing Co., Ltd. | 8,100 | 110,560 | ||||||
Toray Industries, Inc. | 42,100 | 228,284 | ||||||
TOTO, Ltd. | 800 | 45,287 | ||||||
Toyo Suisan Kaisha, Ltd. | 2,100 | 103,190 | ||||||
Toyota Industries Corp. | 8,900 | 642,778 | ||||||
Toyota Motor Corp. | 86,700 | 5,812,388 | ||||||
Toyota Tsusho Corp. | 5,200 | 179,808 | ||||||
Unicharm Corp. | 21,100 | 1,023,269 | ||||||
Welcia Holdings Co., Ltd. | 1,400 | 56,255 | ||||||
West Japan Railway Co. | 7,500 | 342,241 | ||||||
Yakult Honsha Co., Ltd. | 6,300 | 300,216 | ||||||
Yamazaki Baking Co., Ltd. | 8,700 | 144,333 | ||||||
Z Holdings Corp. | 75,000 | 471,983 | ||||||
88,634,090 | ||||||||
Jersey — 0.6% |
| |||||||
Ferguson PLC | 12,773 | 1,434,466 | ||||||
WPP PLC | 74,506 | 720,722 | ||||||
2,155,188 | ||||||||
Luxembourg — 0.4% |
| |||||||
Aroundtown SA† | 43,901 | 304,673 | ||||||
Eurofins Scientific SE† | 2,360 | 191,598 | ||||||
SES SA FDR | 23,602 | 214,700 | ||||||
Tenaris SA | 89,317 | 691,030 | ||||||
1,402,001 | ||||||||
Netherlands — 5.6% |
| |||||||
ABN AMRO Bank NV CVA* | 40,437 | 417,235 | ||||||
Adyen NV†* | 359 | 686,030 | ||||||
Aegon NV | 159,801 | 597,780 | ||||||
AerCap Holdings NV† | 8,745 | 321,466 | ||||||
Akzo Nobel NV | 10,725 | 1,139,373 | ||||||
ASML Holding NV | 12,465 | 5,410,043 | ||||||
CNH Industrial NV† | 68,258 | 746,473 | ||||||
EXOR NV | 8,039 | 559,825 | ||||||
Ferrari NV | 4,742 | 1,000,069 | ||||||
ING Groep NV† | 127,273 | 1,241,109 | ||||||
Just Eat Takeaway.com NV †* | 2,017 | 214,228 | ||||||
Koninklijke DSM NV | 7,823 | 1,281,238 | ||||||
Koninklijke KPN NV | 179,435 | 534,884 | ||||||
Koninklijke Vopak NV | 9,640 | 506,305 | ||||||
NN Group NV | 28,286 | 1,148,880 | ||||||
Prosus NV† | 21,492 | 2,328,842 | ||||||
QIAGEN NV† | 17,184 | 828,322 | ||||||
STMicroelectronics NV | 15,441 | 604,505 |
126 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Netherlands (continued) |
| |||||||
Wolters Kluwer NV | 11,208 | $ | 939,874 | |||||
20,506,481 | ||||||||
New Zealand — 0.3% |
| |||||||
a2 Milk Co., Ltd.† | 28,722 | 297,063 | ||||||
Auckland International Airport, Ltd. | 39,303 | 214,411 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 10,896 | 274,438 | ||||||
Meridian Energy, Ltd. | 66,764 | 301,020 | ||||||
Ryman Healthcare, Ltd. | 8,583 | 88,651 | ||||||
Spark New Zealand, Ltd. | 26,250 | 83,934 | ||||||
1,259,517 | ||||||||
Norway — 0.9% |
| |||||||
Equinor ASA | 81,700 | 1,287,598 | ||||||
Mowi ASA | 28,738 | 581,647 | ||||||
Orkla ASA | 68,334 | 654,465 | ||||||
Telenor ASA | 36,831 | 627,037 | ||||||
Yara International ASA | 2,341 | 94,683 | ||||||
3,245,430 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 177,283 | 473,690 | ||||||
Portugal — 0.6% |
| |||||||
Banco Espirito Santo SA†(1) | 126,030 | 0 | ||||||
EDP—Energias de Portugal SA | 210,580 | 1,122,319 | ||||||
Galp Energia SGPS SA | 62,555 | 674,852 | ||||||
Jeronimo Martins SGPS SA | 15,979 | 273,710 | ||||||
2,070,881 | ||||||||
Singapore — 1.5% |
| |||||||
CapitaLand, Ltd. | 184,500 | 430,589 | ||||||
City Developments, Ltd. | 11,500 | 66,883 | ||||||
DBS Group Holdings, Ltd. | 84,200 | 1,582,105 | ||||||
Jardine Cycle & Carriage, Ltd. | 10,700 | 154,857 | ||||||
Keppel Corp., Ltd. | 55,800 | 210,943 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 157,800 | 1,186,015 | ||||||
Singapore Airlines, Ltd. | 33,500 | 108,407 | ||||||
Singapore Telecommunications, Ltd. | 401,500 | 715,494 | ||||||
United Overseas Bank, Ltd. | 66,200 | 1,111,108 | ||||||
5,566,401 | ||||||||
Spain — 2.1% |
| |||||||
Aena SME SA†* | 4,547 | 740,904 | ||||||
Amadeus IT Group SA | 17,484 | 1,198,374 | ||||||
Bankinter SA | 29,064 | 143,842 | ||||||
CaixaBank SA | 186,624 | 477,953 | ||||||
Cellnex Telecom SA* | 5,283 | 333,241 | ||||||
Enagas SA | 29,593 | 720,826 | ||||||
Ferrovial SA | 9,311 | 259,007 | ||||||
Ferrovial SA† | 93 | 2,590 | ||||||
Grifols SA | 19,249 | 545,328 | ||||||
Red Electrica Corp. SA | 33,714 | 689,097 | ||||||
Repsol SA | 141,529 | 1,360,375 | ||||||
Telefonica SA | 257,187 | 1,121,915 | ||||||
7,593,452 | ||||||||
SupraNational — 0.1% |
| |||||||
Unibail-Rodamco-Westfield | 7,305 | 518,470 | ||||||
Sweden — 3.0% |
| |||||||
Assa Abloy AB, Class B | 26,280 | 625,371 | ||||||
Boliden AB | 26,697 | 919,792 | ||||||
Essity AB, Class B† | 38,080 | 1,207,190 | ||||||
Hennes & Mauritz AB, Class B | 27,444 | 581,076 | ||||||
Hexagon AB, Class B† | 5,502 | 456,613 | ||||||
ICA Gruppen AB | 1,379 | 66,660 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Industrivarden AB, Class C† | 2,994 | $ | 91,319 | |||||
Investor AB, Class B | 29,152 | 2,017,585 | ||||||
Sandvik AB† | 36,253 | 813,029 | ||||||
Skandinaviska Enskilda Banken AB, Class A† | 75,933 | 802,631 | ||||||
Svenska Handelsbanken AB, Class A† | 79,367 | 805,986 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 93,191 | 1,139,232 | ||||||
Volvo AB, Class B† | 60,577 | 1,375,835 | ||||||
10,902,319 | ||||||||
Switzerland — 8.6% |
| |||||||
ABB, Ltd. | 108,821 | 2,870,360 | ||||||
Adecco Group AG | 6,603 | 399,922 | ||||||
Alcon, Inc.† | 23,158 | 1,477,525 | ||||||
Baloise Holding AG | 3,177 | 547,825 | ||||||
Coca-Cola HBC AG | 24,531 | 707,050 | ||||||
EMS-Chemie Holding AG | 545 | 498,072 | ||||||
Geberit AG | 2,039 | 1,227,327 | ||||||
Givaudan SA | 554 | 2,258,064 | ||||||
Julius Baer Group, Ltd. | 13,548 | 781,796 | ||||||
Kuehne & Nagel International AG† | 5,934 | 1,343,190 | ||||||
Logitech International SA | 2,081 | 184,067 | ||||||
Lonza Group AG | 3,956 | 2,479,601 | ||||||
Partners Group Holding AG | 1,194 | 1,281,045 | ||||||
Schindler Holding AG | 215 | 56,923 | ||||||
Schindler Holding AG (Participation Certificate) | 3,620 | 987,906 | ||||||
SGS SA | 344 | 980,045 | ||||||
Sika AG | 6,257 | 1,596,697 | ||||||
Sonova Holding AG† | 2,333 | 577,891 | ||||||
Straumann Holding AG | 453 | 519,423 | ||||||
Swatch Group AG | 3,991 | 984,630 | ||||||
Swiss Life Holding AG | 2,980 | 1,330,711 | ||||||
Swiss Prime Site AG | 5,084 | 457,630 | ||||||
Swiss Re AG | 17,499 | 1,598,643 | ||||||
Swisscom AG | 2,858 | 1,509,590 | ||||||
Temenos AG | 2,443 | 308,618 | ||||||
Vifor Pharma AG | 4,670 | 685,019 | ||||||
Zurich Insurance Group AG | 9,130 | 3,706,253 | ||||||
31,355,823 | ||||||||
United Kingdom — 11.6% |
| |||||||
3i Group PLC | 74,419 | 1,062,061 | ||||||
Admiral Group PLC | 9,778 | 372,425 | ||||||
Antofagasta PLC | 76,756 | 1,282,672 | ||||||
Ashtead Group PLC | 27,651 | 1,172,610 | ||||||
Auto Trader Group PLC* | 65,958 | 492,946 | ||||||
Aviva PLC | 384,999 | 1,648,596 | ||||||
Barratt Developments PLC | 42,101 | 347,987 | ||||||
Berkeley Group Holdings PLC | 5,382 | 331,773 | ||||||
British Land Co. PLC | 99,532 | 625,904 | ||||||
BT Group PLC | 452,868 | 705,170 | ||||||
Bunzl PLC | 24,415 | 767,828 | ||||||
Burberry Group PLC | 34,562 | 796,660 | ||||||
Coca-Cola European Partners PLC | 11,097 | 495,814 | ||||||
Compass Group PLC | 67,664 | 1,194,331 | ||||||
Croda International PLC | 12,322 | 978,397 | ||||||
Direct Line Insurance Group PLC | 92,473 | 364,663 | ||||||
Evraz PLC | 113,305 | 583,516 | ||||||
Halma PLC | 19,869 | 586,982 | ||||||
Hargreaves Lansdown PLC | 17,251 | 328,874 | ||||||
Hikma Pharmaceuticals PLC | 13,233 | 460,092 | ||||||
Informa PLC† | 115,137 | 813,830 | ||||||
InterContinental Hotels Group PLC† | 10,143 | 627,833 | ||||||
Intertek Group PLC | 12,850 | 945,973 | ||||||
ITV PLC | 339,979 | 426,411 | ||||||
J Sainsbury PLC | 245,839 | 691,860 |
127 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Johnson Matthey PLC | 16,550 | $ | 490,695 | |||||
Kingfisher PLC | 172,440 | 628,975 | ||||||
Land Securities Group PLC | 62,054 | 544,015 | ||||||
Legal & General Group PLC | 283,595 | 955,395 | ||||||
London Stock Exchange Group PLC | 16,072 | 1,736,823 | ||||||
M&G PLC | 79,270 | 198,148 | ||||||
Mondi PLC | 28,293 | 625,378 | ||||||
National Grid PLC | 195,085 | 2,206,499 | ||||||
Next PLC | 9,684 | 845,878 | ||||||
Ocado Group PLC† | 13,495 | 397,058 | ||||||
Pearson PLC | 65,779 | 567,376 | ||||||
Persimmon PLC | 13,999 | 495,683 | ||||||
Prudential PLC | 65,427 | 1,020,085 | ||||||
RELX PLC | 90,689 | 2,112,764 | ||||||
Rentokil Initial PLC† | 112,138 | 743,448 | ||||||
RSA Insurance Group PLC† | 78,299 | 703,550 | ||||||
Sage Group PLC | 80,754 | 651,326 | ||||||
Schroders PLC | 17,665 | 758,078 | ||||||
Segro PLC | 67,895 | 825,490 | ||||||
Smith & Nephew PLC | 57,248 | 1,107,406 | ||||||
Smiths Group PLC | 46,568 | 905,778 | ||||||
Spirax-Sarco Engineering PLC | 4,902 | 727,684 | ||||||
SSE PLC | 72,392 | 1,294,191 | ||||||
St James’s Place PLC | 58,462 | 794,974 | ||||||
Taylor Wimpey PLC | 143,400 | 294,312 | ||||||
United Utilities Group PLC | 88,464 | 1,061,894 | ||||||
Whitbread PLC† | 10,271 | 415,028 | ||||||
WM Morrison Supermarkets PLC | 364,283 | 873,431 | ||||||
42,086,570 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $292,961,433) | 351,002,127 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
U.S. Government Treasuries — 0.9% |
| |||||||
United States Treasury Bills | ||||||||
0.07% due 02/25/2021(2) | $ | 700,000 | $ | 699,854 | ||||
0.11% due 12/31/2020(2) | 600,000 | 599,959 | ||||||
0.15% due 03/25/2021(2) | 900,000 | 899,733 | ||||||
0.17% due 12/31/2020(2) | 500,000 | 499,965 | ||||||
0.18% due 05/20/2021(2) | 500,000 | 499,790 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $3,198,928) | 3,199,301 | |||||||
REPURCHASE AGREEMENTS — 1.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $4,910,000 and collateralized by $5,028,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $5,008,281 | ||||||||
(cost $4,910,000) | 4,910,000 | 4,910,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $301,070,361)(3) | 98.5 | % | 359,111,428 | |||||
Other assets less liabilities | 1.5 | 5,314,698 | ||||||
NET ASSETS | 100.0 | % | $ | 364,426,126 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $7,101,127 representing 1.9% 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) | ||||||||||||||||
136 | Long | MSCI EAFE Index | December 2020 | $ | 13,154,937 | $ | 13,824,400 | $ | 669,463 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 20,832,613 | $ | — | $ | 0 | $ | 20,832,613 | ||||||||
Portugal | 2,070,881 | — | 0 | 2,070,881 | ||||||||||||
Other Countries | 328,096,043 | 2,590 | — | 328,098,633 | ||||||||||||
Short-Term Investment Securities | — | 3,199,301 | — | 3,199,301 | ||||||||||||
Repurchase Agreements | — | 4,910,000 | — | 4,910,000 | ||||||||||||
Total Investments at Value | $ | 350,999,537 | $ | 8,111,891 | $ | 0 | $ | 359,111,428 | ||||||||
128 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 669,463 | $ | — | $ | — | $ | 669,463 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
129 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 7.3 | % | ||
Banks — Commercial | 5.7 | |||
Auto/Truck Parts & Equipment — Original | 5.0 | |||
Apparel Manufacturers | 4.4 | |||
Appliances | 4.3 | |||
Medical Products | 3.7 | |||
Food — Misc./Diversified | 3.7 | |||
Cellular Telecom | 3.5 | |||
Diversified Manufacturing Operations | 3.4 | |||
Electronic Components — Semiconductors | 3.2 | |||
Machinery — Electrical | 3.1 | |||
Building Products — Cement | 3.0 | |||
Electronic Components — Misc. | 3.0 | |||
Diversified Banking Institutions | 2.9 | |||
Building & Construction Products — Misc. | 2.7 | |||
Insurance — Life/Health | 2.6 | |||
Airlines | 2.5 | |||
Registered Investment Companies | 2.5 | |||
Communications Software | 2.4 | |||
Computer Data Security | 2.4 | |||
Diversified Financial Services | 2.3 | |||
Finance — Investment Banker/Broker | 2.2 | |||
Building Products — Doors & Windows | 2.2 | |||
Diversified Minerals | 2.2 | |||
Insurance — Reinsurance | 2.1 | |||
Retail — Drug Store | 1.9 | |||
Agricultural Chemicals | 1.6 | |||
Containers — Paper/Plastic | 1.5 | |||
E-Commerce/Products | 1.4 | |||
Banks — Mortgage | 1.4 | |||
Retail — Building Products | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Oil — Field Services | 1.3 | |||
Wire & Cable Products | 1.3 | |||
Home Furnishings | 1.2 | |||
Retail — Auto Parts | 0.9 | |||
Industrial Automated/Robotic | 0.8 | |||
Energy — Alternate Sources | 0.6 | |||
Food — Retail | 0.5 | |||
Silver Mining | 0.4 | |||
99.9 | % | |||
Country Allocation*
Japan | 12.2 | % | ||
South Korea | 9.2 | |||
United Kingdom | 8.1 | |||
United States | 6.9 | |||
Germany | 6.8 | |||
Netherlands | 6.3 | |||
Cayman Islands | 5.7 | |||
France | 5.6 | |||
China | 5.5 | |||
Switzerland | 5.2 | |||
Canada | 3.6 | |||
British Virgin Islands | 3.3 | |||
Norway | 2.7 | |||
Australia | 2.5 | |||
India | 2.4 | |||
Israel | 2.4 | |||
Denmark | 2.3 | |||
Russia | 2.3 | |||
Luxembourg | 2.3 | |||
Jersey | 1.4 | |||
Italy | 1.3 | |||
Ireland | 1.2 | |||
Thailand | 0.7 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
130 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Australia — 2.5% |
| |||||||
Qantas Airways, Ltd.† | 4,476,875 | $ | 17,680,026 | |||||
British Virgin Islands — 3.3% |
| |||||||
Hollysys Automation Technologies, Ltd. | 414,881 | 5,231,649 | ||||||
Nomad Foods, Ltd.† | 727,432 | 17,567,483 | ||||||
22,799,132 | ||||||||
Canada — 3.6% |
| |||||||
Home Capital Group, Inc.† | 432,900 | 9,830,000 | ||||||
Lundin Mining Corp. | 1,875,850 | 14,992,934 | ||||||
24,822,934 | ||||||||
Cayman Islands — 5.7% |
| |||||||
Alibaba Group Holding, Ltd.† | 292,388 | 9,860,628 | ||||||
Topsports International Holdings, Ltd.* | 9,777,000 | 14,556,296 | ||||||
Xinyi Glass Holdings, Ltd. | 6,700,000 | 15,040,543 | ||||||
39,457,467 | ||||||||
China — 5.5% |
| |||||||
LONGi Green Energy Technology Co., Ltd., Class A | 381,500 | 3,981,807 | ||||||
Midea Group Co., Ltd. | 957,312 | 12,631,422 | ||||||
Oppein Home Group, Inc., Class A | 456,920 | 8,856,287 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 7,709,300 | 13,049,331 | ||||||
38,518,847 | ||||||||
Denmark — 2.3% |
| |||||||
Danske Bank A/S† | 994,249 | 16,387,056 | ||||||
France — 5.6% |
| |||||||
Cie de Saint-Gobain† | 400,807 | 19,038,055 | ||||||
Sanofi | 200,024 | 20,211,699 | ||||||
39,249,754 | ||||||||
Germany — 6.8% |
| |||||||
METRO AG | 332,493 | 3,038,067 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 52,560 | 14,645,838 | ||||||
Rheinmetall AG | 235,530 | 20,947,787 | ||||||
Siemens AG | 57,077 | 7,625,445 | ||||||
Siemens Energy AG† | 28,538 | 847,635 | ||||||
47,104,772 | ||||||||
India — 2.4% |
| |||||||
Tech Mahindra, Ltd. | 1,440,491 | 16,864,285 | ||||||
16,864,285 | ||||||||
Ireland — 1.2% |
| |||||||
Greencore Group PLC | 5,338,788 | 8,334,483 | ||||||
8,334,483 | ||||||||
Israel — 2.4% |
| |||||||
Check Point Software Technologies, Ltd.† | 141,418 | 16,642,070 | ||||||
Italy — 1.3% |
| |||||||
Prysmian SpA | 277,476 | 9,078,984 | ||||||
Japan — 12.2% |
| |||||||
Alps Alpine Co., Ltd. | 1,058,000 | 13,255,402 | ||||||
Daiwa Securities Group, Inc. | 3,579,000 | 15,567,279 | ||||||
Hitachi, Ltd. | 551,200 | 20,939,265 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 4,658,400 | 20,012,379 | ||||||
Takeda Pharmaceutical Co., Ltd. | 419,600 | 15,051,743 | ||||||
84,826,068 | ||||||||
Jersey — 1.4% |
| |||||||
Man Group PLC | 6,094,336 | 9,562,731 | ||||||
9,562,731 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg — 2.3% |
| |||||||
Samsonite International SA†* | 9,981,300 | $ | 16,122,445 | |||||
Netherlands — 6.3% |
| |||||||
Koninklijke Philips NV† | 281,149 | 14,541,588 | ||||||
NN Group NV† | 455,664 | 18,507,505 | ||||||
OCI NV†# | 632,320 | 11,004,701 | ||||||
44,053,794 | ||||||||
Norway — 2.7% |
| |||||||
DNB ASA# | 1,027,446 | 18,612,273 | ||||||
Russia — 2.3% |
| |||||||
Mobile TeleSystems PJSC ADR | 1,873,622 | 16,169,358 | ||||||
South Korea — 9.2% |
| |||||||
Coway Co, Ltd.† | 271,224 | 17,010,479 | ||||||
Hana Financial Group, Inc. | 529,753 | 16,205,449 | ||||||
Samsung Electronics Co., Ltd. | 373,399 | 22,507,535 | ||||||
SK Telecom Co., Ltd. | 40,189 | 8,625,808 | ||||||
64,349,271 | ||||||||
Switzerland — 5.2% |
| |||||||
LafargeHolcim, Ltd. | 406,795 | 21,334,635 | ||||||
Novartis AG† | 169,048 | 15,304,076 | ||||||
36,638,711 | ||||||||
Thailand — 0.7% |
| |||||||
Siam Commercial Bank PCL | 1,659,200 | 4,689,640 | ||||||
United Kingdom — 8.1% |
| |||||||
ConvaTec Group PLC* | 4,145,317 | 11,428,451 | ||||||
Fresnillo PLC | 225,193 | 3,159,775 | ||||||
John Wood Group PLC† | 2,289,446 | 9,095,483 | ||||||
Kingfisher PLC† | 2,678,493 | 9,769,801 | ||||||
Sensata Technologies Holding PLC† | 153,110 | 7,476,361 | ||||||
Smiths Group PLC# | 813,859 | 15,830,096 | ||||||
56,759,967 | ||||||||
United States — 4.4% |
| |||||||
Advance Auto Parts, Inc. | 43,621 | 6,442,822 | ||||||
Berry Global Group, Inc.† | 189,426 | 10,039,578 | ||||||
Gentex Corp. | 426,350 | 13,899,010 | ||||||
30,381,410 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $608,490,907) | 679,105,478 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.5% |
| |||||||
Registered Investment Companies — 2.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 17,106,455 | 17,106,455 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 235,011 | 235,011 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $17,341,466) | 17,341,466 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $625,832,373)(3) | 99.9 | % | 696,446,944 | |||||
Other assets less liabilities | 0.1 | 563,712 | ||||||
NET ASSETS | 100.0 | % | $ | 697,010,656 | ||||
131 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (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 November 30, 2020, the aggregate value of these securities was $42,107,192 representing 6.0% of net assets. |
(1) | The rate shown is the 7-day yield as of November 30, 2020. |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $1,802,313. This was secured by collateral of $235,011, which was received in cash and subsequently invested in short-term investments currently valued at $235,011 as reported in the Portfolio of Investments. Additional collateral of $1,671,500 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. |
(3) | See Note 5 for cost of investments on a tax basis. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||
United States Treasury Notes/Bonds | 0.13% to 7.88% | 02/15/2021 to 02/15/2047 | $1,671,500 |
ADR—American Depositary Receipt
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Barclays Bank PLC | GBP | 8,988,000 | USD | 11,863,203 | 02/18/2021 | $ | – | $ | (129,141 | ) | ||||||||||||||||||
USD | 11,950,179 | GBP | 8,988,000 | 02/18/2021 | 42,165 | – | ||||||||||||||||||||||
Unrealized Appreciation (Depreciation) | $ | 42,165 | $ | (129,141 | ) | |||||||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 679,105,478 | $ | — | $ | — | $ | 679,105,478 | ||||||||
Short-Term Investment Securities | 17,341,466 | — | — | 17,341,466 | ||||||||||||
Total Investments at Value | $ | 696,446,944 | $ | — | $ | — | $ | 696,446,944 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 42,165 | $ | — | $ | 42,165 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 129,141 | $ | — | $ | 129,141 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
132 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Applications Software | 6.2 | % | ||
E-Commerce/Products | 6.0 | |||
Computers | 5.8 | |||
Diversified Banking Institutions | 5.2 | |||
Web Portals/ISP | 3.6 | |||
Insurance — Property/Casualty | 3.3 | |||
Data Processing/Management | 3.2 | |||
Finance — Credit Card | 3.0 | |||
Cable/Satellite TV | 3.0 | |||
Medical Products | 2.2 | |||
Medical Instruments | 2.2 | |||
Internet Content — Entertainment | 2.0 | |||
Medical — Drugs | 1.9 | |||
Retail — Building Products | 1.8 | |||
Electric — Integrated | 1.8 | |||
Investment Management/Advisor Services | 1.7 | |||
Aerospace/Defense | 1.7 | |||
Tools — Hand Held | 1.7 | |||
Transport — Rail | 1.7 | |||
Cellular Telecom | 1.6 | |||
Electronic Connectors | 1.6 | |||
Beverages — Non-alcoholic | 1.5 | |||
Agricultural Chemicals | 1.5 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Commercial Services — Finance | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Tobacco | 1.3 | |||
Building Products — Air & Heating | 1.3 | |||
E-Commerce/Services | 1.3 | |||
Semiconductor Equipment | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Electronic Forms | 1.2 | |||
Multimedia | 1.2 | |||
Instruments — Controls | 1.2 | |||
Retail — Discount | 1.1 | |||
Food — Confectionery | 1.1 | |||
Gold Mining | 1.1 | |||
Entertainment Software | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Food — Wholesale/Distribution | 1.0 | |||
Pharmacy Services | 1.0 | |||
Internet Security | 1.0 | |||
Agricultural Biotech | 1.0 | |||
Oil Companies — Integrated | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Insurance Brokers | 0.9 | |||
Drug Delivery Systems | 0.8 | |||
Medical Labs & Testing Services | 0.7 | |||
Medical — HMO | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Computers — Memory Devices | 0.6 | |||
Dental Supplies & Equipment | 0.6 | |||
Computer Aided Design | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Networking Products | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Industrial Gases | 0.5 | |||
Real Estate Investment Trusts | 0.4 | |||
Banks — Fiduciary | 0.4 | |||
Coatings/Paint | 0.3 | |||
Airlines | 0.3 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
133 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Aerospace/Defense — 1.7% |
| |||||||
Raytheon Technologies Corp. | 46,944 | $ | 3,366,824 | |||||
Agricultural Biotech — 1.0% |
| |||||||
Corteva, Inc. | 51,049 | 1,956,198 | ||||||
Agricultural Chemicals — 1.5% |
| |||||||
Nutrien, Ltd. | 60,042 | 2,958,269 | ||||||
Airlines — 0.3% |
| |||||||
Southwest Airlines Co. | 10,687 | 495,236 | ||||||
Apparel Manufacturers — 0.5% |
| |||||||
Tapestry, Inc. | 18,459 | 522,759 | ||||||
Under Armour, Inc., Class A† | 27,391 | 453,869 | ||||||
976,628 | ||||||||
Applications Software — 6.2% |
| |||||||
Intuit, Inc. | 6,240 | 2,196,605 | ||||||
Microsoft Corp. | 46,952 | 10,051,014 | ||||||
12,247,619 | ||||||||
Banks - Fiduciary — 0.4% |
| |||||||
State Street Corp. | 9,780 | 689,294 | ||||||
Beverages - Non-alcoholic — 1.5% |
| |||||||
Coca-Cola Co. | 58,583 | 3,022,883 | ||||||
Building Products-Air & Heating — 1.3% |
| |||||||
Carrier Global Corp. | 69,194 | 2,634,216 | ||||||
Cable/Satellite TV — 3.0% |
| |||||||
Comcast Corp., Class A | 116,609 | 5,858,436 | ||||||
Cellular Telecom — 1.6% |
| |||||||
T-Mobile US, Inc.† | 23,489 | 3,122,628 | ||||||
Coatings/Paint — 0.3% |
| |||||||
Sherwin-Williams Co. | 738 | 551,751 | ||||||
Commercial Services-Finance — 1.4% |
| |||||||
Automatic Data Processing, Inc. | 5,706 | 992,159 | ||||||
PayPal Holdings, Inc.† | 8,445 | 1,808,244 | ||||||
2,800,403 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
Autodesk, Inc.† | 3,818 | 1,069,918 | ||||||
Computers — 5.8% |
| |||||||
Apple, Inc. | 97,337 | 11,587,970 | ||||||
Computers-Memory Devices — 0.6% |
| |||||||
Western Digital Corp. | 28,238 | 1,267,321 | ||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Colgate-Palmolive Co. | 11,916 | 1,020,486 | ||||||
Data Processing/Management — 3.2% |
| |||||||
Fidelity National Information Services, Inc. | 23,935 | 3,552,193 | ||||||
Fiserv, Inc.† | 24,832 | 2,860,150 | ||||||
6,412,343 | ||||||||
Dental Supplies & Equipment — 0.6% |
| |||||||
DENTSPLY SIRONA, Inc. | 23,822 | 1,212,302 | ||||||
Diversified Banking Institutions — 5.2% |
| |||||||
Bank of America Corp. | 66,179 | 1,863,601 | ||||||
Citigroup, Inc. | 44,224 | 2,435,416 | ||||||
JPMorgan Chase & Co. | 27,098 | 3,194,312 | ||||||
Morgan Stanley | 46,404 | 2,869,159 | ||||||
10,362,488 | ||||||||
Drug Delivery Systems — 0.8% |
| |||||||
Becton Dickinson and Co. | 7,128 | 1,673,939 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 6.0% |
| |||||||
Amazon.com, Inc.† | 2,992 | $ | 9,478,776 | |||||
eBay, Inc. | 49,412 | 2,491,847 | ||||||
11,970,623 | ||||||||
E-Commerce/Services — 1.3% |
| |||||||
Uber Technologies, Inc.† | 52,479 | 2,606,107 | ||||||
Electric - Integrated — 1.8% |
| |||||||
AES Corp. | 82,353 | 1,683,296 | ||||||
American Electric Power Co., Inc. | 21,234 | 1,802,554 | ||||||
3,485,850 | ||||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Marvell Technology Group, Ltd. | 13,150 | 608,714 | ||||||
NVIDIA Corp. | 3,870 | 2,074,552 | ||||||
2,683,266 | ||||||||
Electronic Connectors — 1.6% |
| |||||||
TE Connectivity, Ltd. | 27,221 | 3,102,377 | ||||||
Electronic Forms — 1.2% |
| |||||||
Adobe, Inc.† | 5,080 | 2,430,628 | ||||||
Entertainment Software — 1.1% |
| |||||||
Activision Blizzard, Inc. | 27,773 | 2,207,398 | ||||||
Finance - Credit Card — 3.0% |
| |||||||
American Express Co. | 16,712 | 1,981,876 | ||||||
Mastercard, Inc., Class A | 12,087 | 4,067,396 | ||||||
6,049,272 | ||||||||
Food - Confectionery — 1.1% |
| |||||||
Mondelez International, Inc., Class A | 39,200 | 2,252,040 | ||||||
Food - Misc./Diversified — 0.7% |
| |||||||
Conagra Brands, Inc. | 36,518 | 1,335,098 | ||||||
Food - Wholesale/Distribution — 1.0% |
| |||||||
Sysco Corp. | 29,086 | 2,073,541 | ||||||
Gold Mining — 1.1% |
| |||||||
Newmont Corp. | 37,948 | 2,232,101 | ||||||
Industrial Gases — 0.5% |
| |||||||
Air Products & Chemicals, Inc. | 3,330 | 932,866 | ||||||
Instruments - Controls — 1.2% |
| |||||||
Honeywell International, Inc. | 11,470 | 2,338,962 | ||||||
Insurance Brokers — 0.9% |
| |||||||
Aon PLC, Class A | 8,422 | 1,725,584 | ||||||
Insurance - Property/Casualty — 3.3% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 28,589 | 6,544,308 | ||||||
Internet Content - Entertainment — 2.0% |
| |||||||
Facebook, Inc., Class A† | 14,198 | 3,932,420 | ||||||
Internet Security — 1.0% |
| |||||||
Palo Alto Networks, Inc.† | 6,824 | 2,005,710 | ||||||
Investment Management/Advisor Services — 1.7% |
| |||||||
BlackRock, Inc. | 4,838 | 3,378,617 | ||||||
Medical Instruments — 2.2% |
| |||||||
Medtronic PLC | 38,156 | 4,338,337 | ||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Quest Diagnostics, Inc. | 11,791 | 1,461,848 | ||||||
Medical Products — 2.2% |
| |||||||
Abbott Laboratories | 19,770 | 2,139,509 | ||||||
Stryker Corp. | 9,542 | 2,227,103 | ||||||
4,366,612 | ||||||||
134 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 10,670 | $ | 1,302,914 | |||||
Medical - Drugs — 1.9% |
| |||||||
Johnson & Johnson | 26,718 | 3,865,560 | ||||||
Medical - HMO — 0.7% |
| |||||||
Anthem, Inc. | 4,661 | 1,451,995 | ||||||
Multimedia — 1.2% |
| |||||||
Walt Disney Co. | 16,300 | 2,412,563 | ||||||
Networking Products — 0.5% |
| |||||||
Cisco Systems, Inc. | 23,596 | 1,015,100 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Canadian Natural Resources, Ltd. | 89,899 | 2,053,293 | ||||||
EOG Resources, Inc. | 17,538 | 822,182 | ||||||
2,875,475 | ||||||||
Oil Companies - Integrated — 0.9% |
| |||||||
Chevron Corp. | 21,166 | 1,845,252 | ||||||
Pharmacy Services — 1.0% |
| |||||||
Cigna Corp. | 7,421 | 1,552,028 | ||||||
CVS Health Corp. | 7,228 | 489,986 | ||||||
2,042,014 | ||||||||
Real Estate Investment Trusts — 0.4% |
| |||||||
American Tower Corp. | 3,730 | 862,376 | ||||||
Retail - Auto Parts — 0.5% |
| |||||||
AutoZone, Inc.† | 880 | 1,001,132 | ||||||
Retail - Building Products — 1.8% |
| |||||||
Lowe’s Cos., Inc. | 23,242 | 3,621,568 | ||||||
Retail - Discount — 1.1% |
| |||||||
Dollar Tree, Inc.† | 20,710 | 2,262,360 | ||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
Ulta Beauty, Inc.† | 1,630 | 448,902 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
Darden Restaurants, Inc. | 9,951 | 1,074,509 | ||||||
McDonald’s Corp. | 6,900 | 1,500,336 | ||||||
2,574,845 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
NXP Semiconductors NV | 11,280 | $ | 1,786,978 | |||||
Semiconductor Equipment — 1.3% |
| |||||||
Lam Research Corp. | 5,704 | 2,581,973 | ||||||
Tobacco — 1.3% |
| |||||||
Philip Morris International, Inc. | 34,842 | 2,639,281 | ||||||
Tools - Hand Held — 1.7% |
| |||||||
Stanley Black & Decker, Inc. | 18,097 | 3,335,458 | ||||||
Transport-Rail — 1.7% |
| |||||||
Union Pacific Corp. | 16,023 | 3,269,974 | ||||||
Web Portals/ISP — 3.6% |
| |||||||
Alphabet, Inc., Class A† | 1,883 | 3,303,535 | ||||||
Alphabet, Inc., Class C† | 2,193 | 3,861,303 | ||||||
7,164,838 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $133,301,323) | 197,101,275 | |||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $2,144,000 and collateralized by $2,195,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $2,186,946 | $ | 2,144,000 | 2,144,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $135,445,323) (1) | 100.2 | % | 199,245,275 | |||||
Liabilities in excess of other assets | (0.2 | ) | (462,204 | ) | ||||
NET ASSETS | 100.0 | % | $ | 198,783,071 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 197,101,275 | $ | — | $ | — | $ | 197,101,275 | ||||||||
Repurchase Agreements | — | 2,144,000 | — | 2,144,000 | ||||||||||||
Total Investments at Value | $ | 197,101,275 | $ | 2,144,000 | $ | — | $ | 199,245,275 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
135 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Applications Software | 10.0 | % | ||
Web Portals/ISP | 7.1 | |||
Computer Services | 5.8 | |||
Computers | 4.7 | |||
Cosmetics & Toiletries | 4.5 | |||
Data Processing/Management | 4.3 | |||
Insurance Brokers | 4.0 | |||
Electronic Connectors | 3.8 | |||
Athletic Footwear | 3.6 | |||
Finance-Credit Card | 3.3 | |||
Electronic Measurement Instruments | 3.2 | |||
Medical Instruments | 2.9 | |||
Medical Products | 2.9 | |||
Finance-Investment Banker/Broker | 2.8 | |||
Cable/Satellite TV | 2.2 | |||
Entertainment Software | 2.2 | |||
E-Commerce/Products | 2.1 | |||
Commercial Services-Finance | 2.1 | |||
Diagnostic Equipment | 2.0 | |||
Beverages-Non-alcoholic | 1.9 | |||
Semiconductor Components-Integrated Circuits | 1.9 | |||
Drug Delivery Systems | 1.9 | |||
Retail-Discount | 1.9 | |||
Textile-Apparel | 1.7 | |||
Medical-Drugs | 1.7 | |||
Soap & Cleaning Preparation | 1.6 | |||
Coatings/Paint | 1.5 | |||
Transport-Rail | 1.4 | |||
Retail-Restaurants | 1.4 | |||
Electronic Components-Semiconductors | 1.3 | |||
Internet Content-Information/News | 1.2 | |||
Machinery-General Industrial | 1.2 | |||
Retail-Major Department Stores | 1.1 | |||
Pharmacy Services | 1.1 | |||
Apparel Manufacturers | 0.8 | |||
Retail-Apparel/Shoe | 0.8 | |||
Private Equity | 0.7 | |||
U.S. Government Agencies | 0.7 | |||
Consulting Services | 0.5 | |||
Instruments-Controls | 0.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
136 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Apparel Manufacturers — 0.8% |
| |||||||
VF Corp. | 58,197 | $ | 4,853,630 | |||||
Applications Software — 10.0% |
| |||||||
Microsoft Corp. | 280,685 | 60,086,238 | ||||||
Athletic Footwear — 3.6% |
| |||||||
adidas AG | 26,548 | 8,464,802 | ||||||
NIKE, Inc., Class B | 95,829 | 12,908,166 | ||||||
21,372,968 | ||||||||
Beverages - Non-alcoholic — 1.9% |
| |||||||
PepsiCo, Inc. | 80,739 | 11,644,986 | ||||||
Cable/Satellite TV — 2.2% |
| |||||||
Comcast Corp., Class A | 267,619 | 13,445,179 | ||||||
Coatings/Paint — 1.5% |
| |||||||
Sherwin-Williams Co. | 11,997 | 8,969,317 | ||||||
Commercial Services-Finance — 2.1% |
| |||||||
Equifax, Inc. | 38,867 | 6,486,902 | ||||||
Moody’s Corp. | 21,417 | 6,046,876 | ||||||
12,533,778 | ||||||||
Computer Services — 5.8% |
| |||||||
Accenture PLC, Class A | 99,581 | 24,804,631 | ||||||
Cognizant Technology Solutions Corp., Class A | 126,175 | 9,858,053 | ||||||
34,662,684 | ||||||||
Computers — 4.7% |
| |||||||
Apple, Inc. | 237,370 | 28,258,898 | ||||||
Consulting Services — 0.5% |
| |||||||
Verisk Analytics, Inc. | 15,441 | 3,062,105 | ||||||
Cosmetics & Toiletries — 4.5% |
| |||||||
Colgate-Palmolive Co. | 221,268 | 18,949,392 | ||||||
Estee Lauder Cos., Inc., Class A | 32,089 | 7,872,073 | ||||||
26,821,465 | ||||||||
Data Processing/Management — 4.3% |
| |||||||
Fidelity National Information Services, Inc. | 71,065 | 10,546,757 | ||||||
Fiserv, Inc.† | 134,747 | 15,520,159 | ||||||
26,066,916 | ||||||||
Diagnostic Equipment — 2.0% |
| |||||||
Danaher Corp. | 18,575 | 4,172,502 | ||||||
Thermo Fisher Scientific, Inc. | 17,396 | 8,088,792 | ||||||
12,261,294 | ||||||||
Drug Delivery Systems — 1.9% |
| |||||||
Becton Dickinson and Co. | 48,144 | 11,306,137 | ||||||
E-Commerce/Products — 2.1% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 47,833 | 12,597,299 | ||||||
Electronic Components-Semiconductors — 1.3% |
| |||||||
Texas Instruments, Inc. | 49,781 | 8,027,186 | ||||||
Electronic Connectors — 3.8% |
| |||||||
Amphenol Corp., Class A | 105,822 | 13,842,576 | ||||||
TE Connectivity, Ltd. | 76,119 | 8,675,282 | ||||||
22,517,858 | ||||||||
Electronic Measurement Instruments — 3.2% |
| |||||||
Agilent Technologies, Inc. | 93,138 | 10,887,832 | ||||||
Fortive Corp. | 118,619 | 8,318,751 | ||||||
19,206,583 | ||||||||
Entertainment Software — 2.2% |
| |||||||
Electronic Arts, Inc. | 102,209 | 13,057,200 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 3.3% |
| |||||||
Mastercard, Inc., Class A | 4,638 | $ | 1,560,734 | |||||
Visa, Inc., Class A | 87,381 | 18,380,593 | ||||||
19,941,327 | ||||||||
Finance - Investment Banker/Broker — 2.8% |
| |||||||
Charles Schwab Corp. | 347,732 | 16,962,367 | ||||||
Instruments - Controls — 0.2% |
| |||||||
Mettler-Toledo International, Inc.† | 1,230 | 1,414,549 | ||||||
Insurance Brokers — 4.0% |
| |||||||
Aon PLC, Class A | 75,316 | 15,431,495 | ||||||
Marsh & McLennan Cos., Inc. | 75,543 | 8,660,250 | ||||||
24,091,745 | ||||||||
Internet Content - Information/News — 1.2% |
| |||||||
Tencent Holdings, Ltd. | 100,600 | 7,307,113 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
Otis Worldwide Corp. | 105,033 | 7,030,909 | ||||||
Medical Instruments — 2.9% |
| |||||||
Boston Scientific Corp.† | 341,266 | 11,312,968 | ||||||
Medtronic PLC | 54,126 | 6,154,126 | ||||||
17,467,094 | ||||||||
Medical Products — 2.9% |
| |||||||
Abbott Laboratories | 52,483 | 5,679,710 | ||||||
Stryker Corp. | 50,282 | 11,735,819 | ||||||
17,415,529 | ||||||||
Medical - Drugs — 1.7% |
| |||||||
PRA Health Sciences, Inc.† | 68,313 | 7,664,719 | ||||||
Roche Holding AG | 6,890 | 2,267,350 | ||||||
9,932,069 | ||||||||
Pharmacy Services — 1.1% |
| |||||||
Cigna Corp. | 32,486 | 6,794,122 | ||||||
Private Equity — 0.7% |
| |||||||
Blackstone Group, Inc., Class A | 71,521 | 4,259,076 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Ross Stores, Inc. | 45,101 | 4,849,260 | ||||||
Retail - Discount — 1.9% |
| |||||||
Dollarama, Inc. | 271,368 | 11,107,972 | ||||||
Retail - Major Department Stores — 1.1% |
| |||||||
TJX Cos., Inc. | 107,025 | 6,797,158 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Starbucks Corp. | 83,713 | 8,205,548 | ||||||
Semiconductor Components - Integrated Circuits — 1.9% |
| |||||||
Analog Devices, Inc. | 46,651 | 6,488,221 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 53,133 | 5,154,964 | ||||||
11,643,185 | ||||||||
Soap & Cleaning Preparation — 1.6% |
| |||||||
Church & Dwight Co., Inc. | 109,004 | 9,567,281 | ||||||
Textile - Apparel — 1.7% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 17,277 | 9,952,027 | ||||||
Transport - Rail — 1.4% |
| |||||||
Union Pacific Corp. | 42,256 | 8,623,604 | ||||||
Web Portals/ISP — 7.1% |
| |||||||
Alphabet, Inc., Class A† | 24,316 | 42,659,990 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $376,134,702) | 596,773,646 | |||||||
137 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% |
| |||||||
U.S. Government Agencies — 0.7% |
| |||||||
Federal Home Loan Bank | $ | 4,085,000 | $ | 4,085,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $380,219,702)(1) | 100.0 | % | 600,858,646 | |||||
Liabilities in excess of other assets | (0.0 | ) | (122,851 | ) | ||||
NET ASSETS | 100.0 | % | $ | 600,735,795 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 596,773,646 | $ | — | $ | — | $ | 596,773,646 | ||||||||
U.S. Government Agencies | — | 4,085,000 | — | 4,085,000 | ||||||||||||
Total Investments at Value | $ | 596,773,646 | $ | 4,085,000 | $ | — | $ | 600,858,646 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
138 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 8.6 | % | ||
Banks — Commercial | 5.9 | |||
Energy — Alternate Sources | 2.5 | |||
Medical Products | 2.1 | |||
Electronic Components — Semiconductors | 1.8 | |||
Insurance — Property/Casualty | 1.6 | |||
Medical — Biomedical/Gene | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Building & Construction Products — Misc. | 1.5 | |||
Electric — Integrated | 1.5 | |||
Auto/Truck Parts & Equipment — Original | 1.4 | |||
Gas — Distribution | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Distribution/Wholesale | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Transport — Truck | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Medical — Outpatient/Home Medical | 1.1 | |||
Insurance — Reinsurance | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Steel — Producers | 1.0 | |||
Medical Instruments | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Electronic Measurement Instruments | 1.0 | |||
Medical Labs & Testing Services | 1.0 | |||
Human Resources | 1.0 | |||
Computer Services | 1.0 | |||
Applications Software | 0.9 | |||
Medical — Drugs | 0.9 | |||
Electronic Parts Distribution | 0.9 | |||
Racetracks | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Machinery — Pumps | 0.8 | |||
Data Processing/Management | 0.8 | |||
Casino Services | 0.8 | |||
Retail — Home Furnishings | 0.8 | |||
Machinery — Farming | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Commercial Services — Finance | 0.8 | |||
Lighting Products & Systems | 0.7 | |||
Engineering/R&D Services | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Containers — Paper/Plastic | 0.7 | |||
Power Converter/Supply Equipment | 0.7 | |||
Machine Tools & Related Products | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Industrial Automated/Robotic | 0.7 | |||
Repurchase Agreements | 0.7 | |||
Commercial Services | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Multimedia | 0.7 | |||
Medical — HMO | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Hotels/Motels | 0.6 | |||
Recreational Vehicles | 0.6 | |||
Coatings/Paint | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Retail — Automobile | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
Retail — Discount | 0.5 | |||
Insurance Brokers | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Hazardous Waste Disposal | 0.5 | |||
Water | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Lasers — System/Components | 0.5 | |||
Schools | 0.5 |
Savings & Loans/Thrifts | 0.5 | |||
Publishing — Newspapers | 0.5 | |||
Diagnostic Equipment | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Building Products — Cement | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Registered Investment Companies | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Brewery | 0.4 | |||
Physical Therapy/Rehabilitation Centers | 0.4 | |||
Firearms & Ammunition | 0.4 | |||
Pastoral & Agricultural | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Resorts/Theme Parks | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Gold Mining | 0.4 | |||
Garden Products | 0.4 | |||
Medical — Hospitals | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Filtration/Separation Products | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Computers — Other | 0.3 | |||
Instruments — Controls | 0.3 | |||
Environmental Consulting & Engineering | 0.3 | |||
Finance — Other Services | 0.3 | |||
Computer Software | 0.3 | |||
Motorcycle/Motor Scooter | 0.3 | |||
Batteries/Battery Systems | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Food — Retail | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Toys | 0.3 | |||
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Pipelines | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Home Furnishings | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Food — Baking | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Airlines | 0.2 | |||
Financial Guarantee Insurance | 0.2 | |||
Wireless Equipment | 0.2 | |||
Electronics — Military | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Consulting Services | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Poultry | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Security Services | 0.2 | |||
Computer Data Security | 0.2 |
139 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Transport — Services | 0.2 | % | ||
Chemicals — Diversified | 0.2 | |||
Casino Hotels | 0.2 | |||
Transport — Marine | 0.2 | |||
Television | 0.2 | |||
Retail — Major Department Stores | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Rubber — Tires | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Oil — Field Services | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Quarrying | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Food — Catering | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Paper & Related Products | 0.1 | |||
Theaters | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
100.5% | ||||
* | Calculated as a percentage of net assets |
140 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Hexcel Corp. | 135,826 | $ | 6,726,104 | |||||
Airlines — 0.2% |
| |||||||
JetBlue Airways Corp.† | 443,110 | 6,686,530 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
Carter’s, Inc. | 70,974 | 6,315,976 | ||||||
Columbia Sportswear Co. | 49,493 | 4,054,962 | ||||||
Deckers Outdoor Corp.† | 45,577 | 11,603,449 | ||||||
Urban Outfitters, Inc.† | 111,330 | 3,048,215 | ||||||
25,022,602 | ||||||||
Applications Software — 0.9% |
| |||||||
CDK Global, Inc. | 197,691 | 9,469,399 | ||||||
PTC, Inc.† | 169,983 | 18,332,666 | ||||||
27,802,065 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.4% |
| |||||||
Adient PLC† | 152,706 | 4,778,171 | ||||||
Dana, Inc. | 235,006 | 3,957,501 | ||||||
Fox Factory Holding Corp.† | 67,400 | 5,881,998 | ||||||
Gentex Corp. | 399,770 | 13,032,502 | ||||||
Lear Corp. | 88,726 | 12,683,381 | ||||||
Visteon Corp.† | 45,262 | 5,469,913 | ||||||
45,803,466 | ||||||||
Banks - Commercial — 5.9% |
| |||||||
Associated Banc-Corp | 249,974 | 3,829,602 | ||||||
BancorpSouth Bank | 156,824 | 3,975,488 | ||||||
Bank of Hawaii Corp. | 65,141 | 4,877,758 | ||||||
Bank OZK | 196,624 | 5,497,607 | ||||||
Cathay General Bancorp | 121,734 | 3,438,986 | ||||||
CIT Group, Inc. | 160,128 | 5,362,687 | ||||||
Commerce Bancshares, Inc.# | 163,271 | 10,769,355 | ||||||
Cullen/Frost Bankers, Inc. | 90,767 | 7,616,259 | ||||||
East West Bancorp, Inc. | 230,133 | 9,831,282 | ||||||
First Financial Bankshares, Inc. | 231,025 | 7,720,856 | ||||||
First Horizon Corp. | 899,920 | 10,997,022 | ||||||
FNB Corp. | 525,706 | 4,641,984 | ||||||
Fulton Financial Corp. | 263,618 | 3,247,774 | ||||||
Glacier Bancorp, Inc. | 155,186 | 6,326,933 | ||||||
Hancock Whitney Corp. | 140,455 | 3,945,381 | ||||||
Home BancShares, Inc. | 247,216 | 4,575,968 | ||||||
International Bancshares Corp. | 90,559 | 2,935,017 | ||||||
PacWest Bancorp | 189,898 | 4,417,028 | ||||||
Pinnacle Financial Partners, Inc. | 123,363 | 6,681,340 | ||||||
Prosperity Bancshares, Inc. | 150,715 | 9,469,423 | ||||||
Signature Bank | 87,122 | 9,774,217 | ||||||
Synovus Financial Corp. | 239,610 | 7,564,488 | ||||||
TCF Financial Corp. | 247,614 | 8,319,830 | ||||||
Texas Capital Bancshares, Inc.† | 82,056 | 4,586,930 | ||||||
Trustmark Corp. | 103,158 | 2,560,382 | ||||||
UMB Financial Corp. | 70,302 | 4,781,239 | ||||||
Umpqua Holdings Corp. | 358,199 | 4,975,384 | ||||||
United Bankshares, Inc. | 211,051 | 6,179,573 | ||||||
Valley National Bancorp | 656,791 | 6,003,070 | ||||||
Webster Financial Corp. | 146,700 | 5,551,128 | ||||||
Wintrust Financial Corp. | 93,690 | 5,105,168 | ||||||
185,559,159 | ||||||||
Batteries/Battery Systems — 0.3% |
| |||||||
Energizer Holdings, Inc. | 94,728 | 3,968,156 | ||||||
EnerSys | 69,090 | 5,652,253 | ||||||
9,620,409 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Brewery — 0.4% |
| |||||||
Boston Beer Co., Inc., Class A† | 14,817 | $ | 13,792,256 | |||||
Building & Construction Products - Misc. — 1.5% |
| |||||||
Builders FirstSource, Inc.† | 189,854 | 7,102,438 | ||||||
Louisiana-Pacific Corp. | 182,671 | 6,252,828 | ||||||
Owens Corning | 175,689 | 12,802,458 | ||||||
Simpson Manufacturing Co., Inc. | 70,713 | 6,498,525 | ||||||
Trex Co., Inc.† | 188,281 | 14,087,184 | ||||||
46,743,433 | ||||||||
Building & Construction - Misc. — 0.5% |
| |||||||
EMCOR Group, Inc. | 89,306 | 7,696,391 | ||||||
TopBuild Corp.† | 53,807 | 9,374,794 | ||||||
17,071,185 | ||||||||
Building Products - Air & Heating — 0.5% |
| |||||||
Lennox International, Inc. | 56,622 | 16,297,510 | ||||||
Building Products - Cement — 0.5% |
| |||||||
Eagle Materials, Inc. | 67,919 | 6,179,950 | ||||||
MDU Resources Group, Inc. | 326,156 | 8,134,330 | ||||||
14,314,280 | ||||||||
Building - Heavy Construction — 0.3% |
| |||||||
Arcosa, Inc. | 1 | 52 | ||||||
Dycom Industries, Inc.† | 51,787 | 3,255,331 | ||||||
MasTec, Inc.† | 91,251 | 5,174,844 | ||||||
8,430,227 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Thor Industries, Inc. | 89,783 | 8,664,957 | ||||||
Building - Residential/Commercial — 0.7% |
| |||||||
KB Home | 143,232 | 5,041,766 | ||||||
Taylor Morrison Home Corp.† | 210,954 | 5,332,917 | ||||||
Toll Brothers, Inc. | 186,770 | 8,843,560 | ||||||
TRI Pointe Group, Inc.† | 211,980 | 3,705,410 | ||||||
22,923,653 | ||||||||
Cable/Satellite TV — 0.6% |
| |||||||
Cable One, Inc. | 8,813 | 17,455,645 | ||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp. | 130,446 | 5,020,867 | ||||||
Casino Services — 0.8% |
| |||||||
Caesars Entertainment, Inc.† | 324,376 | 22,096,493 | ||||||
Scientific Games Corp.† | 90,884 | 3,388,156 | ||||||
25,484,649 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Olin Corp. | 231,091 | 5,058,582 | ||||||
Chemicals - Specialty — 1.3% |
| |||||||
Ashland Global Holdings, Inc. | 88,521 | 6,654,124 | ||||||
Cabot Corp. | 91,837 | 3,802,970 | ||||||
Chemours Co. | 267,143 | 6,499,589 | ||||||
Ingevity Corp.† | 67,137 | 4,469,982 | ||||||
Minerals Technologies, Inc. | 55,497 | 3,367,003 | ||||||
NewMarket Corp. | 11,904 | 4,401,623 | ||||||
Sensient Technologies Corp. | 68,895 | 4,941,149 | ||||||
Valvoline, Inc. | 300,966 | 6,859,015 | ||||||
40,995,455 | ||||||||
Coatings/Paint — 0.6% |
| |||||||
RPM International, Inc. | 211,404 | 18,605,666 | ||||||
Commercial Services — 0.7% |
| |||||||
CoreLogic, Inc. | 129,243 | 10,016,332 | ||||||
John Wiley & Sons, Inc., Class A | 70,975 | 2,451,477 |
141 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services (continued) |
| |||||||
LiveRamp Holdings, Inc.† | 107,153 | $ | 6,269,522 | |||||
WW International, Inc.† | 76,329 | 2,252,469 | ||||||
20,989,800 | ||||||||
Commercial Services - Finance — 0.8% |
| |||||||
H&R Block, Inc. | 313,755 | 5,898,594 | ||||||
Sabre Corp. | 506,840 | 5,701,950 | ||||||
WEX, Inc.† | 71,722 | 12,425,119 | ||||||
24,025,663 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Qualys, Inc.† | 54,900 | 5,216,049 | ||||||
Computer Services — 1.0% |
| |||||||
CACI International, Inc., Class A† | 40,821 | 9,686,415 | ||||||
MAXIMUS, Inc. | 99,728 | 7,161,468 | ||||||
Perspecta, Inc. | 222,257 | 4,983,002 | ||||||
Science Applications International Corp. | 94,606 | 8,754,839 | ||||||
30,585,724 | ||||||||
Computer Software — 0.3% |
| |||||||
J2 Global, Inc.† | 72,787 | 6,522,443 | ||||||
Teradata Corp.† | 177,292 | 3,888,014 | ||||||
10,410,457 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
NCR Corp.† | 208,848 | 5,778,824 | ||||||
NetScout Systems, Inc.† | 117,851 | 2,760,071 | ||||||
8,538,895 | ||||||||
Computers - Other — 0.3% |
| |||||||
Lumentum Holdings, Inc.† | 122,316 | 10,565,656 | ||||||
Consulting Services — 0.2% |
| |||||||
FTI Consulting, Inc.† | 59,523 | 6,251,105 | ||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Helen of Troy, Ltd.† | 41,188 | 8,319,564 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Greif, Inc., Class A | 43,009 | 2,090,668 | ||||||
O-I Glass, Inc. | 255,294 | 2,889,928 | ||||||
Silgan Holdings, Inc. | 128,055 | 4,328,259 | ||||||
9,308,855 | ||||||||
Containers - Paper/Plastic — 0.7% |
| |||||||
AptarGroup, Inc. | 104,869 | 13,247,052 | ||||||
Sonoco Products Co. | 163,266 | 9,479,224 | ||||||
22,726,276 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Coty, Inc., Class A | 460,440 | 3,310,564 | ||||||
Edgewell Personal Care Co.† | 88,410 | 3,072,247 | ||||||
6,382,811 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
CommVault Systems, Inc.† | 75,459 | 3,603,922 | ||||||
Fair Isaac Corp.† | 47,168 | 22,300,087 | ||||||
25,904,009 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 141,051 | 3,915,576 | ||||||
Diagnostic Equipment — 0.5% |
| |||||||
Repligen Corp.† | 79,420 | 15,063,591 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
Quidel Corp.† | 62,092 | 12,111,045 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Disposable Medical Products — 0.2% |
| |||||||
ICU Medical, Inc.† | 31,672 | $ | 5,976,506 | |||||
Distribution/Wholesale — 1.2% |
| |||||||
Avient Corp. | 148,725 | 5,435,899 | ||||||
IAA, Inc.† | 217,872 | 13,054,890 | ||||||
KAR Auction Services, Inc. | 210,194 | 3,794,002 | ||||||
Univar Solutions, Inc.† | 274,986 | 4,922,249 | ||||||
Watsco, Inc. | 53,388 | 12,138,296 | ||||||
39,345,336 | ||||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
Carlisle Cos., Inc. | 88,777 | 12,857,573 | ||||||
ITT, Inc. | 140,532 | 10,206,839 | ||||||
Trinity Industries, Inc.# | 144,756 | 3,307,675 | ||||||
26,372,087 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
GrubHub, Inc.† | 150,094 | 10,557,612 | ||||||
TripAdvisor, Inc.† | 156,304 | 4,079,534 | ||||||
14,637,146 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
Littelfuse, Inc. | 39,593 | 9,523,304 | ||||||
Electric - Integrated — 1.5% |
| |||||||
ALLETE, Inc. | 84,386 | 4,745,869 | ||||||
Black Hills Corp. | 102,057 | 6,208,127 | ||||||
Hawaiian Electric Industries, Inc. | 177,587 | 6,362,942 | ||||||
IDACORP, Inc. | 82,076 | 7,434,444 | ||||||
NorthWestern Corp. | 82,264 | 4,771,312 | ||||||
OGE Energy Corp. | 325,584 | 10,545,666 | ||||||
PNM Resources, Inc. | 129,560 | 6,362,692 | ||||||
46,431,052 | ||||||||
Electronic Components - Misc. — 1.1% |
| |||||||
Hubbell, Inc. | 88,204 | 14,252,884 | ||||||
Jabil, Inc. | 220,423 | 8,424,567 | ||||||
nVent Electric PLC | 276,397 | 6,357,131 | ||||||
Vishay Intertechnology, Inc. | 215,615 | 4,174,307 | ||||||
33,208,889 | ||||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Cree, Inc.† | 178,400 | 16,125,576 | ||||||
Monolithic Power Systems, Inc. | 68,670 | 21,971,653 | ||||||
Semtech Corp.† | 105,988 | 7,151,010 | ||||||
Silicon Laboratories, Inc.† | 71,236 | 8,349,572 | ||||||
Synaptics, Inc.† | 55,677 | 4,330,000 | ||||||
57,927,811 | ||||||||
Electronic Measurement Instruments — 1.0% |
| |||||||
National Instruments Corp. | 213,785 | 8,001,973 | ||||||
Trimble, Inc.† | 406,985 | 24,366,192 | ||||||
32,368,165 | ||||||||
Electronic Parts Distribution — 0.9% |
| |||||||
Arrow Electronics, Inc.† | 126,263 | 11,572,004 | ||||||
Avnet, Inc. | 160,666 | 4,876,213 | ||||||
SYNNEX Corp. | 67,006 | 10,741,732 | ||||||
27,189,949 | ||||||||
Electronics - Military — 0.2% |
| |||||||
Mercury Systems, Inc.† | 91,087 | 6,487,216 | ||||||
Energy - Alternate Sources — 2.5% |
| |||||||
Enphase Energy, Inc.†# | 204,955 | 27,990,704 | ||||||
First Solar, Inc.† | 137,885 | 12,882,596 | ||||||
SolarEdge Technologies, Inc.† | 81,520 | 22,660,930 |
142 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Energy - Alternate Sources (continued) |
| |||||||
Sunrun, Inc.† | 251,754 | $ | 16,132,396 | |||||
79,666,626 | ||||||||
Engineering/R&D Services — 0.7% |
| |||||||
AECOM† | 260,878 | 13,536,959 | ||||||
Fluor Corp. | 202,918 | 3,504,394 | ||||||
KBR, Inc. | 231,549 | 6,430,116 | ||||||
23,471,469 | ||||||||
Enterprise Software/Service — 1.5% |
| |||||||
ACI Worldwide, Inc.† | 189,310 | 6,167,720 | ||||||
Blackbaud, Inc. | 80,635 | 4,442,182 | ||||||
Ceridian HCM Holding, Inc.† | 211,154 | 20,359,469 | ||||||
Manhattan Associates, Inc.† | 103,319 | 10,563,334 | ||||||
SailPoint Technologies Holding, Inc.† | 147,496 | 6,867,414 | ||||||
48,400,119 | ||||||||
Environmental Consulting & Engineering — 0.3% |
| |||||||
Tetra Tech, Inc. | 87,651 | 10,452,382 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
Donaldson Co., Inc. | 205,154 | 10,922,399 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
LendingTree, Inc.†# | 17,706 | 4,525,300 | ||||||
Navient Corp. | 315,429 | 2,955,570 | ||||||
SLM Corp. | 610,335 | 6,475,654 | ||||||
13,956,524 | ||||||||
Finance - Credit Card — 0.2% |
| |||||||
Alliance Data Systems Corp. | 77,610 | 5,676,395 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Evercore, Inc., Class A | 66,023 | 6,003,471 | ||||||
Interactive Brokers Group, Inc., Class A | 128,581 | 6,783,934 | ||||||
Jefferies Financial Group, Inc. | 351,271 | 7,984,390 | ||||||
20,771,795 | ||||||||
Finance - Leasing Companies — 0.2% |
| |||||||
Prog Holdings, Inc. | 109,207 | 6,872,397 | ||||||
Finance - Other Services — 0.3% |
| |||||||
SEI Investments Co. | 197,781 | 10,432,948 | ||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
MGIC Investment Corp. | 550,703 | 6,586,408 | ||||||
Firearms & Ammunition — 0.4% |
| |||||||
Axon Enterprise, Inc.† | 103,246 | 12,976,990 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 320,087 | 7,102,731 | ||||||
Food - Catering — 0.1% |
| |||||||
Healthcare Services Group, Inc. | 121,051 | 2,865,277 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 28,386 | 879,114 | ||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Hain Celestial Group, Inc.† | 135,891 | 5,231,804 | ||||||
Ingredion, Inc. | 108,956 | 8,405,955 | ||||||
Lancaster Colony Corp. | 31,785 | 5,382,154 | ||||||
Post Holdings, Inc.† | 102,414 | 9,674,027 | ||||||
TreeHouse Foods, Inc.† | 91,903 | 3,779,970 | ||||||
32,473,910 | ||||||||
Food - Retail — 0.3% |
| |||||||
Grocery Outlet Holding Corp.† | 135,583 | 5,236,215 | ||||||
Sprouts Farmers Market, Inc.† | 191,840 | 4,061,253 | ||||||
9,297,468 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Skechers U.S.A., Inc., Class A† | 221,700 | $ | 7,420,299 | |||||
Funeral Services & Related Items — 0.4% |
| |||||||
Service Corp. International | 286,627 | 13,941,537 | ||||||
Garden Products — 0.4% |
| |||||||
Scotts Miracle-Gro Co. | 66,219 | 11,639,314 | ||||||
Gas - Distribution — 1.3% |
| |||||||
National Fuel Gas Co. | 147,940 | 6,090,690 | ||||||
New Jersey Resources Corp. | 156,034 | 5,153,803 | ||||||
ONE Gas, Inc. | 86,078 | 6,815,656 | ||||||
Southwest Gas Holdings, Inc. | 90,948 | 5,843,409 | ||||||
Spire, Inc. | 83,738 | 5,355,882 | ||||||
UGI Corp. | 338,841 | 12,022,079 | ||||||
41,281,519 | ||||||||
Gold Mining — 0.4% |
| |||||||
Royal Gold, Inc. | 106,686 | 11,785,602 | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Clean Harbors, Inc.† | 83,257 | 6,025,309 | ||||||
Stericycle, Inc.† | 148,801 | 10,481,543 | ||||||
16,506,852 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
HealthEquity, Inc.† | 124,738 | 8,942,467 | ||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 312,012 | 7,859,582 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Choice Hotels International, Inc. | 46,828 | 4,666,410 | ||||||
Wyndham Destinations, Inc. | 138,664 | 5,832,208 | ||||||
Wyndham Hotels & Resorts, Inc. | 151,530 | 8,712,975 | ||||||
19,211,593 | ||||||||
Human Resources — 1.0% |
| |||||||
ASGN, Inc.† | 85,393 | 6,676,025 | ||||||
Insperity, Inc. | 58,694 | 5,018,337 | ||||||
ManpowerGroup, Inc. | 94,454 | 8,184,439 | ||||||
Paylocity Holding Corp.† | 60,395 | 11,873,657 | ||||||
31,752,458 | ||||||||
Industrial Automated/Robotic — 0.7% |
| |||||||
Cognex Corp. | 281,467 | 21,149,430 | ||||||
Instruments - Controls — 0.3% |
| |||||||
Woodward, Inc. | 94,367 | 10,553,062 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Brown & Brown, Inc. | 381,806 | 17,192,724 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Brighthouse Financial, Inc.† | 151,305 | 5,310,805 | ||||||
CNO Financial Group, Inc. | 230,511 | 4,905,274 | ||||||
Primerica, Inc. | 64,281 | 8,373,886 | ||||||
18,589,965 | ||||||||
Insurance - Multi-line — 0.7% |
| |||||||
American Financial Group, Inc. | 116,651 | 10,429,766 | ||||||
Genworth Financial, Inc., Class A† | 823,045 | 3,736,624 | ||||||
Kemper Corp. | 99,887 | 7,486,531 | ||||||
21,652,921 | ||||||||
Insurance - Property/Casualty — 1.6% |
| |||||||
Alleghany Corp. | 23,279 | 13,390,081 | ||||||
First American Financial Corp. | 181,390 | 8,786,532 | ||||||
Hanover Insurance Group, Inc. | 61,351 | 6,892,785 | ||||||
Mercury General Corp. | 43,220 | 1,921,993 | ||||||
Old Republic International Corp. | 459,908 | 8,241,551 |
143 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
RLI Corp. | 64,344 | $ | 6,159,651 | |||||
Selective Insurance Group, Inc. | 97,287 | 6,014,282 | ||||||
51,406,875 | ||||||||
Insurance - Reinsurance — 1.1% |
| |||||||
Essent Group, Ltd. | 182,860 | 8,020,240 | ||||||
Reinsurance Group of America, Inc. | 110,501 | 12,738,555 | ||||||
RenaissanceRe Holdings, Ltd. | 83,306 | 13,715,500 | ||||||
34,474,295 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 111,814 | 3,571,339 | ||||||
Investment Management/Advisor Services — 1.2% |
| |||||||
Affiliated Managers Group, Inc. | 75,720 | 6,596,726 | ||||||
Eaton Vance Corp. | 185,707 | 12,438,655 | ||||||
Federated Hermes, Inc. | 154,810 | 4,155,100 | ||||||
Janus Henderson Group PLC | 245,216 | 6,996,013 | ||||||
Stifel Financial Corp. | 111,512 | 7,727,782 | ||||||
37,914,276 | ||||||||
Lasers - System/Components — 0.5% |
| |||||||
Coherent, Inc.† | 39,453 | 4,804,586 | ||||||
II-VI, Inc.†# | 168,620 | 11,407,143 | ||||||
16,211,729 | ||||||||
Lighting Products & Systems — 0.7% |
| |||||||
Acuity Brands, Inc. | 64,471 | 7,653,997 | ||||||
Universal Display Corp. | 69,715 | 15,967,524 | ||||||
23,621,521 | ||||||||
Machine Tools & Related Products — 0.7% |
| |||||||
Colfax Corp.† | 163,679 | 5,905,538 | ||||||
Kennametal, Inc. | 134,885 | 4,719,626 | ||||||
Lincoln Electric Holdings, Inc. | 96,563 | 11,104,745 | ||||||
21,729,909 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Oshkosh Corp. | 110,777 | 8,917,549 | ||||||
Terex Corp. | 112,719 | 3,494,289 | ||||||
12,411,838 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 66,003 | 7,856,997 | ||||||
Machinery - Farming — 0.8% |
| |||||||
AGCO Corp. | 99,893 | 9,241,101 | ||||||
Toro Co. | 174,522 | 15,830,891 | ||||||
25,071,992 | ||||||||
Machinery - General Industrial — 1.1% |
| |||||||
Crane Co. | 80,224 | 5,577,975 | ||||||
Middleby Corp.† | 90,465 | 12,302,335 | ||||||
Nordson Corp. | 87,788 | 17,892,072 | ||||||
35,772,382 | ||||||||
Machinery - Pumps — 0.8% |
| |||||||
Curtiss-Wright Corp. | 67,626 | 7,794,573 | ||||||
Graco, Inc. | 271,162 | 18,368,514 | ||||||
26,163,087 | ||||||||
Medical Instruments — 1.0% |
| |||||||
Bio-Techne Corp. | 62,703 | 19,018,447 | ||||||
Cantel Medical Corp. | 61,023 | 3,626,597 | ||||||
Integra LifeSciences Holdings Corp.† | 115,139 | 6,301,557 | ||||||
NuVasive, Inc.† | 83,364 | 3,861,421 | ||||||
32,808,022 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Labs & Testing Services — 1.0% |
| |||||||
Charles River Laboratories International, Inc.† | 80,805 | $ | 18,950,389 | |||||
Medpace Holdings, Inc.† | 44,346 | 5,692,253 | ||||||
Syneos Health, Inc.† | 113,648 | 7,482,584 | ||||||
32,125,226 | ||||||||
Medical Products — 2.1% |
| |||||||
Avanos Medical, Inc.† | 77,801 | 3,297,984 | ||||||
Globus Medical, Inc., Class A† | 122,522 | 7,361,122 | ||||||
Haemonetics Corp.† | 82,463 | 9,305,950 | ||||||
Hill-Rom Holdings, Inc. | 108,337 | 10,276,848 | ||||||
LivaNova PLC† | 79,158 | 4,183,500 | ||||||
Masimo Corp.† | 82,225 | 20,925,440 | ||||||
Penumbra, Inc.† | 54,619 | 12,119,956 | ||||||
67,470,800 | ||||||||
Medical - Biomedical/Gene — 1.6% |
| |||||||
Arrowhead Pharmaceuticals, Inc.† | 166,382 | 10,403,866 | ||||||
Emergent BioSolutions, Inc.† | 73,171 | 5,994,900 | ||||||
Exelixis, Inc.† | 502,593 | 9,629,682 | ||||||
Halozyme Therapeutics, Inc.† | 209,507 | 8,191,724 | ||||||
Ligand Pharmaceuticals, Inc.†# | 26,151 | 2,206,360 | ||||||
Nektar Therapeutics†# | 290,987 | 4,769,277 | ||||||
United Therapeutics Corp.† | 72,238 | 9,581,648 | ||||||
50,777,457 | ||||||||
Medical - Drugs — 0.9% |
| |||||||
Jazz Pharmaceuticals PLC† | 90,206 | 12,692,886 | ||||||
PRA Health Sciences, Inc.† | 104,035 | 11,672,727 | ||||||
Prestige Consumer Healthcare, Inc.† | 81,634 | 2,903,722 | ||||||
27,269,335 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Molina Healthcare, Inc.† | 96,454 | 19,689,155 | ||||||
Medical - Hospitals — 0.4% |
| |||||||
Acadia Healthcare Co., Inc.† | 144,701 | 6,142,558 | ||||||
Tenet Healthcare Corp.† | 171,419 | 5,387,699 | ||||||
11,530,257 | ||||||||
Medical - Outpatient/Home Medical — 1.1% |
| |||||||
Amedisys, Inc.† | 52,809 | 12,927,115 | ||||||
Chemed Corp. | 25,893 | 12,383,328 | ||||||
LHC Group, Inc.† | 51,382 | 10,087,314 | ||||||
35,397,757 | ||||||||
Metal Processors & Fabrication — 0.3% |
| |||||||
Timken Co. | 109,935 | 8,073,626 | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 58,658 | 3,033,792 | ||||||
Motorcycle/Motor Scooter — 0.3% |
| |||||||
Harley-Davidson, Inc. | 249,252 | 10,042,363 | ||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 83,582 | 4,305,309 | ||||||
Multimedia — 0.7% |
| |||||||
FactSet Research Systems, Inc. | 61,796 | 20,625,033 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 95,756 | 3,412,744 | ||||||
HNI Corp. | 69,412 | 2,530,761 | ||||||
5,943,505 | ||||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Cimarex Energy Co. | 165,985 | 5,967,161 | ||||||
CNX Resources Corp.† | 365,276 | 3,437,247 | ||||||
EQT Corp. | 448,278 | 6,670,377 |
144 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
WPX Energy, Inc.† | 656,977 | $ | 4,677,676 | |||||
20,752,461 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Murphy Oil Corp. | 234,844 | 2,362,531 | ||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Murphy USA, Inc. | 44,137 | 5,658,363 | ||||||
Oil - Field Services — 0.1% |
| |||||||
ChampionX Corp.† | 302,247 | 3,590,694 | ||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 89,773 | 2,702,167 | ||||||
Pastoral & Agricultural — 0.4% |
| |||||||
Darling Ingredients, Inc.† | 263,436 | 12,718,690 | ||||||
Physical Therapy/Rehabilitation Centers — 0.4% |
| |||||||
Encompass Health Corp. | 161,753 | 13,034,057 | ||||||
Pipelines — 0.3% |
| |||||||
Antero Midstream Corp. | 465,121 | 3,134,916 | ||||||
Equitrans Midstream Corp. | 661,222 | 5,395,571 | ||||||
8,530,487 | ||||||||
Poultry — 0.2% |
| |||||||
Pilgrim’s Pride Corp.† | 79,385 | 1,499,583 | ||||||
Sanderson Farms, Inc. | 32,195 | 4,402,022 | ||||||
5,901,605 | ||||||||
Power Converter/Supply Equipment — 0.7% |
| |||||||
Generac Holdings, Inc.† | 102,130 | 22,019,228 | ||||||
Publishing - Newspapers — 0.5% |
| |||||||
New York Times Co., Class A | 234,837 | 10,076,856 | ||||||
TEGNA, Inc. | 356,138 | 5,131,948 | ||||||
15,208,804 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 55,211 | 3,448,479 | ||||||
Racetracks — 0.8% |
| |||||||
Churchill Downs, Inc. | 57,727 | 10,386,242 | ||||||
Penn National Gaming, Inc.† | 234,298 | 16,400,860 | ||||||
26,787,102 | ||||||||
Real Estate Investment Trusts — 8.6% |
| |||||||
American Campus Communities, Inc. | 223,863 | 8,909,747 | ||||||
Brixmor Property Group, Inc. | 482,237 | 7,363,759 | ||||||
Camden Property Trust | 158,418 | 15,656,451 | ||||||
CoreSite Realty Corp. | 69,182 | 8,674,731 | ||||||
Corporate Office Properties Trust | 182,470 | 4,859,176 | ||||||
Cousins Properties, Inc. | 241,651 | 8,073,560 | ||||||
CyrusOne, Inc. | 190,098 | 13,289,751 | ||||||
Douglas Emmett, Inc. | 268,139 | 8,304,265 | ||||||
EastGroup Properties, Inc. | 63,977 | 8,721,984 | ||||||
EPR Properties | 121,359 | 4,371,351 | ||||||
First Industrial Realty Trust, Inc. | 206,908 | 8,665,307 | ||||||
Healthcare Realty Trust, Inc. | 221,286 | 6,527,937 | ||||||
Highwoods Properties, Inc. | 168,990 | 6,472,317 | ||||||
Hudson Pacific Properties, Inc. | 249,444 | 6,485,544 | ||||||
JBG SMITH Properties | 182,796 | 5,619,149 | ||||||
Kilroy Realty Corp. | 170,484 | 10,426,802 | ||||||
Lamar Advertising Co., Class A | 140,517 | 11,186,558 | ||||||
Life Storage, Inc. | 76,314 | 8,373,172 | ||||||
Macerich Co.# | 182,331 | 1,823,310 | ||||||
Medical Properties Trust, Inc. | 860,159 | 16,687,085 | ||||||
National Retail Properties, Inc. | 282,269 | 10,641,541 | ||||||
Omega Healthcare Investors, Inc. | 369,177 | 13,002,414 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Park Hotels & Resorts, Inc. | 383,220 | $ | 6,254,150 | |||||
Pebblebrook Hotel Trust | 212,857 | 3,937,855 | ||||||
Physicians Realty Trust | 338,553 | 5,873,895 | ||||||
PotlatchDeltic Corp. | 108,768 | 5,062,063 | ||||||
PS Business Parks, Inc. | 32,631 | 4,300,766 | ||||||
Rayonier, Inc. | 222,042 | 6,254,923 | ||||||
Rexford Industrial Realty, Inc. | 201,347 | 9,648,548 | ||||||
Sabra Health Care REIT, Inc. | 334,352 | 5,510,121 | ||||||
Service Properties Trust | 267,724 | 3,175,207 | ||||||
Spirit Realty Capital, Inc.# | 167,603 | 6,174,495 | ||||||
STORE Capital Corp. | 371,012 | 12,080,151 | ||||||
Taubman Centers, Inc. | 100,381 | 4,288,276 | ||||||
Urban Edge Properties | 178,429 | 2,316,008 | ||||||
Weingarten Realty Investors | 195,862 | 4,095,474 | ||||||
273,107,843 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
Jones Lang LaSalle, Inc.† | 84,224 | 11,141,993 | ||||||
Recreational Vehicles — 0.6% |
| |||||||
Brunswick Corp. | 128,760 | 9,610,646 | ||||||
Polaris, Inc. | 93,784 | 9,003,264 | ||||||
18,613,910 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Avis Budget Group, Inc.† | 83,855 | 2,949,180 | ||||||
Resorts/Theme Parks — 0.4% |
| |||||||
Marriott Vacations Worldwide Corp. | 66,782 | 8,503,352 | ||||||
Six Flags Entertainment Corp. | 122,703 | 3,770,663 | ||||||
12,274,015 | ||||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
American Eagle Outfitters, Inc.# | 242,273 | 4,358,491 | ||||||
Foot Locker, Inc. | 169,540 | 6,340,796 | ||||||
10,699,287 | ||||||||
Retail - Automobile — 0.6% |
| |||||||
AutoNation, Inc.† | 95,045 | 5,825,308 | ||||||
Lithia Motors, Inc., Class A | 41,677 | 12,057,156 | ||||||
17,882,464 | ||||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 74,048 | 6,169,679 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 60,031 | 10,906,432 | ||||||
Retail - Discount — 0.5% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 224,369 | 9,196,885 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 92,513 | 8,146,695 | ||||||
17,343,580 | ||||||||
Retail - Home Furnishings — 0.8% |
| |||||||
RH†# | 25,102 | 11,375,222 | ||||||
Williams-Sonoma, Inc. | 126,538 | 13,852,115 | ||||||
25,227,337 | ||||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Nordstrom, Inc.# | 176,370 | 4,571,510 | ||||||
Retail - Misc./Diversified — 0.5% |
| |||||||
Five Below, Inc.† | 90,829 | 14,205,656 | ||||||
Retail - Pawn Shops — 0.1% |
| |||||||
FirstCash, Inc. | 67,405 | 4,330,097 | ||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 103,269 | 2,934,905 | ||||||
145 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Kohl’s Corp. | 256,626 | $ | 8,263,357 | |||||
Retail - Restaurants — 1.5% |
| |||||||
Cracker Barrel Old Country Store, Inc. | 38,539 | 5,379,274 | ||||||
Dunkin’ Brands Group, Inc. | 133,821 | 14,230,525 | ||||||
Jack in the Box, Inc. | 36,886 | 3,393,143 | ||||||
Papa John’s International, Inc. | 53,373 | 4,289,054 | ||||||
Texas Roadhouse, Inc. | 106,115 | 8,043,517 | ||||||
Wendy’s Co. | 291,238 | 6,404,323 | ||||||
Wingstop, Inc. | 48,144 | 6,129,213 | ||||||
47,869,049 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Dick’s Sporting Goods, Inc. | 105,964 | 6,019,815 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Goodyear Tire & Rubber Co. | 379,001 | 3,949,190 | ||||||
Savings & Loans/Thrifts — 0.5% |
| |||||||
New York Community Bancorp, Inc. | 754,566 | 7,311,745 | ||||||
Sterling Bancorp | 316,325 | 5,054,873 | ||||||
Washington Federal, Inc. | 123,138 | 2,877,735 | ||||||
15,244,353 | ||||||||
Schools — 0.5% |
| |||||||
Adtalem Global Education, Inc.† | 84,378 | 2,415,742 | ||||||
Graham Holdings Co., Class B | 6,747 | 3,016,044 | ||||||
Grand Canyon Education, Inc.† | 76,906 | 6,419,344 | ||||||
Strategic Education, Inc. | 39,700 | 3,727,433 | ||||||
15,578,563 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 82,175 | 5,513,943 | ||||||
Semiconductor Components-Integrated Circuits — 0.2% |
| |||||||
Cirrus Logic, Inc.† | 94,978 | 7,607,738 | ||||||
Semiconductor Equipment — 0.6% |
| |||||||
CMC Materials, Inc. | 47,259 | 7,291,118 | ||||||
MKS Instruments, Inc. | 89,663 | 12,371,701 | ||||||
19,662,819 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 34,747 | 5,663,066 | ||||||
Steel - Producers — 1.0% |
| |||||||
Commercial Metals Co. | 193,670 | 3,855,970 | ||||||
Reliance Steel & Aluminum Co. | 103,705 | 12,216,449 | ||||||
Steel Dynamics, Inc. | 325,057 | 11,770,314 | ||||||
United States Steel Corp.# | 358,449 | 5,086,391 | ||||||
32,929,124 | ||||||||
Telecom Equipment-Fiber Optics — 0.4% |
| |||||||
Ciena Corp.† | 249,907 | 11,195,834 | ||||||
Telephone-Integrated — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 161,910 | 3,073,052 | ||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A†# | 48,218 | 1,589,747 | ||||||
World Wrestling Entertainment, Inc., Class A# | 75,940 | 3,268,458 | ||||||
4,858,205 | ||||||||
Theaters — 0.1% |
| |||||||
Cinemark Holdings, Inc. | 174,175 | 2,691,004 | ||||||
Tools - Hand Held — 0.3% |
| |||||||
MSA Safety, Inc. | 58,819 | 8,789,911 | ||||||
Toys — 0.3% |
| |||||||
Mattel, Inc.† | 564,240 | 8,740,078 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 56,928 | $ | 4,540,577 | |||||
Transport - Marine — 0.2% |
| |||||||
Kirby Corp.† | 97,654 | 4,941,292 | ||||||
Transport - Services — 0.2% |
| |||||||
Ryder System, Inc. | 87,539 | 5,184,060 | ||||||
Transport - Truck — 1.1% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 204,864 | 8,458,835 | ||||||
Landstar System, Inc. | 62,425 | 8,203,893 | ||||||
Werner Enterprises, Inc. | 94,406 | 3,775,296 | ||||||
XPO Logistics, Inc.† | 148,545 | 15,846,781 | ||||||
36,284,805 | ||||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Neogen Corp.† | 86,257 | 6,401,995 | ||||||
Water — 0.5% |
| |||||||
Essential Utilities, Inc. | 362,865 | 16,430,527 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 72,409 | 2,786,298 | ||||||
Wireless Equipment — 0.2% |
| |||||||
InterDigital, Inc. | 50,107 | 3,001,910 | ||||||
ViaSat, Inc.† | 104,304 | 3,546,336 | ||||||
6,548,246 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,279,708,692) | 3,141,282,848 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 14,025,501 | 14,025,501 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills 0.14% due 09/09/2021(3) | $ | 2,000,000 | 1,998,324 | |||||
0.15% due 03/25/2021(3) | 400,000 | 399,881 | ||||||
0.16% due 04/22/2021(3) | 3,500,000 | 3,498,740 | ||||||
5,896,945 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $33,946,527) | 19,922,446 | |||||||
REPURCHASE AGREEMENTS — 0.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $21,093,000 and collateralized by $14,275,200 of United States Treasury Bonds, bearing interest at 4.25% due 05/15/2039 and having an approximate value of $21,514,897 | 21,093,000 | 21,093,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,334,748,219)(4) | 100.5 | % | 3,182,298,294 | |||||
Liabilities in excess of other assets | (0.5 | ) | (15,354,488 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,166,943,806 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2020, the Fund had loaned securities with a total value of $52,252,457. This was secured by collateral of $14,025,501, which was received in cash and subsequently invested in short-term investments currently valued at $14,025,501 as reported in the Portfolio of Investments. Additional collateral of $40,598,882 was received |
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 2,010,518 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 5,399,068 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 185,043 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 505,674 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/15/2020 to 11/15/2049 | 32,498,579 |
(2) | The rate shown is the 7-day yield as of November 30, 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) | ||||||||||||||
129 | Long | S&P Mid Cap 400 E-Mini Index | December 2020 | $ | 27,708,396 | $ | 27,972,360 | $ | 263,964 | |||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current |
value of the open contract.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 3,141,282,848 | $ | — | $ | — | $ | 3,141,282,848 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 14,025,501 | — | — | 14,025,501 | ||||||||||||
U.S. Government Treasuries | — | 5,896,945 | — | 5,896,945 | ||||||||||||
Repurchase Agreements | — | 21,093,000 | — | 21,093,000 | ||||||||||||
Total Investments at Value | $ | 3,155,308,349 | $ | 26,989,945 | $ | — | $ | 3,182,298,294 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 263,964 | $ | — | $ | — | $ | 263,964 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
147 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Enterprise Software/Service | 6.6 | % | ||
Commercial Services — Finance | 5.5 | |||
Electronic Components — Semiconductors | 4.8 | |||
Semiconductor Equipment | 3.7 | |||
Medical Products | 3.3 | |||
Data Processing/Management | 2.5 | |||
Insurance — Property/Casualty | 2.3 | |||
Retail — Restaurants | 2.3 | |||
Computer Services | 2.1 | |||
Electronic Measurement Instruments | 2.0 | |||
Electronic Connectors | 1.9 | |||
Electronic Components — Misc. | 1.9 | |||
Medical Labs & Testing Services | 1.8 | |||
Medical — Biomedical/Gene | 1.8 | |||
Computer Software | 1.8 | |||
Distribution/Wholesale | 1.8 | |||
Medical — Drugs | 1.6 | |||
Real Estate Investment Trusts | 1.5 | |||
Commercial Paper | 1.5 | |||
Disposable Medical Products | 1.4 | |||
Dental Supplies & Equipment | 1.4 | |||
Telecommunication Equipment | 1.4 | |||
Medical Instruments | 1.4 | |||
Energy — Alternate Sources | 1.4 | |||
Retail — Apparel/Shoe | 1.4 | |||
Aerospace/Defense | 1.3 | |||
Insurance Brokers | 1.3 | |||
Consulting Services | 1.2 | |||
Instruments — Scientific | 1.2 | |||
Diagnostic Kits | 1.2 | |||
Investment Management/Advisor Services | 1.1 | |||
Entertainment Software | 1.1 | |||
Commercial Services | 1.1 | |||
Web Hosting/Design | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Auction Houses/Art Dealers | 1.1 | |||
Transport — Truck | 1.0 | |||
Airlines | 1.0 | |||
Retail — Pet Food & Supplies | 0.9 | |||
Containers — Metal/Glass | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Computer Data Security | 0.8 | |||
Retail — Automobile | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Containers — Paper/Plastic | 0.7 | |||
Diagnostic Equipment | 0.7 | |||
Building — Maintenance & Services | 0.7 | |||
Advertising Services | 0.7 | |||
Electric — Integrated | 0.7 | |||
Rental Auto/Equipment | 0.7 | |||
Retail — Floor Coverings | 0.6 | |||
Machinery — Print Trade | 0.6 | |||
Machinery — Pumps | 0.6 | |||
Non-Hazardous Waste Disposal | 0.6 | |||
Internet Application Software | 0.6 | |||
Auto — Heavy Duty Trucks | 0.6 | |||
Power Converter/Supply Equipment | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Audio/Video Products | 0.6 | |||
Athletic Equipment | 0.6 | |||
Finance — Credit Card | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Cruise Lines | 0.5 | |||
Drug Delivery Systems | 0.5 | |||
Printing — Commercial | 0.5 | |||
Therapeutics | 0.5 | |||
Transport — Rail | 0.5 | |||
Banks — Commercial | 0.5 |
Finance — Investment Banker/Broker | 0.5 | |||
Veterinary Diagnostics | 0.5 | |||
Patient Monitoring Equipment | 0.5 | |||
E-Commerce/Products | 0.4 | |||
Internet Content — Entertainment | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Food — Catering | 0.4 | |||
Hotels/Motels | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Building & Construction — Misc. | 0.3 | |||
Finance — Other Services | 0.3 | |||
Decision Support Software | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
99.5% | ||||
* | Calculated as a percentage of net assets |
148 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Advertising Services — 0.7% |
| |||||||
Trade Desk, Inc., Class A† | 2,836 | $ | 2,555,435 | |||||
Aerospace/Defense — 1.3% |
| |||||||
Teledyne Technologies, Inc.† | 7,741 | 2,925,634 | ||||||
TransDigm Group, Inc. | 3,650 | 2,114,043 | ||||||
5,039,677 | ||||||||
Aerospace/Defense - Equipment — 0.8% |
| |||||||
L3Harris Technologies, Inc. | 15,176 | 2,913,640 | ||||||
Airlines — 1.0% |
| |||||||
Ryanair Holdings PLC ADR† | 19,942 | 2,069,382 | ||||||
Southwest Airlines Co. | 36,574 | 1,694,839 | ||||||
3,764,221 | ||||||||
Apparel Manufacturers — 1.1% |
| |||||||
Gildan Activewear, Inc. | 90,169 | 2,356,116 | ||||||
VF Corp. | 20,955 | 1,747,647 | ||||||
4,103,763 | ||||||||
Athletic Equipment — 0.6% |
| |||||||
YETI Holdings, Inc.† | 34,325 | 2,168,310 | ||||||
Auction Houses/Art Dealers — 1.1% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 56,330 | 4,045,057 | ||||||
Audio/Video Products — 0.6% |
| |||||||
Dolby Laboratories, Inc., Class A | 24,774 | 2,191,260 | ||||||
Auto - Heavy Duty Trucks — 0.6% |
| |||||||
Cummins, Inc. | 9,870 | 2,281,648 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Visteon Corp.† | 11,847 | 1,431,710 | ||||||
Banks - Commercial — 0.5% |
| |||||||
SVB Financial Group† | 5,091 | 1,755,682 | ||||||
Broadcast Services/Program — 0.3% |
| |||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 27,646 | 1,155,050 | ||||||
Building & Construction - Misc. — 0.3% |
| |||||||
Frontdoor, Inc.† | 27,203 | 1,287,790 | ||||||
Building - Maintenance & Services — 0.7% |
| |||||||
Terminix Global Holdings, Inc.† | 53,439 | 2,620,114 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
FMC Corp. | 18,914 | 2,194,213 | ||||||
Commercial Services — 1.1% |
| |||||||
CoStar Group, Inc.† | 2,423 | 2,206,311 | ||||||
Edenred | 34,386 | 1,965,962 | ||||||
4,172,273 | ||||||||
Commercial Services - Finance — 5.5% |
| |||||||
Euronet Worldwide, Inc.† | 8,310 | 1,117,196 | ||||||
Global Payments, Inc. | 24,210 | 4,725,550 | ||||||
IHS Markit, Ltd. | 13,752 | 1,367,774 | ||||||
MarketAxess Holdings, Inc. | 3,856 | 2,079,078 | ||||||
Repay Holdings Corp.† | 105,100 | 2,536,063 | ||||||
Shift4 Payments, Inc., Class A† | 29,620 | 1,825,481 | ||||||
Square, Inc., Class A† | 15,290 | 3,225,578 | ||||||
WEX, Inc.† | 23,935 | 4,146,500 | ||||||
21,023,220 | ||||||||
Computer Data Security — 0.8% |
| |||||||
Zscaler, Inc.† | 20,435 | 3,182,751 | ||||||
Computer Services — 2.1% |
| |||||||
Amdocs, Ltd. | 48,569 | 3,196,326 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) |
| |||||||
EPAM Systems, Inc.† | 14,685 | $ | 4,733,416 | |||||
7,929,742 | ||||||||
Computer Software — 1.8% |
| |||||||
Dynatrace, Inc.† | 22,011 | 836,858 | ||||||
Splunk, Inc.† | 19,908 | 4,064,816 | ||||||
Twilio, Inc., Class A† | 5,956 | 1,906,456 | ||||||
6,808,130 | ||||||||
Consulting Services — 1.2% |
| |||||||
Booz Allen Hamilton Holding Corp. | 30,805 | 2,673,566 | ||||||
Verisk Analytics, Inc. | 10,519 | 2,086,023 | ||||||
4,759,589 | ||||||||
Containers - Metal/Glass — 0.9% |
| |||||||
Crown Holdings, Inc.† | 37,735 | 3,556,524 | ||||||
Containers - Paper/Plastic — 0.7% |
| |||||||
Sealed Air Corp. | 59,996 | 2,703,420 | ||||||
Cruise Lines — 0.5% |
| |||||||
Royal Caribbean Cruises, Ltd. | 26,728 | 2,106,434 | ||||||
Data Processing/Management — 2.5% |
| |||||||
Broadridge Financial Solutions, Inc. | 30,544 | 4,486,303 | ||||||
DocuSign, Inc.† | 7,365 | 1,678,336 | ||||||
Fidelity National Information Services, Inc. | 23,139 | 3,434,059 | ||||||
9,598,698 | ||||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc. | 3,082 | 1,261,832 | ||||||
Dental Supplies & Equipment — 1.4% |
| |||||||
Align Technology, Inc.† | 7,716 | 3,713,633 | ||||||
DENTSPLY SIRONA, Inc. | 35,303 | 1,796,570 | ||||||
5,510,203 | ||||||||
Diagnostic Equipment — 0.7% |
| |||||||
Avantor, Inc.† | 96,894 | 2,643,268 | ||||||
Diagnostic Kits — 1.2% |
| |||||||
IDEXX Laboratories, Inc.† | 7,130 | 3,286,788 | ||||||
Natera, Inc.† | 13,564 | 1,197,294 | ||||||
4,484,082 | ||||||||
Disposable Medical Products — 1.4% |
| |||||||
ICU Medical, Inc.† | 10,033 | 1,893,227 | ||||||
Teleflex, Inc. | 9,523 | 3,644,928 | ||||||
5,538,155 | ||||||||
Distribution/Wholesale — 1.8% |
| |||||||
Ferguson PLC | 15,339 | 1,722,640 | ||||||
IAA, Inc.† | 46,620 | 2,793,470 | ||||||
Pool Corp. | 6,614 | 2,289,172 | ||||||
6,805,282 | ||||||||
Drug Delivery Systems — 0.5% |
| |||||||
DexCom, Inc.† | 6,206 | 1,983,934 | ||||||
E-Commerce/Products — 0.4% |
| |||||||
Wayfair, Inc., Class A†# | 6,764 | 1,720,491 | ||||||
Electric Products - Misc. — 0.6% |
| |||||||
AMETEK, Inc. | 17,848 | 2,115,523 | ||||||
Electric - Integrated — 0.7% |
| |||||||
Alliant Energy Corp. | 48,139 | 2,532,111 | ||||||
Electronic Components - Misc. — 1.9% |
| |||||||
Flex, Ltd.† | 165,023 | 2,678,323 |
149 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Misc. (continued) |
| |||||||
Sensata Technologies Holding PLC† | 92,553 | $ | 4,519,363 | |||||
7,197,686 | ||||||||
Electronic Components - Semiconductors — 4.8% |
| |||||||
Advanced Micro Devices, Inc.† | 25,930 | 2,402,674 | ||||||
Cree, Inc.† | 14,780 | 1,335,964 | ||||||
IPG Photonics Corp.† | 8,080 | 1,672,641 | ||||||
Microchip Technology, Inc. | 41,129 | 5,527,326 | ||||||
Monolithic Power Systems, Inc. | 10,027 | 3,208,239 | ||||||
ON Semiconductor Corp.† | 97,797 | 2,811,664 | ||||||
Xilinx, Inc. | 10,173 | 1,480,680 | ||||||
18,439,188 | ||||||||
Electronic Connectors — 1.9% |
| |||||||
TE Connectivity, Ltd. | 63,155 | 7,197,775 | ||||||
Electronic Measurement Instruments — 2.0% |
| |||||||
FLIR Systems, Inc. | 44,547 | 1,703,478 | ||||||
Keysight Technologies, Inc.† | 14,005 | 1,681,160 | ||||||
National Instruments Corp. | 61,919 | 2,317,628 | ||||||
Trimble, Inc.† | 33,847 | 2,026,420 | ||||||
7,728,686 | ||||||||
Energy - Alternate Sources — 1.4% |
| |||||||
Enphase Energy, Inc.†# | 19,923 | 2,720,884 | ||||||
Plug Power, Inc.†# | 100,955 | 2,664,203 | ||||||
5,385,087 | ||||||||
Enterprise Software/Service — 6.6% |
| |||||||
Atlassian Corp. PLC, Class A† | 16,617 | 3,739,656 | ||||||
Bill.com Holdings, Inc.† | 3,082 | 378,192 | ||||||
Black Knight, Inc.† | 25,408 | 2,327,881 | ||||||
Ceridian HCM Holding, Inc.† | 59,428 | 5,730,048 | ||||||
Clarivate PLC† | 80,515 | 2,209,332 | ||||||
Constellation Software, Inc. | 3,416 | 4,230,295 | ||||||
Paycom Software, Inc.† | 3,925 | 1,637,039 | ||||||
SS&C Technologies Holdings, Inc. | 73,598 | 5,070,166 | ||||||
25,322,609 | ||||||||
Entertainment Software — 1.1% |
| |||||||
Take-Two Interactive Software, Inc.† | 13,665 | 2,466,669 | ||||||
Zynga, Inc., Class A† | 214,173 | 1,766,927 | ||||||
4,233,596 | ||||||||
Finance - Credit Card — 0.6% |
| |||||||
Discover Financial Services | 27,995 | 2,132,379 | ||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 35,890 | 1,750,714 | ||||||
Finance - Other Services — 0.3% |
| |||||||
Cboe Global Markets, Inc. | 13,996 | 1,278,115 | ||||||
Food - Catering — 0.4% |
| |||||||
Aramark | 47,395 | 1,658,825 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Hyatt Hotels Corp., Class A# | 21,425 | 1,541,957 | ||||||
Instruments - Scientific — 1.2% |
| |||||||
PerkinElmer, Inc. | 17,340 | 2,306,220 | ||||||
Waters Corp.† | 10,267 | 2,382,047 | ||||||
4,688,267 | ||||||||
Insurance Brokers — 1.3% |
| |||||||
Aon PLC, Class A | 20,743 | 4,250,033 | ||||||
Willis Towers Watson PLC | 3,616 | 752,815 | ||||||
5,002,848 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 2.3% |
| |||||||
Intact Financial Corp. | 33,355 | $ | 3,731,538 | |||||
James River Group Holdings, Ltd. | 43,820 | 1,997,316 | ||||||
WR Berkley Corp. | 47,465 | 3,091,395 | ||||||
8,820,249 | ||||||||
Internet Application Software — 0.6% |
| |||||||
Wix.com, Ltd.† | 9,153 | 2,337,951 | ||||||
Internet Content - Entertainment — 0.4% |
| |||||||
Pinterest, Inc., Class A† | 24,351 | 1,705,057 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
LPL Financial Holdings, Inc. | 48,206 | 4,375,659 | ||||||
Machinery - General Industrial — 0.9% |
| |||||||
Middleby Corp.† | 10,446 | 1,420,552 | ||||||
Westinghouse Air Brake Technologies Corp. | 28,674 | 2,101,804 | ||||||
3,522,356 | ||||||||
Machinery - Print Trade — 0.6% |
| |||||||
Kornit Digital, Ltd.† | 29,315 | 2,473,307 | ||||||
Machinery - Pumps — 0.6% |
| |||||||
Ingersoll Rand, Inc.† | 54,411 | 2,408,775 | ||||||
Medical Instruments — 1.4% |
| |||||||
Boston Scientific Corp.† | 104,199 | 3,454,197 | ||||||
Edwards Lifesciences Corp.† | 23,276 | 1,952,623 | ||||||
5,406,820 | ||||||||
Medical Labs & Testing Services — 1.8% |
| |||||||
Catalent, Inc.† | 71,967 | 6,918,907 | ||||||
Medical Products — 3.3% |
| |||||||
Cooper Cos., Inc. | 17,959 | 6,020,216 | ||||||
Haemonetics Corp.† | 14,960 | 1,688,236 | ||||||
STERIS PLC | 16,317 | 3,162,398 | ||||||
Varian Medical Systems, Inc.† | 9,198 | 1,600,268 | ||||||
12,471,118 | ||||||||
Medical - Biomedical/Gene — 1.8% |
| |||||||
Abcam PLC ADR† | 28,206 | 537,606 | ||||||
Ascendis Pharma A/S ADR† | 5,152 | 869,297 | ||||||
BioMarin Pharmaceutical, Inc.† | 16,793 | 1,321,609 | ||||||
Illumina, Inc.† | 3,986 | 1,283,851 | ||||||
Maravai LifeSciences Holdings, Inc., Class A† | 61,421 | 1,729,001 | ||||||
Royalty Pharma PLC, Class A | 27,169 | 1,157,400 | ||||||
6,898,764 | ||||||||
Medical - Drugs — 1.6% |
| |||||||
Bristol-Myers Squibb Co. | 15,656 | 976,934 | ||||||
Horizon Therapeutics PLC† | 45,199 | 3,183,366 | ||||||
PRA Health Sciences, Inc.† | 17,761 | 1,992,784 | ||||||
6,153,084 | ||||||||
Metal Processors & Fabrication — 0.4% |
| |||||||
Rexnord Corp. | 44,577 | 1,672,083 | ||||||
Non-Hazardous Waste Disposal — 0.6% |
| |||||||
Waste Connections, Inc. | 22,871 | 2,378,127 | ||||||
Patient Monitoring Equipment — 0.5% |
| |||||||
Insulet Corp.† | 6,740 | 1,736,965 | ||||||
Power Converter/Supply Equipment — 0.6% |
| |||||||
Generac Holdings, Inc.† | 10,303 | 2,221,327 | ||||||
Printing - Commercial — 0.5% |
| |||||||
Cimpress PLC†# | 21,899 | 1,962,807 | ||||||
Real Estate Investment Trusts — 1.5% |
| |||||||
Crown Castle International Corp. | 11,354 | 1,902,590 |
150 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Lamar Advertising Co., Class A | 48,187 | $ | 3,836,167 | |||||
5,738,757 | ||||||||
Rental Auto/Equipment — 0.7% |
| |||||||
United Rentals, Inc.† | 11,016 | 2,500,412 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Burlington Stores, Inc.† | 5,730 | 1,252,234 | ||||||
Lululemon Athletica, Inc.† | 10,725 | 3,970,610 | ||||||
5,222,844 | ||||||||
Retail - Automobile — 0.8% |
| |||||||
CarMax, Inc.† | 31,554 | 2,949,668 | ||||||
Retail - Floor Coverings — 0.6% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 31,091 | 2,490,078 | ||||||
Retail - Pet Food & Supplies — 0.9% |
| |||||||
Freshpet, Inc.† | 26,465 | 3,622,529 | ||||||
Retail - Restaurants — 2.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 3,020 | 3,894,079 | ||||||
Dunkin’ Brands Group, Inc. | 29,976 | 3,187,648 | ||||||
Wingstop, Inc. | 13,553 | 1,725,432 | ||||||
8,807,159 | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
NXP Semiconductors NV | 8,699 | 1,378,096 | ||||||
Semiconductor Equipment — 3.7% |
| |||||||
Entegris, Inc. | 28,390 | 2,629,482 | ||||||
KLA Corp. | 20,420 | 5,145,227 | ||||||
Lam Research Corp. | 13,847 | 6,267,983 | ||||||
14,042,692 | ||||||||
Telecommunication Equipment — 1.4% |
| |||||||
NICE, Ltd. ADR†# | 22,524 | 5,489,549 | ||||||
Therapeutics — 0.5% |
| |||||||
Neurocrine Biosciences, Inc.† | 8,368 | 794,458 | ||||||
Sarepta Therapeutics, Inc.† | 7,691 | 1,083,354 | ||||||
1,877,812 | ||||||||
Transport - Rail — 0.5% |
| |||||||
Kansas City Southern | 9,825 | 1,829,120 | ||||||
Transport - Truck — 1.0% |
| |||||||
JB Hunt Transport Services, Inc. | 11,921 | 1,612,673 | ||||||
XPO Logistics, Inc.†# | 22,248 | 2,373,417 | ||||||
3,986,090 | ||||||||
Veterinary Diagnostics — 0.5% |
| |||||||
Elanco Animal Health, Inc.†# | 56,798 | 1,737,451 | ||||||
Web Hosting/Design — 1.1% |
| |||||||
GoDaddy, Inc., Class A† | 52,354 | 4,164,237 | ||||||
Total Common Stocks | ||||||||
(cost $227,796,276) | 372,800,814 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.6% |
| |||||||
E-Commerce/Services — 0.6% |
| |||||||
Airbnb, Inc., Series D†(1)(2) | 29,418 | 2,502,785 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $228,993,972) | 375,303,599 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Commercial Paper — 1.5% |
| |||||||
Credit Agricole Corporate and Investment Bank | $ | 5,700,000 | $ | 5,699,986 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $234,693,972)(3) | 99.5 | % | 381,003,585 | |||||
Other assets less liabilities | 0.5 | 1,895,159 | ||||||
NET ASSETS | 100.0 | % | $ | 382,898,744 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2020, the Fund had loaned securities with a total value of $12,904,928. This was secured by collateral of $13,516,577 received in form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 683,485 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 1,835,438 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 62,906 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 472,680 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/15/2020 to 02/15/2050 | 10,462,068 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc. | 04/16/2014 | 29,418 | $ | 1,197,696 | $ | 2,502,785 | $ | 85.08 | 0.65 | % | ||||||||||||||
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
151 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 372,800,814 | $ | — | $ | — | $ | 372,800,814 | ||||||||
Convertible Preferred Securities | — | — | 2,502,785 | 2,502,785 | ||||||||||||
Short-Term Investment Securities | — | 5,699,986 | — | 5,699,986 | ||||||||||||
Total Investments at Value | $ | 372,800,814 | $ | 5,699,986 | $ | 2,502,785 | $ | 381,003,585 | ||||||||
* | 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
152 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Computers | 12.4 | % | ||
E-Commerce/Products | 10.9 | |||
Applications Software | 10.6 | |||
Electronic Components — Semiconductors | 8.7 | |||
Web Portals/ISP | 7.6 | |||
Internet Content — Entertainment | 5.7 | |||
Medical — Biomedical/Gene | 4.3 | |||
Auto — Cars/Light Trucks | 4.1 | |||
Cable/Satellite TV | 3.1 | |||
Commercial Services — Finance | 2.5 | |||
Repurchase Agreements | 2.4 | |||
Beverages — Non-alcoholic | 2.2 | |||
Semiconductor Components — Integrated Circuits | 2.2 | |||
Electronic Forms | 1.8 | |||
Semiconductor Equipment | 1.7 | |||
Retail — Discount | 1.6 | |||
E-Commerce/Services | 1.5 | |||
Networking Products | 1.4 | |||
Cellular Telecom | 1.3 | |||
Computer Aided Design | 1.2 | |||
Data Processing/Management | 1.2 | |||
Entertainment Software | 1.2 | |||
Retail — Restaurants | 0.9 | |||
Communications Software | 0.7 | |||
Medical Instruments | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Food — Confectionery | 0.6 | |||
U.S. Government Treasuries | 0.6 | |||
Electric — Integrated | 0.6 | |||
Transport — Rail | 0.5 | |||
Distribution/Wholesale | 0.4 | |||
Computer Software | 0.4 | |||
Computer Services | 0.3 | |||
Hotels/Motels | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Commercial Services | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Consulting Services | 0.3 | |||
Drug Delivery Systems | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Medical Information Systems | 0.2 | |||
E-Services/Consulting | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Computer Data Security | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
153 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Applications Software — 10.6% |
| |||||||
Intuit, Inc. | 15,668 | $ | 5,515,449 | |||||
Microsoft Corp. | 355,034 | 76,002,129 | ||||||
81,517,578 | ||||||||
Auto - Cars/Light Trucks — 4.1% |
| |||||||
Tesla, Inc.† | 55,764 | 31,651,646 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
PACCAR, Inc. | 20,715 | 1,803,448 | ||||||
Beverages - Non-alcoholic — 2.2% |
| |||||||
Keurig Dr Pepper, Inc. | 84,213 | 2,564,286 | ||||||
Monster Beverage Corp.† | 31,562 | 2,675,826 | ||||||
PepsiCo, Inc. | 82,863 | 11,951,331 | ||||||
17,191,443 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Fox Corp., Class A | 20,567 | 593,152 | ||||||
Fox Corp., Class B | 15,624 | 443,409 | ||||||
1,036,561 | ||||||||
Cable/Satellite TV — 3.1% |
| |||||||
Charter Communications, Inc., Class A† | 12,262 | 7,994,701 | ||||||
Comcast Corp., Class A | 272,812 | 13,706,075 | ||||||
Liberty Global PLC, Class A† | 10,908 | 245,648 | ||||||
Liberty Global PLC, Class C† | 23,867 | 516,482 | ||||||
Sirius XM Holdings, Inc.# | 259,744 | 1,685,739 | ||||||
24,148,645 | ||||||||
Cellular Telecom — 1.3% |
| |||||||
T-Mobile US, Inc.† | 74,076 | 9,847,663 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 6,194 | 2,200,728 | ||||||
Commercial Services - Finance — 2.5% |
| |||||||
Automatic Data Processing, Inc. | 25,731 | 4,474,106 | ||||||
PayPal Holdings, Inc.† | 70,216 | 15,034,650 | ||||||
19,508,756 | ||||||||
Communications Software — 0.7% |
| |||||||
Zoom Video Communications, Inc., Class A† | 10,898 | 5,213,167 | ||||||
Computer Aided Design — 1.2% |
| |||||||
ANSYS, Inc.† | 5,134 | 1,735,600 | ||||||
Autodesk, Inc.† | 13,117 | 3,675,777 | ||||||
Cadence Design Systems, Inc.† | 16,684 | 1,940,349 | ||||||
Synopsys, Inc.† | 9,082 | 2,066,155 | ||||||
9,417,881 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Check Point Software Technologies, Ltd.† | 8,390 | 987,335 | ||||||
Computer Services — 0.3% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 32,450 | 2,535,318 | ||||||
Computer Software — 0.4% |
| |||||||
Citrix Systems, Inc. | 7,393 | 916,141 | ||||||
Splunk, Inc.† | 9,506 | 1,940,935 | ||||||
2,857,076 | ||||||||
Computers — 12.4% |
| |||||||
Apple, Inc. | 802,359 | 95,520,839 | ||||||
Consulting Services — 0.3% |
| |||||||
Verisk Analytics, Inc. | 9,718 | 1,927,177 | ||||||
Data Processing/Management — 1.2% |
| |||||||
DocuSign, Inc.† | 11,072 | 2,523,087 | ||||||
Fiserv, Inc.† | 40,075 | 4,615,839 |
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management (continued) |
| |||||||
Paychex, Inc. | 21,471 | $ | 2,000,024 | |||||
9,138,950 | ||||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
Align Technology, Inc.† | 4,715 | 2,269,282 | ||||||
Diagnostic Kits — 0.3% |
| |||||||
IDEXX Laboratories, Inc.† | 5,090 | 2,346,388 | ||||||
Distribution/Wholesale — 0.4% |
| |||||||
Copart, Inc.† | 14,050 | 1,622,073 | ||||||
Fastenal Co. | 34,329 | 1,697,569 | ||||||
3,319,642 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
DexCom, Inc.† | 5,730 | 1,831,766 | ||||||
E-Commerce/Products — 10.9% |
| |||||||
Amazon.com, Inc.† | 23,499 | 74,445,772 | ||||||
eBay, Inc. | 41,884 | 2,112,210 | ||||||
JD.com, Inc. ADR† | 54,929 | 4,688,190 | ||||||
Pinduoduo, Inc. ADR† | 17,267 | 2,396,832 | ||||||
83,643,004 | ||||||||
E-Commerce/Services — 1.5% |
| |||||||
Booking Holdings, Inc.† | 2,451 | 4,971,731 | ||||||
Expedia Group, Inc. | 8,121 | 1,010,983 | ||||||
MercadoLibre, Inc.† | 2,975 | 4,621,157 | ||||||
Trip.com Group, Ltd . ADR† | 31,297 | 1,051,266 | ||||||
11,655,137 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 8,538 | 1,114,124 | ||||||
Electric-Integrated — 0.6% |
| |||||||
Exelon Corp. | 58,319 | 2,395,161 | ||||||
Xcel Energy, Inc. | 31,439 | 2,117,731 | ||||||
4,512,892 | ||||||||
Electronic Components - Semiconductors — 8.7% |
| |||||||
Advanced Micro Devices, Inc.† | 70,261 | 6,510,384 | ||||||
Broadcom, Inc. | 23,925 | 9,607,802 | ||||||
Intel Corp. | 254,520 | 12,306,042 | ||||||
Microchip Technology, Inc. | 15,108 | 2,030,364 | ||||||
Micron Technology, Inc.† | 66,487 | 4,261,152 | ||||||
NVIDIA Corp. | 36,924 | 19,793,479 | ||||||
Skyworks Solutions, Inc. | 9,996 | 1,411,135 | ||||||
Texas Instruments, Inc. | 54,814 | 8,838,758 | ||||||
Xilinx, Inc. | 14,621 | 2,128,087 | ||||||
66,887,203 | ||||||||
Electronic Forms — 1.8% |
| |||||||
Adobe, Inc.† | 28,705 | 13,734,481 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Workday, Inc., Class A† | 10,593 | 2,381,200 | ||||||
Entertainment Software — 1.2% |
| |||||||
Activision Blizzard, Inc. | 46,193 | 3,671,420 | ||||||
Electronic Arts, Inc. | 17,283 | 2,207,903 | ||||||
NetEase, Inc. ADR | 21,465 | 1,939,792 | ||||||
Take-Two Interactive Software, Inc.† | 6,843 | 1,235,230 | ||||||
9,054,345 | ||||||||
Food - Confectionery — 0.6% |
| |||||||
Mondelez International, Inc., Class A | 85,479 | 4,910,769 | ||||||
Food - Misc./Diversified — 0.3% |
| |||||||
Kraft Heinz Co. | 73,165 | 2,410,055 | ||||||
154 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Hotels/Motels — 0.3% |
| |||||||
Marriott International, Inc., Class A | 19,409 | $ | 2,462,420 | |||||
Internet Content - Entertainment — 5.7% |
| |||||||
Facebook, Inc., Class A† | 112,796 | 31,241,108 | ||||||
Netflix, Inc.† | 26,392 | 12,950,555 | ||||||
44,191,663 | ||||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp. | 18,276 | 1,367,776 | ||||||
Medical Instruments — 0.7% |
| |||||||
Intuitive Surgical, Inc.† | 7,003 | 5,084,528 | ||||||
Medical - Biomedical/Gene — 4.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 13,116 | 1,601,595 | ||||||
Amgen, Inc. | 35,051 | 7,782,724 | ||||||
Biogen, Inc.† | 9,474 | 2,275,371 | ||||||
BioMarin Pharmaceutical, Inc.† | 10,853 | 854,131 | ||||||
Gilead Sciences, Inc. | 75,029 | 4,552,009 | ||||||
Illumina, Inc.† | 8,737 | 2,814,100 | ||||||
Incyte Corp.† | 13,088 | 1,106,460 | ||||||
Moderna, Inc.† | 23,614 | 3,606,802 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,256 | 3,228,284 | ||||||
Seagen, Inc.† | 10,413 | 1,773,438 | ||||||
Vertex Pharmaceuticals, Inc.† | 15,588 | 3,550,167 | ||||||
33,145,081 | ||||||||
Networking Products — 1.4% |
| |||||||
Cisco Systems, Inc. | 252,683 | 10,870,423 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Lululemon Athletica, Inc.† | 7,440 | 2,754,437 | ||||||
Ross Stores, Inc. | 21,300 | 2,290,176 | ||||||
5,044,613 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 4,432 | 1,960,894 | ||||||
Retail-Discount — 1.6% |
| |||||||
Costco Wholesale Corp. | 26,423 | 10,351,739 | ||||||
Dollar Tree, Inc.† | 14,202 | 1,551,426 | ||||||
11,903,165 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
Walgreens Boots Alliance, Inc. | 51,858 | 1,971,123 | ||||||
Retail-Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 3,371 | 928,373 | ||||||
Retail - Restaurants — 0.9% |
| |||||||
Starbucks Corp. | 69,959 | 6,857,381 | ||||||
Semiconductor Components - Integrated Circuits — 2.2% |
| |||||||
Analog Devices, Inc. | 22,093 | 3,072,695 | ||||||
Maxim Integrated Products, Inc. | 15,960 | 1,325,318 | ||||||
NXP Semiconductors NV | 16,710 | 2,647,198 | ||||||
QUALCOMM, Inc. | 67,521 | 9,937,066 | ||||||
16,982,277 | ||||||||
Semiconductor Equipment — 1.7% |
| |||||||
Applied Materials, Inc. | 54,655 | 4,507,944 | ||||||
ASML Holding NV | 4,568 | 1,999,551 | ||||||
KLA Corp. | 9,304 | 2,344,329 | ||||||
Lam Research Corp. | 8,715 | 3,944,932 | ||||||
12,796,756 | ||||||||
Transport-Rail — 0.5% |
| |||||||
CSX Corp. | 45,784 | 4,122,849 | ||||||
Security Description | Shares/Principal Amount | Value (Note 2) | ||||||
Web Hosting/Design — 0.2% |
| |||||||
VeriSign, Inc.† | 6,873 | $ | 1,379,549 | |||||
Web Portals/ISP — 7.6% |
| |||||||
Alphabet, Inc., Class A† | 16,174 | 28,375,666 | ||||||
Alphabet, Inc., Class C† | 15,652 | 27,559,102 | ||||||
Baidu, Inc. ADR† | 16,828 | 2,338,924 | ||||||
58,273,692 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $216,926,743) | 745,917,062 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09% (1)(2) | 38,772 | 38,772 | ||||||
U.S. Government Treasuries — 0.6% |
| |||||||
United States Treasury Bills | ||||||||
0.11% due 12/31/2020(3) | $ | 150,000 | 149,990 | |||||
0.15% due 04/22/2021(3) | 3,500,000 | 3,498,740 | ||||||
0.16% due 05/20/2021(3) | 1,200,000 | 1,199,497 | ||||||
4,848,227 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $4,885,850) | 4,886,999 | |||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $18,141,000 and collateralized by $18,577,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $18,503,877 | 18,141,000 | 18,141,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $239,953,593)(4) | 99.9 | % | 768,945,061 | |||||
Other assets less liabilities | 0.1 | 960,623 | ||||||
NET ASSETS | 100.0 | % | $ | 769,905,684 | ||||
† | 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 November 30, 2020. |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $1,685,739. This was secured by collateral of $38,772, which was received in cash and subsequently invested in short-term investments currently valued at $38,772 as reported in the Portfolio of Investments. Additional collateral of $1,699,330 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2021 to 11/15/2049 | $ | 1,699,330 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
155 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
97 | Long | NASDAQ 100 E-Mini Index | December 2020 | $ | 22,496,275 | $ | 23,817,380 | $ | 1,321,105 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 745,917,062 | $ | — | $ | — | $ | 745,917,062 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 38,772 | — | — | 38,772 | ||||||||||||
U.S. Government Treasuries | — | 4,848,227 | — | 4,848,227 | ||||||||||||
Repurchase Agreements | — | 18,141,000 | — | 18,141,000 | ||||||||||||
Total Investments at Value | $ | 745,955,834 | $ | 22,989,227 | $ | — | $ | 768,945,061 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,321,105 | $ | — | $ | — | $ | 1,321,105 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
156 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 12.8 | % | ||
Web Portals/ISP | 8.1 | |||
Enterprise Software/Service | 7.1 | |||
Commercial Services — Finance | 6.4 | |||
Internet Content — Entertainment | 6.2 | |||
E-Commerce/Services | 6.1 | |||
E-Commerce/Products | 6.1 | |||
Computer Software | 6.1 | |||
Applications Software | 5.1 | |||
Semiconductor Equipment | 4.7 | |||
Semiconductor Components — Integrated Circuits | 4.0 | |||
Computers | 2.6 | |||
Computer Data Security | 2.3 | |||
Registered Investment Companies | 2.1 | |||
Internet Application Software | 1.9 | |||
Retail — Apparel/Shoe | 1.6 | |||
Entertainment Software | 1.5 | |||
Communications Software | 1.3 | |||
Computers — Memory Devices | 1.3 | |||
Electronic Components — Misc. | 1.2 | |||
Finance — Credit Card | 1.1 | |||
Data Processing/Management | 1.1 | |||
Internet Security | 0.9 | |||
Wireless Equipment | 0.8 | |||
Internet Content — Information/News | 0.7 | |||
Computer Services | 0.7 | |||
Networking Products | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Electronic Forms | 0.5 | |||
Computers — Other | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Medical Instruments | 0.3 | |||
Advertising Services | 0.3 | |||
Energy — Alternate Sources | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Computer Aided Design | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Pharmacy Services | 0.2 | |||
Specified Purpose Acquisitions | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Exchange — Traded Funds | 0.1 | |||
Electronic Connectors | 0.1 | |||
Transport — Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
99.2 | % | |||
* | Calculated as a percentage of net assets |
157 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.2% |
| |||||||
Advertising Services — 0.3% |
| |||||||
Trade Desk, Inc., Class A† | 6,505 | $ | 5,861,460 | |||||
Apparel Manufacturers — 0.2% |
| |||||||
boohoo Group PLC† | 1,028,832 | 4,293,069 | ||||||
Applications Software — 5.1% |
| |||||||
Epic Games, Inc.†(1)(2) | 2,883 | 1,657,725 | ||||||
Intuit, Inc. | 13,650 | 4,805,073 | ||||||
Microsoft Corp. | 364,367 | 78,000,044 | ||||||
ServiceNow, Inc.† | 26,569 | 14,202,459 | ||||||
TeamViewer AG†* | 108,219 | 5,154,527 | ||||||
103,819,828 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Tesla, Inc.† | 16,785 | 9,527,166 | ||||||
Commercial Services - Finance — 6.4% |
| |||||||
Adyen NV†*# | 1,575 | 3,009,741 | ||||||
Avalara, Inc.† | 8,270 | 1,420,372 | ||||||
FleetCor Technologies, Inc.† | 40,533 | 10,749,757 | ||||||
Global Payments, Inc. | 168,137 | 32,818,661 | ||||||
PayPal Holdings, Inc.† | 216,391 | 46,333,641 | ||||||
Square, Inc., Class A† | 140,082 | 29,551,699 | ||||||
WEX, Inc.† | 37,679 | 6,527,510 | ||||||
130,411,381 | ||||||||
Communications Software — 1.3% |
| |||||||
RingCentral, Inc., Class A† | 40,660 | 12,078,053 | ||||||
Zoom Video Communications, Inc., Class A† | 30,420 | 14,551,711 | ||||||
26,629,764 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Autodesk, Inc.† | 7,735 | 2,167,579 | ||||||
Cadence Design Systems, Inc.† | 13,315 | 1,548,535 | ||||||
3,716,114 | ||||||||
Computer Data Security — 2.3% |
| |||||||
Crowdstrike Holdings, Inc., Class A† | 142,530 | 21,846,999 | ||||||
McAfee Corp.† | 191,115 | 3,067,396 | ||||||
Varonis Systems, Inc.† | 39,685 | 4,787,598 | ||||||
Zscaler, Inc.† | 110,700 | 17,241,525 | ||||||
46,943,518 | ||||||||
Computer Services — 0.7% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 73,476 | 5,740,680 | ||||||
Genpact, Ltd. | 233,440 | 9,489,336 | ||||||
15,230,016 | ||||||||
Computer Software — 6.1% |
| |||||||
Citrix Systems, Inc. | 144,854 | 17,950,308 | ||||||
Cloudflare, Inc., Class A† | 28,910 | 2,170,563 | ||||||
Datadog, Inc., Class A† | 108,070 | 10,690,284 | ||||||
MongoDB, Inc.†# | 93,570 | 26,883,597 | ||||||
Slack Technologies, Inc., Class A† | 184,858 | 7,926,711 | ||||||
Snowflake, Inc., Class A†# | 13,850 | 4,512,884 | ||||||
Splunk, Inc.† | 95,482 | 19,495,515 | ||||||
Twilio, Inc., Class A† | 106,590 | 34,118,393 | ||||||
123,748,255 | ||||||||
Computers — 2.6% |
| |||||||
Apple, Inc. | 447,110 | 53,228,446 | ||||||
Computers - Memory Devices — 1.3% |
| |||||||
Pure Storage, Inc., Class A† | 1,352,707 | 24,713,957 | ||||||
Seagate Technology PLC | 16,335 | 960,661 | ||||||
25,674,618 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Other — 0.4% |
| |||||||
Lumentum Holdings, Inc.† | 92,698 | $ | 8,007,253 | |||||
Data Processing/Management — 1.1% |
| |||||||
DocuSign, Inc.† | 46,660 | 10,632,881 | ||||||
Fidelity National Information Services, Inc. | 36,940 | 5,482,265 | ||||||
Fiserv, Inc.† | 49,465 | 5,697,379 | ||||||
21,812,525 | ||||||||
E-Commerce/Products — 6.1% |
| |||||||
Alibaba Group Holding, Ltd.† | 174,472 | 5,883,974 | ||||||
Alibaba Group Holding, Ltd. ADR† | 63,886 | 16,825,017 | ||||||
Amazon.com, Inc.† | 27,457 | 86,984,874 | ||||||
Etsy, Inc.† | 79,421 | 12,762,955 | ||||||
JD.com, Inc. ADR† | 24,295 | 2,073,578 | ||||||
Ozon Holdings PLC ADR† | 28,886 | 1,156,018 | ||||||
125,686,416 | ||||||||
E-Commerce/Services — 5.9% |
| |||||||
58.com Inc Common Stock†(1)(2) | 628,854 | 17,607,912 | ||||||
Booking Holdings, Inc.† | 20,290 | 41,157,251 | ||||||
Delivery Hero SE†* | 73,557 | 8,883,929 | ||||||
Expedia Group, Inc. | 21,280 | 2,649,147 | ||||||
Match Group, Inc.† | 34,899 | 4,858,290 | ||||||
Tongcheng-Elong Holdings, Ltd.† | 1,997,600 | 3,726,630 | ||||||
Trainline PLC†* | 905,567 | 5,478,532 | ||||||
Trip.com Group, Ltd . ADR† | 977,990 | 32,850,684 | ||||||
Uber Technologies, Inc.† | 55,779 | 2,769,985 | ||||||
Zillow Group, Inc., Class A† | 8,995 | 992,598 | ||||||
120,974,958 | ||||||||
Electronic Components - Misc. — 1.2% |
| |||||||
Flex, Ltd.† | 1,053,755 | 17,102,444 | ||||||
Hon Hai Precision Industry Co., Ltd. | 806,000 | 2,327,298 | ||||||
Taiyo Yuden Co., Ltd. | 127,200 | 5,769,080 | ||||||
25,198,822 | ||||||||
Electronic Components - Semiconductors — 12.8% |
| |||||||
Advanced Micro Devices, Inc.† | 380,604 | 35,266,767 | ||||||
Cree, Inc.† | 35,820 | 3,237,770 | ||||||
Infineon Technologies AG | 288,195 | 10,148,195 | ||||||
IPG Photonics Corp.† | 14,260 | 2,951,963 | ||||||
Lattice Semiconductor Corp.† | 200,262 | 8,380,965 | ||||||
Marvell Technology Group, Ltd. | 590,179 | 27,319,386 | ||||||
Micron Technology, Inc.† | 970,530 | 62,201,268 | ||||||
NVIDIA Corp. | 42,103 | 22,569,734 | ||||||
Qorvo, Inc.† | 57,135 | 8,951,912 | ||||||
Samsung Electronics Co., Ltd. | 779,435 | 46,982,345 | ||||||
SK Hynix, Inc. | 162,826 | 14,346,875 | ||||||
Skyworks Solutions, Inc. | 38,295 | 5,406,105 | ||||||
STMicroelectronics NV | 143,165 | 5,604,817 | ||||||
STMicroelectronics NV# | 225,828 | 8,954,080 | ||||||
262,322,182 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 15,095 | 1,974,577 | ||||||
Electronic Forms — 0.5% |
| |||||||
Adobe, Inc.† | 21,851 | 10,455,048 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Koh Young Technology, Inc. | 38,835 | 3,288,455 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Array Technologies, Inc.† | 105,953 | 4,829,338 | ||||||
Enterprise Software/Service — 7.1% |
| |||||||
Alteryx, Inc., Class A†# | 41,410 | 4,962,574 | ||||||
Ceridian HCM Holding, Inc.† | 28,327 | 2,731,289 |
158 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service (continued) |
| |||||||
Coupa Software, Inc.† | 6,170 | $ | 2,029,375 | |||||
Guidewire Software, Inc.† | 75,824 | 9,286,924 | ||||||
HubSpot, Inc.† | 14,140 | 5,575,826 | ||||||
Paycom Software, Inc.† | 66,470 | 27,723,308 | ||||||
salesforce.com, Inc.† | 238,473 | 58,616,663 | ||||||
SVMK, Inc.† | 113,238 | 2,409,705 | ||||||
Veeva Systems, Inc., Class A† | 32,840 | 9,092,411 | ||||||
Workday, Inc., Class A† | 97,100 | 21,827,109 | ||||||
144,255,184 | ||||||||
Entertainment Software — 1.5% |
| |||||||
Activision Blizzard, Inc. | 15,615 | 1,241,080 | ||||||
Electronic Arts, Inc. | 32,426 | 4,142,421 | ||||||
Mail.Ru Group, Ltd. GDR† | 580,502 | 16,747,483 | ||||||
NetEase, Inc. ADR | 27,955 | 2,526,293 | ||||||
Take-Two Interactive Software, Inc.† | 15,020 | 2,711,260 | ||||||
Zynga, Inc., Class A† | 271,106 | 2,236,625 | ||||||
29,605,162 | ||||||||
Finance - Credit Card — 1.1% |
| |||||||
Visa, Inc., Class A | 109,497 | 23,032,694 | ||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Maplebear, Inc. (dba Instacart) Non-Voting†(1)(2) | 523 | 33,995 | ||||||
Maplebear, Inc. (dba Instacart) Voting†(1)(2) | 10,016 | 651,040 | ||||||
685,035 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 23,100 | 1,735,734 | ||||||
Keyence Corp. | 5,500 | 2,807,423 | ||||||
4,543,157 | ||||||||
Internet Application Software — 1.9% |
| |||||||
Okta, Inc.† | 66,285 | 16,242,476 | ||||||
Shopify, Inc., Class A† | 14,455 | 15,761,443 | ||||||
Wix.com, Ltd.† | 14,932 | 3,814,081 | ||||||
Zendesk, Inc.† | 22,870 | 3,053,145 | ||||||
38,871,145 | ||||||||
Internet Content - Entertainment — 6.2% |
| |||||||
Facebook, Inc., Class A† | 321,140 | 88,946,146 | ||||||
Netflix, Inc.† | 5,460 | 2,679,222 | ||||||
Pinterest, Inc., Class A† | 187,748 | 13,146,115 | ||||||
Snap, Inc., Class A† | 436,212 | 19,376,537 | ||||||
Spotify Technology SA† | 2,645 | 770,674 | ||||||
Tencent Music Entertainment Group ADR† | 170,529 | 2,858,066 | ||||||
127,776,760 | ||||||||
Internet Content - Information/News — 0.7% |
| |||||||
Naspers, Ltd., Class N | 46,976 | 9,491,359 | ||||||
Tencent Holdings, Ltd. | 79,671 | 5,786,928 | ||||||
15,278,287 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 8,015 | 1,304,922 | ||||||
Internet Security — 0.9% |
| |||||||
FireEye, Inc.† | 59,820 | 899,095 | ||||||
NortonLifeLock, Inc. | 563,668 | 10,275,668 | ||||||
Palo Alto Networks, Inc.† | 27,480 | 8,076,921 | ||||||
19,251,684 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Bloom Energy Corp., Class A†# | 60,845 | 1,491,919 | ||||||
Medical Instruments — 0.3% |
| |||||||
Intuitive Surgical, Inc.† | 9,484 | 6,885,858 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Networking Products — 0.6% |
| |||||||
Arista Networks, Inc.† | 3,430 | $ | 928,501 | |||||
Cisco Systems, Inc. | 248,142 | 10,675,069 | ||||||
11,603,570 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) Class A†(1)(2) | 49,774 | 1,220,986 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
News Corp., Class A | 162,820 | 2,873,773 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
Equinix, Inc. | 990 | 690,812 | ||||||
Retail - Apparel/Shoe — 1.6% |
| |||||||
Zalando SE†* | 326,986 | 33,075,852 | ||||||
Semiconductor Components - Integrated Circuits — 4.0% |
| |||||||
Maxim Integrated Products, Inc. | 152,891 | 12,696,069 | ||||||
NXP Semiconductors NV | 61,935 | 9,811,743 | ||||||
QUALCOMM, Inc. | 278,179 | 40,939,603 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 191,660 | 18,594,853 | ||||||
82,042,268 | ||||||||
Semiconductor Equipment — 4.7% |
| |||||||
Applied Materials, Inc. | 247,481 | 20,412,233 | ||||||
BE Semiconductor Industries NV | 142,351 | 7,439,090 | ||||||
FormFactor, Inc.† | 136,482 | 5,595,762 | ||||||
Globalwafers Co., Ltd. | 254,000 | 4,972,617 | ||||||
KLA Corp. | 56,690 | 14,284,179 | ||||||
Lam Research Corp. | 46,007 | 20,825,529 | ||||||
Teradyne, Inc. | 153,336 | 16,919,094 | ||||||
Tokyo Electron, Ltd. | 13,900 | 4,722,538 | ||||||
95,171,042 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Reinvent Technology Partners† | 250,920 | 2,935,764 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 200,417 | 7,499,604 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
GoDaddy, Inc., Class A† | 32,562 | 2,589,981 | ||||||
Web Portals/ISP — 8.1% |
| |||||||
Alphabet, Inc., Class A† | 26,224 | 46,007,386 | ||||||
Alphabet, Inc., Class C† | 59,924 | 105,510,584 | ||||||
Baidu, Inc. ADR† | 73,859 | 10,265,662 | ||||||
NAVER Corp. | 12,955 | 3,248,848 | ||||||
165,032,480 | ||||||||
Wireless Equipment — 0.8% |
| |||||||
Samsung SDI Co., Ltd. | 33,354 | 16,065,863 | ||||||
Total Common Stocks | ||||||||
(cost $1,334,540,427) | 1,967,417,011 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.6% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
GM Cruise Holdings, LLC Class F†(1)(2) | 89,700 | 1,637,025 | ||||||
E-Commerce/Services — 0.2% |
| |||||||
Airbnb, Inc., Series E†(1)(2) | 26,943 | 2,292,221 | ||||||
Rappi, Inc., Series E†(1)(2) | 39,184 | 2,341,089 | ||||||
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2) | 11,731 | 434,047 | ||||||
5,067,357 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Maplebear, Inc. (dba Instacart) | 20,650 | 1,342,250 | ||||||
159 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
IT Services — 0.0% |
| |||||||
Mesosphere, Inc. | 151,129 | $ | 337,018 | |||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 61,401 | 1,506,203 | ||||||
Transport - Services — 0.1% |
| |||||||
Waymo LLC | 21,059 | 1,808,277 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $12,245,163) | 11,698,130 | |||||||
EXCHANGE - TRADED FUNDS — 0.1% |
| |||||||
iShares Expanded Tech Sector ETF# | 5,940 | 1,992,038 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,348,264,231) | 1,981,107,179 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,211 | 500,211 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 9,368,782 | 9,368,782 | ||||||
T. Rowe Price Government Reserve Fund | 34,039,222 | 34,039,222 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $43,908,215) | 43,908,215 | |||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $3,850,000 and collateralized by $3,942,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $3,927,060 | $ | 3,850,000 | 3,850,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,396,022,446)(5) | 99.2 | % | 2,028,865,394 | |||||
Other assets less liabilities | 0.8 | 17,352,743 | ||||||
NET ASSETS | 100.0 | % | $ | 2,046,218,137 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $55,602,581 representing 2.7% 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 November 30, 2020, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
58.com, Inc. | 08/31/2020 | 628,854 | $ | 16,791,820 | $ | 17,607,912 | $ | 28.00 | 0.86 | % | ||||||||||||||
Epic Games, Inc. | 06/18/2020 | 2,883 | 1,657,725 | 1,657,725 | 575.00 | 0.08 | ||||||||||||||||||
Maplebear, Inc. (dba Instacart) Non-Voting | 08/07/2020 | 523 | 24,233 | |||||||||||||||||||||
Maplebear, Inc. (dba Instacart) Voting | 08/07/2020 | 10,016 | 464,080 | |||||||||||||||||||||
10,539 | 488,313 | 685,035 | 65.00 | 0.03 | ||||||||||||||||||||
JAND, Inc., (dba Warby Parker), Class A | 03/09/2018 | 49,774 | 782,298 | 1,220,986 | 24.53 | 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 | 2,292,221 | 85.08 | 0.11 | ||||||||||||||||||||
GM Cruise Holdings, LLC | ||||||||||||||||||||||||
Class F | 05/07/2019 | 89,700 | 1,637,025 | 1,637,025 | 18.25 | 0.08 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | ||||||||||||||||||||||||
Series E | 03/09/2018 | 61,401 | 965,040 | 1,506,203 | 24.53 | 0.07 | ||||||||||||||||||
Maplebear, Inc., (dba Instacart) | ||||||||||||||||||||||||
Series G | 07/02/2020 | 20,650 | 993,098 | 1,342,250 | 65.00 | 0.07 | ||||||||||||||||||
Mesophere, Inc., | ||||||||||||||||||||||||
Series D | 05/04/2018 | 151,129 | 1,670,656 | 337,018 | 2.23 | 0.02 | ||||||||||||||||||
Rappi, Inc., | ||||||||||||||||||||||||
Series E | 09/08/2020 | 39,184 | 2,341,089 | 2,341,089 | 59.75 | 0.11 | ||||||||||||||||||
Waymo LLC | ||||||||||||||||||||||||
Series A-2 | 05/08/2020 | 21,059 | 1,808,277 | 1,808,277 | 85.87 | 0.09 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc., | ||||||||||||||||||||||||
Series A-17 | 10/19/2015 | 11,731 | 321,737 | 434,047 | 37.00 | 0.02 | ||||||||||||||||||
$ | 32,869,788 | 1.60 | % | |||||||||||||||||||||
(3) | The rate shown is the 7-day yield as of November 30, 2020. |
160 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
(4) | At November 30, 2020, the Fund had loaned securities with a total value of $14,026,346. This was secured by collateral of $9,368,782 which was received in cash and subsequently invested in short-term investments currently valued at $9.368,782 as reported in the Portfolio of Investments. Additional collateral of $5,039,629 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 04/08/2021 | $ | 158,009 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 11/15/2049 | 4,881,620 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 102,162,103 | $ | — | $ | 1,657,725 | $ | 103,819,828 | ||||||||
E-Commerce/Services | 103,367,046 | — | 17,607,912 | 120,974,958 | ||||||||||||
Food-Wholesale/Distribution | — | — | 685,035 | 685,035 | ||||||||||||
Pharmacy Services | — | — | 1,220,986 | 1,220,986 | ||||||||||||
Other Industries | 1,740,716,204 | — | — | 1,740,716,204 | ||||||||||||
Convertible Preferred Securities | — | — | 11,698,130 | 11,698,130 | ||||||||||||
Exchange -Traded Funds | 1,992,038 | — | — | 1,992,038 | ||||||||||||
Short-Term Investment Securities | 43,908,215 | — | — | 43,908,215 | ||||||||||||
Repurchase Agreements | — | 3,850,000 | — | 3,850,000 | ||||||||||||
Total Investments at Value | $ | 1,992,145,606 | $ | 3,850,000 | $ | 32,869,788 | $ | 2,028,865,394 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of May 31, 2020 | $ | 970,250 | $ | 8,074,314 | ||||
Accrued Discounts | — | — | ||||||
Accrued Premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 447,458 | 942,619 | ||||||
Change in unrealized depreciation(1) | — | (652,990 | ) | |||||
Net purchases | 2,146,038 | 3,334,187 | ||||||
Net Sales | — | — | ||||||
Transfers into Level 3(2) | 17,607,912 | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of November 30, 2020 | $ | 21,171,658 | $ | 11,698,130 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2020 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 447,458 | $ | 289,629 | |||||
(2) | ADR shares were converted to Unlisted Common Stock following an acquisition offer. Security was previously valued with Level 1 inputs |
161 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2020.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/20 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 3,563,746 | Market Approach | Transaction Price* | $24.5306 - $575.0000 ($288.36810)# | |||||
$ | 17,607,912 | Income Approach | Acquisition offer* | $28.00 | ||||||
Convertible Preferred Securities | $ | 9,068,891 | Market Approach | Transaction Price* | $18.2500 - $85.8672 ($51.3042)# | |||||
$ | 337,018 | Market Approach | Transaction Price* | $11.0500 | ||||||
Sales Multiple* | 3.6x | |||||||||
Gross Profit Mutilple* | 4.6x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 2,292,221 | Market Approach | Transaction Price* | $55.0000 | ||||||
Revenue Multiple* | 5.64x - 7.30x (6.25x)^ | |||||||||
Gross Profit Mutilple* | 8.27x | |||||||||
Discount for Lack of Marketability | 10.0% - 15.0% (12.5%)^ |
(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
162 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2020 — (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 18.4 | % | ||
Medical Products | 5.8 | |||
Electronic Components — Semiconductors | 4.6 | |||
Computer Software | 4.3 | |||
Medical — Drugs | 3.9 | |||
Registered Investment Companies | 3.8 | |||
Commercial Services — Finance | 2.9 | |||
Enterprise Software/Service | 2.4 | |||
Computer Data Security | 2.3 | |||
Retail — Pet Food & Supplies | 2.0 | |||
Internet Application Software | 1.9 | |||
Finance — Consumer Loans | 1.9 | |||
Retail — Discount | 1.9 | |||
Building & Construction Products — Misc. | 1.9 | |||
Communications Software | 1.7 | |||
Medical — Outpatient/Home Medical | 1.7 | |||
Steel Pipe & Tube | 1.5 | |||
Distribution/Wholesale | 1.5 | |||
Banks — Mortgage | 1.5 | |||
Food — Misc./Diversified | 1.4 | |||
Electronic Components — Misc. | 1.4 | |||
Educational Software | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Transport — Truck | 1.4 | |||
Energy — Alternate Sources | 1.3 | |||
Electronics — Military | 1.3 | |||
Racetracks | 1.3 | |||
Athletic Equipment | 1.3 | |||
Repurchase Agreements | 1.2 | |||
Commercial Services | 1.2 | |||
Consulting Services | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Computer Services | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Medical Labs & Testing Services | 1.0 | |||
Electric — Integrated | 1.0 | |||
Electronic Measurement Instruments | 1.0 | |||
Retail — Automobile | 1.0 | |||
Web Hosting/Design | 1.0 | |||
Applications Software | 1.0 | |||
Telecommunication Equipment | 1.0 | |||
Food — Baking | 0.9 | |||
Medical Instruments | 0.9 | |||
Health Care Cost Containment | 0.9 | |||
Medical Information Systems | 0.8 | |||
Instruments — Controls | 0.8 | |||
Therapeutics | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Machinery — Print Trade | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Transport — Services | 0.7 | |||
Telecom Services | 0.7 | |||
E-Commerce/Services | 0.6 | |||
Filtration/Separation Products | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Building — Mobile Home/Manufactured Housing | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
103.7 | % | |||
* | Calculated as a percentage of net assets |
163 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Apparel Manufacturers — 0.6% |
| |||||||
Canada Goose Holdings, Inc.†# | 32,050 | $ | 1,065,342 | |||||
Applications Software — 1.0% |
| |||||||
Five9, Inc.† | 11,940 | 1,853,088 | ||||||
Athletic Equipment — 1.3% |
| |||||||
YETI Holdings, Inc.† | 38,590 | 2,437,730 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Fox Factory Holding Corp.† | 16,850 | 1,470,500 | ||||||
Banks - Mortgage — 1.5% |
| |||||||
Walker & Dunlop, Inc. | 35,050 | 2,804,350 | ||||||
Building & Construction Products - Misc. — 1.9% |
| |||||||
Builders FirstSource, Inc.† | 24,190 | 904,948 | ||||||
Simpson Manufacturing Co., Inc. | 28,611 | 2,629,351 | ||||||
3,534,299 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.5% |
| |||||||
Skyline Champion Corp.† | 32,440 | 996,881 | ||||||
Building - Residential/Commercial — 0.7% |
| |||||||
Meritage Homes Corp.† | 15,110 | 1,362,167 | ||||||
Commercial Services — 1.2% |
| |||||||
LiveRamp Holdings, Inc.† | 39,460 | 2,308,805 | ||||||
Commercial Services - Finance — 2.9% |
| |||||||
Evo Payments, Inc., Class A† | 34,970 | 879,146 | ||||||
Green Dot Corp., Class A† | 20,870 | 1,117,797 | ||||||
Repay Holdings Corp.† | 79,190 | 1,910,855 | ||||||
Shift4 Payments, Inc., Class A† | 26,480 | 1,631,962 | ||||||
5,539,760 | ||||||||
Communications Software — 1.7% |
| |||||||
Avaya Holdings Corp.† | 172,510 | 3,210,411 | ||||||
Computer Data Security — 2.3% |
| |||||||
Varonis Systems, Inc.† | 36,190 | 4,365,962 | ||||||
Computer Services — 1.0% |
| |||||||
WNS Holdings, Ltd. ADR† | 28,120 | 1,979,929 | ||||||
Computer Software — 4.3% |
| |||||||
Bandwidth, Inc., Class A† | 37,450 | 5,684,161 | ||||||
Envestnet, Inc.† | 31,590 | 2,535,413 | ||||||
8,219,574 | ||||||||
Computers - Integrated Systems — 0.5% |
| |||||||
Telos Corp.† | 49,670 | 996,877 | ||||||
Consulting Services — 1.1% |
| |||||||
FTI Consulting, Inc.† | 19,800 | 2,079,396 | ||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
e.l.f. Beauty, Inc.† | 119,220 | 2,591,843 | ||||||
Distribution/Wholesale — 1.5% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 20,380 | 2,814,478 | ||||||
E-Commerce/Services — 0.6% |
| |||||||
EverQuote, Inc., Class A† | 31,850 | 1,199,471 | ||||||
Educational Software — 1.4% |
| |||||||
Arco Platform, Ltd., Class A† | 59,886 | 2,620,012 | ||||||
Electric - Integrated — 1.0% |
| |||||||
Evoqua Water Technologies Corp.† | 74,920 | 1,954,663 | ||||||
Electronic Components - Misc. — 1.4% |
| |||||||
Advanced Energy Industries, Inc.† | 27,250 | 2,628,535 | ||||||
Electronic Components - Semiconductors — 4.6% |
| |||||||
Lattice Semiconductor Corp.† | 90,910 | 3,804,584 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 68,530 | 3,061,920 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Silicon Laboratories, Inc.† | 17,130 | $ | 2,007,807 | |||||
8,874,311 | ||||||||
Electronic Measurement Instruments — 1.0% |
| |||||||
Itron, Inc.† | 24,830 | 1,951,886 | ||||||
Electronics - Military — 1.3% |
| |||||||
Mercury Systems, Inc.† | 35,400 | 2,521,188 | ||||||
Energy - Alternate Sources — 1.3% |
| |||||||
Plug Power, Inc.† | 60,920 | 1,607,679 | ||||||
Sunrun, Inc.† | 14,450 | 925,956 | ||||||
2,533,635 | ||||||||
Enterprise Software/Service — 2.4% |
| |||||||
ACI Worldwide, Inc.† | 45,960 | 1,497,377 | ||||||
Everbridge, Inc.† | 24,290 | 3,083,372 | ||||||
4,580,749 | ||||||||
Filtration/Separation Products — 0.6% |
| |||||||
ESCO Technologies, Inc. | 11,560 | 1,143,284 | ||||||
Finance - Consumer Loans — 1.9% |
| |||||||
LendingTree, Inc.†# | 2,930 | 748,849 | ||||||
PRA Group, Inc.† | 67,690 | 2,817,935 | ||||||
3,566,784 | ||||||||
Food - Baking — 0.9% |
| |||||||
Hostess Brands, Inc.† | 131,350 | 1,779,792 | ||||||
Food - Misc./Diversified — 1.4% |
| |||||||
BellRing Brands, Inc., Class A† | 105,630 | 2,154,852 | ||||||
Lancaster Colony Corp. | 3,140 | 531,696 | ||||||
2,686,548 | ||||||||
Health Care Cost Containment — 0.9% |
| |||||||
HealthEquity, Inc.† | 23,050 | 1,652,454 | ||||||
Instruments - Controls — 0.8% |
| |||||||
Watts Water Technologies, Inc., Class A | 13,490 | 1,580,354 | ||||||
Internet Application Software — 1.9% |
| |||||||
Wix.com, Ltd.† | 14,030 | 3,583,683 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
Chart Industries, Inc.† | 19,150 | 1,979,344 | ||||||
Machinery - Print Trade — 0.7% |
| |||||||
Kornit Digital, Ltd.† | 16,750 | 1,413,198 | ||||||
Medical Information Systems — 0.8% |
| |||||||
Health Catalyst, Inc.†# | 44,800 | 1,597,120 | ||||||
Medical Instruments — 0.9% |
| |||||||
Silk Road Medical, Inc.†# | 30,160 | 1,728,168 | ||||||
Medical Labs & Testing Services — 1.0% |
| |||||||
Invitae Corp.†# | 39,390 | 1,955,713 | ||||||
Medical Products — 5.8% |
| |||||||
Eargo, Inc.† | 13,830 | 693,021 | ||||||
Hanger, Inc.† | 44,010 | 998,587 | ||||||
Inspire Medical Systems, Inc.† | 14,840 | 2,756,382 | ||||||
iRhythm Technologies, Inc.† | 9,770 | 2,388,863 | ||||||
Masimo Corp.† | 6,510 | 1,656,730 | ||||||
Nevro Corp.† | 16,330 | 2,633,212 | ||||||
11,126,795 | ||||||||
Medical - Biomedical/Gene — 18.4% |
| |||||||
Allogene Therapeutics, Inc.† | 31,520 | 978,696 | ||||||
Amicus Therapeutics, Inc.† | 113,237 | 2,591,995 | ||||||
Apellis Pharmaceuticals, Inc.† | 51,760 | 2,439,966 | ||||||
Arcus Biosciences, Inc.† | 41,460 | 1,128,956 |
164 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Arena Pharmaceuticals, Inc.† | 18,410 | $ | 1,212,667 | |||||
Ascendis Pharma A/S ADR† | 8,860 | 1,494,948 | ||||||
Avidity Biosciences, Inc.† | 29,440 | 881,434 | ||||||
Bluebird Bio, Inc.† | 25,978 | 1,145,370 | ||||||
Blueprint Medicines Corp.† | 17,462 | 1,887,293 | ||||||
Celyad SA ADR† | 25,686 | 252,493 | ||||||
Constellation Pharmaceuticals, Inc.† | 46,790 | 1,185,658 | ||||||
CytomX Therapeutics, Inc.† | 85,130 | 640,178 | ||||||
Epizyme, Inc.† | 91,880 | 1,262,431 | ||||||
Equillium, Inc.†# | 75,960 | 394,992 | ||||||
Fate Therapeutics, Inc.† | 52,330 | 3,059,473 | ||||||
Five Prime Therapeutics, Inc.† | 30,450 | 572,460 | ||||||
Generation Bio Co.† | 29,700 | 1,432,134 | ||||||
Iovance Biotherapeutics, Inc.† | 46,858 | 1,818,559 | ||||||
Kronos Bio, Inc.† | 23,680 | 759,418 | ||||||
Mirati Therapeutics, Inc.† | 11,150 | 2,652,027 | ||||||
Opthea, Ltd. ADR† | 52,790 | 692,605 | ||||||
Replimune Group, Inc.† | 34,010 | 1,757,637 | ||||||
Sage Therapeutics, Inc.† | 17,300 | 1,281,757 | ||||||
SpringWorks Therapeutics, Inc.†# | 21,800 | 1,426,592 | ||||||
Twist Bioscience Corp.† | 19,200 | 2,145,408 | ||||||
35,095,147 | ||||||||
Medical - Drugs — 3.9% |
| |||||||
Bioxcel Therapeutics, Inc.†# | 24,400 | 1,073,600 | ||||||
Compass Pathways PLC ADR†# | 18,140 | 904,098 | ||||||
Kura Oncology, Inc.† | 50,090 | 1,818,267 | ||||||
Myovant Sciences, Ltd.†# | 63,560 | 1,509,550 | ||||||
ORIC Pharmaceuticals, Inc.†# | 40,120 | 1,360,469 | ||||||
PMV Pharmaceuticals Inc† | 22,970 | 809,463 | ||||||
7,475,447 | ||||||||
Medical - Outpatient/Home Medical — 1.7% |
| |||||||
LHC Group, Inc.† | 16,300 | 3,200,016 | ||||||
Racetracks — 1.3% |
| |||||||
Churchill Downs, Inc. | 13,800 | 2,482,896 | ||||||
Retail - Automobile — 1.0% |
| |||||||
Lithia Motors, Inc., Class A | 6,680 | 1,932,524 | ||||||
Retail - Discount — 1.9% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 56,730 | 2,325,363 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 14,040 | 1,236,362 | ||||||
3,561,725 | ||||||||
Retail - Pet Food & Supplies — 2.0% |
| |||||||
Freshpet, Inc.† | 28,400 | 3,887,392 | ||||||
Retail - Restaurants — 0.6% |
| |||||||
Wingstop, Inc. | 8,290 | 1,055,400 | ||||||
Semiconductor Equipment — 1.0% |
| |||||||
CMC Materials, Inc. | 12,840 | 1,980,955 | ||||||
Steel Pipe & Tube — 1.5% |
| |||||||
Advanced Drainage Systems, Inc. | 41,590 | 2,900,902 | ||||||
Telecom Services — 0.7% |
| |||||||
Vonage Holdings Corp.† | 97,980 | 1,260,023 | ||||||
Telecommunication Equipment — 1.0% |
| |||||||
Viavi Solutions, Inc.† | 135,360 | 1,833,451 | ||||||
Therapeutics — 0.8% |
| |||||||
GW Pharmaceuticals PLC ADR†# | 10,660 | 1,493,253 | ||||||
Transport - Services — 0.7% |
| |||||||
CryoPort, Inc.†# | 26,950 | 1,311,118 | ||||||
Transport - Truck — 1.4% |
| |||||||
Saia, Inc.† | 14,820 | 2,586,683 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Hosting/Design — 1.0% |
| |||||||
Q2 Holdings, Inc.†# | 16,780 | $ | 1,902,349 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $137,257,876) | 188,248,360 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.8% |
| |||||||
Registered Investment Companies — 3.8% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 7,212,505 | 7,212,505 | ||||||
REPURCHASE AGREEMENTS — 1.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $2,391,000 and collateralized by $2,448,500 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $2,438,849 | $ | 2,391,000 | 2,391,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $146,861,381)(3) | 103.7 | % | 197,851,865 | |||||
Liabilities in excess of other assets | (3.7 | ) | (7,105,182 | ) | ||||
NET ASSETS | 100.0 | % | $ | 190,746,683 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2020, the Fund had loaned securities with a total value of $12,219,147. This was secured by collateral of $7,212,505, which was received in cash and subsequently invested in short-term investments currently valued at $7,212,505 as reported in the Portfolio of Investments. Additional collateral of $5,188,852 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 243,200 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 653,093 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 22,384 | |||||
United States Treasury Bills | 0.00% | 02/25/2021 to 07/15/2021 | 7,051 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2021 to 11/15/2049 | 4,263,124 |
(2) | The rate shown is the 7-day yield as of November 30, 2020. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
165 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 188,248,360 | $ | — | $ | — | $ | 188,248,360 | ||||||||
Short-Term Investment Securities | 7,212,505 | — | — | 7,212,505 | ||||||||||||
Repurchase Agreements | — | 2,391,000 | — | 2,391,000 | ||||||||||||
Total Investments at Value | $ | 195,460,865 | $ | 2,391,000 | $ | — | $ | 197,851,865 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
166 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Banks — Commercial | 8.8 | % | ||
Medical — Biomedical/Gene | 4.4 | |||
Real Estate Investment Trusts | 4.3 | |||
Enterprise Software/Service | 2.4 | |||
Insurance — Property/Casualty | 2.3 | |||
Machinery — General Industrial | 2.3 | |||
Applications Software | 2.2 | |||
Repurchase Agreements | 2.1 | |||
Retail — Restaurants | 2.0 | |||
Commercial Services — Finance | 1.7 | |||
Distribution/Wholesale | 1.7 | |||
Medical Labs & Testing Services | 1.6 | |||
Registered Investment Companies | 1.5 | |||
Semiconductor Equipment | 1.5 | |||
Machinery — Farming | 1.5 | |||
Transport — Truck | 1.5 | |||
Medical Products | 1.5 | |||
Containers — Paper/Plastic | 1.4 | |||
Electric — Integrated | 1.4 | |||
Electric Products — Misc. | 1.4 | |||
Building — Mobile Home/Manufactured Housing | 1.4 | |||
Medical — HMO | 1.3 | |||
Metal Processors & Fabrication | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Commercial Services | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Food — Wholesale/Distribution | 1.1 | |||
Retail — Discount | 1.1 | |||
Physical Therapy/Rehabilitation Centers | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Tools — Hand Held | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Medical — Drugs | 0.9 | |||
Real Estate Management/Services | 0.9 | |||
Machine Tools & Related Products | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Medical — Outpatient/Home Medical | 0.9 | |||
Web Hosting/Design | 0.8 | |||
Building & Construction — Misc. | 0.8 | |||
Computer Software | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Schools | 0.8 | |||
Recreational Vehicles | 0.8 | |||
Instruments — Controls | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Computer Aided Design | 0.7 | |||
Gas — Distribution | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Disposable Medical Products | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Medical Instruments | 0.7 | |||
Machinery — Pumps | 0.6 | |||
Electronic Measurement Instruments | 0.6 | |||
Brewery | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Health Care Cost Containment | 0.6 | |||
Oil — Field Services | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Containers — Metal/Glass | 0.5 | |||
Identification Systems | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Golf | 0.5 | |||
Beverages — Non — alcoholic | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Retail — Convenience Store | 0.4 | |||
E — Commerce/Services | 0.4 | |||
Investment Companies | 0.4 |
Diagnostic Kits | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Water | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Recreational Centers | 0.3 | |||
Consulting Services | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Transport — Services | 0.3 | |||
Non — Hazardous Waste Disposal | 0.3 | |||
Insurance Brokers | 0.3 | |||
Retail — Automobile | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Retail — Vision Service Center | 0.3 | |||
Gold Mining | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Building — Maintenance & Services | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Metal — Aluminum | 0.3 | |||
Gambling (Non — Hotel) | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Finance — Other Services | 0.2 | |||
Security Services | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Entertainment Software | 0.2 | |||
Internet Security | 0.2 | |||
Therapeutics | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Auto Repair Centers | 0.2 | |||
Poultry | 0.2 | |||
Human Resources | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
E — Commerce/Products | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Wireless Equipment | 0.1 | |||
Internet Financial Services | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Metal — Copper | 0.1 | |||
Advertising Services | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Pharmacy Services | 0.1 | |||
Forestry | 0.1 | |||
Food — Confectionery | 0.1 | |||
Printing — Commercial | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Protection/Safety | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Diversified Minerals | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Internet Application Software | 0.1 | |||
Computers — Other | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Radio | 0.1 | |||
Data Processing/Management | 0.1 | |||
Food — Retail | 0.1 | |||
Paper & Related Products | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Theaters | 0.1 | |||
Home Furnishings | 0.1 |
167 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Advanced Materials | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Health Care Providers & Services | 0.1 | |||
Pollution Control | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Medical Information Systems | 0.1 | |||
Computer Services | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Retail — Bookstores | 0.1 | |||
Textile — Products | 0.1 | |||
Telecom Services | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Audio/Video Products | 0.1 | |||
E — Marketing/Info | 0.1 | |||
Airlines | 0.1 | |||
Coal | 0.1 | |||
Physicians Practice Management | 0.1 | |||
101.4 | % | |||
* | Calculated as a percentage of net assets |
168 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.7% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Core Molding Technologies, Inc.† | 7,500 | $ | 84,000 | |||||
Haynes International, Inc. | 7,795 | 165,176 | ||||||
249,176 | ||||||||
Advertising Services — 0.1% |
| |||||||
Fluent, Inc.† | 50,500 | 173,720 | ||||||
Marchex, Inc., Class B† | 40,000 | 86,400 | ||||||
Marin Software, Inc.† | 13,571 | 28,771 | ||||||
National CineMedia, Inc. | 32,706 | 110,219 | ||||||
399,110 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Air Industries Group† | 20,000 | 26,600 | ||||||
Kratos Defense & Security Solutions, Inc.† | 21,471 | 454,541 | ||||||
Teledyne Technologies, Inc.† | 3,060 | 1,156,496 | ||||||
1,637,637 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 5,455 | 204,181 | ||||||
CPI Aerostructures, Inc.† | 28,000 | 89,320 | ||||||
293,501 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 9,500 | 122,930 | ||||||
Agricultural Operations — 0.0% |
| |||||||
Alico, Inc. | 2,860 | 88,631 | ||||||
Airlines — 0.1% |
| |||||||
Mesa Air Group, Inc.† | 24,600 | 156,948 | ||||||
Apparel Manufacturers — 0.5% |
| |||||||
Carter’s, Inc.# | 14,119 | 1,256,450 | ||||||
Delta Apparel, Inc.† | 5,500 | 118,580 | ||||||
Tandy Leather Factory, Inc.† | 15,000 | 48,750 | ||||||
Vince Holding Corp.† | 10,000 | 51,400 | ||||||
1,475,180 | ||||||||
Appliances — 0.0% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 5,800 | 108,924 | ||||||
Applications Software — 1.9% |
| |||||||
Asana, Inc., Class A†# | 3,530 | 98,663 | ||||||
Descartes Systems Group, Inc.† | 16,892 | 1,001,527 | ||||||
Duck Creek Technologies, Inc.† | 9,001 | 357,880 | ||||||
Five9, Inc.† | 7,344 | 1,139,789 | ||||||
Medallia, Inc.†# | 36,023 | 1,260,445 | ||||||
Outset Medical, Inc.† | 899 | 57,536 | ||||||
PDF Solutions, Inc.† | 12,140 | 267,930 | ||||||
RealPage, Inc.† | 26,291 | 1,813,816 | ||||||
ServiceTitan, Inc.†(1)(2) | 191 | 6,455 | ||||||
Toast, Inc. †(1)(2) | 11 | 825 | ||||||
TransAct Technologies, Inc. | 7,500 | 63,300 | ||||||
Wayside Technology Group, Inc. | 2,700 | 56,403 | ||||||
6,124,569 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Emerson Radio Corp.† | 10,000 | 10,300 | ||||||
VOXX International Corp.† | 13,000 | 167,310 | ||||||
177,610 | ||||||||
Auto Repair Centers — 0.2% |
| |||||||
Monro, Inc. | 10,525 | 494,780 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
Sypris Solutions, Inc.† | 24,000 | 35,040 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Gentherm, Inc.† | 8,755 | 497,809 |
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) | ||||||||
Meritor, Inc.† | 25,900 | $ | 683,760 | |||||
Superior Industries International, Inc.† | 20,000 | 99,800 | ||||||
Titan International, Inc. | 55,400 | 278,108 | ||||||
Visteon Corp.† | 453 | 54,745 | ||||||
1,614,222 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.3% |
| |||||||
Douglas Dynamics, Inc. | 24,165 | 945,335 | ||||||
Banks - Commercial — 8.8% |
| |||||||
1st Constitution Bancorp | 7,400 | 120,916 | ||||||
American River Bankshares | 10,000 | 110,700 | ||||||
AmeriServ Financial, Inc. | 22,000 | 72,160 | ||||||
Atlantic Capital Bancshares, Inc.† | 8,850 | 124,254 | ||||||
Bank of Commerce Holdings | 12,140 | 114,237 | ||||||
Bank of Princeton | 2,051 | 48,875 | ||||||
Bank7 Corp. | 10,000 | 121,600 | ||||||
BankUnited, Inc. | 83,991 | 2,394,583 | ||||||
Baycom Corp.† | 7,500 | 108,000 | ||||||
BCB Bancorp, Inc. | 3,000 | 30,510 | ||||||
Blue Ridge Bankshares, Inc. | 5,000 | 74,050 | ||||||
Bridge Bancorp, Inc. | 7,900 | 176,328 | ||||||
C&F Financial Corp. | 3,000 | 112,500 | ||||||
California Bancorp, Inc.† | 6,300 | 101,430 | ||||||
Capital Bancorp, Inc.† | 8,500 | 101,065 | ||||||
Chemung Financial Corp. | 2,600 | 87,230 | ||||||
Citizens Holding Co. | 4,500 | 92,205 | ||||||
Codorus Valley Bancorp, Inc. | 7,145 | 119,965 | ||||||
Colony Bankcorp, Inc. | 7,500 | 106,950 | ||||||
Columbia Banking System, Inc. | 6,369 | 201,324 | ||||||
Commerce Bancshares, Inc.# | 27,410 | 1,807,964 | ||||||
Community West Bancshares | 6,700 | 57,352 | ||||||
County Bancorp, Inc. | 5,000 | 107,300 | ||||||
CrossFirst Bankshares, Inc.†# | 15,328 | 139,485 | ||||||
Cullen/Frost Bankers, Inc. | 16,528 | 1,386,865 | ||||||
East West Bancorp, Inc. | 10,700 | 457,104 | ||||||
Equity Bancshares, Inc., Class A† | 7,734 | 156,807 | ||||||
Evans Bancorp, Inc. | 2,900 | 78,242 | ||||||
FB Financial Corp. | 13,356 | 426,324 | ||||||
First Bancshares, Inc. | 9,244 | 252,916 | ||||||
First Bank | 12,500 | 116,125 | ||||||
First Financial Bancorp | 62,477 | 1,002,756 | ||||||
First Hawaiian, Inc. | 69,098 | 1,514,628 | ||||||
First Horizon National Corp. | 178,201 | 2,177,616 | ||||||
First Internet Bancorp | 6,000 | 153,480 | ||||||
First Northwest Bancorp | 6,500 | 97,500 | ||||||
First United Corp. | 9,500 | 145,160 | ||||||
Grasshopper Bancorp, Inc.†(1)(2) | 5,208 | 35,414 | ||||||
Hawthorn Bancshares, Inc. | 3,373 | 74,206 | ||||||
Heritage Commerce Corp. | 24,969 | 210,239 | ||||||
Heritage Financial Corp. | 9,600 | 223,392 | ||||||
Home BancShares, Inc. | 30,300 | 560,853 | ||||||
Investar Holding Corp. | 7,500 | 121,950 | ||||||
Live Oak Bancshares, Inc. | 12,094 | 497,305 | ||||||
Meridian Corp. | 6,900 | 128,340 | ||||||
Northeast Bank | 6,500 | 141,570 | ||||||
Northrim BanCorp, Inc. | 3,600 | 114,372 | ||||||
Ohio Valley Banc Corp. | 4,000 | 92,200 | ||||||
OP Bancorp | 15,000 | 109,500 | ||||||
Origin Bancorp, Inc. | 11,071 | 284,635 | ||||||
Pacific Mercantile Bancorp† | 16,000 | 80,000 | ||||||
PCB Bancorp | 11,000 | 119,790 | ||||||
Penns Woods Bancorp, Inc. | 3,000 | 76,680 | ||||||
Peoples Bancorp of North Carolina, Inc. | 6,050 | 150,524 | ||||||
Pinnacle Financial Partners, Inc. | 13,658 | 739,717 | ||||||
Popular, Inc. | 5,600 | 271,768 |
169 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Prosperity Bancshares, Inc. | 6,600 | $ | 414,678 | |||||
Riverview Financial Corp. | 6,200 | 45,260 | ||||||
Sandy Spring Bancorp, Inc. | 8,300 | 244,518 | ||||||
Seacoast Banking Corp. of Florida† | 19,824 | 500,754 | ||||||
Select Bancorp, Inc.† | 6,000 | 54,900 | ||||||
Shore Bancshares, Inc. | 8,000 | 110,800 | ||||||
Signature Bank | 21,217 | 2,380,335 | ||||||
South State Corp. | 9,927 | 659,848 | ||||||
Sterling Bancorp, Inc. | 14,498 | 56,687 | ||||||
United Bancshares, Inc. | 6,000 | 147,000 | ||||||
United Security Bancshares | 12,055 | 84,988 | ||||||
Unity Bancorp, Inc. | 8,000 | 140,720 | ||||||
Webster Financial Corp. | 10,127 | 383,206 | ||||||
Western Alliance Bancorp | 55,944 | 2,868,249 | ||||||
Western New England Bancorp, Inc. | 13,800 | 92,184 | ||||||
Wintrust Financial Corp. | 30,889 | 1,683,142 | ||||||
28,396,230 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Union Bankshares, Inc. | 4,000 | 110,000 | ||||||
Banks - Regional — 0.0% |
| |||||||
Dogwood State Bank (Non-Voting Shares)†(1)(2) | 3,056 | 16,044 | ||||||
Dogwood State Bank (Voting Shares)†(1)(2) | 1,501 | 7,880 | ||||||
23,924 | ||||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
Primo Water Corp. | 101,679 | 1,528,235 | ||||||
Brewery — 0.6% |
| |||||||
Boston Beer Co., Inc., Class A† | 2,127 | 1,979,897 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Armstrong Flooring, Inc.† | 40,000 | 142,400 | ||||||
Fortune Brands Home & Security, Inc. | 12,768 | 1,066,128 | ||||||
Gibraltar Industries, Inc.† | 11,355 | 743,298 | ||||||
1,951,826 | ||||||||
Building & Construction - Misc. — 0.8% |
| |||||||
WillScot Mobile Mini Holdings Corp.† | 121,555 | 2,614,648 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
SPX Corp.† | 8,800 | 450,824 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
PGT Innovations, Inc.† | 16,009 | 298,088 | ||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 10,000 | 78,200 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Goldfield Corp.† | 31,500 | 219,555 | ||||||
Orion Group Holdings, Inc.† | 31,100 | 123,467 | ||||||
Perma - Pipe International Holdings, Inc.† | 10,000 | 57,400 | ||||||
400,422 | ||||||||
Building - Maintenance & Services — 0.3% |
| |||||||
Rentokil Initial PLC† | 84,740 | 561,806 | ||||||
Terminix Global Holdings, Inc.† | 5,500 | 269,665 | ||||||
831,471 | ||||||||
Building - Mobile Home/Manufactured Housing — 1.4% |
| |||||||
Cavco Industries, Inc.† | 1,400 | 252,014 | ||||||
Horizon Global Corp.† | 35,000 | 254,100 | ||||||
LCI Industries | 18,441 | 2,319,509 | ||||||
Skyline Champion Corp.† | 12,802 | 393,405 | ||||||
Thor Industries, Inc. | 11,899 | 1,148,373 | ||||||
4,367,401 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
New Home Co., Inc.† | 10,500 | $ | 59,010 | |||||
TRI Pointe Group, Inc.† | 16,617 | 290,465 | ||||||
349,475 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 592 | 1,172,557 | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†(1) | 3,000 | 6,300 | ||||||
Chemicals - Diversified — 1.0% |
| |||||||
Quaker Chemical Corp.# | 12,382 | 3,058,354 | ||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.† | 14,000 | 90,580 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
China XD Plastics Co., Ltd† | 20,000 | 23,800 | ||||||
Chemicals - Specialty — 1.1% |
| |||||||
AgroFresh Solutions, Inc.† | 61,800 | 142,140 | ||||||
Element Solutions, Inc. | 52,440 | 724,196 | ||||||
GCP Applied Technologies, Inc.† | 51,172 | 1,202,030 | ||||||
Minerals Technologies, Inc. | 7,700 | 467,159 | ||||||
PQ Group Holdings, Inc.† | 66,292 | 847,875 | ||||||
3,383,400 | ||||||||
Circuit Boards — 0.0% |
| |||||||
IEC Electronics Corp.† | 12,300 | 121,893 | ||||||
Coal — 0.1% |
| |||||||
CONSOL Energy, Inc.† | 10,000 | 52,900 | ||||||
Ramaco Resources, Inc.† | 30,000 | 91,800 | ||||||
144,700 | ||||||||
Coffee — 0.0% |
| |||||||
Farmer Brothers Co.† | 16,000 | 71,200 | ||||||
Commercial Services — 1.1% |
| |||||||
CoreLogic, Inc. | 17,466 | 1,353,615 | ||||||
Emerald Holding, Inc. | 45,000 | 191,700 | ||||||
HMS Holdings Corp.† | 61,074 | 1,918,945 | ||||||
Performant Financial Corp.† | 50,000 | 39,050 | ||||||
ServiceSource International, Inc.† | 55,000 | 84,700 | ||||||
3,588,010 | ||||||||
Commercial Services - Finance — 1.7% |
| |||||||
Avalara, Inc.† | 1,200 | 206,100 | ||||||
Euronet Worldwide, Inc.† | 4,100 | 551,204 | ||||||
Morningstar, Inc. | 9,994 | 1,999,799 | ||||||
PRGX Global, Inc.† | 26,500 | 176,490 | ||||||
StoneCo, Ltd., Class A† | 5,030 | 368,297 | ||||||
WEX, Inc.† | 13,386 | 2,318,991 | ||||||
5,620,881 | ||||||||
Communications Software — 0.0% |
| |||||||
SeaChange International, Inc.† | 22,500 | 21,722 | ||||||
Computer Aided Design — 0.7% |
| |||||||
Aspen Technology, Inc.† | 13,606 | 1,829,327 | ||||||
Bentley Systems, Inc.† | 10,800 | 380,916 | ||||||
2,210,243 | ||||||||
Computer Services — 0.1% |
| |||||||
ALJ Regional Holdings, Inc.† | 40,000 | 38,316 | ||||||
CynergisTek, Inc.†# | 10,000 | 15,000 | ||||||
Parsons Corp.† | 4,943 | 161,636 | ||||||
214,952 | ||||||||
170 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computer Software — 0.8% |
| |||||||
Checkr, Inc.†(1)(2) | 1,956 | $ | 47,902 | |||||
Computer Modelling Group, Ltd. | 14,800 | 60,399 | ||||||
Envestnet, Inc.† | 18,806 | 1,509,370 | ||||||
nCino Inc.† | 5,654 | 460,744 | ||||||
nCino, Inc.†(2) | 4,283 | 331,571 | ||||||
2,409,986 | ||||||||
Computers - Integrated Systems — 0.2% |
| |||||||
Cubic Corp. | 9,929 | 581,442 | ||||||
Computers - Memory Devices — 0.1% |
| |||||||
Everspin Technologies, Inc.† | 10,000 | 54,600 | ||||||
Quantum Corp.† | 26,000 | 148,980 | ||||||
203,580 | ||||||||
Computers - Other — 0.1% |
| |||||||
ExOne Co.† | 11,900 | 141,848 | ||||||
PlayAGS, Inc.† | 30,000 | 147,600 | ||||||
289,448 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Key Tronic Corp.† | 9,633 | 74,463 | ||||||
Consulting Services — 0.3% |
| |||||||
Acacia Research Corp.† | 35,000 | 129,150 | ||||||
Booz Allen Hamilton Holding Corp. | 7,400 | 642,246 | ||||||
GP Strategies Corp.† | 11,300 | 129,950 | ||||||
Hill International, Inc.† | 42,500 | 80,325 | ||||||
Information Services Group, Inc.† | 27,400 | 82,748 | ||||||
1,064,419 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Acme United Corp. | 3,570 | 118,238 | ||||||
Containers - Metal/Glass — 0.5% |
| |||||||
Crown Holdings, Inc.† | 16,923 | 1,594,993 | ||||||
Containers - Paper/Plastic — 1.4% |
| |||||||
AptarGroup, Inc. | 31,926 | 4,032,892 | ||||||
Pactiv Evergreen Inc† | 32,400 | 546,912 | ||||||
4,579,804 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Innodata, Inc.† | 52,600 | 273,520 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
Adaptive Biotechnologies Corp.† | 3,713 | 179,041 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
Quidel Corp.† | 6,629 | 1,292,986 | ||||||
Disposable Medical Products — 0.7% |
| |||||||
ICU Medical, Inc.† | 11,181 | 2,109,855 | ||||||
Xtant Medical Holdings, Inc.†# | 25,000 | 30,000 | ||||||
2,139,855 | ||||||||
Distribution/Wholesale — 1.7% |
| |||||||
ADDvantage Technologies Group, Inc.†# | 25,000 | 79,750 | ||||||
Educational Development Corp. | 8,300 | 130,559 | ||||||
Houston Wire & Cable Co.† | 34,739 | 91,363 | ||||||
IAA, Inc.† | 39,947 | 2,393,624 | ||||||
Pool Corp. | 4,851 | 1,678,980 | ||||||
SiteOne Landscape Supply, Inc.† | 8,526 | 1,177,441 | ||||||
5,551,717 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
DIRTT Environmental Solutions† | 78,000 | 130,260 | ||||||
Enerpac Tool Group Corp. | 24,200 | 541,838 | ||||||
Federal Signal Corp. | 6,400 | 198,592 | ||||||
LSB Industries, Inc.† | 27,500 | 69,025 | ||||||
939,715 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Minerals — 0.1% |
| |||||||
Lundin Mining Corp. | 38,196 | $ | 305,286 | |||||
Diversified Operations — 0.0% |
| |||||||
Professional Holding Corp. | 1,403 | 18,926 | ||||||
Professional Holding Corp., Class A† | 3,490 | 49,558 | ||||||
68,484 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Avalon Holdings Corp., Class A† | 3,000 | 6,360 | ||||||
Volt Information Sciences, Inc.† | 14,393 | 31,521 | ||||||
37,881 | ||||||||
Drug Delivery Systems — 0.0% |
| |||||||
Senseonics Holdings, Inc.†# | 137,000 | 50,690 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Leslie’s, Inc.† | 17,691 | 366,027 | ||||||
E-Commerce/Services — 0.3% |
| |||||||
A Place For Rover, Inc.†(1)(2) | 513 | 2,955 | ||||||
Leaf Group, Ltd.† | 23,000 | 129,720 | ||||||
Travelzoo† | 11,000 | 103,950 | ||||||
Upwork, Inc.† | 24,300 | 795,096 | ||||||
1,031,721 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
comScore, Inc.† | 50,000 | 127,500 | ||||||
Inuvo, Inc.† | 100,000 | 36,590 | ||||||
164,090 | ||||||||
Educational Software — 0.0% |
| |||||||
Zovio, Inc.† | 25,000 | 93,000 | ||||||
Electric Products - Misc. — 1.4% |
| |||||||
Graham Corp. | 5,800 | 91,582 | ||||||
Littelfuse, Inc. | 2,600 | 625,378 | ||||||
nLight, Inc.† | 51,318 | 1,540,567 | ||||||
Novanta, Inc.† | 18,433 | 2,211,591 | ||||||
Ultralife Corp.† | 12,300 | 83,025 | ||||||
4,552,143 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Charah Solutions, Inc.†# | 50,000 | 142,000 | ||||||
Electric - Integrated — 1.4% |
| |||||||
IDACORP, Inc. | 4,700 | 425,726 | ||||||
MGE Energy, Inc. | 2,794 | 191,864 | ||||||
NorthWestern Corp. | 33,208 | 1,926,064 | ||||||
PNM Resources, Inc. | 7,138 | 350,547 | ||||||
Portland General Electric Co. | 40,569 | 1,678,745 | ||||||
4,572,946 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 25,760 | ||||||
Bel Fuse, Inc., Class B | 6,000 | 87,960 | ||||||
IntriCon Corp.† | 7,100 | 123,114 | ||||||
LGL Group, Inc.† | 5,000 | 48,200 | ||||||
SMTC Corp.† | 30,000 | 136,200 | ||||||
ZAGG, Inc.† | 20,000 | 76,600 | ||||||
497,834 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
CTS Corp. | 17,929 | 546,117 | ||||||
eMagin Corp.† | 40,000 | 48,000 | ||||||
EMCORE Corp.† | 25,700 | 111,667 | ||||||
GSI Technology, Inc.† | 19,800 | 131,472 | ||||||
Intellicheck, Inc.† | 24,800 | 243,536 | ||||||
Lattice Semiconductor Corp.† | 36,525 | 1,528,571 |
171 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Semiconductors (continued) | ||||||||
Monolithic Power Systems, Inc. | 1,984 | $ | 634,801 | |||||
Pixelworks, Inc.† | 22,000 | 65,560 | ||||||
Semtech Corp.† | 4,000 | 269,880 | ||||||
3,579,604 | ||||||||
Electronic Measurement Instruments — 0.6% |
| |||||||
Badger Meter, Inc. | 11,857 | 977,491 | ||||||
Mesa Laboratories, Inc.# | 674 | 183,166 | ||||||
National Instruments Corp. | 16,997 | 636,198 | ||||||
Stoneridge, Inc.† | 9,300 | 249,798 | ||||||
2,046,653 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
MIND Technology, Inc.† | 22,400 | 50,176 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
API Group Corp.†* | 15,096 | 233,988 | ||||||
WidePoint Corp.†# | 7,000 | 75,320 | ||||||
309,308 | ||||||||
Energy - Alternate Sources — 0.3% |
| |||||||
Aemetis, Inc.†# | 30,000 | 65,700 | ||||||
Array Technologies, Inc.† | 7,893 | 359,763 | ||||||
NextEra Energy Partners LP | 6,100 | 387,167 | ||||||
812,630 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
Atlas Technical Consultants, Inc.† | 10,000 | 51,500 | ||||||
Mistras Group, Inc.† | 25,000 | 130,500 | ||||||
182,000 | ||||||||
Enterprise Software/Service — 2.4% |
| |||||||
Bill.com Holdings, Inc.† | 7,716 | 946,830 | ||||||
Ceridian HCM Holding, Inc.† | 10,394 | 1,002,190 | ||||||
Clarivate PLC† | 35,387 | 971,019 | ||||||
Coupa Software, Inc.† | 987 | 324,634 | ||||||
Guidewire Software, Inc.† | 14,678 | 1,797,761 | ||||||
Manhattan Associates, Inc.† | 1,200 | 122,688 | ||||||
Network-1 Technologies, Inc. | 20,000 | 59,000 | ||||||
Paycom Software, Inc.† | 1,633 | 681,092 | ||||||
SS&C Technologies Holdings, Inc. | 14,815 | 1,020,605 | ||||||
Tyler Technologies, Inc.† | 1,576 | 673,898 | ||||||
7,599,717 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Zynga, Inc., Class A† | 68,000 | 561,000 | ||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 2,400 | 286,200 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
ESCO Technologies, Inc. | 8,645 | 854,991 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 97,755 | ||||||
Finance - Commercial — 0.0% |
| |||||||
Marlin Business Services Corp. | 7,500 | 77,925 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Elevate Credit, Inc.† | 27,000 | 76,410 | ||||||
Encore Capital Group, Inc.† | 10,632 | 362,976 | ||||||
Enova International, Inc.† | 5,060 | 105,805 | ||||||
PRA Group, Inc.† | 11,040 | 459,595 | ||||||
Regional Management Corp. | 1,100 | 29,403 | ||||||
SLM Corp. | 21,600 | 229,176 | ||||||
1,263,365 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 0.0% |
| |||||||
Atlanticus Holdings Corp.† | 7,434 | $ | 111,510 | |||||
Finance - Investment Banker/Broker — 1.1% |
| |||||||
Arlington Asset Investment Corp., Class A | 30,000 | 96,300 | ||||||
JMP Group LLC | 16,300 | 48,900 | ||||||
Lazard, Ltd., Class A | 49,971 | 1,864,918 | ||||||
Moelis & Co., Class A | 40,931 | 1,606,132 | ||||||
3,616,250 | ||||||||
Finance - Leasing Companies — 0.3% |
| |||||||
Aaron’s Holdings Co., Inc. | 13,215 | 831,620 | ||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Impac Mtg. Holdings, Inc.†# | 15,000 | 27,900 | ||||||
PennyMac Financial Services, Inc. | 12,655 | 729,434 | ||||||
757,334 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
Cboe Global Markets, Inc. | 8,016 | 732,021 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Rocky Mountain Chocolate Factory, Inc. | 6,500 | 27,755 | ||||||
Utz Brands, Inc.# | 16,712 | 337,248 | ||||||
365,003 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 6,700 | 46,967 | ||||||
Food - Misc./Diversified — 0.7% |
| |||||||
BellRing Brands, Inc., Class A† | 6,255 | 127,602 | ||||||
Cal-Maine Foods, Inc.† | 13,705 | 536,277 | ||||||
Nomad Foods, Ltd.† | 16,823 | 406,275 | ||||||
Post Holdings, Inc.† | 7,200 | 680,112 | ||||||
TreeHouse Foods, Inc.† | 13,300 | 547,029 | ||||||
2,297,295 | ||||||||
Food - Retail — 0.0% |
| |||||||
Blue Apron Holdings, Inc., Class A† | 3,000 | 23,010 | ||||||
Food - Wholesale/Distribution — 1.1% |
| |||||||
AMCON Distributing Co. | 500 | 45,370 | ||||||
Performance Food Group Co.† | 80,754 | 3,503,109 | ||||||
3,548,479 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Iconix Brand Group, Inc.†# | 31,400 | 27,318 | ||||||
Rocky Brands, Inc. | 6,711 | 194,619 | ||||||
Steven Madden, Ltd. | 2,100 | 66,087 | ||||||
Weyco Group, Inc. | 2,400 | 43,008 | ||||||
331,032 | ||||||||
Forestry — 0.1% |
| |||||||
West Fraser Timber Co., Ltd. | 6,700 | 370,984 | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
StoneMor, Inc.† | 65,000 | 94,900 | ||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Canterbury Park Holding Corp. | 3,200 | 37,600 | ||||||
Monarch Casino & Resort, Inc.† | 13,156 | 726,474 | ||||||
764,074 | ||||||||
Gas - Distribution — 0.7% |
| |||||||
Chesapeake Utilities Corp. | 5,600 | 582,456 | ||||||
ONE Gas, Inc. | 10,300 | 815,554 | ||||||
Southwest Gas Holdings, Inc. | 12,237 | 786,227 | ||||||
2,184,237 | ||||||||
172 |
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PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Gold Mining — 0.3% |
| |||||||
Franco-Nevada Corp. | 2,500 | $ | 332,775 | |||||
Northern Star Resources, Ltd. | 60,107 | 556,373 | ||||||
889,148 | ||||||||
Golf — 0.5% |
| |||||||
Acushnet Holdings Corp. | 38,377 | 1,446,813 | ||||||
Drive Shack, Inc.†# | 60,500 | 102,850 | ||||||
�� | 1,549,663 | |||||||
Hazardous Waste Disposal — 0.3% |
| |||||||
Centrus Energy Corp, Class A† | 9,600 | 143,904 | ||||||
Heritage-Crystal Clean, Inc.† | 9,400 | 181,138 | ||||||
Stericycle, Inc.† | 10,388 | 731,731 | ||||||
1,056,773 | ||||||||
Health Care Cost Containment — 0.6% |
| |||||||
HealthEquity, Inc.† | 26,404 | 1,892,903 | ||||||
Health Care Providers & Services — 0.0% |
| |||||||
Alignment Healthcare Partners LP†(1)(2) | 7,632 | 92,489 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Retractable Technologies, Inc.†# | 10,000 | 115,800 | ||||||
Home Furnishings — 0.1% |
| |||||||
Flexsteel Industries, Inc. | 4,800 | 140,448 | ||||||
Tempur Sealy International, Inc.† | 4,400 | 110,836 | ||||||
251,284 | ||||||||
Hotels/Motels — 0.0% |
| |||||||
Red Lion Hotels Corp.† | 50,000 | 118,000 | ||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 107,760 | ||||||
Human Resources — 0.2% |
| |||||||
Advantage Solutions, Inc.†# | 12,012 | 126,246 | ||||||
BG Staffing, Inc. | 6,000 | 76,500 | ||||||
Computer Task Group, Inc.† | 19,600 | 135,044 | ||||||
Cross Country Healthcare, Inc.† | 12,791 | 111,282 | ||||||
RCM Technologies, Inc.† | 20,000 | 31,800 | ||||||
480,872 | ||||||||
Identification Systems — 0.5% |
| |||||||
Aware, Inc.† | 21,900 | 67,233 | ||||||
Brady Corp., Class A | 34,470 | 1,522,885 | ||||||
1,590,118 | ||||||||
Instruments - Controls — 0.7% |
| |||||||
Woodward, Inc. | 21,531 | 2,407,812 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Selectquote, Inc.† | 47,870 | 1,026,812 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Security National Financial Corp., Class A† | 15,000 | 120,150 | ||||||
Insurance - Multi-line — 0.0% |
| |||||||
Atlantic American Corp.† | 2,000 | 4,300 | ||||||
Insurance - Property/Casualty — 2.3% |
| |||||||
Assurant, Inc. | 5,923 | 764,778 | ||||||
Conifer Holdings, Inc.† | 11,000 | 26,070 | ||||||
FedNat Holding Co. | 10,000 | 56,400 | ||||||
Hallmark Financial Services, Inc.† | 15,000 | 48,450 | ||||||
Hanover Insurance Group, Inc. | 4,700 | 528,045 | ||||||
Kinsale Capital Group, Inc. | 10,821 | 2,598,771 | ||||||
RLI Corp. | 25,491 | 2,440,253 | ||||||
Safety Insurance Group, Inc. | 3,058 | 217,883 | ||||||
Selective Insurance Group, Inc. | 13,100 | 809,842 | ||||||
State Auto Financial Corp. | 5,461 | 82,024 | ||||||
7,572,516 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Reinsurance — 0.4% |
| |||||||
Axis Capital Holdings, Ltd. | 12,050 | $ | 603,826 | |||||
Essent Group, Ltd. | 12,441 | 545,662 | ||||||
1,149,488 | ||||||||
Internet Application Software — 0.1% |
| |||||||
RealNetworks, Inc.† | 50,000 | 78,000 | ||||||
Zendesk, Inc.† | 1,600 | 213,600 | ||||||
291,600 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 32,500 | 62,400 | ||||||
Internet Financial Services — 0.1% |
| |||||||
Open Lending Corp.† | 8,795 | 247,315 | ||||||
Internet Security — 0.2% |
| |||||||
Proofpoint, Inc.† | 5,100 | 527,799 | ||||||
Investment Companies — 0.4% |
| |||||||
Altus Midstream Co., Class A†# | 4,740 | 185,429 | ||||||
Entasis Therapeutics Holdings, Inc.†# | 10,000 | 18,400 | ||||||
Medallion Financial Corp.† | 17,100 | 90,801 | ||||||
StepStone Group, Inc., Class A† | 36,871 | 999,941 | ||||||
1,294,571 | ||||||||
Investment Management/Advisor Services — 1.2% |
| |||||||
AssetMark Financial Holdings, Inc.† | 36,367 | 864,807 | ||||||
Eaton Vance Corp. | 16,295 | 1,091,439 | ||||||
First Western Financial, Inc.† | 5,000 | 84,500 | ||||||
Focus Financial Partners, Inc., Class A† | 41,428 | 1,640,963 | ||||||
Manning & Napier, Inc. | 8,400 | 38,892 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 132,900 | ||||||
Westwood Holdings Group, Inc. | 5,500 | 65,560 | ||||||
3,919,061 | ||||||||
Leisure Games — 0.0% |
| |||||||
Bowl America, Inc., Class A | 3,000 | 26,430 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 100,204 | ||||||
Machine Tools & Related Products — 0.9% |
| |||||||
L.S. Starrett Co., Class A† | 8,000 | 30,480 | ||||||
Lincoln Electric Holdings, Inc. | 24,687 | 2,839,005 | ||||||
2,869,485 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Babcock & Wilcox Enterprises, Inc.†# | 55,000 | 231,000 | ||||||
BWX Technologies, Inc. | 5,973 | 339,744 | ||||||
570,744 | ||||||||
Machinery - Farming — 1.5% |
| |||||||
Toro Co. | 52,454 | 4,758,102 | ||||||
Machinery - General Industrial — 2.3% |
| |||||||
Altra Industrial Motion Corp. | 34,060 | 1,933,246 | ||||||
Applied Industrial Technologies, Inc. | 21,173 | 1,660,598 | ||||||
Chart Industries, Inc.† | 9,151 | 945,847 | ||||||
Gates Industrial Corp. PLC† | 65,134 | 838,926 | ||||||
Gencor Industries, Inc.† | 6,500 | 78,390 | ||||||
Intevac, Inc.† | 16,900 | 101,738 | ||||||
Marel HF | 24,322 | 127,150 | ||||||
Nordson Corp. | 4,749 | 967,894 | ||||||
Twin Disc, Inc.† | 12,500 | 76,875 | ||||||
Welbilt, Inc.† | 68,654 | 648,780 | ||||||
7,379,444 | ||||||||
Machinery - Pumps — 0.6% |
| |||||||
Cactus, Inc., Class A | 6,100 | 141,520 | ||||||
Graco, Inc. | 9,300 | 629,982 |
173 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - Pumps (continued) | ||||||||
Ingersoll Rand, Inc.† | 20,574 | $ | 910,811 | |||||
Mueller Water Products, Inc., Class A | 32,900 | 390,523 | ||||||
2,072,836 | ||||||||
Marine Services — 0.0% |
| |||||||
SEACOR Marine Holdings, Inc.† | 15,000 | 30,750 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Castlight Health, Inc., Class B† | 63,500 | 80,010 | ||||||
MTBC, Inc.†# | 8,500 | 88,400 | ||||||
Oak Street Health, Inc.† | 1,102 | 51,981 | ||||||
220,391 | ||||||||
Medical Instruments — 0.7% |
| |||||||
Bruker Corp. | 14,789 | 748,471 | ||||||
Cantel Medical Corp. | 17,684 | 1,050,960 | ||||||
NuVasive, Inc.† | 4,750 | 220,020 | ||||||
Pulmonx Corp.† | 818 | 44,336 | ||||||
TransEnterix, Inc.† | 75,000 | 35,250 | ||||||
2,099,037 | ||||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Catalent, Inc.† | 29,965 | 2,880,835 | ||||||
Neuronetics, Inc.†# | 29,500 | 253,995 | ||||||
Syneos Health, Inc.† | 30,722 | 2,022,737 | ||||||
5,157,567 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
IRIDEX Corp.† | 18,100 | 30,589 | ||||||
Medical Products — 1.5% |
| |||||||
AtriCure, Inc.† | 7,461 | 324,404 | ||||||
Avanos Medical, Inc.† | 11,845 | 502,110 | ||||||
Axonics Modulation Technologies, Inc.†# | 2,451 | 107,574 | ||||||
Conformis, Inc.†# | 50,000 | 32,025 | ||||||
Electromed, Inc.† | 8,200 | 82,738 | ||||||
Envista Holdings Corp.† | 34,748 | 1,033,058 | ||||||
Hanger, Inc.† | 21,871 | 496,253 | ||||||
Inari Medical, Inc.† | 737 | 50,905 | ||||||
InspireMD, Inc.† | 5,000 | 1,801 | ||||||
iRhythm Technologies, Inc.† | 3,891 | 951,388 | ||||||
Nevro Corp.† | 2,949 | 475,526 | ||||||
Penumbra, Inc.† | 1,471 | 326,415 | ||||||
RA Medical Systems, Inc.† | 1,020 | 6,008 | ||||||
Sientra, Inc.† | 18,400 | 95,128 | ||||||
T2 Biosystems, Inc.† | 25,000 | 27,750 | ||||||
United-Guardian, Inc. | 3,500 | 51,345 | ||||||
Venus Concept, Inc.†# | 20,000 | 47,600 | ||||||
West Pharmaceutical Services, Inc. | 363 | 99,883 | ||||||
4,711,911 | ||||||||
Medical - Biomedical/Gene — 4.3% |
| |||||||
Abcam PLC ADR† | 6,651 | 126,768 | ||||||
ACADIA Pharmaceuticals, Inc.† | 3,150 | 178,479 | ||||||
Acceleron Pharma, Inc.† | 4,427 | 522,696 | ||||||
Acorda Therapeutics, Inc.†# | 38,606 | 25,781 | ||||||
Actinium Pharmaceuticals, Inc.†# | 10,233 | 112,563 | ||||||
Adicet Bio, Inc.†# | 4,285 | 52,834 | ||||||
Advaxis, Inc.†# | 70,000 | 20,650 | ||||||
AgeX Therapeutics, Inc.† | 35,000 | 61,950 | ||||||
Allena Pharmaceuticals, Inc.†# | 30,200 | 40,770 | ||||||
Allogene Therapeutics, Inc.† | 2,083 | 64,677 | ||||||
Altimmune, Inc.† | 5,000 | 61,150 | ||||||
Apellis Pharmaceuticals, Inc.† | 1,700 | 80,138 | ||||||
Applied Genetic Technologies Corp.† | 20,000 | 88,800 | ||||||
Arcutis Biotherapeutics, Inc.†# | 1,317 | 35,717 | ||||||
Argenx SE ADR† | 3,670 | 1,052,629 | ||||||
Ascendis Pharma A/S ADR† | 6,935 | 1,170,143 | ||||||
Atea Pharmaceuticals, Inc.†# | 1,449 | 48,281 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Avidity Biosciences, Inc.† | 1,517 | $ | 45,419 | |||||
Blueprint Medicines Corp.† | 5,553 | 600,168 | ||||||
Cara Therapeutics, Inc.† | 4,946 | 72,558 | ||||||
Catabasis Pharmaceuticals, Inc.† | 12,500 | 20,625 | ||||||
Cerevel Therapeutics Holdings PIPE†(2) | 3,298 | 44,239 | ||||||
Clearside Biomedical, Inc.†# | 50,000 | 100,500 | ||||||
Cogent Biosciences, Inc†# | 7,500 | 73,575 | ||||||
Cogent Biosciences, Inc. CVR(1) | 30,000 | 0 | ||||||
Contra Restorbio, Inc. CVR(1) | 4,285 | 0 | ||||||
CRISPR Therapeutics AG†# | 953 | 120,955 | ||||||
Curis, Inc.†# | 51,300 | 74,385 | ||||||
ElectroCore, Inc.†# | 25,000 | 37,500 | ||||||
Enzo Biochem, Inc.† | 37,500 | 81,375 | ||||||
Equillium, Inc.†# | 15,000 | 78,000 | ||||||
Evolus, Inc.†# | 25,000 | 93,250 | ||||||
Exagen, Inc.†# | 9,100 | 135,226 | ||||||
EyePoint Pharmaceuticals, Inc.†# | 75,000 | 40,875 | ||||||
Five Prime Therapeutics, Inc.† | 23,000 | 432,400 | ||||||
Flame Biosciences, Inc.†(1)(2) | 3,800 | 24,890 | ||||||
Forte Biosciences, Inc.† | 886 | 31,125 | ||||||
Generation Bio Co.† | 2,033 | 98,031 | ||||||
Generation Bio Co.†(2) | 4,245 | 194,459 | ||||||
Global Blood Therapeutics, Inc.†# | 9,584 | 440,002 | ||||||
GlycoMimetics, Inc.† | 30,000 | 112,800 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 176,400 | ||||||
Homology Medicines, Inc.† | 4,710 | 46,346 | ||||||
IGM Biosciences, Inc.†# | 2,027 | 135,363 | ||||||
Infinity Pharmaceuticals, Inc.†# | 100,000 | 200,000 | ||||||
Insmed, Inc.† | 17,592 | 686,264 | ||||||
Iovance Biotherapeutics, Inc.† | 1,900 | 73,739 | ||||||
Kodiak Sciences, Inc.†# | 7,232 | 988,398 | ||||||
Legend Biotech Corp. ADR† | 664 | 19,741 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 74,500 | 113,985 | ||||||
Lineage Cell Therapeutics, Inc.†# | 46,712 | 66,798 | ||||||
LogicBio Therapeutics, Inc.†# | 11,500 | 80,155 | ||||||
Lyra Therapeutics, Inc.† | 7,100 | 88,182 | ||||||
Marker Therapeutics, Inc.†# | 36,000 | 61,200 | ||||||
MeiraGTx Holdings PLC† | 2,720 | 38,406 | ||||||
Merrimack Pharmaceuticals, Inc.# | 5,000 | 19,600 | ||||||
Mustang Bio, Inc.†# | 27,500 | 101,750 | ||||||
Oncocyte Corp.†# | 50,000 | 96,500 | ||||||
Orchard Therapeutics PLC ADR† | 6,673 | 33,832 | ||||||
Otonomy, Inc.† | 35,000 | 157,500 | ||||||
Palatin Technologies, Inc.†# | 195,000 | 86,034 | ||||||
Protalix BioTherapeutics, Inc.†# | 8,701 | 31,237 | ||||||
PTC Therapeutics, Inc.† | 1,900 | 118,883 | ||||||
Radius Health, Inc.† | 23,186 | 365,875 | ||||||
RAPT Therapeutics, Inc.†# | 3,100 | 67,177 | ||||||
Replimune Group, Inc.† | 1,472 | 76,073 | ||||||
Savara, Inc.† | 26,000 | 34,840 | ||||||
Scholar Rock Holding Corp.† | 9,127 | 454,707 | ||||||
Seagen, Inc.† | 2,400 | 408,744 | ||||||
Sesen Bio, Inc.†# | 95,000 | 117,800 | ||||||
Sierra Oncology, Inc.† | 7,500 | 104,550 | ||||||
Solid Biosciences, Inc.†# | 35,000 | 115,850 | ||||||
Surface Oncology, Inc.†# | 10,000 | 90,400 | ||||||
Synlogic, Inc.† | 53,400 | 124,956 | ||||||
Synthetic Biologics, Inc.† | 35,000 | 13,062 | ||||||
Tela Bio, Inc.† | 8,700 | 142,419 | ||||||
Timber Pharmaceuticals, Inc.†# | 6,400 | 6,976 | ||||||
Turning Point Therapeutics, Inc.† | 3,202 | 341,013 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 7,682 | 910,624 | ||||||
VolitionRX, Ltd.†# | 29,400 | 96,432 | ||||||
Xencor, Inc.† | 8,493 | 359,424 | ||||||
Zentalis Pharmaceuticals, Inc.†# | 1,260 | 64,210 | ||||||
14,011,828 | ||||||||
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs — 0.9% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | $ | 48,150 | |||||
Aclaris Therapeutics, Inc.†# | 35,000 | 116,900 | ||||||
Adamas Pharmaceuticals, Inc.†# | 20,000 | 90,600 | ||||||
Alimera Sciences, Inc.† | 7,667 | 35,958 | ||||||
Ampio Pharmaceuticals, Inc.†# | 98,900 | 90,988 | ||||||
Aquestive Therapeutics, Inc.† | 25,000 | 176,500 | ||||||
Assertio Holdings, Inc.† | 3,400 | 1,428 | ||||||
Axcella Health, Inc.† | 24,500 | 139,650 | ||||||
cbdMD, Inc.† | 38,600 | 116,186 | ||||||
Chimerix, Inc.† | 43,700 | 164,749 | ||||||
China Pharma Holdings, Inc.† | 40,000 | 17,380 | ||||||
Cidara Therapeutics, Inc.† | 45,000 | 105,300 | ||||||
Corvus Pharmaceuticals, Inc.†# | 20,000 | 79,800 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 81,732 | ||||||
Cyclerion Therapeutics, Inc.†# | 20,000 | 61,600 | ||||||
Eloxx Pharmaceuticals, Inc.†# | 26,900 | 76,934 | ||||||
Enanta Pharmaceuticals, Inc.† | 500 | 20,600 | ||||||
Gritstone Oncology, Inc.†# | 25,000 | 76,250 | ||||||
Harrow Health, Inc.†# | 18,000 | 103,500 | ||||||
India Globalization Capital, Inc.†# | 28,200 | 64,578 | ||||||
Intellia Therapeutics, Inc.†# | 2,239 | 87,925 | ||||||
Leap Therapeutics, Inc.†# | 39,500 | 63,200 | ||||||
Minerva Neurosciences, Inc.† | 14,539 | 56,557 | ||||||
NanoViricides, Inc.†# | 6,000 | 23,460 | ||||||
Neos Therapeutics, Inc.†# | 40,000 | 22,680 | ||||||
Novan, Inc.† | 115,000 | 58,937 | ||||||
Odonate Therapeutics, Inc.† | 559 | 8,396 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 24,000 | 91,200 | ||||||
Prestige Consumer Healthcare, Inc.† | 2,359 | 83,910 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 2,137 | 326,427 | ||||||
Rockwell Medical, Inc.† | 45,000 | 47,250 | ||||||
Scynexis, Inc.†# | 10,000 | 66,500 | ||||||
TherapeuticsMD, Inc.†# | 100,029 | 134,039 | ||||||
Tonix Pharmaceuticals Holding Corp.† | 50,000 | 30,555 | ||||||
Tricida, Inc.†# | 6,047 | 44,204 | ||||||
Xeris Pharmaceuticals, Inc.†# | 30,000 | 130,800 | ||||||
Zynerba Pharmaceuticals, Inc.† | 21,500 | 99,760 | ||||||
3,044,583 | ||||||||
Medical - HMO — 1.3% |
| |||||||
Molina Healthcare, Inc.† | 20,703 | 4,226,103 | ||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Genesis Healthcare, Inc.† | 100,000 | 50,450 | ||||||
Medical - Outpatient/Home Medical — 0.9% |
| |||||||
Amedisys, Inc.† | 3,722 | 911,109 | ||||||
Chemed Corp. | 2,217 | 1,060,280 | ||||||
Pennant Group, Inc.† | 6,228 | 315,697 | ||||||
Providence Service Corp.† | 3,700 | 502,423 | ||||||
2,789,509 | ||||||||
Medical - Wholesale Drug Distribution — 0.8% |
| |||||||
Covetrus, Inc.† | 40,693 | 1,099,321 | ||||||
Great Elm Capital Group, Inc.† | 40,000 | 104,800 | ||||||
Premier, Inc., Class A | 38,588 | 1,366,787 | ||||||
2,570,908 | ||||||||
Metal Processors & Fabrication — 1.2% |
| |||||||
Ampco-Pittsburgh Corp.† | 19,500 | 82,875 | ||||||
AZZ, Inc. | 11,675 | 520,588 | ||||||
Helios Technologies, Inc. | 7,777 | 382,862 | ||||||
LB Foster Co., Class A† | 6,600 | 96,096 | ||||||
Mayville Engineering Co., Inc.† | 10,000 | 110,200 | ||||||
RBC Bearings, Inc.† | 16,131 | 2,723,558 | ||||||
Strattec Security Corp. | 1,500 | 66,450 | ||||||
3,982,629 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Olympic Steel, Inc. | 8,800 | $ | 130,592 | |||||
Synalloy Corp.† | 14,500 | 93,380 | ||||||
223,972 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
Eastern Co. | 4,187 | 92,533 | ||||||
Metal - Aluminum — 0.3% |
| |||||||
Alcoa Corp.† | 18,900 | 376,110 | ||||||
Constellium SE† | 33,100 | 418,384 | ||||||
794,494 | ||||||||
Metal - Copper — 0.1% |
| |||||||
ERO Copper Corp.† | 24,400 | 418,597 | ||||||
Mining Services — 0.0% |
| |||||||
Contura Energy, Inc.† | 17,000 | 125,800 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
FreightCar America, Inc.† | 35,000 | 92,750 | ||||||
John Bean Technologies Corp. | 7,517 | 831,080 | ||||||
923,830 | ||||||||
Multimedia — 0.0% |
| |||||||
Entravision Communications Corp., Class A | 41,000 | 118,900 | ||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Solitario Zinc Corp.† | 40,000 | 19,600 | ||||||
Uranium Energy Corp.†# | 100,500 | 106,530 | ||||||
126,130 | ||||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Casella Waste Systems, Inc., Class A† | 17,231 | 1,036,962 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
AstroNova, Inc. | 7,000 | 70,210 | ||||||
Oil Companies - Exploration & Production — 0.9% |
| |||||||
Amplify Energy Corp.# | 25,500 | 25,755 | ||||||
Barnwell Industries, Inc.† | 15,000 | 16,350 | ||||||
Contango Oil & Gas Co.†# | 70,000 | 116,900 | ||||||
Devon Energy Corp. | 18,700 | 261,613 | ||||||
Diamondback Energy, Inc. | 12,200 | 487,512 | ||||||
Earthstone Energy, Inc., Class A†# | 33,400 | 126,252 | ||||||
Enservco Corp†# | 9,000 | 16,560 | ||||||
Evolution Petroleum Corp. | 23,100 | 70,224 | ||||||
Goodrich Petroleum Corp.† | 9,000 | 104,040 | ||||||
Gran Tierra Energy, Inc.†# | 215,000 | 60,738 | ||||||
HighPoint Resources Corp.†# | 3,300 | 33,924 | ||||||
Laredo Petroleum, Inc.†# | 5,000 | 59,050 | ||||||
Magnolia Oil & Gas Corp., Class A† | 46,420 | 290,125 | ||||||
Mammoth Energy Services, Inc.† | 30,000 | 58,800 | ||||||
PEDEVCO Corp.†# | 70,000 | 94,500 | ||||||
Penn Virginia Corp.† | 19,800 | 178,596 | ||||||
PHX Minerals, Inc. | 10,000 | 17,300 | ||||||
Ring Energy, Inc.†# | 125,000 | 78,537 | ||||||
SandRidge Energy, Inc.† | 55,000 | 146,850 | ||||||
Seven Generations Energy, Ltd., Class A† | 26,700 | 111,019 | ||||||
SilverBow Resources, Inc.† | 10,000 | 58,100 | ||||||
Southwestern Energy Co.† | 4,850 | 15,084 | ||||||
VAALCO Energy, Inc.† | 30,000 | 48,000 | ||||||
Venture Global LNG, Inc., Series B†(1)(2) | 4 | 22,261 | ||||||
Venture Global LNG, Inc., Series C†(1)(2) | 59 | 328,352 | ||||||
2,826,442 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 4,200 | 119,364 | ||||||
Exterran Corp.† | 21,000 | 89,040 | ||||||
Flotek Industries, Inc.† | 30,000 | 60,900 | ||||||
Forum Energy Technologies, Inc† | 5,000 | 67,000 |
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Field Machinery & Equipment (continued) | ||||||||
Natural Gas Services Group, Inc.† | 10,400 | $ | 120,016 | |||||
Smart Sand, Inc.†# | 15,000 | 29,175 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 25,788 | ||||||
Thermon Group Holdings, Inc.† | 6,000 | 84,840 | ||||||
596,123 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 87,821 | ||||||
Trecora Resources† | 2,100 | 14,217 | ||||||
102,038 | ||||||||
Oil - Field Services — 0.5% |
| |||||||
Halliburton Co. | 34,027 | 564,508 | ||||||
Independence Contract Drilling, Inc.† | 7,000 | 22,190 | ||||||
KLX Energy Services Holdings, Inc.†# | 4,253 | 28,878 | ||||||
Liberty Oilfield Services, Inc., Class A | 39,615 | 368,419 | ||||||
NCS Multistage Holdings, Inc.† | 94,500 | 96,390 | ||||||
Newpark Resources, Inc.† | 60,000 | 90,000 | ||||||
NexTier Oilfield Solutions, Inc.† | 58,200 | 162,960 | ||||||
Nine Energy Service, Inc.†# | 30,000 | 66,000 | ||||||
Nuverra Environmental Solutions, Inc.†# | 6,300 | 14,490 | ||||||
Oil States International, Inc.† | 40,000 | 177,600 | ||||||
Ranger Energy Services, Inc.† | 5,000 | 16,500 | ||||||
TETRA Technologies, Inc.† | 125,000 | 101,338 | ||||||
1,709,273 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 8,500 | 255,850 | ||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
CareDx, Inc.† | 1,908 | 109,080 | ||||||
Pharmacy Services — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 4,462 | 109,456 | ||||||
Physical Therapy/Rehabilitation Centers — 1.1% |
| |||||||
Encompass Health Corp. | 37,977 | 3,060,187 | ||||||
U.S. Physical Therapy, Inc. | 4,421 | 469,598 | ||||||
3,529,785 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
Accolade, Inc.† | 2,741 | 142,285 | ||||||
Pollution Control — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.# | 16,500 | 93,225 | ||||||
Fuel Tech, Inc.†# | 30,000 | 132,000 | ||||||
225,225 | ||||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc. | 3,600 | 492,228 | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Generac Holdings, Inc.† | 3,492 | 752,875 | ||||||
LGL Group, Inc. | 5,000 | 2,100 | ||||||
754,975 | ||||||||
Precious Metals — 0.0% |
| |||||||
Paramount Gold Nevada Corp.† | 26,000 | 28,080 | ||||||
Printing - Commercial — 0.1% |
| |||||||
ARC Document Solutions, Inc. | 103,000 | 149,350 | ||||||
Quad/Graphics, Inc. | 30,000 | 93,000 | ||||||
RR Donnelley & Sons Co. | 80,000 | 112,000 | ||||||
354,350 | ||||||||
Protection/Safety — 0.1% |
| |||||||
ADT, Inc. | 42,649 | 331,383 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
A.H. Belo Corp., Class A | 15,000 | $ | 22,650 | |||||
Lee Enterprises, Inc.† | 84,700 | 89,782 | ||||||
112,432 | ||||||||
Radio — 0.1% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 20,000 | 30,200 | ||||||
Cumulus Media, Inc., Class A† | 14,500 | 127,165 | ||||||
Salem Media Group, Inc.# | 45,000 | 48,150 | ||||||
Townsquare Media, Inc., Class A | 11,000 | 73,700 | ||||||
279,215 | ||||||||
Real Estate Investment Trusts — 4.3% |
| |||||||
American Campus Communities, Inc. | 39,622 | 1,576,956 | ||||||
Community Healthcare Trust, Inc. | 2,800 | 126,448 | ||||||
CubeSmart | 72,774 | 2,367,338 | ||||||
Douglas Emmett, Inc. | 2,700 | 83,619 | ||||||
EastGroup Properties, Inc. | 26,856 | 3,661,278 | ||||||
First Industrial Realty Trust, Inc. | 6,900 | 288,972 | ||||||
Flagship Communities REIT | 3,250 | 49,075 | ||||||
JBG SMITH Properties | 18,732 | 575,822 | ||||||
National Retail Properties, Inc. | 46,192 | 1,741,438 | ||||||
Outfront Media, Inc. | 65,453 | 1,239,680 | ||||||
PS Business Parks, Inc. | 5,756 | 758,641 | ||||||
Regency Centers Corp. | 2,735 | 124,661 | ||||||
Rexford Industrial Realty, Inc. | 13,200 | 632,544 | ||||||
Ryman Hospitality Properties, Inc. | 11,393 | 731,317 | ||||||
13,957,789 | ||||||||
Real Estate Management/Services — 0.9% |
| |||||||
Cushman & Wakefield PLC†# | 106,631 | 1,588,802 | ||||||
FirstService Corp. | 9,936 | 1,371,665 | ||||||
2,960,467 | ||||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Trinity Place Holdings, Inc.† | 10,000 | 13,600 | ||||||
Recreational Centers — 0.3% |
| |||||||
Planet Fitness, Inc., Class A† | 15,163 | 1,106,141 | ||||||
Recreational Vehicles — 0.8% |
| |||||||
Brunswick Corp. | 33,471 | 2,498,275 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Allbirds, Inc.†(1)(2) | 5,670 | 65,559 | ||||||
Burlington Stores, Inc.† | 5,550 | 1,212,897 | ||||||
Chico’s FAS, Inc. | 25,000 | 37,750 | ||||||
Express, Inc.†# | 50,000 | 76,000 | ||||||
Francesca’s Holdings Corp.†# | 14,100 | 43,146 | ||||||
J Jill, Inc.†# | 7,099 | 28,467 | ||||||
Tilly’s, Inc., Class A | 10,968 | 100,138 | ||||||
1,563,957 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 33,800 | 334,282 | ||||||
Retail - Automobile — 0.3% |
| |||||||
Rush Enterprises, Inc., Class A | 11,550 | 442,711 | ||||||
Vroom, Inc., Series F†(2) | 15,564 | 530,219 | ||||||
972,930 | ||||||||
Retail - Bookstores — 0.1% |
| |||||||
Barnes & Noble Education, Inc.† | 54,000 | 196,020 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Aspen Aerogels, Inc.† | 9,200 | 129,904 | ||||||
Retail - Convenience Store — 0.4% | ||||||||
Casey’s General Stores, Inc. | 7,396 | 1,343,705 | ||||||
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount — 1.1% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 61,093 | $ | 2,504,202 | |||||
Ollie’s Bargain Outlet Holdings, Inc.† | 11,850 | 1,043,511 | ||||||
3,547,713 | ||||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Bassett Furniture Industries, Inc. | 6,500 | 102,050 | ||||||
Kirkland’s, Inc.†# | 13,200 | 188,628 | ||||||
RH†# | 1,041 | 471,740 | ||||||
762,418 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Envela Corp.†# | 15,000 | 69,300 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.†# | 9,000 | 83,700 | ||||||
Five Below, Inc.† | 1,700 | 265,880 | ||||||
Gaia, Inc.† | 9,400 | 93,718 | ||||||
Party City Holdco, Inc.† | 40,000 | 183,200 | ||||||
626,498 | ||||||||
Retail - Restaurants — 1.9% |
| |||||||
Ark Restaurants Corp. | 8,000 | 115,120 | ||||||
BBQ Holdings, Inc.† | 8,250 | 36,878 | ||||||
BJ’s Restaurants, Inc. | 12,321 | �� | 406,963 | |||||
Chuy’s Holdings, Inc.† | 16,447 | 389,794 | ||||||
Denny’s Corp.† | 18,000 | 207,180 | ||||||
Dunkin’ Brands Group, Inc. | 15,375 | 1,634,977 | ||||||
Fiesta Restaurant Group, Inc.† | 23,144 | 271,942 | ||||||
Flanigan’s Enterprises, Inc.† | 2,000 | 33,500 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 89,570 | ||||||
Kura Sushi USA, Inc., Class A†# | 4,500 | 74,115 | ||||||
Luby’s, Inc.† | 30,000 | 91,500 | ||||||
Papa John’s International, Inc. | 11,800 | 948,248 | ||||||
Potbelly Corp.† | 20,000 | 94,400 | ||||||
Red Robin Gourmet Burgers, Inc.† | 19,520 | 392,547 | ||||||
Wendy’s Co. | 58,125 | 1,278,169 | ||||||
6,064,903 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp.# | 25,000 | 238,250 | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 10,500 | 42,945 | ||||||
Retail - Vision Service Center — 0.3% |
| |||||||
National Vision Holdings, Inc.† | 21,173 | 906,416 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.†# | 23,500 | 20,445 | ||||||
Satellite Telecom — 0.0% |
| |||||||
KVH Industries, Inc.† | 11,000 | 113,300 | ||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
BankFinancial Corp. | 11,800 | 95,226 | ||||||
Capitol Federal Financial, Inc. | 19,367 | 238,601 | ||||||
Eagle Bancorp Montana, Inc. | 5,000 | 103,050 | ||||||
ESSA Bancorp, Inc. | 9,000 | 142,380 | ||||||
First Financial Northwest, Inc. | 10,000 | 110,400 | ||||||
Investors Bancorp, Inc. | 26,400 | 255,552 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 135,000 | ||||||
Malvern Bancorp, Inc.† | 5,763 | 91,344 | ||||||
Meridian Bancorp, Inc. | 21,160 | 288,728 | ||||||
Pacific Premier Bancorp, Inc. | 16,600 | 478,412 | ||||||
Provident Financial Holdings, Inc. | 6,414 | 92,362 | ||||||
Prudential Bancorp, Inc. | 5,000 | 65,150 | ||||||
Timberland Bancorp, Inc. | 512 | 12,201 | ||||||
2,108,406 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Schools — 0.8% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 13,623 | $ | 2,317,408 | |||||
Lincoln Educational Services Corp.† | 20,000 | 125,400 | ||||||
Strategic Education, Inc. | 877 | 82,342 | ||||||
2,525,150 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 10,702 | 718,104 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 23,127 | 45,791 | ||||||
Geospace Technologies Corp.† | 8,900 | 55,269 | ||||||
101,060 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Power Integrations, Inc. | 30,275 | 2,161,332 | ||||||
Semiconductor Equipment — 1.5% |
| |||||||
Allegro MicroSystems, Inc.† | 24,600 | 589,170 | ||||||
CMC Materials, Inc. | 15,250 | 2,352,770 | ||||||
Entegris, Inc. | 17,500 | 1,620,850 | ||||||
MKS Instruments, Inc. | 1,200 | 165,576 | ||||||
Richardson Electronics, Ltd. | 15,000 | 68,400 | ||||||
4,796,766 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Gulf Island Fabrication, Inc.† | 9,100 | 28,028 | ||||||
Silver Mining — 0.0% |
| |||||||
Golden Minerals Co.† | 85,000 | 46,886 | ||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Altimeter Growth Corp.† | 13,005 | 158,531 | ||||||
Bluescape Opportunities Acquisition Corp.† | 16,662 | 166,953 | ||||||
325,484 | ||||||||
Steel - Producers — 0.0% |
| |||||||
Friedman Industries, Inc. | 10,000 | 62,100 | ||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy Products, Inc.† | 7,500 | 54,225 | ||||||
Telecom Services — 0.1% |
| |||||||
Consolidated Communications Holdings, Inc.† | 1 | 6 | ||||||
RigNet, Inc.† | 12,600 | 67,788 | ||||||
Spok Holdings, Inc. | 12,000 | 117,960 | ||||||
185,754 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Communications Systems, Inc. | 30,000 | 129,600 | ||||||
PC-Tel, Inc. | 6,000 | 37,740 | ||||||
Wireless Telecom Group, Inc.† | 53,200 | 85,120 | ||||||
252,460 | ||||||||
Telephone - Integrated — 0.0% |
| |||||||
Alaska Communications Systems Group, Inc. | 37,000 | 113,220 | ||||||
Textile - Products — 0.1% |
| |||||||
Culp, Inc. | 11,500 | 164,680 | ||||||
Dixie Group, Inc.† | 10,000 | 24,300 | ||||||
188,980 | ||||||||
Theaters — 0.1% |
| |||||||
Cinemark Holdings, Inc. | 16,300 | 251,835 | ||||||
Therapeutics — 0.2% |
| |||||||
Agios Pharmaceuticals, Inc.† | 5,533 | 256,289 | ||||||
CorMedix, Inc.† | 11,800 | 106,200 | ||||||
G1 Therapeutics, Inc.† | 2,875 | 52,497 | ||||||
Proteostasis Therapeutics, Inc.†# | 60,500 | 64,130 | ||||||
Trevi Therapeutics, Inc.†# | 15,000 | 46,200 | ||||||
525,316 | ||||||||
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Tobacco — 0.0% |
| |||||||
Greenlane Holdings, Inc., Class A† | 10,000 | $ | 41,500 | |||||
Tools - Hand Held — 1.0% |
| |||||||
MSA Safety, Inc. | 21,109 | 3,154,529 | ||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 3,000 | 15,360 | ||||||
Transactional Software — 0.0% |
| |||||||
Synchronoss Technologies, Inc.†# | 30,000 | 88,800 | ||||||
Transport - Marine — 0.0% |
| |||||||
Overseas Shipholding Group, Inc., Class A† | 51,000 | 102,000 | ||||||
Transport - Services — 0.3% |
| |||||||
Bristow Group, Inc.† | 6,333 | 140,909 | ||||||
Matson, Inc. | 14,600 | 848,698 | ||||||
Steel Connect, Inc.† | 71,500 | 64,493 | ||||||
1,054,100 | ||||||||
Transport - Truck — 1.5% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 52,748 | 2,177,965 | ||||||
Landstar System, Inc. | 14,307 | 1,880,226 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 62,558 | ||||||
Patriot Transportation Holding, Inc. | 5,000 | 50,300 | ||||||
Saia, Inc.† | 2,600 | 453,804 | ||||||
USA Truck, Inc.† | 6,500 | 57,590 | ||||||
XPO Logistics, Inc.† | 1 | 106 | ||||||
YRC Worldwide, Inc.† | 12,500 | 75,125 | ||||||
4,757,674 | ||||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc. | 14,100 | 90,381 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc. CVR†(1) | 3,000 | 0 | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Calyxt, Inc.†# | 20,000 | 74,400 | ||||||
Water — 0.4% |
| |||||||
California Water Service Group | 6,800 | 336,464 | ||||||
Middlesex Water Co. | 4,982 | 341,217 | ||||||
PICO Holdings, Inc.† | 10,000 | 87,200 | ||||||
SJW Group | 7,170 | 470,352 | ||||||
1,235,233 | ||||||||
Web Hosting/Design — 0.8% |
| |||||||
Q2 Holdings, Inc.† | 23,925 | 2,712,377 | ||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.† | 44,000 | 64,240 | ||||||
Wireless Equipment — 0.1% |
| |||||||
Frequency Electronics, Inc.† | 10,000 | 104,000 | ||||||
Powerfleet, Inc.†# | 25,000 | 172,000 | ||||||
Sonim Technologies, Inc.†# | 43,900 | 28,043 | ||||||
TESSCO Technologies, Inc. | 20,000 | 127,600 | ||||||
431,643 | ||||||||
Total Common Stocks |
| 313,102,558 | ||||||
CONVERTIBLE PREFERRED SECURITIES — 1.1% |
| |||||||
Applications Software — 0.3% |
| |||||||
Convoy, Inc., | 12,094 | 140,895 | ||||||
Convoy, Inc., | 7,659 | 89,227 | ||||||
Haul Hub, Inc., | 2,168 | 31,610 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) | ||||||||
ServiceTitan, Inc., | 4 | $ | 135 | |||||
ServiceTitan, Inc., | 1,942 | 65,634 | ||||||
Toast, Inc., | 98 | 7,350 | ||||||
Toast, Inc. | 7,194 | 539,550 | ||||||
Toast, Inc. | 594 | 44,550 | ||||||
918,951 | ||||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Rivian Automotive, Inc., | 12,194 | 193,641 | ||||||
Rivian Automotive, Inc. | 12,772 | 202,819 | ||||||
396,460 | ||||||||
Computer Software — 0.0% |
| |||||||
Checkr, Inc., Series C†(1)(2) | 2,998 | 73,421 | ||||||
Checkr, Inc., Series D†(1)(2) | 4,084 | 100,017 | ||||||
173,438 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
1stdibs.com, Inc., | 11,111 | 92,332 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Farmer’s Business Network, Inc., | 8,287 | 273,940 | ||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems Holdings, Inc., | 50,422 | 108,579 | ||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. (Deliveroo), | 618 | 240,186 | ||||||
Roofoods, Ltd. (Deliveroo), | 16 | 6,686 | ||||||
246,872 | ||||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Allbirds, Inc., | 1,850 | 21,390 | ||||||
Allbirds, Inc., | 325 | 3,758 | ||||||
Allbirds, Inc., | 3,110 | 35,959 | ||||||
Allbirds, Inc., | 995 | 11,505 | ||||||
72,612 | ||||||||
Health Care Providers & Services — 0.1% |
| |||||||
Bright Health, Inc., | 6,719 | 137,187 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Nuro, Inc., | 6,234 | 81,382 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
A Place For Rover, Inc., | 7,335 | 42,250 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Caris Life Sciences, Inc., | 17,921 | 49,462 | ||||||
National Resilience, Inc., | 5,496 | 75,075 | ||||||
124,537 | ||||||||
178 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
Xometry, Inc., | 962 | $ | 9,271 | |||||
Xometry, Inc., | 330 | 3,180 | ||||||
Xometry, Inc., | 343 | 3,305 | ||||||
Xometry, Inc., | 267 | 2,573 | ||||||
Xometry, Inc., | 1,927 | 26,250 | ||||||
Xometry, Inc., | 1,820 | 14,560 | ||||||
Xometry, Inc., | 801 | 6,408 | ||||||
65,547 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 5,505 | 135,041 | ||||||
JAND, Inc. (dba Warby Parker) | 5,440 | 133,447 | ||||||
268,488 | ||||||||
Retail - Restaurants — 0.1% |
| |||||||
Cava Group, Inc., | 6,606 | 149,692 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Honor Tech, Inc., | 43,123 | 103,844 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Seismic Software, Inc., | 2,336 | 102,671 | ||||||
Seismic Software, Inc. | 175 | 7,691 | ||||||
110,362 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Flexe, Inc.,Series C†(1)(2) | 4,643 | 56,492 | ||||||
Total Convertible Preferred Securities |
| 3,422,965 | ||||||
RIGHTS†— 0.0% |
| |||||||
Disposable Medical Products — 0.0% |
| |||||||
Xtant Medical Holdings, Inc. | 4,863 | 633 | ||||||
WARRANTS† — 0.0% |
| |||||||
Advertising Services — 0.0% |
| |||||||
Advantage Solutions, Inc. | 3,003 | 5,255 | ||||||
Banks-Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc.(1)(2) | 1,009 | 2,583 | ||||||
Banks-Regional — 0.0% |
| |||||||
Dogwood State Bank(1)(2) | 456 | 0 | ||||||
Electronic Security Devices — 0.0% |
| |||||||
API Group Corp. | 27,696 | 110,784 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Food-Misc./Diversified — 0.0% |
| |||||||
Utz Brands, Inc. | 4,337 | $ | 37,342 | |||||
Total Warrants | ||||||||
(cost $17,185) | 155,964 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $233,948,768) | 316,682,120 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.02%(4) | 403,960 | 403,960 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(3)(4) | 4,103,161 | 4,103,161 | ||||||
T. Rowe Price Government Reserve Fund 0.09%(4) | 338,306 | 338,306 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,845,427) | 4,845,427 | |||||||
REPURCHASE AGREEMENTS — 2.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $6,812,000 and collateralized by $6,975,800 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $6,948,305 | $ | 6,812,000 | 6,812,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $245,606,195)(5) | 101.4 | % | 328,339,547 | |||||
Liabilities in excess of other assets | (1.4 | ) | (4,555,108 | ) | ||||
NET ASSETS | 100.0 | % | $ | 323,784,439 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $233,988 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. |
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $ | 2,955 | $ | 5.76 | 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 | 65,559 | 11.56 | 0.02 | ||||||||||||||||||||
Cerevel Therapeutics Holdings PIPE | 10/29/2020 | 3,298 | 32,980 | 44,239 | 13.41 | 0.02 | ||||||||||||||||||
Checkr, Inc. | 06/29/2018 | 700 | 8,603 | |||||||||||||||||||||
12/02/2019 | 1,256 | 36,085 | ||||||||||||||||||||||
1,956 | 44,688 | 47,902 | 24.49 | 0.02 | ||||||||||||||||||||
Dogwood State Bank (Non-voting Shares) | 05/06/2019 | 3,056 | 30,560 | 16,044 | 5.25 | 0.01 | ||||||||||||||||||
Dogwood State Bank (Voting Shares) | 05/06/2019 | 1,501 | 15,010 | 7,880 | 5.25 | 0.00 | ||||||||||||||||||
Generation Bio, | 01/09/2020 | 4,245 | 41,930 | 194,459 | 45.81 | 0.06 | ||||||||||||||||||
Flame Biosciences, Inc. | 09/28/2020 | 3,800 | 24,890 | 24,890 | 6.55 | 0.01 | ||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 10,090 | |||||||||||||||||||||
05/02/2019 | 4,199 | 41,990 | ||||||||||||||||||||||
5,208 | 52,080 | 35,414 | 6.80 | 0.01 | ||||||||||||||||||||
JAND, Inc. (dba Warby Parker), Class A | 03/09/2018 | 4,462 | 70,129 | 109,456 | 24.53 | 0.04 | ||||||||||||||||||
nCino, Inc. | 09/16/2019 | 4,283 | 93,155 | 331,571 | 77.42 | 0.10 | ||||||||||||||||||
ServiceTitan, Inc. | 11/09/2018 | 191 | 5,022 | 6,455 | 33.80 | 0.00 | ||||||||||||||||||
Professional Holding Corp., Seies A | 08/28/2020 | 1,403 | 15,082 | 18,926 | 13.49 | 0.01 | ||||||||||||||||||
Toast, Inc. | 09/14/2018 | 11 | 190 | 825 | 75.00 | 0.00 | ||||||||||||||||||
Venture Global LNG, Inc., Series B | 03/08/2018 | 4 | 12,080 | 22,261 | 5,565 | 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 | 328,352 | 5,565 | 0.10 | ||||||||||||||||||||
Vroom, Inc., Series F | 06/30/2017 | 11,726 | 100,009 | – | ||||||||||||||||||||
11/21/2019 | 3,838 | 52,183 | – | |||||||||||||||||||||
15,564 | 152,192 | 530,219 | 33.87 | 0.16 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
1stdibs.com, Inc., Series D | 02/07/2019 | 11,111 | 55,677 | 92,332 | 8.31 | 0.03 | ||||||||||||||||||
A Place For Rover, Inc., Series G | 05/11/2018 | 7,335 | 55,221 | 42,250 | 5.76 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series A | 10/10/2018 | 1,850 | 20,289 | 21,390 | 11.56 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series B | 10/10/2018 | 325 | 3,565 | 3,758 | 11.56 | 0.00 | ||||||||||||||||||
Allbirds, Inc., Series C | 10/09/2018 | 3,110 | 34,108 | 35,959 | 11.56 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series SEED | 10/10/2018 | 995 | 10,912 | 11,505 | 11.56 | 0.00 | ||||||||||||||||||
Bright Health, Inc., Seres E | 09/16/2020 | 6,719 | 137,187 | 137,187 | 20.42 | 0.04 | ||||||||||||||||||
Caris Life Sciences, Series C | 08/14/2020 | 17,921 | 49,462 | 49,462 | 2.76 | 0.02 | ||||||||||||||||||
Cava Group, Inc., Series F | 06/23/2020 | 6,606 | 149,692 | 149,692 | 22.66 | 0.05 | ||||||||||||||||||
Checkr, Inc., Series C | 04/10/2018 | 2,998 | 40,926 | 73,421 | 24.49 | 0.02 | ||||||||||||||||||
Checkr, Inc., Series D | 09/06/2019 | 4,084 | 123,527 | 100,017 | 24.49 | 0.03 | ||||||||||||||||||
Convoy, Inc., Series C | 09/14/2018 | 12,094 | 85,875 | 140,895 | 11.65 | 0.04 | ||||||||||||||||||
Convoy, Inc., Series D | 10/30/2019 | 7,659 | 103,703 | 89,227 | 11.65 | 0.03 | ||||||||||||||||||
Farmer’s Business Network, Inc., Series D | 11/03/2017 | 8,287 | 153,012 | 273,940 | 33.06 | 0.06 | ||||||||||||||||||
Flexe, Inc., Series C | 11/18/2020 | 4,643 | 56,492 | 56,492 | 12.17 | 0.06 | ||||||||||||||||||
Haul Hub, Inc., Series B | 02/14/2020 | 2,168 | 31,609 | 31,610 | 14.58 | 0.01 | ||||||||||||||||||
Honor Tech, Inc., Series D | 10/16/2020 | 43,123 | 103,844 | 103,844 | 2.41 | 0.03 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series E | 03/09/2018 | 5,505 | 86,522 | 135,041 | 24.53 | 0.04 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series F | 04/03/2020 | 5,440 | $ | 106,042 | $ | 133,447 | $ | 24.53 | 0.04 | % | ||||||||||||||
National Resilience, Inc., Series B | 10/23/2020 | 5,946 | 75,075 | 75,075 | 13.66 | 0.02 | ||||||||||||||||||
Nuro, Inc., Series C | 10/30/2020 | 6,234 | 81,382 | 81,382 | 13.05 | 0.03 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 108,579 | 2.15 | 0.03 | ||||||||||||||||||
Rivian Automative, Inc. Series D | 12/23/2019 | 12,194 | 131,012 | 193,641 | 15.88 | 0.06 | ||||||||||||||||||
Rivian Automative, Inc. Series E | 07/13/2020 | 12,772 | 197,838 | 202,819 | 15.88 | 0.06 | ||||||||||||||||||
Roofoods, Ltd.(Deliveroo), Series F | 09/12/2017 | 618 | 218,506 | 240,186 | 388.65 | 0.07 | ||||||||||||||||||
Roofoods, Ltd.(Deliveroo), 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 | 102,671 | 43.95 | 0.03 | ||||||||||||||||||
Seismic Software Holdings, Inc., Series F | 09/25/2020 | 175 | 7,691 | 7,691 | 43.95 | 0.00 | ||||||||||||||||||
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 | 7,350 | 75.00 | 0.00 | ||||||||||||||||||
Toast, Inc., Series D | 06/27/2018 | 7,194 | 124,507 | 539,550 | 75.00 | 0.17 | ||||||||||||||||||
Toast, Inc., Series F | 02/14/2020 | 594 | 26,997 | 44,550 | 75.00 | 0.01 | ||||||||||||||||||
Xometry, Inc., Series A-2 | 07/20/2020 | 962 | 9,212 | 9,271 | 9.64 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series B | 07/20/2020 | 330 | 3,160 | 3,180 | 9.64 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series C | 07/20/2020 | 343 | 3,340 | 3,305 | 9.64 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series D | 07/20/2020 | 267 | 2,617 | 2,573 | 9.64 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series E | 07/20/2020 | 1,927 | 26,250 | 26,250 | 13.62 | 0.01 | ||||||||||||||||||
Xometry, Inc., Series SEED-1 | 09/04/2020 | 1,820 | 14,560 | 14,560 | 8.00 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series SEED-2 | 09/04/2020 | 801 | 6,408 | 6,408 | 8.00 | 0.00 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Grasshopper Bancorp, Inc. Expires 10/12/2028 | 10/12/2018 | 1,009 | 0 | 2,583 | 2.56 | 0.00 | ||||||||||||||||||
Dogwood State Bank | 05/06/2019 | 456 | 0 | 0 | 0.00 | 0.00 | ||||||||||||||||||
$ | 5,305,444 | 1.64 | % | |||||||||||||||||||||
(3) | At November 30, 2020, the Fund had loaned securities with a total value of $15,989,014. This was secured by collateral of $4,103,161, which was received in cash and subsequently invested in short-term investments currently valued at $4,103,161 as reported in the Portfolio of Investments. Additional collateral of $13,128,034 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $1,229,835 | |||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 3,302,613 | |||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 113,191 | |||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 620,269 | |||
United States Treasury Notes/Bonds | 0.00% to 8.13% | 12/31/2020 to 02/15/2050 | 7,862,126 |
(4) | The rate shown is the 7-day yield as of November 30, 2020. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
PIPE—Private Investment in Public Equity
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 6,117,289 | $ | — | $ | 7,280 | $ | 6,124,569 | ||||||||
Banks - Commercial | 28,360,816 | — | 35,414 | 28,396,230 | ||||||||||||
Banks - Regional | — | — | 23,924 | 23,924 | ||||||||||||
Cellular Telecom | — | — | 6,300 | 6,300 | ||||||||||||
Computer Software | 2,030,513 | 331,571 | 47,902 | 2,409,986 | ||||||||||||
Diversified Operations | 49,558 | 18,926 | — | 68,484 | ||||||||||||
E-Commerce\Services | 1,028,766 | — | 2,955 | 1,031,721 | ||||||||||||
Health Care Providers & Services | — | — | 92,489 | 92,489 | ||||||||||||
Medical-Biomedical/Gene | 13,748,240 | 238,698 | 24,890 | 14,011,828 | ||||||||||||
Oil Companies-Exploration & Production | 2,475,829 | — | 350,613 | 2,826,442 | ||||||||||||
Pharmacy Services | — | — | 109,456 | 109,456 | ||||||||||||
Retail - Apparel/Shoe | 1,498,398 | — | 65,559 | 1,563,957 | ||||||||||||
Retail-Automobile | 442,711 | 530,219 | — | 972,930 | ||||||||||||
Veterinary Diagnostics | — | — | 0 | 0 | ||||||||||||
Other Industries | 255,464,242 | — | — | 255,464,242 | ||||||||||||
Convertible Preferred Securities | — | — | 3,422,965 | 3,422,965 | ||||||||||||
Rights | — | 633 | — | 633 | ||||||||||||
Warrants: | ||||||||||||||||
Banks-Commercial | — | — | 2,583 | 2,583 | ||||||||||||
Banks-Regional | — | — | 0 | 0 | ||||||||||||
Electronic Security Devices | — | 110,784 | — | 110,784 | ||||||||||||
Other Warrants | 42,597 | — | — | 42,597 | ||||||||||||
Short-Term Investment Securities | 4,845,427 | — | — | 4,845,427 | ||||||||||||
Repurchase Agreements | — | 6,812,000 | — | 6,812,000 | ||||||||||||
Total Investments at Value | $ | 316,104,386 | $ | 8,042,831 | $ | 4,192,330 | $ | 328,339,547 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | Warrants | ||||||||||
Balance as of May 31, 2020 | $ | 688,894 | $ | 2,022,001 | $ | 2,785 | ||||||
Accrued Discounts | — | — | — | |||||||||
Accrued Premiums | — | — | — | |||||||||
Realized Gain | — | — | — | |||||||||
Realized Loss | — | — | — | |||||||||
Change in unrealized appreciation (1) | 387,904 | 1,201,510 | — | |||||||||
Change in unrealized depreciation (1) | (3,335 | ) | (79 | ) | (202 | ) | ||||||
Net purchases | 24,890 | 924,211 | — | |||||||||
Net Sales | — | — | — | |||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3(2) | (331,571 | ) | (724,678 | ) | — | |||||||
Balance as of November 30, 2020 | $ | 766,782 | $ | 3,422,965 | $ | 2,583 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2020 includes: |
Common Stocks | Convertible Preferred Securities | Warrants | ||||||||||
$ | 146,153 | $ | 730,300 | $ | (202 | ) | ||||||
(2) | Private Common and Preferred Stocks were converted to Restricted Common Stocks following the Companies’ IPO listings. Securities are now valued using Level 2 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 November 30, 2020.
181 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at November 30, 2020 | Valuation | Unobservable Input (1) | Range (weighted average) | ||||||
Common Stocks | $ | 323,598 | Market Approach | Market Transaction Price* | $5.25-$75.00 ($15.86086)# | |||||
$ | 47,902 | Market Approach | Transaction Price* | $30.2405 | ||||||
Gross Profit Mutilple* | 15.2x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 35,414 | Market Approach and Cost Approach | Transaction Price* Tangible Book Value Multiple* Discount for Lack of Marketability | $10.0000 0.95x 10.0% | ||||||
$ | 350,613 | Market Approach | Transaction Price* | $5,200.0000 | ||||||
EBITDA Multiple* | 11.0x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 2,955 | Market Approach | Gross Profit Mutilple* | 10.1x | ||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 6,300 | Income Approach | Estimated Future Cash Distribution* | $0.00-$2.10 ($2.10)# | ||||||
Preferred Securities | $ | 2,766,180 | Market Approach | Market Transaction Price* | $2.40808-$417.90110 ($32.60891)# | |||||
$ | 240,186 | Market Approach | Market Transaction Price* | $417.9011 | ||||||
Discount for Potential Liquidation Preferences | 7.0% | |||||||||
$ | 42,250 | Market Approach | Gross Profit Mutilple* | 10.1x | ||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 92,332 | Market Approach | Transaction Price* | $5.0100 | ||||||
Revenus Multiple* | 9.3x | |||||||||
Gross Profit Mutilple* | 17.9x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 108,579 | Market Approach | Revenus Multiple* | 5.2x | ||||||
Gross Profit Mutilple* | 7.75x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 173,438 | Market Approach | Transaction Price* | $30.2405 | ||||||
Gross Profit Mutilple* | 15.2x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Warrants | $ | 2,583 | Market Approach | Strike Price* | $10.0000 | |||||
Risk-Free Rate* | 2.50% | |||||||||
Volatility Rate * | 42.62% | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 0 | Income Approach | Estimated Future Cash Distribution* | $0.0000 |
See Notes to Financial Statements
182 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 8.7 | % | ||
Repurchase Agreements | 7.4 | |||
Banks — Commercial | 6.9 | |||
Real Estate Investment Trusts | 6.2 | |||
Registered Investment Companies | 3.8 | |||
Enterprise Software/Service | 2.3 | |||
Medical Products | 2.3 | |||
Medical — Drugs | 2.0 | |||
Retail — Restaurants | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Energy — Alternate Sources | 1.3 | |||
Insurance — Property/Casualty | 1.2 | |||
Computer Software | 1.2 | |||
Electric — Integrated | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Building — Residential/Commercial | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Savings & Loans/Thrifts | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Computer Services | 0.8 | |||
Building & Construction Products — Misc. | 0.8 | |||
U.S. Government Treasuries | 0.8 | |||
Gas — Distribution | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Human Resources | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Building & Construction — Misc. | 0.7 | |||
Racetracks | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Medical Labs & Testing Services | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Retail — Automobile | 0.6 | |||
Computer Data Security | 0.6 | |||
Casino Services | 0.6 | |||
Commercial Services | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Applications Software | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Building — Heavy Construction | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Medical Information Systems | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Chemicals — Diversified | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Transport — Truck | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Transport — Services | 0.4 | |||
Retail — Home Furnishings | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Water | 0.4 | |||
Oil — Field Services | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Electric — Generation | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Retail — Building Products | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Metal — Aluminum | 0.3 | |||
Medical Instruments | 0.3 |
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Retail — Discount | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Pastoral & Agricultural | 0.3 | |||
Consulting Services | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Airlines | 0.3 | |||
Steel — Producers | 0.3 | |||
Athletic Equipment | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Transport — Marine | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Schools | 0.3 | |||
Lasers — System/Components | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Environmental Consulting & Engineering | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Office Furnishings — Original | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Electronic Security Devices | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Machinery — Electrical | 0.2 | |||
Retail — Pet Food & Supplies | 0.2 | |||
Telecom Services | 0.2 | |||
Networking Products | 0.2 | |||
Financial Guarantee Insurance | 0.2 | |||
Insurance Brokers | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Data Processing/Management | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Therapeutics | 0.2 | |||
Paper & Related Products | 0.2 | |||
Wireless Equipment | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Building Products — Wood | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Satellite Telecom | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Rubber — Tires | 0.2 | |||
Metal — Iron | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Precious Metals | 0.2 | |||
Finance — Commercial | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Television | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Communications Software | 0.2 | |||
Software Tools | 0.2 | |||
Retail — Regional Department Stores | 0.2 |
183 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Machine Tools & Related Products | 0.1 | % | ||
Instruments — Controls | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Home Furnishings | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Security Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Independent Power Producers | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Casino Hotels | 0.1 | |||
Golf | 0.1 | |||
Optical Supplies | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Printing — Commercial | 0.1 | |||
Medical — HMO | 0.1 | |||
Tobacco | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Banks — Super Regional | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Internet Security | 0.1 | |||
Audio/Video Products | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Hotels/Motels | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Poultry | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Agricultural Operations | 0.1 | |||
Retail — Bedding | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Diversified Minerals | 0.1 | |||
Machinery — Farming | 0.1 | |||
Identification Systems | 0.1 | |||
Gold Mining | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Appliances | 0.1 | |||
Computer Aided Design | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Gas — Transportation | 0.1 | |||
Quarrying | 0.1 | |||
Protection/Safety | 0.1 | |||
Coal | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Advanced Materials | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Theaters | 0.1 | |||
Housewares | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Food — Catering | 0.1 | |||
Steel — Specialty | 0.1 | |||
Food — Baking | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Entertainment Software | 0.1 | |||
Hazardous Waste Disposal | 0.1 |
Industrial Audio & Video Products | 0.1 | |||
Publishing — Books | 0.1 | |||
Computers — Other | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
Recycling | 0.1 | |||
Food — Retail | 0.1 | |||
Finance — Other Services | 0.1 | |||
Circuit Boards | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Professional Sports | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Computers — Voice Recognition | 0.1 | |||
104.0 | % | |||
* | Calculated as a percentage of net assets |
184 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.0% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Haynes International, Inc. | 5,968 | $ | 126,462 | |||||
Lydall, Inc.† | 8,176 | 224,022 | ||||||
Materion Corp. | 9,705 | 565,802 | ||||||
916,286 | ||||||||
Advertising Sales — 0.0% |
| |||||||
Boston Omaha Corp., Class A† | 6,283 | 145,640 | ||||||
Advertising Services — 0.0% |
| |||||||
Fluent, Inc.† | 19,992 | 68,772 | ||||||
National CineMedia, Inc. | 29,761 | 100,295 | ||||||
169,067 | ||||||||
Aerospace/Defense — 0.2% |
| |||||||
AeroVironment, Inc.† | 10,352 | 883,957 | ||||||
Kratos Defense & Security Solutions, Inc.† | 58,038 | 1,228,665 | ||||||
National Presto Industries, Inc. | 2,438 | 207,352 | ||||||
Park Aerospace Corp. | 9,407 | 119,751 | ||||||
2,439,725 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
AAR Corp. | 16,019 | 454,459 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 35,084 | 1,313,194 | ||||||
Astronics Corp.† | 11,184 | 127,721 | ||||||
Barnes Group, Inc. | 22,463 | 1,033,523 | ||||||
Ducommun, Inc.† | 5,147 | 255,909 | ||||||
Kaman Corp. | 13,197 | 690,071 | ||||||
Moog, Inc., Class A | 14,220 | 1,100,059 | ||||||
Triumph Group, Inc. | 24,624 | 324,298 | ||||||
5,299,234 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 4,600 | 59,524 | ||||||
Marrone Bio Innovations, Inc.† | 32,180 | 38,294 | ||||||
97,818 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,494 | 77,289 | ||||||
Andersons, Inc. | 14,902 | 338,722 | ||||||
Cadiz, Inc.†# | 9,533 | 95,711 | ||||||
Fresh Del Monte Produce, Inc. | 14,869 | 377,524 | ||||||
Limoneira Co. | 7,781 | 113,836 | ||||||
Tejon Ranch Co.† | 10,008 | 143,415 | ||||||
Vital Farms, Inc.† | 4,906 | 145,414 | ||||||
1,291,911 | ||||||||
Airlines — 0.3% |
| |||||||
Allegiant Travel Co. | 6,252 | 1,064,028 | ||||||
Hawaiian Holdings, Inc. | 21,743 | 440,513 | ||||||
Mesa Air Group, Inc.† | 14,087 | 89,875 | ||||||
SkyWest, Inc. | 23,572 | 1,011,946 | ||||||
Spirit Airlines, Inc.† | 42,606 | 964,174 | ||||||
3,570,536 | ||||||||
Apparel Manufacturers — 0.5% |
| |||||||
Deckers Outdoor Corp.† | 13,381 | 3,406,669 | ||||||
Kontoor Brands, Inc. | 24,633 | 1,026,457 | ||||||
Lakeland Industries, Inc.† | 3,659 | 72,521 | ||||||
Oxford Industries, Inc. | 7,840 | 437,394 | ||||||
Superior Group of Cos., Inc. | 5,137 | 111,679 | ||||||
Urban Outfitters, Inc.† | 32,985 | 903,129 | ||||||
5,957,849 | ||||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 3,266 | 61,336 | ||||||
iRobot Corp.†# | 13,191 | 1,034,570 | ||||||
1,095,906 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Applications Software — 0.6% |
| |||||||
Agilysys, Inc.† | 8,685 | $ | 324,472 | |||||
Appfolio, Inc., Class A† | 7,799 | 1,270,691 | ||||||
Brightcove, Inc.† | 18,866 | 315,062 | ||||||
Cerence, Inc.†# | 17,573 | 1,594,750 | ||||||
Digi International, Inc.† | 13,712 | 235,298 | ||||||
Ebix, Inc.# | 12,608 | 428,798 | ||||||
GTY Technology Holdings, Inc.†# | 21,191 | 75,864 | ||||||
IBEX, Ltd.† | 2,298 | 45,730 | ||||||
Immersion Corp.† | 8,189 | 70,098 | ||||||
Model N, Inc.† | 16,299 | 561,664 | ||||||
Park City Group, Inc.† | 5,898 | 27,662 | ||||||
PDF Solutions, Inc.† | 13,820 | 305,007 | ||||||
Phreesia, Inc.† | 13,664 | 603,402 | ||||||
Sprout Social, Inc., Class A† | 13,022 | 669,070 | ||||||
6,527,568 | ||||||||
Athletic Equipment — 0.3% |
| |||||||
Clarus Corp. | 11,164 | 160,762 | ||||||
Nautilus, Inc.† | 14,164 | 298,860 | ||||||
Vista Outdoor, Inc.† | 27,887 | 575,309 | ||||||
YETI Holdings, Inc.† | 38,246 | 2,416,000 | ||||||
3,450,931 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Daktronics, Inc. | 17,475 | 78,812 | ||||||
Sonos, Inc.† | 38,543 | 857,196 | ||||||
Universal Electronics, Inc.† | 6,446 | 339,447 | ||||||
VOXX International Corp.† | 9,480 | 122,008 | ||||||
1,397,463 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc. | 15,768 | 741,254 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Blue Bird Corp.† | 7,357 | 120,728 | ||||||
Navistar International Corp.† | 23,864 | 1,056,221 | ||||||
REV Group, Inc. | 13,130 | 121,321 | ||||||
Workhorse Group, Inc.†# | 45,067 | 1,143,350 | ||||||
2,441,620 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 25,285 | 447,039 | ||||||
Auto/Truck Parts & Equipment - Original — 1.0% |
| |||||||
Adient PLC† | 42,049 | 1,315,713 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 53,737 | 427,746 | ||||||
Cooper-Standard Holdings, Inc.† | 8,003 | 271,462 | ||||||
Dana, Inc. | 69,176 | 1,164,924 | ||||||
Dorman Products, Inc.† | 12,733 | 1,176,147 | ||||||
Fox Factory Holding Corp.† | 19,777 | 1,725,939 | ||||||
Gentherm, Inc.† | 15,658 | 890,314 | ||||||
Meritor, Inc.† | 33,164 | 875,530 | ||||||
Methode Electronics, Inc. | 17,548 | 614,531 | ||||||
Miller Industries, Inc. | 5,306 | 177,167 | ||||||
Modine Manufacturing Co.† | 23,680 | 258,586 | ||||||
Shyft Group, Inc. | 16,486 | 427,482 | ||||||
Telenav, Inc.† | 15,820 | 75,145 | ||||||
Tenneco, Inc., Class A† | 24,396 | 259,817 | ||||||
Visteon Corp.† | 13,252 | 1,601,504 | ||||||
11,262,007 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Douglas Dynamics, Inc. | 10,778 | 421,635 | ||||||
Motorcar Parts of America, Inc.† | 8,978 | 180,637 | ||||||
Standard Motor Products, Inc. | 10,081 | 466,650 | ||||||
XPEL, Inc.† | 7,975 | 302,093 | ||||||
1,371,015 | ||||||||
185 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 6,353 | $ | 535,621 | |||||
Banks - Commercial — 6.9% |
| |||||||
1st Constitution Bancorp | 4,324 | 70,654 | ||||||
1st Source Corp. | 7,841 | 292,626 | ||||||
ACNB Corp. | 4,044 | 100,736 | ||||||
Alerus Financial Corp. | 7,071 | 169,916 | ||||||
Allegiance Bancshares, Inc. | 9,045 | 286,365 | ||||||
Altabancorp | 7,595 | 208,103 | ||||||
Amalgamated Bank, Class A | 6,469 | 82,286 | ||||||
American National Bankshares, Inc. | 5,092 | 132,290 | ||||||
Ameris Bancorp | 31,709 | 1,078,423 | ||||||
Ames National Corp. | 4,199 | 90,320 | ||||||
Arrow Financial Corp. | 6,335 | 188,530 | ||||||
Atlantic Capital Bancshares, Inc.† | 9,985 | 140,189 | ||||||
Atlantic Union Bankshares Corp. | 37,260 | 1,114,447 | ||||||
Auburn National Bancorporation, Inc. | 1,119 | 46,841 | ||||||
BancFirst Corp. | 8,971 | 486,497 | ||||||
Bancorp, Inc.† | 24,645 | 290,811 | ||||||
BancorpSouth Bank | 47,348 | 1,200,272 | ||||||
Bank First Corp.# | 3,001 | 207,549 | ||||||
Bank of Commerce Holdings | 7,604 | 71,554 | ||||||
Bank of Marin Bancorp | 6,324 | 219,443 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 24,299 | 769,306 | ||||||
Bank of Princeton | 2,721 | 64,841 | ||||||
Bank7 Corp. | 1,357 | 16,501 | ||||||
BankUnited, Inc. | 43,884 | 1,251,133 | ||||||
Bankwell Financial Group, Inc. | 3,169 | 57,993 | ||||||
Banner Corp. | 16,615 | 686,698 | ||||||
Bar Harbor Bankshares | 7,140 | 164,577 | ||||||
BayCom Corp.† | 5,424 | 78,106 | ||||||
BCB Bancorp, Inc. | 6,871 | 69,878 | ||||||
Bogota Financial Corp.† | 2,765 | 24,194 | ||||||
Bridge Bancorp, Inc. | 7,977 | 178,047 | ||||||
Bridgewater Bancshares, Inc.† | 10,532 | 123,962 | ||||||
Bryn Mawr Bank Corp. | 9,419 | 280,875 | ||||||
Business First Bancshares, Inc. | 9,221 | 172,156 | ||||||
Byline Bancorp, Inc. | 11,603 | 177,874 | ||||||
C&F Financial Corp. | 1,660 | 62,250 | ||||||
Cadence BanCorp | 58,952 | 821,791 | ||||||
California Bancorp, Inc.† | 3,618 | 58,250 | ||||||
Cambridge Bancorp | 3,044 | 205,774 | ||||||
Camden National Corp. | 7,057 | 242,408 | ||||||
Capital Bancorp, Inc.† | 3,799 | 45,170 | ||||||
Capital City Bank Group, Inc. | 6,410 | 145,956 | ||||||
Capstar Financial Holdings, Inc. | 7,637 | 92,026 | ||||||
Carter Bankshares, Inc. | 10,835 | 101,524 | ||||||
Cathay General Bancorp | 36,307 | 1,025,673 | ||||||
CB Financial Services, Inc. | 2,361 | 52,863 | ||||||
CBTX, Inc. | 8,445 | 185,368 | ||||||
Central Pacific Financial Corp. | 13,121 | 215,053 | ||||||
Central Valley Community Bancorp | 5,054 | 72,019 | ||||||
Century Bancorp, Inc., Class A | 1,336 | 98,730 | ||||||
Chemung Financial Corp. | 1,720 | 57,706 | ||||||
ChoiceOne Financial Services, Inc. | 3,502 | 103,764 | ||||||
CIT Group, Inc. | 47,167 | 1,579,623 | ||||||
Citizens & Northern Corp. | 6,381 | 115,815 | ||||||
Citizens Holding Co. | 2,238 | 45,857 | ||||||
City Holding Co. | 7,536 | 495,040 | ||||||
Civista Bancshares, Inc. | 7,552 | 127,100 | ||||||
CNB Financial Corp. | 7,076 | 139,256 | ||||||
Coastal Financial Corp.† | 4,345 | 85,683 | ||||||
Codorus Valley Bancorp, Inc. | 4,474 | 75,118 | ||||||
Colony Bankcorp, Inc. | 3,691 | 52,634 | ||||||
Columbia Banking System, Inc. | 34,327 | 1,085,076 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Community Bank System, Inc. | 25,288 | $ | 1,574,178 | |||||
Community Financial Corp. | 2,488 | 68,146 | ||||||
Community Trust Bancorp, Inc. | 7,420 | 251,167 | ||||||
ConnectOne Bancorp, Inc. | 17,721 | 314,193 | ||||||
County Bancorp, Inc. | 2,344 | 50,302 | ||||||
CrossFirst Bankshares, Inc.† | 22,914 | 208,517 | ||||||
Customers Bancorp, Inc.† | 13,713 | 231,613 | ||||||
CVB Financial Corp. | 61,797 | 1,173,525 | ||||||
Eagle Bancorp, Inc. | 15,299 | 562,697 | ||||||
Enterprise Bancorp, Inc. | 4,295 | 111,155 | ||||||
Enterprise Financial Services Corp. | 11,498 | 391,047 | ||||||
Equity Bancshares, Inc., Class A† | 6,939 | 140,688 | ||||||
Esquire Financial Holdings, Inc.† | 3,221 | 60,233 | ||||||
Evans Bancorp, Inc. | 2,277 | 61,433 | ||||||
Farmers & Merchants Bancorp, Inc. | 4,837 | 110,671 | ||||||
Farmers National Banc Corp. | 12,405 | 155,559 | ||||||
FB Financial Corp. | 14,872 | 474,714 | ||||||
Fidelity D&D Bancorp, Inc.# | 1,884 | 109,894 | ||||||
Financial Institutions, Inc. | 7,573 | 151,536 | ||||||
First BanCorp | 102,911 | 817,113 | ||||||
First Bancorp, Inc. | 4,836 | 117,176 | ||||||
First Bancorp/Puerto Rico | 13,717 | 430,439 | ||||||
First Bancshares, Inc. | 9,885 | 270,454 | ||||||
First Bank | 7,653 | 71,096 | ||||||
First Busey Corp. | 24,091 | 482,061 | ||||||
First Business Financial Services, Inc. | 3,893 | 73,539 | ||||||
First Choice Bancorp | 4,955 | 81,906 | ||||||
First Commonwealth Financial Corp. | 46,640 | 451,009 | ||||||
First Community Bankshares, Inc. | 8,284 | 174,544 | ||||||
First Community Corp. | 3,423 | 59,081 | ||||||
First Financial Bancorp | 46,357 | 744,030 | ||||||
First Financial Bankshares, Inc. | 61,715 | 2,062,515 | ||||||
First Financial Corp. | 6,430 | 243,504 | ||||||
First Foundation, Inc. | 18,852 | 334,811 | ||||||
First Guaranty Bancshares, Inc. | 1,744 | 29,334 | ||||||
First Internet Bancorp | 4,519 | 115,596 | ||||||
First Interstate BancSystem, Inc., Class A | 20,044 | 762,674 | ||||||
First Merchants Corp. | 25,800 | 859,656 | ||||||
First Mid Bancshares, Inc. | 6,974 | 209,569 | ||||||
First Midwest Bancorp, Inc. | 54,506 | 762,539 | ||||||
First Northwest Bancorp | 4,151 | 62,265 | ||||||
First of Long Island Corp. | 10,889 | 183,044 | ||||||
First United Corp. | 3,211 | 49,064 | ||||||
Flagstar Bancorp, Inc. | 24,825 | 869,868 | ||||||
FNCB Bancorp, Inc. | 8,174 | 54,848 | ||||||
Franklin Financial Services Corp. | 1,975 | 56,189 | ||||||
Fulton Financial Corp. | 75,901 | 935,100 | ||||||
FVCBankcorp, Inc.† | 5,645 | 73,385 | ||||||
German American Bancorp, Inc. | 11,774 | 376,062 | ||||||
Glacier Bancorp, Inc. | 45,799 | 1,867,225 | ||||||
Great Southern Bancorp, Inc. | 5,266 | 241,709 | ||||||
Great Western Bancorp, Inc. | 26,445 | 434,491 | ||||||
Guaranty Bancshares, Inc. | 3,338 | 96,168 | ||||||
Hancock Whitney Corp. | 41,234 | 1,158,263 | ||||||
Hanmi Financial Corp. | 14,610 | 142,447 | ||||||
HarborOne Bancorp, Inc. | 25,306 | 248,252 | ||||||
Hawthorn Bancshares, Inc. | 2,795 | 61,490 | ||||||
HBT Financial, Inc. | 4,678 | 65,398 | ||||||
Heartland Financial USA, Inc. | 16,607 | 647,341 | ||||||
Heritage Commerce Corp. | 27,801 | 234,084 | ||||||
Heritage Financial Corp. | 17,219 | 400,686 | ||||||
Hilltop Holdings, Inc. | 34,454 | 829,997 | ||||||
Home BancShares, Inc. | 73,137 | 1,353,766 | ||||||
HomeStreet, Inc. | 10,635 | 344,042 | ||||||
Hope Bancorp, Inc. | 56,123 | 532,046 |
186 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Horizon Bancorp, Inc. | 20,443 | $ | 292,335 | |||||
Howard Bancorp, Inc.† | 6,293 | 77,656 | ||||||
Independent Bank Corp. | 15,719 | 1,063,233 | ||||||
Independent Bank Corp. | 10,097 | 171,750 | ||||||
International Bancshares Corp. | 25,515 | 826,941 | ||||||
Investar Holding Corp. | 4,865 | 79,105 | ||||||
Kearny Financial Corp. | 38,287 | 378,658 | ||||||
Lakeland Bancorp, Inc. | 23,303 | 280,102 | ||||||
Lakeland Financial Corp. | 11,819 | 600,287 | ||||||
Landmark Bancorp, Inc. | 1,845 | 45,904 | ||||||
LCNB Corp. | 5,815 | 86,062 | ||||||
Level One Bancorp, Inc. | 2,448 | 46,683 | ||||||
Limestone Bancorp, Inc.† | 2,502 | 30,424 | ||||||
Live Oak Bancshares, Inc. | 13,410 | 551,419 | ||||||
Luther Burbank Corp. | 8,766 | 86,170 | ||||||
Macatawa Bank Corp. | 12,537 | 97,287 | ||||||
Mackinac Financial Corp. | 4,273 | 52,002 | ||||||
MainStreet Bancshares, Inc.† | 3,384 | 54,855 | ||||||
Mercantile Bank Corp. | 7,556 | 187,615 | ||||||
Merchants Bancorp | 4,172 | 111,142 | ||||||
Meridian Corp. | 2,568 | 47,765 | ||||||
Meta Financial Group, Inc. | 15,931 | 527,316 | ||||||
Metrocity Bankshares, Inc. | 8,277 | 114,636 | ||||||
Metropolitan Bank Holding Corp.† | 3,348 | 110,752 | ||||||
Mid Penn Bancorp, Inc. | 3,318 | 77,110 | ||||||
Middlefield Banc Corp. | 2,858 | 61,161 | ||||||
Midland States Bancorp, Inc. | 10,240 | 173,568 | ||||||
MidWestOne Financial Group, Inc. | 7,018 | 163,239 | ||||||
MVB Financial Corp. | 4,715 | 94,913 | ||||||
National Bankshares, Inc. | 3,057 | 92,077 | ||||||
NBT Bancorp, Inc. | 20,330 | 608,883 | ||||||
Nicolet Bankshares, Inc.† | 4,466 | 297,034 | ||||||
Northeast Bank | 3,669 | 79,911 | ||||||
Northrim BanCorp, Inc. | 2,989 | 94,961 | ||||||
Norwood Financial Corp. | 2,781 | 74,976 | ||||||
Oak Valley Bancorp | 3,267 | 58,545 | ||||||
OFG Bancorp | 24,200 | 405,350 | ||||||
Ohio Valley Banc Corp. | 2,053 | 47,322 | ||||||
Old National Bancorp | 78,401 | 1,241,088 | ||||||
Old Second Bancorp, Inc. | 13,755 | 132,873 | ||||||
OP Bancorp | 5,835 | 42,595 | ||||||
Origin Bancorp, Inc. | 10,509 | 270,186 | ||||||
Orrstown Financial Services, Inc. | 5,200 | 83,824 | ||||||
Park National Corp. | 6,854 | 693,008 | ||||||
Partners Bancorp | 4,720 | 30,916 | ||||||
PCB Bancorp | 5,956 | 64,861 | ||||||
PCSB Financial Corp. | 7,076 | 108,334 | ||||||
Peapack-Gladstone Financial Corp. | 8,744 | 192,455 | ||||||
Penns Woods Bancorp, Inc. | 3,271 | 83,607 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,136 | 53,144 | ||||||
Peoples Bancorp, Inc. | 8,827 | 220,498 | ||||||
Peoples Financial Services Corp. | 3,339 | 126,281 | ||||||
Pioneer Bancorp, Inc.† | 5,546 | 57,789 | ||||||
Plumas Bancorp | 2,222 | 52,995 | ||||||
Preferred Bank | 6,588 | 242,241 | ||||||
Premier Financial Bancorp, Inc. | 6,239 | 83,041 | ||||||
Premier Financial Corp. | 17,700 | 366,567 | ||||||
Provident Bancorp, Inc. | �� | 4,129 | 41,703 | |||||
QCR Holdings, Inc. | 7,078 | 246,810 | ||||||
RBB Bancorp | 7,939 | 117,815 | ||||||
Red River Bancshares, Inc. | 2,360 | 117,386 | ||||||
Reliant Bancorp, Inc. | 7,176 | 126,943 | ||||||
Renasant Corp. | 26,036 | 803,731 | ||||||
Republic Bancorp, Inc., Class A | 4,648 | 164,074 | ||||||
Republic First Bancorp, Inc.† | 21,731 | 67,583 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Richmond Mutual BanCorp, Inc. | 5,877 | $ | 73,698 | |||||
S&T Bancorp, Inc. | 18,472 | 413,588 | ||||||
Salisbury Bancorp, Inc. | 1,213 | 47,368 | ||||||
Sandy Spring Bancorp, Inc. | 22,023 | 648,798 | ||||||
SB Financial Group, Inc. | 3,395 | 58,122 | ||||||
Seacoast Banking Corp. of Florida† | 24,687 | 623,594 | ||||||
Select Bancorp, Inc.† | 7,502 | 68,643 | ||||||
ServisFirst Bancshares, Inc. | 23,288 | 879,821 | ||||||
Shore Bancshares, Inc. | 5,931 | 82,144 | ||||||
Sierra Bancorp | 6,677 | 146,894 | ||||||
Silvergate Capital Corp., Class A† | 7,491 | 266,605 | ||||||
Simmons First National Corp., Class A | 51,750 | 1,009,125 | ||||||
SmartFinancial, Inc. | 6,697 | 118,269 | ||||||
South Plains Financial, Inc. | 5,064 | 89,380 | ||||||
South State Corp. | 33,457 | 2,223,887 | ||||||
Southern First Bancshares, Inc.† | 3,468 | 110,629 | ||||||
Southern National Bancorp of Virginia, Inc. | 9,471 | 103,613 | ||||||
Southside Bancshares, Inc. | 15,120 | 444,528 | ||||||
Spirit of Texas Bancshares, Inc. | 6,261 | 97,797 | ||||||
Standard AVB Financial Corp. | 1,845 | 60,461 | ||||||
Sterling Bancorp, Inc. | 7,824 | 30,592 | ||||||
Stock Yards Bancorp, Inc. | 9,771 | 389,277 | ||||||
Summit Financial Group, Inc. | 5,460 | 114,332 | ||||||
Texas Capital Bancshares, Inc.† | 24,185 | 1,351,941 | ||||||
Tompkins Financial Corp. | 6,850 | 435,728 | ||||||
Towne Bank | 32,005 | 696,109 | ||||||
TriCo Bancshares | 12,639 | 414,054 | ||||||
TriState Capital Holdings, Inc.† | 13,183 | 196,295 | ||||||
Triumph Bancorp, Inc.† | 10,845 | 492,797 | ||||||
TrustCo Bank Corp. | 45,284 | 274,874 | ||||||
Trustmark Corp. | 30,121 | 747,603 | ||||||
UMB Financial Corp. | 20,854 | 1,418,281 | ||||||
United Bankshares, Inc. | 59,194 | 1,733,200 | ||||||
United Community Banks, Inc. | 37,341 | 892,823 | ||||||
United Security Bancshares | 6,436 | 45,374 | ||||||
Unity Bancorp, Inc. | 3,710 | 65,259 | ||||||
Univest Financial Corp. | 13,760 | 251,946 | ||||||
Valley National Bancorp | 190,498 | 1,741,152 | ||||||
Veritex Holdings, Inc. | 22,684 | 492,016 | ||||||
Washington Trust Bancorp, Inc. | 8,156 | 320,694 | ||||||
WesBanco, Inc. | 31,165 | 892,254 | ||||||
West BanCorp, Inc. | 7,659 | 147,666 | ||||||
Westamerica BanCorp | 12,488 | 688,339 | ||||||
Western New England Bancorp, Inc. | 10,912 | 72,892 | ||||||
80,206,623 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Parke Bancorp, Inc. | 5,051 | 72,532 | ||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc. | 13,524 | 1,082,055 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 17,703 | 993,315 | ||||||
National Bank Holdings Corp., Class A | 14,070 | 452,773 | ||||||
1,446,088 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 20,328 | 1,663,034 | ||||||
Beverages - Non-alcoholic — 0.3% |
| |||||||
Celsius Holdings, Inc.† | 16,422 | 529,609 | ||||||
Coca-Cola Consolidated, Inc. | 2,249 | 588,541 | ||||||
National Beverage Corp.# | 5,651 | 553,968 | ||||||
NewAge, Inc.† | 45,269 | 155,273 | ||||||
Primo Water Corp. | 74,701 | 1,122,756 | ||||||
2,950,147 | ||||||||
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc. | 6,167 | $ | 268,943 | |||||
Broadcast Services/Program — 0.0% |
| |||||||
Hemisphere Media Group, Inc.† | 7,839 | 84,347 | ||||||
MSG Networks, Inc., Class A†# | 19,041 | 231,158 | ||||||
315,505 | ||||||||
Building & Construction Products - Misc. — 0.8% |
| |||||||
American Woodmark Corp.† | 8,090 | 707,956 | ||||||
Builders FirstSource, Inc.† | 55,291 | 2,068,436 | ||||||
Caesarstone, Ltd. | 10,637 | 127,006 | ||||||
Forterra, Inc.† | 9,079 | 168,415 | ||||||
Gibraltar Industries, Inc.† | 15,586 | 1,020,260 | ||||||
Louisiana-Pacific Corp. | 53,926 | 1,845,887 | ||||||
Patrick Industries, Inc. | 10,675 | 672,952 | ||||||
Simpson Manufacturing Co., Inc. | 20,834 | 1,914,645 | ||||||
Summit Materials, Inc., Class A† | 54,805 | 1,041,295 | ||||||
9,566,852 | ||||||||
Building & Construction - Misc. — 0.7% |
| |||||||
Comfort Systems USA, Inc. | 17,176 | 865,499 | ||||||
EMCOR Group, Inc. | 25,991 | 2,239,904 | ||||||
IES Holdings, Inc.† | 3,889 | 143,426 | ||||||
MYR Group, Inc.† | 7,788 | 398,200 | ||||||
NV5 Global, Inc.† | 5,210 | 380,851 | ||||||
TopBuild Corp.† | 15,820 | 2,756,319 | ||||||
WillScot Mobile Mini Holdings Corp.† | 76,659 | 1,648,935 | ||||||
8,433,134 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
AAON, Inc. | 19,632 | 1,278,632 | ||||||
SPX Corp.† | 20,554 | 1,052,982 | ||||||
2,331,614 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Concrete Pumping Holdings, Inc.† | 12,805 | 49,939 | ||||||
US Concrete, Inc.† | 7,633 | 270,819 | ||||||
320,758 | ||||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 12,299 | 322,726 | ||||||
Cornerstone Building Brands, Inc.† | 20,903 | 182,692 | ||||||
Griffon Corp. | 20,584 | 429,176 | ||||||
JELD-WEN Holding, Inc.† | 32,465 | 785,328 | ||||||
Masonite International Corp.† | 11,649 | 1,165,483 | ||||||
PGT Innovations, Inc.† | 27,263 | 507,637 | ||||||
3,393,042 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 12,253 | 95,819 | ||||||
Research Frontiers, Inc.†# | 12,684 | 37,164 | ||||||
132,983 | ||||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co. | 18,691 | 808,386 | ||||||
UFP Industries, Inc. | 28,595 | 1,534,121 | ||||||
2,342,507 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Aegion Corp.† | 14,489 | 248,486 | ||||||
Arcosa, Inc. | 23,215 | 1,204,626 | ||||||
Construction Partners, Inc., Class A† | 12,592 | 331,170 | ||||||
Dycom Industries, Inc.† | 14,676 | 922,533 | ||||||
Granite Construction, Inc. | 22,406 | 551,636 | ||||||
Great Lakes Dredge & Dock Corp.† | 30,381 | 343,001 | ||||||
MasTec, Inc.† | 27,105 | 1,537,125 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction (continued) |
| |||||||
Primoris Services Corp. | 22,940 | $ | 556,295 | |||||
Sterling Construction Co., Inc.† | 13,219 | 211,372 | ||||||
Tutor Perini Corp.† | 19,498 | 263,613 | ||||||
6,169,857 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 32,048 | 1,233,848 | ||||||
BrightView Holdings, Inc.† | 19,552 | 266,689 | ||||||
1,500,537 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Cavco Industries, Inc.† | 4,393 | 790,784 | ||||||
LCI Industries | 11,782 | 1,481,940 | ||||||
Skyline Champion Corp.† | 25,138 | 772,491 | ||||||
Winnebago Industries, Inc. | 14,891 | 788,180 | ||||||
3,833,395 | ||||||||
Building - Residential/Commercial — 0.9% |
| |||||||
Beazer Homes USA, Inc.† | 13,633 | 201,905 | ||||||
Century Communities, Inc.† | 13,973 | 621,798 | ||||||
Forestar Group, Inc.† | 7,965 | 154,999 | ||||||
Green Brick Partners, Inc.† | 11,357 | 247,242 | ||||||
Installed Building Products, Inc.† | 10,928 | 1,079,905 | ||||||
KB Home | 42,177 | 1,484,630 | ||||||
LGI Homes, Inc.† | 10,654 | 1,151,165 | ||||||
M/I Homes, Inc.† | 13,329 | 605,803 | ||||||
MDC Holdings, Inc. | 24,304 | 1,173,154 | ||||||
Meritage Homes Corp.† | 17,778 | 1,602,687 | ||||||
Taylor Morrison Home Corp.† | 60,352 | 1,525,699 | ||||||
TRI Pointe Group, Inc.† | 61,957 | 1,083,008 | ||||||
10,931,995 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Liberty Latin America, Ltd., Class A† | 22,069 | 250,483 | ||||||
Liberty Latin America, Ltd., Class C† | 74,171 | 838,874 | ||||||
WideOpenWest, Inc.† | 25,012 | 204,848 | ||||||
1,294,205 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 38,864 | 1,495,875 | ||||||
Century Casinos, Inc.† | 12,948 | 76,523 | ||||||
1,572,398 | ||||||||
Casino Services — 0.6% |
| |||||||
Accel Entertainment, Inc.† | 21,244 | 221,787 | ||||||
Caesars Entertainment, Inc.† | 79,296 | 5,401,643 | ||||||
Everi Holdings, Inc.† | 39,256 | 417,684 | ||||||
Scientific Games Corp.† | 27,313 | 1,018,229 | ||||||
7,059,343 | ||||||||
Chemicals - Diversified — 0.4% |
| |||||||
AdvanSix, Inc.† | 13,093 | 232,662 | ||||||
Codexis, Inc.† | 25,634 | 474,742 | ||||||
Innospec, Inc. | 11,699 | 962,711 | ||||||
Koppers Holdings, Inc.† | 9,840 | 266,369 | ||||||
Orion Engineered Carbons SA | 28,817 | 448,392 | ||||||
Quaker Chemical Corp. | 6,355 | 1,569,685 | ||||||
Stepan Co. | 10,300 | 1,196,448 | ||||||
5,151,009 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.† | 29,616 | 191,616 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 13,794 | 209,117 | ||||||
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Specialty — 0.9% |
| |||||||
AgroFresh Solutions, Inc.† | 14,684 | $ | 33,773 | |||||
Amyris, Inc.†# | 50,962 | 148,809 | ||||||
Balchem Corp. | 15,382 | 1,594,960 | ||||||
Ferro Corp.† | 39,139 | 560,079 | ||||||
GCP Applied Technologies, Inc.† | 23,363 | 548,797 | ||||||
H.B. Fuller Co. | 24,608 | 1,287,737 | ||||||
Hawkins, Inc. | 4,628 | 232,233 | ||||||
Ingevity Corp.† | 19,854 | 1,321,879 | ||||||
Kraton Corp.† | 14,917 | 402,759 | ||||||
Minerals Technologies, Inc. | 16,290 | 988,314 | ||||||
Oil-Dri Corp. of America | 2,433 | 83,768 | ||||||
PQ Group Holdings, Inc.† | 18,347 | 234,658 | ||||||
Rogers Corp.† | 8,908 | 1,308,674 | ||||||
Sensient Technologies Corp. | 20,282 | 1,454,625 | ||||||
Tronox Holdings PLC, Class A | 42,787 | 541,256 | ||||||
10,742,321 | ||||||||
Circuit Boards — 0.1% |
| |||||||
TTM Technologies, Inc.† | 47,777 | 623,968 | ||||||
Coal — 0.1% |
| |||||||
Arch Resources, Inc., Class A | 7,221 | 241,470 | ||||||
CONSOL Energy, Inc.† | 12,424 | 65,723 | ||||||
NACCO Industries, Inc., Class A | 1,790 | 47,883 | ||||||
Peabody Energy Corp.† | 30,001 | 40,501 | ||||||
SunCoke Energy, Inc. | 39,695 | 178,628 | ||||||
Warrior Met Coal, Inc. | 24,584 | 428,253 | ||||||
1,002,458 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 10,696 | 147,070 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Brothers Co.† | 7,681 | 34,180 | ||||||
Commercial Services — 0.6% |
| |||||||
Collectors Universe, Inc. | 4,352 | 335,757 | ||||||
Emerald Holding, Inc. | 11,684 | 49,774 | ||||||
HMS Holdings Corp.† | 42,121 | 1,323,442 | ||||||
LiveRamp Holdings, Inc.† | 30,657 | 1,793,741 | ||||||
Medifast, Inc. | 5,400 | 1,102,356 | ||||||
National Research Corp. | 6,450 | 330,949 | ||||||
PFSweb, Inc.† | 7,607 | 51,652 | ||||||
Progyny, Inc.†# | 12,766 | 453,065 | ||||||
ServiceSource International, Inc.† | 41,535 | 63,964 | ||||||
SP Plus Corp.† | 11,003 | 312,925 | ||||||
Team, Inc.† | 14,343 | 124,927 | ||||||
WW International, Inc.† | 22,562 | 665,805 | ||||||
6,608,357 | ||||||||
Commercial Services - Finance — 0.5% |
| |||||||
Cardtronics PLC, Class A† | 17,205 | 417,738 | ||||||
Cass Information Systems, Inc. | 6,804 | 288,694 | ||||||
CBIZ, Inc.† | 24,374 | 590,338 | ||||||
EVERTEC, Inc. | 28,784 | 1,069,901 | ||||||
Evo Payments, Inc., Class A† | 19,495 | 490,104 | ||||||
Franchise Group, Inc. | 10,437 | 279,607 | ||||||
Green Dot Corp., Class A† | 24,345 | 1,303,918 | ||||||
GreenSky, Inc., Class A† | 29,704 | 126,539 | ||||||
MoneyGram International, Inc.† | 29,647 | 201,007 | ||||||
Priority Technology Holdings, Inc.† | 3,649 | 17,807 | ||||||
Repay Holdings Corp.† | 28,443 | 686,330 | ||||||
5,471,983 | ||||||||
Communications Software — 0.2% |
| |||||||
8x8, Inc.† | 49,424 | 977,113 | ||||||
Avaya Holdings Corp.† | 39,553 | 736,081 |
Security Description | Shares | Value (Note 2) | ||||||
Communications Software (continued) |
| |||||||
SeaChange International, Inc.† | 14,409 | $ | 13,910 | |||||
Smith Micro Software, Inc.† | 16,369 | 88,065 | ||||||
1,815,169 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Altair Engineering, Inc., Class A†# | 20,276 | 1,092,876 | ||||||
Computer Data Security — 0.6% |
| |||||||
OneSpan, Inc.† | 15,958 | 315,649 | ||||||
Ping Identity Holding Corp.†# | 17,512 | 393,845 | ||||||
Qualys, Inc.† | 16,274 | 1,546,193 | ||||||
Rapid7, Inc.† | 24,081 | 1,804,630 | ||||||
SecureWorks Corp., Class A† | 4,267 | 48,175 | ||||||
Tenable Holdings, Inc.† | 33,314 | 1,199,637 | ||||||
Varonis Systems, Inc.† | 14,899 | 1,797,415 | ||||||
7,105,544 | ||||||||
Computer Services — 0.8% |
| |||||||
Conduent, Inc.† | 78,879 | 332,869 | ||||||
ExlService Holdings, Inc.† | 16,057 | 1,336,906 | ||||||
Insight Enterprises, Inc.† | 16,565 | 1,184,066 | ||||||
Mastech Digital, Inc.† | 1,895 | 33,731 | ||||||
MAXIMUS, Inc. | 29,233 | 2,099,222 | ||||||
PAE, Inc.† | 28,238 | 271,367 | ||||||
Parsons Corp.† | 10,779 | 352,473 | ||||||
Perspecta, Inc. | 66,568 | 1,492,455 | ||||||
Rimini Street, Inc.† | 10,745 | 46,848 | ||||||
StarTek, Inc.† | 8,342 | 65,235 | ||||||
Sykes Enterprises, Inc.† | 18,482 | 695,478 | ||||||
TTEC Holdings, Inc. | 8,673 | 586,815 | ||||||
Unisys Corp.† | 29,579 | 431,262 | ||||||
Virtusa Corp.† | 13,939 | 698,065 | ||||||
9,626,792 | ||||||||
Computer Software — 1.2% |
| |||||||
Avid Technology, Inc.† | 14,933 | 181,436 | ||||||
Bandwidth, Inc., Class A† | 9,170 | 1,391,823 | ||||||
Box, Inc., Class A† | 66,304 | 1,239,222 | ||||||
Cloudera, Inc.†# | 97,932 | 1,143,846 | ||||||
Cornerstone OnDemand, Inc.† | 28,985 | 1,279,688 | ||||||
Envestnet, Inc.† | 25,384 | 2,037,320 | ||||||
J2 Global, Inc.† | 21,648 | 1,939,877 | ||||||
Red Violet, Inc.†# | 3,242 | 86,788 | ||||||
Simulations Plus, Inc. | 6,735 | 376,958 | ||||||
Upland Software, Inc.† | 12,447 | 569,450 | ||||||
Veritone, Inc.†# | 11,186 | 297,659 | ||||||
Verra Mobility Corp.† | 63,929 | 779,934 | ||||||
Xperi Holding Corp. | 51,324 | 979,262 | ||||||
Yext, Inc.†# | 48,339 | 918,924 | ||||||
Zuora, Inc., Class A† | 48,033 | 547,096 | ||||||
13,769,283 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Cubic Corp. | 15,019 | 879,513 | ||||||
Diebold Nixdorf, Inc.†# | 33,559 | 317,804 | ||||||
MTS Systems Corp. | 9,229 | 323,292 | ||||||
NetScout Systems, Inc.† | 33,233 | 778,317 | ||||||
PAR Technology Corp.† | 7,685 | 414,836 | ||||||
Super Micro Computer, Inc.† | 21,468 | 605,612 | ||||||
3,319,374 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Quantum Corp.† | 13,987 | 80,145 | ||||||
Computers - Other — 0.1% |
| |||||||
3D Systems Corp.†# | 56,400 | 516,060 | ||||||
ExOne Co.† | 5,520 | 65,798 |
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Other (continued) |
| |||||||
PlayAGS, Inc.† | 12,719 | $ | 62,578 | |||||
644,436 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
iCAD, Inc.†# | 9,611 | 96,302 | ||||||
Mitek Systems, Inc.† | 19,138 | 225,446 | ||||||
321,748 | ||||||||
Computers - Voice Recognition — 0.1% |
| |||||||
Vocera Communications, Inc.† | 15,361 | 519,663 | ||||||
Consulting Services — 0.3% |
| |||||||
Acacia Research Corp.† | 22,745 | 83,929 | ||||||
CRA International, Inc. | 3,602 | 165,152 | ||||||
Forrester Research, Inc.† | 5,230 | 216,522 | ||||||
Franklin Covey Co.† | 5,988 | 131,556 | ||||||
GP Strategies Corp.† | 6,239 | 71,748 | ||||||
Hackett Group, Inc. | 11,957 | 168,354 | ||||||
Huron Consulting Group, Inc.† | 10,827 | 477,146 | ||||||
ICF International, Inc. | 8,700 | 630,141 | ||||||
Information Services Group, Inc.† | 17,185 | 51,899 | ||||||
Kelly Services, Inc., Class A | 16,082 | 329,038 | ||||||
R1 RCM, Inc.† | 51,096 | 1,036,227 | ||||||
Vectrus, Inc.† | 5,474 | 260,946 | ||||||
3,622,658 | ||||||||
Consumer Products - Misc. — 0.5% |
| |||||||
Central Garden & Pet Co.† | 4,616 | 184,825 | ||||||
Central Garden & Pet Co., Class A† | 18,891 | 696,889 | ||||||
Helen of Troy, Ltd.† | 12,095 | 2,443,069 | ||||||
Quanex Building Products Corp. | 15,702 | 323,461 | ||||||
WD-40 Co. | 6,521 | 1,658,355 | ||||||
5,306,599 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 12,279 | 596,882 | ||||||
Greif, Inc., Class B | 2,859 | 140,949 | ||||||
O-I Glass, Inc. | 74,930 | 848,207 | ||||||
1,586,038 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Matthews International Corp., Class A | 14,578 | 389,670 | ||||||
TriMas Corp.† | 20,687 | 552,963 | ||||||
UFP Technologies, Inc.† | 3,283 | 144,682 | ||||||
1,087,315 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
e.l.f. Beauty, Inc.† | 21,620 | 470,019 | ||||||
Edgewell Personal Care Co.† | 26,062 | 905,654 | ||||||
Inter Parfums, Inc. | 8,494 | 461,309 | ||||||
Revlon, Inc., Class A†# | 3,289 | 42,297 | ||||||
1,879,279 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 12,316 | 157,768 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Bottomline Technologies DE, Inc.† | 20,694 | 944,474 | ||||||
CommVault Systems, Inc.† | 19,976 | 954,054 | ||||||
CSG Systems International, Inc. | 15,631 | 678,073 | ||||||
2,576,601 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 40,556 | 1,125,835 | ||||||
Diagnostic Equipment — 0.2% |
| |||||||
Accelerate Diagnostics, Inc.†# | 14,868 | 116,416 |
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Equipment (continued) |
| |||||||
BioTelemetry, Inc.† | 16,046 | $ | 889,109 | |||||
GenMark Diagnostics, Inc.† | 33,291 | 445,101 | ||||||
Nymox Pharmaceutical Corp.†# | 19,984 | 40,168 | ||||||
Quanterix Corp.† | 10,055 | 434,276 | ||||||
Quotient, Ltd.†# | 27,545 | 191,162 | ||||||
2,116,232 | ||||||||
Diagnostic Kits — 0.4% |
| |||||||
Aspira Women’s Health, Inc.†# | 37,890 | 184,145 | ||||||
Chembio Diagnostics, Inc.†# | 9,443 | 54,203 | ||||||
Co-Diagnostics, Inc.†# | 12,691 | 148,739 | ||||||
Meridian Bioscience, Inc.† | 20,240 | 382,536 | ||||||
Natera, Inc.† | 33,840 | 2,987,057 | ||||||
OraSure Technologies, Inc.† | 33,983 | 407,796 | ||||||
4,164,476 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 6,868 | 78,364 | ||||||
Direct Marketing — 0.0% |
| |||||||
Quotient Technology, Inc.† | 41,072 | 305,986 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
BioLife Solutions, Inc.† | 6,572 | 236,526 | ||||||
CONMED Corp. | 12,993 | 1,323,857 | ||||||
Merit Medical Systems, Inc.† | 25,899 | 1,426,258 | ||||||
Utah Medical Products, Inc. | 1,632 | 140,891 | ||||||
3,127,532 | ||||||||
Distribution/Wholesale — 1.1% |
| |||||||
A-Mark Precious Metals, Inc. | 2,344 | 71,703 | ||||||
Avient Corp. | 43,691 | 1,596,906 | ||||||
Core-Mark Holding Co., Inc. | 21,356 | 666,094 | ||||||
EVI Industries, Inc.†# | 2,319 | 78,475 | ||||||
Fossil Group, Inc.† | 22,423 | 237,684 | ||||||
G-III Apparel Group, Ltd.† | 21,034 | 428,462 | ||||||
H&E Equipment Services, Inc. | 15,313 | 411,613 | ||||||
KAR Auction Services, Inc. | 61,753 | 1,114,642 | ||||||
Resideo Technologies, Inc.† | 67,420 | 1,246,596 | ||||||
ScanSource, Inc.† | 12,093 | 303,534 | ||||||
SiteOne Landscape Supply, Inc.† | 21,002 | 2,900,376 | ||||||
Systemax, Inc. | 5,931 | 182,497 | ||||||
Titan Machinery, Inc.† | 9,103 | 166,312 | ||||||
Triton International, Ltd. | 28,893 | 1,307,697 | ||||||
Veritiv Corp.† | 6,161 | 114,471 | ||||||
VSE Corp. | 4,240 | 145,008 | ||||||
WESCO International, Inc.† | 23,463 | 1,530,257 | ||||||
12,502,327 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Chase Corp. | 3,527 | 373,685 | ||||||
Enerpac Tool Group Corp. | 25,914 | 580,214 | ||||||
EnPro Industries, Inc. | 9,896 | 700,736 | ||||||
Fabrinet† | 17,554 | 1,199,114 | ||||||
Federal Signal Corp. | 28,603 | 887,551 | ||||||
NL Industries, Inc. | 4,004 | 18,739 | ||||||
3,760,039 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Caledonia Mining Corp. PLC | 5,336 | 76,999 | ||||||
Livent Corp.†# | 70,136 | 1,063,963 | ||||||
United States Lime & Minerals, Inc. | 959 | 106,161 | ||||||
1,247,123 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Professional Holding Corp., Class A†# | 5,457 | 77,489 | ||||||
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 9,648 | $ | 289,151 | |||||
Drug Delivery Systems — 0.2% |
| |||||||
Antares Pharma, Inc.† | 78,569 | 245,135 | ||||||
BioDelivery Sciences International, Inc.† | 42,899 | 163,016 | ||||||
Heron Therapeutics, Inc.†# | 41,891 | 725,971 | ||||||
Revance Therapeutics, Inc.† | 30,083 | 726,204 | ||||||
1,860,326 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-Flowers.com, Inc., Class A†# | 11,892 | 278,748 | ||||||
CarParts.com, Inc.† | 10,084 | 151,966 | ||||||
Lands’ End, Inc.† | 5,558 | 138,617 | ||||||
Liquidity Services, Inc.† | 13,289 | 126,378 | ||||||
Overstock.com, Inc.† | 20,395 | 1,376,459 | ||||||
RealReal, Inc.† | 29,815 | 412,938 | ||||||
Stitch Fix, Inc., Class A† | 26,878 | 1,088,559 | ||||||
3,573,665 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Cargurus, Inc.† | 41,292 | 1,034,365 | ||||||
Cars.com, Inc.† | 32,253 | 360,266 | ||||||
ChannelAdvisor Corp.† | 13,188 | 194,523 | ||||||
Eventbrite, Inc., Class A†# | 30,369 | 509,288 | ||||||
EverQuote, Inc., Class A† | 6,705 | 252,510 | ||||||
Groupon, Inc.† | 11,121 | 335,410 | ||||||
Shutterstock, Inc. | 10,462 | 719,367 | ||||||
Stamps.com, Inc.† | 8,128 | 1,523,675 | ||||||
TrueCar, Inc.† | 50,654 | 206,668 | ||||||
Upwork, Inc.† | 44,347 | 1,451,034 | ||||||
6,587,106 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
comScore, Inc.† | 28,330 | 72,242 | ||||||
Magnite, Inc.†# | 50,633 | 962,027 | ||||||
QuinStreet, Inc.† | 22,618 | 403,618 | ||||||
1,437,887 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Perficient, Inc.† | 15,573 | 709,039 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Graham Corp. | 4,610 | 72,792 | ||||||
nLight, Inc.† | 16,658 | 500,073 | ||||||
Novanta, Inc.† | 16,360 | 1,962,873 | ||||||
Ultralife Corp.† | 4,345 | 29,329 | ||||||
2,565,067 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B | 6,297 | 52,265 | ||||||
Spark Energy, Inc., Class A# | 5,726 | 53,137 | ||||||
Unitil Corp. | 7,056 | 288,450 | ||||||
393,852 | ||||||||
Electric - Generation — 0.4% |
| |||||||
Atlantic Power Corp.† | 41,580 | 85,655 | ||||||
Brookfield Renewable Corp., Class A | 32,704 | 2,588,521 | ||||||
Ormat Technologies, Inc. | 19,131 | 1,507,714 | ||||||
4,181,890 | ||||||||
Electric - Integrated — 1.1% |
| |||||||
ALLETE, Inc. | 24,911 | 1,400,995 | ||||||
Ameresco, Inc., Class A† | 11,671 | 519,943 | ||||||
Avista Corp. | 32,188 | 1,207,694 | ||||||
Black Hills Corp. | 30,074 | 1,829,401 | ||||||
Evoqua Water Technologies Corp.† | 43,655 | 1,138,959 | ||||||
MGE Energy, Inc. | 17,423 | 1,196,437 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
NorthWestern Corp. | 24,274 | $ | 1,407,892 | |||||
Otter Tail Corp. | 19,384 | 771,871 | ||||||
PNM Resources, Inc. | 37,986 | 1,865,492 | ||||||
Portland General Electric Co. | 43,025 | 1,780,375 | ||||||
13,119,059 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Advanced Energy Industries, Inc.† | 18,159 | 1,751,617 | ||||||
Applied Optoelectronics, Inc.†# | 10,341 | 85,934 | ||||||
Atkore International Group, Inc.† | 22,634 | 882,273 | ||||||
Bel Fuse, Inc., Class B | 4,796 | 70,309 | ||||||
Benchmark Electronics, Inc. | 17,441 | 424,165 | ||||||
Comtech Telecommunications Corp. | 11,622 | 221,515 | ||||||
IntriCon Corp.† | 4,045 | 70,140 | ||||||
Kimball Electronics, Inc.† | 11,499 | 177,200 | ||||||
Knowles Corp.† | 42,342 | 718,967 | ||||||
NVE Corp. | 2,280 | 116,713 | ||||||
OSI Systems, Inc.† | 8,096 | 713,258 | ||||||
Plexus Corp.† | 13,721 | 1,025,096 | ||||||
Sanmina Corp.† | 32,116 | 1,021,771 | ||||||
SMART Global Holdings, Inc.† | 6,763 | 207,557 | ||||||
Transcat, Inc.† | 3,323 | 105,339 | ||||||
Vishay Intertechnology, Inc. | 63,551 | 1,230,347 | ||||||
Vishay Precision Group, Inc.† | 5,942 | 173,804 | ||||||
8,996,005 | ||||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 9,820 | 243,929 | ||||||
Ambarella, Inc.† | 15,817 | 1,235,782 | ||||||
Amkor Technology, Inc.† | 47,721 | 703,408 | ||||||
Atomera, Inc.†# | 7,665 | 71,898 | ||||||
AXT, Inc.† | 18,669 | 182,023 | ||||||
CEVA, Inc.† | 10,379 | 407,687 | ||||||
CTS Corp. | 15,222 | 463,662 | ||||||
Diodes, Inc.† | 20,260 | 1,376,870 | ||||||
DSP Group, Inc.† | 10,618 | 178,701 | ||||||
GSI Technology, Inc.† | 7,904 | 52,483 | ||||||
Impinj, Inc.†# | 8,050 | 336,409 | ||||||
Intellicheck, Inc.† | 8,591 | 84,364 | ||||||
Lattice Semiconductor Corp.† | 64,279 | 2,690,076 | ||||||
MACOM Technology Solutions Holdings, Inc.† | 22,472 | 1,004,049 | ||||||
Photronics, Inc.† | 30,228 | 350,342 | ||||||
Pixelworks, Inc.† | 18,660 | 55,607 | ||||||
Rambus, Inc.† | 54,221 | 852,354 | ||||||
Semtech Corp.† | 30,873 | 2,083,001 | ||||||
Silicon Laboratories, Inc.† | 20,725 | 2,429,177 | ||||||
SiTime Corp.† | 4,362 | 379,363 | ||||||
Synaptics, Inc.† | 16,268 | 1,265,162 | ||||||
16,446,347 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Badger Meter, Inc. | 13,938 | 1,149,049 | ||||||
CyberOptics Corp.† | 3,396 | 90,877 | ||||||
FARO Technologies, Inc.† | 8,485 | 561,028 | ||||||
Fitbit, Inc., Class A† | 116,308 | 835,091 | ||||||
Itron, Inc.† | 19,177 | 1,507,504 | ||||||
Luna Innovations, Inc.† | 13,985 | 140,200 | ||||||
Mesa Laboratories, Inc. | 2,264 | 615,265 | ||||||
Stoneridge, Inc.† | 12,427 | 333,789 | ||||||
5,232,803 | ||||||||
Electronic Security Devices — 0.3% |
| |||||||
Alarm.com Holdings, Inc.† | 22,718 | 1,724,524 | ||||||
API Group Corp.†* | 66,946 | 1,037,663 | ||||||
Napco Security Technologies, Inc.† | 5,564 | 169,702 |
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Security Devices (continued) |
| |||||||
Wrap Technologies, Inc.†# | 5,463 | $ | 31,412 | |||||
2,963,301 | ||||||||
Energy - Alternate Sources — 1.3% |
| |||||||
Clean Energy Fuels Corp.† | 62,126 | 282,673 | ||||||
FuelCell Energy, Inc.†# | 101,772 | 1,038,075 | ||||||
FutureFuel Corp. | 12,365 | 148,257 | ||||||
Green Plains, Inc.† | 16,336 | 241,446 | ||||||
Maxeon Solar Technologies, Ltd.†# | 4,572 | 111,648 | ||||||
Plug Power, Inc.†# | 179,139 | 4,727,478 | ||||||
Renewable Energy Group, Inc.† | 18,277 | 1,061,528 | ||||||
REX American Resources Corp.† | 2,644 | 207,554 | ||||||
Sunnova Energy International, Inc.† | 25,383 | 1,028,266 | ||||||
SunPower Corp.†# | 36,577 | 810,546 | ||||||
Sunrun, Inc.† | 69,798 | 4,472,656 | ||||||
TPI Composites, Inc.† | 14,497 | 583,214 | ||||||
14,713,341 | ||||||||
Engineering/R&D Services — 0.5% |
| |||||||
Exponent, Inc. | 24,553 | 2,038,145 | ||||||
Fluor Corp. | 67,360 | 1,163,307 | ||||||
Iteris, Inc.† | 19,268 | 94,028 | ||||||
KBR, Inc. | 68,095 | 1,890,998 | ||||||
Mistras Group, Inc.† | 8,665 | 45,231 | ||||||
5,231,709 | ||||||||
Enterprise Software/Service — 2.3% |
| |||||||
ACI Worldwide, Inc.† | 54,758 | 1,784,016 | ||||||
Akerna Corp.†# | 4,291 | 18,408 | ||||||
American Software, Inc., Class A | 14,308 | 234,937 | ||||||
Appian Corp.†# | 17,011 | 2,381,540 | ||||||
Asure Software, Inc.†# | 6,423 | 49,714 | ||||||
Benefitfocus, Inc.† | 13,866 | 199,532 | ||||||
Blackbaud, Inc. | 23,630 | 1,301,777 | ||||||
Blackline, Inc.† | 23,989 | 2,948,248 | ||||||
Cardlytics, Inc.†# | 12,511 | 1,484,805 | ||||||
Daily Journal Corp.†# | 543 | 146,610 | ||||||
Domo, Inc., Class B† | 12,186 | 462,946 | ||||||
Donnelley Financial Solutions, Inc.† | 14,358 | 233,892 | ||||||
eGain Corp.† | 9,961 | 112,958 | ||||||
Evolent Health, Inc., Class A† | 36,092 | 524,417 | ||||||
Intelligent Systems Corp.†# | 3,581 | 140,626 | ||||||
LivePerson, Inc.†# | 29,487 | 1,722,631 | ||||||
ManTech International Corp., Class A | 12,983 | 999,301 | ||||||
MicroStrategy, Inc., Class A† | 3,689 | 1,264,478 | ||||||
MobileIron, Inc.† | 46,623 | 328,226 | ||||||
Progress Software Corp. | 21,451 | 860,185 | ||||||
PROS Holdings, Inc.† | 18,771 | 805,088 | ||||||
QAD, Inc., Class A | 5,526 | 316,806 | ||||||
SailPoint Technologies Holdings, Inc.† | 42,088 | 1,959,617 | ||||||
Sapiens International Corp. NV | 12,249 | 365,633 | ||||||
SPS Commerce, Inc.† | 16,797 | 1,731,267 | ||||||
SVMK, Inc.† | 57,917 | 1,232,474 | ||||||
Verint Systems, Inc.† | 30,628 | 1,744,571 | ||||||
Workiva, Inc.† | 18,695 | 1,401,938 | ||||||
26,756,641 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Glu Mobile, Inc.† | 69,842 | 706,103 | ||||||
Environmental Consulting & Engineering — 0.3% |
| |||||||
Montrose Environmental Group Inc† | 5,245 | 143,661 | ||||||
Tetra Tech, Inc. | 25,769 | 3,072,953 | ||||||
3,216,614 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
ESCO Technologies, Inc. | 12,234 | $ | 1,209,943 | |||||
Finance - Commercial — 0.2% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 34,693 | 1,896,319 | ||||||
Marlin Business Services Corp. | 4,000 | 41,560 | ||||||
MMA Capital Holdings, Inc.† | 2,269 | 56,521 | ||||||
NewStar Financial, Inc. CVR†(1) | 17,919 | 9,676 | ||||||
2,004,076 | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Curo Group Holdings Corp. | 8,747 | 75,574 | ||||||
Encore Capital Group, Inc.† | 14,922 | 509,437 | ||||||
Enova International, Inc.† | 16,547 | 345,998 | ||||||
EZCORP, Inc., Class A† | 22,884 | 116,480 | ||||||
International Money Express, Inc.† | 11,302 | 177,893 | ||||||
LendingClub Corp.† | 33,734 | 269,197 | ||||||
Navient Corp. | 91,520 | 857,542 | ||||||
Nelnet, Inc., Class A | 8,234 | 559,089 | ||||||
Paysign, Inc.†# | 14,719 | 71,976 | ||||||
PRA Group, Inc.† | 21,574 | 898,126 | ||||||
Regional Management Corp. | 4,088 | 109,272 | ||||||
World Acceptance Corp.†# | 2,253 | 254,386 | ||||||
4,244,970 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
Atlanticus Holdings Corp.† | 2,413 | 36,195 | ||||||
I3 Verticals, Inc., Class A† | 7,067 | 197,169 | ||||||
233,364 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Amerant Bancorp, Inc.† | 10,841 | 160,989 | ||||||
Arlington Asset Investment Corp., Class A# | 16,593 | 53,264 | ||||||
Cowen, Inc., Class A# | 12,773 | 306,041 | ||||||
Diamond Hill Investment Group, Inc. | 1,483 | 202,904 | ||||||
Greenhill & Co., Inc. | 6,776 | 88,223 | ||||||
Houlihan Lokey, Inc. | 24,465 | 1,584,843 | ||||||
Moelis & Co., Class A | 25,260 | 991,202 | ||||||
Oppenheimer Holdings, Inc., Class A | 4,436 | 130,818 | ||||||
Piper Sandler Cos. | 8,330 | 767,776 | ||||||
PJT Partners, Inc., Class A | 11,255 | 779,746 | ||||||
Siebert Financial Corp.† | 5,436 | 19,298 | ||||||
StoneX Group, Inc.† | 7,813 | 481,437 | ||||||
5,566,541 | ||||||||
Finance - Leasing Companies — 0.2% |
| |||||||
Prog Holdings, Inc. | 32,237 | 2,028,674 | ||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Federal Agricultural Mtg. Corp., Class C | 4,347 | 294,292 | ||||||
Mr. Cooper Group, Inc.† | 36,591 | 975,516 | ||||||
Oportun Financial Corp.† | 9,294 | 157,162 | ||||||
PennyMac Financial Services, Inc. | 20,291 | 1,169,573 | ||||||
2,596,543 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
BGC Partners, Inc., Class A | 145,728 | 603,314 | ||||||
SWK Holdings Corp.† | 1,696 | 21,980 | ||||||
625,294 | ||||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
MBIA, Inc.† | 25,416 | 161,900 | ||||||
NMI Holdings, Inc., Class A† | 39,315 | 861,392 | ||||||
Radian Group, Inc. | 91,523 | 1,727,954 | ||||||
2,751,246 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
American Outdoor Brands, Inc.† | 6,521 | 90,544 |
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Firearms & Ammunition (continued) |
| |||||||
Smith & Wesson Brands, Inc. | 26,086 | $ | 411,115 | |||||
Sturm Ruger & Co., Inc. | 8,062 | 493,717 | ||||||
995,376 | ||||||||
Food - Baking — 0.1% |
| |||||||
Hostess Brands, Inc.† | 58,489 | 792,526 | ||||||
Food - Canned — 0.0% |
| |||||||
Landec Corp.† | 12,389 | 128,226 | ||||||
Seneca Foods Corp., Class A† | 3,110 | 130,247 | ||||||
258,473 | ||||||||
Food - Catering — 0.1% |
| |||||||
Healthcare Services Group, Inc. | 35,701 | 845,043 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 7,687 | 238,066 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Nathan’s Famous, Inc. | 1,355 | 76,964 | ||||||
Food - Misc./Diversified — 0.5% |
| |||||||
B&G Foods, Inc.# | 30,497 | 844,462 | ||||||
BellRing Brands, Inc., Class A† | 19,029 | 388,192 | ||||||
Bridgford Foods Corp.† | 806 | 15,032 | ||||||
Cal-Maine Foods, Inc.† | 14,980 | 586,167 | ||||||
J&J Snack Foods Corp. | 7,158 | 1,040,702 | ||||||
John B. Sanfilippo & Son, Inc. | 4,207 | 312,201 | ||||||
Lancaster Colony Corp. | 9,061 | 1,534,299 | ||||||
Simply Good Foods Co.† | 40,727 | 885,405 | ||||||
5,606,460 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 6,827 | 256,627 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,361 | 63,496 | ||||||
Village Super Market, Inc., Class A | 4,100 | 94,956 | ||||||
Weis Markets, Inc. | 4,565 | 217,431 | ||||||
632,510 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 7,871 | 563,800 | ||||||
Chefs’ Warehouse, Inc.† | 14,436 | 332,678 | ||||||
HF Foods Group, Inc.† | 16,995 | 132,051 | ||||||
Performance Food Group Co.† | 62,640 | 2,717,323 | ||||||
SpartanNash Co. | 16,975 | 320,488 | ||||||
United Natural Foods, Inc.† | 26,070 | 449,707 | ||||||
4,516,047 | ||||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Crocs, Inc.† | 31,920 | 1,879,769 | ||||||
Rocky Brands, Inc. | 3,283 | 95,207 | ||||||
Steven Madden, Ltd. | 39,393 | 1,239,698 | ||||||
Weyco Group, Inc. | 2,881 | 51,628 | ||||||
Wolverine World Wide, Inc. | 38,175 | 1,101,730 | ||||||
4,368,032 | ||||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Carriage Services, Inc. | 7,875 | 214,279 | ||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Bally’s Corp. | 8,567 | 380,632 | ||||||
Golden Entertainment, Inc.† | 8,009 | 133,350 | ||||||
International Game Technology PLC# | 47,525 | 598,339 | ||||||
Monarch Casino & Resort, Inc.† | 6,031 | 333,032 | ||||||
Red Rock Resorts, Inc., Class A | 31,471 | 684,337 | ||||||
2,129,690 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution — 0.8% |
| |||||||
Chesapeake Utilities Corp. | 7,719 | $ | 802,853 | |||||
New Jersey Resources Corp. | 45,571 | 1,505,210 | ||||||
Northwest Natural Holding Co. | 14,564 | 697,907 | ||||||
ONE Gas, Inc. | 25,067 | 1,984,805 | ||||||
RGC Resources, Inc. | 3,643 | 88,379 | ||||||
South Jersey Industries, Inc. | 48,221 | 1,110,048 | ||||||
Southwest Gas Holdings, Inc. | 26,785 | 1,720,936 | ||||||
Spire, Inc. | 24,005 | 1,535,360 | ||||||
9,445,498 | ||||||||
Gas - Transportation — 0.1% |
| |||||||
Brookfield Infrastructure Corp., Class A | 15,551 | 1,036,474 | ||||||
Gold Mining — 0.1% |
| |||||||
Gold Resource Corp. | 31,225 | 93,051 | ||||||
Novagold Resources, Inc.† | 113,623 | 1,131,685 | ||||||
1,224,736 | ||||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp. | 16,376 | 617,375 | ||||||
Callaway Golf Co. | 44,658 | 948,983 | ||||||
1,566,358 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,243 | 139,572 | ||||||
Sharps Compliance Corp.†# | 6,825 | 54,259 | ||||||
US Ecology, Inc. | 15,085 | 511,231 | ||||||
705,062 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
CorVel Corp.† | 4,240 | 379,692 | ||||||
HealthEquity, Inc.† | 36,023 | 2,582,489 | ||||||
2,962,181 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha Pro Tech, Ltd.†# | 5,847 | 73,906 | ||||||
Retractable Technologies, Inc.† | 6,345 | 73,475 | ||||||
147,381 | ||||||||
Home Furnishings — 0.1% |
| |||||||
Casper Sleep, Inc.† | 12,098 | 76,096 | ||||||
Ethan Allen Interiors, Inc. | 10,822 | 197,718 | ||||||
Hooker Furniture Corp. | 5,574 | 168,725 | ||||||
Purple Innovation, Inc.† | 10,596 | 315,973 | ||||||
Sleep Number Corp.† | 12,946 | 898,323 | ||||||
1,656,835 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Bluegreen Vacations Corp. | 2,471 | 15,716 | ||||||
Bluegreen Vacations Holding Corp. | 5,964 | 75,802 | ||||||
Hilton Grand Vacations, Inc.† | 40,728 | 1,129,795 | ||||||
Marcus Corp. | 10,723 | 125,888 | ||||||
Target Hospitality Corp.†# | 14,166 | 22,382 | ||||||
1,369,583 | ||||||||
Housewares — 0.1% |
| |||||||
Lifetime Brands, Inc. | 5,781 | 77,870 | ||||||
Tupperware Brands Corp.† | 23,451 | 789,126 | ||||||
866,996 | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.† | 22,307 | 1,453,524 | ||||||
ASGN, Inc.† | 24,331 | 1,902,198 | ||||||
Barrett Business Services, Inc. | 3,625 | 241,824 | ||||||
BG Staffing, Inc. | 4,407 | 56,189 | ||||||
Cross Country Healthcare, Inc.† | 17,114 | 148,892 | ||||||
Heidrick & Struggles International, Inc. | 9,169 | 239,311 |
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources (continued) |
| |||||||
Insperity, Inc. | 17,345 | $ | 1,482,997 | |||||
Kforce, Inc. | 9,435 | 387,307 | ||||||
Korn Ferry | 26,806 | 1,073,312 | ||||||
Resources Connection, Inc. | 14,585 | 176,624 | ||||||
TriNet Group, Inc.† | 19,691 | 1,476,825 | ||||||
TrueBlue, Inc.† | 17,104 | 326,686 | ||||||
Willdan Group, Inc.† | 4,929 | 191,640 | ||||||
9,157,329 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 22,527 | 995,243 | ||||||
Digimarc Corp.†# | 5,713 | 240,117 | ||||||
1,235,360 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
Clearway Energy, Inc., Class A | 16,673 | 452,505 | ||||||
Clearway Energy, Inc., Class C | 38,731 | 1,133,657 | ||||||
1,586,162 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Akoustis Technologies, Inc.†# | 14,835 | 112,895 | ||||||
GoPro, Inc., Class A†# | 61,785 | 431,877 | ||||||
Turtle Beach Corp.† | 6,438 | 120,326 | ||||||
665,098 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Ichor Holdings, Ltd.† | 10,577 | 337,406 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Allied Motion Technologies, Inc. | 3,503 | 142,117 | ||||||
Watts Water Technologies, Inc., Class A | 13,098 | 1,534,430 | ||||||
1,676,547 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.†# | 33,740 | 211,212 | ||||||
Insurance Brokers — 0.2% |
| |||||||
BRP Group, Inc., Class A† | 16,131 | 475,058 | ||||||
Crawford & Co., Class A | 7,772 | 57,124 | ||||||
eHealth, Inc.† | 12,186 | 926,014 | ||||||
Goosehead Insurance, Inc., Class A | 6,169 | 759,466 | ||||||
Selectquote, Inc.† | 15,215 | 326,362 | ||||||
Trean Insurance Group, Inc.† | 5,754 | 81,994 | ||||||
2,626,018 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
American Equity Investment Life Holding Co. | 43,383 | 1,140,105 | ||||||
CNO Financial Group, Inc. | 67,604 | 1,438,613 | ||||||
FBL Financial Group, Inc., Class A | 4,593 | 238,836 | ||||||
GWG Holdings, Inc.†# | 1,529 | 11,620 | ||||||
Independence Holding Co. | 2,209 | 87,101 | ||||||
National Western Life Group, Inc., Class A | 1,227 | 228,320 | ||||||
Security National Financial Corp., Class A† | 4,556 | 36,494 | ||||||
Trupanion, Inc.† | 14,210 | 1,440,610 | ||||||
4,621,699 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Citizens, Inc.†# | 23,698 | 150,245 | ||||||
Genworth Financial, Inc., Class A† | 241,184 | 1,094,975 | ||||||
Vericity, Inc.# | 889 | 9,744 | ||||||
1,254,964 | ||||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 21,676 | 317,337 | ||||||
AMERISAFE, Inc. | 9,158 | 501,217 | ||||||
Donegal Group, Inc., Class A | 5,226 | 73,059 | ||||||
Employers Holdings, Inc. | 13,759 | 419,787 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) |
| |||||||
Enstar Group, Ltd.† | 5,752 | $ | 1,088,739 | |||||
FedNat Holding Co. | 5,902 | 33,287 | ||||||
HCI Group, Inc. | 2,915 | 152,017 | ||||||
Heritage Insurance Holdings, Inc. | 11,995 | 124,028 | ||||||
Horace Mann Educators Corp. | 19,817 | 791,095 | ||||||
Investors Title Co. | 621 | 105,570 | ||||||
James River Group Holdings, Ltd. | 14,282 | 650,974 | ||||||
Kinsale Capital Group, Inc. | 10,112 | 2,428,498 | ||||||
National General Holdings Corp. | 32,602 | 1,111,076 | ||||||
NI Holdings, Inc.† | 4,323 | 73,923 | ||||||
Palomar Holdings, Inc.† | 9,689 | 640,443 | ||||||
ProAssurance Corp. | 25,624 | 407,678 | ||||||
ProSight Global, Inc.† | 4,457 | 56,827 | ||||||
Protective Insurance Corp., Class B | 4,293 | 61,347 | ||||||
RLI Corp. | 18,923 | 1,811,499 | ||||||
Safety Insurance Group, Inc. | 6,914 | 492,623 | ||||||
Selective Insurance Group, Inc. | 28,267 | 1,747,466 | ||||||
State Auto Financial Corp. | 8,393 | 126,063 | ||||||
Stewart Information Services Corp. | 12,594 | 527,311 | ||||||
Tiptree, Inc. | 11,700 | 59,553 | ||||||
United Fire Group, Inc. | 10,022 | 219,181 | ||||||
United Insurance Holdings Corp. | 9,726 | 43,086 | ||||||
Universal Insurance Holdings, Inc. | 13,221 | 184,565 | ||||||
Watford Holdings, Ltd.† | 8,188 | 284,287 | ||||||
14,532,536 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 15,516 | 608,072 | ||||||
Essent Group, Ltd. | 52,727 | 2,312,606 | ||||||
Greenlight Capital Re, Ltd., Class A†# | 13,304 | 102,574 | ||||||
Third Point Reinsurance, Ltd.† | 38,512 | 367,405 | ||||||
3,390,657 | ||||||||
Internet Application Software — 0.0% |
| |||||||
Tucows, Inc., Class A†# | 4,476 | 324,510 | ||||||
VirnetX Holding Corp.# | 30,263 | 164,025 | ||||||
488,535 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 20,945 | 296,372 | ||||||
Cogent Communications Holdings, Inc. | 20,319 | 1,181,346 | ||||||
1,477,718 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.†# | 56,606 | 250,765 | ||||||
Internet Content - Information/News — 0.2% |
| |||||||
DHI Group, Inc.† | 23,234 | 44,609 | ||||||
HealthStream, Inc.† | 12,330 | 230,324 | ||||||
LiveXLive Media, Inc.† | 22,000 | 55,000 | ||||||
TechTarget, Inc.† | 11,151 | 585,428 | ||||||
Yelp, Inc.† | 34,043 | 1,087,334 | ||||||
2,002,695 | ||||||||
Internet Gambling — 0.0% |
| |||||||
GAN, Ltd.†# | 3,541 | 57,541 | ||||||
Internet Security — 0.1% |
| |||||||
Mimecast, Ltd.† | 27,314 | 1,228,584 | ||||||
Zix Corp.† | 26,125 | 188,100 | ||||||
1,416,684 | ||||||||
Investment Companies — 0.0% |
| |||||||
Grid Dynamics Holdings, Inc.† | 10,378 | 111,979 | ||||||
PDL Community Bancorp† | 3,588 | 39,109 | ||||||
Rafael Holdings, Inc., Class B† | 4,390 | 94,034 | ||||||
245,122 | ||||||||
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Altisource Portfolio Solutions SA†# | 2,190 | $ | 28,864 | |||||
Artisan Partners Asset Management, Inc., Class A | 26,289 | 1,183,005 | ||||||
AssetMark Financial Holdings, Inc.† | 7,821 | 185,984 | ||||||
Associated Capital Group, Inc., Class A | 882 | 33,737 | ||||||
B. Riley Financial, Inc. | 9,072 | 327,862 | ||||||
Blucora, Inc.† | 23,030 | 300,311 | ||||||
Boston Private Financial Holdings, Inc. | 39,169 | 280,450 | ||||||
BrightSphere Investment Group, Inc. | 29,332 | 519,177 | ||||||
Cohen & Steers, Inc. | 11,686 | 827,018 | ||||||
Columbia Financial, Inc.† | 23,512 | 337,868 | ||||||
Federated Hermes, Inc. | 46,173 | 1,239,284 | ||||||
First Western Financial, Inc.† | 2,987 | 50,480 | ||||||
Focus Financial Partners, Inc., Class A† | 15,038 | 595,655 | ||||||
GAMCO Investors, Inc., Class A | 2,597 | 37,085 | ||||||
Hamilton Lane, Inc., Class A | 14,403 | 1,006,482 | ||||||
Pzena Investment Management, Inc., Class A | 8,094 | 53,906 | ||||||
Sculptor Capital Management, Inc. | 8,841 | 124,481 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 4,563 | 60,642 | ||||||
Stifel Financial Corp. | 31,861 | 2,207,967 | ||||||
Virtus Investment Partners, Inc. | 3,523 | 630,194 | ||||||
Waddell & Reed Financial, Inc., Class A# | 30,804 | 507,034 | ||||||
Westwood Holdings Group, Inc. | 3,735 | 44,521 | ||||||
WisdomTree Investments, Inc. | 66,544 | 284,808 | ||||||
10,866,815 | ||||||||
Lasers - System/Components — 0.3% |
| |||||||
II-VI, Inc.†# | 48,194 | 3,260,324 | ||||||
LENSAR, Inc.† | 4,039 | 34,614 | ||||||
3,294,938 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 4,935 | 95,097 | ||||||
Johnson Outdoors, Inc., Class A | 2,496 | 208,666 | ||||||
303,763 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Orion Energy Systems, Inc.† | 12,926 | 133,396 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 7,211 | 1,333,170 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Hurco Cos., Inc. | 2,975 | 88,685 | ||||||
Kennametal, Inc. | 39,708 | 1,389,383 | ||||||
Luxfer Holdings PLC | 13,806 | 207,504 | ||||||
1,685,572 | ||||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Astec Industries, Inc. | 10,732 | 622,456 | ||||||
Hyster-Yale Materials Handling, Inc. | 4,735 | 260,614 | ||||||
Manitowoc Co, Inc.† | 16,208 | 180,071 | ||||||
Terex Corp. | 32,187 | 997,797 | ||||||
2,060,938 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Argan, Inc. | 7,045 | 323,999 | ||||||
Bloom Energy Corp., Class A† | 42,402 | 1,039,697 | ||||||
Franklin Electric Co., Inc. | 22,013 | 1,487,859 | ||||||
2,851,555 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,726 | 641,413 | ||||||
Lindsay Corp. | 5,183 | 600,295 | ||||||
1,241,708 | ||||||||
Machinery - General Industrial — 0.7% |
| |||||||
Albany International Corp., Class A | 14,702 | 1,007,528 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Altra Industrial Motion Corp. | 30,836 | $ | 1,750,252 | |||||
Applied Industrial Technologies, Inc. | 18,482 | 1,449,543 | ||||||
Chart Industries, Inc.† | 17,261 | 1,784,097 | ||||||
DXP Enterprises, Inc.† | 7,842 | 165,153 | ||||||
Gencor Industries, Inc.† | 4,369 | 52,690 | ||||||
Intevac, Inc.† | 11,065 | 66,611 | ||||||
Kadant, Inc. | 5,464 | 698,900 | ||||||
Ranpak Holdings Corp.† | 13,845 | 156,587 | ||||||
Tennant Co. | 8,739 | 586,911 | ||||||
Welbilt, Inc.† | 62,335 | 589,066 | ||||||
8,307,338 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,077 | 418,600 | ||||||
Machinery - Print Trade — 0.0% |
| |||||||
Eastman Kodak Co.†# | 7,364 | 56,187 | ||||||
Machinery - Pumps — 0.3% |
| |||||||
Cactus, Inc., Class A | 22,751 | 527,823 | ||||||
CIRCOR International, Inc.† | 9,539 | 315,455 | ||||||
CSW Industrials, Inc. | 6,545 | 702,213 | ||||||
Gorman-Rupp Co. | 8,415 | 276,853 | ||||||
Mueller Water Products, Inc., Class A | 74,942 | 889,562 | ||||||
NN, Inc.† | 20,065 | 125,707 | ||||||
SPX FLOW, Inc.† | 20,346 | 1,090,139 | ||||||
3,927,752 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 31,731 | 417,580 | ||||||
Medical Information Systems — 0.5% |
| |||||||
1Life Healthcare, Inc.† | 37,586 | 1,235,452 | ||||||
Allscripts Healthcare Solutions, Inc.† | 77,336 | 1,057,957 | ||||||
Computer Programs & Systems, Inc. | 6,144 | 174,674 | ||||||
Health Catalyst, Inc.†# | 16,080 | 573,252 | ||||||
Inovalon Holdings, Inc., Class A† | 35,258 | 658,267 | ||||||
NantHealth, Inc.†# | 12,888 | 29,642 | ||||||
NextGen Healthcare, Inc.† | 26,678 | 473,268 | ||||||
Ontrak, Inc.†# | 3,811 | 189,216 | ||||||
Schrodinger, Inc.† | 13,955 | 970,989 | ||||||
Tabula Rasa HealthCare, Inc.†# | 9,788 | 337,294 | ||||||
5,700,011 | ||||||||
Medical Instruments — 0.3% |
| |||||||
AngioDynamics, Inc.† | 17,538 | 249,391 | ||||||
Apyx Medical Corp.† | 15,982 | 122,262 | ||||||
Cantel Medical Corp. | 18,136 | 1,077,823 | ||||||
Milestone Scientific, Inc.† | 20,200 | 33,936 | ||||||
Misonix Opco, Inc.† | 5,745 | 80,085 | ||||||
Natus Medical, Inc.† | 16,084 | 336,477 | ||||||
NuVasive, Inc.† | 24,567 | 1,137,944 | ||||||
Silk Road Medical, Inc.† | 12,857 | 736,706 | ||||||
Stereotaxis, Inc.† | 21,131 | 90,863 | ||||||
3,865,487 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Avalon GloboCare Corp.†# | 9,444 | 11,899 | ||||||
Cellular Biomedicine Group, Inc.† | 5,890 | 108,317 | ||||||
Dyadic International, Inc.† | 9,218 | 54,017 | ||||||
Fulgent Genetics, Inc.†# | 4,621 | 207,575 | ||||||
Invitae Corp.†# | 55,180 | 2,739,687 | ||||||
MEDNAX, Inc.† | 35,648 | 720,446 | ||||||
Medpace Holdings, Inc.† | 13,053 | 1,675,483 | ||||||
OPKO Health, Inc.†# | 190,143 | 882,264 | ||||||
Personalis, Inc.† | 11,332 | 311,970 | ||||||
Progenity, Inc.†# | 1,658 | 6,649 |
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Labs & Testing Services (continued) |
| |||||||
SI-BONE, Inc.† | 12,130 | $ | 280,931 | |||||
Vapotherm, Inc.†# | 9,378 | 235,951 | ||||||
Viemed Healthcare, Inc.† | 16,688 | 162,708 | ||||||
7,397,897 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 8,265 | 206,790 | ||||||
Medical Products — 2.3% |
| |||||||
Accuray, Inc.† | 42,796 | 190,870 | ||||||
Acutus Medical, Inc.† | 4,701 | 133,602 | ||||||
Alphatec Holdings, Inc.† | 21,583 | 226,622 | ||||||
AtriCure, Inc.† | 20,903 | 908,862 | ||||||
Atrion Corp. | 675 | 405,000 | ||||||
Avanos Medical, Inc.† | 22,764 | 964,966 | ||||||
AxoGen, Inc.† | 17,397 | 248,603 | ||||||
Axonics Modulation Technologies, Inc.†# | 14,463 | 634,781 | ||||||
Bellerophon Therapeutics, Inc.† | 2,144 | 15,351 | ||||||
BioSig Technologies, Inc.†# | 11,507 | 52,932 | ||||||
Cardiovascular Systems, Inc.† | 18,485 | 636,993 | ||||||
Castle Biosciences, Inc.† | 5,607 | 266,669 | ||||||
Cerus Corp.† | 78,492 | 521,972 | ||||||
CryoLife, Inc.† | 17,602 | 366,474 | ||||||
CytoSorbents Corp.† | 19,637 | 164,754 | ||||||
Electromed, Inc.† | 3,326 | 33,559 | ||||||
FONAR Corp.† | 3,013 | 57,880 | ||||||
Glaukos Corp.† | 20,413 | 1,377,469 | ||||||
Hanger, Inc.† | 17,698 | 401,568 | ||||||
Inari Medical, Inc.† | 3,675 | 253,832 | ||||||
InfuSystem Holdings, Inc.† | 6,913 | 110,608 | ||||||
Inogen, Inc.† | 8,807 | 308,862 | ||||||
Inspire Medical Systems, Inc.† | 12,514 | 2,324,350 | ||||||
Integer Holdings Corp.† | 15,639 | 1,127,416 | ||||||
Intersect ENT, Inc.† | 15,547 | 297,414 | ||||||
Invacare Corp. | 16,147 | 137,734 | ||||||
iRadimed Corp.†# | 2,814 | 68,971 | ||||||
iRhythm Technologies, Inc.† | 13,109 | 3,205,282 | ||||||
LeMaitre Vascular, Inc. | 7,941 | 312,796 | ||||||
LivaNova PLC† | 23,355 | 1,234,312 | ||||||
Luminex Corp. | 20,556 | 487,794 | ||||||
NanoString Technologies, Inc.† | 18,067 | 896,846 | ||||||
Nemaura Medical, Inc.† | 3,534 | 14,489 | ||||||
Nevro Corp.† | 16,052 | 2,588,385 | ||||||
Omnicell, Inc.† | 20,304 | 2,128,874 | ||||||
Orthofix Medical, Inc.† | 8,925 | 328,083 | ||||||
OrthoPediatrics Corp.†# | 6,268 | 286,824 | ||||||
PAVmed, Inc.†# | 17,458 | 33,869 | ||||||
Pulse Biosciences, Inc.†# | 6,549 | 97,580 | ||||||
Repro-Med Systems, Inc.† | 12,887 | 57,992 | ||||||
SeaSpine Holdings Corp.† | 12,649 | 179,869 | ||||||
Shockwave Medical, Inc.†# | 13,598 | 1,330,292 | ||||||
Sientra, Inc.† | 22,187 | 114,707 | ||||||
Soleno Therapeutics, Inc.† | 28,474 | 55,809 | ||||||
Soliton, Inc.†# | 3,324 | 30,514 | ||||||
Surgalign Holdings, Inc.† | 27,932 | 63,126 | ||||||
Surmodics, Inc.† | 6,327 | 236,883 | ||||||
Tactile Systems Technology, Inc.† | 8,779 | 378,463 | ||||||
Venus Concept, Inc.†# | 9,150 | 21,777 | ||||||
Zynex, Inc.†# | 8,915 | 124,453 | ||||||
26,447,133 | ||||||||
Medical - Biomedical/Gene — 8.7% |
| |||||||
Abeona Therapeutics, Inc.† | 28,869 | 46,768 | ||||||
ADMA Biologics, Inc.†# | 28,773 | 58,697 | ||||||
Adverum Biotechnologies, Inc.† | 41,532 | 564,420 | ||||||
Affimed NV† | 38,880 | 207,619 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Agenus, Inc.† | 72,525 | $ | 268,342 | |||||
Akero Therapeutics, Inc.† | 6,472 | 186,264 | ||||||
Akouos, Inc.† | 6,940 | 143,519 | ||||||
Albireo Pharma, Inc.† | 6,358 | 236,581 | ||||||
Alder Biopharmaceuticals, Inc. CVR†(1) | 37,741 | 33,212 | ||||||
Allakos, Inc.† | 11,643 | 1,246,150 | ||||||
Allogene Therapeutics, Inc.† | 25,774 | 800,283 | ||||||
ALX Oncology Holdings, Inc.† | 4,576 | 352,032 | ||||||
Amicus Therapeutics, Inc.† | 121,552 | 2,782,325 | ||||||
AnaptysBio, Inc.† | 10,235 | 263,961 | ||||||
Anavex Life Sciences Corp.†# | 25,092 | 133,740 | ||||||
ANI Pharmaceuticals, Inc.† | 4,498 | 132,961 | ||||||
Annexon, Inc.† | 7,048 | 170,562 | ||||||
Apellis Pharmaceuticals, Inc.† | 28,709 | 1,353,342 | ||||||
Applied Genetic Technologies Corp.† | 11,633 | 51,651 | ||||||
Applied Molecular Transport, Inc.† | 5,936 | 184,194 | ||||||
Applied Therapeutics, Inc.† | 6,513 | 150,841 | ||||||
Aprea Therapeutics, Inc.†# | 3,437 | 86,750 | ||||||
Aptinyx, Inc.†# | 12,108 | 48,069 | ||||||
Aravive, Inc.†# | 5,812 | 33,768 | ||||||
Arcturus Therapeutics Holdings, Inc.† | 7,650 | 701,964 | ||||||
Arcus Biosciences, Inc.† | 20,150 | 548,684 | ||||||
Arcutis Biotherapeutics, Inc.†# | 8,642 | 234,371 | ||||||
Ardelyx, Inc.† | 34,922 | 220,009 | ||||||
Arena Pharmaceuticals, Inc.† | 27,796 | 1,830,923 | ||||||
Arrowhead Pharmaceuticals, Inc.† | 47,987 | 3,000,627 | ||||||
Assembly Biosciences, Inc.† | 14,671 | 84,578 | ||||||
Atara Biotherapeutics, Inc.† | 34,599 | 802,351 | ||||||
Athersys, Inc.†# | 82,911 | 153,385 | ||||||
Atreca, Inc., Class A†# | 13,460 | 209,168 | ||||||
AVEO Pharmaceuticals, Inc.†# | 10,438 | 56,156 | ||||||
Avid Bioservices, Inc.† | 26,947 | 245,757 | ||||||
Avidity Biosciences, Inc.† | 7,995 | 239,370 | ||||||
Avrobio, Inc.† | 14,935 | 205,655 | ||||||
Beam Therapeutics, Inc.†# | 16,893 | 844,650 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 84,443 | 431,504 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 23,001 | 2,045,939 | ||||||
Black Diamond Therapeutics, Inc.†# | 8,644 | 288,191 | ||||||
Blueprint Medicines Corp.† | 26,455 | 2,859,256 | ||||||
BrainStorm Cell Therapeutics, Inc.†# | 13,653 | 75,433 | ||||||
Bridgebio Pharma, Inc.†# | 34,815 | 1,749,106 | ||||||
Cabaletta Bio, Inc.†# | 6,172 | 91,839 | ||||||
Calithera Biosciences, Inc.† | 31,440 | 154,370 | ||||||
Cara Therapeutics, Inc.† | 19,678 | 288,676 | ||||||
CASI Pharmaceuticals, Inc.† | 31,602 | 78,689 | ||||||
Catabasis Pharmaceuticals, Inc.†# | 9,195 | 15,172 | ||||||
CEL-SCI Corp.†# | 16,128 | 201,600 | ||||||
Centogene NV†# | 4,067 | 51,000 | ||||||
Cerecor, Inc.†# | 17,333 | 43,332 | ||||||
Champions Oncology, Inc.† | 3,449 | 39,215 | ||||||
Checkmate Pharmaceuticals, Inc.† | 2,413 | 29,270 | ||||||
ChemoCentryx, Inc.† | 23,705 | 1,307,331 | ||||||
Chinook Therapeutics, Inc.† | 6,346 | 88,717 | ||||||
ChromaDex Corp.†# | 19,484 | 96,641 | ||||||
Cohbar, Inc.† | 12,380 | 16,713 | ||||||
Constellation Pharmaceuticals, Inc.†# | 14,673 | 371,814 | ||||||
ContraFect Corp.† | 11,684 | 73,843 | ||||||
Cortexyme, Inc.†# | 7,519 | 365,423 | ||||||
Crinetics Pharmaceuticals, Inc.†# | 12,936 | 172,954 | ||||||
Cue Biopharma, Inc.† | 13,755 | 192,364 | ||||||
Cymabay Therapeutics, Inc.† | 33,113 | 248,347 | ||||||
CytomX Therapeutics, Inc.† | 21,582 | 162,297 | ||||||
Deciphera Pharmaceuticals, Inc.† | 17,885 | 1,105,293 | ||||||
Denali Therapeutics, Inc.† | 30,062 | 1,832,880 | ||||||
DermTech, Inc.†# | 3,872 | 47,935 |
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Dicerna Pharmaceuticals, Inc.† | 31,056 | $ | 784,785 | |||||
Dynavax Technologies Corp.†# | 50,793 | 258,028 | ||||||
Editas Medicine, Inc.†# | 30,024 | 918,434 | ||||||
Eiger BioPharmaceuticals, Inc.† | 13,145 | 120,145 | ||||||
Emergent BioSolutions, Inc.† | 21,341 | 1,748,468 | ||||||
Enochian Biosciences, Inc.†# | 6,594 | 19,123 | ||||||
Enzo Biochem, Inc.† | 21,236 | 46,082 | ||||||
Epizyme, Inc.† | 42,641 | 585,887 | ||||||
Esperion Therapeutics, Inc.†# | 12,376 | 350,488 | ||||||
Evelo Biosciences, Inc.†# | 9,557 | 49,027 | ||||||
Evolus, Inc.†# | 10,408 | 38,822 | ||||||
Exagen, Inc.†# | 2,283 | 33,925 | ||||||
Exicure, Inc.† | 28,350 | 44,226 | ||||||
Fate Therapeutics, Inc.† | 34,244 | 2,002,075 | ||||||
FibroGen, Inc.† | 40,274 | 1,663,719 | ||||||
Five Prime Therapeutics, Inc.† | 12,803 | 240,696 | ||||||
Forma Therapeutics Holdings, Inc.† | 7,705 | 337,017 | ||||||
Frequency Therapeutics, Inc.†# | 12,006 | 344,572 | ||||||
Galera Therapeutics, Inc.† | 4,180 | 45,646 | ||||||
Generation Bio Co.† | 5,869 | 283,003 | ||||||
Genprex, Inc.†# | 13,638 | 44,051 | ||||||
Geron Corp.†# | 137,341 | 256,141 | ||||||
GlycoMimetics, Inc.† | 17,713 | 66,601 | ||||||
Gossamer Bio, Inc.† | 27,086 | 239,440 | ||||||
Halozyme Therapeutics, Inc.† | 64,928 | 2,538,685 | ||||||
Harvard Bioscience, Inc.† | 18,300 | 71,736 | ||||||
Homology Medicines, Inc.† | 16,249 | 159,890 | ||||||
iBio, Inc.†# | 27,579 | 41,093 | ||||||
IGM Biosciences, Inc.†# | 3,393 | 226,585 | ||||||
Immunic, Inc.† | 2,662 | 49,859 | ||||||
ImmunoGen, Inc.† | 82,134 | 447,630 | ||||||
Immunovant, Inc.† | 16,689 | 820,932 | ||||||
Innoviva, Inc.† | 30,328 | 317,079 | ||||||
Inovio Pharmaceuticals, Inc.†# | 74,952 | 915,913 | ||||||
Inozyme Pharma Inc†# | 3,885 | 101,088 | ||||||
Insmed, Inc.† | 48,400 | 1,888,084 | ||||||
Intercept Pharmaceuticals, Inc.† | 12,395 | 440,146 | ||||||
iTeos Therapeutics, Inc.† | 5,109 | 136,870 | ||||||
IVERIC bio, Inc.† | 38,403 | 261,908 | ||||||
Kaleido Biosciences, Inc.†# | 5,544 | 43,687 | ||||||
Karuna Therapeutics, Inc.† | 7,552 | 753,463 | ||||||
Karyopharm Therapeutics, Inc.† | 33,520 | 569,505 | ||||||
Keros Therapeutics, Inc.†# | 3,330 | 251,781 | ||||||
Kezar Life Sciences, Inc.† | 14,964 | 98,463 | ||||||
Kindred Biosciences, Inc.† | 17,809 | 69,277 | ||||||
Kiniksa Pharmaceuticals, Ltd., Class A† | 12,779 | 238,456 | ||||||
Kodiak Sciences, Inc.†# | 15,404 | 2,105,265 | ||||||
Krystal Biotech, Inc.† | 6,464 | 355,132 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 19,737 | 30,198 | ||||||
Ligand Pharmaceuticals, Inc.†# | 6,896 | 581,816 | ||||||
Liquidia Technologies, Inc.†# | 12,951 | 36,133 | ||||||
LogicBio Therapeutics, Inc.†# | 5,831 | 40,642 | ||||||
Lyra Therapeutics, Inc.† | 1,964 | 24,393 | ||||||
MacroGenics, Inc.† | 25,239 | 582,264 | ||||||
Magenta Therapeutics, Inc.† | 9,896 | 70,756 | ||||||
Marker Therapeutics, Inc.†# | 14,108 | 23,984 | ||||||
MEI Pharma, Inc.† | 49,389 | 142,240 | ||||||
MeiraGTx Holdings PLC† | 9,815 | 138,588 | ||||||
Mersana Therapeutics, Inc.† | 25,448 | 648,415 | ||||||
Mirati Therapeutics, Inc.† | 19,730 | 4,692,780 | ||||||
Molecular Templates, Inc.†# | 12,658 | 113,289 | ||||||
Mustang Bio, Inc.†# | 13,693 | 50,664 | ||||||
Myriad Genetics, Inc.† | 34,032 | 596,921 | ||||||
NantKwest, Inc.†# | 15,068 | 144,351 | ||||||
NeoGenomics, Inc.† | 49,527 | 2,356,495 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
NextCure, Inc.†# | 7,877 | $ | 79,715 | |||||
NGM Biopharmaceuticals, Inc.†# | 11,399 | 270,156 | ||||||
Nkarta, Inc.† | 7,771 | 258,619 | ||||||
Novavax, Inc.†# | 29,468 | 4,110,786 | ||||||
Nurix Therapeutics, Inc.† | 5,309 | 226,270 | ||||||
Omeros Corp.†# | 28,252 | 327,441 | ||||||
Oncocyte Corp.†# | 30,070 | 58,035 | ||||||
Oncternal Therapeutics, Inc. CVR†#(1) | 368 | 754 | ||||||
Organogenesis Holdings, Inc.† | 9,676 | 49,831 | ||||||
Orgenesis, Inc.† | 8,639 | 41,986 | ||||||
Osmotica Pharmaceuticals PLC†# | 6,186 | 37,858 | ||||||
Ovid therapeutics, Inc.†# | 20,466 | 139,987 | ||||||
Oyster Point Pharma, Inc.†# | 2,895 | 63,487 | ||||||
Pacific Biosciences of California, Inc.† | 79,762 | 1,261,037 | ||||||
Pandion Therapeutics, Inc.† | 3,574 | 62,938 | ||||||
PDL BioPharma, Inc.† | 53,237 | 134,690 | ||||||
Phathom Pharmaceuticals, Inc.†# | 5,135 | 219,881 | ||||||
Pieris Pharmaceuticals, Inc.† | 23,717 | 69,254 | ||||||
Pliant Therapeutics Inc† | 4,980 | 137,050 | ||||||
Poseida Therapeutics, Inc.† | 6,419 | 74,525 | ||||||
Precigen, Inc.†# | 31,661 | 250,755 | ||||||
Precision BioSciences, Inc.† | 22,225 | 277,146 | ||||||
Prevail Therapeutics, Inc.† | 6,826 | 70,103 | ||||||
Protara Therapeutics, Inc.† | 964 | 23,184 | ||||||
Prothena Corp. PLC† | 14,708 | 166,495 | ||||||
Provention Bio, Inc.†# | 22,755 | 341,097 | ||||||
PTC Therapeutics, Inc.† | 29,542 | 1,848,443 | ||||||
Puma Biotechnology, Inc.† | 14,601 | 164,261 | ||||||
Radius Health, Inc.†# | 21,732 | 342,931 | ||||||
RAPT Therapeutics, Inc.†# | 5,245 | 113,659 | ||||||
REGENXBIO, Inc.† | 16,278 | 567,126 | ||||||
Relay Therapeutics, Inc.† | 15,386 | 820,228 | ||||||
Replimune Group, Inc.† | 9,969 | 515,198 | ||||||
REVOLUTION Medicines, Inc.† | 18,443 | 804,668 | ||||||
Rigel Pharmaceuticals, Inc.† | 81,232 | 246,133 | ||||||
Rocket Pharmaceuticals, Inc.†# | 16,284 | 504,153 | ||||||
Rubius Therapeutics, Inc.†# | 17,134 | 107,430 | ||||||
Sangamo Therapeutics, Inc.† | 55,046 | 549,910 | ||||||
Satsuma Pharmaceuticals, Inc.† | 4,394 | 19,773 | ||||||
Savara, Inc.† | 23,018 | 30,844 | ||||||
Scholar Rock Holding Corp.† | 10,858 | 540,946 | ||||||
Selecta Biosciences, Inc.†# | 32,418 | 108,924 | ||||||
Solid Biosciences, Inc.† | 11,816 | 39,111 | ||||||
Sorrento Therapeutics, Inc.†# | 105,820 | 867,724 | ||||||
SpringWorks Therapeutics, Inc.† | 10,129 | 662,842 | ||||||
Stoke Therapeutics, Inc.†# | 5,840 | 304,206 | ||||||
Strongbridge Biopharma PLC† | 16,979 | 47,032 | ||||||
Sutro Biopharma, Inc.†# | 12,390 | 211,869 | ||||||
Syndax Pharmaceuticals, Inc.† | 12,877 | 298,360 | ||||||
TCR2 Therapeutics, Inc.† | 12,145 | 330,891 | ||||||
Tela Bio, Inc.† | 3,280 | 53,694 | ||||||
Theravance Biopharma, Inc.†# | 21,989 | 364,798 | ||||||
Tobira Therapeutics, Inc. CVR†(1) | 4,989 | 0 | ||||||
Translate Bio, Inc.†# | 32,585 | 724,039 | ||||||
TransMedics Group, Inc.† | 12,020 | 178,737 | ||||||
Travere Therapeutics, Inc.† | 23,388 | 536,287 | ||||||
Turning Point Therapeutics, Inc.† | 17,328 | 1,845,432 | ||||||
Twist Bioscience Corp.† | 15,639 | 1,747,502 | ||||||
Tyme Technologies, Inc.†# | 32,370 | 33,989 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 29,514 | 3,498,590 | ||||||
UNITY Biotechnology, Inc.†# | 16,659 | 100,454 | ||||||
Vaxart, Inc.†# | 25,047 | 199,875 | ||||||
VBI Vaccines, Inc.† | 82,088 | 281,151 | ||||||
Veracyte, Inc.† | 27,378 | 1,492,375 | ||||||
Verastem, Inc.† | 81,556 | 163,928 |
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Vericel Corp.† | 21,507 | $ | 549,289 | |||||
Veru, Inc.† | 25,397 | 77,207 | ||||||
Viela Bio, Inc.† | 10,341 | 396,474 | ||||||
Viking Therapeutics, Inc.†# | 31,344 | 201,542 | ||||||
Vir Biotechnology, Inc.†# | 25,613 | 816,542 | ||||||
VolitionRX, Ltd.†# | 13,068 | 42,863 | ||||||
VYNE Therapeutics, Inc.†# | 69,416 | 118,007 | ||||||
WaVe Life Sciences, Ltd.† | 11,710 | 103,282 | ||||||
X4 Pharmaceuticals, Inc.† | 7,686 | 50,728 | ||||||
XBiotech, Inc.†# | 6,822 | 130,027 | ||||||
Xencor, Inc.† | 26,508 | 1,121,819 | ||||||
XOMA Corp.† | 2,908 | 96,284 | ||||||
Y-mAbs Therapeutics, Inc.† | 14,314 | 728,153 | ||||||
Zeneca, Inc. CVR†(1) | 3,950 | 2,429 | ||||||
Zentalis Pharmaceuticals, Inc.†# | 5,510 | 280,790 | ||||||
ZIOPHARM Oncology, Inc.†# | 101,911 | 285,351 | ||||||
102,157,080 | ||||||||
Medical - Drugs — 2.0% |
| |||||||
89bio, Inc.† | 3,113 | 84,082 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 38,257 | 57,386 | ||||||
Aduro Biotech Holding, Inc. CVR†(1) | 6,346 | 0 | ||||||
Aeglea BioTherapeutics, Inc.† | 20,074 | 171,833 | ||||||
Aerie Pharmaceuticals, Inc.†# | 17,537 | 217,634 | ||||||
Agile Therapeutics, Inc.†# | 32,464 | 91,548 | ||||||
Alector, Inc.† | 22,129 | 290,111 | ||||||
Allovir, Inc.† | 8,568 | 339,379 | ||||||
Amphastar Pharmaceuticals, Inc.† | 17,419 | 309,361 | ||||||
Aquestive Therapeutics, Inc.†# | 9,499 | 67,063 | ||||||
Athenex, Inc.† | 29,630 | 403,857 | ||||||
Avenue Therapeutics, Inc.†# | 3,185 | 10,797 | ||||||
Axcella Health, Inc.† | 7,186 | 40,960 | ||||||
Aytu BioScience, Inc.†# | 10,939 | 9,668 | ||||||
Beyond Air, Inc.†# | 6,676 | 35,650 | ||||||
Beyondspring, Inc.† | 7,014 | 78,417 | ||||||
BioSpecifics Technologies Corp.† | 2,985 | 263,874 | ||||||
Bioxcel Therapeutics, Inc.† | 5,604 | 246,576 | ||||||
Cassava Sciences, Inc.†# | 11,079 | 85,530 | ||||||
Catalyst Biosciences, Inc.† | 10,544 | 65,373 | ||||||
Catalyst Pharmaceuticals, Inc.† | 46,399 | 169,820 | ||||||
Checkpoint Therapeutics, Inc.† | 21,554 | 51,730 | ||||||
Chiasma, Inc.† | 23,953 | 102,519 | ||||||
Chimerix, Inc.† | 23,132 | 87,208 | ||||||
Cidara Therapeutics, Inc.† | 16,840 | 39,406 | ||||||
Clovis Oncology, Inc.† | 39,645 | 195,053 | ||||||
Coherus Biosciences, Inc.† | 27,679 | 510,954 | ||||||
Collegium Pharmaceutical, Inc.† | 16,411 | 303,439 | ||||||
Concert Pharmaceuticals, Inc.† | 13,673 | 155,872 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 35,702 | 43,556 | ||||||
Corcept Therapeutics, Inc.† | 45,891 | 1,038,972 | ||||||
Cyclerion Therapeutics, Inc.†# | 10,588 | 32,611 | ||||||
Cytokinetics, Inc.† | 31,723 | 532,946 | ||||||
Durect Corp.† | 96,806 | 179,091 | ||||||
Eagle Pharmaceuticals, Inc.† | 5,213 | 237,192 | ||||||
Eloxx Pharmaceuticals, Inc.†# | 12,738 | 36,431 | ||||||
Enanta Pharmaceuticals, Inc.† | 9,104 | 375,085 | ||||||
Eton Pharmaceuticals, Inc.†# | 7,048 | 55,961 | ||||||
Fortress Biotech, Inc.† | 30,012 | 82,533 | ||||||
Fulcrum Therapeutics, Inc.†# | 6,841 | 78,193 | ||||||
Galectin Therapeutics, Inc.†# | 17,780 | 46,228 | ||||||
Gritstone Oncology, Inc.†# | 14,390 | 43,890 | ||||||
Harpoon Therapeutics, Inc.†# | 5,055 | 75,421 | ||||||
Harrow Health, Inc.† | 10,699 | 61,519 | ||||||
Hookipa Pharma, Inc.†# | 5,942 | 68,927 | ||||||
Ideaya Biosciences, Inc.† | 7,613 | 106,125 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
IMARA, Inc.†# | 2,364 | $ | 60,306 | |||||
Intellia Therapeutics, Inc.†# | 23,955 | 940,713 | ||||||
Intra-Cellular Therapies, Inc.† | 31,249 | 738,726 | ||||||
Ironwood Pharmaceuticals, Inc.† | 76,285 | 878,803 | ||||||
Jounce Therapeutics, Inc.†# | 8,249 | 58,980 | ||||||
Kadmon Holdings, Inc.† | 82,469 | 359,565 | ||||||
Kala Pharmaceuticals, Inc.†# | 18,921 | 141,151 | ||||||
KalVista Pharmaceuticals, Inc.† | 6,519 | 121,971 | ||||||
Kura Oncology, Inc.† | 25,359 | 920,532 | ||||||
Lannett Co., Inc.†# | 15,214 | 93,718 | ||||||
Madrigal Pharmaceuticals, Inc.† | 4,182 | 488,416 | ||||||
Marinus Pharmaceuticals, Inc.†# | 11,957 | 189,997 | ||||||
MediciNova, Inc.†# | 20,141 | 119,638 | ||||||
Minerva Neurosciences, Inc.† | 16,356 | 63,625 | ||||||
Mirum Pharmaceuticals, Inc.† | 2,485 | 58,273 | ||||||
Morphic Holding, Inc.† | 6,547 | 205,379 | ||||||
Neoleukin Therapeutics, Inc.†# | 15,400 | 195,426 | ||||||
Neubase Therapeutics, Inc.† | 8,027 | 61,567 | ||||||
NeuroBo Pharmaceuticals, Inc.† | 2,046 | 11,069 | ||||||
Ocular Therapeutix, Inc.† | 28,916 | 506,030 | ||||||
Odonate Therapeutics, Inc.† | 6,251 | 93,890 | ||||||
Optinose, Inc.†# | 16,709 | 67,671 | ||||||
ORIC Pharmaceuticals, Inc.† | 4,163 | 141,167 | ||||||
Pacira BioSciences, Inc.† | 20,055 | 1,215,132 | ||||||
Paratek Pharmaceuticals, Inc.†# | 20,849 | 129,055 | ||||||
Passage Bio, Inc.†# | 6,493 | 133,171 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 7,292 | 27,710 | ||||||
Phibro Animal Health Corp., Class A | 9,753 | 184,234 | ||||||
Prestige Consumer Healthcare, Inc.† | 24,057 | 855,708 | ||||||
Progenics Pharmaceuticals, Inc. CVR†(1) | 41,888 | 0 | ||||||
Protagonist Therapeutics, Inc.† | 14,482 | 349,885 | ||||||
Relmada Therapeutics, Inc.†# | 6,913 | 245,826 | ||||||
Rhythm Pharmaceuticals, Inc.† | 16,070 | 497,367 | ||||||
Rockwell Medical, Inc.† | 33,313 | 34,979 | ||||||
scPharmaceuticals, Inc.† | 3,346 | 30,850 | ||||||
Seres Therapeutics, Inc.† | 25,381 | 700,769 | ||||||
SIGA Technologies, Inc.†# | 24,919 | 172,689 | ||||||
Spectrum Pharmaceuticals, Inc.† | 68,957 | 324,787 | ||||||
Spero Therapeutics, Inc.†# | 7,067 | 117,100 | ||||||
Supernus Pharmaceuticals, Inc.† | 23,321 | 496,737 | ||||||
Syros Pharmaceuticals, Inc.† | 19,847 | 161,753 | ||||||
TG Therapeutics, Inc.† | 53,083 | 1,557,455 | ||||||
TherapeuticsMD, Inc.†# | 112,931 | 151,328 | ||||||
Tricida, Inc.† | 13,517 | 98,809 | ||||||
UroGen Pharma, Ltd.†# | 9,266 | 192,270 | ||||||
Vanda Pharmaceuticals, Inc.† | 25,691 | 313,687 | ||||||
Vaxcyte, Inc.† | 8,705 | 279,431 | ||||||
Verrica Pharmaceuticals, Inc.†# | 5,947 | 54,415 | ||||||
Voyager Therapeutics, Inc.† | 12,355 | 102,794 | ||||||
vTv Therapeutics, Inc., Class A† | 4,981 | 10,360 | ||||||
Xeris Pharmaceuticals, Inc.†# | 21,972 | 95,798 | ||||||
Zogenix, Inc.† | 26,571 | 569,417 | ||||||
23,199,910 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Amneal Pharmaceuticals, Inc.† | 47,414 | 187,285 | ||||||
Arvinas, Inc.† | 13,981 | 338,340 | ||||||
Endo International PLC† | 108,286 | 550,093 | ||||||
1,075,718 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Magellan Health, Inc.† | 11,336 | 896,111 | ||||||
Tivity Health, Inc.† | 20,717 | 381,814 | ||||||
Triple-S Management Corp., Class B† | 10,839 | 242,902 | ||||||
1,520,827 | ||||||||
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Hospitals — 0.3% |
| |||||||
Community Health Systems, Inc.† | 40,737 | $ | 333,229 | |||||
Select Medical Holdings Corp.† | 51,925 | 1,251,392 | ||||||
Surgery Partners, Inc.† | 10,770 | 263,111 | ||||||
Tenet Healthcare Corp.† | 49,957 | 1,570,149 | ||||||
3,417,881 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 24,452 | 1,757,365 | ||||||
National HealthCare Corp. | 5,998 | 373,196 | ||||||
2,130,561 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Addus HomeCare Corp.† | 6,602 | 655,249 | ||||||
Joint Corp.† | 6,342 | 159,184 | ||||||
LHC Group, Inc.† | 14,513 | 2,849,192 | ||||||
Pennant Group, Inc.† | 12,186 | 617,708 | ||||||
Providence Service Corp.† | 5,780 | 784,866 | ||||||
5,066,199 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
AdaptHealth Corp.† | 11,947 | 356,737 | ||||||
Covetrus, Inc.† | 46,917 | 1,267,463 | ||||||
Eidos Therapeutics, Inc.† | 5,228 | 481,290 | ||||||
Evofem Biosciences, Inc.†# | 36,658 | 82,114 | ||||||
Owens & Minor, Inc. | 30,123 | 775,969 | ||||||
PetIQ, Inc.†# | 10,071 | 289,843 | ||||||
3,253,416 | ||||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
AZZ, Inc. | 12,452 | 555,235 | ||||||
Helios Technologies, Inc. | 14,856 | 731,361 | ||||||
Lawson Products, Inc.† | 2,113 | 99,818 | ||||||
LB Foster Co., Class A† | 4,824 | 70,237 | ||||||
Mayville Engineering Co., Inc.† | 3,517 | 38,757 | ||||||
Mueller Industries, Inc. | 26,730 | 875,675 | ||||||
Park-Ohio Holdings Corp. | 4,173 | 117,220 | ||||||
RBC Bearings, Inc.† | 11,781 | 1,989,104 | ||||||
Rexnord Corp. | 58,311 | 2,187,246 | ||||||
Standex International Corp. | 5,877 | 443,478 | ||||||
Tredegar Corp. | 12,501 | 197,641 | ||||||
7,305,772 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Olympic Steel, Inc. | 4,366 | 64,791 | ||||||
Ryerson Holding Corp.† | 7,653 | 82,193 | ||||||
Worthington Industries, Inc. | 17,465 | 903,290 | ||||||
1,050,274 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
Eastern Co. | 2,577 | 56,952 | ||||||
Metal - Aluminum — 0.3% |
| |||||||
Alcoa Corp.† | 89,560 | 1,782,244 | ||||||
Arconic Corp.† | 47,583 | 1,309,008 | ||||||
Century Aluminum Co.† | 24,146 | 245,082 | ||||||
Kaiser Aluminum Corp. | 7,515 | 586,020 | ||||||
3,922,354 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1) | 36,833 | 0 | ||||||
Metal - Iron — 0.2% |
| |||||||
Cleveland-Cliffs, Inc.# | 188,859 | 2,079,338 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
Hillenbrand, Inc. | 35,425 | 1,327,375 |
Security Description | Shares | Value (Note 2) | ||||||
Miscellaneous Manufacturing (continued) |
| |||||||
John Bean Technologies Corp. | 14,973 | $ | 1,655,415 | |||||
2,982,790 | ||||||||
Motion Pictures & Services — 0.0% |
| |||||||
Eros STX Global Corp.†# | 72,259 | 153,912 | ||||||
IMAX Corp.† | 23,656 | 350,818 | ||||||
504,730 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 20,804 | 387,370 | ||||||
Multimedia — 0.0% |
| |||||||
E.W. Scripps Co., Class A | 26,798 | 341,942 | ||||||
Entravision Communications Corp., Class A | 28,122 | 81,554 | ||||||
Media General, Inc. CVR†#(1) | 61,443 | 0 | ||||||
423,496 | ||||||||
Networking Products — 0.2% |
| |||||||
A10 Networks, Inc.† | 29,100 | 232,218 | ||||||
Calix, Inc.† | 25,162 | 595,836 | ||||||
Extreme Networks, Inc.† | 56,657 | 318,413 | ||||||
Infinera Corp.† | 76,128 | 644,043 | ||||||
Inseego Corp.†# | 32,589 | 323,609 | ||||||
NeoPhotonics Corp.† | 23,455 | 189,047 | ||||||
NETGEAR, Inc.† | 14,152 | 450,175 | ||||||
2,753,341 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc.# | 4,056 | 119,693 | ||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Energy Fuels, Inc.†# | 59,573 | 123,912 | ||||||
Uranium Energy Corp.†# | 86,849 | 92,060 | ||||||
215,972 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Casella Waste Systems, Inc., Class A† | 22,022 | 1,325,284 | ||||||
Covanta Holding Corp. | 56,683 | 702,869 | ||||||
2,028,153 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Pitney Bowes, Inc. | 82,842 | 472,199 | ||||||
Office Furnishings - Original — 0.3% |
| |||||||
CompX International, Inc. | 791 | 11,469 | ||||||
Herman Miller, Inc. | 28,199 | 1,005,012 | ||||||
HNI Corp. | 20,387 | 743,310 | ||||||
Interface, Inc. | 27,880 | 232,659 | ||||||
Kimball International, Inc., Class B | 17,231 | 188,335 | ||||||
Knoll, Inc. | 23,947 | 327,116 | ||||||
Steelcase, Inc., Class A | 41,247 | 501,151 | ||||||
3,009,052 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 44,158 | 338,250 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Nabors Industries, Ltd. | 3,360 | 176,030 | ||||||
Patterson-UTI Energy, Inc. | 87,562 | 377,392 | ||||||
Transocean, Ltd.†# | 279,570 | 517,205 | ||||||
1,070,627 | ||||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Antero Resources Corp.† | 116,055 | 454,936 | ||||||
Berry Corp. | 32,373 | 124,312 | ||||||
Bonanza Creek Energy, Inc.† | 8,995 | 198,520 | ||||||
Brigham Minerals, Inc., Class A | 17,647 | 183,882 | ||||||
CNX Resources Corp.† | 106,371 | 1,000,951 |
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Comstock Resources, Inc.† | 11,677 | $ | 56,867 | |||||
Contango Oil & Gas Co.†# | 43,753 | 73,068 | ||||||
DLB Oil & Gas, Inc.†(1) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A† | 11,124 | 42,049 | ||||||
Evolution Petroleum Corp. | 13,517 | 41,092 | ||||||
Falcon Minerals Corp. | 18,256 | 41,989 | ||||||
Goodrich Petroleum Corp.† | 4,413 | 51,014 | ||||||
Gulfport Energy Corp.†# | 76,887 | 7,696 | ||||||
Kosmos Energy, Ltd. | 192,732 | 339,208 | ||||||
Magnolia Oil & Gas Corp., Class A†# | 59,266 | 370,412 | ||||||
Matador Resources Co.† | 52,751 | 537,005 | ||||||
Ovintiv, Inc. | 125,170 | 1,597,169 | ||||||
PDC Energy, Inc.† | 47,705 | 797,628 | ||||||
Penn Virginia Corp.† | 6,514 | 58,756 | ||||||
PrimeEnergy Resources Corp.† | 249 | 15,266 | ||||||
Range Resources Corp. | 102,380 | 747,374 | ||||||
SM Energy Co. | 54,563 | 230,801 | ||||||
Southwestern Energy Co.† | 305,617 | 950,469 | ||||||
Talos Energy, Inc.† | 5,892 | 50,436 | ||||||
Tellurian, Inc.†# | 78,420 | 116,846 | ||||||
W&T Offshore, Inc.†# | 45,071 | 88,339 | ||||||
Whiting Petroleum Corp.† | 574 | 12,995 | ||||||
8,189,080 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.† | 16,704 | 474,728 | ||||||
Exterran Corp.† | 12,458 | 52,822 | ||||||
Thermon Group Holdings, Inc.† | 15,654 | 221,347 | ||||||
US Silica Holdings, Inc. | 35,249 | 152,276 | ||||||
901,173 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,049 | 27,799 | ||||||
CVR Energy, Inc. | 14,153 | 200,123 | ||||||
Delek US Holdings, Inc. | 29,870 | 396,972 | ||||||
Murphy USA, Inc. | 13,186 | 1,690,445 | ||||||
Par Pacific Holdings, Inc.† | 19,130 | 217,891 | ||||||
PBF Energy, Inc., Class A | 46,163 | 335,143 | ||||||
Trecora Resources† | 11,550 | 78,194 | ||||||
2,946,567 | ||||||||
Oil - Field Services — 0.4% |
| |||||||
Archrock, Inc. | 62,036 | 482,020 | ||||||
ChampionX Corp.† | 88,828 | 1,055,277 | ||||||
DMC Global, Inc. | 6,953 | 284,030 | ||||||
Frank’s International NV† | 74,080 | 165,199 | ||||||
Helix Energy Solutions Group, Inc.† | 68,208 | 256,462 | ||||||
Liberty Oilfield Services, Inc., Class A | 31,037 | 288,644 | ||||||
Matrix Service Co.† | 12,385 | 118,648 | ||||||
MRC Global, Inc.† | 37,563 | 217,114 | ||||||
National Energy Services Reunited Corp.†# | 9,877 | 86,325 | ||||||
Newpark Resources, Inc.† | 42,496 | 63,744 | ||||||
NexTier Oilfield Solutions, Inc.† | 77,359 | 216,605 | ||||||
NOW, Inc.† | 52,369 | 292,219 | ||||||
Oceaneering International, Inc.† | 47,453 | 288,040 | ||||||
Oil States International, Inc.† | 28,784 | 127,801 | ||||||
ProPetro Holding Corp.† | 38,316 | 221,083 | ||||||
RPC, Inc.† | 27,472 | 85,163 | ||||||
Select Energy Services, Inc., Class A† | 28,171 | 119,163 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 13,771 | 92,541 | ||||||
4,460,078 | ||||||||
Optical Supplies — 0.1% |
| |||||||
STAAR Surgical Co.†# | 21,899 | 1,560,742 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 7,690 | $ | 268,458 | |||||
Domtar Corp. | 26,273 | 790,817 | ||||||
Glatfelter Corp. | 20,947 | 336,828 | ||||||
Neenah, Inc. | 8,019 | 389,002 | ||||||
Schweitzer-Mauduit International, Inc. | 14,844 | 516,274 | ||||||
Verso Corp., Class A | 14,973 | 161,858 | ||||||
2,463,237 | ||||||||
Pastoral & Agricultural — 0.3% |
| |||||||
Darling Ingredients, Inc.† | 76,925 | 3,713,939 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
CareDx, Inc.† | 22,889 | 1,308,564 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Option Care Health, Inc.† | 21,012 | 330,939 | ||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
U.S. Physical Therapy, Inc. | 6,062 | 643,906 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Accolade, Inc.† | 5,563 | 288,775 | ||||||
Apollo Medical Holdings, Inc.† | 9,466 | 172,471 | ||||||
461,246 | ||||||||
Pipelines — 0.0% |
| |||||||
NextDecade Corp.† | 10,047 | 24,113 | ||||||
Pollution Control — 0.0% |
| |||||||
Advanced Emissions Solutions, Inc.# | 7,576 | 42,804 | ||||||
CECO Environmental Corp.† | 14,806 | 109,565 | ||||||
152,369 | ||||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc. | 9,636 | 1,317,530 | ||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Powell Industries, Inc. | 4,287 | 110,733 | ||||||
Vicor Corp.† | 9,220 | 755,671 | ||||||
866,404 | ||||||||
Precious Metals — 0.2% |
| |||||||
Coeur Mining, Inc.† | 115,769 | 820,802 | ||||||
Hecla Mining Co. | 249,511 | 1,192,663 | ||||||
2,013,465 | ||||||||
Printing - Commercial — 0.1% |
| |||||||
Cimpress PLC†# | 8,502 | 762,034 | ||||||
Deluxe Corp. | 19,961 | 513,796 | ||||||
Ennis, Inc. | 12,250 | 200,533 | ||||||
Quad/Graphics, Inc. | 15,888 | 49,253 | ||||||
1,525,616 | ||||||||
Professional Sports — 0.1% |
| |||||||
Liberty Media Corp. — Liberty Braves, Series A† | 4,790 | 120,564 | ||||||
Liberty Media Corp. — Liberty Braves, Series C† | 17,360 | 434,000 | ||||||
554,564 | ||||||||
Protection/Safety — 0.1% |
| |||||||
Genasys, Inc.† | 15,907 | 112,621 | ||||||
ShotSpotter, Inc.† | 3,846 | 127,572 | ||||||
Vivint Smart Home, Inc.† | 34,828 | 767,261 | ||||||
1,007,454 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Gannett Co, Inc.†# | 62,861 | 178,525 | ||||||
Houghton Mifflin Harcourt Co.† | 50,460 | 151,885 | ||||||
Scholastic Corp. | 13,888 | 329,423 | ||||||
659,833 | ||||||||
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Publishing - Newspapers — 0.1% |
| |||||||
TEGNA, Inc. | 104,879 | $ | 1,511,306 | |||||
Tribune Publishing Co. | 7,463 | 90,153 | ||||||
1,601,459 | ||||||||
Publishing - Periodicals — 0.0% |
| |||||||
Meredith Corp. | 18,959 | 385,816 | ||||||
Value Line, Inc. | 491 | 13,497 | ||||||
399,313 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 16,330 | 1,019,972 | ||||||
Racetracks — 0.7% |
| |||||||
Churchill Downs, Inc. | 18,172 | 3,269,506 | ||||||
Penn National Gaming, Inc.† | 72,719 | 5,090,330 | ||||||
8,359,836 | ||||||||
Radio — 0.0% |
| |||||||
Entercom Communications Corp., Class A | 56,065 | 136,238 | ||||||
iHeartMedia, Inc., Class A†# | 28,617 | 342,116 | ||||||
Saga Communications, Inc., Class A | 1,813 | 41,246 | ||||||
519,600 | ||||||||
Real Estate Investment Trusts — 6.2% |
| |||||||
Acadia Realty Trust | 40,555 | 575,881 | ||||||
Agree Realty Corp. | 25,446 | 1,676,891 | ||||||
Alexander & Baldwin, Inc. | 34,463 | 539,346 | ||||||
Alexander’s, Inc. | 1,024 | 279,921 | ||||||
Alpine Income Property Trust, Inc. | 3,199 | 51,216 | ||||||
American Assets Trust, Inc. | 24,061 | 690,310 | ||||||
American Finance Trust, Inc. | 52,204 | 385,265 | ||||||
Anworth Mtg. Asset Corp.# | 46,864 | 100,758 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 70,936 | 764,690 | ||||||
Arbor Realty Trust, Inc.# | 50,361 | 670,808 | ||||||
Ares Commercial Real Estate Corp. | 14,705 | 163,814 | ||||||
Armada Hoffler Properties, Inc. | 27,503 | 291,807 | ||||||
ARMOUR Residential REIT, Inc. | 30,601 | 323,759 | ||||||
Blackstone Mtg. Trust, Inc., Class A | 65,848 | 1,710,731 | ||||||
Bluerock Residential Growth REIT, Inc. | 11,769 | 120,044 | ||||||
Broadmark Realty Capital, Inc. | 61,512 | 624,347 | ||||||
BRT Apartments Corp. | 5,035 | 65,757 | ||||||
Capstead Mtg. Corp. | 45,575 | 256,587 | ||||||
CareTrust REIT, Inc. | 45,680 | 887,562 | ||||||
CatchMark Timber Trust, Inc., Class A | 23,301 | 223,457 | ||||||
Chatham Lodging Trust | 22,159 | 243,971 | ||||||
Cherry Hill Mtg. Investment Corp.# | 7,266 | 65,830 | ||||||
Chimera Investment Corp. | 91,770 | 941,560 | ||||||
CIM Commercial Trust Corp. | 5,381 | 65,487 | ||||||
City Office REIT, Inc. | 20,468 | 179,504 | ||||||
Clipper Realty, Inc. | 7,104 | 45,110 | ||||||
Colony Capital, Inc. | 229,623 | 991,971 | ||||||
Colony Credit Real Estate, Inc. | 40,193 | 291,801 | ||||||
Columbia Property Trust, Inc. | 54,754 | 765,461 | ||||||
Community Healthcare Trust, Inc. | 10,331 | 466,548 | ||||||
CoreCivic, Inc. | 57,187 | 405,456 | ||||||
CorEnergy Infrastructure Trust, Inc.# | 6,561 | 39,038 | ||||||
CorePoint Lodging, Inc. | 18,769 | 122,186 | ||||||
CTO Realty Growth, Inc. | 2,229 | 91,032 | ||||||
DiamondRock Hospitality Co. | 95,495 | 718,122 | ||||||
Diversified Healthcare Trust | 113,391 | 500,054 | ||||||
Dynex Capital, Inc.# | 10,582 | 186,349 | ||||||
Easterly Government Properties, Inc. | 38,262 | 828,755 | ||||||
EastGroup Properties, Inc. | 18,478 | 2,519,106 | ||||||
Ellington Financial, Inc. | 19,730 | 284,112 | ||||||
Ellington Residential Mortgage REIT | 4,309 | 52,570 | ||||||
Essential Properties Realty Trust, Inc. | 44,181 | 907,478 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Farmland Partners, Inc.# | 12,484 | $ | 99,622 | |||||
Four Corners Property Trust, Inc. | 33,645 | 942,396 | ||||||
Franklin Street Properties Corp. | 49,665 | 230,446 | ||||||
Front Yard Residential Corp. | 23,946 | 390,799 | ||||||
GEO Group, Inc.# | 56,323 | 532,252 | ||||||
Getty Realty Corp. | 16,340 | 463,893 | ||||||
Gladstone Commercial Corp. | 16,084 | 290,960 | ||||||
Gladstone Land Corp. | 9,356 | 136,130 | ||||||
Global Medical REIT, Inc. | 20,167 | 276,086 | ||||||
Global Net Lease, Inc. | 43,106 | 719,439 | ||||||
Granite Point Mtg. Trust, Inc. | 26,107 | 241,751 | ||||||
Great Ajax Corp. | 9,892 | 98,129 | ||||||
Healthcare Realty Trust, Inc. | 64,607 | 1,905,906 | ||||||
Hersha Hospitality Trust | 16,275 | 131,827 | ||||||
Independence Realty Trust, Inc. | 45,312 | 583,619 | ||||||
Industrial Logistics Properties Trust | 31,041 | 674,521 | ||||||
Innovative Industrial Properties, Inc. | 10,165 | 1,561,954 | ||||||
Invesco Mtg. Capital, Inc.# | 87,320 | 289,902 | ||||||
Investors Real Estate Trust | 6,147 | 426,602 | ||||||
iStar, Inc.# | 34,860 | 491,526 | ||||||
Kite Realty Group Trust | 39,708 | 571,795 | ||||||
KKR Real Estate Finance Trust, Inc. | 13,659 | 249,004 | ||||||
Ladder Capital Corp. | 50,538 | 460,907 | ||||||
Lexington Realty Trust | 130,775 | 1,335,213 | ||||||
LTC Properties, Inc. | 18,591 | 688,611 | ||||||
Macerich Co.# | 71,650 | 716,500 | ||||||
Mack-Cali Realty Corp. | 41,509 | 567,013 | ||||||
MFA Financial, Inc. | 216,979 | 802,822 | ||||||
Monmouth Real Estate Investment Corp. | 45,391 | 673,148 | ||||||
National Health Investors, Inc. | 20,573 | 1,330,250 | ||||||
National Storage Affiliates Trust | 29,946 | 1,017,565 | ||||||
NETSTREIT Corp. | 5,737 | 108,831 | ||||||
New Senior Investment Group, Inc. | 39,181 | 216,671 | ||||||
New York Mtg. Trust, Inc. | 181,124 | 636,651 | ||||||
NexPoint Residential Trust, Inc. | 10,444 | 462,774 | ||||||
Office Properties Income Trust | 22,869 | 522,557 | ||||||
One Liberty Properties, Inc. | 7,697 | 136,853 | ||||||
Orchid Island Capital, Inc.# | 31,809 | 170,178 | ||||||
Pebblebrook Hotel Trust | 62,231 | 1,151,273 | ||||||
PennyMac Mtg. Investment Trust | 47,401 | 810,557 | ||||||
Physicians Realty Trust | 99,794 | 1,731,426 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 60,342 | 943,145 | ||||||
Plymouth Industrial REIT, Inc. | 7,580 | 99,601 | ||||||
PotlatchDeltic Corp. | 31,333 | 1,458,238 | ||||||
Preferred Apartment Communities, Inc., Class A | 22,742 | 177,615 | ||||||
PS Business Parks, Inc. | 9,611 | 1,266,730 | ||||||
QTS Realty Trust, Inc., Class A# | 29,275 | 1,739,228 | ||||||
Ready Capital Corp.# | 20,004 | 258,852 | ||||||
Redwood Trust, Inc. | 54,954 | 475,352 | ||||||
Retail Opportunity Investments Corp. | 55,316 | 718,002 | ||||||
Retail Properties of America, Inc., Class A | 102,540 | 830,574 | ||||||
Retail Value, Inc. | 7,845 | 120,813 | ||||||
RLJ Lodging Trust | 78,484 | 967,708 | ||||||
RPT Realty | 38,576 | 282,762 | ||||||
Ryman Hospitality Properties, Inc. | 24,126 | 1,548,648 | ||||||
Sabra Health Care REIT, Inc. | 98,224 | 1,618,731 | ||||||
Safehold, Inc.# | 8,267 | 562,735 | ||||||
Saul Centers, Inc. | 5,704 | 177,965 | ||||||
Seritage Growth Properties, Class A†# | 16,275 | 267,886 | ||||||
Service Properties Trust | 78,394 | 929,753 | ||||||
SITE Centers Corp. | 73,224 | 738,830 | ||||||
STAG Industrial, Inc. | 71,667 | 2,134,243 | ||||||
Summit Hotel Properties, Inc. | 49,435 | 429,590 | ||||||
Sunstone Hotel Investors, Inc. | 102,779 | 1,079,179 | ||||||
Tanger Factory Outlet Centers, Inc.# | 43,299 | 409,176 |
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Terreno Realty Corp. | 31,883 | $ | 1,847,301 | |||||
TPG RE Finance Trust, Inc. | 28,688 | 297,495 | ||||||
Two Harbors Investment Corp. | 130,960 | 817,190 | ||||||
UMH Properties, Inc. | 17,524 | 251,119 | ||||||
Uniti Group, Inc. | 92,401 | 949,882 | ||||||
Universal Health Realty Income Trust | 6,137 | 370,859 | ||||||
Urban Edge Properties | 55,490 | 720,260 | ||||||
Urstadt Biddle Properties, Inc., Class A | 14,218 | 199,621 | ||||||
Washington Real Estate Investment Trust | 39,448 | 915,588 | ||||||
Western Asset Mtg. Capital Corp.# | 28,456 | 87,360 | ||||||
Whitestone REIT | 19,046 | 143,226 | ||||||
Xenia Hotels & Resorts, Inc. | 54,171 | 763,269 | ||||||
72,561,337 | ||||||||
Real Estate Management/Services — 0.6% |
| |||||||
Cushman & Wakefield PLC†# | 52,839 | 787,301 | ||||||
eXp World Holdings, Inc.† | 11,646 | 621,081 | ||||||
Fathom Holdings, Inc.† | 2,285 | 50,727 | ||||||
Marcus & Millichap, Inc.† | 11,135 | 399,190 | ||||||
McGrath RentCorp | 11,534 | 734,024 | ||||||
Newmark Group, Inc., Class A | 68,287 | 479,375 | ||||||
RE/MAX Holdings, Inc., Class A | 8,513 | 266,457 | ||||||
Realogy Holdings Corp.†# | 54,812 | 674,735 | ||||||
Redfin Corp.† | 46,338 | 2,219,127 | ||||||
RMR Group, Inc., Class A | 7,270 | 269,281 | ||||||
6,501,298 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
American Realty Investors, Inc.†# | 521 | 4,793 | ||||||
FRP Holdings, Inc.† | 3,149 | 144,193 | ||||||
Griffin Industrial Realty, Inc. | 1,239 | 88,291 | ||||||
Kennedy-Wilson Holdings, Inc. | 58,453 | 934,079 | ||||||
Legacy Housing Corp.† | 3,964 | 59,064 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,221 | 39,232 | ||||||
St. Joe Co. | 15,711 | 518,620 | ||||||
Stratus Properties, Inc.† | 2,812 | 68,472 | ||||||
Transcontinental Realty Investors, Inc.† | 648 | 16,906 | ||||||
1,873,650 | ||||||||
Recreational Centers — 0.0% |
| |||||||
OneSpaWorld Holdings, Ltd. | 21,601 | 190,953 | ||||||
Recreational Vehicles — 0.1% |
| |||||||
Camping World Holdings, Inc., Class A# | 15,685 | 480,745 | ||||||
Malibu Boats, Inc., Class A† | 9,817 | 559,471 | ||||||
Marine Products Corp. | 3,430 | 52,890 | ||||||
MasterCraft Boat Holdings, Inc.† | 8,859 | 191,886 | ||||||
OneWater Marine, Inc., Class A† | 2,478 | 69,285 | ||||||
1,354,277 | ||||||||
Recycling — 0.1% |
| |||||||
Harsco Corp.† | 37,382 | 633,625 | ||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Alta Equipment Group, Inc.†# | 8,143 | 73,775 | ||||||
Avis Budget Group, Inc.† | 25,172 | 885,299 | ||||||
CAI International, Inc. | 7,849 | 248,421 | ||||||
Herc Holdings, Inc.† | 11,631 | 666,224 | ||||||
Nesco Holdings, Inc.† | 6,339 | 29,096 | ||||||
Rent-A-Center, Inc. | 23,174 | 783,745 | ||||||
Textainer Group Holdings, Ltd.† | 24,695 | 454,882 | ||||||
3,141,442 | ||||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp. | 19,360 | 2,465,109 | ||||||
SeaWorld Entertainment, Inc.† | 24,297 | 677,886 | ||||||
3,142,995 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Abercrombie & Fitch Co., Class A | 29,794 | $ | 617,928 | |||||
American Eagle Outfitters, Inc. | 72,104 | 1,297,151 | ||||||
Boot Barn Holdings, Inc.† | 13,650 | 563,199 | ||||||
Buckle, Inc. | 13,856 | 371,618 | ||||||
Caleres, Inc. | 17,677 | 208,058 | ||||||
Cato Corp., Class A | 10,170 | 81,970 | ||||||
Chico’s FAS, Inc. | 56,819 | 85,797 | ||||||
Children’s Place, Inc.# | 6,761 | 290,588 | ||||||
Designer Brands, Inc., Class A# | 29,475 | 232,852 | ||||||
Duluth Holdings, Inc., Class B†# | 5,291 | 77,778 | ||||||
Express, Inc.†# | 30,397 | 46,203 | ||||||
Genesco, Inc.† | 6,775 | 212,532 | ||||||
Guess?, Inc. | 20,198 | 339,124 | ||||||
Shoe Carnival, Inc. | 4,445 | 162,554 | ||||||
Tilly’s, Inc., Class A | 10,607 | 96,842 | ||||||
Vera Bradley, Inc.† | 9,801 | 83,112 | ||||||
Winmark Corp. | 1,436 | 258,480 | ||||||
5,025,786 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.† | 8,347 | 92,526 | ||||||
Retail - Arts & Crafts — 0.0% |
| |||||||
Michaels Cos., Inc.†# | 35,619 | 352,272 | ||||||
Retail - Automobile — 0.6% |
| |||||||
America’s Car-Mart, Inc.† | 3,017 | 315,276 | ||||||
Asbury Automotive Group, Inc.† | 9,210 | 1,038,612 | ||||||
Group 1 Automotive, Inc. | 8,327 | 989,331 | ||||||
Lithia Motors, Inc., Class A | 12,181 | 3,523,963 | ||||||
Rush Enterprises, Inc., Class A | 19,569 | 750,080 | ||||||
Rush Enterprises, Inc., Class B | 3,175 | 107,918 | ||||||
Sonic Automotive, Inc., Class A# | 11,410 | 460,736 | ||||||
7,185,916 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 60,638 | 1,270,972 | ||||||
Retail - Building Products — 0.3% |
| |||||||
Aspen Aerogels, Inc.† | 9,774 | 138,009 | ||||||
At Home Group, Inc.† | 25,656 | 485,925 | ||||||
Beacon Roofing Supply, Inc.† | 26,109 | 950,106 | ||||||
BMC Stock Holdings, Inc.† | 32,148 | 1,573,323 | ||||||
Foundation Building Materials, Inc.† | 9,749 | 187,571 | ||||||
GMS, Inc.† | 19,908 | 621,727 | ||||||
3,956,661 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 5,275 | 240,804 | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 18,766 | 969,639 | ||||||
BJ’s Wholesale Club Holdings, Inc.† | 65,474 | 2,683,780 | ||||||
Citi Trends, Inc. | 4,754 | 161,113 | ||||||
3,814,532 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
OptimizeRx Corp.† | 6,965 | 184,015 | ||||||
Rite Aid Corp.†# | 26,174 | 345,497 | ||||||
529,512 | ||||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.† | 13,654 | 394,328 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
GrowGeneration Corp.†# | 17,122 | 602,181 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.†# | 11,255 | 95,555 | ||||||
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Home Furnishings — 0.4% |
| |||||||
Haverty Furniture Cos., Inc. | 8,054 | $ | 219,230 | |||||
La-Z-Boy, Inc. | 21,303 | 789,063 | ||||||
Lovesac Co.† | 4,687 | 149,421 | ||||||
RH†# | 7,435 | 3,369,245 | ||||||
4,526,959 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Envela Corp.†# | 3,693 | 17,062 | ||||||
Movado Group, Inc. | 7,512 | 127,178 | ||||||
Signet Jewelers, Ltd. | 24,939 | 755,402 | ||||||
899,642 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 9,862 | 323,868 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.†# | 9,343 | 86,890 | ||||||
Gaia, Inc.† | 5,786 | 57,686 | ||||||
GameStop Corp., Class A†# | 27,344 | 452,817 | ||||||
Hudson, Ltd., Class A†# | 18,942 | 145,664 | ||||||
PriceSmart, Inc. | 10,873 | 883,757 | ||||||
Sally Beauty Holdings, Inc.† | 53,933 | 620,230 | ||||||
2,247,044 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
ODP Corp. | 24,973 | 715,976 | ||||||
Retail - Pawn Shops — 0.1% |
| |||||||
FirstCash, Inc. | 19,449 | 1,249,404 | ||||||
Retail - Pet Food & Supplies — 0.2% |
| |||||||
Freshpet, Inc.† | 18,516 | 2,534,470 | ||||||
PetMed Express, Inc.# | 9,345 | 286,892 | ||||||
2,821,362 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 29,875 | 849,047 | ||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Dillard’s, Inc., Class A# | 3,608 | 168,710 | ||||||
Macy’s, Inc.# | 149,306 | 1,524,414 | ||||||
1,693,124 | ||||||||
Retail - Restaurants — 1.4% |
| |||||||
Biglari Holdings, Inc., Class A† | 35 | 20,125 | ||||||
Biglari Holdings, Inc., Class B† | 441 | 49,392 | ||||||
BJ’s Restaurants, Inc. | 10,547 | 348,367 | ||||||
Bloomin’ Brands, Inc. | 41,854 | 732,445 | ||||||
Brinker International, Inc. | 21,436 | 1,074,158 | ||||||
Cannae Holdings, Inc.† | 41,230 | 1,625,287 | ||||||
Carrols Restaurant Group, Inc.† | 16,879 | 114,777 | ||||||
Cheesecake Factory, Inc. | 20,265 | 759,532 | ||||||
Chuy’s Holdings, Inc.† | 9,374 | 222,164 | ||||||
Cracker Barrel Old Country Store, Inc. | 11,335 | 1,582,139 | ||||||
Dave & Buster’s Entertainment, Inc. | 21,124 | 534,860 | ||||||
Del Taco Restaurants, Inc.† | 14,257 | 126,174 | ||||||
Denny’s Corp.† | 29,694 | 341,778 | ||||||
Dine Brands Global, Inc. | 7,441 | 468,560 | ||||||
El Pollo Loco Holdings, Inc.† | 8,768 | 137,395 | ||||||
Fiesta Restaurant Group, Inc.† | 8,605 | 101,109 | ||||||
Jack in the Box, Inc. | 10,831 | 996,344 | ||||||
Kura Sushi USA, Inc., Class A†# | 1,611 | 26,533 | ||||||
Noodles & Co.† | 14,936 | 118,741 | ||||||
Papa John’s International, Inc. | 15,645 | 1,257,232 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,394 | 148,693 | ||||||
Ruth’s Hospitality Group, Inc. | 15,493 | 241,226 | ||||||
Shake Shack, Inc., Class A†# | 16,775 | 1,369,847 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Texas Roadhouse, Inc. | 31,408 | $ | 2,380,726 | |||||
Waitr Holdings, Inc.†# | 40,013 | 132,843 | ||||||
Wingstop, Inc. | 14,167 | 1,803,601 | ||||||
16,714,048 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Hibbett Sports, Inc.† | 7,887 | 324,629 | ||||||
Sportsman’s Warehouse Holdings, Inc.† | 20,451 | 284,883 | ||||||
Zumiez, Inc.† | 10,003 | 371,011 | ||||||
980,523 | ||||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.† | 38,463 | 1,646,601 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Brookdale Senior Living, Inc.† | 87,798 | 372,263 | ||||||
Five Star Senior Living, Inc.† | 9,030 | 53,277 | ||||||
425,540 | ||||||||
Rubber - Tires — 0.2% |
| |||||||
Cooper Tire & Rubber Co. | 24,098 | 957,413 | ||||||
Goodyear Tire & Rubber Co. | 110,530 | 1,151,723 | ||||||
2,109,136 | ||||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 17,135 | 291,124 | ||||||
Proto Labs, Inc.† | 12,783 | 1,766,099 | ||||||
Raven Industries, Inc. | 17,043 | 429,824 | ||||||
Trinseo SA | 18,295 | 695,027 | ||||||
3,182,074 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.† | 26,378 | 278,024 | ||||||
Iridium Communications, Inc.† | 56,226 | 1,804,292 | ||||||
KVH Industries, Inc.† | 8,018 | 82,586 | ||||||
Loral Space & Communications, Inc. | 6,141 | 141,120 | ||||||
2,306,022 | ||||||||
Savings & Loans/Thrifts — 0.9% |
| |||||||
Axos Financial, Inc.† | 27,635 | 925,772 | ||||||
Banc of California, Inc. | 21,345 | 283,888 | ||||||
BankFinancial Corp. | 6,326 | 51,051 | ||||||
Berkshire Hills Bancorp, Inc. | 21,374 | 350,534 | ||||||
Brookline Bancorp, Inc. | 37,069 | 421,475 | ||||||
Capitol Federal Financial, Inc. | 63,435 | 781,519 | ||||||
Community Bankers Trust Corp. | 10,409 | 67,658 | ||||||
Dime Community Bancshares, Inc. | 13,704 | 198,023 | ||||||
Eagle Bancorp Montana, Inc. | 3,010 | 62,036 | ||||||
ESSA Bancorp, Inc. | 4,347 | 68,770 | ||||||
First Capital, Inc.# | 1,557 | 103,167 | ||||||
First Savings Financial Group, Inc. | 892 | 56,196 | ||||||
Flushing Financial Corp. | 12,891 | 183,052 | ||||||
FS Bancorp, Inc. | 1,794 | 95,979 | ||||||
Greene County Bancorp, Inc. | 1,456 | 36,706 | ||||||
Hingham Institution for Savings | 675 | 147,906 | ||||||
Home Bancorp, Inc. | 3,655 | 102,523 | ||||||
HomeTrust Bancshares, Inc. | 7,474 | 127,282 | ||||||
Investors Bancorp, Inc. | 110,274 | 1,067,452 | ||||||
Meridian Bancorp, Inc. | 22,368 | 305,211 | ||||||
Northfield Bancorp, Inc. | 22,801 | 253,775 | ||||||
Northwest Bancshares, Inc. | 56,043 | 662,989 | ||||||
OceanFirst Financial Corp. | 28,359 | 447,221 | ||||||
Oconee Federal Financial Corp. | 500 | 12,340 | ||||||
Pacific Premier Bancorp, Inc. | 38,229 | 1,101,760 | ||||||
Provident Financial Holdings, Inc. | 2,863 | 41,227 | ||||||
Provident Financial Services, Inc. | 34,338 | 538,076 |
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Prudential Bancorp, Inc. | 3,811 | $ | 49,657 | |||||
Riverview Bancorp, Inc. | 10,099 | 53,323 | ||||||
Southern Missouri Bancorp, Inc. | 3,676 | 111,052 | ||||||
Territorial Bancorp, Inc. | 3,749 | 83,640 | ||||||
Timberland Bancorp, Inc. | 3,559 | 84,811 | ||||||
Washington Federal, Inc. | 36,096 | 843,564 | ||||||
Waterstone Financial, Inc. | 10,704 | 188,016 | ||||||
WSFS Financial Corp. | 23,997 | 915,006 | ||||||
10,822,657 | ||||||||
Schools — 0.3% |
| |||||||
Adtalem Global Education, Inc.† | 24,882 | 712,372 | ||||||
American Public Education, Inc.† | 6,896 | 214,052 | ||||||
Aspen Group, Inc.† | 9,074 | 110,249 | ||||||
Laureate Education, Inc., Class A† | 51,419 | 730,150 | ||||||
Perdoceo Education Corp.† | 33,095 | 375,297 | ||||||
Strategic Education, Inc. | 11,538 | 1,083,303 | ||||||
Stride, Inc.† | 19,086 | 445,276 | ||||||
Universal Technical Institute, Inc.† | 13,794 | 90,488 | ||||||
3,761,187 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 24,027 | 1,612,212 | ||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
MaxLinear, Inc.† | 32,308 | 1,009,625 | ||||||
Power Integrations, Inc. | 28,184 | 2,012,056 | ||||||
3,021,681 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Axcelis Technologies, Inc.† | 15,909 | 429,225 | ||||||
Brooks Automation, Inc. | 34,727 | 2,534,724 | ||||||
CMC Materials, Inc. | 13,880 | 2,141,406 | ||||||
Cohu, Inc. | 19,653 | 557,949 | ||||||
FormFactor, Inc.† | 36,913 | 1,513,433 | ||||||
Onto Innovation, Inc.† | 22,679 | 1,002,639 | ||||||
Ultra Clean Holdings, Inc.† | 19,177 | 606,760 | ||||||
Veeco Instruments, Inc.† | 23,259 | 386,564 | ||||||
9,172,700 | ||||||||
Silver Mining — 0.0% |
| |||||||
Pan American Silver Corp. CVR†# | 171,891 | 118,605 | ||||||
Software Tools — 0.2% |
| |||||||
Digital Turbine, Inc.† | 39,375 | 1,771,087 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Advanced Drainage Systems, Inc. | 26,576 | 1,853,676 | ||||||
Northwest Pipe Co.† | 4,599 | 132,359 | ||||||
Omega Flex, Inc. | 1,389 | 196,849 | ||||||
TimkenSteel Corp.† | 21,496 | 101,246 | ||||||
2,284,130 | ||||||||
Steel - Producers — 0.3% |
| |||||||
Carpenter Technology Corp. | 22,701 | 554,813 | ||||||
Commercial Metals Co. | 56,862 | 1,132,122 | ||||||
Schnitzer Steel Industries, Inc., Class A | 12,337 | 316,074 | ||||||
United States Steel Corp.# | 104,764 | 1,486,601 | ||||||
3,489,610 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.† | 60,666 | 818,384 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.† | 10,739 | 213,491 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 14,800 | 218,596 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Clearfield, Inc.† | 5,342 | $ | 127,033 | |||||
Telecom Services — 0.2% |
| |||||||
ATN International, Inc. | 5,351 | 261,878 | ||||||
Consolidated Communications Holdings, Inc.† | 34,781 | 194,773 | ||||||
GTT Communications, Inc.†# | 15,229 | 69,140 | ||||||
HC2 Holdings, Inc.†# | 28,006 | 93,820 | ||||||
Ooma, Inc.† | 9,924 | 154,914 | ||||||
ORBCOMM, Inc.† | 35,389 | 202,425 | ||||||
Rackspace Technology, Inc.† | 16,168 | 290,377 | ||||||
Spok Holdings, Inc. | 8,460 | 83,162 | ||||||
Vonage Holdings Corp.† | 110,727 | 1,423,949 | ||||||
2,774,438 | ||||||||
Telecommunication Equipment — 0.4% |
| |||||||
Acacia Communications, Inc.† | 18,583 | 1,294,864 | ||||||
ADTRAN, Inc. | 22,865 | 288,899 | ||||||
Cambium Networks Corp.† | 2,668 | 72,196 | ||||||
DZS, Inc.† | 5,753 | 74,041 | ||||||
Harmonic, Inc.† | 45,375 | 296,299 | ||||||
PCTEL, Inc. | 8,421 | 52,968 | ||||||
Plantronics, Inc. | 16,352 | 446,737 | ||||||
Preformed Line Products Co. | 1,439 | 87,275 | ||||||
Viavi Solutions, Inc.† | 109,253 | 1,479,832 | ||||||
4,093,111 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc. | 24,801 | 75,891 | ||||||
Cincinnati Bell, Inc.† | 23,967 | 364,538 | ||||||
IDT Corp., Class B† | 7,259 | 86,527 | ||||||
Shenandoah Telecommunications Co. | 23,038 | 1,023,809 | ||||||
1,550,765 | ||||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A†# | 18,522 | 610,670 | ||||||
Gray Television, Inc.† | 41,510 | 733,067 | ||||||
Sinclair Broadcast Group, Inc., Class A | 21,117 | 575,649 | ||||||
1,919,386 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Unifi, Inc.† | 6,563 | 99,364 | ||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 24,871 | 106,199 | ||||||
Cinemark Holdings, Inc. | 51,107 | 789,603 | ||||||
895,802 | ||||||||
Therapeutics — 0.2% |
| |||||||
Akebia Therapeutics, Inc.† | 68,465 | 226,619 | ||||||
Anika Therapeutics, Inc.† | 6,676 | 252,353 | ||||||
Axsome Therapeutics, Inc.† | 13,245 | 960,130 | ||||||
CorMedix, Inc.† | 14,751 | 132,759 | ||||||
Fennec Pharmaceuticals, Inc.† | 10,221 | 79,928 | ||||||
Flexion Therapeutics, Inc.†# | 20,928 | 224,139 | ||||||
G1 Therapeutics, Inc.†# | 16,307 | 297,766 | ||||||
La Jolla Pharmaceutical Co.†# | 8,616 | 42,821 | ||||||
MannKind Corp.†# | 105,310 | 313,824 | ||||||
Recro Pharma, Inc.† | 9,264 | 22,141 | ||||||
2,552,480 | ||||||||
Tobacco — 0.1% |
| |||||||
Greenlane Holdings, Inc., Class A† | 4,913 | 20,389 | ||||||
Turning Point Brands, Inc. | 5,673 | 221,360 | ||||||
Universal Corp. | 11,615 | 528,599 | ||||||
Vector Group, Ltd. | 66,767 | 750,461 | ||||||
1,520,809 | ||||||||
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 11,658 | $ | 102,357 | |||||
Traffic Management Sys — 0.0% |
| |||||||
Arlo Technologies, Inc.† | 37,433 | 196,898 | ||||||
Transactional Software — 0.0% |
| |||||||
Synchronoss Technologies, Inc.†# | 19,573 | 57,936 | ||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 28,108 | 864,040 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 12,306 | 686,798 | ||||||
1,550,838 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 16,649 | 1,327,924 | ||||||
General Finance Corp.†# | 5,016 | 40,830 | ||||||
Greenbrier Cos., Inc. | 15,410 | 514,232 | ||||||
Willis Lease Finance Corp.† | 1,402 | 45,159 | ||||||
1,928,145 | ||||||||
Transport - Marine — 0.3% |
| |||||||
Ardmore Shipping Corp. | 16,036 | 53,079 | ||||||
Costamare, Inc. | 23,726 | 170,353 | ||||||
DHT Holdings, Inc. | 53,298 | 272,353 | ||||||
Diamond S Shipping, Inc.† | 13,081 | 89,997 | ||||||
Dorian LPG, Ltd.† | 18,031 | 197,079 | ||||||
Eagle Bulk Shipping, Inc.† | 3,018 | 56,225 | ||||||
Frontline, Ltd.# | 56,392 | 352,450 | ||||||
Genco Shipping & Trading, Ltd. | 8,179 | 61,670 | ||||||
Golar LNG, Ltd.†# | 43,519 | 396,023 | ||||||
International Seaways, Inc. | 11,480 | 193,897 | ||||||
Nordic American Tankers, Ltd.# | 68,945 | 219,935 | ||||||
Overseas Shipholding Group, Inc., Class A† | 31,559 | 63,118 | ||||||
Pangaea Logistics Solutions, Ltd. | 5,055 | 13,345 | ||||||
Safe Bulkers, Inc.† | 24,805 | 29,766 | ||||||
Scorpio Bulkers, Inc.# | 4,282 | 73,393 | ||||||
Scorpio Tankers, Inc.# | 24,463 | 282,303 | ||||||
SEACOR Holdings, Inc.† | 9,175 | 304,793 | ||||||
SFL Corp., Ltd. | 46,149 | 312,429 | ||||||
Tidewater, Inc.† | 19,318 | 183,714 | ||||||
3,325,922 | ||||||||
Transport - Services — 0.4% |
| |||||||
Bristow Group, Inc.† | 3,156 | 70,221 | ||||||
CryoPort, Inc.†# | 16,320 | 793,968 | ||||||
Daseke, Inc.† | 21,778 | 147,001 | ||||||
Echo Global Logistics, Inc.† | 12,525 | 355,585 | ||||||
Forward Air Corp. | 13,299 | 971,758 | ||||||
Hub Group, Inc., Class A† | 15,659 | 855,295 | ||||||
Matson, Inc. | 20,453 | 1,188,933 | ||||||
Radiant Logistics, Inc.† | 18,701 | 110,710 | ||||||
Universal Logistics Holdings, Inc. | 3,669 | 78,920 | ||||||
4,572,391 | ||||||||
Transport - Truck — 0.4% |
| |||||||
ArcBest Corp. | 12,045 | 504,806 | ||||||
Covenant Logistics Group, Inc.† | 5,569 | 102,971 | ||||||
Heartland Express, Inc. | 23,279 | 430,196 | ||||||
Marten Transport, Ltd. | 28,297 | 498,876 | ||||||
P.A.M. Transportation Services, Inc.† | 864 | 39,830 | ||||||
Saia, Inc.† | 12,565 | 2,193,095 | ||||||
US Xpress Enterprises, Inc., Class A† | 10,591 | 79,432 | ||||||
Werner Enterprises, Inc. | 29,133 | 1,165,029 | ||||||
5,014,235 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 34,749 | 95,560 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc. | 9,344 | $ | 59,895 | |||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,328 | 416,000 | ||||||
Neogen Corp.† | 25,221 | 1,871,903 | ||||||
2,287,903 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Calyxt, Inc.†# | 4,942 | 18,385 | ||||||
LifeVantage Corp.† | 6,551 | 69,637 | ||||||
Nature’s Sunshine Products, Inc.† | 4,240 | 52,703 | ||||||
USANA Health Sciences, Inc.† | 5,528 | 415,595 | ||||||
556,320 | ||||||||
Water — 0.4% |
| |||||||
American States Water Co. | 17,632 | 1,301,594 | ||||||
Artesian Resources Corp., Class A | 3,847 | 142,224 | ||||||
California Water Service Group | 23,629 | 1,169,163 | ||||||
Consolidated Water Co., Ltd. | 6,928 | 75,931 | ||||||
Global Water Resources, Inc. | 6,115 | 78,761 | ||||||
Middlesex Water Co. | 8,154 | 558,467 | ||||||
PICO Holdings, Inc.† | 8,073 | 70,397 | ||||||
SJW Group | 12,615 | 827,544 | ||||||
York Water Co. | 6,209 | 279,653 | ||||||
4,503,734 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.† | 19,191 | 204,768 | ||||||
Pure Cycle Corp.† | 9,283 | 88,560 | ||||||
293,328 | ||||||||
Web Hosting/Design — 0.3% |
| |||||||
Endurance International Group Holdings, Inc.† | 31,612 | 299,682 | ||||||
NIC, Inc. | 31,457 | 737,195 | ||||||
Q2 Holdings, Inc.† | 23,715 | 2,688,569 | ||||||
3,725,446 | ||||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 21,102 | 812,005 | ||||||
Encore Wire Corp. | 9,743 | 503,421 | ||||||
Insteel Industries, Inc. | 8,869 | 205,140 | ||||||
1,520,566 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Anterix, Inc.† | 5,198 | 155,576 | ||||||
CalAmp Corp.† | 16,021 | 146,112 | ||||||
Casa Systems, Inc.† | 15,153 | 80,462 | ||||||
InterDigital, Inc. | 14,719 | 881,815 | ||||||
Maxar Technologies, Inc. | 29,219 | 812,580 | ||||||
Powerfleet, Inc.†# | 13,604 | 93,596 | ||||||
Resonant, Inc.†# | 23,932 | 53,129 | ||||||
Ribbon Communications, Inc.† | 32,585 | 223,533 | ||||||
2,446,803 | ||||||||
X-Ray Equipment — 0.0% |
| |||||||
Varex Imaging Corp.† | 18,245 | 304,327 | ||||||
ViewRay, Inc.†# | 53,278 | 204,587 | ||||||
508,914 | ||||||||
Total Common Stocks |
| |||||||
(cost $790,100,904) | 1,077,669,277 | |||||||
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
WARRANTS — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Whiting Petroleum Corp., Series A | 2,303 | $ | 7,738 | |||||
Whiting Petroleum Corp., Series B | 1,151 | 3,833 | ||||||
Total Warrants |
| |||||||
(cost $0) | 11,571 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $790,100,904) | 1,077,680,848 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.6% |
| |||||||
Registered Investment Companies — 3.8% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 44,796,987 | 44,796,987 | ||||||
U.S. Government Treasuries — 0.8% |
| |||||||
United States Treasury Bills |
| |||||||
0.12% due 08/12/2021(4) | $ | 2,000,000 | 1,998,760 | |||||
0.12% due 10/07/2021(4) | 300,000 | 299,732 | ||||||
0.15% due 04/22/2021(4) | 3,500,000 | 3,498,740 | ||||||
0.15% due 06/17/2021(4) | 600,000 | 599,728 | ||||||
0.16% due 05/20/2021(4) | 3,000,000 | 2,998,743 | ||||||
0.16% due 04/22/2021(4) | 100,000 | 99,964 | ||||||
9,495,667 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $54,290,239) | 54,292,654 | |||||||
REPURCHASE AGREEMENTS — 7.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $86,624,000 and collateralized by $88,706,200 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of 88,356,560 | 86,624,000 | 86,624,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $931,015,143)(5) | 104.0 | % | 1,218,597,502 | |||||
Liabilities in excess of other assets | (4.0 | ) | (47,079,240 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,171,518,262 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $1,037,663 representing 0.1% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $77,109,273. This was secured by collateral of $44,796,987, which was received in cash and subsequently invested in short-term investments currently valued at $44,796,987 as reported in the Portfolio of Investments. Additional collateral of $37,068,080 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 November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to11/01/2050 | $ | 757,008 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 2,032,877 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 69,673 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 2,664,297 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/15/2020 to 02/15/2050 | 31,544,225 |
(3) | The rate shown is the 7-day yield as of November 30, 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) | ||||||||||||||||
1,048 | Long | E-mini Russell 2000 Index | December 2020 | $ | 81,205,017 | $ | 95,373,240 | $ | 14,168,223 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Finance - Commercial | $ | 1,994,400 | $ | — | $ | 9,676 | $ | 2,004,076 | ||||||||
Medical - Biomedical/Gene | 102,120,685 | — | 36,395 | 102,157,080 | ||||||||||||
Medical - Drugs | 23,199,910 | — | 0 | 23,199,910 | ||||||||||||
Metal - Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 423,496 | — | 0 | 423,496 | ||||||||||||
Oil Companies - Exploration & Production | 8,189,080 | — | 0 | 8,189,080 | ||||||||||||
Other Industries | 941,695,635 | — | — | 941,695,635 | ||||||||||||
Warrants | 11,571 | — | — | 11,571 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 44,796,987 | — | — | 44,796,987 | ||||||||||||
U.S Government Treasuries | — | 9,495,667 | — | 9,495,667 | ||||||||||||
Repurchase Agreements | — | 86,624,000 | — | 86,624,000 | ||||||||||||
Total Investments at Value | $ | 1,122,431,764 | $ | 96,119,667 | $ | 46,071 | $ | 1,218,597,502 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 14,168,223 | $ | — | $ | — | $ | 14,168,223 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
207 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Banks — Commercial | 11.0 | % | ||
Consumer Products — Misc. | 5.9 | |||
Food — Misc./Diversified | 5.2 | |||
Insurance — Property/Casualty | 4.2 | |||
Electric — Integrated | 3.6 | |||
Retail — Restaurants | 3.5 | |||
Real Estate Investment Trusts | 3.2 | |||
Chemicals — Diversified | 3.2 | |||
Building Products — Cement | 2.8 | |||
Paper & Related Products | 2.8 | |||
Metal Processors & Fabrication | 2.7 | |||
Chemicals — Specialty | 2.5 | |||
Machinery — Electrical | 2.4 | |||
Distribution/Wholesale | 2.3 | |||
Machinery — Pumps | 2.3 | |||
Registered Investment Companies | 2.2 | |||
Electronic Components — Misc. | 2.2 | |||
Computer Services | 2.1 | |||
Specified Purpose Acquisitions | 1.7 | |||
Containers — Metal/Glass | 1.6 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Commercial Services — Finance | 1.4 | |||
Machinery — General Industrial | 1.3 | |||
Auto/Truck Parts & Equipment — Replacement | 1.2 | |||
Investment Companies | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Human Resources | 1.2 | |||
Retail — Discount | 1.2 | |||
Food — Baking | 1.1 | |||
Containers — Paper/Plastic | 1.0 | |||
Food — Catering | 1.0 | |||
Printing — Commercial | 1.0 | |||
Food — Confectionery | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Diversified Operations/Commercial Services | 0.8 | |||
Quarrying | 0.8 | |||
Housewares | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Medical — Drugs | 0.7 | |||
Machinery — Farming | 0.7 | |||
Dental Supplies & Equipment | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Rubber/Plastic Products | 0.7 | |||
Footwear & Related Apparel | 0.7 | |||
Recycling | 0.7 | |||
Building Products — Doors & Windows | 0.6 | |||
Transport — Truck | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Wire & Cable Products | 0.6 | |||
Electronic Security Devices | 0.5 | |||
Office Supplies & Forms | 0.5 | |||
X-Ray Equipment | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Networking Products | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Medical Instruments | 0.4 | |||
Apparel Manufacturers | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Electronic Components — Semiconductors | 0.3 | |||
E-Commerce/Products | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Casino Services | 0.2 | |||
Computer Data Security | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Transport — Marine | 0.2 | |||
Energy — Alternate Sources | 0.1 |
Publishing — Newspapers | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Publishing — Books | 0.1 | |||
101.0 | % | |||
* | Calculated as a percentage of net assets |
208 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Apparel Manufacturers — 0.3% |
| |||||||
Delta Apparel, Inc.† | 34,388 | $ | 741,405 | |||||
Auto/Truck Parts & Equipment-Replacement — 1.2% |
| |||||||
Douglas Dynamics, Inc. | 67,725 | 2,649,402 | ||||||
Banks-Commercial — 11.0% |
| |||||||
Associated Banc-Corp | 157,122 | 2,407,109 | ||||||
CVB Financial Corp. | 87,027 | 1,652,643 | ||||||
First Citizens BancShares, Inc., Class A | 11,886 | 6,282,821 | ||||||
First Hawaiian, Inc. | 57,774 | 1,266,406 | ||||||
Hancock Whitney Corp. | 71,067 | 1,996,272 | ||||||
Renasant Corp. | 69,618 | 2,149,108 | ||||||
South State Corp. | 34,651 | 2,303,252 | ||||||
UMB Financial Corp. | 82,436 | 5,606,472 | ||||||
23,664,083 | ||||||||
Beverages-Non-alcoholic — 0.9% |
| |||||||
Primo Water Corp. | 133,148 | 2,001,214 | ||||||
Building & Construction Products-Misc. — 0.6% |
| |||||||
Simpson Manufacturing Co., Inc. | 13,761 | 1,264,636 | ||||||
Building Products-Cement — 2.8% |
| |||||||
Eagle Materials, Inc. | 67,118 | 6,107,067 | ||||||
Building Products-Doors & Windows — 0.6% |
| |||||||
Griffon Corp. | 66,821 | 1,393,218 | ||||||
Casino Services — 0.2% |
| |||||||
Scientific Games Corp.† | 9,837 | 366,723 | ||||||
Chemicals-Diversified — 3.2% |
| |||||||
Huntsman Corp. | 35,267 | 873,564 | ||||||
Innospec, Inc. | 73,662 | 6,061,646 | ||||||
6,935,210 | ||||||||
Chemicals-Specialty — 2.5% |
| |||||||
Element Solutions, Inc. | 82,869 | 1,144,421 | ||||||
Ferro Corp.† | 48,109 | 688,440 | ||||||
Ingevity Corp.† | 9,258 | 616,397 | ||||||
Minerals Technologies, Inc. | 2,722 | 165,144 | ||||||
NewMarket Corp. | 4,935 | 1,824,765 | ||||||
PQ Group Holdings, Inc.† | 70,953 | 907,489 | ||||||
5,346,656 | ||||||||
Commercial Services-Finance — 1.4% |
| |||||||
CBIZ, Inc.† | 63,564 | 1,539,520 | ||||||
Franchise Group, Inc. | 36,245 | 971,004 | ||||||
Sabre Corp. | 37,589 | 422,876 | ||||||
2,933,400 | ||||||||
Computer Data Security — 0.2% |
| |||||||
CyberArk Software, Ltd.† | 3,180 | 365,287 | ||||||
Computer Services — 2.1% |
| |||||||
MAXIMUS, Inc. | 21,889 | 1,571,849 | ||||||
Parsons Corp.† | 62,475 | 2,042,933 | ||||||
Sykes Enterprises, Inc.† | 25,572 | 962,274 | ||||||
4,577,056 | ||||||||
Computers-Memory Devices — 0.0% |
| |||||||
GlassBridge Enterprises, Inc.† | 292 | 14,603 | ||||||
Consumer Products-Misc. — 5.9% |
| |||||||
Central Garden & Pet Co.† | 45,014 | 1,802,361 | ||||||
Central Garden & Pet Co., Class A† | 43,272 | 1,596,304 | ||||||
Helen of Troy, Ltd.† | 19,160 | 3,870,128 | ||||||
Quanex Building Products Corp. | 111,608 | 2,299,125 | ||||||
Spectrum Brands Holdings, Inc. | 48,197 | 3,221,005 | ||||||
12,788,923 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers-Metal/Glass — 1.6% |
| |||||||
Silgan Holdings, Inc. | 101,468 | $ | 3,429,618 | |||||
Containers-Paper/Plastic — 1.0% |
| |||||||
TriMas Corp.† | 83,630 | 2,235,430 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Edgewell Personal Care Co.† | 25,030 | 869,792 | ||||||
Dental Supplies & Equipment — 0.7% |
| |||||||
Patterson Cos., Inc. | 55,346 | 1,536,405 | ||||||
Distribution/Wholesale — 2.3% |
| |||||||
Avient Corp. | 138,518 | 5,062,833 | ||||||
Diversified Operations/Commercial Services — 0.8% |
| |||||||
Viad Corp. | 59,299 | 1,777,191 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Leslie’s, Inc.† | 19,821 | 410,096 | ||||||
E-Commerce/Services — 0.2% |
| |||||||
Groupon, Inc.†# | 10,938 | 329,890 | ||||||
Electric-Integrated — 3.6% |
| |||||||
ALLETE, Inc. | 32,116 | 1,806,204 | ||||||
Hawaiian Electric Industries, Inc. | 90,299 | 3,235,413 | ||||||
IDACORP, Inc. | 30,542 | 2,766,494 | ||||||
7,808,111 | ||||||||
Electronic Components-Misc. — 2.2% |
| |||||||
Atkore International Group, Inc.† | 107,011 | 4,171,289 | ||||||
nVent Electric PLC | 23,299 | 535,877 | ||||||
4,707,166 | ||||||||
Electronic Components-Semiconductors — 0.3% |
| |||||||
DSP Group, Inc.† | 42,128 | 709,014 | ||||||
Electronic Security Devices — 0.5% |
| |||||||
API Group Corp.†* | 70,961 | 1,099,895 | ||||||
Energy-Alternate Sources — 0.1% |
| |||||||
Pacific Ethanol, Inc.†# | 48,830 | 299,328 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
BlackBerry, Ltd.†# | 276,871 | 1,625,233 | ||||||
Verint Systems, Inc.† | 17,304 | 985,636 | ||||||
2,610,869 | ||||||||
Finance-Leasing Companies — 0.5% |
| |||||||
Air Lease Corp. | 26,837 | 981,429 | ||||||
Food-Baking — 1.1% |
| |||||||
Hostess Brands, Inc.† | 176,867 | 2,396,548 | ||||||
Food-Catering — 1.0% |
| |||||||
Healthcare Services Group, Inc. | 91,873 | 2,174,634 | ||||||
Food-Confectionery — 0.9% |
| |||||||
Tootsie Roll Industries, Inc.# | 21,806 | 675,332 | ||||||
Utz Brands, Inc.# | 66,932 | 1,350,688 | ||||||
2,026,020 | ||||||||
Food-Misc./Diversified — 5.2% |
| |||||||
J&J Snack Foods Corp. | 41,186 | 5,988,033 | ||||||
Nomad Foods, Ltd.† | 194,650 | 4,700,797 | ||||||
TreeHouse Foods, Inc.† | 10,797 | 444,081 | ||||||
11,132,911 | ||||||||
Footwear & Related Apparel — 0.7% |
| |||||||
Steven Madden, Ltd. | 47,129 | 1,483,150 | ||||||
Housewares — 0.8% |
| |||||||
Tupperware Brands Corp.† | 51,219 | 1,723,519 | ||||||
209 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources — 1.2% |
| |||||||
Korn Ferry | 64,991 | $ | 2,602,240 | |||||
Insurance-Life/Health — 0.8% |
| |||||||
CNO Financial Group, Inc. | 49,948 | 1,062,893 | ||||||
National Western Life Group, Inc., Class A | 3,132 | 582,803 | ||||||
1,645,696 | ||||||||
Insurance-Property/Casualty — 4.2% |
| |||||||
Enstar Group, Ltd.† | 12,547 | 2,374,896 | ||||||
Hanover Insurance Group, Inc. | 27,489 | 3,088,389 | ||||||
ProAssurance Corp. | 67,587 | 1,075,309 | ||||||
Stewart Information Services Corp. | 62,482 | 2,616,122 | ||||||
9,154,716 | ||||||||
Investment Companies — 1.2% |
| |||||||
Apollo Investment Corp.# | 90,839 | 985,603 | ||||||
New Mountain Finance Corp.# | 135,861 | 1,628,974 | ||||||
2,614,577 | ||||||||
Investment Management/Advisor Services — 0.2% |
| |||||||
Westwood Holdings Group, Inc. | 28,461 | 339,255 | ||||||
Machinery-Electrical — 2.4% |
| |||||||
Franklin Electric Co., Inc. | 76,952 | 5,201,186 | ||||||
Machinery-Farming — 0.7% |
| |||||||
Alamo Group, Inc. | 11,705 | 1,588,603 | ||||||
Machinery-General Industrial — 1.3% |
| |||||||
Crane Co. | 11,222 | 780,266 | ||||||
Kadant, Inc. | 15,929 | 2,037,478 | ||||||
2,817,744 | ||||||||
Machinery-Pumps — 2.3% |
| |||||||
CSW Industrials, Inc. | 41,619 | 4,465,303 | ||||||
NN, Inc.† | 71,745 | 449,482 | ||||||
4,914,785 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Natus Medical, Inc.† | 40,529 | 847,867 | ||||||
Medical-Drugs — 0.7% |
| |||||||
Prestige Consumer Healthcare, Inc.† | 44,767 | 1,592,362 | ||||||
Medical-Wholesale Drug Distribution — 0.7% |
| |||||||
Owens & Minor, Inc. | 28,944 | 745,597 | ||||||
Premier, Inc., Class A | 21,743 | 770,137 | ||||||
1,515,734 | ||||||||
Metal Processors & Fabrication — 2.7% |
| |||||||
Mayville Engineering Co., Inc.† | 38,254 | 421,559 | ||||||
Mueller Industries, Inc. | 168,185 | 5,509,741 | ||||||
5,931,300 | ||||||||
Networking Products — 0.4% |
| |||||||
NETGEAR, Inc.† | 29,725 | 945,552 | ||||||
Office Supplies & Forms — 0.5% |
| |||||||
ACCO Brands Corp. | 135,304 | 1,036,429 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Patterson-UTI Energy, Inc. | 197,331 | 850,497 | ||||||
Oil Companies-Exploration & Production — 1.4% |
| |||||||
Berry Corp. | 99,301 | 381,316 | ||||||
Denbury, Inc.† | 20,568 | 461,957 | ||||||
Magnolia Oil & Gas Corp., Class A†# | 126,247 | 789,044 | ||||||
Southwestern Energy Co.† | 243,195 | 756,336 | ||||||
Whiting Petroleum Corp.† | 28,451 | 644,131 | ||||||
3,032,784 | ||||||||
Security Description | Principal | Value (Note 2) | ||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Forum Energy Technologies, Inc† | 11,287 | $ | 151,246 | |||||
Paper & Related Products — 2.8% |
| |||||||
Neenah, Inc. | 77,708 | 3,769,615 | ||||||
Schweitzer-Mauduit International, Inc. | 65,916 | 2,292,559 | ||||||
6,062,174 | ||||||||
Printing-Commercial — 1.0% |
| |||||||
Deluxe Corp. | 40,577 | 1,044,452 | ||||||
Ennis, Inc. | 67,597 | 1,106,563 | ||||||
2,151,015 | ||||||||
Publishing-Books — 0.1% |
| |||||||
Gannett Co, Inc.†# | 44,835 | 127,331 | ||||||
Publishing-Newspapers — 0.1% |
| |||||||
A.H. Belo Corp., Class A | 128,280 | 193,703 | ||||||
Quarrying — 0.8% |
| |||||||
Compass Minerals International, Inc.# | 27,848 | 1,739,386 | ||||||
Real Estate Investment Trusts — 3.2% |
| |||||||
Acadia Realty Trust | 57,870 | 821,754 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 109,025 | 1,175,290 | ||||||
New York Mtg. Trust, Inc. | 317,432 | 1,115,773 | ||||||
Two Harbors Investment Corp. | 329,538 | 2,056,317 | ||||||
Washington Real Estate Investment Trust | 77,561 | 1,800,191 | ||||||
6,969,325 | ||||||||
Recycling — 0.7% |
| |||||||
Harsco Corp.† | 84,090 | 1,425,325 | ||||||
Retail-Apparel/Shoe — 0.3% |
| |||||||
American Eagle Outfitters, Inc. | 39,627 | 712,890 | ||||||
Retail-Discount — 1.2% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 60,813 | 2,492,725 | ||||||
Retail-Office Supplies — 0.2% |
| |||||||
ODP Corp. | 13,938 | 399,602 | ||||||
Retail-Restaurants — 3.5% |
| |||||||
Denny’s Corp.† | 236,419 | 2,721,183 | ||||||
Dine Brands Global, Inc.# | 41,398 | 2,606,832 | ||||||
Jack in the Box, Inc. | 25,080 | 2,307,109 | ||||||
7,635,124 | ||||||||
Rubber/Plastic Products — 0.7% |
| |||||||
Myers Industries, Inc. | 88,076 | 1,496,411 | ||||||
Semiconductor Equipment — 0.8% |
| |||||||
Brooks Automation, Inc. | 22,858 | 1,668,405 | ||||||
Specified Purpose Acquisitions — 1.6% |
| |||||||
Ajax I† | 51,638 | 550,977 | ||||||
Pershing Square Tontine Holdings Ltd† | 94,752 | 2,464,500 | ||||||
Pine Island Acquisition Corp.† | 52,662 | 531,886 | ||||||
3,547,363 | ||||||||
Transport-Marine — 0.2% |
| |||||||
Nordic American Tankers, Ltd.# | 99,973 | 318,914 | ||||||
Transport-Truck — 0.6% |
| |||||||
Werner Enterprises, Inc. | 34,551 | 1,381,694 | ||||||
Wire & Cable Products — 0.6% |
| |||||||
Belden, Inc. | 30,907 | 1,189,301 | ||||||
X-Ray Equipment — 0.5% |
| |||||||
Varex Imaging Corp.† | 59,838 | 998,098 | ||||||
Total Common Stocks | ||||||||
(cost $201,033,083) | 213,244,091 | |||||||
210 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
WARRANTS — 0.1% |
| |||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Pershing Square Tontine Holdings, Ltd. | 10,450 | $ | 100,843 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $201,092,425) | 213,344,934 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Registered Investment Companies — 2.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) | 4,740,454 | 4,740,454 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $205,832,879)(3) | 101.0 | % | 218,085,388 | |||||
Liabilities in excess of other assets | (1.0 | ) | (2,074,307 | ) | ||||
NET ASSETS | 100.0 | % | $ | 216,011,081 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $1,099,895 representing 0.5% of net assets. |
(1) | At November 30, 2020, the Fund had loaned securities with a total value of $5,570,242. This was secured by collateral of $4,740,454, which was received in cash and subsequently invested in short-term investments currently valued at $4,740,454 as reported in the Portfolio of Investments. Additional collateral of $1,211,636 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 14,080 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 37,809 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 1,296 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 11,898 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2020 to 02/15/2050 | 1,146,553 |
(2) | The rate shown is the 7-day yield as of November 30, 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 November 30, 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 | $ | 213,244,091 | $ | — | $ | — | $ | 213,244,091 | ||||||||
Warrrants | 100,843 | — | — | 100,843 | ||||||||||||
Short-Term Investment Securities | 4,740,454 | — | — | 4,740,454 | ||||||||||||
Total Investments at Value | $ | 218,085,388 | $ | — | $ | — | $ | 218,085,388 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
211 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 10.1 | % | ||
Enterprise Software/Service | 6.1 | |||
Semiconductor Equipment | 5.7 | |||
Computer Software | 5.5 | |||
Registered Investment Companies | 3.7 | |||
Therapeutics | 3.4 | |||
Medical Products | 3.3 | |||
Applications Software | 2.3 | |||
Electronic Components — Semiconductors | 2.3 | |||
Internet Application Software | 2.2 | |||
Distribution/Wholesale | 2.1 | |||
Computer Data Security | 2.1 | |||
Commercial Services — Finance | 1.9 | |||
Diagnostic Equipment | 1.9 | |||
Instruments — Scientific | 1.9 | |||
Power Converter/Supply Equipment | 1.8 | |||
Coatings/Paint | 1.7 | |||
Aerospace/Defense — Equipment | 1.7 | |||
Machine Tools & Related Products | 1.6 | |||
Medical Instruments | 1.5 | |||
Medical — HMO | 1.4 | |||
Veterinary Diagnostics | 1.4 | |||
Retail — Restaurants | 1.4 | |||
E-Commerce/Products | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Retail — Misc./Diversified | 1.3 | |||
Electric Products — Misc. | 1.3 | |||
Consulting Services | 1.3 | |||
Machinery — General Industrial | 1.3 | |||
Metal Processors & Fabrication | 1.3 | |||
Apparel Manufacturers | 1.2 | |||
Retail — Floor Coverings | 1.2 | |||
Disposable Medical Products | 1.1 | |||
Electronic Security Devices | 1.1 | |||
Retail — Home Furnishings | 1.1 | |||
Retail — Pet Food & Supplies | 1.1 | |||
Electronic Measurement Instruments | 1.0 | |||
Engineering/R&D Services | 0.9 | |||
Healthcare Safety Devices | 0.9 | |||
Energy — Alternate Sources | 0.9 | |||
Recreational Vehicles | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Hotels/Motels | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Machinery — Pumps | 0.9 | |||
Multimedia | 0.9 | |||
Chemicals — Specialty | 0.8 | |||
Brewery | 0.8 | |||
Garden Products | 0.8 | |||
Transport — Truck | 0.7 | |||
Office Supplies & Forms | 0.7 | |||
Athletic Equipment | 0.7 | |||
Building Products — Air & Heating | 0.6 | |||
Computers — Other | 0.6 | |||
Insurance Brokers | 0.6 | |||
Racetracks | 0.5 | |||
Retail — Discount | 0.5 | |||
Building — Maintenance & Services | 0.5 | |||
Food — Misc./Diversified | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Retail — Automobile | 0.3 | |||
101.9 | % | |||
* | Calculated as a percentage of net assets |
212 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.2% |
| |||||||
Aerospace/Defense — 1.4% |
| |||||||
Teledyne Technologies, Inc.† | 5,944 | $ | 2,246,475 | |||||
Aerospace/Defense - Equipment — 1.7% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 40,544 | 1,517,562 | ||||||
HEICO Corp., Class A | 10,871 | 1,203,963 | ||||||
2,721,525 | ||||||||
Apparel Manufacturers — 1.2% |
| |||||||
Deckers Outdoor Corp.† | 7,901 | 2,011,516 | ||||||
Applications Software — 2.3% |
| |||||||
Elastic NV† | 19,501 | 2,414,224 | ||||||
JFrog, Ltd.†# | 19,906 | 1,400,586 | ||||||
3,814,810 | ||||||||
Athletic Equipment — 0.7% |
| |||||||
YETI Holdings, Inc.† | 17,549 | 1,108,570 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Fox Factory Holding Corp.† | 7,575 | 661,070 | ||||||
Brewery — 0.8% |
| |||||||
Boston Beer Co., Inc., Class A† | 1,380 | 1,284,559 | ||||||
Building & Construction Products - Misc. — 0.9% |
| |||||||
AZEK Co., Inc.† | 40,415 | 1,443,624 | ||||||
Building Products - Air & Heating — 0.6% |
| |||||||
Lennox International, Inc. | 3,625 | 1,043,384 | ||||||
Building - Maintenance & Services — 0.5% |
| |||||||
Rollins, Inc. | 13,060 | 746,771 | ||||||
Chemicals - Specialty — 0.8% |
| |||||||
Ashland Global Holdings, Inc. | 17,616 | 1,324,195 | ||||||
Coatings/Paint — 1.7% |
| |||||||
RPM International, Inc. | 32,548 | 2,864,550 | ||||||
Commercial Services - Finance — 1.9% |
| |||||||
Avalara, Inc.† | 18,649 | 3,202,966 | ||||||
Computer Data Security — 2.1% |
| |||||||
Rapid7, Inc.† | 24,584 | 1,842,325 | ||||||
Zscaler, Inc.† | 10,098 | 1,572,763 | ||||||
3,415,088 | ||||||||
Computer Software — 5.5% |
| |||||||
Bandwidth, Inc., Class A† | 7,868 | 1,194,205 | ||||||
Cloudflare, Inc., Class A† | 23,700 | 1,779,396 | ||||||
Dynatrace, Inc.† | 59,976 | 2,280,288 | ||||||
MongoDB, Inc.† | 7,253 | 2,083,859 | ||||||
nCino, Inc.† | 9,708 | 791,105 | ||||||
Sumo Logic, Inc.† | 34,702 | 909,192 | ||||||
9,038,045 | ||||||||
Computers - Other — 0.6% |
| |||||||
Lumentum Holdings, Inc.† | 11,793 | 1,018,679 | ||||||
Consulting Services — 1.3% |
| |||||||
Booz Allen Hamilton Holding Corp. | 23,991 | 2,082,179 | ||||||
Diagnostic Equipment — 1.9% |
| |||||||
10X Genomics, Inc., Class A† | 10,429 | 1,596,784 | ||||||
Repligen Corp.† | 8,463 | 1,605,177 | ||||||
3,201,961 | ||||||||
Disposable Medical Products — 1.1% |
| |||||||
Teleflex, Inc. | 4,946 | 1,893,082 | ||||||
Distribution/Wholesale — 2.1% |
| |||||||
Pool Corp. | 5,400 | 1,868,994 | ||||||
SiteOne Landscape Supply, Inc.†# | 11,372 | 1,570,473 | ||||||
3,439,467 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 1.4% |
| |||||||
Etsy, Inc.† | 14,114 | $ | 2,268,120 | |||||
Electric Products - Misc. — 1.3% |
| |||||||
Novanta, Inc.† | 17,467 | 2,095,691 | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Inphi Corp.† | 7,598 | 1,178,678 | ||||||
Monolithic Power Systems, Inc. | 8,102 | 2,592,316 | ||||||
3,770,994 | ||||||||
Electronic Measurement Instruments — 1.0% |
| |||||||
Badger Meter, Inc. | 19,448 | 1,603,293 | ||||||
Electronic Security Devices — 1.1% |
| |||||||
Allegion PLC | 16,597 | 1,892,722 | ||||||
Energy - Alternate Sources — 0.9% |
| |||||||
Enphase Energy, Inc.†# | 11,068 | 1,511,557 | ||||||
Engineering/R&D Services — 0.9% |
| |||||||
Jacobs Engineering Group, Inc. | 14,299 | 1,542,004 | ||||||
Enterprise Software/Service — 6.1% |
| |||||||
Bill.com Holdings, Inc.† | 10,606 | 1,301,462 | ||||||
Black Knight, Inc.† | 20,641 | 1,891,129 | ||||||
Blackline, Inc.† | 17,377 | 2,135,633 | ||||||
HubSpot, Inc.† | 9,069 | 3,576,179 | ||||||
Vertex, Inc., Class A† | 47,022 | 1,186,835 | ||||||
10,091,238 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Tradeweb Markets, Inc. | 11,083 | 661,101 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Beyond Meat, Inc.†# | 5,237 | 732,656 | ||||||
Garden Products — 0.8% |
| |||||||
Scotts Miracle-Gro Co. | 7,253 | 1,274,860 | ||||||
Healthcare Safety Devices — 0.9% |
| |||||||
Tandem Diabetes Care, Inc.† | 16,340 | 1,533,999 | ||||||
Hotels/Motels — 0.9% |
| |||||||
Choice Hotels International, Inc. | 14,726 | 1,467,446 | ||||||
Instruments - Scientific — 1.9% |
| |||||||
PerkinElmer, Inc. | 23,775 | 3,162,075 | ||||||
Insurance Brokers — 0.6% |
| |||||||
Brown & Brown, Inc. | 22,070 | 993,812 | ||||||
Insurance - Property/Casualty — 0.9% |
| |||||||
Kinsale Capital Group, Inc. | 6,226 | 1,495,236 | ||||||
Internet Application Software — 2.2% |
| |||||||
Zendesk, Inc.† | 27,305 | 3,645,218 | ||||||
Machine Tools & Related Products — 1.6% |
| |||||||
Colfax Corp.† | 74,765 | 2,697,521 | ||||||
Machinery - General Industrial — 1.3% |
| |||||||
IDEX Corp. | 10,736 | 2,073,658 | ||||||
Machinery - Pumps — 0.9% |
| |||||||
Xylem, Inc. | 14,697 | 1,410,471 | ||||||
Medical Instruments — 1.5% |
| |||||||
Bio-Techne Corp. | 8,069 | 2,447,408 | ||||||
Medical Products — 3.3% |
| |||||||
Castle Biosciences, Inc.† | 14,724 | 700,273 | ||||||
iRhythm Technologies, Inc.† | 4,401 | 1,076,089 | ||||||
Nevro Corp.† | 9,537 | 1,537,841 | ||||||
West Pharmaceutical Services, Inc. | 7,903 | 2,174,590 | ||||||
5,488,793 | ||||||||
213 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene — 10.1% |
| |||||||
Allogene Therapeutics, Inc.† | 20,012 | $ | 621,373 | |||||
Alnylam Pharmaceuticals, Inc.† | 10,059 | 1,306,765 | ||||||
Arena Pharmaceuticals, Inc.† | 12,512 | 824,165 | ||||||
Argenx SE ADR† | 4,029 | 1,155,598 | ||||||
Atea Pharmaceuticals, Inc.†# | 13,766 | 458,683 | ||||||
Beam Therapeutics, Inc.†# | 36,521 | 1,826,050 | ||||||
Berkeley Lights, Inc.† | 8,237 | 682,518 | ||||||
Exelixis, Inc.† | 67,103 | 1,285,693 | ||||||
Guardant Health, Inc.† | 27,513 | 3,332,375 | ||||||
Halozyme Therapeutics, Inc.† | 52,270 | 2,043,757 | ||||||
Iovance Biotherapeutics, Inc.† | 1,635 | 63,454 | ||||||
Relay Therapeutics, Inc.† | 10,330 | 550,692 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 12,077 | 1,431,608 | ||||||
Y-mAbs Therapeutics, Inc.† | 20,498 | 1,042,733 | ||||||
16,625,464 | ||||||||
Medical - HMO — 1.4% |
| |||||||
Molina Healthcare, Inc.† | 11,503 | 2,348,107 | ||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
American Well Corp., Class A† | 27,259 | 723,454 | ||||||
Metal Processors & Fabrication — 1.3% |
| |||||||
RBC Bearings, Inc.† | 12,191 | 2,058,328 | ||||||
Multimedia — 0.9% |
| |||||||
FactSet Research Systems, Inc. | 4,208 | 1,404,462 | ||||||
Office Supplies & Forms — 0.7% |
| |||||||
Avery Dennison Corp. | 7,769 | 1,160,222 | ||||||
Power Converter/Supply Equipment — 1.8% |
| |||||||
Generac Holdings, Inc.† | 14,081 | 3,035,864 | ||||||
Racetracks — 0.5% |
| |||||||
Churchill Downs, Inc. | 4,629 | 832,850 | ||||||
Recreational Vehicles — 0.9% |
| |||||||
Brunswick Corp. | 20,159 | 1,504,668 | ||||||
Retail - Automobile — 0.3% |
| |||||||
Vroom, Inc.† | 13,383 | 479,914 | ||||||
Retail - Discount — 0.5% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 9,235 | 813,234 | ||||||
Retail - Floor Coverings — 1.2% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 24,167 | 1,935,535 | ||||||
Retail - Home Furnishings — 1.1% |
| |||||||
RH†# | 4,174 | 1,891,490 | ||||||
Retail - Misc./Diversified — 1.3% |
| |||||||
Five Below, Inc.† | 13,407 | 2,096,855 | ||||||
Retail - Pet Food & Supplies — 1.1% |
| |||||||
Freshpet, Inc.† | 13,246 | 1,813,113 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Texas Roadhouse, Inc. | 20,421 | 1,547,912 | ||||||
Wingstop, Inc. | 5,724 | 728,722 | ||||||
2,276,634 | ||||||||
Semiconductor Equipment — 5.7% |
| |||||||
Allegro MicroSystems, Inc.† | 35,313 | 845,746 | ||||||
Brooks Automation, Inc. | 11,286 | 823,765 | ||||||
Entegris, Inc. | 31,848 | 2,949,762 | ||||||
MKS Instruments, Inc. | 15,870 | 2,189,743 | ||||||
Teradyne, Inc. | 22,790 | 2,514,648 | ||||||
9,323,664 | ||||||||
Therapeutics — 3.4% |
| |||||||
Agios Pharmaceuticals, Inc.† | 30,569 | 1,415,956 |
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics (continued) |
| |||||||
Neurocrine Biosciences, Inc.† | 22,422 | $ | 2,128,745 | |||||
Sarepta Therapeutics, Inc.† | 14,216 | 2,002,466 | ||||||
5,547,167 | ||||||||
Transport - Truck — 0.7% |
| |||||||
XPO Logistics, Inc.† | 10,900 | 1,162,812 | ||||||
Veterinary Diagnostics — 1.4% |
| |||||||
Elanco Animal Health, Inc.†# | 49,167 | 1,504,019 | ||||||
Neogen Corp.† | 11,337 | 841,432 | ||||||
2,345,451 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $117,473,226) | 161,801,677 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.7% |
| |||||||
Registered Investment Companies — 3.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 3,896,032 | 3,896,032 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,143,280 | 2,143,280 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,039,312) | 6,039,312 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $123,512,538)(3) | 101.9 | % | 167,840,989 | |||||
Liabilities in excess of other assets | (1.9 | ) | (3,131,895 | ) | ||||
NET ASSETS | 100.0 | % | $ | 164,709,094 | ||||
† | 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 November 30, 2020. |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $8,408,474. This was secured by collateral of $2,143,280, which was received in cash and subsequently invested in short-term investments currently valued at $2,143,280 as reported in the Portfolio of Investments. Additional collateral of $6,536,541 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 375,508 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 1,008,393 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 34,561 | |||||
United States Treasury Bills | 0.00% | 02/11/2021 to 07/15/2021 | 66,974 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/31/2020 to 02/15/2050 | 5,051,105 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
214 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 161,801,677 | $ | — | $ | — | $ | 161,801,677 | ||||||||
Short-Term Investment Securities | 6,039,312 | — | — | 6,039,312 | ||||||||||||
Total Investments at Value | $ | 167,840,989 | $ | — | $ | — | $ | 167,840,989 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
215 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Computers | 6.4 | % | ||
Applications Software | 6.0 | |||
E-Commerce/Products | 4.6 | |||
Medical — Drugs | 4.3 | |||
Electronic Components — Semiconductors | 3.8 | |||
Web Portals/ISP | 3.4 | |||
Internet Content — Entertainment | 3.0 | |||
Diversified Banking Institutions | 2.8 | |||
Finance — Credit Card | 2.6 | |||
Electric — Integrated | 2.5 | |||
Real Estate Investment Trusts | 2.4 | |||
Commercial Services — Finance | 2.0 | |||
Retail — Discount | 1.8 | |||
Insurance — Property/Casualty | 1.8 | |||
Medical — HMO | 1.6 | |||
Cosmetics & Toiletries | 1.6 | |||
Telephone — Integrated | 1.5 | |||
Medical — Biomedical/Gene | 1.5 | |||
Aerospace/Defense | 1.4 | |||
Medical Products | 1.4 | |||
Beverages — Non-alcoholic | 1.4 | |||
Retail — Building Products | 1.4 | |||
Diversified Manufacturing Operations | 1.3 | |||
Retail — Restaurants | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Medical Instruments | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Computer Services | 1.1 | |||
Oil Companies — Integrated | 1.1 | |||
Diagnostic Equipment | 1.1 | |||
Repurchase Agreements | 1.0 | |||
Transport — Rail | 0.9 | |||
Banks — Super Regional | 0.9 | |||
Multimedia | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Electronic Forms | 0.8 | |||
Transport — Services | 0.7 | |||
Data Processing/Management | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Networking Products | 0.6 | |||
Industrial Gases | 0.6 | |||
Tobacco | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Instruments — Controls | 0.6 | |||
Athletic Footwear | 0.6 | |||
Pharmacy Services | 0.5 | |||
Computer Aided Design | 0.5 | |||
Insurance Brokers | 0.5 | |||
Banks — Commercial | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Finance — Other Services | 0.5 | |||
Food — Misc./Diversified | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Entertainment Software | 0.4 | |||
Food — Confectionery | 0.4 | |||
E-Commerce/Services | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Machinery — Farming | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Airlines | 0.3 | |||
Cellular Telecom | 0.3 |
Oil Refining & Marketing | 0.3 | |||
Electronic Connectors | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Consumer Products — Misc. | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Pipelines | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Hotels/Motels | 0.2 | |||
Electric — Distribution | 0.2 | |||
Coatings/Paint | 0.2 | |||
Oil — Field Services | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Gold Mining | 0.2 | |||
Commercial Services | 0.2 | |||
Consulting Services | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Brewery | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Casino Hotels | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Building Products — Cement | 0.1 | |||
Decision Support Software | 0.1 | |||
Metal — Copper | 0.1 | |||
Food — Meat Products | 0.1 | |||
Computer Software | 0.1 | |||
Cruise Lines | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Transport — Truck | 0.1 | |||
Respiratory Products | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Wireless Equipment | 0.1 | |||
Agricultural Biotech | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Water | 0.1 | |||
Agricultural Operations | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Food — Retail | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Medical Information Systems | 0.1 | |||
Advertising Agencies | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Gas — Distribution | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Television | 0.1 | |||
Paper & Related Products | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Disposable Medical Products | 0.1 |
216 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Electronic Components — Misc. | 0.1 | % | ||
Computer Data Security | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Steel — Producers | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Retail — Automobile | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
217 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 69,586 | $ | 1,550,376 | |||||
Omnicom Group, Inc. | 38,346 | 2,415,798 | ||||||
3,966,174 | ||||||||
Aerospace/Defense — 1.4% |
| |||||||
Boeing Co. | 94,688 | 19,951,709 | ||||||
General Dynamics Corp. | 41,477 | 6,194,590 | ||||||
Lockheed Martin Corp. | 43,901 | 16,023,865 | ||||||
Northrop Grumman Corp. | 27,669 | 8,363,232 | ||||||
Raytheon Technologies Corp. | 272,627 | 19,552,808 | ||||||
Teledyne Technologies, Inc.† | 6,579 | 2,486,467 | ||||||
TransDigm Group, Inc. | 9,674 | 5,603,084 | ||||||
78,175,755 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Howmet Aerospace, Inc. | 70,051 | 1,643,397 | ||||||
L3Harris Technologies, Inc. | 38,582 | 7,407,358 | ||||||
9,050,755 | ||||||||
Agricultural Biotech — 0.1% |
| |||||||
Corteva, Inc. | 133,591 | 5,119,207 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 38,169 | 1,423,704 | ||||||
Mosaic Co. | 61,564 | 1,351,945 | ||||||
2,775,649 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 99,162 | 4,935,293 | ||||||
Airlines — 0.3% |
| |||||||
Alaska Air Group, Inc. | 22,065 | 1,124,653 | ||||||
American Airlines Group, Inc.# | 97,629 | 1,379,498 | ||||||
Delta Air Lines, Inc. | 113,833 | 4,581,778 | ||||||
Southwest Airlines Co. | 105,269 | 4,878,166 | ||||||
United Airlines Holdings, Inc.† | 51,929 | 2,339,401 | ||||||
14,303,496 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Hanesbrands, Inc. | 62,133 | 882,289 | ||||||
PVH Corp. | 12,660 | 1,006,343 | ||||||
Ralph Lauren Corp. | 8,595 | 737,021 | ||||||
Tapestry, Inc. | 49,298 | 1,396,119 | ||||||
Under Armour, Inc., Class A† | 33,646 | 557,514 | ||||||
Under Armour, Inc., Class C† | 34,704 | 504,943 | ||||||
VF Corp. | 57,021 | 4,755,552 | ||||||
9,839,781 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp. | 11,117 | 2,163,479 | ||||||
Applications Software — 6.0% |
| |||||||
Intuit, Inc. | 46,722 | 16,447,079 | ||||||
Microsoft Corp. | 1,350,533 | 289,108,599 | ||||||
ServiceNow, Inc.† | 34,229 | 18,297,112 | ||||||
323,852,790 | ||||||||
Athletic Footwear — 0.6% |
| |||||||
NIKE, Inc., Class B | 222,161 | 29,925,087 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Ford Motor Co. | 697,344 | 6,331,884 | ||||||
General Motors Co. | 224,748 | 9,852,952 | ||||||
16,184,836 | ||||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Cummins, Inc. | 26,354 | 6,092,254 |
Security Description | Shares | Value | ||||||
Auto - Heavy Duty Trucks (continued) |
| |||||||
PACCAR, Inc. | 61,774 | $ | 5,378,045 | |||||
11,470,299 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Aptiv PLC | 48,189 | 5,720,034 | ||||||
BorgWarner, Inc. | 43,624 | 1,694,793 | ||||||
7,414,827 | ||||||||
Banks - Commercial — 0.5% |
| |||||||
Citizens Financial Group, Inc. | 76,172 | 2,487,777 | ||||||
First Republic Bank | 30,716 | 3,979,565 | ||||||
M&T Bank Corp. | 22,893 | 2,666,806 | ||||||
Regions Financial Corp. | 171,353 | 2,616,560 | ||||||
SVB Financial Group† | 9,237 | 3,185,472 | ||||||
Truist Financial Corp. | 240,496 | 11,163,824 | ||||||
Zions Bancorp NA | 29,264 | 1,129,298 | ||||||
27,229,302 | ||||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 145,445 | 5,689,808 | ||||||
Northern Trust Corp. | 37,137 | 3,458,198 | ||||||
State Street Corp. | 62,887 | 4,432,276 | ||||||
13,580,282 | ||||||||
Banks - Super Regional — 0.9% |
| |||||||
Comerica, Inc. | 24,813 | 1,220,800 | ||||||
Fifth Third Bancorp | 127,107 | 3,220,891 | ||||||
Huntington Bancshares, Inc. | 181,550 | 2,193,124 | ||||||
KeyCorp | 174,178 | 2,692,792 | ||||||
PNC Financial Services Group, Inc. | 75,757 | 10,459,769 | ||||||
US Bancorp | 244,633 | 10,570,592 | ||||||
Wells Fargo & Co. | 735,269 | 20,109,607 | ||||||
50,467,575 | ||||||||
Beverages - Non-alcoholic — 1.4% |
| |||||||
Coca-Cola Co. | 689,913 | 35,599,511 | ||||||
Monster Beverage Corp.† | 65,884 | 5,585,645 | ||||||
PepsiCo, Inc. | 247,103 | 35,639,666 | ||||||
76,824,822 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Brown-Forman Corp., Class B | 32,573 | 2,627,338 | ||||||
Brewery — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 29,985 | 6,172,112 | ||||||
Molson Coors Beverage Co., Class B | 33,561 | 1,543,806 | ||||||
7,715,918 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class A†# | 28,591 | 769,384 | ||||||
Discovery, Inc., Class C† | 55,244 | 1,326,961 | ||||||
Fox Corp., Class A | 61,333 | 1,768,843 | ||||||
Fox Corp., Class B | 27,955 | 793,363 | ||||||
4,658,551 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 24,654 | 2,058,609 | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Carrier Global Corp. | 145,302 | 5,531,647 | ||||||
Johnson Controls International PLC | 132,784 | 6,113,376 | ||||||
11,645,023 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 11,113 | 2,951,946 | ||||||
Vulcan Materials Co. | 23,637 | 3,300,907 | ||||||
6,252,853 | ||||||||
218 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 46,673 | $ | 2,504,940 | |||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 26,322 | 1,505,092 | ||||||
Building - Residential/Commercial — 0.2% |
| |||||||
D.R. Horton, Inc. | 59,065 | 4,400,342 | ||||||
Lennar Corp., Class A | 49,009 | 3,717,823 | ||||||
NVR, Inc.† | 621 | 2,482,249 | ||||||
PulteGroup, Inc. | 47,859 | 2,088,088 | ||||||
12,688,502 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Charter Communications, Inc., Class A† | 26,694 | 17,404,221 | ||||||
Comcast Corp., Class A | 813,544 | 40,872,451 | ||||||
DISH Network Corp., Class A† | 44,028 | 1,579,284 | ||||||
59,855,956 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Las Vegas Sands Corp. | 58,613 | 3,265,330 | ||||||
MGM Resorts International | 73,066 | 2,064,115 | ||||||
Wynn Resorts, Ltd. | 17,322 | 1,740,861 | ||||||
7,070,306 | ||||||||
Cellular Telecom — 0.3% |
| |||||||
T-Mobile US, Inc.† | 103,823 | 13,802,230 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
Celanese Corp. | 21,110 | 2,730,156 | ||||||
Dow, Inc. | 132,261 | 7,011,156 | ||||||
DuPont de Nemours, Inc. | 130,960 | 8,308,102 | ||||||
Eastman Chemical Co. | 24,155 | 2,352,697 | ||||||
FMC Corp. | 23,123 | 2,682,499 | ||||||
LyondellBasell Industries NV, Class A | 45,875 | 3,903,963 | ||||||
PPG Industries, Inc. | 42,113 | 6,180,925 | ||||||
33,169,498 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Albemarle Corp. | 18,981 | 2,580,847 | ||||||
Ecolab, Inc. | 44,309 | 9,843,244 | ||||||
International Flavors & Fragrances, Inc.# | 19,083 | 2,139,204 | ||||||
14,563,295 | ||||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 14,624 | 10,933,341 | ||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 15,515 | 5,512,479 | ||||||
Nielsen Holdings PLC | 63,667 | 1,029,495 | ||||||
Quanta Services, Inc. | 24,631 | 1,683,283 | ||||||
8,225,257 | ||||||||
Commercial Services - Finance — 2.0% |
| |||||||
Automatic Data Processing, Inc. | 76,732 | 13,342,160 | ||||||
Equifax, Inc. | 21,675 | 3,617,557 | ||||||
FleetCor Technologies, Inc.† | 15,000 | 3,978,150 | ||||||
Global Payments, Inc. | 53,403 | 10,423,732 | ||||||
IHS Markit, Ltd. | 66,566 | 6,620,654 | ||||||
MarketAxess Holdings, Inc. | 6,777 | 3,654,023 | ||||||
Moody’s Corp. | 28,808 | 8,133,651 | ||||||
PayPal Holdings, Inc.† | 209,389 | 44,834,373 | ||||||
S&P Global, Inc. | 43,009 | 15,129,706 | ||||||
109,734,006 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 15,310 | 5,175,699 | ||||||
Autodesk, Inc.† | 39,133 | 10,966,240 | ||||||
Cadence Design Systems, Inc.† | 49,754 | 5,786,390 |
Security Description | Shares | Value | ||||||
Computer Aided Design (continued) |
| |||||||
Synopsys, Inc.† | 27,084 | $ | 6,161,610 | |||||
28,089,939 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 23,971 | 2,953,946 | ||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 113,537 | 28,280,931 | ||||||
Cognizant Technology Solutions Corp., Class A | 96,769 | 7,560,562 | ||||||
DXC Technology Co. | 45,364 | 993,925 | ||||||
International Business Machines Corp. | 158,934 | 19,631,528 | ||||||
Leidos Holdings, Inc. | 23,854 | 2,402,098 | ||||||
58,869,044 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 29,037 | 3,005,620 | ||||||
Citrix Systems, Inc. | 22,046 | 2,731,940 | ||||||
5,737,560 | ||||||||
Computers — 6.4% |
| |||||||
Apple, Inc. | 2,869,013 | 341,555,997 | ||||||
Hewlett Packard Enterprise Co. | 229,570 | 2,534,453 | ||||||
HP, Inc. | 245,116 | 5,375,394 | ||||||
349,465,844 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
NetApp, Inc. | 39,619 | 2,112,089 | ||||||
Seagate Technology PLC | 39,830 | 2,342,402 | ||||||
Western Digital Corp. | 53,989 | 2,423,027 | ||||||
6,877,518 | ||||||||
Consulting Services — 0.2% |
| |||||||
Gartner, Inc.† | 15,925 | 2,420,600 | ||||||
Verisk Analytics, Inc. | 28,980 | 5,747,024 | ||||||
8,167,624 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Clorox Co. | 22,524 | 4,571,471 | ||||||
Kimberly-Clark Corp. | 60,864 | 8,478,964 | ||||||
13,050,435 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 58,280 | 5,595,463 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Amcor PLC | 279,913 | 3,171,414 | ||||||
Packaging Corp. of America | 16,924 | 2,200,120 | ||||||
Sealed Air Corp. | 27,782 | 1,251,857 | ||||||
WestRock Co. | 46,335 | 1,955,801 | ||||||
8,579,192 | ||||||||
Cosmetics & Toiletries — 1.6% |
| |||||||
Colgate-Palmolive Co. | 153,013 | 13,104,033 | ||||||
Estee Lauder Cos., Inc., Class A | 40,255 | 9,875,357 | ||||||
Procter & Gamble Co. | 444,301 | 61,700,080 | ||||||
84,679,470 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp. | 92,423 | 1,846,611 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 56,325 | 1,288,153 | ||||||
Royal Caribbean Cruises, Ltd. | 31,797 | 2,505,922 | ||||||
5,640,686 | ||||||||
Data Processing/Management — 0.7% |
| |||||||
Broadridge Financial Solutions, Inc. | 20,552 | 3,018,678 | ||||||
Fidelity National Information Services, Inc. | 110,575 | 16,410,436 | ||||||
Fiserv, Inc.† | 99,191 | 11,424,819 |
219 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Data Processing/Management (continued) |
| |||||||
Jack Henry & Associates, Inc. | 13,678 | $ | 2,200,243 | |||||
Paychex, Inc. | 57,175 | 5,325,851 | ||||||
38,380,027 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 14,926 | 6,111,003 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 12,795 | 6,158,105 | ||||||
DENTSPLY SIRONA, Inc. | 38,993 | 1,984,354 | ||||||
8,142,459 | ||||||||
Diagnostic Equipment — 1.1% |
| |||||||
Danaher Corp. | 112,676 | 25,310,410 | ||||||
Thermo Fisher Scientific, Inc. | 70,597 | 32,826,193 | ||||||
58,136,603 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 15,179 | 6,997,215 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 13,428 | 1,475,066 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
Teleflex, Inc. | 8,301 | 3,177,208 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Copart, Inc.† | 36,871 | 4,256,757 | ||||||
Fastenal Co. | 102,370 | 5,062,197 | ||||||
LKQ Corp.† | 49,960 | 1,759,591 | ||||||
Pool Corp. | 7,152 | 2,475,379 | ||||||
WW Grainger, Inc. | 8,031 | 3,359,367 | ||||||
16,913,291 | ||||||||
Diversified Banking Institutions — 2.8% |
| |||||||
Bank of America Corp. | 1,360,662 | 38,316,242 | ||||||
Citigroup, Inc. | 371,532 | 20,460,267 | ||||||
Goldman Sachs Group, Inc. | 61,404 | 14,158,534 | ||||||
JPMorgan Chase & Co. | 543,880 | 64,112,575 | ||||||
Morgan Stanley | 255,018 | 15,767,763 | ||||||
152,815,381 | ||||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
3M Co. | 102,797 | 17,756,126 | ||||||
A.O. Smith Corp. | 24,159 | 1,360,393 | ||||||
Eaton Corp. PLC | 71,402 | 8,647,496 | ||||||
General Electric Co. | 1,562,124 | 15,902,422 | ||||||
Illinois Tool Works, Inc. | 51,345 | 10,838,416 | ||||||
Parker-Hannifin Corp. | 22,943 | 6,131,746 | ||||||
Textron, Inc. | 40,695 | 1,835,345 | ||||||
Trane Technologies PLC | 42,715 | 6,246,642 | ||||||
68,718,586 | ||||||||
Drug Delivery Systems — 0.3% |
| |||||||
Becton Dickinson and Co. | 51,730 | 12,148,273 | ||||||
DexCom, Inc.† | 17,086 | 5,462,053 | ||||||
17,610,326 | ||||||||
E-Commerce/Products — 4.6% |
| |||||||
Amazon.com, Inc.† | 75,981 | 240,710,847 | ||||||
eBay, Inc. | 118,657 | 5,983,873 | ||||||
Etsy, Inc.† | 21,295 | 3,422,106 | ||||||
250,116,826 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Booking Holdings, Inc.† | 7,308 | 14,823,913 | ||||||
Cars.com, Inc.† | 1 | 11 | ||||||
Expedia Group, Inc. | 24,218 | 3,014,899 | ||||||
17,838,823 | ||||||||
Security Description | Shares | Value | ||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 25,461 | $ | 3,322,406 | |||||
Electric Products - Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 40,980 | 4,857,359 | ||||||
Emerson Electric Co. | 106,647 | 8,192,623 | ||||||
13,049,982 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
Consolidated Edison, Inc. | 59,695 | 4,551,744 | ||||||
Sempra Energy | 51,622 | 6,580,772 | ||||||
11,132,516 | ||||||||
Electric - Integrated — 2.5% |
| |||||||
AES Corp. | 118,700 | 2,426,228 | ||||||
Alliant Energy Corp. | 44,552 | 2,343,435 | ||||||
Ameren Corp. | 44,094 | 3,429,631 | ||||||
American Electric Power Co., Inc. | 88,544 | 7,516,500 | ||||||
CenterPoint Energy, Inc. | 97,229 | 2,254,741 | ||||||
CMS Energy Corp. | 51,090 | 3,144,079 | ||||||
Dominion Energy, Inc. | 149,932 | 11,768,163 | ||||||
DTE Energy Co. | 34,381 | 4,325,474 | ||||||
Duke Energy Corp. | 131,246 | 12,161,254 | ||||||
Edison International | 67,498 | 4,141,677 | ||||||
Entergy Corp. | 35,730 | 3,889,210 | ||||||
Evergy, Inc. | 40,480 | 2,242,997 | ||||||
Eversource Energy | 61,153 | 5,351,499 | ||||||
Exelon Corp. | 173,911 | 7,142,525 | ||||||
FirstEnergy Corp. | 96,746 | 2,569,574 | ||||||
NextEra Energy, Inc. | 349,532 | 25,722,060 | ||||||
Pinnacle West Capital Corp. | 20,087 | 1,644,121 | ||||||
PPL Corp. | 137,198 | 3,899,167 | ||||||
Public Service Enterprise Group, Inc. | 90,258 | 5,260,236 | ||||||
Southern Co. | 188,479 | 11,280,468 | ||||||
WEC Energy Group, Inc. | 56,293 | 5,345,020 | ||||||
Xcel Energy, Inc. | 93,753 | 6,315,202 | ||||||
134,173,261 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Garmin, Ltd. | 26,620 | 3,108,151 | ||||||
Electronic Components - Semiconductors — 3.8% |
| |||||||
Advanced Micro Devices, Inc.† | 209,524 | 19,414,494 | ||||||
Broadcom, Inc. | 71,774 | 28,823,003 | ||||||
Intel Corp. | 758,996 | 36,697,457 | ||||||
IPG Photonics Corp.† | 6,368 | 1,318,240 | ||||||
Microchip Technology, Inc. | 45,053 | 6,054,673 | ||||||
Micron Technology, Inc.† | 198,270 | 12,707,124 | ||||||
NVIDIA Corp. | 110,111 | 59,026,103 | ||||||
Qorvo, Inc.† | 20,387 | 3,194,235 | ||||||
Skyworks Solutions, Inc. | 29,809 | 4,208,136 | ||||||
Texas Instruments, Inc. | 163,461 | 26,358,086 | ||||||
Xilinx, Inc. | 43,601 | 6,346,125 | ||||||
204,147,676 | ||||||||
Electronic Connectors — 0.3% |
| |||||||
Amphenol Corp., Class A | 53,249 | 6,965,502 | ||||||
TE Connectivity, Ltd. | 58,899 | 6,712,719 | ||||||
13,678,221 | ||||||||
Electronic Forms — 0.8% |
| |||||||
Adobe, Inc.† | 85,602 | 40,957,989 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 55,021 | 6,431,955 | ||||||
FLIR Systems, Inc. | 23,400 | 894,816 | ||||||
Fortive Corp. | 60,154 | 4,218,600 | ||||||
Keysight Technologies, Inc.† | 33,397 | 4,008,976 |
220 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
Roper Technologies, Inc. | 18,687 | $ | 7,979,349 | |||||
Vontier Corp.† | 24,061 | 798,103 | ||||||
24,331,799 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 16,460 | 1,877,098 | ||||||
Engineering/R&D Services — 0.0% |
| |||||||
Jacobs Engineering Group, Inc. | 23,237 | 2,505,878 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
Oracle Corp. | 345,014 | 19,914,208 | ||||||
Paycom Software, Inc.† | 8,738 | 3,644,445 | ||||||
salesforce.com, Inc.† | 162,400 | 39,917,920 | ||||||
Tyler Technologies, Inc.† | 7,181 | 3,070,596 | ||||||
66,547,169 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Activision Blizzard, Inc. | 137,749 | 10,948,290 | ||||||
Electronic Arts, Inc. | 51,539 | 6,584,107 | ||||||
Take-Two Interactive Software, Inc.† | 20,405 | 3,683,307 | ||||||
21,215,704 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 96,885 | 2,952,086 | ||||||
Finance - Credit Card — 2.6% |
| |||||||
American Express Co. | 116,389 | 13,802,572 | ||||||
Capital One Financial Corp. | 81,492 | 6,978,975 | ||||||
Discover Financial Services | 54,684 | 4,165,280 | ||||||
Mastercard, Inc., Class A | 157,645 | 53,049,119 | ||||||
Visa, Inc., Class A | 300,887 | 63,291,580 | ||||||
Western Union Co. | 73,348 | 1,654,731 | ||||||
142,942,257 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 264,325 | 12,893,774 | ||||||
Finance - Other Services — 0.5% |
| |||||||
Cboe Global Markets, Inc. | 19,409 | 1,772,430 | ||||||
CME Group, Inc. | 64,001 | 11,202,095 | ||||||
Intercontinental Exchange, Inc. | 100,161 | 10,567,987 | ||||||
Nasdaq, Inc. | 20,520 | 2,626,355 | ||||||
26,168,867 | ||||||||
Food - Confectionery — 0.4% |
| |||||||
Hershey Co. | 26,307 | 3,890,542 | ||||||
J.M. Smucker Co. | 20,358 | 2,385,958 | ||||||
Mondelez International, Inc., Class A | 254,903 | 14,644,177 | ||||||
20,920,677 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 50,076 | 2,362,586 | ||||||
Tyson Foods, Inc., Class A | 52,512 | 3,423,782 | ||||||
5,786,368 | ||||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Campbell Soup Co. | 36,129 | 1,807,173 | ||||||
Conagra Brands, Inc. | 87,175 | 3,187,118 | ||||||
General Mills, Inc. | 109,025 | 6,630,900 | ||||||
Kellogg Co. | 45,286 | 2,894,228 | ||||||
Kraft Heinz Co. | 115,637 | 3,809,083 | ||||||
Lamb Weston Holdings, Inc. | 25,933 | 1,877,030 | ||||||
McCormick & Co., Inc. | 22,119 | 4,135,811 | ||||||
24,341,343 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 138,830 | 4,581,390 | ||||||
Security Description | Shares | Value | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 90,754 | $ | 6,469,853 | |||||
Gas - Distribution — 0.1% |
| |||||||
Atmos Energy Corp. | 22,014 | 2,110,922 | ||||||
NiSource, Inc. | 68,355 | 1,654,191 | ||||||
3,765,113 | ||||||||
Gold Mining — 0.2% |
| |||||||
Newmont Corp. | 143,317 | 8,429,906 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 67,392 | 1,432,754 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 23,627 | 1,018,324 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Hilton Worldwide Holdings, Inc. | 49,489 | 5,128,545 | ||||||
Marriott International, Inc., Class A | 47,460 | 6,021,250 | ||||||
11,149,795 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 20,458 | 1,312,994 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 43,569 | 1,426,885 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 20,696 | 5,289,070 | ||||||
Industrial Gases — 0.6% |
| |||||||
Air Products & Chemicals, Inc. | 39,421 | 11,043,399 | ||||||
Linde PLC | 93,756 | 24,040,913 | ||||||
35,084,312 | ||||||||
Instruments - Controls — 0.6% |
| |||||||
Honeywell International, Inc. | 125,241 | 25,539,145 | ||||||
Mettler-Toledo International, Inc.† | 4,278 | 4,919,871 | ||||||
30,459,016 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 19,955 | 2,654,015 | ||||||
Waters Corp.† | 11,051 | 2,563,943 | ||||||
5,217,958 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC, Class A | 41,341 | 8,470,358 | ||||||
Arthur J. Gallagher & Co. | 34,175 | 3,944,137 | ||||||
Marsh & McLennan Cos., Inc. | 90,396 | 10,362,997 | ||||||
Willis Towers Watson PLC | 22,996 | 4,787,537 | ||||||
27,565,029 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
Aflac, Inc. | 118,321 | 5,197,842 | ||||||
Globe Life, Inc. | 17,488 | 1,628,133 | ||||||
Lincoln National Corp. | 32,418 | 1,530,778 | ||||||
Principal Financial Group, Inc. | 45,562 | 2,268,532 | ||||||
Prudential Financial, Inc. | 70,492 | 5,330,605 | ||||||
Unum Group | 36,327 | 807,549 | ||||||
16,763,439 | ||||||||
Insurance - Multi-line — 0.7% |
| |||||||
Allstate Corp. | 55,736 | 5,704,580 | ||||||
American International Group, Inc.(1) | 153,733 | 5,909,497 | ||||||
Chubb, Ltd. | 80,551 | 11,907,854 | ||||||
Cincinnati Financial Corp. | 26,697 | 2,038,316 | ||||||
Hartford Financial Services Group, Inc. | 63,924 | 2,825,441 | ||||||
Loews Corp. | 42,541 | 1,782,893 | ||||||
MetLife, Inc. | 137,685 | 6,356,916 | ||||||
36,525,497 | ||||||||
221 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty — 1.8% |
| |||||||
Assurant, Inc. | 10,645 | $ | 1,374,482 | |||||
Berkshire Hathaway, Inc., Class B† | 353,749 | 80,976,684 | ||||||
Progressive Corp. | 104,471 | 9,100,469 | ||||||
Travelers Cos., Inc. | 45,185 | 5,858,235 | ||||||
WR Berkley Corp. | 25,096 | 1,634,503 | ||||||
98,944,373 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 7,133 | 1,621,545 | ||||||
Internet Content - Entertainment — 3.0% |
| |||||||
Facebook, Inc., Class A† | 429,071 | 118,839,795 | ||||||
Netflix, Inc.† | 78,704 | 38,620,053 | ||||||
Twitter, Inc.† | 141,154 | 6,565,072 | ||||||
164,024,920 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 10,917 | 1,777,397 | ||||||
Internet Security — 0.0% |
| |||||||
NortonLifeLock, Inc. | 105,471 | 1,922,736 | ||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Ameriprise Financial, Inc. | 21,463 | 3,975,806 | ||||||
BlackRock, Inc. | 25,308 | 17,673,842 | ||||||
Franklin Resources, Inc. | 47,737 | 1,049,737 | ||||||
Invesco, Ltd. | 67,194 | 1,090,558 | ||||||
Raymond James Financial, Inc. | 21,785 | 1,981,346 | ||||||
T. Rowe Price Group, Inc. | 40,508 | 5,809,252 | ||||||
�� | ||||||||
31,580,541 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 96,638 | 16,775,390 | ||||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 55,925 | 14,631,099 | ||||||
Machinery - General Industrial — 0.2% |
| |||||||
IDEX Corp. | 13,476 | 2,602,890 | ||||||
Otis Worldwide Corp. | 72,651 | 4,863,258 | ||||||
Westinghouse Air Brake Technologies Corp. | 31,924 | 2,340,029 | ||||||
9,806,177 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Dover Corp. | 25,693 | 3,135,317 | ||||||
Flowserve Corp. | 23,229 | 791,644 | ||||||
Ingersoll Rand, Inc.† | 66,242 | 2,932,533 | ||||||
Xylem, Inc. | 32,116 | 3,082,173 | ||||||
9,941,667 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 54,499 | 4,078,705 | ||||||
Medical Instruments — 1.1% |
| |||||||
Boston Scientific Corp.† | 255,320 | 8,463,858 | ||||||
Edwards Lifesciences Corp.† | 110,957 | 9,308,183 | ||||||
Intuitive Surgical, Inc.† | 20,885 | 15,163,554 | ||||||
Medtronic PLC | 239,890 | 27,275,493 | ||||||
60,211,088 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Catalent, Inc.† | 29,292 | 2,816,133 | ||||||
IQVIA Holdings, Inc.† | 34,134 | 5,768,305 | ||||||
Laboratory Corp. of America Holdings† | 17,382 | 3,473,619 | ||||||
Quest Diagnostics, Inc. | 23,968 | 2,971,552 | ||||||
15,029,609 | ||||||||
Medical Products — 1.4% |
| |||||||
Abbott Laboratories | 315,971 | 34,194,382 |
Security Description | Shares | Value | ||||||
Medical Products (continued) |
| |||||||
ABIOMED, Inc.† | 8,039 | $ | 2,203,490 | |||||
Baxter International, Inc. | 90,343 | 6,872,392 | ||||||
Cooper Cos., Inc. | 8,768 | 2,939,209 | ||||||
Hologic, Inc.† | 46,219 | 3,195,119 | ||||||
STERIS PLC | 15,179 | 2,941,842 | ||||||
Stryker Corp. | 58,317 | 13,611,188 | ||||||
Varian Medical Systems, Inc.† | 16,263 | 2,829,437 | ||||||
West Pharmaceutical Services, Inc. | 13,178 | 3,626,058 | ||||||
Zimmer Biomet Holdings, Inc. | 36,950 | 5,509,984 | ||||||
77,923,101 | ||||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 39,114 | 4,776,211 | ||||||
Amgen, Inc. | 104,524 | 23,208,509 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 3,817 | 2,055,455 | ||||||
Biogen, Inc.† | 28,253 | 6,785,523 | ||||||
Gilead Sciences, Inc. | 223,741 | 13,574,366 | ||||||
Illumina, Inc.† | 26,055 | 8,392,055 | ||||||
Incyte Corp.† | 33,175 | 2,804,614 | ||||||
Regeneron Pharmaceuticals, Inc.† | 18,657 | 9,627,572 | ||||||
Vertex Pharmaceuticals, Inc.† | 46,483 | 10,586,503 | ||||||
81,810,808 | ||||||||
Medical - Drugs — 4.3% |
| |||||||
AbbVie, Inc. | 314,954 | 32,937,889 | ||||||
Bristol-Myers Squibb Co. | 402,240 | 25,099,776 | ||||||
Eli Lilly & Co. | 141,675 | 20,634,964 | ||||||
Johnson & Johnson | 469,857 | 67,978,911 | ||||||
Merck & Co., Inc. | 451,372 | 36,285,795 | ||||||
Pfizer, Inc. | 991,688 | 37,991,567 | ||||||
Zoetis, Inc. | 84,795 | 13,599,422 | ||||||
234,528,324 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Perrigo Co. PLC | 24,356 | 1,174,446 | ||||||
Viatris, Inc.† | 215,302 | 3,621,380 | ||||||
4,795,826 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Anthem, Inc. | 44,884 | 13,982,264 | ||||||
Centene Corp.† | 103,413 | 6,375,411 | ||||||
Humana, Inc. | 23,609 | 9,455,877 | ||||||
UnitedHealth Group, Inc. | 169,598 | 57,042,591 | ||||||
86,856,143 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 47,054 | 7,063,276 | ||||||
Universal Health Services, Inc., Class B | 13,866 | 1,810,622 | ||||||
8,873,898 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 26,231 | 2,704,678 | ||||||
Cardinal Health, Inc. | 52,190 | 2,849,052 | ||||||
Henry Schein, Inc.† | 25,479 | 1,638,555 | ||||||
McKesson Corp. | 28,945 | 5,207,495 | ||||||
12,399,780 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 259,165 | 6,061,869 | ||||||
Multimedia — 0.9% |
| |||||||
Walt Disney Co. | 322,491 | 47,731,893 | ||||||
Networking Products — 0.6% |
| |||||||
Arista Networks, Inc.† | 9,769 | 2,644,468 | ||||||
Cisco Systems, Inc. | 755,503 | 32,501,739 | ||||||
35,146,207 | ||||||||
222 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 37,514 | $ | 3,628,354 | |||||
Waste Management, Inc. | 69,362 | 8,263,095 | ||||||
11,891,449 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Xerox Holdings Corp. | 31,932 | 698,991 | ||||||
Zebra Technologies Corp., Class A† | 9,519 | 3,602,180 | ||||||
4,301,171 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 14,895 | 2,224,419 | ||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Apache Corp. | 67,362 | 868,296 | ||||||
Cabot Oil & Gas Corp. | 71,131 | 1,246,215 | ||||||
Concho Resources, Inc. | 35,105 | 2,017,836 | ||||||
ConocoPhillips | 191,412 | 7,572,259 | ||||||
Devon Energy Corp. | 68,315 | 955,727 | ||||||
Diamondback Energy, Inc. | 28,165 | 1,125,473 | ||||||
EOG Resources, Inc. | 103,908 | 4,871,207 | ||||||
Hess Corp. | 48,784 | 2,301,629 | ||||||
Marathon Oil Corp. | 140,884 | 834,033 | ||||||
Occidental Petroleum Corp. | 149,395 | 2,354,465 | ||||||
Pioneer Natural Resources Co. | 29,317 | 2,948,704 | ||||||
27,095,844 | ||||||||
Oil Companies - Integrated — 1.1% |
| |||||||
Chevron Corp. | 343,546 | 29,950,340 | ||||||
Exxon Mobil Corp. | 754,576 | 28,771,983 | ||||||
58,722,323 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 69,294 | 849,544 | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
HollyFrontier Corp. | 26,600 | 622,174 | ||||||
Marathon Petroleum Corp. | 116,124 | 4,514,901 | ||||||
Phillips 66 | 77,934 | 4,721,242 | ||||||
Valero Energy Corp. | 72,769 | 3,912,789 | ||||||
13,771,106 | ||||||||
Oil - Field Services — 0.2% |
| |||||||
Baker Hughes Co. | 117,129 | 2,192,655 | ||||||
Halliburton Co. | 156,773 | 2,600,864 | ||||||
Schlumberger, Ltd. | 247,723 | 5,150,161 | ||||||
TechnipFMC PLC | 75,377 | 626,383 | ||||||
10,570,063 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 70,152 | 3,471,121 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Cigna Corp. | 65,531 | 13,705,153 | ||||||
CVS Health Corp. | 233,553 | 15,832,558 | ||||||
29,537,711 | ||||||||
Pipelines — 0.2% |
| |||||||
Kinder Morgan, Inc. | 347,400 | 4,995,612 | ||||||
ONEOK, Inc. | 79,273 | 2,843,522 | ||||||
Williams Cos., Inc. | 216,573 | 4,543,702 | ||||||
12,382,836 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 69,420 | 1,225,263 | ||||||
News Corp., Class B | 21,732 | 387,047 | ||||||
1,612,310 | ||||||||
Security Description | Shares | Value | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
Alexandria Real Estate Equities, Inc. | 20,931 | $ | 3,427,033 | |||||
American Tower Corp. | 79,160 | 18,301,792 | ||||||
Apartment Investment & Management Co., Class A | 33,598 | 1,019,699 | ||||||
AvalonBay Communities, Inc. | 25,117 | 4,184,241 | ||||||
Boston Properties, Inc. | 25,275 | 2,480,994 | ||||||
Crown Castle International Corp. | 74,895 | 12,550,155 | ||||||
Digital Realty Trust, Inc. | 48,005 | 6,468,674 | ||||||
Duke Realty Corp. | 66,131 | 2,516,946 | ||||||
Equinix, Inc. | 15,804 | 11,027,873 | ||||||
Equity Residential | 61,111 | 3,539,549 | ||||||
Essex Property Trust, Inc. | 11,637 | 2,861,306 | ||||||
Extra Space Storage, Inc. | 23,034 | 2,596,623 | ||||||
Federal Realty Investment Trust | 12,284 | 1,071,410 | ||||||
Healthpeak Properties, Inc. | 96,069 | 2,772,551 | ||||||
Host Hotels & Resorts, Inc. | 125,862 | 1,765,844 | ||||||
Iron Mountain, Inc.# | 51,423 | 1,414,132 | ||||||
Kimco Realty Corp. | 77,185 | 1,114,551 | ||||||
Mid-America Apartment Communities, Inc. | 20,410 | 2,574,926 | ||||||
Prologis, Inc. | 131,842 | 13,190,792 | ||||||
Public Storage | 27,140 | 6,091,844 | ||||||
Realty Income Corp. | 61,576 | 3,692,713 | ||||||
Regency Centers Corp. | 28,153 | 1,283,214 | ||||||
SBA Communications Corp. | 19,977 | 5,736,995 | ||||||
Simon Property Group, Inc. | 58,042 | 4,792,528 | ||||||
SL Green Realty Corp. | 13,072 | 756,869 | ||||||
UDR, Inc. | 52,658 | 2,025,753 | ||||||
Ventas, Inc. | 66,582 | 3,189,944 | ||||||
Vornado Realty Trust | 27,973 | 1,088,429 | ||||||
Welltower, Inc. | 74,472 | 4,690,247 | ||||||
Weyerhaeuser Co. | 133,180 | 3,867,547 | ||||||
132,095,174 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 59,834 | 3,658,251 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.† | 12,863 | 2,919,644 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 25,859 | 5,420,046 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Gap, Inc. | 36,670 | 768,603 | ||||||
L Brands, Inc. | 41,658 | 1,616,747 | ||||||
Ross Stores, Inc. | 63,518 | 6,829,456 | ||||||
9,214,806 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 12,339 | 1,822,470 | ||||||
AutoZone, Inc.† | 4,169 | 4,742,863 | ||||||
Genuine Parts Co. | 25,746 | 2,532,634 | ||||||
O’Reilly Automotive, Inc.† | 13,218 | 5,848,172 | ||||||
14,946,139 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.† | 29,103 | 2,720,548 | ||||||
Retail - Building Products — 1.4% |
| |||||||
Home Depot, Inc. | 192,106 | 53,292,126 | ||||||
Lowe’s Cos., Inc. | 134,870 | 21,015,443 | ||||||
74,307,569 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 41,110 | 4,472,768 | ||||||
Retail - Discount — 1.8% |
| |||||||
Costco Wholesale Corp. | 78,795 | 30,869,517 | ||||||
Dollar General Corp. | 44,443 | 9,714,351 |
223 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount (continued) |
| |||||||
Dollar Tree, Inc.† | 42,350 | $ | 4,626,314 | |||||
Target Corp. | 89,341 | 16,039,390 | ||||||
Walmart, Inc. | 247,801 | 37,861,515 | ||||||
99,111,087 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 128,354 | 4,878,736 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 20,741 | 2,920,540 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 19,277 | 2,534,540 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
TJX Cos., Inc. | 213,986 | 13,590,251 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 10,051 | 2,768,045 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,991 | 6,435,545 | ||||||
Darden Restaurants, Inc. | 23,214 | 2,506,648 | ||||||
Domino’s Pizza, Inc. | 7,022 | 2,756,627 | ||||||
McDonald’s Corp. | 132,794 | 28,874,727 | ||||||
Starbucks Corp. | 208,621 | 20,449,031 | ||||||
Yum! Brands, Inc. | 53,788 | 5,690,770 | ||||||
66,713,348 | ||||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 75,806 | 939,994 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 65,952 | 9,172,604 | ||||||
Maxim Integrated Products, Inc. | 47,645 | 3,956,441 | ||||||
QUALCOMM, Inc. | 201,352 | 29,632,974 | ||||||
42,762,019 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
Applied Materials, Inc. | 162,986 | 13,443,085 | ||||||
KLA Corp. | 27,744 | 6,990,656 | ||||||
Lam Research Corp. | 25,988 | 11,763,728 | ||||||
Teradyne, Inc. | 29,630 | 3,269,374 | ||||||
35,466,843 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 7,226 | 1,157,533 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 44,136 | 3,873,817 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 53,877 | 2,893,195 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 135,800 | 5,081,636 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 59,205 | 1,288,893 | ||||||
Telephone - Integrated — 1.5% |
| |||||||
AT&T, Inc. | 1,271,537 | 36,556,689 | ||||||
CenturyLink, Inc. | 176,281 | 1,842,136 | ||||||
Verizon Communications, Inc. | 738,483 | 44,611,758 | ||||||
83,010,583 | ||||||||
Television — 0.1% |
| |||||||
ViacomCBS, Inc., Class B# | 100,611 | 3,549,556 | ||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 10,673 | 1,342,985 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Theaters — 0.0% |
| |||||||
Live Nation Entertainment, Inc.† | 25,364 | $ | 1,665,147 | |||||
Tobacco — 0.6% |
| |||||||
Altria Group, Inc. | 331,652 | 13,209,699 | ||||||
Philip Morris International, Inc. | 277,916 | 21,052,137 | ||||||
34,261,836 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 9,720 | 1,709,262 | ||||||
Stanley Black & Decker, Inc. | 28,497 | 5,252,282 | ||||||
6,961,544 | ||||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc. | 22,742 | 2,115,688 | ||||||
Transport - Rail — 0.9% |
| |||||||
CSX Corp. | 136,532 | 12,294,707 | ||||||
Kansas City Southern | 16,838 | 3,134,730 | ||||||
Norfolk Southern Corp. | 45,527 | 10,790,809 | ||||||
Union Pacific Corp. | 121,147 | 24,723,680 | ||||||
50,943,926 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc. | 24,061 | 2,261,012 | ||||||
Expeditors International of Washington, Inc. | 29,921 | 2,674,040 | ||||||
FedEx Corp. | 43,016 | 12,327,525 | ||||||
United Parcel Service, Inc., Class B | 126,187 | 21,586,810 | ||||||
38,849,387 | ||||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 14,875 | 2,012,290 | ||||||
Old Dominion Freight Line, Inc. | 17,170 | 3,491,691 | ||||||
5,503,981 | ||||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 32,338 | 4,960,002 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 29,608 | 1,534,287 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 18,037 | 3,620,387 | ||||||
Web Portals/ISP — 3.4% |
| |||||||
Alphabet, Inc., Class A† | 53,622 | 94,074,437 | ||||||
Alphabet, Inc., Class C† | 52,395 | 92,253,972 | ||||||
186,328,409 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 30,300 | 5,197,359 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,109,159,446) | 5,361,457,708 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,895,738 | 3,895,738 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 1,700,000 | 1,698,481 | |||||
0.15% due 06/17/2021(4) | 5,000,000 | 4,997,731 | ||||||
0.16% due 04/22/2021(4) | 3,700,000 | 3,698,669 | ||||||
10,394,881 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $14,287,620) | 14,290,619 | |||||||
224 |
Table of Contents
VALIC Company I Stock Index Fund
PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Principal Amount | Value | ||||||
REPURCHASE AGREEMENTS — 1.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $56,735,000 and collateralized by $58,098,700 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $57,869,701 | $ | 56,735,000 | $ | 56,735,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,180,182,066)(5) | 100.0 | % | 5,432,483,327 | |||||
Other assets less liabilities | 0.0 | 1,573,939 | ||||||
NET ASSETS | 100.0 | % | $ | 5,434,057,266 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security represents an investment in an affiliated company (see Note 3). |
(2) | The rate shown is the 7-day yield as of November 30, 2020. |
(3) | At November 30, 2020, the Fund had loaned securities with a total value of $11,235,575. This was secured by collateral of $3,895,738 which was received in cash and subsequently invested in short-term investments currently valued at $3,895,738 as reported in the Portfolio of Investments. Additional collateral of $7,651,151 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 913,642 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 2,453,504 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 84,089 | |||||
United States Treasury Bills | 0.00% | 07/15/2021 | 93,987 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2020 to 11/15/2049 | 4,105,929 |
(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) | ||||||||||||||||
419 | Long | S&P 500 E-Mini Index | December 2020 | $ | 72,136,869 | $ | 75,906,040 | $ | 3,769,171 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 5,361,457,708 | $ | — | $ | — | $ | 5,361,457,708 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,895,738 | — | — | 3,895,738 | ||||||||||||
U.S. Government Treasuries | — | 10,394,881 | — | 10,394,881 | ||||||||||||
Repurchase Agreements | — | 56,735,000 | — | 56,735,000 | ||||||||||||
Total Investments at Value | $ | 5,365,353,446 | $ | 67,129,881 | $ | — | $ | 5,432,483,327 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 3,769,171 | $ | — | $ | — | $ | 3,769,171 | ||||||||
* | 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
225 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Applications Software | 5.2 | % | ||
Computers | 5.1 | |||
E-Commerce/Products | 3.7 | |||
Medical — Drugs | 3.6 | |||
Electronic Components — Semiconductors | 3.4 | |||
Exchange — Traded Funds | 3.2 | |||
Web Portals/ISP | 2.6 | |||
Internet Content — Entertainment | 2.3 | |||
Enterprise Software/Service | 2.0 | |||
Real Estate Investment Trusts | 2.0 | |||
Finance — Credit Card | 2.0 | |||
Medical — Biomedical/Gene | 1.9 | |||
Commercial Services — Finance | 1.8 | |||
Computer Services | 1.8 | |||
Retail — Discount | 1.7 | |||
Electric — Integrated | 1.5 | |||
Medical Products | 1.4 | |||
Diversified Banking Institutions | 1.4 | |||
Medical — HMO | 1.4 | |||
Insurance — Property/Casualty | 1.4 | |||
Cosmetics & Toiletries | 1.3 | |||
Telephone — Integrated | 1.2 | |||
Distribution/Wholesale | 1.1 | |||
Retail — Building Products | 1.1 | |||
Apparel Manufacturers | 1.0 | |||
Beverages — Non-alcoholic | 1.0 | |||
Cable/Satellite TV | 0.9 | |||
Diversified Manufacturing Operations | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Medical Instruments | 0.8 | |||
Data Processing/Management | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Computer Software | 0.7 | |||
Computer Aided Design | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Diagnostic Equipment | 0.7 | |||
Investment Management/Advisor Services | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Electronic Forms | 0.6 | |||
Pharmacy Services | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Insurance Brokers | 0.5 | |||
Commercial Services | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Networking Products | 0.4 | |||
Athletic Footwear | 0.4 | |||
Registered Investment Companies | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Retail — Automobile | 0.4 | |||
Tobacco | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Entertainment Software | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Multimedia | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Independent Power Producers | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Transport — Services | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Food — Retail | 0.4 | |||
Retail — Catalog Shopping | 0.4 | |||
Insurance — Life/Health | 0.3 | |||
Food — Confectionery | 0.3 |
Transport — Truck | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Machinery — Farming | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Finance — Other Services | 0.3 | |||
Airlines | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Instruments — Controls | 0.3 | |||
Banks — Commercial | 0.3 | |||
Human Resources | 0.3 | |||
Brewery | 0.3 | |||
Motion Pictures & Services | 0.3 | |||
Transport — Rail | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Industrial Gases | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Coatings/Paint | 0.3 | |||
Steel — Producers | 0.3 | |||
Consulting Services | 0.3 | |||
Schools | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Chemicals — Specialty | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Wireless Equipment | 0.2 | |||
Internet Application Software | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Gas — Distribution | 0.2 | |||
Radio | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Internet Security | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Communications Software | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Finance — Auto Loans | 0.2 | |||
Computer Data Security | 0.2 | |||
Advertising Agencies | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Multilevel Direct Selling | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Television | 0.1 | |||
Dialysis Centers | 0.1 | |||
Medical Information Systems | 0.1 | |||
Food — Meat Products | 0.1 | |||
Non — Hazardous Waste Disposal | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Cellular Telecom | 0.1 | |||
Electric — Distribution | 0.1 | |||
Respiratory Products | 0.1 |
226 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Energy — Alternate Sources | 0.1 | % | ||
Machinery — Construction & Mining | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Home Furnishings | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Gold Mining | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Water | 0.1 | |||
Food — Catering | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Food — Baking | 0.1 | |||
Building Products — Wood | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Hotels/Motels | 0.1 | |||
Poultry | 0.1 | |||
Building Products — Cement | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Paper & Related Products | 0.1 | |||
Audio/Video Products | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Agricultural Operations | 0.1 | |||
Oil — Field Services | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Machinery — Thermal Process | 0.1 | |||
Advertising Services | 0.1 | |||
Decision Support Software | 0.1 | |||
Electronic Connectors | 0.1 | |||
Therapeutics | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Retail — Floor Coverings | 0.1 | |||
Toys | 0.1 | |||
Metal — Copper | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Textile — Home Furnishings | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
227 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.3% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 7,331 | $ | 163,335 | |||||
Omnicom Group, Inc. | 1,539 | 96,957 | ||||||
260,292 | ||||||||
Advertising Services — 0.1% |
| |||||||
Trade Desk, Inc., Class A† | 111 | 100,019 | ||||||
Aerospace/Defense — 0.4% |
| |||||||
General Dynamics Corp. | 374 | 55,857 | ||||||
Lockheed Martin Corp. | 523 | 190,895 | ||||||
Northrop Grumman Corp. | 376 | 113,650 | ||||||
Raytheon Technologies Corp. | 2,505 | 179,659 | ||||||
Teledyne Technologies, Inc.† | 178 | 67,273 | ||||||
TransDigm Group, Inc. | 70 | 40,543 | ||||||
647,877 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Hexcel Corp. | 1,070 | 52,987 | ||||||
L3Harris Technologies, Inc. | 584 | 112,122 | ||||||
165,109 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 1,228 | 45,804 | ||||||
Mosaic Co. | 1,425 | 31,293 | ||||||
77,097 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 1,370 | 68,185 | ||||||
Bunge, Ltd. | 745 | 43,873 | ||||||
112,058 | ||||||||
Airlines — 0.3% |
| |||||||
Alaska Air Group, Inc. | 3,574 | 182,167 | ||||||
Copa Holdings SA, Class A | 1,987 | 158,364 | ||||||
Southwest Airlines Co. | 2,622 | 121,503 | ||||||
462,034 | ||||||||
Apparel Manufacturers — 1.0% |
| |||||||
Capri Holdings, Ltd.† | 8,770 | 310,283 | ||||||
Carter’s, Inc.# | 1,381 | 122,895 | ||||||
Columbia Sportswear Co. | 1,419 | 116,259 | ||||||
Hanesbrands, Inc. | 4,231 | 60,080 | ||||||
PVH Corp. | 2,866 | 227,818 | ||||||
Ralph Lauren Corp. | 1,167 | 100,070 | ||||||
Tapestry, Inc. | 4,828 | 136,729 | ||||||
Under Armour, Inc., Class A† | 7,859 | 130,224 | ||||||
Under Armour, Inc., Class C† | 8,803 | 128,084 | ||||||
VF Corp. | 2,408 | 200,827 | ||||||
1,533,269 | ||||||||
Applications Software — 5.2% |
| |||||||
CDK Global, Inc. | 2,984 | 142,934 | ||||||
Elastic NV† | 366 | 45,311 | ||||||
Five9, Inc.† | 502 | 77,910 | ||||||
Intuit, Inc. | 1,197 | 421,368 | ||||||
Medallia, Inc.†# | 1,809 | 63,297 | ||||||
Microsoft Corp. | 28,009 | 5,995,887 | ||||||
Nuance Communications, Inc.† | 5,549 | 239,328 | ||||||
PTC, Inc.† | 443 | 47,777 | ||||||
RealPage, Inc.† | 633 | 43,671 | ||||||
ServiceNow, Inc.† | 849 | 453,833 | ||||||
Smartsheet, Inc., Class A† | 676 | 39,228 | ||||||
7,570,544 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Peloton Interactive, Inc., Class A† | 362 | 42,119 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 4,657 | $ | 627,298 | |||||
Audio/Video Products — 0.1% |
| |||||||
Dolby Laboratories, Inc., Class A | 1,388 | 122,769 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Co. | 22,744 | 206,515 | ||||||
General Motors Co. | 1,021 | 44,761 | ||||||
Tesla, Inc.† | 1,125 | 638,550 | ||||||
889,826 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Cummins, Inc. | 449 | 103,795 | ||||||
PACCAR, Inc. | 640 | 55,719 | ||||||
159,514 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Allison Transmission Holdings, Inc. | 848 | 34,810 | ||||||
Aptiv PLC | 362 | 42,970 | ||||||
BorgWarner, Inc. | 824 | 32,012 | ||||||
Gentex Corp. | 2,689 | 87,662 | ||||||
197,454 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
Citizens Financial Group, Inc. | 2,182 | 71,264 | ||||||
First Citizens BancShares, Inc., Class A | 87 | 45,987 | ||||||
First Republic Bank | 304 | 39,386 | ||||||
Popular, Inc. | 1,430 | 69,398 | ||||||
Regions Financial Corp. | 2,331 | 35,594 | ||||||
Synovus Financial Corp. | 2,583 | 81,545 | ||||||
Truist Financial Corp. | 789 | 36,626 | ||||||
Wintrust Financial Corp. | 822 | 44,791 | ||||||
424,591 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Bank of New York Mellon Corp. | 1,596 | 62,435 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
Comerica, Inc. | 946 | 46,543 | ||||||
Fifth Third Bancorp | 1,303 | 33,018 | ||||||
Huntington Bancshares, Inc. | 2,773 | 33,498 | ||||||
PNC Financial Services Group, Inc. | 268 | 37,003 | ||||||
US Bancorp | 1,110 | 47,963 | ||||||
Wells Fargo & Co. | 6,243 | 170,746 | ||||||
368,771 | ||||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
Coca-Cola Co. | 9,351 | 482,512 | ||||||
Keurig Dr Pepper, Inc. | 2,428 | 73,933 | ||||||
Monster Beverage Corp.† | 2,899 | 245,777 | ||||||
PepsiCo, Inc. | 5,033 | 725,909 | ||||||
1,528,131 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class A | 1,225 | 90,319 | ||||||
Brown-Forman Corp., Class B | 1,813 | 146,237 | ||||||
236,556 | ||||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A† | 80 | 74,467 | ||||||
Constellation Brands, Inc., Class A | 540 | 111,154 | ||||||
Molson Coors Beverage Co., Class B | 5,091 | 234,186 | ||||||
419,807 | ||||||||
Broadcast Services/Program — 0.4% |
| |||||||
Discovery, Inc., Class A†# | 4,438 | 119,426 | ||||||
Discovery, Inc., Class C† | 6,080 | 146,042 | ||||||
Fox Corp., Class A | 3,771 | 108,756 |
228 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Broadcast Services/Program (continued) |
| |||||||
Fox Corp., Class B | 3,543 | $ | 100,550 | |||||
Liberty Media Corp. — Liberty Formula One, Series C† | 799 | 33,382 | ||||||
Madison Square Garden Entertainment Corp.† | 458 | 34,813 | ||||||
542,969 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Armstrong World Industries, Inc. | 471 | 36,295 | ||||||
Fortune Brands Home & Security, Inc. | 502 | 41,917 | ||||||
Owens Corning | 2,796 | 203,745 | ||||||
Trex Co., Inc.† | 578 | 43,246 | ||||||
325,203 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Frontdoor, Inc.† | 2,982 | 141,168 | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
Carrier Global Corp. | 5,173 | 196,936 | ||||||
Johnson Controls International PLC | 1,402 | 64,548 | ||||||
Lennox International, Inc. | 603 | 173,562 | ||||||
435,046 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 152 | 40,376 | ||||||
MDU Resources Group, Inc. | 2,339 | 58,334 | ||||||
Vulcan Materials Co. | 217 | 30,304 | ||||||
129,014 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 2,524 | 135,463 | ||||||
Building - Maintenance & Services — 0.2% |
| |||||||
Rollins, Inc. | 3,533 | 202,017 | ||||||
Terminix Global Holdings, Inc.† | 778 | 38,145 | ||||||
240,162 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Thor Industries, Inc. | 373 | 35,998 | ||||||
Building - Residential/Commercial — 0.4% |
| |||||||
D.R. Horton, Inc. | 930 | 69,285 | ||||||
Lennar Corp., Class A | 1,628 | 123,500 | ||||||
Lennar Corp., Class B | 1,438 | 87,287 | ||||||
NVR, Inc.† | 18 | 71,949 | ||||||
PulteGroup, Inc. | 1,429 | 62,347 | ||||||
Toll Brothers, Inc. | 2,191 | 103,744 | ||||||
518,112 | ||||||||
Cable/Satellite TV — 0.9% |
| |||||||
Cable One, Inc. | 45 | 89,130 | ||||||
Charter Communications, Inc., Class A† | 397 | 258,840 | ||||||
Comcast Corp., Class A | 12,525 | 629,256 | ||||||
Liberty Broadband Corp., Class A† | 644 | 100,960 | ||||||
Liberty Broadband Corp., Class C† | 764 | 120,216 | ||||||
Sirius XM Holdings, Inc.# | 19,866 | 128,930 | ||||||
1,327,332 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Las Vegas Sands Corp. | 956 | 53,259 | ||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile US, Inc.† | 1,406 | 186,914 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Dow, Inc. | 1,156 | 61,280 | ||||||
DuPont de Nemours, Inc. | 533 | 33,814 | ||||||
Eastman Chemical Co. | 535 | 52,109 | ||||||
FMC Corp. | 352 | 40,835 | ||||||
Huntsman Corp. | 4,105 | 101,681 | ||||||
PPG Industries, Inc. | 753 | 110,518 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Diversified (continued) |
| |||||||
Westlake Chemical Corp. | 916 | $ | 68,837 | |||||
469,074 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Ashland Global Holdings, Inc. | 395 | 29,692 | ||||||
Cabot Corp. | 1,324 | 54,827 | ||||||
Ecolab, Inc. | 681 | 151,284 | ||||||
International Flavors & Fragrances, Inc.# | 283 | 31,724 | ||||||
NewMarket Corp. | 136 | 50,287 | ||||||
Valvoline, Inc. | 1,973 | 44,965 | ||||||
362,779 | ||||||||
Coatings/Paint — 0.3% |
| |||||||
RPM International, Inc. | 1,393 | 122,598 | ||||||
Sherwin-Williams Co. | 360 | 269,147 | ||||||
391,745 | ||||||||
Commercial Services — 0.4% |
| |||||||
Cintas Corp. | 668 | 237,340 | ||||||
CoreLogic, Inc. | 616 | 47,740 | ||||||
CoStar Group, Inc.† | 138 | 125,659 | ||||||
John Wiley & Sons, Inc., Class A | 2,296 | 79,304 | ||||||
Nielsen Holdings PLC | 3,422 | 55,334 | ||||||
Quanta Services, Inc. | 1,698 | 116,041 | ||||||
661,418 | ||||||||
Commercial Services - Finance — 1.8% |
| |||||||
Automatic Data Processing, Inc. | 747 | 129,888 | ||||||
Avalara, Inc.† | 320 | 54,960 | ||||||
Equifax, Inc. | 495 | 82,615 | ||||||
Euronet Worldwide, Inc.† | 1,257 | 168,991 | ||||||
FleetCor Technologies, Inc.† | 265 | 70,281 | ||||||
Global Payments, Inc. | 708 | 138,195 | ||||||
IHS Markit, Ltd. | 1,175 | 116,865 | ||||||
MarketAxess Holdings, Inc. | 276 | 148,814 | ||||||
Moody’s Corp. | 1,025 | 289,398 | ||||||
Morningstar, Inc. | 302 | 60,430 | ||||||
PayPal Holdings, Inc.† | 2,625 | 562,065 | ||||||
S&P Global, Inc. | 723 | 254,337 | ||||||
Square, Inc., Class A† | 1,483 | 312,854 | ||||||
StoneCo, Ltd., Class A† | 1,272 | 93,136 | ||||||
TransUnion | 854 | 77,791 | ||||||
WEX, Inc.† | 811 | 140,498 | ||||||
2,701,118 | ||||||||
Communications Software — 0.2% |
| |||||||
RingCentral, Inc., Class A† | 520 | 154,466 | ||||||
Zoom Video Communications, Inc., Class A† | 294 | 140,638 | ||||||
295,104 | ||||||||
Computer Aided Design — 0.7% |
| |||||||
ANSYS, Inc.† | 348 | 117,645 | ||||||
Aspen Technology, Inc.† | 1,122 | 150,853 | ||||||
Autodesk, Inc.† | 1,046 | 293,120 | ||||||
Cadence Design Systems, Inc.† | 2,287 | 265,978 | ||||||
Synopsys, Inc.† | 936 | 212,940 | ||||||
1,040,536 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Fortinet, Inc.† | 1,246 | 153,545 | ||||||
Zscaler, Inc.† | 743 | 115,722 | ||||||
269,267 | ||||||||
Computer Services — 1.8% |
| |||||||
Accenture PLC, Class A | 2,757 | 686,741 | ||||||
Amdocs, Ltd. | 2,170 | 142,808 |
229 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Services (continued) |
| |||||||
CACI International, Inc., Class A† | 805 | $ | 191,018 | |||||
Cognizant Technology Solutions Corp., Class A | 3,490 | 272,674 | ||||||
DXC Technology Co. | 16,277 | 356,629 | ||||||
EPAM Systems, Inc.† | 309 | 99,600 | ||||||
Genpact, Ltd. | 2,884 | 117,235 | ||||||
Globant SA† | 148 | 27,925 | ||||||
International Business Machines Corp. | 3,227 | 398,599 | ||||||
Leidos Holdings, Inc. | 1,636 | 164,745 | ||||||
Science Applications International Corp. | 2,012 | 186,190 | ||||||
2,644,164 | ||||||||
Computer Software — 0.7% |
| |||||||
Akamai Technologies, Inc.† | 938 | 97,092 | ||||||
Citrix Systems, Inc. | 1,416 | 175,471 | ||||||
Cloudflare, Inc., Class A† | 1,358 | 101,959 | ||||||
Datadog, Inc., Class A† | 571 | 56,483 | ||||||
Dropbox, Inc., Class A† | 4,797 | 95,796 | ||||||
Dynatrace, Inc.† | 1,551 | 58,969 | ||||||
Fastly, Inc., Class A†# | 436 | 36,960 | ||||||
MongoDB, Inc.† | 139 | 39,936 | ||||||
Nutanix, Inc., Class A† | 4,707 | 128,925 | ||||||
Splunk, Inc.† | 604 | 123,325 | ||||||
Teradata Corp.† | 4,994 | 109,518 | ||||||
Twilio, Inc., Class A† | 231 | 73,941 | ||||||
1,098,375 | ||||||||
Computers — 5.1% |
| |||||||
Apple, Inc. | 60,239 | 7,171,453 | ||||||
Dell Technologies, Inc., Class C† | 1,129 | 77,935 | ||||||
Hewlett Packard Enterprise Co. | 3,196 | 35,284 | ||||||
HP, Inc. | 7,748 | 169,913 | ||||||
7,454,585 | ||||||||
Computers-Integrated Systems — 0.1% |
| |||||||
NCR Corp.† | 4,556 | 126,064 | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 2,332 | 124,319 | ||||||
Pure Storage, Inc., Class A† | 5,355 | 97,836 | ||||||
222,155 | ||||||||
Consulting Services — 0.3% |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,469 | 127,495 | ||||||
FTI Consulting, Inc.† | 322 | 33,816 | ||||||
Gartner, Inc.† | 609 | 92,568 | ||||||
Verisk Analytics, Inc. | 611 | 121,167 | ||||||
375,046 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Clorox Co. | 1,026 | 208,237 | ||||||
Kimberly-Clark Corp. | 1,720 | 239,613 | ||||||
Reynolds Consumer Products, Inc. | 1,091 | 33,101 | ||||||
Spectrum Brands Holdings, Inc. | 2,052 | 137,135 | ||||||
618,086 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 1,036 | 99,466 | ||||||
Crown Holdings, Inc.† | 578 | 54,477 | ||||||
Silgan Holdings, Inc. | 991 | 33,496 | ||||||
187,439 | ||||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Amcor PLC | 2,495 | 28,268 | ||||||
AptarGroup, Inc. | 331 | 41,812 | ||||||
Berry Global Group, Inc.† | 1,337 | 70,861 | ||||||
Graphic Packaging Holding Co. | 3,125 | 47,875 |
Security Description | Shares | Value (Note 2) | ||||||
Containers - Paper/Plastic (continued) |
| |||||||
Packaging Corp. of America | 306 | $ | 39,780 | |||||
WestRock Co. | 2,367 | 99,911 | ||||||
328,507 | ||||||||
Cosmetics & Toiletries — 1.3% |
| |||||||
Colgate-Palmolive Co. | 3,918 | 335,537 | ||||||
Estee Lauder Cos., Inc., Class A | 1,433 | 351,544 | ||||||
Procter & Gamble Co. | 8,280 | 1,149,844 | ||||||
1,836,925 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
Broadridge Financial Solutions, Inc. | 458 | 67,271 | ||||||
DocuSign, Inc.† | 1,077 | 245,427 | ||||||
Fair Isaac Corp.† | 391 | 184,857 | ||||||
Fidelity National Information Services, Inc. | 1,660 | 246,361 | ||||||
Fiserv, Inc.† | 2,014 | 231,972 | ||||||
Jack Henry & Associates, Inc. | 682 | 109,706 | ||||||
Paychex, Inc. | 734 | 68,372 | ||||||
1,153,966 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 242 | 99,080 | ||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
Align Technology, Inc.† | 635 | 305,619 | ||||||
DENTSPLY SIRONA, Inc. | 1,920 | 97,709 | ||||||
403,328 | ||||||||
Diagnostic Equipment — 0.7% |
| |||||||
10X Genomics, Inc., Class A† | 559 | 85,589 | ||||||
Danaher Corp. | 1,387 | 311,562 | ||||||
Repligen Corp.† | 412 | 78,144 | ||||||
Thermo Fisher Scientific, Inc. | 1,134 | 527,287 | ||||||
1,002,582 | ||||||||
Diagnostic Kits — 0.3% |
| |||||||
IDEXX Laboratories, Inc.† | 807 | 372,011 | ||||||
QIAGEN NV† | 1,608 | 77,602 | ||||||
Quidel Corp.† | 164 | 31,988 | ||||||
481,601 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 1,962 | 215,526 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 166 | 31,324 | ||||||
Teleflex, Inc. | 205 | 78,464 | ||||||
109,788 | ||||||||
Distribution/Wholesale — 1.1% |
| |||||||
Copart, Inc.† | 1,194 | 137,847 | ||||||
Fastenal Co. | 4,055 | 200,520 | ||||||
HD Supply Holdings, Inc.† | 3,909 | 218,044 | ||||||
IAA, Inc.† | 857 | 51,351 | ||||||
LKQ Corp.† | 6,075 | 213,962 | ||||||
Pool Corp. | 731 | 253,006 | ||||||
Univar Solutions, Inc.† | 9,013 | 161,333 | ||||||
Watsco, Inc. | 689 | 156,651 | ||||||
WW Grainger, Inc. | 536 | 224,209 | ||||||
1,616,923 | ||||||||
Diversified Banking Institutions — 1.4% |
| |||||||
Bank of America Corp. | 17,553 | 494,293 | ||||||
Citigroup, Inc. | 4,744 | 261,252 | ||||||
JPMorgan Chase & Co. | 9,938 | 1,171,491 | ||||||
Morgan Stanley | 2,095 | 129,534 | ||||||
2,056,570 | ||||||||
230 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
3M Co. | 1,208 | $ | 208,658 | |||||
A.O. Smith Corp. | 1,890 | 106,426 | ||||||
Eaton Corp. PLC | 860 | 104,155 | ||||||
General Electric Co. | 18,413 | 187,444 | ||||||
Illinois Tool Works, Inc. | 1,227 | 259,007 | ||||||
ITT, Inc. | 448 | 32,538 | ||||||
Parker-Hannifin Corp. | 166 | 44,365 | ||||||
Textron, Inc. | 3,291 | 148,424 | ||||||
Trane Technologies PLC | 812 | 118,747 | ||||||
1,209,764 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
Becton Dickinson and Co. | 610 | 143,252 | ||||||
DexCom, Inc.† | 431 | 137,782 | ||||||
281,034 | ||||||||
E-Commerce/Products — 3.7% |
| |||||||
Amazon.com, Inc.† | 1,547 | 4,900,958 | ||||||
eBay, Inc. | 3,778 | 190,524 | ||||||
Etsy, Inc.† | 698 | 112,169 | ||||||
Wayfair, Inc., Class A†# | 1,105 | 281,068 | ||||||
5,484,719 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Booking Holdings, Inc.† | 156 | 316,438 | ||||||
Expedia Group, Inc. | 1,073 | 133,578 | ||||||
GrubHub, Inc.† | 522 | 36,717 | ||||||
Match Group, Inc.† | 1,231 | 171,368 | ||||||
TripAdvisor, Inc.† | 6,129 | 159,967 | ||||||
Zillow Group, Inc., Class A† | 619 | 68,307 | ||||||
Zillow Group, Inc., Class C†# | 605 | 65,225 | ||||||
951,600 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 1,187 | 154,892 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 697 | 82,615 | ||||||
Emerson Electric Co. | 1,373 | 105,474 | ||||||
Littelfuse, Inc. | 166 | 39,928 | ||||||
228,017 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Consolidated Edison, Inc. | 1,177 | 89,746 | ||||||
Sempra Energy | 759 | 96,758 | ||||||
186,504 | ||||||||
Electric - Integrated — 1.5% |
| |||||||
AES Corp. | 2,397 | 48,995 | ||||||
Alliant Energy Corp. | 1,297 | 68,222 | ||||||
Ameren Corp. | 937 | 72,880 | ||||||
American Electric Power Co., Inc. | 1,306 | 110,866 | ||||||
Avangrid, Inc. | 615 | 28,622 | ||||||
CenterPoint Energy, Inc. | 1,496 | 34,692 | ||||||
CMS Energy Corp. | 989 | 60,863 | ||||||
Dominion Energy, Inc. | 1,773 | 139,163 | ||||||
DTE Energy Co. | 474 | 59,634 | ||||||
Duke Energy Corp. | 1,703 | 157,800 | ||||||
Edison International | 819 | 50,254 | ||||||
Entergy Corp. | 760 | 82,726 | ||||||
Evergy, Inc. | 1,445 | 80,067 | ||||||
Eversource Energy | 1,002 | 87,685 | ||||||
Exelon Corp. | 2,650 | 108,835 | ||||||
FirstEnergy Corp. | 1,741 | 46,241 | ||||||
Hawaiian Electric Industries, Inc. | 1,280 | 45,862 | ||||||
IDACORP, Inc. | 420 | 38,044 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
NextEra Energy, Inc. | 5,012 | $ | 368,833 | |||||
OGE Energy Corp. | 1,111 | 35,985 | ||||||
PG&E Corp.† | 4,515 | 57,341 | ||||||
Pinnacle West Capital Corp. | 415 | 33,968 | ||||||
PPL Corp. | 1,338 | 38,026 | ||||||
Public Service Enterprise Group, Inc. | 1,091 | 63,583 | ||||||
Southern Co. | 2,365 | 141,545 | ||||||
WEC Energy Group, Inc. | 1,047 | 99,413 | ||||||
Xcel Energy, Inc. | 1,671 | 112,559 | ||||||
2,272,704 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd. | 826 | 96,444 | ||||||
Hubbell, Inc. | 260 | 42,013 | ||||||
Jabil, Inc. | 1,220 | 46,628 | ||||||
nVent Electric PLC | 1,945 | 44,735 | ||||||
Sensata Technologies Holding PLC† | 1,324 | 64,651 | ||||||
294,471 | ||||||||
Electronic Components - Semiconductors — 3.4% |
| |||||||
Advanced Micro Devices, Inc.† | 4,866 | 450,884 | ||||||
Broadcom, Inc. | 1,222 | 490,731 | ||||||
Inphi Corp.† | 423 | 65,620 | ||||||
Intel Corp. | 18,329 | 886,207 | ||||||
Marvell Technology Group, Ltd. | 1,826 | 84,525 | ||||||
Microchip Technology, Inc. | 1,565 | 210,320 | ||||||
Micron Technology, Inc.† | 3,297 | 211,305 | ||||||
Monolithic Power Systems, Inc. | 277 | 88,629 | ||||||
NVIDIA Corp. | 2,047 | 1,097,315 | ||||||
ON Semiconductor Corp.† | 5,680 | 163,300 | ||||||
Qorvo, Inc.† | 1,614 | 252,881 | ||||||
Skyworks Solutions, Inc. | 1,170 | 165,169 | ||||||
Texas Instruments, Inc. | 3,823 | 616,459 | ||||||
Xilinx, Inc. | 1,257 | 182,956 | ||||||
4,966,301 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 757 | 99,023 | ||||||
Electronic Forms — 0.6% |
| |||||||
Adobe, Inc.† | 1,783 | 853,112 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 1,251 | 146,242 | ||||||
Fortive Corp. | 463 | 32,470 | ||||||
Keysight Technologies, Inc.† | 1,159 | 139,126 | ||||||
National Instruments Corp. | 2,918 | 109,221 | ||||||
Roper Technologies, Inc. | 218 | 93,086 | ||||||
Trimble, Inc.† | 799 | 47,836 | ||||||
Vontier Corp.† | 185 | 6,137 | ||||||
574,118 | ||||||||
Electronic Parts Distribution — 0.4% |
| |||||||
Arrow Electronics, Inc.† | 2,933 | 268,810 | ||||||
Avnet, Inc. | 3,306 | 100,337 | ||||||
SYNNEX Corp. | 1,811 | 290,321 | ||||||
659,468 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 1,293 | 147,454 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Enphase Energy, Inc.†# | 533 | 72,792 | ||||||
First Solar, Inc.† | 579 | 54,096 | ||||||
SolarEdge Technologies, Inc.† | 186 | 51,704 | ||||||
178,592 | ||||||||
231 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Engineering/R&D Services — 0.2% |
| |||||||
AECOM† | 4,082 | $ | 211,815 | |||||
Jacobs Engineering Group, Inc. | 664 | 71,606 | ||||||
283,421 | ||||||||
Enterprise Software/Service — 2.0% |
| |||||||
Alteryx, Inc., Class A†# | 282 | 33,795 | ||||||
Atlassian Corp. PLC, Class A† | 697 | 156,860 | ||||||
Bill.com Holdings, Inc.† | 808 | 99,150 | ||||||
Black Knight, Inc.† | 1,243 | 113,884 | ||||||
Ceridian HCM Holding, Inc.† | 537 | 51,778 | ||||||
Coupa Software, Inc.† | 228 | 74,992 | ||||||
Everbridge, Inc.† | 270 | 34,274 | ||||||
Guidewire Software, Inc.† | 423 | 51,809 | ||||||
HubSpot, Inc.† | 314 | 123,820 | ||||||
Manhattan Associates, Inc.† | 2,039 | 208,467 | ||||||
New Relic, Inc.† | 996 | 59,491 | ||||||
Oracle Corp. | 7,188 | 414,891 | ||||||
Paycom Software, Inc.† | 140 | 58,391 | ||||||
Pegasystems, Inc. | 1,847 | 241,735 | ||||||
salesforce.com, Inc.† | 2,499 | 614,254 | ||||||
SolarWinds Corp.† | 1,617 | 36,997 | ||||||
SS&C Technologies Holdings, Inc. | 2,271 | 156,449 | ||||||
Tyler Technologies, Inc.† | 294 | 125,714 | ||||||
Veeva Systems, Inc., Class A† | 575 | 159,200 | ||||||
Workday, Inc., Class A† | 695 | 156,229 | ||||||
2,972,180 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Activision Blizzard, Inc. | 2,219 | 176,366 | ||||||
Electronic Arts, Inc. | 1,373 | 175,401 | ||||||
Take-Two Interactive Software, Inc.† | 729 | 131,592 | ||||||
Zynga, Inc., Class A† | 10,320 | 85,140 | ||||||
568,499 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Donaldson Co., Inc. | 1,912 | 101,795 | ||||||
Finance - Auto Loans — 0.2% |
| |||||||
Ally Financial, Inc. | 5,024 | 148,962 | ||||||
Credit Acceptance Corp.†# | 166 | 49,548 | ||||||
Santander Consumer USA Holdings, Inc. | 3,485 | 77,018 | ||||||
275,528 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
OneMain Holdings, Inc. | 4,886 | 190,505 | ||||||
Synchrony Financial | 7,322 | 223,101 | ||||||
413,606 | ||||||||
Finance - Credit Card — 2.0% |
| |||||||
Alliance Data Systems Corp. | 4,996 | 365,407 | ||||||
American Express Co. | 1,567 | 185,831 | ||||||
Discover Financial Services | 1,410 | 107,400 | ||||||
Mastercard, Inc., Class A | 2,957 | 995,060 | ||||||
Visa, Inc., Class A | 5,238 | 1,101,813 | ||||||
Western Union Co. | 6,278 | 141,632 | ||||||
2,897,143 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Charles Schwab Corp. | 2,022 | 98,633 | ||||||
Evercore, Inc., Class A | 1,259 | 114,481 | ||||||
Jefferies Financial Group, Inc. | 7,436 | 169,020 | ||||||
Lazard, Ltd., Class A | 3,329 | 124,238 | ||||||
Tradeweb Markets, Inc. | 489 | 29,169 | ||||||
Virtu Financial, Inc., Class A | 1,789 | 40,772 | ||||||
576,313 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Other Services — 0.3% |
| |||||||
Cboe Global Markets, Inc. | 512 | $ | 46,756 | |||||
CME Group, Inc. | 694 | 121,471 | ||||||
Intercontinental Exchange, Inc. | 1,440 | 151,934 | ||||||
Nasdaq, Inc. | 510 | 65,275 | ||||||
SEI Investments Co. | 1,549 | 81,710 | ||||||
467,146 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
MGIC Investment Corp. | 5,013 | 59,955 | ||||||
Food - Baking — 0.1% |
| |||||||
Flowers Foods, Inc. | 6,131 | 136,047 | ||||||
Food - Catering — 0.1% |
| |||||||
Aramark | 4,179 | 146,265 | ||||||
Food - Confectionery — 0.3% |
| |||||||
Hershey Co. | 1,190 | 175,989 | ||||||
J.M. Smucker Co. | 1,072 | 125,639 | ||||||
Mondelez International, Inc., Class A | 3,445 | 197,915 | ||||||
499,543 | ||||||||
Food - Flour & Grain — 0.0% |
| |||||||
Seaboard Corp. | 14 | 44,838 | ||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 1,760 | 83,037 | ||||||
Tyson Foods, Inc., Class A | 1,930 | 125,836 | ||||||
208,873 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Beyond Meat, Inc.†# | 220 | 30,778 | ||||||
Campbell Soup Co. | 1,380 | 69,028 | ||||||
Conagra Brands, Inc. | 2,388 | 87,305 | ||||||
General Mills, Inc. | 2,408 | 146,455 | ||||||
Hain Celestial Group, Inc.† | 1,686 | 64,911 | ||||||
Ingredion, Inc. | 1,741 | 134,318 | ||||||
Kellogg Co. | 1,226 | 78,354 | ||||||
Kraft Heinz Co. | 3,231 | 106,429 | ||||||
Lamb Weston Holdings, Inc. | 868 | 62,826 | ||||||
McCormick & Co., Inc. | 375 | 70,117 | ||||||
Post Holdings, Inc.† | 1,268 | 119,775 | ||||||
TreeHouse Foods, Inc.† | 3,708 | 152,510 | ||||||
1,122,806 | ||||||||
Food - Retail — 0.4% |
| |||||||
Grocery Outlet Holding Corp.† | 1,353 | 52,253 | ||||||
Kroger Co. | 8,980 | 296,340 | ||||||
Sprouts Farmers Market, Inc.† | 7,995 | 169,254 | ||||||
517,847 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Sysco Corp. | 2,376 | 169,385 | ||||||
US Foods Holding Corp.† | 11,507 | 362,240 | ||||||
531,625 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Skechers U.S.A., Inc., Class A† | 2,414 | 80,797 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Service Corp. International | 1,545 | 75,149 | ||||||
Garden Products — 0.0% |
| |||||||
Scotts Miracle-Gro Co. | 292 | 51,325 | ||||||
Gas - Distribution — 0.2% |
| |||||||
Atmos Energy Corp. | 487 | 46,698 | ||||||
National Fuel Gas Co. | 825 | 33,965 | ||||||
NiSource, Inc. | 1,838 | 44,480 |
232 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Gas - Distribution (continued) |
| |||||||
UGI Corp. | 5,574 | $ | 197,766 | |||||
322,909 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Corp. | 2,112 | 124,228 | ||||||
Royal Gold, Inc. | 295 | 32,588 | ||||||
156,816 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Tandem Diabetes Care, Inc.† | 279 | 26,192 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 1,744 | 37,077 | ||||||
Home Furnishings — 0.1% |
| |||||||
Tempur Sealy International, Inc.† | 6,536 | 164,642 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Choice Hotels International, Inc. | 470 | 46,836 | ||||||
Hilton Worldwide Holdings, Inc. | 810 | 83,940 | ||||||
130,776 | ||||||||
Human Resources — 0.3% |
| |||||||
ManpowerGroup, Inc. | 1,878 | 162,728 | ||||||
Paylocity Holding Corp.† | 295 | 57,997 | ||||||
Robert Half International, Inc. | 3,104 | 199,215 | ||||||
419,940 | ||||||||
Independent Power Producers — 0.4% |
| |||||||
NRG Energy, Inc. | 6,654 | 217,919 | ||||||
Vistra Corp. | 16,852 | 314,795 | ||||||
532,714 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Cognex Corp. | 460 | 34,564 | ||||||
Rockwell Automation, Inc. | 501 | 128,036 | ||||||
162,600 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 529 | 148,194 | ||||||
Linde PLC | 1,004 | 257,446 | ||||||
405,640 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Honeywell International, Inc. | 667 | 136,015 | ||||||
Mettler-Toledo International, Inc.† | 252 | 289,810 | ||||||
425,825 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
PerkinElmer, Inc. | 557 | 74,081 | ||||||
Waters Corp.† | 750 | 174,007 | ||||||
248,088 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC, Class A | 1,283 | 262,874 | ||||||
Arthur J. Gallagher & Co. | 1,007 | 116,218 | ||||||
Brown & Brown, Inc. | 2,050 | 92,311 | ||||||
Marsh & McLennan Cos., Inc. | 2,127 | 243,839 | ||||||
715,242 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
American National Group, Inc. | 1,274 | 108,010 | ||||||
Athene Holding, Ltd., Class A† | 1,919 | 85,108 | ||||||
Primerica, Inc. | 293 | 38,169 | ||||||
Principal Financial Group, Inc. | 1,834 | 91,315 | ||||||
Unum Group | 4,802 | 106,748 | ||||||
Voya Financial, Inc. | 1,401 | 80,739 | ||||||
510,089 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Multi-line — 0.2% |
| |||||||
Allstate Corp. | 1,439 | $ | 147,282 | |||||
Chubb, Ltd. | 709 | 104,811 | ||||||
Hartford Financial Services Group, Inc. | 953 | 42,123 | ||||||
294,216 | ||||||||
Insurance - Property/Casualty — 1.4% |
| |||||||
Arch Capital Group, Ltd.† | 1,799 | 57,919 | ||||||
Assurant, Inc. | 573 | 73,986 | ||||||
Berkshire Hathaway, Inc., Class B† | 5,215 | 1,193,766 | ||||||
Erie Indemnity Co., Class A | 312 | 70,390 | ||||||
Fidelity National Financial, Inc. | 850 | 30,591 | ||||||
First American Financial Corp. | 1,039 | 50,329 | ||||||
Hanover Insurance Group, Inc. | 483 | 54,265 | ||||||
Markel Corp.† | 37 | 36,032 | ||||||
Mercury General Corp. | 646 | 28,728 | ||||||
Progressive Corp. | 2,650 | 230,841 | ||||||
Travelers Cos., Inc. | 637 | 82,587 | ||||||
White Mountains Insurance Group, Ltd. | 46 | 44,160 | ||||||
WR Berkley Corp. | 767 | 49,955 | ||||||
2,003,549 | ||||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Axis Capital Holdings, Ltd. | 907 | 45,450 | ||||||
Everest Re Group, Ltd. | 258 | 58,651 | ||||||
Reinsurance Group of America, Inc. | 492 | 56,718 | ||||||
RenaissanceRe Holdings, Ltd. | 433 | 71,289 | ||||||
232,108 | ||||||||
Internet Application Software — 0.2% |
| |||||||
Anaplan, Inc.† | 1,790 | 125,282 | ||||||
Okta, Inc.† | 406 | 99,486 | ||||||
Zendesk, Inc.† | 859 | 114,677 | ||||||
339,445 | ||||||||
Internet Content - Entertainment — 2.3% |
| |||||||
Facebook, Inc., Class A† | 8,910 | 2,467,803 | ||||||
Netflix, Inc.† | 980 | 480,886 | ||||||
Roku, Inc.† | 343 | 100,694 | ||||||
Spotify Technology SA† | 650 | 189,390 | ||||||
Twitter, Inc.† | 1,525 | 70,928 | ||||||
3,309,701 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 960 | 156,298 | ||||||
Internet Security — 0.2% |
| |||||||
NortonLifeLock, Inc. | 9,107 | 166,021 | ||||||
Palo Alto Networks, Inc.† | 353 | 103,754 | ||||||
Proofpoint, Inc.† | 362 | 37,463 | ||||||
307,238 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Ameriprise Financial, Inc. | 684 | 126,704 | ||||||
BlackRock, Inc. | 241 | 168,302 | ||||||
Eaton Vance Corp. | 1,926 | 129,004 | ||||||
Franklin Resources, Inc. | 1,531 | 33,667 | ||||||
Invesco, Ltd. | 9,692 | 157,301 | ||||||
LPL Financial Holdings, Inc. | 1,679 | 152,403 | ||||||
T. Rowe Price Group, Inc. | 1,305 | 187,150 | ||||||
954,531 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Acuity Brands, Inc. | 1,365 | 162,053 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Lincoln Electric Holdings, Inc. | 1,114 | 128,110 | ||||||
233 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 759 | $ | 131,755 | |||||
Oshkosh Corp. | 552 | 44,436 | ||||||
176,191 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
BWX Technologies, Inc. | 996 | 56,652 | ||||||
Regal Beloit Corp. | 1,162 | 138,325 | ||||||
Vertiv Holdings Co. | 1,966 | 36,784 | ||||||
231,761 | ||||||||
Machinery - Farming — 0.3% |
| |||||||
AGCO Corp. | 1,729 | 159,950 | ||||||
Deere & Co. | 581 | 152,001 | ||||||
Toro Co. | 1,798 | 163,097 | ||||||
475,048 | ||||||||
Machinery - General Industrial — 0.3% |
| |||||||
Gates Industrial Corp. PLC† | 13,221 | 170,286 | ||||||
IDEX Corp. | 236 | 45,583 | ||||||
Nordson Corp. | 252 | 51,360 | ||||||
Otis Worldwide Corp. | 507 | 33,939 | ||||||
Westinghouse Air Brake Technologies Corp. | 956 | 70,075 | ||||||
371,243 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Curtiss-Wright Corp. | 471 | 54,288 | ||||||
Dover Corp. | 524 | 63,944 | ||||||
Graco, Inc. | 2,034 | 137,783 | ||||||
Xylem, Inc. | 558 | 53,551 | ||||||
309,566 | ||||||||
Machinery - Thermal Process — 0.1% |
| |||||||
GrafTech International, Ltd. | 12,787 | 101,017 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 2,816 | 210,749 | ||||||
Medical Instruments — 0.8% |
| |||||||
Bio-Techne Corp. | 305 | 92,510 | ||||||
Boston Scientific Corp.† | 2,980 | 98,787 | ||||||
Bruker Corp. | 1,745 | 88,314 | ||||||
Edwards Lifesciences Corp.† | 3,384 | 283,884 | ||||||
Integra LifeSciences Holdings Corp.† | 832 | 45,535 | ||||||
Intuitive Surgical, Inc.† | 336 | 243,953 | ||||||
Medtronic PLC | 2,757 | 313,471 | ||||||
1,166,454 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Catalent, Inc.† | 1,060 | 101,908 | ||||||
Charles River Laboratories International, Inc.† | 815 | 191,134 | ||||||
IQVIA Holdings, Inc.† | 831 | 140,431 | ||||||
Laboratory Corp. of America Holdings† | 679 | 135,691 | ||||||
PPD, Inc.† | 1,729 | 60,515 | ||||||
Quest Diagnostics, Inc. | 732 | 90,753 | ||||||
Syneos Health, Inc.† | 1,257 | 82,761 | ||||||
Teladoc Health, Inc.†# | 187 | 37,170 | ||||||
840,363 | ||||||||
Medical Products — 1.4% |
| |||||||
Abbott Laboratories | 4,750 | 514,045 | ||||||
ABIOMED, Inc.† | 563 | 154,318 | ||||||
Baxter International, Inc. | 1,452 | 110,454 | ||||||
Cooper Cos., Inc. | 302 | 101,236 | ||||||
Envista Holdings Corp.† | 2,579 | 76,674 | ||||||
Globus Medical, Inc., Class A† | 1,068 | 64,165 | ||||||
Hill-Rom Holdings, Inc. | 493 | 46,766 | ||||||
Hologic, Inc.† | 1,053 | 72,794 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Masimo Corp.† | 738 | $ | 187,814 | |||||
Penumbra, Inc.† | 723 | 160,434 | ||||||
STERIS PLC | 520 | 100,781 | ||||||
Stryker Corp. | 956 | 223,130 | ||||||
Varian Medical Systems, Inc.† | 328 | 57,065 | ||||||
West Pharmaceutical Services, Inc. | 480 | 132,077 | ||||||
Zimmer Biomet Holdings, Inc. | 425 | 63,376 | ||||||
2,065,129 | ||||||||
Medical - Biomedical/Gene — 1.9% |
| |||||||
Acceleron Pharma, Inc.† | 247 | 29,163 | ||||||
Alexion Pharmaceuticals, Inc.† | 1,509 | 184,264 | ||||||
Alnylam Pharmaceuticals, Inc.† | 484 | 62,876 | ||||||
Amgen, Inc. | 2,316 | 514,245 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 183 | 98,546 | ||||||
Biogen, Inc.† | 1,249 | 299,972 | ||||||
BioMarin Pharmaceutical, Inc.† | 778 | 61,229 | ||||||
Exelixis, Inc.† | 5,250 | 100,590 | ||||||
Gilead Sciences, Inc. | 5,848 | 354,798 | ||||||
Illumina, Inc.† | 529 | 170,386 | ||||||
Incyte Corp.† | 1,764 | 149,129 | ||||||
Ionis Pharmaceuticals, Inc.† | 568 | 28,701 | ||||||
Moderna, Inc.† | 660 | 100,808 | ||||||
Regeneron Pharmaceuticals, Inc.† | 248 | 127,975 | ||||||
Seagen, Inc.† | 828 | 141,017 | ||||||
United Therapeutics Corp.† | 1,260 | 167,126 | ||||||
Vertex Pharmaceuticals, Inc.† | 1,123 | 255,763 | ||||||
2,846,588 | ||||||||
Medical - Drugs — 3.6% |
| |||||||
AbbVie, Inc. | 6,091 | 636,997 | ||||||
Alkermes PLC† | 5,688 | 103,863 | ||||||
Bristol-Myers Squibb Co. | 7,835 | 488,904 | ||||||
Eli Lilly & Co. | 3,114 | 453,554 | ||||||
Horizon Therapeutics PLC† | 2,765 | 194,739 | ||||||
Jazz Pharmaceuticals PLC† | 1,668 | 234,704 | ||||||
Johnson & Johnson | 9,975 | 1,443,183 | ||||||
Merck & Co., Inc. | 9,860 | 792,645 | ||||||
Pfizer, Inc. | 16,304 | 624,606 | ||||||
PRA Health Sciences, Inc.† | 545 | 61,149 | ||||||
Zoetis, Inc. | 2,039 | 327,015 | ||||||
5,361,359 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Perrigo Co. PLC | 2,713 | 130,821 | ||||||
Viatris, Inc.† | 19,237 | 323,566 | ||||||
454,387 | ||||||||
Medical - HMO — 1.4% |
| |||||||
Anthem, Inc. | 997 | 310,585 | ||||||
Centene Corp.† | 2,016 | 124,286 | ||||||
Humana, Inc. | 760 | 304,395 | ||||||
Molina Healthcare, Inc.† | 352 | 71,854 | ||||||
UnitedHealth Group, Inc. | 3,652 | 1,228,314 | ||||||
2,039,434 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Acadia Healthcare Co., Inc.† | 1,995 | 84,688 | ||||||
HCA Healthcare, Inc. | 668 | 100,273 | ||||||
Universal Health Services, Inc., Class B | 1,272 | 166,098 | ||||||
351,059 | ||||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Amedisys, Inc.† | 314 | 76,864 | ||||||
Chemed mCorp. | 323 | 154,475 | ||||||
231,339 | ||||||||
234 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Wholesale Drug Distribution — 0.6% |
| |||||||
AmerisourceBergen Corp. | 1,622 | $ | 167,244 | |||||
Cardinal Health, Inc. | 2,386 | 130,252 | ||||||
Henry Schein, Inc.† | 3,403 | 218,847 | ||||||
McKesson Corp. | 1,530 | 275,262 | ||||||
Premier, Inc., Class A | 1,455 | 51,536 | ||||||
843,141 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Timken Co. | 2,145 | 157,529 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 1,545 | 36,138 | ||||||
Southern Copper Corp. | 711 | 42,212 | ||||||
78,350 | ||||||||
Motion Pictures & Services — 0.3% |
| |||||||
Lions Gate Entertainment Corp., Class A†# | 21,731 | 211,660 | ||||||
Lions Gate Entertainment Corp., Class B† | 22,961 | 206,190 | ||||||
417,850 | ||||||||
Multilevel Direct Selling — 0.2% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 4,711 | 242,664 | ||||||
Multimedia — 0.4% |
| |||||||
FactSet Research Systems, Inc. | 511 | 170,552 | ||||||
Walt Disney Co. | 2,624 | 388,378 | ||||||
558,930 | ||||||||
Networking Products — 0.4% |
| |||||||
Arista Networks, Inc.† | 192 | 51,974 | ||||||
Cisco Systems, Inc. | 13,557 | 583,222 | ||||||
635,196 | ||||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 1,051 | 101,652 | ||||||
Waste Management, Inc. | 883 | 105,192 | ||||||
206,844 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 395 | 149,476 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 446 | 66,606 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Helmerich & Payne, Inc. | 3,957 | 90,101 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
EOG Resources, Inc. | 757 | 35,488 | ||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Chevron Corp. | 2,834 | 247,068 | ||||||
Exxon Mobil Corp. | 4,785 | 182,452 | ||||||
429,520 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 7,325 | 89,804 | ||||||
Oil Refining & Marketing — 0.1% |
| |||||||
HollyFrontier Corp. | 3,708 | 86,730 | ||||||
Valero Energy Corp. | 1,290 | 69,363 | ||||||
156,093 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Baker Hughes Co. | 2,163 | 40,492 | ||||||
Halliburton Co. | 4,302 | 71,370 | ||||||
111,862 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 2,498 | 123,601 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
Insulet Corp.† | 598 | $ | 154,111 | |||||
Pharmacy Services — 0.6% |
| |||||||
Cigna Corp. | 1,855 | 387,955 | ||||||
CVS Health Corp. | 6,721 | 455,616 | ||||||
843,571 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
Encompass Health Corp. | 758 | 61,080 | ||||||
Pipelines — 0.0% |
| |||||||
Kinder Morgan, Inc. | 3,119 | 44,851 | ||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.† | 6,855 | 129,491 | ||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Generac Holdings, Inc.† | 410 | 88,396 | ||||||
Professional Sports — 0.0% |
| |||||||
Madison Square Garden Sports Corp.† | 219 | 37,099 | ||||||
Protection/Safety — 0.0% |
| |||||||
ADT, Inc. | 9,437 | 73,325 | ||||||
Publishing - Newspapers — 0.2% |
| |||||||
New York Times Co., Class A | 4,502 | 193,181 | ||||||
News Corp., Class A | 4,225 | 74,571 | ||||||
News Corp., Class B | 3,963 | 70,581 | ||||||
338,333 | ||||||||
Radio — 0.2% |
| |||||||
Liberty Media Corp. — Liberty SiriusXM, Series A† | 3,451 | 141,284 | ||||||
Liberty Media Corp. — Liberty SiriusXM, Series C† | 4,123 | 169,084 | ||||||
310,368 | ||||||||
Real Estate Investment Trusts — 2.0% |
| |||||||
AGNC Investment Corp. | 2,078 | 31,752 | ||||||
Alexandria Real Estate Equities, Inc. | 452 | 74,006 | ||||||
American Homes 4 Rent, Class A | 1,910 | 54,855 | ||||||
American Tower Corp. | 846 | 195,595 | ||||||
Americold Realty Trust# | 1,227 | 41,878 | ||||||
Apple Hospitality REIT, Inc. | 4,210 | 55,825 | ||||||
Brandywine Realty Trust | 3,607 | 40,146 | ||||||
Brixmor Property Group, Inc. | 5,485 | 83,756 | ||||||
Brookfield Property REIT, Inc., Class A# | 16,034 | 251,253 | ||||||
Camden Property Trust | 460 | 45,462 | ||||||
CoreSite Realty Corp. | 306 | 38,369 | ||||||
Corporate Office Properties Trust | 1,691 | 45,031 | ||||||
Crown Castle International Corp. | 933 | 156,343 | ||||||
CubeSmart | 1,243 | 40,435 | ||||||
CyrusOne, Inc. | 421 | 29,432 | ||||||
Digital Realty Trust, Inc. | 646 | 87,049 | ||||||
Duke Realty Corp. | 1,599 | 60,858 | ||||||
Empire State Realty Trust, Inc., Class A | 14,939 | 135,198 | ||||||
Equinix, Inc. | 211 | 147,234 | ||||||
Equity Commonwealth | 1,890 | 50,104 | ||||||
Equity LifeStyle Properties, Inc. | 959 | 56,188 | ||||||
Equity Residential | 551 | 31,914 | ||||||
Essex Property Trust, Inc. | 189 | 46,471 | ||||||
Extra Space Storage, Inc. | 643 | 72,485 | ||||||
First Industrial Realty Trust, Inc. | 963 | 40,330 | ||||||
Gaming and Leisure Properties, Inc. | 1,171 | 48,643 | ||||||
Healthcare Trust of America, Inc., Class A | 1,926 | 50,134 | ||||||
Invitation Homes, Inc. | 1,963 | 56,103 | ||||||
Life Storage, Inc. | 475 | 52,117 | ||||||
Medical Properties Trust, Inc. | 2,120 | 41,128 | ||||||
Mid-America Apartment Communities, Inc. | 603 | 76,074 | ||||||
Paramount Group, Inc. | 12,401 | 114,709 |
235 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Prologis, Inc. | 1,538 | $ | 153,877 | |||||
Public Storage | 350 | 78,561 | ||||||
Realty Income Corp. | 734 | 44,018 | ||||||
SBA Communications Corp. | 326 | 93,621 | ||||||
Simon Property Group, Inc. | 413 | 34,101 | ||||||
Spirit Realty Capital, Inc.# | 962 | 35,440 | ||||||
STORE Capital Corp. | 1,403 | 45,682 | ||||||
Sun Communities, Inc. | 498 | 69,222 | ||||||
VEREIT, Inc. | 4,816 | 34,145 | ||||||
2,939,544 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
CBRE Group, Inc., Class A† | 2,063 | 126,132 | ||||||
Jones Lang LaSalle, Inc. | 1,298 | 171,712 | ||||||
297,844 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Polaris, Inc. | 656 | 62,976 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
AMERCO | 85 | 35,209 | ||||||
United Rentals, Inc.† | 308 | 69,910 | ||||||
105,119 | ||||||||
Resort/Theme Parks — 0.0% |
| |||||||
Vail Resorts, Inc. | 157 | 43,307 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 875 | 183,400 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Burlington Stores, Inc.† | 655 | 143,144 | ||||||
Foot Locker, Inc. | 2,216 | 82,878 | ||||||
Gap, Inc. | 8,674 | 181,807 | ||||||
L Brands, Inc. | 6,664 | 258,630 | ||||||
Lululemon Athletica, Inc.† | 964 | 356,892 | ||||||
Ross Stores, Inc. | 1,435 | 154,291 | ||||||
1,177,642 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
Advance Auto Parts, Inc. | 711 | 105,015 | ||||||
AutoZone, Inc.† | 168 | 191,125 | ||||||
Genuine Parts Co. | 1,012 | 99,550 | ||||||
O’Reilly Automotive, Inc.† | 386 | 170,782 | ||||||
566,472 | ||||||||
Retail - Automobile — 0.4% |
| |||||||
AutoNation, Inc.† | 4,845 | 296,950 | ||||||
CarMax, Inc.† | 666 | 62,258 | ||||||
Carvana Co.†# | 250 | 62,552 | ||||||
Penske Automotive Group, Inc. | 2,925 | 161,080 | ||||||
582,840 | ||||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 4,043 | 1,121,569 | ||||||
Lowe’s Cos., Inc. | 3,036 | 473,069 | ||||||
1,594,638 | ||||||||
Retail - Catalog Shopping — 0.3% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 2,111 | 175,888 | ||||||
Qurate Retail, Inc. | 21,180 | 221,755 | ||||||
397,643 | ||||||||
Retail - Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 2,267 | 246,650 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Casey’s General Stores, Inc. | 863 | 156,790 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Discount — 1.7% |
| |||||||
Costco Wholesale Corp. | 1,827 | $ | 715,764 | |||||
Dollar General Corp. | 1,135 | 248,088 | ||||||
Dollar Tree, Inc.† | 1,234 | 134,802 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 366 | 32,230 | ||||||
Target Corp. | 2,726 | 489,399 | ||||||
Walmart, Inc. | 6,096 | 931,408 | ||||||
2,551,691 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 6,332 | 240,679 | ||||||
Retail - Floor Coverings — 0.1% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 1,007 | 80,651 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 1,226 | 172,633 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Williams-Sonoma, Inc. | 1,545 | 169,131 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 5,194 | 134,629 | ||||||
TJX Cos., Inc. | 5,379 | 341,620 | ||||||
476,249 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 467 | 128,612 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Kohl’s Corp. | 13,984 | 450,285 | ||||||
Retail - Restaurants — 0.7% |
| |||||||
Chipotle Mexican Grill, Inc.† | 66 | 85,102 | ||||||
Domino’s Pizza, Inc. | 497 | 195,107 | ||||||
McDonald’s Corp. | 1,736 | 377,476 | ||||||
Starbucks Corp. | 1,115 | 109,292 | ||||||
Yum China Holdings, Inc. | 1,553 | 87,558 | ||||||
Yum! Brands, Inc. | 1,643 | 173,830 | ||||||
1,028,365 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Dick’s Sporting Goods, Inc. | 1,206 | 68,513 | ||||||
Satellite Telecom — 0.0% |
| |||||||
EchoStar Corp., Class A† | 2,393 | 56,882 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
New York Community Bancorp, Inc. | 3,854 | 37,345 | ||||||
Sterling Bancorp | 2,567 | 41,021 | ||||||
TFS Financial Corp. | 3,286 | 56,519 | ||||||
134,885 | ||||||||
Schools — 0.3% |
| |||||||
2U, Inc.†# | 2,278 | 73,602 | ||||||
Bright Horizons Family Solutions, Inc.† | 231 | 39,295 | ||||||
Chegg, Inc.† | 574 | 44,732 | ||||||
Graham Holdings Co., Class B | 478 | 213,676 | ||||||
371,305 | ||||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 1,055 | 146,729 | ||||||
Cirrus Logic, Inc.† | 1,936 | 155,074 | ||||||
Maxim Integrated Products, Inc. | 2,074 | 172,225 | ||||||
QUALCOMM, Inc. | 4,947 | 728,050 | ||||||
1,202,078 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc. | 4,778 | 394,089 | ||||||
Entegris, Inc. | 1,085 | 100,493 | ||||||
KLA Corp. | 565 | 142,363 |
236 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment (continued) |
| |||||||
Lam Research Corp. | 533 | $ | 241,268 | |||||
MKS Instruments, Inc. | 403 | 55,606 | ||||||
Teradyne, Inc. | 2,250 | 248,265 | ||||||
1,182,084 | ||||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 892 | 78,291 | ||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc., Class A†# | 494 | 69,106 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
Valmont Industries, Inc. | 334 | 54,435 | ||||||
Steel - Producers — 0.3% |
| |||||||
Nucor Corp. | 1,724 | 92,579 | ||||||
Reliance Steel & Aluminum Co. | 1,694 | 199,553 | ||||||
Steel Dynamics, Inc. | 2,498 | 90,453 | ||||||
382,585 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Ciena Corp.† | 1,415 | 63,392 | ||||||
Corning, Inc. | 1,471 | 55,045 | ||||||
118,437 | ||||||||
Telecom Services — 0.0% |
| |||||||
Switch, Inc., Class A | 3,825 | 60,397 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
CommScope Holding Co., Inc.† | 8,178 | 96,909 | ||||||
Juniper Networks, Inc. | 2,135 | 46,479 | ||||||
143,388 | ||||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 21,421 | 615,854 | ||||||
CenturyLink, Inc. | 18,113 | 189,281 | ||||||
GCI Liberty, Inc., Class A† | 1,081 | 98,500 | ||||||
Verizon Communications, Inc. | 13,293 | 803,030 | ||||||
1,706,665 | ||||||||
Television — 0.1% |
| |||||||
Nexstar Media Group, Inc., Class A | 526 | 55,361 | ||||||
ViacomCBS, Inc., Class A | 1,916 | 69,896 | ||||||
ViacomCBS, Inc., Class B | 2,692 | 94,974 | ||||||
220,231 | ||||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 622 | 78,266 | ||||||
Therapeutics — 0.1% |
| |||||||
Neurocrine Biosciences, Inc.† | 680 | 64,559 | ||||||
Sarepta Therapeutics, Inc.† | 182 | 25,637 | ||||||
90,196 | ||||||||
Tobacco — 0.4% |
| |||||||
Altria Group, Inc. | 3,481 | 138,648 | ||||||
Philip Morris International, Inc. | 5,784 | 438,138 | ||||||
576,786 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 437 | 76,846 | ||||||
Toys — 0.1% |
| |||||||
Mattel, Inc.† | 5,097 | 78,952 | ||||||
Transport - Marine — 0.0% |
| |||||||
Kirby Corp.† | 915 | 46,299 | ||||||
Transport - Rail — 0.3% |
| |||||||
CSX Corp. | 633 | 57,002 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Rail (continued) |
| |||||||
Kansas City Southern | 397 | $ | 73,909 | |||||
Norfolk Southern Corp. | 276 | 65,417 | ||||||
Union Pacific Corp. | 1,084 | 221,223 | ||||||
417,551 | ||||||||
Transport - Services — 0.4% |
| |||||||
C.H. Robinson Worldwide, Inc. | 1,817 | 170,743 | ||||||
Expeditors International of Washington, Inc. | 556 | 49,690 | ||||||
FedEx Corp. | 384 | 110,047 | ||||||
United Parcel Service, Inc., Class B | 1,144 | 195,704 | ||||||
526,184 | ||||||||
Transport - Truck — 0.3% |
| |||||||
JB Hunt Transport Services, Inc. | 406 | 54,924 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,244 | 51,365 | ||||||
Landstar System, Inc. | 1,184 | 155,601 | ||||||
Old Dominion Freight Line, Inc. | 492 | 100,053 | ||||||
Schneider National, Inc., Class B | 2,629 | 54,946 | ||||||
XPO Logistics, Inc.† | 674 | 71,902 | ||||||
488,791 | ||||||||
Travel Services — 0.0% |
| |||||||
Virgin Galactic Holdings, Inc.†# | 1,552 | 41,299 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc.†# | 1,170 | 35,790 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Herbalife Nutrition, Ltd.† | 4,215 | 201,941 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 633 | 97,089 | ||||||
Essential Utilities, Inc. | 1,100 | 49,808 | ||||||
146,897 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 718 | 37,207 | ||||||
Web Hosting/Design — 0.2% |
| |||||||
GoDaddy, Inc., Class A† | 663 | 52,735 | ||||||
VeriSign, Inc.† | 873 | 175,229 | ||||||
227,964 | ||||||||
Web Portals/ISP — 2.6% |
| |||||||
Alphabet, Inc., Class A† | 1,080 | 1,894,752 | ||||||
Alphabet, Inc., Class C† | 1,081 | 1,903,360 | ||||||
3,798,112 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Motorola Solutions, Inc. | 949 | 162,782 | ||||||
Ubiquiti, Inc. | 729 | 180,872 | ||||||
343,654 | ||||||||
Total Common Stocks | ||||||||
(cost $97,957,186) | 141,438,779 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Retail-Catalog Shopping — 0.1% |
| |||||||
Qurate Retail, Inc.8.00% | 635 | 62,376 | ||||||
EXCHANGE - TRADED FUNDS — 3.2% |
| |||||||
Vanguard Russell 1000 ETF | 27,993 | 4,738,375 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $102,422,339) | 146,239,530 | |||||||
237 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.4% |
| |||||||
Registered Investment Companies — 0.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) | 620,388 | $ | 620,388 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $103,042,727) (3) | 100.0 | % | 146,859,918 | |||||
Other assets less liabilities | 0.0 | 34,872 | ||||||
NET ASSETS | 100.0 | % | $ | 146,894,790 | ||||
† | 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 November 30, 2020. |
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $1,910,998. This was secured by collateral of $620,388, which was received in cash and subsequently invested in short-term investments currently valued at $620,388 as reported in the Portfolio of Investments. Additional collateral of $1,385,679 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 123,238 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 330,943 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 11,342 | |||||
United States Treasury Bills | 0.00% | 12/03/2020 to 07/15/2021 | 58,202 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/15/2020 to 11/15/2049 | 861,954 |
(3) | See Note 5 for cost of investments on a tax basis. |
ETF — Exchange Traded Fund
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 146,239,530 | $ | — | $ | — | $ | 146,239,530 | ||||||||
Registered Investment Companies | 620,388 | — | — | 620,388 | ||||||||||||
Total Investments at Value | $ | 146,859,918 | $ | — | $ | — | $ | 146,859,918 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
238 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Insurance — Property/Casualty | 5.4 | % | ||
Electronic Components — Semiconductors | 4.6 | |||
Medical — Drugs | 4.6 | |||
Oil Companies — Integrated | 3.9 | |||
Investment Management/Advisor Services | 3.9 | |||
Beverages — Non-alcoholic | 3.6 | |||
Medical — HMO | 3.5 | |||
Computer Services | 3.1 | |||
Medical — Biomedical/Gene | 3.0 | |||
Data Processing/Management | 3.0 | |||
Insurance Brokers | 2.9 | |||
Insurance — Life/Health | 2.5 | |||
Finance — Other Services | 2.4 | |||
Aerospace/Defense — Equipment | 2.4 | |||
Cosmetics & Toiletries | 2.3 | |||
Pharmacy Services | 2.1 | |||
Auto — Cars/Light Trucks | 2.1 | |||
Transport — Services | 2.0 | |||
Building — Residential/Commercial | 2.0 | |||
Enterprise Software/Service | 2.0 | |||
Tobacco | 1.9 | |||
Electronic Measurement Instruments | 1.9 | |||
Aerospace/Defense | 1.7 | |||
Medical — Wholesale Drug Distribution | 1.5 | |||
Medical Products | 1.3 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Advertising Agencies | 1.3 | |||
Food — Misc./Diversified | 1.2 | |||
Retail — Discount | 1.2 | |||
Broadcast Services/Program | 1.2 | |||
Beverages — Wine/Spirits | 1.1 | |||
Television | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Private Equity | 1.0 | |||
Retail — Restaurants | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Consumer Products — Misc. | 1.0 | |||
Medical Labs & Testing Services | 0.9 | |||
Insurance — Multi-line | 0.9 | |||
Food — Confectionery | 0.9 | |||
Computers | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Instruments — Scientific | 0.9 | |||
Auto — Heavy Duty Trucks | 0.8 | |||
Commercial Services — Finance | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Electronic Parts Distribution | 0.7 | |||
Food — Meat Products | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Electronic Components — Misc. | 0.6 | |||
Steel — Producers | 0.6 | |||
Computer Software | 0.6 | |||
Retail — Automobile | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Banks — Fiduciary | 0.5 | |||
Registered Investment Companies | 0.5 | |||
Tools — Hand Held | 0.5 | |||
Real Estate Investment Trusts | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Building — Maintenance & Services | 0.4 | |||
Electric — Integrated | 0.3 | |||
Transport — Truck | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
239 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.0% |
| |||||||
Advertising Agencies — 1.3% |
| |||||||
Omnicom Group, Inc. | 9,145 | $ | 576,135 | |||||
Aerospace/Defense — 1.7% |
| |||||||
General Dynamics Corp. | 1,895 | 283,018 | ||||||
Raytheon Technologies Corp. | 6,561 | 470,555 | ||||||
753,573 | ||||||||
Aerospace/Defense - Equipment — 2.4% |
| |||||||
L3Harris Technologies, Inc. | 5,725 | 1,099,143 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
VF Corp. | 3,136 | 261,542 | ||||||
Auto - Cars/Light Trucks — 2.1% |
| |||||||
Ford Motor Co. | 46,074 | 418,352 | ||||||
General Motors Co. | 12,123 | 531,472 | ||||||
949,824 | ||||||||
Auto - Heavy Duty Trucks — 0.8% |
| |||||||
PACCAR, Inc. | 4,334 | 377,318 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Autoliv, Inc. | 1,468 | 130,725 | ||||||
BorgWarner, Inc. | 5,544 | 215,385 | ||||||
346,110 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 6,277 | 245,556 | ||||||
Beverages - Non-alcoholic — 3.6% |
| |||||||
Coca-Cola Co. | 12,725 | 656,610 | ||||||
Keurig Dr Pepper, Inc. | 11,144 | 339,335 | ||||||
PepsiCo, Inc. | 4,413 | 636,487 | ||||||
1,632,432 | ||||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Brown-Forman Corp., Class B | 6,277 | 506,303 | ||||||
Broadcast Services/Program — 1.2% |
| |||||||
Discovery, Inc., Class A†# | 8,413 | 226,394 | ||||||
Discovery, Inc., Class C† | 12,625 | 303,252 | ||||||
529,646 | ||||||||
Building - Maintenance & Services — 0.4% |
| |||||||
Rollins, Inc. | 3,014 | 172,340 | ||||||
Building - Residential/Commercial — 2.0% |
| |||||||
D.R. Horton, Inc. | 4,748 | 353,726 | ||||||
Lennar Corp., Class A | 4,173 | 316,564 | ||||||
PulteGroup, Inc. | 5,459 | 238,176 | ||||||
908,466 | ||||||||
Commercial Services - Finance — 0.8% |
| |||||||
Equifax, Inc. | 2,183 | 364,343 | ||||||
Computer Services — 3.1% |
| |||||||
Accenture PLC, Class A | 3,663 | 912,417 | ||||||
International Business Machines Corp. | 3,896 | 481,234 | ||||||
1,393,651 | ||||||||
Computer Software — 0.6% |
| |||||||
Datadog, Inc., Class A† | 2,786 | 275,591 | ||||||
Computers — 0.9% |
| |||||||
Dell Technologies, Inc., Class C† | 5,843 | 403,342 | ||||||
Consumer Products - Misc. — 1.0% |
| |||||||
Clorox Co. | 626 | 127,053 | ||||||
Kimberly-Clark Corp. | 2,258 | 314,562 | ||||||
441,615 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cosmetics & Toiletries — 2.3% |
| |||||||
Colgate-Palmolive Co. | 2,689 | $ | 230,286 | |||||
Procter & Gamble Co. | 5,961 | 827,804 | ||||||
1,058,090 | ||||||||
Data Processing/Management — 3.0% |
| |||||||
Fidelity National Information Services, Inc. | 6,277 | 931,570 | ||||||
Paychex, Inc. | 4,397 | 409,580 | ||||||
1,341,150 | ||||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
3M Co. | 2,571 | 444,089 | ||||||
Electric Products - Misc. — 0.7% |
| |||||||
Emerson Electric Co. | �� | 3,994 | 306,819 | |||||
Electric - Integrated — 0.3% |
| |||||||
CenterPoint Energy, Inc. | 6,809 | 157,901 | ||||||
Electronic Components - Misc. — 0.6% |
| |||||||
Garmin, Ltd. | 2,416 | 282,092 | ||||||
Electronic Components - Semiconductors — 4.6% |
| |||||||
Intel Corp. | 21,185 | 1,024,295 | ||||||
Micron Technology, Inc.† | 9,235 | 591,871 | ||||||
Qorvo, Inc.† | 1,363 | 213,555 | ||||||
Skyworks Solutions, Inc. | 1,925 | 271,752 | ||||||
2,101,473 | ||||||||
Electronic Measurement Instruments — 1.9% |
| |||||||
FLIR Systems, Inc. | 2,571 | 98,315 | ||||||
Roper Technologies, Inc. | 1,120 | 478,240 | ||||||
Trimble, Inc.† | 4,934 | 295,399 | ||||||
871,954 | ||||||||
Electronic Parts Distribution — 0.7% |
| |||||||
Arrow Electronics, Inc.† | 3,469 | 317,934 | ||||||
Enterprise Software/Service — 2.0% |
| |||||||
Black Knight, Inc.† | 4,208 | 385,537 | ||||||
Oracle Corp. | 8,847 | 510,649 | ||||||
896,186 | ||||||||
Finance - Credit Card — 0.7% |
| |||||||
Western Union Co. | 13,364 | 301,492 | ||||||
Finance - Other Services — 2.4% |
| |||||||
Cboe Global Markets, Inc. | 3,459 | 315,876 | ||||||
CME Group, Inc. | 4,523 | 791,661 | ||||||
1,107,537 | ||||||||
Food - Confectionery — 0.9% |
| |||||||
Mondelez International, Inc., Class A | 7,046 | 404,793 | ||||||
Food - Meat Products — 0.7% |
| |||||||
Tyson Foods, Inc., Class A | 4,712 | 307,222 | ||||||
Food - Misc./Diversified — 1.2% |
| |||||||
Campbell Soup Co. | 2,640 | 132,053 | ||||||
General Mills, Inc. | 4,325 | 263,046 | ||||||
Kellogg Co. | 2,688 | 171,790 | ||||||
566,889 | ||||||||
Industrial Automated/Robotic — 0.4% |
| |||||||
Rockwell Automation, Inc. | 683 | 174,547 | ||||||
Instruments - Scientific — 0.9% |
| |||||||
PerkinElmer, Inc. | 2,922 | 388,626 | ||||||
Insurance Brokers — 2.9% |
| |||||||
Arthur J. Gallagher & Co. | 4,135 | 477,220 | ||||||
Brown & Brown, Inc. | 5,737 | 258,337 |
240 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance Brokers (continued) |
| |||||||
Marsh & McLennan Cos., Inc. | 5,248 | $ | 601,631 | |||||
1,337,188 | ||||||||
Insurance - Life/Health — 2.5% |
| |||||||
Aflac, Inc. | 5,837 | 256,419 | ||||||
Athene Holding, Ltd., Class A† | 3,746 | 166,135 | ||||||
Globe Life, Inc. | 1,494 | 139,091 | ||||||
Lincoln National Corp. | 4,637 | 218,959 | ||||||
Prudential Financial, Inc. | 5,004 | 378,403 | ||||||
1,159,007 | ||||||||
Insurance - Multi-line — 0.9% |
| |||||||
MetLife, Inc. | 8,979 | 414,560 | ||||||
Insurance - Property/Casualty — 5.4% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 5,347 | 1,223,982 | ||||||
Fidelity National Financial, Inc. | 15,363 | 552,914 | ||||||
Progressive Corp. | 7,667 | 667,872 | ||||||
2,444,768 | ||||||||
Investment Management/Advisor Services — 3.9% |
| |||||||
BlackRock, Inc. | 698 | 487,448 | ||||||
Franklin Resources, Inc. | 12,902 | 283,715 | ||||||
T. Rowe Price Group, Inc. | 6,913 | 991,394 | ||||||
1,762,557 | ||||||||
Machinery - General Industrial — 0.9% |
| |||||||
Westinghouse Air Brake Technologies Corp. | 5,318 | 389,809 | ||||||
Medical Labs & Testing Services — 0.9% |
| |||||||
Catalent, Inc.† | 2,456 | 236,120 | ||||||
Quest Diagnostics, Inc. | 1,454 | 180,267 | ||||||
416,387 | ||||||||
Medical Products — 1.3% |
| |||||||
Hologic, Inc.† | 7,217 | 498,911 | ||||||
Varian Medical Systems, Inc.† | 593 | 103,170 | ||||||
602,081 | ||||||||
Medical - Biomedical/Gene — 3.0% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 5,120 | 625,203 | ||||||
Biogen, Inc.† | 1,785 | 428,704 | ||||||
Seagen, Inc.† | 1,726 | 293,955 | ||||||
1,347,862 | ||||||||
Medical - Drugs — 4.6% |
| |||||||
Bristol-Myers Squibb Co. | 25,801 | 1,609,982 | ||||||
Jazz Pharmaceuticals PLC† | 3,281 | 461,670 | ||||||
2,071,652 | ||||||||
Medical - HMO — 3.5% |
| |||||||
Anthem, Inc. | 3,992 | 1,243,588 | ||||||
Centene Corp.† | 5,808 | 358,063 | ||||||
1,601,651 | ||||||||
Medical - Wholesale Drug Distribution — 1.5% |
| |||||||
AmerisourceBergen Corp. | 6,496 | 669,803 | ||||||
Oil Companies - Exploration & Production — 1.3% |
| |||||||
EOG Resources, Inc. | 7,811 | 366,180 | ||||||
Pioneer Natural Resources Co. | 2,304 | 231,736 | ||||||
597,916 | ||||||||
Oil Companies - Integrated — 3.9% |
| |||||||
Chevron Corp. | 10,256 | 894,118 | ||||||
Exxon Mobil Corp. | 22,818 | 870,050 | ||||||
1,764,168 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Pharmacy Services — 2.1% |
| |||||||
Cigna Corp. | 4,594 | $ | 960,789 | |||||
Private Equity — 1.0% |
| |||||||
Blackstone Group, Inc., Class A | 7,813 | 465,264 | ||||||
Real Estate Investment Trusts — 0.4% |
| |||||||
VEREIT, Inc. | 26,621 | 188,743 | ||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 936 | 138,247 | ||||||
Retail - Automobile — 0.6% |
| |||||||
CarMax, Inc.† | 2,871 | 268,381 | ||||||
Retail - Discount — 1.2% |
| |||||||
Walmart, Inc. | 3,683 | 562,726 | ||||||
Retail - Jewelry — 0.3% |
| |||||||
Tiffany & Co. | 1,136 | 149,361 | ||||||
Retail - Restaurants — 1.0% |
| |||||||
McDonald’s Corp. | 2,113 | 459,451 | ||||||
Steel - Producers — 0.6% |
| |||||||
Nucor Corp. | 5,181 | 278,220 | ||||||
Television — 1.1% |
| |||||||
ViacomCBS, Inc., Class B | 13,735 | 484,571 | ||||||
Tobacco — 1.9% |
| |||||||
Altria Group, Inc. | 9,718 | 387,068 | ||||||
Philip Morris International, Inc. | 6,573 | 497,905 | ||||||
884,973 | ||||||||
Tools - Hand Held — 0.5% |
| |||||||
Snap-on, Inc. | 1,199 | 210,844 | ||||||
Transport - Services — 2.0% |
| |||||||
C.H. Robinson Worldwide, Inc. | 1,640 | 154,111 | ||||||
Expeditors International of Washington, Inc. | 2,957 | 264,267 | ||||||
United Parcel Service, Inc., Class B | 2,956 | 505,683 | ||||||
924,061 | ||||||||
Transport - Truck — 0.3% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 3,809 | 157,274 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $41,163,626) | 44,978,038 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.5% |
| |||||||
Registered Investment Companies — 0.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) | 237,667 | 237,667 | ||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $482,000 and collateralized by $493,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $491,654 | $ | 482,000 | $ | 482,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $41,883,293)(3) | 100.6 | % | 45,697,705 | |||||
Liabilities in excess of other assets | (0.6 | ) | (263,138 | ) | ||||
NET ASSETS | 100.0 | % | $ | 45,434,567 | ||||
† | 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 November 30, 2020. |
241 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
(2) | At November 30, 2020, the Fund had loaned securities with a total value of $226,394. This was secured by collateral of $237,667, which was received in cash and subsequently invested in short-term investments currently valued at $237,667 as reported in the Portfolio of Investments. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 44,978,038 | $ | — | $ | — | $ | 44,978,038 | ||||||||
Short-Term Investment Securities | 237,667 | — | — | 237,667 | ||||||||||||
Repurchase Agreements | — | 482,000 | — | 482,000 | ||||||||||||
Total Investments at Value | $ | 45,215,705 | $ | 482,000 | $ | — | $ | 45,697,705 | ||||||||
* | 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 Value Fund
PORTFOLIO PROFILE — November 30, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 7.7 | % | ||
Diversified Banking Institutions | 6.1 | |||
Medical — HMO | 4.8 | |||
Real Estate Investment Trusts | 4.6 | |||
Electric — Integrated | 4.3 | |||
Aerospace/Defense | 3.8 | |||
Insurance — Multi-line | 3.8 | |||
Cable/Satellite TV | 2.9 | |||
Chemicals — Diversified | 2.8 | |||
Banks — Commercial | 2.7 | |||
Insurance — Property/Casualty | 2.7 | |||
Investment Management/Advisor Services | 2.6 | |||
Networking Products | 2.6 | |||
Medical Instruments | 2.3 | |||
Web Portals/ISP | 2.3 | |||
Retail — Restaurants | 1.9 | |||
Retail — Building Products | 1.8 | |||
Telecom Equipment — Fiber Optics | 1.7 | |||
Banks — Super Regional | 1.6 | |||
Electronic Components — Semiconductors | 1.5 | |||
Food — Confectionery | 1.5 | |||
Beverages — Non-alcoholic | 1.5 | |||
Drug Delivery Systems | 1.5 | |||
Building — Residential/Commercial | 1.5 | |||
Machinery — Farming | 1.4 | |||
Computer Services | 1.4 | |||
Containers — Paper/Plastic | 1.4 | |||
Electric — Distribution | 1.4 | |||
Retail — Major Department Stores | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.4 | |||
Transport — Rail | 1.3 | |||
Electronic Components — Misc. | 1.3 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Transport — Truck | 1.3 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Private Equity | 1.2 | |||
Medical Products | 1.1 | |||
Semiconductor Equipment | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Software Tools | 1.1 | |||
E-Commerce/Services | 1.1 | |||
Food — Wholesale/Distribution | 1.0 | |||
Oil Refining & Marketing | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Repurchase Agreements | 1.0 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Medical — Biomedical/Gene | 0.5 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
243 |
Table of Contents
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Aerospace/Defense — 3.8% |
| |||||||
General Dynamics Corp. | 10,211 | $ | 1,525,013 | |||||
Lockheed Martin Corp. | 3,450 | 1,259,250 | ||||||
Raytheon Technologies Corp. | 30,492 | 2,186,886 | ||||||
4,971,149 | ||||||||
Aerospace/Defense-Equipment — 1.3% |
| |||||||
L3Harris Technologies, Inc. | 8,710 | 1,672,233 | ||||||
Apparel Manufacturers — 1.1% |
| |||||||
VF Corp. | 17,004 | 1,418,134 | ||||||
Auto/Truck Parts & Equipment-Original — 1.4% |
| |||||||
Gentex Corp. | 53,500 | 1,744,100 | ||||||
Banks-Commercial — 2.7% |
| |||||||
M&T Bank Corp. | 12,073 | 1,406,384 | ||||||
Truist Financial Corp. | 45,938 | 2,132,442 | ||||||
3,538,826 | ||||||||
Banks-Super Regional — 1.6% |
| |||||||
PNC Financial Services Group, Inc. | 14,509 | 2,003,258 | ||||||
Beverages-Non-alcoholic — 1.5% |
| |||||||
Keurig Dr Pepper, Inc. | 63,237 | 1,925,567 | ||||||
Building & Construction Products-Misc. — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 15,415 | 1,287,152 | ||||||
Building-Residential/Commercial — 1.5% |
| |||||||
Lennar Corp., Class A | 24,876 | 1,887,093 | ||||||
Cable/Satellite TV — 2.9% |
| |||||||
Comcast Corp., Class A | 74,819 | 3,758,906 | ||||||
Chemicals-Diversified — 2.8% |
| |||||||
Celanese Corp. | 14,015 | 1,812,560 | ||||||
FMC Corp. | 15,836 | 1,837,134 | ||||||
3,649,694 | ||||||||
Commercial Services-Finance — 1.1% |
| |||||||
Global Payments, Inc. | 7,250 | 1,415,127 | ||||||
Computer Services — 1.4% |
| |||||||
Amdocs, Ltd. | 27,636 | 1,818,725 | ||||||
Containers-Paper/Plastic — 1.4% |
| |||||||
Sealed Air Corp. | 40,083 | 1,806,140 | ||||||
Diversified Banking Institutions — 6.1% |
| |||||||
Bank of America Corp. | 120,386 | 3,390,070 | ||||||
JPMorgan Chase & Co. | 38,779 | 4,571,268 | ||||||
7,961,338 | ||||||||
Diversified Manufacturing Operations — 1.2% |
| |||||||
Trane Technologies PLC | 10,658 | 1,558,626 | ||||||
Drug Delivery Systems — 1.5% |
| |||||||
Becton Dickinson and Co. | 8,156 | 1,915,355 | ||||||
E-Commerce/Services — 1.1% |
| |||||||
Booking Holdings, Inc.† | 677 | 1,373,261 | ||||||
Electric-Distribution — 1.4% |
| |||||||
Sempra Energy | 13,992 | 1,783,700 | ||||||
Electric-Integrated — 4.3% |
| |||||||
Dominion Energy, Inc. | 24,951 | 1,958,404 | ||||||
Entergy Corp. | 16,145 | 1,757,383 | ||||||
Exelon Corp. | 45,989 | 1,888,768 | ||||||
5,604,555 | ||||||||
Electronic Components-Misc. — 1.3% |
| |||||||
nVent Electric PLC | 75,135 | 1,728,105 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components-Semiconductors — 1.5% |
| |||||||
Micron Technology, Inc.† | 30,661 | $ | 1,965,063 | |||||
Food-Confectionery — 1.5% |
| |||||||
Mondelez International, Inc., Class A | 33,733 | 1,937,961 | ||||||
Food-Wholesale/Distribution — 1.0% |
| |||||||
Sysco Corp. | 18,781 | 1,338,897 | ||||||
Insurance-Multi-line — 3.8% |
| |||||||
Chubb, Ltd. | 17,542 | 2,593,234 | ||||||
MetLife, Inc. | 49,005 | 2,262,561 | ||||||
4,855,795 | ||||||||
Insurance-Property/Casualty — 2.7% |
| |||||||
Assurant, Inc. | 14,007 | 1,808,584 | ||||||
Progressive Corp. | 18,664 | 1,625,821 | ||||||
3,434,405 | ||||||||
Investment Management/Advisor Services — 2.6% |
| |||||||
BlackRock, Inc. | 3,038 | 2,121,587 | ||||||
LPL Financial Holdings, Inc. | 14,052 | 1,275,500 | ||||||
3,397,087 | ||||||||
Machinery-Farming — 1.4% |
| |||||||
Deere & Co. | 7,132 | 1,865,874 | ||||||
Medical Instruments — 2.3% |
| |||||||
Medtronic PLC | 26,562 | 3,020,099 | ||||||
Medical Products — 1.1% |
| |||||||
Zimmer Biomet Holdings, Inc. | 9,715 | 1,448,701 | ||||||
Medical-Biomedical/Gene — 0.5% |
| |||||||
Biogen, Inc.† | 2,869 | 689,048 | ||||||
Medical-Drugs — 7.7% |
| |||||||
AstraZeneca PLC ADR | 28,814 | 1,525,413 | ||||||
Eli Lilly & Co. | 10,588 | 1,542,142 | ||||||
Merck & Co., Inc. | 17,811 | 1,431,826 | ||||||
Pfizer, Inc. | 95,955 | 3,676,036 | ||||||
Roche Holding AG | 5,311 | 1,747,736 | ||||||
9,923,153 | ||||||||
Medical-Generic Drugs — 0.0% |
| |||||||
Viatris, Inc.† | 1 | 17 | ||||||
Medical-HMO — 4.8% |
| |||||||
Anthem, Inc. | 8,521 | 2,654,462 | ||||||
Centene Corp.† | 23,693 | 1,460,674 | ||||||
UnitedHealth Group, Inc. | 6,392 | 2,149,885 | ||||||
6,265,021 | ||||||||
Networking Products — 2.6% |
| |||||||
Cisco Systems, Inc. | 78,295 | 3,368,251 | ||||||
Oil Companies-Exploration & Production — 0.9% |
| |||||||
Pioneer Natural Resources Co. | 12,031 | 1,210,078 | ||||||
Oil Refining & Marketing — 1.0% |
| |||||||
Phillips 66 | 22,051 | 1,335,850 | ||||||
Private Equity — 1.2% |
| |||||||
Blackstone Group, Inc., Class A | 26,056 | 1,551,635 | ||||||
Real Estate Investment Trusts — 4.6% |
| |||||||
Crown Castle International Corp. | 6,912 | 1,158,244 | ||||||
Gaming and Leisure Properties, Inc. | 50,565 | 2,100,470 | ||||||
Highwoods Properties, Inc. | 36,318 | 1,390,979 | ||||||
Host Hotels & Resorts, Inc.# | 92,796 | 1,301,928 | ||||||
5,951,621 | ||||||||
244 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail-Building Products — 1.8% |
| |||||||
Home Depot, Inc. | 8,524 | $ | 2,364,643 | |||||
Retail-Major Department Stores — 1.4% |
| |||||||
TJX Cos., Inc. | 27,849 | 1,768,690 | ||||||
Retail-Restaurants — 1.9% |
| |||||||
McDonald’s Corp. | 11,129 | 2,419,890 | ||||||
Semiconductor Components-Integrated Circuits — 1.3% |
| |||||||
Analog Devices, Inc. | 12,362 | 1,719,307 | ||||||
Semiconductor Equipment — 1.1% |
| |||||||
KLA Corp. | 5,680 | 1,431,190 | ||||||
Software Tools — 1.1% |
| |||||||
VMware, Inc., Class A† | 9,991 | 1,397,641 | ||||||
Telecom Equipment-Fiber Optics — 1.7% |
| |||||||
Corning, Inc. | 59,809 | 2,238,053 | ||||||
Transport-Rail — 1.3% |
| |||||||
Union Pacific Corp. | 8,499 | 1,734,476 | ||||||
Transport-Truck — 1.3% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 41,207 | 1,701,437 | ||||||
Web Portals/ISP — 2.3% |
| |||||||
Alphabet, Inc., Class C† | 1,710 | 3,010,865 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $103,624,681) | 128,165,792 | |||||||
REPURCHASE AGREEMENTS — 1.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $1,274,000 and collateralized by $1,304,700 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $1,299,557 | $ | 1,274,000 | 1,274,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $104,898,681)(1) | 99.8 | % | 129,439,792 | |||||
Other assets less liabilities | 0.2 | 215,387 | ||||||
NET ASSETS | 100.0 | % | $ | 129,655,179 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2020, the Fund had loaned securities with a total value of $217,914. This was secured by collateral of $232,450 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2020 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 11/01/2050 | $ | 54,810 | ||||
Federal National Mtg. Assoc. | 1.49% to 4.00% | 05/25/2030 to 09/01/2050 | 147,188 | |||||
Government National Mtg. Assoc. | 2.50% to 2.70% | 09/20/2046 to 05/16/2053 | 5,045 | |||||
United States Treasury Bills | 0.00% | 7/15/2021 | 734 | |||||
United States Treasury Notes/Bonds | 1.38% to 8.13% | 01/31/2021 to 02/15/2030 | 24,673 |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 128,165,792 | $ | — | $ | — | $ | 128,165,792 | ||||||||
Repurchase Agreements | — | 1,274,000 | — | 1,274,000 | ||||||||||||
Total Investments at Value | $ | 128,165,792 | $ | 1,274,000 | $ | — | $ | 129,439,792 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
245 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 123,311,240 | $ | 971,827,820 | $ | 315,871,370 | $ | 259,793,914 | $ | 904,593,738 | $ | 30,368,118 | $ | 910,752,855 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | 166,261,059 | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 2,748,000 | 4,592,000 | – | – | |||||||||||||||||||||
Cash | – | – | – | 848 | – | – | 6,823,425 | |||||||||||||||||||||
Foreign cash* | 24,432,781 | – | – | – | 248,284 | – | 108,139 | |||||||||||||||||||||
Due from broker | 944,158 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 847 | 211,803 | 92,759 | 414 | 105,562 | 9,674 | 52,996 | |||||||||||||||||||||
Dividends and interest | 267,158 | 283,740 | 1,198,548 | 421,989 | 2,260,140 | 52,905 | 324,232 | |||||||||||||||||||||
Investments sold | 11,712 | 222,171 | 571,951 | 3,652,321 | – | 66,245 | 3,855,024 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | 1,636,960 | – | |||||||||||||||||||||
Securities lending income | 2,612 | 497 | 371 | 675 | 2,754 | – | 21,003 | |||||||||||||||||||||
Prepaid expenses and other assets | 29,700 | 26,957 | 18,959 | 28,147 | 28,735 | 9,470 | 28,061 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 37,592 | 80,117 | 4,587 | – | |||||||||||||||||||||
Variation margin on futures contracts | 32,169 | – | – | – | – | 19,950 | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 364,109 | – | – | – | – | – | – | |||||||||||||||||||||
Swap premiums paid | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 149,396,486 | 972,572,988 | 317,753,958 | 266,683,900 | 911,911,330 | 198,428,968 | 921,965,735 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 102,089 | 112,707 | 39,448 | 108,207 | 251,826 | 92,229 | 1,122,805 | |||||||||||||||||||||
Investments purchased | 12,487 | 1,447,833 | – | 1,978,559 | – | – | 491,433 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | 15,604,258 | – | – | 1,711,027 | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | 853,587 | |||||||||||||||||||||
Investment advisory and management fees | 57,412 | 564,584 | 122,046 | 166,821 | 514,696 | 39,804 | 543,897 | |||||||||||||||||||||
Administrative service fee | 7,662 | 52,352 | 16,574 | 13,936 | 48,601 | 1,665 | 48,221 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,157 | 2,700 | 2,700 | 1,157 | 2,700 | 771 | 3,858 | |||||||||||||||||||||
Directors’ fees and expenses | 9,550 | 21,288 | 9,359 | 21,559 | 24,518 | 4,204 | 20,924 | |||||||||||||||||||||
Other accrued expenses | 139,966 | 97,812 | 79,369 | 57,785 | 110,771 | 53,592 | 246,472 | |||||||||||||||||||||
Variation margin on futures contracts | 176,362 | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 6,047,096 | 162,718 | 661,408 | 3,841,068 | – | – | 1,941,078 | |||||||||||||||||||||
Due to custodian | – | 14 | – | – | 1,865 | 104 | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | 957,958 | 21 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 518,401 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 7,072,182 | 2,462,008 | 16,535,162 | 6,189,092 | 954,977 | 2,861,354 | 5,272,296 | |||||||||||||||||||||
NET ASSETS | $ | 142,324,304 | $ | 970,110,980 | $ | 301,218,796 | $ | 260,494,808 | $ | 910,956,353 | $ | 195,567,614 | $ | 916,693,439 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 127,038 | $ | 379,124 | $ | 279,544 | $ | 105,997 | $ | 801,129 | $ | 149,811 | $ | 976,172 | ||||||||||||||
Additional paid-in capital | 127,151,774 | 321,075,934 | 270,835,446 | 154,461,506 | 847,654,508 | 153,677,539 | 734,860,275 | |||||||||||||||||||||
Total accumulated earnings (loss) | 15,045,492 | 648,655,922 | 30,103,806 | 105,927,305 | 62,500,716 | 41,740,264 | 180,856,992 | |||||||||||||||||||||
NET ASSETS | $ | 142,324,304 | $ | 970,110,980 | $ | 301,218,796 | $ | 260,494,808 | $ | 910,956,353 | $ | 195,567,614 | $ | 916,693,439 | ||||||||||||||
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 | 12,703,789 | 37,912,359 | 27,954,433 | 10,599,683 | 80,112,899 | 14,981,102 | 97,617,237 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.20 | $ | 25.59 | $ | 10.78 | $ | 24.58 | $ | 11.37 | $ | 13.05 | $ | 9.39 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 103,490,716 | $ | 455,459,508 | $ | 300,694,930 | $ | 188,760,359 | $ | 832,087,386 | $ | 29,699,245 | $ | 722,566,651 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 139,398,731 | $ | – | ||||||||||||||
Foreign cash | $ | 24,146,582 | $ | – | $ | – | $ | – | $ | 247,552 | $ | – | $ | 108,466 | ||||||||||||||
† Including securities on loan | $ | 6,362,622 | $ | 1,108,830 | $ | 2,521,814 | $ | 3,738,182 | $ | – | $ | – | $ | 14,779,674 | ||||||||||||||
See Notes to Financial Statements
246 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (continued)
GLOBAL REAL ESTATE | GLOBAL STRATEGY | GOVERNMENT MONEY MARKET | GOVERNMENT FUND | GROWTH FUND | HEALTH SCIENCES | INFLATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 342,473,998 | $ | 290,178,292 | $ | 410,001,881 | $ | 143,609,441 | $ | 1,620,306,394 | $ | 954,749,308 | $ | 908,066,138 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 1,380,000 | 378,000 | 7,105,000 | 13,660,000 | – | 53,521,000 | |||||||||||||||||||||
Cash | 2,528,376 | 208 | 744 | 555 | 17,653 | – | 5,427 | |||||||||||||||||||||
Foreign cash* | 79,894 | 1,298,973 | – | – | 1,654 | 49,393 | 259,786 | |||||||||||||||||||||
Due from broker | – | 1,707,727 | – | – | 7 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 61,145 | 31,521 | 2,170 | 12,948 | 75,317 | 93,835 | 457,315 | |||||||||||||||||||||
Dividends and interest | 796,162 | 1,517,841 | 53,552 | 462,207 | 904,486 | 718,943 | 2,866,849 | |||||||||||||||||||||
Investments sold | 4,569,964 | 15,526 | – | – | 19,813,538 | 558,460 | 11,143,119 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | 1,035,469 | – | – | 11,597,458 | |||||||||||||||||||||
Securities lending income | 4,176 | 1,004 | – | 867 | 1,556 | 98,388 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 17,452 | 23,245 | 40,259 | 24,460 | 55,269 | 26,060 | 56,492 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 4,785 | 186,418 | – | 208,459 | 28,160 | 23,015 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | 75,905 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | 284,869 | – | – | – | – | – | |||||||||||||||||||||
Swap premiums paid | – | – | – | – | – | – | 91,100 | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | 301,553 | |||||||||||||||||||||
TOTAL ASSETS | 350,531,167 | 296,443,991 | 410,663,024 | 152,250,947 | 1,655,044,333 | 956,322,547 | 988,465,157 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 7,126 | 2,854 | 585,492 | 285,483 | 320,781 | 116,083 | 21,812 | |||||||||||||||||||||
Investments purchased | 3,498,356 | – | – | – | 20,950,196 | 2,351,158 | 1,133 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | 2,060,371 | – | – | 39,677,231 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 111,769 | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 206,420 | 119,626 | 137,164 | 60,898 | 881,016 | 743,727 | 337,681 | |||||||||||||||||||||
Administrative service fee | 18,699 | 15,965 | 22,882 | 8,127 | 86,940 | 50,797 | 51,192 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,700 | 1,157 | 7,081 | 3,472 | 1,929 | 1,543 | 2,700 | |||||||||||||||||||||
Directors’ fees and expenses | 12,381 | 17,596 | 26,927 | 8,689 | 44,983 | 20,495 | 15,088 | |||||||||||||||||||||
Other accrued expenses | 104,448 | 167,560 | 87,609 | 55,313 | 229,876 | 103,753 | 129,862 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 2,660 | – | 6,016 | |||||||||||||||||||||
Collateral upon return of securities loaned | 4,062,244 | 197,938 | – | – | 256,150 | 3,408,207 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | 9 | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | 405,952 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | 2,050,647 | – | – | – | – | 9,928,185 | |||||||||||||||||||||
TOTAL LIABILITIES | 7,912,374 | 2,685,112 | 867,155 | 2,482,353 | 22,774,531 | 6,795,772 | 50,576,852 | |||||||||||||||||||||
NET ASSETS | $ | 342,618,793 | $ | 293,758,879 | $ | 409,795,869 | $ | 149,768,594 | $ | 1,632,269,802 | $ | 949,526,775 | $ | 937,888,305 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 448,282 | $ | 302,908 | $ | 4,098,066 | $ | 132,777 | $ | 698,008 | $ | 358,810 | $ | 777,095 | ||||||||||||||
Additional paid-in capital | 333,323,758 | 302,873,422 | 405,707,378 | 137,369,596 | 802,626,044 | 476,746,470 | 838,427,610 | |||||||||||||||||||||
Total accumulated earnings (loss) | 8,846,753 | (9,417,451 | ) | (9,575 | ) | 12,266,221 | 828,945,750 | 472,421,495 | 98,683,600 | |||||||||||||||||||
NET ASSETS | $ | 342,618,793 | $ | 293,758,879 | $ | 409,795,869 | $ | 149,768,594 | $ | 1,632,269,802 | $ | 949,526,775 | $ | 937,888,305 | ||||||||||||||
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 | 44,828,216 | 30,290,782 | 409,806,583 | 13,277,744 | 69,800,821 | 35,880,974 | 77,709,497 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.64 | $ | 9.70 | $ | 1.00 | $ | 11.28 | $ | 23.38 | $ | 26.46 | $ | 12.07 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 321,488,150 | $ | 283,129,211 | $ | 410,001,881 | $ | 132,595,004 | $ | 1,061,097,906 | $ | 608,795,366 | $ | 850,943,435 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 79,758 | $ | 1,297,186 | $ | – | $ | – | $ | 2,150 | $ | 49,453 | $ | 259,406 | ||||||||||||||
† Including securities on loan | $ | 13,166,568 | $ | 2,367,970 | $ | – | $ | 7,104,255 | $ | 2,640,084 | $ | 17,335,443 | $ | – | ||||||||||||||
See Notes to Financial Statements
247 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (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)*† | $ | 1,436,488,638 | $ | 202,838,713 | $ | 539,282,947 | $ | 354,201,428 | $ | 696,446,944 | $ | 197,101,275 | $ | 600,858,646 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 159,502,000 | – | – | 4,910,000 | – | 2,144,000 | – | |||||||||||||||||||||
Cash | 484 | – | 40,987,630 | 471 | – | 148 | 2,886 | |||||||||||||||||||||
Foreign cash* | 12,394,746 | 2,284,822 | 179,683 | 5,001,998 | 823,233 | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 288,911 | 9,067 | 13,553 | 12,193 | 34,077 | 44,401 | 13,369 | |||||||||||||||||||||
Dividends and interest | 5,956,098 | 1,469,431 | 623,681 | 1,256,660 | 2,467,377 | 242,714 | 485,084 | |||||||||||||||||||||
Investments sold | – | 1,232,770 | – | – | 621 | – | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 15,771 | 742 | 9,393 | – | 327 | – | – | |||||||||||||||||||||
Prepaid expenses and other assets | 50,166 | 16,721 | 34,978 | 29,329 | 40,466 | 17,859 | 22,757 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 92,044 | – | 39,261 | 11,074 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 42,165 | – | – | |||||||||||||||||||||
Swap premiums paid | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 1,614,696,814 | 207,852,266 | 581,223,909 | 365,412,079 | 699,894,471 | 199,561,471 | 601,382,742 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 837,021 | 114,431 | 258,371 | 370,634 | 821,569 | 205,600 | 200,793 | |||||||||||||||||||||
Investments purchased | 3,409 | 3,636 | – | – | 1,065,625 | 384,481 | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 532,874 | 1,734,634 | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | 1,621,298 | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 341,349 | 82,396 | 422,008 | 145,547 | 384,173 | 110,745 | 309,972 | |||||||||||||||||||||
Administrative service fee | 81,197 | 10,996 | 30,710 | 19,424 | 37,428 | 10,557 | 32,319 | |||||||||||||||||||||
Transfer agent fees and expenses | 5,784 | 2,701 | 2,700 | 2,627 | 3,086 | 2,701 | 3,087 | |||||||||||||||||||||
Directors’ fees and expenses | 44,941 | 9,648 | 28,732 | 21,897 | 34,148 | 5,742 | 17,199 | |||||||||||||||||||||
Other accrued expenses | 325,111 | 74,316 | 140,915 | 81,058 | 146,848 | 58,574 | 83,577 | |||||||||||||||||||||
Variation margin on futures contracts | 4,720,170 | – | – | 344,760 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 15,131,098 | 3,140,015 | 15,669,262 | – | 235,011 | – | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | 255 | – | – | |||||||||||||||||||||
Due to broker | – | – | – | 6 | 26,531 | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 129,141 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 22,022,954 | 5,172,773 | 18,173,996 | 985,953 | 2,883,815 | 778,400 | 646,947 | |||||||||||||||||||||
NET ASSETS | $ | 1,592,673,860 | $ | 202,679,493 | $ | 563,049,913 | $ | 364,426,126 | $ | 697,010,656 | $ | 198,783,071 | $ | 600,735,795 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 2,155,241 | $ | 154,083 | $ | 347,362 | $ | 127,306 | $ | 719,624 | $ | 141,560 | $ | 294,775 | ||||||||||||||
Additional paid-in capital | 1,420,166,546 | 183,915,245 | 352,017,110 | 237,107,959 | 697,927,523 | 117,508,577 | 279,397,926 | |||||||||||||||||||||
Total accumulated earnings (loss) | 170,352,073 | 18,610,165 | 210,685,441 | 127,190,861 | (1,636,491 | ) | 81,132,934 | 321,043,094 | ||||||||||||||||||||
NET ASSETS | $ | 1,592,673,860 | $ | 202,679,493 | $ | 563,049,913 | $ | 364,426,126 | $ | 697,010,656 | $ | 198,783,071 | $ | 600,735,795 | ||||||||||||||
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 | 215,524,118 | 15,408,344 | 34,736,201 | 12,730,605 | 71,962,359 | 14,156,002 | 29,477,518 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.39 | $ | 13.15 | $ | 16.21 | $ | 28.63 | $ | 9.69 | $ | 14.04 | $ | 20.38 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 1,249,962,694 | $ | 191,751,519 | $ | 350,502,607 | $ | 296,160,361 | $ | 625,832,373 | $ | 133,301,323 | $ | 380,219,702 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 12,315,176 | $ | 2,243,720 | $ | 178,410 | $ | 4,954,730 | $ | 822,391 | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 27,243,746 | $ | 7,924,846 | $ | 25,829,968 | $ | – | $ | 1,802,313 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
248 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (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)*† | $ | 3,161,205,294 | $ | 381,003,585 | $ | 750,804,061 | $ | 2,025,015,394 | $ | 195,460,865 | $ | 321,527,547 | $ | 1,131,973,502 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 21,093,000 | – | 18,141,000 | 3,850,000 | 2,391,000 | 6,812,000 | 86,624,000 | |||||||||||||||||||||
Cash | 508 | 640,221 | 501 | 24,658,302 | 233 | 219,060 | 75,203 | |||||||||||||||||||||
Foreign cash* | – | 2 | – | 1,037,099 | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | 1 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 130,865 | 4,096 | 775,495 | 397,294 | 505,588 | 9,569 | 24,307 | |||||||||||||||||||||
Dividends and interest | 3,437,114 | 226,159 | 501,618 | 624,159 | 49,501 | 212,690 | 903,323 | |||||||||||||||||||||
Investments sold | – | 3,209,897 | – | 3,432,960 | 541,154 | 307,408 | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 21,553 | 1,145 | 126 | 4,382 | 2,629 | 24,472 | 102,695 | |||||||||||||||||||||
Prepaid expenses and other assets | 159,593 | 17,136 | 17,405 | 83,121 | 10,649 | 30,558 | 55,063 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 104,168 | – | 7,537 | 19,470 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 37,830 | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap premiums paid | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 3,186,047,927 | 385,102,241 | 770,382,204 | 2,059,102,711 | 198,969,156 | 329,162,774 | 1,219,758,094 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 3,362,475 | 459,112 | 9,831 | 333,861 | 135,378 | 671,692 | 909,363 | |||||||||||||||||||||
Investments purchased | – | 1,433,086 | – | 1,334,141 | 670,856 | 252,796 | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 673,892 | 207,771 | 234,628 | 1,389,257 | 127,675 | 229,168 | 273,028 | |||||||||||||||||||||
Administrative service fee | 170,249 | 20,275 | 41,205 | 107,452 | 10,023 | 17,185 | 61,906 | |||||||||||||||||||||
Transfer agent fees and expenses | 7,316 | 2,700 | 5,400 | 5,785 | 1,464 | 1,157 | 6,861 | |||||||||||||||||||||
Directors’ fees and expenses | 138,742 | 11,403 | 10,942 | 62,413 | 3,928 | 24,694 | 48,368 | |||||||||||||||||||||
Other accrued expenses | 249,922 | 69,150 | 135,692 | 282,883 | 60,644 | 78,482 | 419,359 | |||||||||||||||||||||
Variation margin on futures contracts | 476,010 | – | – | – | – | – | 1,723,960 | |||||||||||||||||||||
Collateral upon return of securities loaned | 14,025,501 | – | 38,772 | 9,368,782 | 7,212,505 | 4,103,161 | 44,796,987 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | 14 | – | 50 | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 19,104,121 | 2,203,497 | 476,520 | 12,884,574 | 8,222,473 | 5,378,335 | 48,239,832 | |||||||||||||||||||||
NET ASSETS | $ | 3,166,943,806 | $ | 382,898,744 | $ | 769,905,684 | $ | 2,046,218,137 | $ | 190,746,683 | $ | 323,784,439 | $ | 1,171,518,262 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,233,691 | $ | 181,860 | $ | 327,718 | $ | 515,867 | $ | 108,481 | $ | 263,164 | $ | 592,526 | ||||||||||||||
Additional paid-in capital | 2,087,728,731 | 186,556,695 | 159,831,410 | 958,985,006 | 112,078,490 | 213,681,705 | 747,986,744 | |||||||||||||||||||||
Total accumulated earnings (loss) | 1,077,981,384 | 196,160,189 | 609,746,556 | 1,086,717,264 | 78,559,712 | 109,839,570 | 422,938,992 | |||||||||||||||||||||
NET ASSETS | $ | 3,166,943,806 | $ | 382,898,744 | $ | 769,905,684 | $ | 2,046,218,137 | $ | 190,746,683 | $ | 323,784,439 | $ | 1,171,518,262 | ||||||||||||||
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 | 123,369,111 | 18,186,020 | 32,771,813 | 51,586,680 | 10,848,140 | 26,316,361 | 59,252,597 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 25.67 | $ | 21.05 | $ | 23.49 | $ | 39.67 | $ | 17.58 | $ | 12.30 | $ | 19.77 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 2,313,655,219 | $ | 234,693,972 | $ | 221,812,593 | $ | 1,392,172,446 | $ | 144,470,381 | $ | 238,794,195 | $ | 844,391,143 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 2 | $ | – | $ | 946,642 | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 52,252,457 | $ | 12,904,928 | $ | 1,685,739 | $ | 14,026,346 | $ | 12,219,147 | $ | 15,989,014 | $ | 77,109,273 | ||||||||||||||
See Notes to Financial Statements
249 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (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)*† | $ | 218,085,388 | $ | 167,840,989 | $ | 5,369,838,830 | $ | 146,859,918 | $ | 45,215,705 | $ | 128,165,792 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | 5,909,497 | – | – | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 56,735,000 | – | 482,000 | 1,274,000 | ||||||||||||||||||
Cash | 2,505,499 | – | 338 | 501,419 | 480 | 340 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | 27 | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 28,020 | 107,789 | 250,755 | 117,054 | 1,271 | 23,481 | ||||||||||||||||||
Dividends and interest | 283,522 | 77,301 | 8,335,127 | 207,399 | 91,568 | 335,209 | ||||||||||||||||||
Investments sold | 305,730 | 276,063 | – | – | – | – | ||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Securities lending income | 1,387 | 1,260 | 6,732 | 11,016 | 21 | 28 | ||||||||||||||||||
Prepaid expenses and other assets | 12,447 | 10,218 | 329,028 | 13,396 | 6,918 | 11,359 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 9,052 | 144,408 | 25,600 | 10,960 | 15,062 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap premiums paid | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 221,221,993 | 168,322,672 | 5,441,549,742 | 147,735,802 | 45,808,923 | 129,825,271 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 148,249 | 8,151 | 1,363,526 | 62,111 | 57,125 | 19,110 | ||||||||||||||||||
Investments purchased | 108,620 | 1,283,557 | – | – | – | – | ||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 129,061 | 109,916 | 1,026,098 | 87,274 | 25,573 | 80,814 | ||||||||||||||||||
Administrative service fee | 11,483 | 8,629 | 292,013 | 7,765 | 2,438 | 6,913 | ||||||||||||||||||
Transfer agent fees and expenses | 2,621 | 1,157 | 8,101 | 2,698 | 1,543 | 2,700 | ||||||||||||||||||
Directors’ fees and expenses | 9,572 | 4,573 | 242,298 | 7,731 | 1,573 | 5,942 | ||||||||||||||||||
Other accrued expenses | 60,852 | 54,315 | 386,067 | 53,045 | 48,437 | 54,613 | ||||||||||||||||||
Variation margin on futures contracts | – | – | 278,635 | – | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 4,740,454 | 2,143,280 | 3,895,738 | 620,388 | 237,667 | – | ||||||||||||||||||
Due to custodian | – | – | – | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 5,210,912 | 3,613,578 | 7,492,476 | 841,012 | 374,356 | 170,092 | ||||||||||||||||||
NET ASSETS | $ | 216,011,081 | $ | 164,709,094 | $ | 5,434,057,266 | $ | 146,894,790 | $ | 45,434,567 | $ | 129,655,179 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 199,225 | $ | 89,034 | $ | 1,126,198 | $ | 58,586 | $ | 35,042 | $ | 72,409 | ||||||||||||
Additional paid-in capital | 200,749,887 | 83,301,871 | �� | 1,585,578,562 | 86,949,355 | 35,942,326 | 96,639,588 | |||||||||||||||||
Total accumulated earnings (loss) | 15,061,969 | 81,318,189 | 3,847,352,506 | 59,886,849 | 9,457,199 | 32,943,182 | ||||||||||||||||||
NET ASSETS | $ | 216,011,081 | $ | 164,709,094 | $ | 5,434,057,266 | $ | 146,894,790 | $ | 45,434,567 | $ | 129,655,179 | ||||||||||||
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 | 19,922,528 | 8,903,382 | 112,619,817 | 5,858,623 | 3,504,217 | 7,240,872 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.84 | $ | 18.50 | $ | 48.25 | $ | 25.07 | $ | 12.97 | $ | 17.91 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 205,832,879 | $ | 123,512,538 | $ | 2,117,951,845 | $ | 103,042,727 | $ | 41,401,293 | $ | 103,624,681 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | 5,495,221 | $ | – | $ | – | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 5,570,242 | $ | 8,408,474 | $ | 11,235,575 | $ | 1,910,998 | $ | 226,394 | $ | 217,914 | ||||||||||||
See Notes to Financial Statements
250 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 697,695 | $ | 1,657,945 | $ | 4,127 | $ | 1,711,613 | $ | 14,243,196 | $ | – | $ | 12,354,979 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | 684,490 | – | |||||||||||||||||||||
Securities lending income | 15,007 | 2,103 | 2,178 | 1,611 | 10,428 | – | 170,567 | |||||||||||||||||||||
Interest (unaffiliated) | 416,990 | 1,608 | 3,058,467 | – | – | 258,550 | – | |||||||||||||||||||||
Total investment income* | 1,129,692 | 1,661,656 | 3,064,772 | 1,713,224 | 14,253,624 | 943,040 | 12,525,546 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 341,660 | 3,302,842 | 733,035 | 963,150 | 3,127,479 | 241,648 | 3,125,260 | |||||||||||||||||||||
Administrative service fee | 45,598 | 305,894 | 99,407 | 80,361 | 295,383 | 11,312 | 276,060 | |||||||||||||||||||||
Transfer agent fees and expenses | 939 | 2,191 | 2,191 | 939 | 2,186 | 626 | 3,129 | |||||||||||||||||||||
Custodian fees | 88,109 | 17,107 | 28,287 | 5,318 | 30,733 | 11,793 | 128,461 | |||||||||||||||||||||
Reports to shareholders | 9,947 | 57,005 | 19,967 | 16,250 | 50,088 | 10,642 | 46,223 | |||||||||||||||||||||
Audit and tax fees | 26,115 | 16,331 | 23,244 | 16,332 | 16,383 | 16,661 | 23,867 | |||||||||||||||||||||
Legal fees | 48,853 | 15,704 | 8,968 | 8,208 | 17,009 | 7,746 | 22,749 | |||||||||||||||||||||
Directors’ fees and expenses | 3,344 | 21,782 | 7,520 | 5,711 | 25,033 | 4,884 | 18,546 | |||||||||||||||||||||
Interest expense | – | – | – | – | 13,473 | – | 6,328 | |||||||||||||||||||||
License fee | 673 | 670 | 673 | 806 | 8,000 | 673 | 670 | |||||||||||||||||||||
Other expenses | 32,073 | 29,185 | 21,365 | 24,974 | 32,052 | 16,546 | 33,903 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 597,311 | 3,768,711 | 944,657 | 1,122,049 | 3,617,819 | 322,531 | 3,685,196 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (216,769 | ) | (486,920 | ) | (14,910 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | (464 | ) | – | – | – | – | – | (1,224 | ) | |||||||||||||||||||
Net expenses | 596,847 | 3,768,711 | 944,657 | 905,280 | 3,130,899 | 307,621 | 3,683,972 | |||||||||||||||||||||
Net investment income (loss) | 532,845 | (2,107,055 | ) | 2,120,115 | 807,944 | 11,122,725 | 635,419 | 8,841,574 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 6,311,055 | 50,345,831 | 4,596,815 | 11,872,522 | (18,411,057 | ) | (2,370,748 | ) | 23,174,980 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 1,485,854 | – | |||||||||||||||||||||
Futures contracts | 620,064 | – | – | – | – | (2,876,374 | ) | (49,871 | ) | |||||||||||||||||||
Forward contracts | 549,193 | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | 906,586 | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 330,330 | 179 | – | – | 42,226 | – | (959,099 | ) | ||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 7,810,642 | 50,346,010 | 4,596,815 | 11,872,522 | (18,368,831 | ) | (2,854,682 | ) | 22,166,010 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 14,553,477 | 137,458,089 | 802,459 | 39,423,851 | 124,184,998 | (1,486,915 | ) | 180,636,869 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 20,660,747 | – | |||||||||||||||||||||
Futures contracts | (34,977 | ) | – | – | – | – | 437,607 | – | ||||||||||||||||||||
Forward contracts | 205,466 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 130,436 | (4 | ) | – | – | 16,917 | – | 65,377 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | (821,294 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 14,854,402 | 137,458,085 | 802,459 | 39,423,851 | 124,201,915 | 19,611,439 | 179,880,952 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 22,665,044 | 187,804,095 | 5,399,274 | 51,296,373 | 105,833,084 | 16,756,757 | 202,046,962 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 23,197,889 | $ | 185,697,040 | $ | 7,519,389 | $ | 52,104,317 | $ | 116,955,809 | $ | 17,392,176 | $ | 210,888,536 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | 39,482 | 1,539 | 341 | 27,655 | 109,962 | – | 1,707,924 | |||||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | (115,842 | ) | |||||||||||||
See Notes to Financial Statements
251 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (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) | $ | 5,538,100 | $ | 2,498,761 | $ | – | $ | – | $ | 3,785,085 | $ | 2,501,220 | $ | 5,122 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 26,450 | 5,574 | – | 5,948 | 123,084 | 192,049 | 9,028 | |||||||||||||||||||||
Interest (unaffiliated) | – | 1,377,405 | 246,118 | 1,846,815 | – | 8,711 | 8,260,637 | |||||||||||||||||||||
Total investment income* | 5,564,550 | 3,881,740 | 246,118 | 1,852,763 | 3,908,169 | 2,701,980 | 8,274,787 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,284,550 | 724,760 | 858,162 | 368,476 | 5,100,887 | 4,315,497 | 1,989,392 | |||||||||||||||||||||
Administrative service fee | 116,480 | 96,727 | 143,163 | 49,177 | 500,945 | 294,325 | 300,515 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,190 | 939 | 5,790 | 2,818 | 1,565 | 1,252 | 2,190 | |||||||||||||||||||||
Custodian fees | 26,857 | 122,614 | 11,094 | 8,859 | 32,846 | 24,555 | 23,208 | |||||||||||||||||||||
Reports to shareholders | 20,275 | 43,561 | 62,427 | 10,884 | 142,017 | 53,028 | 50,740 | |||||||||||||||||||||
Audit and tax fees | 17,375 | 25,102 | 22,022 | 19,555 | 16,703 | 17,446 | 20,642 | |||||||||||||||||||||
Legal fees | 6,123 | 31,520 | 8,199 | 10,509 | 33,482 | 16,219 | 75,045 | |||||||||||||||||||||
Directors’ fees and expenses | 9,269 | 7,218 | 11,331 | 3,996 | 36,206 | 21,492 | 21,538 | |||||||||||||||||||||
Interest expense | 16 | 19 | – | – | 1,686 | – | 2,109 | |||||||||||||||||||||
License fee | 670 | 670 | 672 | 673 | 15,083 | 670 | 670 | |||||||||||||||||||||
Other expenses | 32,870 | 31,393 | 12,018 | 20,665 | 45,366 | 28,900 | 23,714 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,516,675 | 1,084,523 | 1,134,878 | 495,612 | 5,926,786 | 4,773,384 | 2,509,763 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | (28,990 | ) | (910,188 | ) | – | (1,201,126 | ) | (169,449 | ) | (49,084 | ) | ||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net expenses | 1,516,675 | 1,055,533 | 224,690 | 495,612 | 4,725,660 | 4,603,935 | 2,460,679 | |||||||||||||||||||||
Net investment income (loss) | 4,047,875 | 2,826,207 | 21,428 | 1,357,151 | (817,491 | ) | (1,901,955 | ) | 5,814,108 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 934,587 | (6,507,458 | ) | 18 | 218,245 | 73,314,169 | 51,732,947 | 30,528,699 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | – | 164,444 | – | 605,520 | |||||||||||||||||||||
Forward contracts | – | (3,945,599 | ) | – | – | – | – | (141 | ) | |||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 29,030 | 423,011 | – | – | 5,583 | 2,049 | 39,366 | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 963,617 | (10,030,046 | ) | 18 | 218,245 | 73,484,196 | 51,734,996 | 31,173,444 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 33,468,150 | 35,558,974 | – | (793,419 | ) | 247,052,478 | 89,732,593 | 25,932,252 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | – | (40,810 | ) | – | 94,452 | ||||||||||||||||||||
Forward contracts | – | (2,052,332 | ) | – | – | – | – | (9,928,185 | ) | |||||||||||||||||||
Swap contracts | – | – | – | – | – | – | 301,553 | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 14,361 | 77,907 | – | – | 5,207 | 19,339 | 32,781 | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | (75,155 | ) | – | – | – | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 33,482,511 | 33,509,394 | – | (793,419 | ) | 247,016,875 | 89,751,932 | 16,432,853 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 34,446,128 | 23,479,348 | 18 | (575,174 | ) | 320,501,071 | 141,486,928 | 47,606,297 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 38,494,003 | $ | 26,305,555 | $ | 21,446 | $ | 781,977 | $ | 319,683,580 | $ | 139,584,973 | $ | 53,420,405 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | 186,753 | 183,705 | – | – | 15,235 | 14,164 | (10,848 | ) | ||||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | 9,227 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
252 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (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) | $ | 14,738,724 | $ | – | $ | 1,279,177 | $ | 3,917,663 | $ | 7,914,223 | $ | 1,386,296 | $ | 2,722,619 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 116,792 | 5,732 | 64,884 | – | 120,674 | 158 | 1,648 | |||||||||||||||||||||
Interest (unaffiliated) | – | 2,694,866 | – | – | 2,245 | – | 320 | |||||||||||||||||||||
Total investment income* | 14,855,516 | 2,700,598 | 1,344,061 | 3,917,663 | 8,037,142 | 1,386,454 | 2,724,587 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,940,865 | 486,218 | 2,418,600 | 856,011 | 2,278,498 | 647,583 | 1,808,795 | |||||||||||||||||||||
Administrative service fee | 456,000 | 64,891 | 175,203 | 114,243 | 221,425 | 61,733 | 188,595 | |||||||||||||||||||||
Transfer agent fees and expenses | 4,665 | 2,191 | 2,190 | 2,278 | 2,503 | 2,191 | 2,505 | |||||||||||||||||||||
Custodian fees | 177,404 | 17,163 | 38,799 | 38,681 | 57,078 | 8,399 | 11,247 | |||||||||||||||||||||
Reports to shareholders | 82,353 | 12,910 | 30,807 | 41,358 | 44,362 | 14,232 | 36,637 | |||||||||||||||||||||
Audit and tax fees | 23,473 | 24,655 | 21,574 | 18,275 | 21,580 | 16,317 | 16,339 | |||||||||||||||||||||
Legal fees | 20,383 | 8,049 | 14,853 | 9,466 | 14,591 | 7,748 | 11,953 | |||||||||||||||||||||
Directors’ fees and expenses | 32,921 | 4,688 | 12,378 | 8,413 | 15,460 | 4,465 | 13,663 | |||||||||||||||||||||
Interest expense | – | – | – | – | – | – | – | |||||||||||||||||||||
License fee | 265,348 | 673 | 670 | 673 | 670 | 5,252 | 4,388 | |||||||||||||||||||||
Other expenses | 68,527 | 20,752 | 36,625 | 35,883 | 34,410 | 20,057 | 26,018 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,071,939 | 642,190 | 2,751,699 | 1,125,281 | 2,690,577 | 787,977 | 2,120,140 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (525,110 | ) | – | (232,276 | ) | (32,839 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | – | – | (6,652 | ) | – | ||||||||||||||||||||
Net expenses | 3,071,939 | 642,190 | 2,226,589 | 1,125,281 | 2,458,301 | 748,486 | 2,120,140 | |||||||||||||||||||||
Net investment income (loss) | 11,783,577 | 2,058,408 | (882,528 | ) | 2,792,382 | 5,578,841 | 637,968 | 604,447 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 1,156,362 | 5,062,060 | 27,163,557 | (1,523,810 | ) | (10,383,532 | ) | 10,870,057 | 42,934,360 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 11,191,612 | – | – | 6,748,569 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | (1,615,982 | ) | – | – | ||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 219,555 | (23,589 | ) | (2,756 | ) | 140,768 | 84,994 | (183 | ) | 3,392 | ||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 12,567,529 | 5,038,471 | 27,160,801 | 5,365,527 | (11,914,520 | ) | 10,869,874 | 42,937,752 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 217,561,535 | 7,444,901 | 109,592,456 | 56,413,478 | 150,804,340 | 22,932,685 | 64,354,172 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 1,702,608 | – | – | (3,950,553 | ) | – | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | – | (420,522 | ) | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 259,185 | 19,930 | 23,148 | 37,151 | 85,515 | – | 4,574 | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | (1,564,560 | ) | – | – | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 219,523,328 | 7,464,831 | 108,051,044 | 52,500,076 | 150,469,333 | 22,932,685 | 64,358,746 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 232,090,857 | 12,503,302 | 135,211,845 | 57,865,603 | 138,554,813 | 33,802,559 | 107,296,498 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 243,874,434 | $ | 14,561,710 | $ | 134,329,317 | $ | 60,657,985 | $ | 144,133,654 | $ | 34,440,527 | $ | 107,900,945 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | 1,008,160 | (1,716 | ) | 117,322 | 264,535 | 780,657 | 13,386 | 23,118 | ||||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | 3,079 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
253 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (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) | $ | 22,349,621 | $ | 1,051,620 | $ | 2,668,729 | $ | 2,925,024 | $ | 119,661 | $ | 1,494,897 | $ | 6,169,046 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 140,936 | 6,610 | 3,475 | 67,071 | 29,194 | 213,697 | 673,602 | |||||||||||||||||||||
Interest (unaffiliated) | – | 2,578 | – | 21,080 | – | 520 | – | |||||||||||||||||||||
Total investment income* | 22,490,557 | 1,060,808 | 2,672,204 | 3,013,175 | 148,855 | 1,709,114 | 6,842,648 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,842,590 | 1,182,367 | 1,375,381 | 7,967,222 | 722,413 | 1,286,817 | 1,512,588 | |||||||||||||||||||||
Administrative service fee | 960,103 | 114,950 | 241,002 | 615,634 | 56,714 | 96,103 | 336,827 | |||||||||||||||||||||
Transfer agent fees and expenses | 5,964 | 2,190 | 4,380 | 4,680 | 1,362 | 939 | 5,714 | |||||||||||||||||||||
Custodian fees | 49,843 | 9,670 | 9,421 | 90,587 | 10,276 | 25,457 | 62,196 | |||||||||||||||||||||
Reports to shareholders | 125,863 | 22,515 | 43,030 | 146,043 | 11,782 | 16,889 | 57,044 | |||||||||||||||||||||
Audit and tax fees | 17,280 | 16,410 | 17,251 | 16,750 | 16,343 | 16,750 | 18,129 | |||||||||||||||||||||
Legal fees | 50,080 | 9,462 | 13,389 | 34,544 | 7,424 | 8,567 | 18,668 | |||||||||||||||||||||
Directors’ fees and expenses | 68,236 | 7,988 | 16,847 | 43,028 | 3,966 | 6,580 | 21,954 | |||||||||||||||||||||
Interest expense | 2,869 | 138 | – | 464 | 110 | 19 | – | |||||||||||||||||||||
License fee | 14,388 | 2,147 | 144,464 | 670 | 5,556 | 348 | 128,704 | |||||||||||||||||||||
Other expenses | 48,795 | 34,133 | 29,770 | 43,195 | 23,664 | 32,296 | 40,827 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 5,186,011 | 1, 401,970 | 1,894,935 | 8,962,817 | 859,610 | 1,490,765 | 2,202,651 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (17,619 | ) | (151,055 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | – | (2,212 | ) | – | (35,313 | ) | (3,201 | ) | (2,597 | ) | – | |||||||||||||||||
Net expenses | 5,186,011 | 1,399,758 | 1,894,935 | 8,927,504 | 838,790 | 1,337,113 | 2,202,651 | |||||||||||||||||||||
Net investment income (loss) | 17,304,546 | (338,950 | ) | 777,269 | (5,914,329 | ) | (689,935 | ) | 372,001 | 4,639,997 | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 94,263,760 | 32,664,272 | 2,445,346 | 261,788,718 | 16,942,003 | 17,248,277 | 39,068,944 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 9,512,674 | – | 14,030,186 | – | – | – | 14,750,252 | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (77 | ) | – | (79,035 | ) | – | 279 | – | |||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | 104,168 | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 103,776,434 | 32,664,195 | 16,579,700 | 261,709,683 | 16,942,003 | 17,248,556 | 53,819,196 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 505,040,883 | 52,418,496 | 161,907,827 | 261,961,985 | 28,542,006 | 56,960,833 | 214,460,489 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (2,671,780 | ) | – | (2,523,182 | ) | – | – | – | 7,198,384 | |||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (524 | ) | – | 79,755 | – | (12 | ) | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 502,369,103 | 52,417,972 | 159,384,645 | 262,041,740 | 28,542,006 | 56,960,821 | 221,658,873 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 606,145,537 | 85,082,167 | 175,964,345 | 523,751,423 | 45,484,009 | 74,209,377 | 275,478,069 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 623,450,083 | $ | 84,743,217 | $ | 176,741,614 | $ | 517,837,094 | $ | 44,794,074 | $ | 74,581,378 | $ | 280,118,066 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | – | 12,482 | 2,835 | 153,101 | – | 4,443 | 11,931 | |||||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
254 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (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) | $ | 1,827,192 | $ | 300,371 | $ | 43,059,913 | $ | 1,010,504 | $ | 513,788 | $ | 1,431,940 | ||||||||||||
Dividends (affiliated) | – | – | 101,787 | – | – | – | ||||||||||||||||||
Securities lending income | 9,578 | 8,897 | 51,759 | 18,401 | 320 | 873 | ||||||||||||||||||
Interest (unaffiliated) | – | 40 | – | – | – | – | ||||||||||||||||||
Total investment income* | 1,836,770 | 309,308 | 43,213,459 | 1,028,905 | 514,108 | 1,432,813 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 721,204 | 614,263 | 6,075,004 | 499,957 | 154,583 | 467,625 | ||||||||||||||||||
Administrative service fee | 64,168 | 48,223 | 1,702,100 | 44,483 | 14,736 | 40,006 | ||||||||||||||||||
Transfer agent fees and expenses | 2,300 | 939 | 6,571 | 2,177 | 1,251 | 2,190 | ||||||||||||||||||
Custodian fees | 12,697 | 9,663 | 61,372 | 20,006 | 11,235 | 8,965 | ||||||||||||||||||
Reports to shareholders | 13,545 | 11,230 | 247,608 | 8,534 | 5,856 | 8,652 | ||||||||||||||||||
Audit and tax fees | 16,347 | 16,337 | 17,273 | 17,238 | 16,339 | 16,328 | ||||||||||||||||||
Legal fees | 8,720 | 7,182 | 84,514 | 38,562 | 7,731 | 6,937 | ||||||||||||||||||
Directors’ fees and expenses | 4,437 | 3,341 | 123,123 | 3,163 | 1,069 | 2,842 | ||||||||||||||||||
Interest expense | 4 | 26 | 726 | 59 | – | – | ||||||||||||||||||
License fee | 5,530 | 4,127 | 25,507 | 670 | 1,975 | 24 | ||||||||||||||||||
Other expenses | 22,313 | 25,535 | 62,010 | 23,822 | 25,032 | 24,509 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 871,265 | 740,866 | 8,405,808 | 658,671 | 239,807 | 578,078 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | (50,586 | ) | (1,000,215 | ) | (146,654 | ) | (66,250 | ) | (68,486 | ) | |||||||||||||
Fees paid indirectly (Note 7) | (2,477 | ) | – | – | (261 | ) | – | (83 | ) | |||||||||||||||
Net expenses | 868,788 | 690,280 | 7,405,593 | 511,756 | 173,557 | 509,509 | ||||||||||||||||||
Net investment income (loss) | 967,982 | (380,972 | ) | 35,807,866 | 517,149 | 340,551 | 923,304 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | 3,975,929 | 22,418,482 | 211,363,239 | 1,729,740 | 9,067 | 2,776,771 | ||||||||||||||||||
Investments (affiliated) | – | – | (27,699 | ) | – | – | – | |||||||||||||||||
Futures contracts | – | – | 13,653,046 | – | – | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | 740 | ||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,975,929 | 22,418,482 | 224,988,586 | 1,729,740 | 9,067 | 2,777,511 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments (unaffiliated) | 36,309,371 | 18,711,906 | 660,443,389 | 24,180,001 | 3,824,681 | 12,750,776 | ||||||||||||||||||
Investments (affiliated) | – | – | 1,323,169 | – | – | – | ||||||||||||||||||
Futures contracts | – | – | (1,818,800 | ) | – | – | – | |||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | 1,815 | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 36,309,371 | 18,711,906 | 659,947,758 | 24,180,001 | 3,824,681 | 12,752,591 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 40,285,300 | 41,130,388 | 884,936,344 | 25,909,741 | 3,833,748 | 15,530,102 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 41,253,282 | $ | 40,749,416 | $ | 920,744,210 | $ | 26,426,890 | $ | 4,174,299 | $ | 16,453,406 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | 3,737 | – | – | 154 | – | 1,032 | ||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
255 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 532,845 | $ | 1,995,418 | $ | (2,107,055 | ) | $ | (1,950,124 | ) | $ | 2,120,115 | $ | 5,439,201 | $ | 807,944 | $ | 2,836,134 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 7,810,642 | (11,951,627 | ) | 50,346,010 | 91,746,811 | 4,596,815 | 6,796,645 | 11,872,522 | 22,378,048 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 14,854,402 | 8,261,742 | 137,458,085 | 68,509,442 | 802,459 | 10,407,892 | 39,423,851 | (2,854,380 | ) | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 23,197,889 | (1,694,467 | ) | 185,697,040 | 158,306,129 | 7,519,389 | 22,643,738 | 52,104,317 | 22,359,802 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (4,210,644 | ) | – | (86,238,340 | ) | – | (7,486,947 | ) | – | (23,169,204 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (9,503,081 | ) | (13,008,489 | ) | (46,592,162 | ) | (22,297,824 | ) | 16,422,379 | 15,224,136 | (14,675,050 | ) | (4,534,427 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 13,694,808 | (18,913,600 | ) | 139,104,878 | 49,769,965 | 23,941,768 | 30,380,927 | 37,429,267 | (5,343,829 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 142,324,304 | $ | 128,629,496 | $ | 970,110,980 | $ | 831,006,102 | $ | 301,218,796 | $ | 277,277,028 | $ | 260,494,808 | $ | 223,065,541 | ||||||||||||||||
See Notes to Financial Statements
256 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | GLOBAL REAL ESTATE FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 11,122,725 | $ | 26,653,508 | $ | 635,419 | $ | 2,923,580 | $ | 8,841,574 | $ | 18,452,780 | $ | 4,047,875 | $ | 8,556,157 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (18,368,831 | ) | (21,192,407 | ) | (2,854,682 | ) | 17,948,031 | 22,166,010 | 9,080,370 | 963,617 | (12,786,006 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 124,201,915 | (32,651,046 | ) | 19,611,439 | (550,870 | ) | 179,880,952 | (41,786,861 | ) | 33,482,511 | (45,533,504 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 116,955,809 | (27,189,945 | ) | 17,392,176 | 20,320,741 | 210,888,536 | (14,253,711 | ) | 38,494,003 | (49,763,353 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (74,967,965 | ) | – | (11,267,357 | ) | – | (17,777,259 | ) | – | (20,813,547 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (218,016,322 | ) | 154,460,809 | (12,565,359 | ) | (22,155,638 | ) | 4,333,717 | (89,568,587 | ) | (55,317,575 | ) | (28,601,167 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (101,060,513 | ) | 52,302,899 | 4,826,817 | 215,222,253 | 215,222,253 | (121,599,557 | ) | (16,823,572 | ) | (99,178,067 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 910,956,353 | $ | 1,012,016,866 | $ | 195,567,614 | $ | 190,740,797 | $ | 916,693,439 | $ | 701,471,186 | $ | 342,618,793 | $ | 359,442,365 | ||||||||||||||||
See Notes to Financial Statements
257 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,826,207 | $ | 9,152,587 | $ | 21,428 | $ | 3,947,837 | $ | 1,357,151 | $ | 3,027,861 | $ | (817,491 | ) | $ | 2,029,655 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (10,030,046 | ) | (14,116,065 | ) | 18 | 1,466 | 218,245 | 234,572 | 73,484,196 | 208,062,507 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 33,509,394 | 2,757,644 | – | – | (793,419 | ) | 8,643,191 | 247,016,875 | 98,551,716 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 26,305,555 | (2,205,834 | ) | 21,446 | 3,949,303 | 781,977 | 11,905,624 | 319,683,580 | 308,643,878 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (36,956,013 | ) | (21,429 | ) | (3,947,837 | ) | – | (3,464,038 | ) | – | (121,995,009 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (15,254,613 | ) | (1,832,479 | ) | (5,405,128 | ) | 20,016,091 | 648,402 | (3,475,349 | ) | (46,107,265 | ) | 122,864,010 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 11,050,942 | (40,994,326 | ) | (5,405,111 | ) | 20,017,557 | 1,430,379 | 4,966,237 | 273,576,315 | 309,512,879 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 293,758,879 | $ | 282,707,937 | $ | 409,795,869 | $ | 415,200,980 | $ | 149,768,594 | $ | 148,338,215 | $ | 1,632,269,802 | $ | 1,358,693,487 | ||||||||||||||||
See Notes to Financial Statements
258 |
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 Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (1,901,955 | ) | $ | (1,368,129 | ) | $ | 5,814,108 | $ | 13,398,808 | $ | 11,783,577 | $ | 22,343,146 | $ | 2,058,408 | $ | 4,221,126 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 51,734,996 | 84,792,905 | 31,173,444 | 2,889,476 | 12,567,529 | (56,514,353 | ) | 5,038,471 | 2,202,989 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 89,751,932 | 99,973,766 | 16,432,853 | 18,002,918 | 219,523,328 | (12,960 | ) | 7,464,831 | 1,731,653 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 139,584,973 | 183,398,542 | 53,420,405 | 34,291,202 | 243,874,434 | (34,184,167 | ) | 14,561,710 | 8,155,768 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (55,413,297 | ) | – | (16,140,417 | ) | – | (54,035,196 | ) | – | (2,974,089 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (40,815,314 | ) | (19,300,405 | ) | 119,861,061 | 45,882,284 | 101,995,028 | 293,296,266 | 16,673,700 | (36,921,147 | ) | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 98,769,659 | 108,684,840 | 173,281,466 | 64,033,069 | 345,869,462 | 205,076,903 | 31,235,410 | (31,739,468 | ) | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 949,526,775 | $ | 850,757,116 | $ | 937,888,305 | $ | 764,606,839 | $ | 1,592,673,860 | $ | 1,246,804,398 | $ | 202,679,493 | $ | 171,444,083 | ||||||||||||||||
See Notes to Financial Statements
259 |
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 Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (882,528 | ) | $ | (128,229 | ) | $ | 2,792,382 | $ | 5,698,515 | $ | 5,578,841 | $ | 13,487,740 | $ | 637,968 | $ | 1,600,704 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 27,160,801 | 237,766 | 5,365,527 | 56,878,712 | (11,914,520 | ) | (69,069,557 | ) | 10,869,874 | 6,621,354 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 108,051,044 | 43,668,282 | 52,500,076 | (69,666,052 | ) | 150,469,333 | (3,037,198 | ) | 22,932,685 | 16,867,944 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 134,329,317 | 43,777,819 | 60,657,985 | (7,088,825 | ) | 144,133,654 | (58,619,015 | ) | 34,440,527 | 25,090,002 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (530,816 | ) | – | (18,692,073 | ) | – | (17,228,045 | ) | – | (13,642,078 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (33,053,512 | ) | (47,834,963 | ) | (22,902,444 | ) | (11,366,171 | ) | (51,245,648 | ) | (8,515,305 | ) | (10,357,629 | ) | (3,175,366 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 101,275,805 | (4,587,960 | ) | 37,755,541 | (37,147,069 | ) | 92,888,006 | (84,362,365 | ) | 24,082,898 | 8,272,558 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 563,049,913 | $ | 461,774,108 | $ | 364,426,126 | $ | 326,670,585 | $ | 697,010,656 | $ | 604,122,650 | $ | 198,783,071 | $ | 174,700,173 | ||||||||||||||||
See Notes to Financial Statements
260 |
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 Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 604,447 | $ | 2,316,146 | $ | 17,304,546 | $ | 38,940,738 | $ | (338,950 | ) | $ | (88,202 | ) | $ | 777,269 | $ | 2,698,873 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 42,937,752 | 55,418,774 | 103,776,434 | 90,453,329 | 32,664,195 | 20,667,275 | 16,579,700 | 58,963,135 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 64,358,746 | 23,050,451 | 502,369,103 | (183,709,038 | ) | 52,417,972 | 16,186,881 | 159,384,645 | 101,360,693 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 107,900,945 | 80,785,371 | 623,450,083 | (54,314,971 | ) | 84,743,217 | 36,765,954 | 176,741,614 | 163,022,701 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (41,748,045 | ) | – | (296,387,150 | ) | – | (16,210,213 | ) | – | (18,718,005 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (31,795,261 | ) | 8,291,452 | (190,620,310 | ) | 187,502,822 | (16,689,158 | ) | (8,998,996 | ) | (29,354,770 | ) | (21,055,069 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 76,105,684 | 47,328,778 | 432,829,773 | (163,199,299 | ) | 68,054,059 | 11,556,745 | 147,386,844 | 123,249,627 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 600,735,795 | $ | 524,630,111 | $ | 3,166,943,806 | $ | 2,734,114,033 | $ | 382,898,744 | $ | 314,844,685 | $ | 769,905,684 | $ | 622,518,840 | ||||||||||||||||
See Notes to Financial Statements
261 |
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 Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (5,914,329 | ) | $ | 2,824,205 | $ | (689,935 | ) | $ | (1,146,764 | ) | $ | 372,001 | $ | 964,891 | $ | 4,639,997 | $ | 9,632,473 | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 261,709,683 | 218,482,412 | 16,942,003 | 15,564,804 | 17,248,556 | 9,712,336 | 53,819,196 | 55,928,555 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 262,041,740 | 175,582,908 | 28,542,006 | 3,085,781 | 56,960,821 | (2,682,249 | ) | 221,658,873 | (88,784,386 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 517,837,094 | 396,889,525 | 44,794,074 | 17,503,821 | 74,581,378 | 7,994,978 | 280,118,066 | (23,223,358 | ) | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (167,892,734 | ) | – | (21,153,681 | ) | – | (23,425,775 | ) | – | (140,525,121 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (94,702,007 | ) | 1,252,545 | (14,574,095 | ) | 2,264,524 | (15,291,470 | ) | (4,093,062 | ) | (7,156,715 | ) | 50,265,660 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 423,135,087 | 230,249,336 | 30,219,979 | (1,385,336 | ) | 59,289,908 | (19,523,859 | ) | 272,961,351 | (113,482,819 | ) | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 2,046,218,137 | $ | 1,623,083,050 | $ | 190,746,683 | $ | 160,526,704 | $ | 323,784,439 | $ | 264,494,531 | $ | 1,171,518,262 | $ | 898,556,911 | ||||||||||||||||
See Notes to Financial Statements
262 |
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 Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 967,982 | $ | 2,367,558 | $ | (380,972 | ) | $ | (354,237 | ) | $ | 35,807,866 | $ | 93,349,452 | $ | 517,149 | $ | 1,051,419 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,975,929 | (1,093,541 | ) | 22,418,482 | 15,682,571 | 224,988,586 | 283,015,679 | 1,729,740 | 13,868,273 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 36,309,371 | (23,302,140 | ) | 18,711,906 | 11,427,528 | 659,947,758 | 187,950,002 | 24,180,001 | 2,379,254 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 41,253,282 | (22,028,123 | ) | 40,749,416 | 26,755,862 | 920,744,210 | 564,315,133 | 26,426,890 | 17,298,946 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (21,290,802 | ) | – | (13,852,479 | ) | – | (402,859,884 | ) | – | (14,147,413 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,351,980 | ) | (3,147,232 | ) | (7,269,070 | ) | 2,127,905 | (311,876,807 | ) | 26,189,039 | (2,171,331 | ) | 1,986,684 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 38,901,302 | (46,466,157 | ) | 33,480,346 | 15,031,288 | 608,867,403 | 187,644,288 | 24,255,559 | 5,138,217 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 216,011,081 | $ | 177,109,779 | $ | 164,709,094 | $ | 131,228,748 | $ | 5,434,057,266 | $ | 4,825,189,863 | $ | 146,894,790 | $ | 122,639,231 | ||||||||||||||||
See Notes to Financial Statements
263 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SYSTEMATIC VALUE FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | For the Six Months Ended November 30, 2020 (Unaudited) | For the Year Ended May 31, 2020 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 340,551 | $ | 815,174 | $ | 923,304 | $ | 2,014,352 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 9,067 | 4,656,886 | 2,777,511 | 3,911,912 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 3,824,681 | (6,083,372 | ) | 12,752,591 | (3,755,126 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 4,174,299 | (611,312 | ) | 16,453,406 | 2,171,138 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Distributable earnings | – | (6,042,555 | ) | – | (12,520,789 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,972,662 | ) | (325,456 | ) | 232,011 | 5,192,073 | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 1,201,637 | (6,979,323 | ) | 16,685,417 | (5,157,578 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 44,232,930 | 51,212,253 | 112,969,762 | 118,127,340 | ||||||||||||
End of period | $ | 45,434,567 | $ | 44,232,930 | $ | 129,655,179 | $ | 112,969,762 | ||||||||
See Notes to Financial Statements
264 |
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 45 separate mutual funds (each, a “Fund” and collectively, the “Funds”), 34 of which are included in this report, and 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”). |
Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100® Index Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 — Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:
Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:
Level 1 — Unadjusted quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)
Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of November 30, 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 International Value Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The Inflation Protected Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates, to manage and/or gain exposure to certain foreign currencies and to enhance return.
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 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. The Inflation Protected Fund used futures contracts to manage duration and yield curve positioning and to increase exposure to equity or bond 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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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.
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 Inflation Protected Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.
Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.
Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.
Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of November 30, 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 six months ended November 30, 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 November 30, 2020, please refer to the Portfolio of Investments.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | ||||||||||||||||||||||||||||||||||||
Fund | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||
Asset Allocation | $ | 22,481 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Inflation Protected | 75,905 | 301,553 | — | — | 6,016 | — | — | — | ||||||||||||||||||||||||||||
Equity Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | 9,688 | $ | — | $ | — | $ | — | $ | 176,362 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Dynamic Allocation | 19,950 | — | 1,540,925 | — | — | — | — | — | ||||||||||||||||||||||||||||
Growth | — | — | — | — | 2,660 | — | — | — | ||||||||||||||||||||||||||||
International Equities Index | — | — | — | — | 4,720,170 | — | — | — | ||||||||||||||||||||||||||||
International Socially Responsible | — | — | — | — | 344,760 | — | — | — | ||||||||||||||||||||||||||||
Mid Cap Index | — | — | — | — | 476,010 | — | — | — | ||||||||||||||||||||||||||||
Nasdaq-100® Index | 37,830 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Small Cap Index | — | — | — | — | 1,723,960 | — | — | — | ||||||||||||||||||||||||||||
Stock Index | — | — | — | — | 278,635 | — | — | — | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | 364,109 | $ | — | $ | — | $ | — | $ | 518,401 | ||||||||||||||||||||
Global Strategy | — | — | — | 284,869 | — | — | — | 2,050,647 | ||||||||||||||||||||||||||||
Inflation Protected | — | — | — | — | — | — | — | 9,928,185 | ||||||||||||||||||||||||||||
International Growth | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Value | — | — | — | 42,165 | — | — | — | 129,141 |
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 | $ | (233,074 | ) | |
Dynamic Allocation | (6,798 | ) | ||
Growth | 50,184 | |||
Inflation Protected | 94,452 | |||
International Equities Index | 6,151,971 | |||
International Socially Responsible | 669,463 | |||
Mid Cap Index | 263,964 | |||
Nasdaq-100® Index | 1,321,105 | |||
Small Cap Index | 14,168,223 | |||
Stock Index | 3,769,171 |
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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 | $ | (6,629 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Inflation Protected | 605,520 | — | — | — | — | |||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | 626,693 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | (2,876,374 | ) | — | — | (3,663,093 | ) | — | |||||||||||||
Emerging Economies | (49,871 | ) | — | — | — | — | ||||||||||||||
Growth | 164,444 | — | — | — | — | |||||||||||||||
International Equities Index | 11,191,612 | — | — | — | — | |||||||||||||||
International Socially Responsible | 6,748,569 | — | — | — | — | |||||||||||||||
Mid Cap Index | 9,512,674 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | 14,030,186 | — | — | — | — | |||||||||||||||
Small Cap Index | 14,750,252 | — | — | — | — | |||||||||||||||
Stock Index | 13,653,046 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | 549,193 | ||||||||||
Global Strategy | — | — | — | — | (3,945,599 | ) | ||||||||||||||
Inflation Protected | — | — | — | — | (141 | ) | ||||||||||||||
International Growth | — | — | — | (952,686 | ) | — | ||||||||||||||
International Value | — | — | — | — | (1,615,982 | ) | ||||||||||||||
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 | $ | 135,489 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Inflation Protected | 94,452 | 301,553 | — | — | — | |||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | (170,466 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Dynamic Allocation | 437,607 | — | — | 246,268 | — | |||||||||||||||
Emerging Economies | — | — | — | — | — | |||||||||||||||
Growth | (40,810 | ) | — | — | — | — | ||||||||||||||
International Equities Index | 1,702,608 | — | — | — | — | |||||||||||||||
International Socially Responsible | (3,950,553 | ) | — | — | — | — | ||||||||||||||
Mid Cap Index | (2,671,780 | ) | — | — | — | — | ||||||||||||||
Nasdaq-100® Index | (2,523,182 | ) | — | — | — | — | ||||||||||||||
Small Cap Index | 7,198,384 | — | — | — | — | |||||||||||||||
Stock Index | (1,818,800 | ) | — | — | — | — | ||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | 205,466 | ||||||||||
Global Strategy | — | — | — | — | (2,052,332 | ) | ||||||||||||||
Inflation Protected | — | — | — | — | (9,928,185 | ) | ||||||||||||||
International Growth | — | — | — | 784,774 | — | |||||||||||||||
International Value | — | — | — | — | (420,522 | ) |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Statement of Operations Location:
(1) | Net realized gain (loss) on futures contracts |
(2) | Net realized gain (loss) on swap contracts |
(3) | Net realized gain (loss) on written options contracts |
(4) | Net realized gain (loss) on investments |
(5) | Net realized gain (loss) on forward contracts |
(6) | Change in unrealized appreciation (depreciation) on futures contracts |
(7) | Change in unrealized appreciation (depreciation) on swap contracts |
(8) | Change in unrealized appreciation (depreciation) on written options contracts |
(9) | Change in unrealized appreciation (depreciation) on investments |
(10) | Change in unrealized appreciation (depreciation) on forward contracts |
The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2020.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Futures Contracts(2) | Foreign Forward Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(2) | ||||||||||||||||
Portfolio | ||||||||||||||||||||
Asset Allocation | $ | 27,483,479 | $ | 38,728,413 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 14,108,117 | — | 1,772,321 | — | — | |||||||||||||||
Emerging Economies | 1,422,785 | — | — | — | — | |||||||||||||||
Global Strategy | — | 118,106,939 | — | — | — | |||||||||||||||
Growth | 669,750 | — | — | — | — | |||||||||||||||
Inflation Protected | 25,609,513 | 266,589,083 | — | — | 36,500,000 | |||||||||||||||
International Equities Index | 86,248,544 | — | — | — | — | |||||||||||||||
International Socially Responsible | 14,955,829 | — | — | — | — | |||||||||||||||
International Growth | — | — | 1,669 | — | — | |||||||||||||||
International Value | — | 35,930,927 | — | — | — | |||||||||||||||
Mid Cap Index | 44,796,243 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 44,792,966 | — | — | — | — | |||||||||||||||
Small Cap Index | 82,717,860 | — | — | — | — | |||||||||||||||
Stock Index | 71,748,413 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of November 30, 2020. The repurchase agreements held by the Funds and the securities on loan as of November 30, 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. | $ | 364,109 | $ | — | $ | — | $ | 364,109 | $ | 518,401 | $ | — | $ | — | $ | 518,401 | $ | (154,292) | $ | 154,292 | $ | — | ||||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | $ | — | $ | — | $ | 318,047 | $ | 318,047 | $ | — | $ | — | $ | — | $ | — | $ | 318,047 | $ | (318,047 | ) | $ | — | |||||||||||||||||||||||||
Goldman Sachs International | — | — | 521,310 | 521,310 | — | — | — | — | 521,310 | (521,310 | ) | — | ||||||||||||||||||||||||||||||||||||
UBS AG | — | — | 701,568 | 701,568 | — | — | — | — | 701,568 | — | 701,568 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | — | $ | 1,540,925 | $ | 1,540,925 | $ | — | $ | — | $ | — | $ | — | $ | 1,540,925 | $ | (839,357 | ) | $ | 701,568 | ||||||||||||||||||||||||||
(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. | $ | – | $ | – | $ | – | $ | – | $ | 8,667 | $ | – | $ | – | $ | 8,667 | $ | (8,667 | ) | $ | – | $ | (8,667 | ) | ||||||||||||||||||||||||
BNP Paribas SA | – | – | – | – | 1,043 | – | – | 1,043 | (1,043 | ) | – | (1,043 | ) | |||||||||||||||||||||||||||||||||||
Citibank N.A. | 28,136 | – | – | 28,136 | 907,155 | – | – | 907,155 | (879,019 | ) | 879,019 | – | ||||||||||||||||||||||||||||||||||||
Deutsch Bank AG | 104,641 | – | – | 104,641 | 155,262 | – | – | 155,262 | (50,621 | ) | 20,000 | (30,621 | ) | |||||||||||||||||||||||||||||||||||
Goldman Sachs International | – | – | – | – | 18,272 | – | – | 18,272 | (18,272 | ) | – | (18,272 | ) | |||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 40,534 | – | – | 40,534 | 795,328 | – | – | 795,328 | (754,794 | ) | 754,794 | – | ||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 106,087 | – | – | 106,087 | 112,824 | – | – | 112,824 | (6,737 | ) | – | (6,737 | ) | |||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | – | – | – | – | 828 | – | – | 828 | (828 | ) | – | (828 | ) | |||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 5,471 | – | – | 5,471 | 23,082 | – | – | 23,082 | (17,611 | ) | – | (17,611 | ) | |||||||||||||||||||||||||||||||||||
UBS AG | – | – | – | – | 28,186 | – | – | 28,186 | (28,186 | ) | – | (28,186 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 284,869 | $ | – | $ | – | $ | 284,869 | $ | 2,050,647 | $ | – | $ | – | $ | 2,050,647 | $ | (1,765,778 | ) | $ | 1,653,813 | $ | (111,965 | ) | ||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
Inflation Protected 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) | |||||||||||||||||||||||||||||||||||||
Canadian Imperial Bank Of Commerce | $ | — | $ | — | $ | — | $ | — | $ | 73,865 | $ | — | $ | — | $ | 73,865 | $ | (73,865 | ) | $ | — | $ | (73,865 | ) | ||||||||||||||||||||||||
Citibank N.A. | — | — | — | — | 17,898 | — | — | 17,898 | (17,898 | ) | — | (17,898 | ) | |||||||||||||||||||||||||||||||||||
Credit Agricole Cib | — | — | — | — | 1,378,682 | — | — | 1,378,682 | (1,378,682 | ) | — | (1,378,682 | ) | |||||||||||||||||||||||||||||||||||
Goldman Sachs International | — | — | — | — | 4,920,139 | — | — | 4,920,139 | (4,920,139 | ) | — | (4,920,139 | ) | |||||||||||||||||||||||||||||||||||
HSBC Bank PLC | — | — | — | — | 3,532,919 | — | — | 3,532,919 | (3,532,919 | ) | — | (3,532,919 | ) | |||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | — | — | — | — | 752 | — | — | 752 | (752 | ) | — | (752 | ) | |||||||||||||||||||||||||||||||||||
Westpac Banking Corporation | — | — | — | — | 3,930 | — | — | 3,930 | (3,930 | ) | — | (3,930 | ) | |||||||||||||||||||||||||||||||||||
Barclays Bank PLC | — | 269,919 | — | 269,919 | — | — | — | — | 269,919 | (269,919 | ) | — | ||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 269,919 | $ | — | $ | 269,919 | $ | 9,928,185 | $ | — | $ | — | $ | 9,928,185 | $ | (9,658,266 | ) | $ | (269,919 | ) | $ | (9,928,185 | ) | |||||||||||||||||||||||
(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 | $42,165 | $ | – | $ – | $ | 42,165 | $ | 129,141 | $ | – | $ | – | $ | 129,141 | $ | (86,976 | ) | $ | – | $ | (86,976 | ) | ||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.
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. 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. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
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.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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, 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. Adoption of the ASU had no material impact on the Funds.
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(4) | 0.50% on the first $250 million | |
0.45% on the next $250 million | ||
0.40% on assets over $500 million | ||
International Growth Fund(5) | 0.95% on the first $250 million | |
0.90% on the next $250 million | ||
0.85% on the next $500 million | ||
0.80% on assets over $1 billion | ||
Large Capital Growth Fund | 0.64% on the first $750 million | |
0.59% on assets over $750 million | ||
Mid Cap Strategic Growth Fund | 0.70% on the first $250 million | |
0.65% on the next $250 million | ||
0.60% on assets over $500 million | ||
Asset Allocation Fund | 0.50% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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(6) | 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(7) | 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(8) | 0.70% on the first $250 million | |
Systematic Value Fund(9) | 0.65% on the next $250 million | |
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
International Value Fund(10) | 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(11) | 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(12) | 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(13) | 0.25% on the first $1 billion | |
0.22% on the next $1 billion | ||
0.20% on assets over $2 billion |
(1) | VALIC has agreed to waive the Core Equity Fund’s advisory fees in order that such fees equal: 0.62% of the Fund’s average daily net assets on the Fund’s first $250 million, 0.57% on the next $250 million, 0.52% on the next $500 million, and 0.47% on assets over $1 billion. |
(2) | Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the 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 effective September 28, 2020, VALIC has agreed to waive the Inflation Protected Fund’s advisory fees in order that such fees equal: 0.47% on the first $250 million of the Fund’s average monthly net assets, 0.42% on the next $250 million of the Fund’s average monthly net assets and 0.37% on average monthly net assets over $500 million. |
(5) | 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. |
(6) | Pursuant to an Advisory Fee Waiver Agreement, 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. |
(7) | Pursuant to an Advisory Fee Waiver Agreement, 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. |
(8) | Pursuant to an Advisory Fee Waiver effective September 1, 2020, VALIC has contractually agreed to waive the Large Cap Core Fund’s advisory fees in order that such fees equal: 0.63% on the first $250 million of the Fund’s average monthly net assets, 0.58% on the next $250 million of the Fund’s average monthly net assets, 0.53% on the next $500 million of the Fund’s average monthly net assets and 0.48% on average monthly net assets over $1 billion. |
(9) | Pursuant to an Advisory Fee Waiver Agreement, 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. |
(10) | 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. |
(11) | 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. |
(12) | Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.57% 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. |
(13) | VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Dynamic Allocation Fund’s Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Fund’s investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the “AB Fund Waiver”). The AB Fund Waiver may be terminated at any time by the Adviser. |
For the six months ended November 30, 2020, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 216,769 | ||
Dividend Value | 486,920 | |||
Dynamic Allocation | 1,688 | |||
Global Strategy | 28,990 | |||
Growth | 1,201,126 | |||
Health Sciences | 169,449 | |||
Inflation Protected | 49,084 | |||
International Growth | 525,110 | |||
International Value | 232,276 | |||
Large Cap Core | 32,839 | |||
Small-Mid Growth | 50,586 | |||
Systematic Core | 146,654 | |||
Systematic Value | 66,250 |
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.
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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, and International Government Bond Fund.
SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Government Money Market I Fund, International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, a portion of the Growth Fund and a portion of the Dynamic Allocation Fund.
T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.
Victory Capital Management, Inc. (“Victory”)—subadviser for the Small Cap Aggressive Growth Fund.
Wellington Management Company LLP (“Wellington Management”)*—subadviser for the Inflation Protected Fund, 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 September 28, 2020, Wellington Management replaced PineBridge as subadviser for the Inflation Protected 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, 2021. 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, 2021, 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 six months ended November 30, 2020, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Dynamic Allocation | $ | 13,222 | ||
Small Cap Aggressive Growth | 17,619 | |||
Small Cap | 151,055 | |||
Stock Index | 1,000,215 | |||
Value | 68,486 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 2020, VALIC voluntarily reimbursed $910,188 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 six months ended November 30, 2020, no amount was recouped by VALIC for the Dynamic Allocation Fund.
At November 30, 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 | November 30, 2022 | |||||||||
Dynamic Allocation | $ | 1,133 | $ | 26,890 | $ | 13,222 |
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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 six months ended November 30, 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 six months ended November 30, 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 six months ended November 30, 2020, certain Directors of VC I have deferred $20,981 of director compensation.
At November 30, 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 | — | 99.16 | 0.83 | 0.00 | — | 0.00 | |||||||||||||||||||||
Capital Conservation | — | — | 77.98 | 4.22 | 2.31 | 5.76 | 9.73 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 83.75 | 0.84 | 5.26 | 1.78 | 8.37 | |||||||||||||||||||||
Dynamic Allocation | 3.54 | — | 96.46 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.05 | 0.01 | 92.37 | 0.15 | 3.32 | 0.93 | 3.17 | |||||||||||||||||||||
Global Real Estate | — | — | 84.77 | 0.38 | 5.84 | 2.45 | 6.56 | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 5.10 | 0.00 | 92.39 | — | 0.70 | 0.52 | 1.29 | |||||||||||||||||||||
Government Securities | 0.53 | — | 78.38 | 5.93 | 2.42 | 5.46 | 7.28 | |||||||||||||||||||||
Growth | — | — | 99.47 | 0.53 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.02 | — | 99.98 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 86.89 | 0.28 | 3.64 | 2.50 | 6.69 | |||||||||||||||||||||
International Equities Index | 2.95 | 0.02 | 90.66 | 0.36 | 2.43 | 0.83 | 2.75 | |||||||||||||||||||||
International Government Bond | — | — | 65.57 | 0.36 | 8.28 | 8.36 | 17.43 | |||||||||||||||||||||
International Growth | — | — | 94.99 | 1.05 | 2.22 | 0.35 | 1.39 | |||||||||||||||||||||
International Socially Responsible | 0.34 | — | 99.44 | 0.22 | — | — | — | |||||||||||||||||||||
International Value | 0.02 | — | 91.77 | 0.78 | 3.48 | 0.79 | 3.16 | |||||||||||||||||||||
Large Cap Core | — | — | 81.38 | 4.32 | 6.17 | 1.67 | 6.46 | |||||||||||||||||||||
Large Capital Growth | — | — | 92.98 | 1.14 | 2.15 | 0.36 | 3.37 | |||||||||||||||||||||
Mid Cap Index | 0.69 | 0.04 | 97.51 | 0.11 | 0.65 | 0.16 | 0.84 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 92.11 | — | 3.09 | 0.67 | 4.13 | |||||||||||||||||||||
Nasdaq-100® Index | 2.15 | 0.06 | 95.30 | — | 0.33 | 0.26 | 1.90 | |||||||||||||||||||||
Science & Technology | 0.53 | 0.00 | 97.62 | — | 0.93 | 0.27 | 0.65 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 99.50 | 0.50 | — | — | — | |||||||||||||||||||||
Small Cap | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Index | 2.07 | 0.12 | 95.08 | 0.13 | 1.02 | 0.17 | 1.41 | |||||||||||||||||||||
Small Cap Special Values | — | — | 87.72 | 0.66 | 4.20 | 1.59 | 5.83 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 2.52 | 0.04 | 91.57 | 0.43 | 1.05 | 0.32 | 1.86 | |||||||||||||||||||||
Systematic Core | 2.05 | — | 95.43 | 2.52 | — | — | — | |||||||||||||||||||||
Systematic Value | — | — | 85.16 | 14.84 | — | — | — | |||||||||||||||||||||
Value | — | — | 63.08 | 5.94 | 11.88 | 2.79 | 16.31 |
@ | 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)
The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2020, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2020 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2020 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 7,206,817 | $ | — | $ | — | $ | 241,661 | $ | 948,250 | $ | 306,637 | $ | 1,257,298 | $ | 8,064,163 | ||||||||||||||||
VALIC Co. I Capital Conservation Fund | 12,647,556 | — | — | 1,244,979 | 1,493,298 | 98,038 | 217,310 | 12,714,585 | ||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 7,151,356 | — | — | 243,940 | 717,508 | (73,825 | ) | 1,020,800 | 7,624,763 | |||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 1,115,590 | — | — | 41,997 | 124,330 | 31,100 | 292,196 | 1,356,553 | ||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 1,262,539 | — | — | 52,498 | 151,419 | (31,698 | ) | 171,348 | 1,303,268 | |||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 8,706,982 | — | — | 993,986 | 870,309 | 29,180 | 17,634 | 8,877,473 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 7,784,470 | — | — | 254,785 | 1,162,103 | 238,940 | 1,504,584 | 8,620,676 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 2,674,604 | — | — | 94,495 | 279,742 | 20,037 | 147,945 | 2,657,339 | ||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 4,628,283 | — | — | 628,491 | 528,402 | (27,974 | ) | 968,171 | 5,668,569 | |||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 715,369 | — | — | 26,248 | 77,706 | 3,557 | 54,874 | 722,342 | ||||||||||||||||||||||||
VALIC Co. I International Growth Fund | 5,402,085 | — | — | 183,914 | 1,198,303 | 158,039 | 1,369,176 | 5,914,911 | ||||||||||||||||||||||||
VALIC Co. I International Socially Responsible Fund | 705,171 | — | — | 26,249 | 77,706 | (9,622 | ) | 141,453 | 785,545 | |||||||||||||||||||||||
VALIC Co. I International Value Fund | 4,068,187 | — | — | 765,367 | 489,549 | (53,208 | ) | 1,148,947 | 5,439,744 | |||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 7,601,545 | — | — | 262,486 | 777,061 | (47,925 | ) | 1,539,904 | 8,578,949 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 6,026,657 | — | — | 209,990 | 621,649 | 187,090 | 1,043,723 | 6,845,811 | ||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 3,079,082 | — | — | 104,995 | 310,825 | (21,876 | ) | 719,985 | 3,571,361 | |||||||||||||||||||||||
VALIC Co. I Small Cap Aggressive Growth Fund | 781,838 | — | — | 26,248 | 77,706 | (7,408 | ) | 232,348 | 955,320 | |||||||||||||||||||||||
VALIC Co. I Small Cap Index Fund | 1,345,538 | — | — | 39,372 | 266,559 | (94,575 | ) | 452,888 | 1,476,664 | |||||||||||||||||||||||
VALIC Co. I Small Cap Special Values Fund | 1,233,324 | — | — | 39,373 | 116,559 | (43,800 | ) | 318,635 | 1,430,973 | |||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 22,276,531 | — | — | 734,965 | 3,675,772 | 809,168 | 3,270,602 | 23,415,494 | ||||||||||||||||||||||||
VALIC Co. I Systematic Core Fund | 3,443,623 | — | — | 115,494 | 566,907 | 148,172 | 561,756 | 3,702,138 | ||||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | 6,469,814 | — | — | 580,816 | 925,461 | (249,678 | ) | 871,286 | 6,746,777 | |||||||||||||||||||||||
VALIC Co. I Value Fund | 7,199,448 | — | — | 607,065 | 1,103,167 | 166,512 | 830,307 | 7,700,165 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 5,729,263 | 21,016 | 179,310 | 394,567 | 579,818 | 35,360 | 963,015 | 6,542,387 | ||||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 9,741,217 | 316,838 | 67 | 1,350,263 | 986,868 | 76,486 | (1,523 | ) | 10,179,575 | |||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 1,419,698 | 109,088 | — | 236,586 | 155,412 | 162 | 46,933 | 1,547,967 | ||||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | 101,424 | 689 | 1,667 | 4,982 | 7,771 | 752 | 17,987 | 117,374 | ||||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 3,404,596 | 67,748 | 183,734 | 422,226 | 357,448 | (103,404 | ) | 528,181 | 3,894,151 | |||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,175,166 | — | 83,267 | 148,889 | 394,265 | 52,958 | 323,821 | 2,306,569 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 1,915,516 | 18,005 | 120,980 | 204,606 | 194,265 | (66,739 | ) | 343,823 | 2,202,941 | |||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 458,849 | — | 58,325 | 71,450 | 38,853 | 5,769 | 117,841 | 615,056 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 324,180 | 4,953 | 10,301 | 28,377 | 38,853 | (7,367 | ) | 82,968 | 389,305 | |||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 2,537,863 | 125,066 | — | 316,936 | 271,972 | (7,172 | ) | 74,965 | 2,650,620 | |||||||||||||||||||||||
VALIC Co. II U.S. Socially Responsible Fund | 1,480,689 | 21,087 | 268,935 | 342,520 | 155,412 | (35,832 | ) | 9,566 | 1,641,531 | |||||||||||||||||||||||
$ | 152,814,870 | $ | 684,490 | $ | 906,586 | $ | 11,040,816 | $ | 19,741,228 | $ | 1,485,854 | $ | 20,660,747 | $ | 166,261,059 | |||||||||||||||||
Stock Index Fund
Security | Value at 05/31/2020 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2020 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 4,931,704 | $ | 101,787 | $ | — | $ | — | $ | 317,677 | $ | (27,699 | ) | $ | 1,323,169 | $ | 5,909,497 | |||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
During the six months ended November 30, 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. | $ | 507 | $ | 1,219 | ||||
Morgan Stanley & Co. | 9,587 | 3,273 | ||||||
Wells Fargo Securities | — | 926 |
On November 23, 2020, NASDAQ-100® Index Fund over bought 42 NASDAQ 100 E-Mini Index short futures contracts. On November 24, 2020, the Fund entered into offsetting closing contracts for such amounts resulting in a loss to the Fund of $104,168. The loss will be reimbursed evenly by VALIC and SunAmerica and is included in the Statement of Operations under the caption Net realized gain (loss) on futures contracts and as a receivable on the Statement of Assets and Liabilities under the caption Due from investment adviser for expense reimbursements/fee waivers.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 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 | $ | 52,659,136 | $ | 69,181,567 | $ | 403,196 | $ | 636,526 | ||||||||
Blue Chip Growth | 95,561,552 | 146,700,386 | — | — | ||||||||||||
Capital Conservation | 51,971,335 | 51,573,601 | 73,160,845 | 54,857,494 | ||||||||||||
Core Equity | 40,929,650 | 55,134,057 | — | — | ||||||||||||
Dividend Value | 278,725,801 | 476,256,017 | — | — | ||||||||||||
Dynamic Allocation | 9,449,741 | 19,741,229 | 6,690,209 | 13,755,712 | ||||||||||||
Emerging Economies | 347,522,873 | 325,874,645 | — | — | ||||||||||||
Global Real Estate | 133,970,849 | 185,405,560 | — | — | ||||||||||||
Global Strategy | 40,397,469 | 62,040,972 | — | 4,852,797 | ||||||||||||
Government Securities | 1,149,251 | 314,029 | 11,784,240 | 12,329,677 | ||||||||||||
Growth | 241,246,467 | 300,530,328 | — | — | ||||||||||||
Health Sciences | 156,798,107 | 197,162,899 | — | — | ||||||||||||
Inflation Protected | 198,706,973 | 192,173,883 | 382,582,240 | 296,563,517 | ||||||||||||
International Equities Index | 19,122,764 | 15,038,846 | — | — | ||||||||||||
International Government Bond | 81,292,953 | 74,170,824 | 22,901,574 | 11,636,103 | ||||||||||||
International Growth | 25,072,699 | 73,078,709 | — | — | ||||||||||||
International Socially Responsible | 6,689,742 | 12,544,426 | — | — | ||||||||||||
International Value | 217,020,226 | 270,946,557 | — | — | ||||||||||||
Large Cap Core | 45,922,147 | 55,973,823 | — | — | ||||||||||||
Large Capital Growth | 61,227,019 | 91,416,062 | — | — | ||||||||||||
Mid Cap Index | 293,307,512 | 388,170,627 | — | — | ||||||||||||
Mid Cap Strategic Growth | 69,348,439 | 83,303,585 | — | — | ||||||||||||
Nasdaq-100® Index | 11,047,618 | 7,758,429 | — | — | ||||||||||||
Science & Technology | 697,054,968 | 791,903,595 | — | — | ||||||||||||
Small Cap Aggressive Growth | 65,224,064 | 81,041,976 | — | — | ||||||||||||
Small Cap | 34,773,408 | 48,875,730 | — | — | ||||||||||||
Small Cap Index | 116,827,443 | 117,309,236 | — | — | ||||||||||||
Small Cap Special Values | 42,231,874 | 39,744,464 | — | — | ||||||||||||
Small-Mid Growth | 80,132,555 | 88,171,308 | — | — | ||||||||||||
Stock Index | 63,333,843 | 347,785,652 | — | — | ||||||||||||
Systematic Core | 12,467,117 | 14,730,818 | — | — | ||||||||||||
Systematic Value | 30,440,115 | 32,939,490 | — | — | ||||||||||||
Value | 21,193,315 | 19,088,460 | — | — |
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.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2020.
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 107,269,081 | $ | 21,332,719 | $ | (6,065,292 | ) | $ | 15,267,427 | |||||||
Blue Chip Growth | 457,602,176 | 516,789,834 | (2,564,190 | ) | 514,225,644 | |||||||||||
Capital Conservation | 300,786,393 | 15,399,933 | (314,956 | ) | 15,084,977 | |||||||||||
Core Equity | 191,698,800 | 76,237,244 | (5,394,130 | ) | 70,843,114 | |||||||||||
Dividend Value | 845,557,092 | 100,510,598 | (36,881,952 | ) | 63,628,646 | |||||||||||
Dynamic Allocation | 171,226,730 | 29,838,471 | (3,998,417 | ) | 25,840,054 | |||||||||||
Emerging Economies | 725,357,669 | 204,657,444 | (19,262,258 | ) | 185,395,186 | |||||||||||
Global Real Estate | 335,798,147 | 31,668,241 | (24,992,390 | ) | 6,675,851 | |||||||||||
Global Strategy | 285,035,049 | 27,398,349 | (22,927,797 | ) | 4,470,552 | |||||||||||
Government Money Market I | 410,379,881 | — | — | — | ||||||||||||
Government Securities | 139,700,004 | 11,750,482 | (736,046 | ) | 11,014,436 | |||||||||||
Growth | 1,077,183,397 | 566,235,644 | (9,493,456 | ) | 556,742,188 | |||||||||||
Health Sciences | 614,374,462 | 360,234,055 | (19,859,209 | ) | 340,374,846 | |||||||||||
Inflation Protected | 904,741,124 | 61,732,900 | (4,490,881 | ) | 57,242,019 | |||||||||||
International Equities Index | 1,431,300,951 | 339,930,383 | (173,537,710 | ) | 166,392,673 | |||||||||||
International Government Bond* | 191,830,206 | 12,531,255 | (1,522,748 | ) | 11,008,507 | |||||||||||
International Growth | 352,163,351 | 189,443,710 | (2,324,114 | ) | 187,119,596 | |||||||||||
International Socially Responsible | 302,711,123 | 76,912,684 | (24,462,933 | ) | 52,449,751 | |||||||||||
International Value | 633,575,485 | 106,243,077 | (43,533,858 | ) | 62,709,219 | |||||||||||
Large Cap Core | 135,785,765 | 65,401,574 | (1,942,064 | ) | 63,459,510 | |||||||||||
Large Capital Growth | 380,622,651 | 222,650,739 | (2,414,744 | ) | 220,235,995 | |||||||||||
Mid Cap Index | 2,347,389,227 | 1,048,124,020 | (215,886,732 | ) | 832,237,288 | |||||||||||
Mid Cap Strategic Growth | 234,990,755 | 147,043,437 | (1,030,607 | ) | 146,012,830 | |||||||||||
Nasdaq-100® Index | 240,449,727 | 538,912,797 | (7,775,253 | ) | 531,137,544 | |||||||||||
Science & Technology | 1,435,083,195 | 1,269,852,319 | (45,097,496 | ) | 1,224,754,823 | |||||||||||
Small Cap Aggressive Growth | 148,130,277 | 55,488,766 | (5,767,178 | ) | 49,721,588 | |||||||||||
Small Cap | 246,211,924 | 98,295,254 | (16,167,631 | ) | 82,127,623 | |||||||||||
Small Cap Index | 934,263,216 | 414,287,302 | (122,754,633 | ) | 291,532,669 | |||||||||||
Small Cap Special Values | 208,936,182 | 34,555,834 | (25,406,628 | ) | 9,149,206 | |||||||||||
Small-Mid Growth | 123,614,620 | 45,227,673 | (1,001,304 | ) | 44,226,369 | |||||||||||
Stock Index | 2,215,405,245 | 3,395,865,313 | (180,606,030 | ) | 3,215,259,283 | |||||||||||
Systematic Core | 103,662,430 | 45,245,823 | (2,048,335 | ) | 43,197,488 | |||||||||||
Systematic Value | 42,725,917 | 4,336,305 | (1,364,517 | ) | 2,971,788 | |||||||||||
Value | 105,159,505 | 26,192,892 | (1,912,605 | ) | 24,280,287 |
@ | Includes amounts for derivatives |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2020. |
The tax basis distributable earnings at May 31, 2020 and the tax character of distributions paid during the year ended May 31, 2020 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 | |||||||||||||||
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 |
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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 | |||||||||||||||
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* | 7,263,492 | — | 7,436,293 | 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, 2020. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
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* | — | — | ||||||
International Growth | — | — | ||||||
International Socially Responsible | — | — | ||||||
International Value | 13,226,937 | 3,126,885 | ||||||
Large Cap Core | — | — |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Capital Loss Carryforward Unlimited | ||||||||
Fund | ST | LT | ||||||
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, 2020. |
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* | 323,641 | |||
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 | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 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 | — | — | — | |||||||||
Inflation Protected | 541,912 | 889,844 | — | |||||||||
International Equities Index | 975,697 | 16,461,936 | 32,190,594 | |||||||||
International Government Bond* | 1,352,200 | — | — | |||||||||
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, 2020. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 202,857 | $ | 2,045,220 | 732,880 | $ | 7,343,423 | 471,767 | $ | 11,199,220 | 1,129,814 | $ | 22,660,527 | ||||||||||||||||||||
Reinvested dividends | — | — | 454,223 | 4,210,644 | — | — | 4,679,237 | 86,238,340 | ||||||||||||||||||||||||
Shares redeemed | (1,113,329 | ) | (11,548,301 | ) | (2,464,630 | ) | (24,562,556 | ) | (2,508,945 | ) | (57,791,382 | ) | (6,586,064 | ) | (131,196,691 | ) | ||||||||||||||||
Net increase (decrease) | (910,472 | ) | $ | (9,503,081 | ) | (1,277,527 | ) | $ | (13,008,489 | ) | (2,037,178 | ) | $ | (46,592,162 | ) | (777,013 | ) | $ | (22,297,824 | ) | ||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Capital Conservation | Core Equity | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,420,618 | $ | 68,344,408 | 6,768,212 | $ | 69,954,743 | 36,348 | $ | 789,357 | 254,073 | $ | 5,160,131 | ||||||||||||||||||||
Reinvested dividends | — | — | 720,592 | 7,486,947 | — | — | 1,243,650 | 23,169,204 | ||||||||||||||||||||||||
Shares redeemed | (4,861,265 | ) | (51,922,029 | ) | (6,084,849 | ) | (62,217,554 | ) | (704,118 | ) | (15,464,407 | ) | (1,558,803 | ) | (32,863,762 | ) | ||||||||||||||||
Net increase (decrease) | 1,559,353 | $ | 16,422,379 | 1,403,955 | $ | 15,224,136 | (667,770 | ) | $ | (14,675,050 | ) | (61,080 | ) | $ | (4,534,427 | ) | ||||||||||||||||
Dividend Value | Dynamic Allocation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,482,705 | $ | 67,636,246 | 24,350,179 | $ | 293,482,588 | 638,548 | $ | 7,846,167 | 704,958 | $ | 8,248,882 | ||||||||||||||||||||
Reinvested dividends | — |
| — |
| 7,704,827 |
| 74,967,965 |
| — | — | 971,324 | 11,267,357 | ||||||||||||||||||||
Shares redeemed | (27,781,315 | ) | (285,652,568 | ) | (19,493,241 | ) | (213,989,744 | ) | (1,651,996 | ) | (20,411,526 | ) | (3,426,958 | ) | (41,671,877 | ) | ||||||||||||||||
Net increase (decrease) | (21,298,610 | ) | $ | (218,016,322 | ) | 12,561,765 | $ | 154,460,809 | (1,013,448 | ) | $ | (12,565,359 | ) | (1,750,676 | ) | $ | (22,155,638 | ) | ||||||||||||||
Emerging Economies | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 13,749,437 | $ | 117,358,912 | 17,993,592 | $ | 135,451,261 | 1,282,326 | $ | 9,408,725 | 10,156,537 | $ | 82,619,260 | ||||||||||||||||||||
Reinvested dividends | — |
| — |
| 2,348,383 | 17,777,259 | — |
| — |
| 2,703,058 | 20,813,547 | ||||||||||||||||||||
Shares redeemed | (13,157,613 | ) | (113,025,195 | ) | (30,014,162 | ) | (242,797,107 | ) | (8,890,794 | ) | (64,726,300 | ) | (17,781,244 | ) | (132,033,974 | ) | ||||||||||||||||
Net increase (decrease) | 591,824 | $ | 4,333,717 | (9,672,187 | ) | $ | (89,568,587 | ) | (7,608,468 | ) | $ | (55,317,575 | ) | (4,921,649 | ) | $ | (28,601,167 | ) | ||||||||||||||
Global Strategy | Government Money Market I | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,075,638 | $ | 9,965,269 | 1,036,103 | $ | 10,533,979 | 145,136,211 | $ | 145,136,211 | 307,254,160 | $ | 307,254,160 | ||||||||||||||||||||
Reinvested dividends | — |
| — |
| 4,175,821 | 36,956,013 | 21,429 |
| 21,429 |
| 3,947,837 | 3,947,837 | ||||||||||||||||||||
Shares redeemed | (2,719,492 | ) | (25,219,882 | ) | (4,892,385 | ) | (49,322,471 | ) | (150,562,768 | ) | (150,562,768 | ) | (291,185,906 | ) | (291,185,906 | ) | ||||||||||||||||
Net increase (decrease) | (1,643,854 | ) | $ | (15,254,613 | ) | 319,539 | $ | (1,832,479 | ) | (5,405,128 | ) | $ | (5,405,128 | ) | 20,016,091 | $ | 20,016,091 | |||||||||||||||
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,826,632 | $ | 31,885,550 | 3,638,635 | $ | 39,971,278 | 2,743,188 | $ | 61,992,996 | 15,219,498 | $ | 268,746,925 | ||||||||||||||||||||
Reinvested dividends | — |
| — |
| 310,676 | 3,464,038 | — |
| — |
| 7,335,839 | 121,995,009 | ||||||||||||||||||||
Shares redeemed | (2,773,892 | ) | (31,237,148 | ) | (4,283,537 | ) | (46,910,665 | ) | (5,118,489 | ) | (108,100,261 | ) | (14,564,181 | ) | (267,877,924 | ) | ||||||||||||||||
Net increase (decrease) | 52,740 | $ | 648,402 | (334,226 | ) | $ | (3,475,349 | ) | (2,375,301 | ) | $ | (46,107,265 | ) | 7,991,156 | $ | 122,864,010 | ||||||||||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 386,124 | $ | 9,303,517 | 958,363 | $ | 20,024,554 | 12,892,981 | $ | 150,835,595 | 17,835,117 | $ | 200,510,341 | ||||||||||||||||||||
Reinvested dividends | — |
| — |
| 2,780,396 | 55,413,297 | — |
| — |
| 1,435,980 | 16,140,417 | ||||||||||||||||||||
Shares redeemed | (2,088,630 | ) | (50,118,831 | ) | (4,513,694 | ) | (94,738,256 | ) | (2,599,674 | ) | (30,974,534 | ) | (15,163,606 | ) | (170,768,474 | ) | ||||||||||||||||
Net increase (decrease) | (1,702,506 | ) | $ | (40,815,314 | ) | (774,935 | ) | $ | (19,300,405 | ) | 10,293,307 | $ | 119,861,061 | 4,107,491 | $ | 45,882,284 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
International Equities Index | International Government Bond | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 32,416,014 | $ | 225,143,688 | 76,704,620 | $ | 504,353,589 | 3,299,184 | $ | 42,507,760 | 1,970,627 | $ | 23,897,567 | ||||||||||||||||||||
Reinvested dividends | — | — | 8,829,280 | 54,035,196 | — | — | 241,012 | 2,974,089 | ||||||||||||||||||||||||
Shares redeemed | (18,321,302 | ) | (123,148,660 | ) | (38,766,612 | ) | (265,092,519 | ) | (2,016,083 | ) | (25,834,060 | ) | (5,272,898 | ) | (63,792,803 | ) | ||||||||||||||||
Net increase (decrease) | 14,094,712 | $ | 101,995,028 | 46,767,288 | $ | 293,296,266 | 1,283,101 | $ | 16,673,700 | (3,061,259 | ) | $ | (36,921,147 | ) | ||||||||||||||||||
International Growth | International Socially Responsible | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,270,005 | $ | 19,061,145 | 2,250,308 | $ | 26,438,652 | 821,734 | $ | 21,680,711 | 867,471 | $ | 21,879,209 | ||||||||||||||||||||
Reinvested dividends | — | — | 45,447 | 530,816 | — | — | 788,362 | 18,692,073 | ||||||||||||||||||||||||
Shares redeemed | (3,562,898 | ) | (52,114,657 | ) | (6,359,485 | ) | (74,804,431 | ) | (1,720,356 | ) | (44,583,155 | ) | (2,070,852 | ) | (51,937,453 | ) | ||||||||||||||||
Net increase (decrease) | (2,292,893 | ) | $ | (33,053,512 | ) | (4,063,730 | ) | $ | (47,834,963 | ) | (898,622 | ) | $ | (22,902,444 | ) | (415,019 | ) | $ | (11,366,171 | ) | ||||||||||||
International Value | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,289,611 | $ | 19,461,795 | 9,717,933 | $ | 78,218,887 | 175,459 | $ | 2,272,515 | 504,920 | $ | 5,657,916 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,197,455 | 17,228,045 | — | — | 1,260,821 | 13,642,078 | ||||||||||||||||||||||||
Shares redeemed | (7,993,875 | ) | (70,707,443 | ) | (11,332,021 | ) | (103,962,237 | ) | (1,005,973 | ) | (12,630,144 | ) | (1,908,941 | ) | (22,475,360 | ) | ||||||||||||||||
Net increase (decrease) | (5,704,264 | ) | $ | (51,245,648 | ) | 583,367 | $ | (8,515,305 | ) | (830,514 | ) | $ | (10,357,629 | ) | (143,200 | ) | $ | (3,175,366 | ) | |||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 228,018 | $ | 4,110,605 | 1,739,071 | $ | 29,242,688 | 3,492,071 | $ | 79,488,047 | 14,509,443 | $ | 357,166,957 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,652,354 | 41,748,045 | — | — | 14,908,810 | 296,387,150 | ||||||||||||||||||||||||
Shares redeemed | (1,935,796 | ) | (35,905,866 | ) | (3,654,400 | ) | (62,699,281 | ) | (11,862,628 | ) | (270,108,357 | ) | (20,878,267 | ) | (466,051,285 | ) | ||||||||||||||||
Net increase (decrease) | (1,707,778 | ) | $ | (31,795,261 | ) | 737,025 | $ | 8,291,452 | (8,370,557 | ) | $ | (190,620,310 | ) | 8,539,986 | $ | 187,502,822 | ||||||||||||||||
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 230,545 | $ | 4,131,565 | 675,120 | $ | 11,057,914 | 1,571,325 | $ | 33,068,115 | 3,869,480 | $ | 65,857,433 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,083,570 | 16,210,213 | — | — | 1,169,875 | 18,718,005 | ||||||||||||||||||||||||
Shares redeemed | (1,123,766 | ) | (20,820,723 | ) | (2,260,777 | ) | (36,267,123 | ) | (2,844,418 | ) | (62,422,885 | ) | (6,441,639 | ) | (105,630,507 | ) | ||||||||||||||||
Net increase (decrease) | (893,221 | ) | $ | (16,689,158 | ) | (502,087 | ) | $ | (8,998,996 | ) | (1,273,093 | ) | $ | (29,354,770 | ) | (1,402,284 | ) | $ | (21,055,069 | ) | ||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 509,154 | $ | 17,771,609 | 779,369 | $ | 21,834,470 | 376,082 | $ | 5,858,457 | 989,238 | $ | 14,463,262 | ||||||||||||||||||||
Reinvested dividends | — | — | 6,576,292 | 167,892,734 | — | — | 1,773,150 | 21,153,681 | ||||||||||||||||||||||||
Shares redeemed | (3,236,058 | ) | (112,473,616 | ) | (6,708,135 | ) | (188,474,659 | ) | (1,377,878 | ) | (20,432,552 | ) | (2,429,514 | ) | (33,352,419 | ) | ||||||||||||||||
Net increase (decrease) | (2,726,904 | ) | $ | (94,702,007 | ) | 647,526 | $ | 1,252,545 | (1,001,796 | ) | $ | (14,574,095 | ) | 332,874 | $ | 2,264,524 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 366,171 | $ | 3,759,412 | 858,175 | $ | 8,005,865 | 5,686,122 | $ | 94,853,924 | 7,636,178 | $ | 136,247,038 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,608,661 | 23,425,775 | — | — | 9,644,826 | 140,525,121 | ||||||||||||||||||||||||
Shares redeemed | (1,779,846 | ) | (19,050,882 | ) | (3,306,026 | ) | (35,524,702 | ) | (6,009,883 | ) | (102,010,639 | ) | (11,649,067 | ) | (226,506,499 | ) | ||||||||||||||||
Net increase (decrease) | (1,413,675 | ) | $ | (15,291,470 | ) | 160,810 | $ | (4,093,062 | ) | (323,761 | ) | $ | (7,156,715 | ) | 5,631,937 | $ | 50,265,660 | |||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,638,934 | $ | 15,060,982 | 1,174,145 | $ | 12,960,090 | 333,436 | $ | 5,179,329 | 542,366 | $ | 7,305,112 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,363,019 | 21,290,802 | — | — | 1,152,452 | 13,852,479 | ||||||||||||||||||||||||
Shares redeemed | (1,850,695 | ) | (17,412,962 | ) | (3,479,119 | ) | (37,398,124 | ) | (800,469 | ) | (12,448,399 | ) | (1,406,970 | ) | (19,029,686 | ) | ||||||||||||||||
Net increase (decrease) | (211,761 | ) | $ | (2,351,980 | ) | 58,045 | $ | (3,147,232 | ) | (467,033 | ) | $ | (7,269,070 | ) | 287,848 | $ | 2,127,905 | |||||||||||||||
Stock Index | Systematic Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,906,957 | $ | 220,084,642 | 9,659,336 | $ | 406,955,320 | 494,223 | $ | 11,354,595 | 944,605 | $ | 20,089,047 | ||||||||||||||||||||
Reinvested dividends | — | — | 10,607,159 | 402,859,884 | — | — | 741,867 | 14,147,413 | ||||||||||||||||||||||||
Shares redeemed | (12,094,287 | ) | (531,961,449 | ) | (18,632,641 | ) | (783,626,165 | ) | (598,769 | ) | (13,525,926 | ) | (1,497,315 | ) | (32,249,776 | ) | ||||||||||||||||
Net increase (decrease) | (7,187,330 | ) | $ | (311,876,807 | ) | 1,633,854 | $ | 26,189,039 | (104,546 | ) | $ | (2,171,331 | ) | 189,157 | $ | 1,986,684 | ||||||||||||||||
Systematic Value | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | For the six months ended November 30, 2020 (unaudited) | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 90,251 | $ | 1,074,571 | 270,326 | $ | 3,347,990 | 453,778 | $ | 7,244,588 | 565,211 | $ | 9,330,893 | ||||||||||||||||||||
Reinvested dividends | — | — | 503,966 | 6,042,555 | — | — | 819,423 | 12,520,789 | ||||||||||||||||||||||||
Shares redeemed | (336,750 | ) | (4,047,233 | ) | (699,103 | ) | (9,716,001 | ) | (432,240 | ) | (7,012,577 | ) | (913,870 | ) | (16,659,609 | ) | ||||||||||||||||
Net increase (decrease) | (246,499 | ) | $ | (2,972,662 | ) | 75,189 | $ | (325,456 | ) | 21,538 | $ | 232,011 | 470,764 | $ | 5,192,073 | |||||||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended November 30, 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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. Prior to October 2, 2020, interest is payable on 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 line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line 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. Effective October 2, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. 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 $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended November 30, 2020, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Dividend Value | 20 | $ | 13,473 | $ | 16,972,500 | 1.43 | % | |||||||||
Emerging Economies | 10 | 6,328 | 16,205,000 | 1.41 | ||||||||||||
Global Real Estate | 1 | 16 | 400,000 | 1.41 | ||||||||||||
Global Strategy | 1 | 19 | 475,000 | 1.43 | ||||||||||||
Growth | 62 | 1,686 | 684,274 | 1.43 | ||||||||||||
Inflation Protected | 1 | 2,109 | 52,350,000 | 1.45 | ||||||||||||
Mid Cap Index | 9 | 2,869 | 8,050,000 | 1.42 | ||||||||||||
Mid Cap Strategic Growth | 8 | 138 | 440,625 | 1.42 | ||||||||||||
Science & Technology | 10 | 464 | 1,155,000 | 1.45 | ||||||||||||
Small Cap Aggressive | 5 | 110 | 565,000 | 1.40 | ||||||||||||
Small Cap | 4 | 19 | 118,750 | 1.44 | ||||||||||||
Small Cap Special Values | 1 | 4 | 100,000 | 1.45 | ||||||||||||
Small-Mid Growth | 1 | 26 | 650,000 | 1.43 | ||||||||||||
Stock Index | 5 | 726 | 3,665,000 | 1.43 | ||||||||||||
Systematic Core | 10 | 59 | 150,000 | 1.42 |
As of November 30, 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 six months ended November 30, 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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2020, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain(Loss) | |||||||||
Large Capital Growth | $ | 895,543 | $ | — | $ | — | ||||||
Small Cap | 2,597 | 7,623 | (4,235 | ) |
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.
Note 13 — Subsequent Events
Effective January 11, 2021 (the “Effective Date”), JPMIM replaced PineBridge as subadviser to the Asset Allocation Fund. As of the Effective Date, VALIC has contractually agreed to waive its advisory fee through September 30, 2022, so that the advisory fee payable by the Fund to VALIC equals 0.45% of average monthly assets on the first $300 million, 0.425% on the next $200 million, and 0.40% thereafter.
The Board of Directors of VC I, and the Board of Trustees of VC II, on behalf of each of the funds below, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the tables below. Each Target Fund expects to convene a special meeting of its shareholders on or about April 5, 2021 for the Reorganization Phase I Mergers and May 11, 2021 for the Reorganization Phase II Mergers, to vote on the approval of its Reorganization. Upon the closing of each Reorganization, shareholders of each Target Fund will receive a corresponding class of shares of each Acquiring Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.
Reorganization Phase I Mergers
Target Fund | Acquiring Fund | |
Large Cap Value Fund, a series of VC II | Systematic Value Fund, a series of VC I | |
Value Fund, a series of VC I | Systematic Value Fund, a series of VC I | |
Core Equity Fund, a series of VC I | Systematic Core Fund, a series of VC I | |
Large Cap Core Fund, a series of VC I | Systematic Core Fund, a series of VC I | |
Mid Cap Growth Fund, a series of VC II | Mid Cap Strategic Growth Fund, a series of VC I | |
Small-Mid Growth Fund, a series of VC I | Mid Cap Strategic Growth Fund, a series of VC I | |
Health Sciences Fund, a series of VC I | Science & Technology Fund, a series of VC I |
Reorganization Phase II Mergers
Target Fund | Acquiring Fund | |
Aggressive Growth Lifestyle Fund, a series of VC II | Aggressive Growth Lifestyle Fund, a series of VC I | |
Capital Appreciation Fund, a series of VC II | Capital Appreciation Fund, a series of VC I | |
Capital Conservation Fund, a series of VC I | Core Bond Fund, a series of VC I | |
Conservative Growth Lifestyle Fund, a series of VC II | Conservative Growth Lifestyle Fund, a series of VC I | |
Core Bond Fund, a series of VC II | Core Bond Fund, a series of VC I | |
High Yield Bond Fund, a series of VC II | High Yield Bond Fund, a series of VC I | |
International Opportunities Fund, a series of VC II | International Opportunities Fund, a series of VC I | |
Mid Cap Value Fund, a series of VC II | Mid Cap Value Fund, a series of VC I | |
Moderate Growth Lifestyle Fund, a series of VC II | Moderate Growth Lifestyle Fund, a series of VC I | |
Small Cap Aggressive Growth Fund, a series of VC I | Small Cap Growth Fund, a series of VC I | |
Small Cap Fund, a series of VC I | Small Cap Growth Fund, a series of VC I | |
Small Cap Growth Fund, a series of VC II | Small Cap Growth Fund, a series of VC I | |
Small Cap Value Fund, a series of VC II | Small Cap Value Fund, a series of VC I | |
Strategic Bond Fund, a series of VC II | Core Bond Fund, a series of VC I | |
U.S. Socially Responsible Fund, a series of VC II | U.S. Socially Responsible Fund, a series of VC I | |
Government Money Market II Fund, a series of VC II | Government Money Market I Fund, a series of VC I |
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.45 | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 20.80 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.14 | 0.18 | 0.16 | 0.16 | 0.23 | (0.05 | ) | (0.05 | ) | (0.01 | ) | (0.01 | ) | 0.01 | (0.02 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.71 | (0.30 | ) | (0.55 | ) | 0.83 | 0.71 | (0.66 | ) | 4.84 | 3.93 | 0.86 | 4.82 | 3.46 | (0.24 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.75 | (0.16 | ) | (0.37 | ) | 0.99 | 0.87 | (0.43 | ) | 4.79 | 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 | $ | 11.20 | $ | 9.45 | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 25.59 | $ | 20.80 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 18.52 | % | (1.46 | )% | (3.42 | )% | 8.91 | % | 8.35 | % | (2.16 | )% | 23.03 | % | 21.77 | % | 4.22 | % | 27.87 | % | 23.49 | % | 0.17 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | %@ | 0.77 | % | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.82 | %@ | 0.83 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | %@ | 0.77 | % | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.82 | %@ | 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 | % | 0.00 | % | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average | 0.78 | %@ | 1.39 | % | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | (0.46 | )%@ | (0.24 | )% | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average | 0.78 | %@ | 1.39 | % | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | (0.46 | )%@ | (0.24 | )% | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 49 | % | 177 | % | 113 | % | 84 | % | 161 | % | 102 | % | 11 | % | 27 | % | 30 | % | 24 | % | 27 | % | 30 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 12,704 | 13,614 | 14,892 | 14,624 | 14,705 | 15,824 | 37,912 | 39,950 | 40,727 | 37,397 | 39,343 | 39,796 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 142,324 | $ | 128,629 | $ | 147,543 | $ | 165,665 | $ | 161,767 | $ | 164,358 | $ | 970,111 | $ | 831,006 | $ | 781,236 | $ | 779,336 | $ | 679,516 | $ | 615,927 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Capital Conservation Fund | Core Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.50 | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 19.80 | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | ||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.23 | 0.25 | 0.20 | 0.18 | 0.18 | 0.07 | 0.26 | 0.28 | 0.26 | 0.25 | 0.21 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.20 | 0.71 | 0.32 | (0.29 | ) | (0.04 | ) | 0.06 | 4.71 | 1.62 | (0.16 | ) | 3.13 | 3.14 | (0.87 | ) | ||||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.28 | 0.94 | 0.57 | (0.09 | ) | 0.14 | 0.24 | 4.78 | 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 | $ | 10.78 | $ | 10.50 | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 24.58 | $ | 19.80 | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | ||||||||||||||||||||||||||||
TOTAL RETURN(a) | 2.67 | % | 9.55 | % | 6.10 | % | (0.94 | )% | 1.45 | % | 2.47 | % | 24.14 | % | 10.04 | % | 0.35 | % | 15.42 | % | 17.48 | % | (3.07 | )% | ||||||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.63 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.75 | %@ | 0.75 | % | 0.74 | % | 0.77 | % | 0.80 | % | 0.80 | % | ||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.63 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.93 | %@ | 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) | 1.42 | %@ | 2.23 | % | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 0.67 | %@ | 1.21 | % | 1.20 | % | 1.10 | % | 1.19 | % | 1.11 | % | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.42 | %@ | 2.23 | % | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 0.49 | %@ | 1.03 | % | 1.02 | % | 0.94 | % | 1.06 | % | 0.99 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate | 37 | % | 74 | % | 72 | % | 53 | % | 56 | % | 71 | % | 17 | % | 41 | % | 29 | % | 50 | % | 36 | % | 41 | % | ||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 27,954 | 26,395 | 24,991 | 26,729 | 23,866 | 23,716 | 10,600 | 11,267 | 11,329 | 10,911 | 11,023 | 11,771 | ||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 301,219 | $ | 277,277 | $ | 246,896 | $ | 255,084 | $ | 235,063 | $ | 236,062 | $ | 260,495 | $ | 223,066 | $ | 228,409 | $ | 252,961 | $ | 241,647 | $ | 229,637 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dividend Value Fund | Dynamic Allocation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.98 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 11.93 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.29 | 0.29 | 0.26 | 0.25 | 0.31 | 0.04 | 0.18 | 0.17 | 0.12 | 0.15 | 0.17 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.25 | (0.34 | ) | (0.27 | ) | 0.74 | 1.62 | (0.24 | ) | 1.08 | 1.00 | 0.00 | 1.00 | 1.13 | (0.79 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.39 | (0.05 | ) | 0.02 | 1.00 | 1.87 | 0.07 | 1.12 | 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 | $ | 11.37 | $ | 9.98 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.05 | $ | 11.93 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.93 | % | (0.33 | )% | (0.17 | )% | 8.14 | % | 16.51 | % | 2.20 | % | 9.39 | % | 10.43 | % | 1.47 | % | 9.45 | % | 11.98 | % | (4.70 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.71 | %@ | 0.74 | % | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.32 | %@ | 0.32 | % | 0.32 | % | 0.31 | % | 0.31 | % | 0.32 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.82 | %@ | 0.81 | % | 0.81 | % | 0.81 | % | 0.83 | % | 0.83 | % | 0.33 | %@ | 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) | 2.51 | %@ | 2.61 | % | 2.40 | % | 2.06 | % | 2.13 | % | 2.55 | % | 0.66 | %@ | 1.47 | % | 1.36 | % | 0.97 | % | 1.30 | % | 1.50 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.40 | %@ | 2.54 | % | 2.40 | % | 2.06 | % | 2.12 | % | 2.54 | % | 0.64 | %@ | 1.45 | % | 1.35 | % | 0.96 | % | 1.30 | % | 1.51 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 34 | % | 63 | % | 46 | % | 54 | % | 41 | % | 45 | % | 9 | % | 20 | % | 11 | % | 15 | % | 14 | % | 20 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 80,113 | 101,412 | 88,850 | 71,348 | 66,882 | 50,727 | 14,981 | 15,995 | 17,745 | 19,983 | 21,173 | 23,095 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 910,956 | $ | 1,012,017 | $ | 959,714 | $ | 884,180 | $ | 808,699 | $ | 585,505 | $ | 195,568 | $ | 190,741 | $ | 203,843 | $ | 243,832 | $ | 248,630 | $ | 248,446 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
293 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Emerging Economies Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.23 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 6.85 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.19 | 0.18 | 0.16 | 0.13 | 0.13 | 0.09 | 0.15 | 0.17 | 0.18 | 0.16 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies |
| 2.07 |
| (0.47 | ) | (1.22 | ) | 0.92 | 1.74 | (1.61 | ) | 0.70 | (0.94 | ) | 0.44 | 0.28 | 0.21 | (0.14 | ) | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.16 | (0.28 | ) | (1.04 | ) | 1.08 | 1.87 | (1.48 | ) | 0.79 | (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 | $ | 9.39 | $ | 7.23 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.64 | $ | 6.85 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 29.88 | % | (3.74 | )% | (11.75 | )% | 13.50 | % | 30.41 | % | (18.60 | )% | 11.53 | % | (10.37 | )% | 8.10 | % | 6.19 | % | 4.98 | % | 1.53 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.89 | %@ | 0.91 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.87 | %@ | 0.85 | % | 0.85 | % | 0.86 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.89 | %@ | 0.91 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.87 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.14 | %@ | 2.35 | % | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.32 | %@ | 1.84 | % | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.14 | %@ | 2.35 | % | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.32 | %@ | 1.84 | % | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 41 | % | 62 | % | 72 | % | 53 | % | 69 | % | 64 | % | 40 | % | 78 | % | 44 | % | 50 | % | 47 | % | 71 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 97,617 | 97,025 | 106,698 | 91,875 | 89,332 | 83,618 | 44,828 | 52,437 | 57,358 | 47,313 | 50,730 | 61,190 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 916,693 | $ | 701,471 | $ | 823,071 | $ | 817,232 | $ | 708,873 | $ | 517,011 | $ | 342,619 | $ | 359,442 | $ | 458,620 | $ | 363,223 | $ | 387,137 | $ | 490,714 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
294 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Strategy Fund | Government Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.85 | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.30 | 0.44 | 0.35 | 0.33 | 0.27 | 0.00 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.76 | (0.41 | ) | (1.02 | ) | 0.20 | 1.14 | (1.80 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.85 | (0.11 | ) | (0.58 | ) | 0.55 | 1.47 | (1.53 | ) | 0.00 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.64 | ) | (0.26 | ) | – | (0.10 | ) | (0.72 | ) | (0.00 | ) | (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 | ) | 0.00 | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.70 | $ | 8.85 | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.60 | % | (1.01 | )% | (5.19 | )% | 4.72 | % | 14.16 | % | (10.23 | )% | 0.01 | % | 1.09 | % | 1.69 | % | 0.72 | %(e) | 0.08 | % | 0.01 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.73 | %@ | 0.72 | % | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.10 | %@ | 0.45 | % | 0.51 | % | 0.51 | % | 0.45 | % | 0.26 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | %@ | 0.73 | % | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.53 | %@ | 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) | 1.95 | %@ | 2.95 | % | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 0.01 | %@ | 1.05 | % | 1.70 | % | 0.71 | % | 0.08 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.93 | %@ | 2.94 | % | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | (0.41 | )%@ | 0.99 | % | 1.70 | % | 0.71 | % | (0.00 | )% | (0.24 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 17 | % | 108 | % | 30 | % | 30 | % | 35 | % | 26 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 30,291 | 31,935 | 31,615 | 32,421 | 36,070 | 41,208 | 409,807 | 415,212 | 395,196 | 311,723 | 330,780 | 343,490 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 293,759 | $ | 282,708 | $ | 323,702 | $ | 389,638 | $ | 419,325 | $ | 431,935 | $ | 409,796 | $ | 415,201 | $ | 395,183 | $ | 311,708 | $ | 330,783 | $ | 343,490 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
295 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.22 | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 18.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | ||||||||||||||||||||||||
Income (loss) from investment operations: | �� | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.23 | 0.23 | 0.23 | 0.21 | 0.22 | (0.01 | ) | 0.03 | 0.06 | 0.07 | 0.10 | 0.12 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.04 | ) | 0.67 | 0.37 | (0.37 | ) | (0.18 | ) | 0.08 | 4.57 | 4.22 | 0.38 | 3.02 | 2.56 | (0.52 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.06 | 0.90 | 0.60 | (0.14 | ) | 0.03 | 0.30 | 4.56 | 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 | $ | 11.28 | $ | 11.22 | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 23.38 | $ | 18.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.53 | % | 8.57 | % | 5.98 | % | (1.32 | )% | 0.35 | % | 2.74 | % | 24.23 | % | 27.42 | % | 2.65 | % | 20.60 | % | 20.48 | % | (0.63 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.67 | %@ | 0.66 | % | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.63 | %@ | 0.68 | % | 0.74 | % | 0.74 | % | 0.76 | % | 0.79 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.67 | %@ | 0.66 | % | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.79 | %@ | 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) | 1.84 | %@ | 2.08 | % | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | (0.11 | )%@ | 0.16 | % | 0.34 | % | 0.42 | % | 0.71 | % | 0.78 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.84 | %@ | 2.08 | % | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | (0.27 | )%@ | 0.03 | % | 0.29 | % | 0.37 | % | 0.66 | % | 0.77 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 9 | % | 17 | % | 17 | % | 3 | % | 15 | % | 17 | % | 16 | % | 219 | % | 60 | % | 58 | % | 71 | % | 102 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,278 | 13,225 | 13,559 | 11,890 | 13,689 | 14,278 | 69,801 | 72,176 | 64,185 | 69,279 | 66,758 | 70,537 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 149,769 | $ | 148,338 | $ | 143,372 | $ | 121,425 | $ | 145,460 | $ | 154,987 | $ | 1,632,270 | $ | 1,358,693 | $ | 1,049,181 | $ | 1,202,649 | $ | 1,001,261 | $ | 949,998 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
296 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.64 | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 11.34 | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.05 | ) | (0.04 | ) | (0.03 | ) | (0.05 | ) | (0.04 | ) | (0.09 | ) | 0.08 | 0.22 | 0.24 | 0.26 | 0.25 | 0.15 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.87 | 4.92 | 0.72 | 3.86 | 1.80 | (3.83 | ) | 0.65 | 0.32 | 0.14 | (0.14 | ) | 0.10 | (0.16 | ) | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.82 | 4.88 | 0.69 | 3.81 | 1.76 | (3.92 | ) | 0.73 | 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 | $ | 26.46 | $ | 22.64 | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 12.07 | $ | 11.34 | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 16.87 | % | 26.32 | % | 3.09 | % | 19.80 | % | 9.37 | % | (13.12 | )% | 6.44 | % | 4.88 | % | 3.51 | % | 1.11 | % | 3.29 | % | (0.09 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.04 | %@ | 1.05 | % | 1.05 | % | 1.06 | % | 1.07 | % | 1.06 | % | 0.55 | %@ | 0.57 | % | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.08 | %@ | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 0.56 | %@ | 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) | (0.43 | )%@ | (0.18 | )% | (0.14 | )% | (0.23 | )% | (0.21 | )% | (0.40 | )% | 1.29 | %@ | 1.94 | % | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.47 | )%@ | (0.21 | )% | (0.18 | )% | (0.27 | )% | (0.23 | )% | (0.43 | )% | 1.28 | %@ | 1.94 | % | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 37 | % | 33 | % | 44 | % | 30 | % | 31 | % | 56 | % | 38 | % | 42 | % | 34 | % | 42 | % | 33 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 35,881 | 37,583 | 38,358 | 37,583 | 36,215 | 40,409 | 77,709 | 67,416 | 63,309 | 54,697 | 57,066 | 42,345 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 949,527 | $ | 850,757 | $ | 742,072 | $ | 769,233 | $ | 697,639 | $ | 803,402 | $ | 937,888 | $ | 764,607 | $ | 700,574 | $ | 595,043 | $ | 631,552 | $ | 455,830 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
297 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Index Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.19 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 12.14 | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.13 | 0.19 | 0.19 | 0.17 | 0.16 | 0.13 | 0.29 | 0.28 | 0.24 | 0.24 | 0.27 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.14 | (0.36 | ) | (0.62 | ) | 0.35 | 0.81 | (0.89 | ) | 0.88 | 0.24 | 0.09 | (0.20 | ) | 0.04 | 0.23 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.20 | (0.23 | ) | (0.43 | ) | 0.54 | 0.98 | (0.73 | ) | 1.01 | 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 | $ | 7.39 | $ | 6.19 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 13.15 | $ | 12.14 | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 19.39 | % | (3.42 | )% | (5.81 | )% | 7.63 | % | 15.98 | % | (9.99 | )% | 8.32 | % | 4.44 | % | 3.26 | % | 0.32 | % | 2.45 | % | 4.61 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.45 | %@ | 0.43 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.66 | %@ | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.45 | %@ | 0.43 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.66 | %@ | 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) | 1.72 | %@ | 1.89 | % | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.12 | %@ | 2.34 | % | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.72 | %@ | 1.89 | % | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.12 | %@ | 2.34 | % | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 1 | % | 10 | % | 15 | % | 17 | % | 11 | % | 4 | % | 46 | % | 105 | % | 94 | % | 95 | % | 70 | % | 95 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 215,524 | 201,429 | 154,662 | 173,854 | 155,797 | 159,381 | 15,408 | 14,125 | 17,187 | 18,875 | 15,879 | 17,601 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,592,674 | $ | 1,246,804 | $ | 1,041,727 | $ | 1,287,987 | $ | 1,093,865 | $ | 991,380 | $ | 202,679 | $ | 171,444 | $ | 203,184 | $ | 219,748 | $ | 185,943 | $ | 201,253 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
298 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | International Socially Responsible Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.47 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 23.97 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.02 | ) | – | 0.04 | 0.08 | 0.14 | 0.15 | 0.22 | 0.42 | 0.44 | 0.37 | 0.32 | 0.34 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.76 | 1.13 | (0.19 | ) | 2.29 | 1.45 | (1.58 | ) | 4.44 | (0.96 | ) | (0.29 | ) | 2.52 | 2.84 | (1.02 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.74 | 1.13 | (0.15 | ) | 2.37 | 1.59 | (1.43 | ) | 4.66 | (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 | $ | 16.21 | $ | 12.47 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 28.63 | $ | 23.97 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 29.99 | % | 10.00 | % | (0.17 | )%(e) | 18.38 | % | 13.81 | % | (9.20 | )% | 19.44 | % | (2.05 | )% | 0.57 | % | 12.16 | % | 15.15 | % | (2.83 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.86 | % | 0.89 | % | 0.98 | % | 1.01 | % | 1.01 | % | 0.66 | %@ | 0.63 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.05 | %@ | 1.06 | % | 1.09 | % | 1.08 | % | 1.10 | % | 1.06 | % | 0.66 | %@ | 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) | (0.34 | )%@ | (0.03 | )% | 0.30 | % | 0.58 | % | 1.15 | % | 1.21 | % | 1.63 | %@ | 1.57 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.54 | )%@ | (0.23 | )% | 0.10 | % | 0.47 | % | 1.06 | % | 1.16 | % | 1.63 | %@ | 1.57 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 5 | % | 22 | % | 35 | % | 130 | % | 39 | % | 36 | % | 2 | % | 68 | % | 2 | % | 5 | % | 23 | % | 0 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 34,736 | 37,029 | 41,093 | 32,707 | 33,688 | 44,791 | 12,731 | 13,629 | 14,044 | 16,331 | 17,515 | 17,949 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 563,050 | $ | 461,774 | $ | 466,362 | $ | 490,921 | $ | 439,222 | $ | 521,012 | $ | 364,426 | $ | 326,671 | $ | 363,818 | $ | 428,452 | $ | 416,564 | $ | 377,114 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
299 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Value Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31 | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.78 | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.66 | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.18 | 0.20 | 0.21 | 0.20 | 0.18 | 0.04 | 0.11 | 0.12 | 0.11 | 0.12 | 0.12 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.84 | (1.09 | ) | (1.66 | ) | 0.13 | 1.75 | (1.64 | ) | 2.34 | 1.52 | 0.23 | 0.98 | 1.44 | (0.25 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.91 | (0.91 | ) | (1.46 | ) | 0.34 | 1.95 | (1.46 | ) | 2.38 | 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 | $ | 9.69 | $ | 7.78 | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 14.04 | $ | 11.66 | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 24.55 | % | (10.17 | )% | (13.83 | )% | 3.19 | % | 22.36 | % | (13.72 | )% | 20.41 | % | 15.53 | % | 3.11 | % | 9.46 | % | 14.97 | % | 1.84 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.74 | %@ | 0.73 | % | 0.77 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.82 | %@ | 0.85 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | %@ | 0.80 | % | 0.82 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.85 | %@ | 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 | % | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.68 | %@ | 2.01 | % | 1.97 | % | 1.93 | % | 2.04 | % | 1.97 | % | 0.68 | %@ | 0.91 | % | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.61 | %@ | 1.94 | % | 1.92 | % | 1.93 | % | 2.04 | % | 1.97 | % | 0.65 | %@ | 0.91 | % | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 34 | % | 64 | % | 136 | % | 30 | % | 40 | % | 21 | % | 25 | % | 49 | % | 56 | % | 59 | % | 54 | % | 53 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 71,962 | 77,667 | 77,083 | 81,504 | 83,103 | 93,244 | 14,156 | 14,987 | 15,130 | 15,408 | 15,120 | 15,240 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 697,011 | $ | 604,123 | $ | 688,485 | $ | 869,416 | $ | 876,165 | $ | 818,993 | $ | 198,783 | $ | 174,700 | $ | 166,428 | $ | 180,349 | $ | 171,627 | $ | 164,060 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
300 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.82 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 20.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.08 | 0.13 | 0.10 | 0.10 | 0.09 | 0.14 | 0.30 | 0.32 | 0.35 | 0.30 | 0.32 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.54 | 2.50 | 1.71 | 2.09 | 1.87 | 0.04 | 4.78 | (0.70 | ) | (1.86 | ) | 3.45 | 3.91 | (1.06 | ) | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.56 | 2.58 | 1.84 | 2.19 | 1.97 | 0.13 | 4.92 | (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 | $ | 20.38 | $ | 16.82 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 25.67 | $ | 20.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 21.17 | % | 17.08 | % | 12.50 | % | 16.00 | % | 16.50 | % | 1.73 | % | 23.71 | % | (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 | % | 0.75 | % | 0.36 | %@ | 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 | % | 0.75 | % | 0.36 | %@ | 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) | 0.21 | %@ | 0.45 | % | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 1.20 | %@ | 1.28 | % | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.21 | %@ | 0.45 | % | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 1.20 | %@ | 1.28 | % | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 37 | % | 26 | % | 21 | % | 23 | % | 24 | % | 10 | % | 14 | % | 14 | % | 15 | % | 14 | % | 15 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 29,478 | 31,185 | 30,448 | 29,613 | 30,427 | 32,186 | 123,369 | 131,740 | 123,200 | 122,466 | 128,379 | 119,786 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 600,736 | $ | 524,630 | $ | 477,301 | $ | 444,633 | $ | 415,566 | $ | 393,063 | $ | 3,166,944 | $ | 2,734,114 | $ | 2,897,313 | $ | 3,434,089 | $ | 3,392,738 | $ | 2,979,477 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
301 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.50 | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 18.29 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.02 | ) | (0.00 | ) | 0.00 | 0.01 | 0.02 | 0.00 | 0.02 | 0.08 | 0.12 | 0.06 | 0.07 | 0.08 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4.57 | 1.89 | 1.13 | 2.66 | 2.24 | (0.82 | ) | 5.18 | 4.72 | 0.26 | 2.48 | 2.73 | (0.02 | ) | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 4.55 | 1.89 | 1.13 | 2.67 | 2.26 | (0.82 | ) | 5.20 | 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 | $ | 21.05 | $ | 16.50 | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 23.49 | $ | 18.29 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 27.58 | % | 12.76 | % | 7.45 | % | 19.17 | % | 18.43 | % | (2.91 | )% | 28.43 | %(e) | 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 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.52 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | %@ | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.52 | %@ | 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 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.20 | )%@ | (0.03 | )% | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | 0.22 | %@ | 0.49 | % | 0.85 | % | 0.49 | % | 0.67 | % | 0.80 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.20 | )%@ | (0.03 | )% | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | 0.22 | %@ | 0.49 | % | 0.84 | % | 0.48 | % | 0.66 | % | 0.78 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 25 | % | 31 | % | 40 | % | 38 | % | 95 | % | 1 | % | 8 | % | 6 | % | 3 | % | 4 | % | 8 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,186 | 19,079 | 19,581 | 18,404 | 18,691 | 19,764 | 32,772 | 34,045 | 35,447 | 33,891 | 32,558 | 32,164 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 382,899 | $ | 314,845 | $ | 303,288 | $ | 291,655 | $ | 260,170 | $ | 248,619 | $ | 769,906 | $ | 622,519 | $ | 499,269 | $ | 473,513 | $ | 394,400 | $ | 319,222 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by affiliates. |
See Notes to Financial Statements
302 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.88 | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 13.55 | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.11 | ) | 0.05 | (0.10 | ) | (0.09 | ) | (0.01 | ) | (0.02 | ) | (0.06 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 9.90 | 7.31 | 0.94 | 7.89 | 6.56 | (0.71 | ) | 4.09 | 1.57 | (0.13 | ) | 4.68 | 2.67 | (2.61 | ) | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 9.79 | 7.36 | 0.84 | 7.80 | 6.55 | (0.73 | ) | 4.03 | 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 | $ | 39.67 | $ | 29.88 | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 17.58 | $ | 13.55 | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 32.76 | % | 30.60 | %(e) | 3.04 | % | 30.08 | % | 31.82 | % | 0.39 | % | 29.74 | % | 12.33 | % | (0.89 | )% | 37.58 | % | 26.17 | % | (16.21 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.97 | %@ | 0.97 | % | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | %@ | 0.97 | % | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 1.01 | %@ | 1.01 | % | 1.00 | % | 1.00 | % | 1.02 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.64 | )%@ | 0.19 | % | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.82 | )%@ | (0.71 | )% | (0.61 | )% | (0.61 | )% | (0.33 | )% | (0.24 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.64 | )%@ | 0.19 | % | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.84 | )%@ | (0.73 | )% | (0.63 | )% | (0.62 | )% | (0.36 | )% | (0.26 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 39 | % | 98 | % | 89 | % | 84 | % | 92 | % | 107 | % | 39 | % | 87 | % | 94 | % | 74 | % | 82 | % | 101 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 51,587 | 54,314 | 53,666 | 45,064 | 43,461 | 43,694 | 10,848 | 11,850 | 11,517 | 9,560 | 9,176 | 10,084 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 2,046,218 | $ | 1,623,083 | $ | 1,392,834 | $ | 1,403,433 | $ | 1,130,159 | $ | 930,756 | $ | 190,747 | $ | 160,527 | $ | 161,912 | $ | 157,170 | $ | 112,391 | $ | 102,540 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by 0.04% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
303 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.54 | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.08 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.04 | 0.05 | 0.05 | 0.03 | 0.04 | 0.08 | 0.17 | 0.22 | 0.22 | 0.21 | 0.24 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.75 | 0.14 | (0.27 | ) | 1.97 | 1.58 | (1.17 | ) | 4.61 | (0.99 | ) | (2.25 | ) | 3.85 | 3.43 | (1.86 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.76 | 0.18 | (0.22 | ) | 2.02 | 1.61 | (1.13 | ) | 4.69 | (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 | $ | 12.30 | $ | 9.54 | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 19.77 | $ | 15.08 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 28.93 | % | 2.27 | % | (1.94 | )% | 17.95 | % | 14.64 | % | (5.20 | )% | 31.10 | % | (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 | % | 0.93 | % | 0.44 | %@ | 0.44 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.04 | %@ | 1.03 | % | 1.03 | % | 1.03 | % | 1.02 | % | 1.01 | % | 0.44 | %@ | 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 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.26 | %@ | 0.34 | % | 0.33 | % | 0.40 | % | 0.27 | % | 0.29 | % | 0.92 | %@ | 0.94 | % | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.15 | %@ | 0.24 | % | 0.23 | % | 0.31 | % | 0.18 | % | 0.21 | % | 0.92 | %@ | 0.94 | % | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 13 | % | 25 | % | 25 | % | 25 | % | 82 | % | 29 | % | 13 | % | 13 | % | 16 | % | 17 | % | 12 | % | 13 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 26,316 | 27,730 | 27,569 | 27,836 | 26,815 | 27,431 | 59,253 | 59,576 | 53,944 | 56,750 | 59,190 | 55,029 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 323,784 | $ | 264,495 | $ | 284,018 | $ | 321,236 | $ | 310,704 | $ | 300,734 | $ | 1,171,518 | $ | 898,557 | $ | 1,012,040 | $ | 1,294,430 | $ | 1,197,209 | $ | 985,833 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
304 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.80 | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 14.00 | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.12 | 0.12 | 0.15 | 0.19 | 0.16 | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.99 | (1.31 | ) | (1.02 | ) | 1.84 | 1.97 | (0.24 | ) | 4.54 | 2.90 | 0.84 | 2.43 | 1.34 | (1.07 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.04 | (1.19 | ) | (0.90 | ) | 1.99 | 2.16 | (0.08 | ) | 4.50 | 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 | $ | 10.84 | $ | 8.80 | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 18.50 | $ | 14.00 | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 23.18 | % | (10.88 | )% | (6.88 | )% | 15.39 | % | 17.65 | % | 1.49 | % | 32.14 | % | 24.52 | % | 6.17 | % | 20.07 | % | 11.94 | % | (6.27 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.91 | %@ | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.96 | %@ | 0.95 | % | 0.93 | % | 0.95 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.91 | %@ | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 1.03 | %@ | 1.02 | % | 1.00 | % | 1.01 | % | 1.01 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 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) | 1.00 | %@ | 1.10 | % | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | (0.53 | )%@ | (0.29 | )% | (0.23 | )% | (0.21 | )% | (0.26 | )% | (0.33 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.00 | %@ | 1.10 | % | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | (0.60 | )%@ | (0.36 | )% | (0.30 | )% | (0.27 | )% | (0.27 | )% | (0.33 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 37 | % | 33 | % | 37 | % | 46 | % | 74 | % | 57 | % | 67 | % | 77 | % | 62 | % | 61 | % | 64 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,923 | 20,134 | 20,076 | 21,730 | 21,453 | 19,831 | 8,903 | 9,370 | 9,083 | 8,562 | 8,994 | 9,812 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 216,011 | $ | 177,110 | $ | 223,576 | $ | 300,745 | $ | 282,609 | $ | 238,888 | $ | 164,709 | $ | 131,229 | $ | 116,197 | $ | 118,522 | $ | 107,389 | $ | 110,230 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Systematic Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.27 | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 20.57 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.31 | 0.81 | 0.72 | 0.63 | 0.61 | 0.63 | 0.09 | 0.18 | 0.21 | 0.19 | 0.20 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 7.67 | 3.86 | 0.62 | 4.49 | 4.96 | (0.59 | ) | 4.41 | 2.68 | 0.43 | 2.34 | 2.94 | (0.34 | ) | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 7.98 | 4.67 | 1.34 | 5.12 | 5.57 | 0.04 | 4.50 | 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 | $ | 48.25 | $ | 40.27 | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 25.07 | $ | 20.57 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 19.82 | % | 12.45 | % | 3.43 | % | 13.99 | % | 17.08 | % | 1.38 | % | 21.88 | % | 15.08 | % | 2.87 | % | 12.17 | % | 17.22 | % | 0.08 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.29 | %@ | 0.30 | % | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.77 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.33 | %@ | 0.33 | % | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.99 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.40 | %@ | 1.91 | % | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 0.78 | %@ | 0.85 | % | 0.95 | % | 0.88 | % | 1.03 | % | 1.08 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.36 | %@ | 1.88 | % | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 0.56 | %@ | 0.71 | % | 0.88 | % | 0.83 | % | 0.97 | % | 1.02 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 1 | % | 3 | % | 4 | % | 3 | % | 3 | % | 3 | % | 9 | % | 98 | % | 44 | % | 43 | % | 34 | % | 33 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 112,620 | 119,807 | 118,173 | 125,644 | 124,560 | 124,483 | 5,859 | 5,963 | 5,774 | 5,767 | 5,822 | 6,176 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 5,434,057 | $ | 4,825,190 | $ | 4,637,546 | $ | 4,958,503 | $ | 4,542,334 | $ | 4,125,329 | $ | 146,895 | $ | 122,639 | $ | 117,501 | $ | 128,172 | $ | 120,515 | $ | 113,885 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Systematic Value Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2020# | Year Ended May 31, | Six Months Ended November 30, 2020# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.79 | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.65 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.23 | 0.34 | 0.20 | 0.24 | 0.22 | 0.13 | 0.31 | 0.29 | 0.26 | 0.25 | 0.26 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.09 | (0.52 | ) | (0.61 | ) | 1.45 | 2.16 | (1.11 | ) | 2.13 | (0.16 | ) | (0.41 | ) | 1.27 | 1.72 | (0.57 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.18 | (0.29 | ) | (0.27 | ) | 1.65 | 2.40 | (0.89 | ) | 2.26 | 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 | $ | 12.97 | $ | 11.79 | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 17.91 | $ | 15.65 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 10.01 | % | (2.34 | )% | (1.84 | )% | 10.34 | % | 17.25 | % | (4.47 | )% | 14.44 | % | 1.18 | % | (0.71 | )% | 9.15 | % | 13.22 | % | (1.80 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | %@ | 0.80 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | %@ | 1.16 | % | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.96 | %@ | 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 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.54 | %@ | 1.64 | % | 2.14 | % | 1.20 | % | 1.57 | % | 1.49 | % | 1.54 | %@ | 1.70 | % | 1.63 | % | 1.47 | % | 1.54 | % | 1.78 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.24 | %@ | 1.27 | % | 2.06 | % | 1.13 | % | 1.49 | % | 1.42 | % | 1.43 | %@ | 1.60 | % | 1.53 | % | 1.38 | % | 1.46 | % | 1.69 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 70 | % | 265 | % | 28 | % | 24 | % | 20 | % | 26 | % | 16 | % | 44 | % | 46 | % | 19 | % | 15 | % | 15 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,504 | 3,751 | 3,676 | 3,742 | 3,603 | 4,104 | 7,241 | 7,219 | 6,749 | 6,461 | 6,640 | 7,241 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 45,435 | $ | 44,233 | $ | 51,212 | $ | 59,532 | $ | 56,339 | $ | 57,330 | $ | 129,655 | $ | 112,970 | $ | 118,127 | $ | 115,474 | $ | 110,333 | $ | 108,136 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
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
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC COMPANY I APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS
At an in-person meeting held on August 3-4, 2020, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): Allianz Global Investors US, LLC (“Allianz”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco”), Invesco Asset Management Limited (“IAML”),1 Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Morgan Stanley Investment Management Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe”), Victory Capital Management Inc. (“Victory”), Wellington Management Company LLP (“Wellington”) and Wells Capital Management Incorporated (“WellsCap”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 3-4, 2020 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 13, 2020.
In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of each Fund, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Sub-advisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of mutual fund data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, and which are advised or managed by VALIC or SunAmerica, an affiliated Sub-adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates, including amounts retained by VALIC after payment of sub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at an in-person meeting held on July 13, 2020, and executive sessions held during the August 2020 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 13, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management and considered management’s responses thereto at the August 2020 meeting. The continuation of all Advisory Contracts was approved at the August 2020 meeting for a one-year term beginning September 1, 2020 and ending August 31, 2021.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and from time-to-time recommends Sub-adviser changes and/or other changes intended to improve the performance of the Funds.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à -vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes. The Board further considered the significant risks assumed by VALIC in connection with the services provided to the Funds, including entrepreneurial risk in sponsoring new Funds and ongoing risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to all Funds.
With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment, compliance and other personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser. The Board also considered each Sub-adviser’s brokerage practices and risk management processes.
1 | Effective September 28, 2015, IAML became a sub-sub-adviser pursuant to an Investment Sub-Sub-Advisory Agreement between Invesco and IAML. The Board’s consideration and approval of VALIC’s Investment Sub-Advisory Agreement with Invesco included a consideration and approval of this Investment Sub-Sub-Advisory Agreement. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
The Board concluded that the scope and quality of the advisory services provided by VALIC and the Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Sub-advisory Expense Universe and, in some cases as noted below, the Sub-advisory Expense Group. The Board noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Sub-advisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.
The Sub-advisers provided, and the Board also considered, expense information of comparable accounts managed by the Sub-advisers, as applicable, which accounts may include one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.
The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2019.
The Board also received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2020 and that benchmark information provided by management was through the period ended May 31, 2020. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:
• | Asset Allocation Fund (PineBridge). The Fund’s actual management fees were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the sub-adviser change proposed by management.
• | Blue Chip Growth Fund (T. Rowe). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Capital Conservation Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Core Equity Fund (BlackRock). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Dividend Value Fund (BlackRock/SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
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• | Dynamic Allocation Fund (AllianceBernstein L.P.2/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Emerging Economies Fund (JPMIM). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-year period and underperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Global Real Estate Fund (GSAM/Invesco/IAML). The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Universe. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Global Strategy Fund (Franklin). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that Franklin took over sub-advisory duties on the equity sleeve of the Fund effective January 29, 2020, replacing Templeton Investment Counsel, LLC.
• | Government Money Market I Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Government Securities Fund (JPMIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed the median of its Performance Group for the one- and five-year periods and equaled the median of its Performance Group for the three-year period. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Growth Fund (BlackRock/SunAmerica3). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that BlackRock and SunAmerica assumed co-sub-advisory duties of the Fund effective September 30, 2019, replacing American Century Investment Management, LLC.
• | Health Sciences Fund (T. Rowe). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund equaled the median of its Performance Group for the one-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.
2 | At an in-person meeting of the Board held on April 29-30, 2019, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Dynamic Allocation Fund, and AllianceBernstein L.P. for an initial term ending on November 12, 2021. Therefore, the Board did not consider such Sub-advisory Agreement at its August 3-4, 2020 meeting. |
3 | At an in-person meeting of the Board held on April 29-30, 2019, the Board approved new Investment Sub-Advisory Agreements between VALIC, on behalf of the Growth Fund, and each of BlackRock and SunAmerica for an initial term ending on September 30, 2021. Therefore, the Board did not consider such Sub-advisory Agreements at its August 3-4, 2020 meeting. |
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• | Inflation Protected Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s actual sub-advisory fees were above the median of its Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that Wellington will assume sub-advisory duties of the Fund effective September 28, 2020, replacing PineBridge. The Board also noted that the Fund’s sub-advisory fees will be reduced and VALIC will waive 3 basis points of its management fee at each breakpoint. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and three-year periods and equaled the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Equities Index Fund (SunAmerica). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Government Bond Fund (PineBridge). The Fund’s actual management fees, total net expenses and sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. |
The Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Fund underperformed the medians of its Performance Group/Universe for the one- and three-year periods and outperformed the medians of its Performance Group/Universe for the five-year period. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Growth Fund (MSIM). The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of its Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.
• | International Socially Responsible Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Universe. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.
• | International Value Fund (WellsCap). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. |
The Fund underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board noted that management replaced the Fund’s sub-adviser in September 2018.
• | Large Cap Core Fund (Columbia). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers. |
The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-year period, underperformed the median of its Performance Group for the three-year period and equaled the median of its Performance Group for the five-year period. The Fund outperformed the median of its Performance Universe for the one- and five-year periods and underperformed the median of its Performance Universe for the three-year period. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Large Capital Growth Fund (MFS). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
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• | Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Mid Cap Strategic Growth Fund (Allianz/Janus). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period, equaled the median of its Performance Group for the three-year period and outperformed the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Nasdaq-100® Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Science & Technology Fund (T. Rowe/Allianz/Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period, outperformed the median of its Performance Group for the three-year period and equaled the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Aggressive Growth Fund (Victory). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Small Cap Fund (Bridgeway/JPMIM/T. Rowe). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and five-year periods and outperformed the median of its Performance Group for the three-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Special Values Fund (WellsCap). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one- and three-year periods and outperformed its Lipper peer index and the median of its Performance Universe for the five-year period. The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small-Mid Growth Fund (GSAM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.
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• | Stock Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that management instituted a contractual limitation on total expenses that would extend through September 30, 2021. |
The Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund equaled the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Systematic Core Fund (formerly, Growth & Income Fund) (GSAM4). The Fund’s actual management fees and actual total expenses were above the medians of the Expense Group and equal to the medians of the Expense Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that GSAM assumed sub-advisory duties of the Fund effective April 27, 2020, replacing JPMIM. The Board also noted that VALIC is waiving 22 basis points of its management fee at each breakpoint.
• | Systematic Value Fund (formerly, Broad Cap Value Income Fund) (Wellington5). The Fund’s actual management fees were equal to the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that Wellington assumed sub-advisory duties of the Fund effective September 27, 2019, replacing Barrow, Hanley, Mewhinney & Strauss, Inc. The Board also noted that VALIC is waiving 30 basis points of its management fee at each breakpoint.
• | Value Fund (Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.
The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Fund.
The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-advisers; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC, or its affiliates, receives benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided for a flat fee based on the estimated cost of providing such services, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SunAmerica, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value. The Board also noted that SunAmerica receives sub-advisory fees for those Funds for which it serves as sub-adviser.
4 | At an in-person meeting of the Board held on January 28, 2020, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Systematic Core Fund, and GSAM for an initial term ending on April 26, 2022. Therefore, the Board did not consider such Sub-advisory Agreement at its August 3-4, 2020 meeting. |
5 | At an in-person meeting of the Board held on July 9, 2019, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Systematic Value Fund, and Wellington for an initial term ending on September 30, 2021. Therefore, the Board did not consider such Sub-advisory Agreement at its August 3-4, 2020 meeting. |
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The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. The Board noted that these benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certain sub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. The Board further noted that VALIC, as adviser to the Funds, also makes certain payments to its affiliated life insurers (collectively, the “Life Companies”) for certain administrative services rendered to the Variable Contract owners/policyholders who allocate all or a portion of their purchase payments to one or more of the Funds. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and the Life Companies, the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.
In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability was generally in the range of the profitability of companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount of sub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and the sub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-advisory Agreements.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board further noted that VALIC has agreed to cap the total annual operating expenses of certain Funds. The Board also observed that expense caps and fee waivers benefitted shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether they were currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entity’s compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each Fund and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
VALIC COMPANY I ASSET ALLOCATION FUND APPROVAL OF SUBADVISORY AGREEMENT
At an in-person meeting held on August 3-4, 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 “New Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and J.P. Morgan Investment Management Inc. (“JPMIM”) with respect to the Asset Allocation Fund (the “Fund”). In connection with the approval of the New Sub-Advisory Agreement with JPMIM, 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 New 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 New Sub-advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by JPMIM; (2) the sub-advisory fees proposed to be charged in connection with JPMIM’s management of the Fund compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-advisory Expense Group/Universe”); (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”); (4) the costs of services and the benefits potentially to be derived by JPMIM; (5) whether the Fund will benefit from possible economies of scale from engaging JPMIM; (6) the anticipated profitability of VALIC; (7) information regarding JPMIM’s brokerage and trading practices and compliance and regulatory history; and (8) the terms of the proposed New Sub-advisory Agreement.
In considering whether to approve the New 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 JPMIM 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 New 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 JPMIM. The Board reviewed information provided by JPMIM relating to its operations and personnel. The Board also noted that JPMIM’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 JPMIM. In this regard, the Board took into account its knowledge of JPMIM, which is a sub-adviser to certain other VC I and VALIC Company II funds. The Board noted that JPMIM will (i) manage the investment and reinvestment of the assets of the Fund including, for example, the evaluation of pertinent economic, statistical, financial, and other data, the determination, in its discretion without prior consultation with VALIC or the Board, of the industries, securities and other investments to be represented in the Fund’s portfolio, and the formulation and implementation of investment programs; (ii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (including futures contracts or other derivatives) for the Fund’s account with brokers or dealers (including futures commission merchants) selected by JPMIM, or arrange for any other entity to provide a trading desk and to place orders with brokers and dealers (including futures commission merchants) selected by JPMIM, subject to JPMIM’s control, direction, and supervision, which brokers or dealers may include brokers or dealers (including futures commission merchants) affiliated with JPMIM, subject to applicable law; and (iii) in performing its obligations under this Agreement, JPMIM may, at its own discretion, delegate any or all of its discretionary investment, advisory and other rights, powers and functions thereunder to any advisory affiliate, without further written consent of VALIC provided that JPMIM shall always remain liable for its obligations thereunder. The Board considered JPMIM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of JPMIM’s investment personnel who would provide services to the Fund. The Board also reviewed JPMIM’s brokerage practices. The Board also noted that it received information on JPMIM’s financial condition and its compliance function. The Board also considered JPMIM’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 JPMIM were expected to be satisfactory and that there was a reasonable basis to conclude that JPMIM 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 noted that VALIC negotiated the sub-advisory fee with JPMIM 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 VC I under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of JPMIM will result in a reduction to the management fee paid by the Fund to VALIC.
The Board considered that the current sub-advisory fee payable to PineBridge and the proposed sub-advisory fee payable to JPMIM is below 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 JPMIM would be lower than the current sub-advisory fee payable to PineBridge. 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 May 31, 2020. The Board noted management’s representation that the proposed strategy would have performed better than the current Fund and the Fund’s Morningstar category average, but with a lower risk profile.
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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 New 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 JPMIM. The Board also noted that VALIC would waive a portion of its management fee if the New Sub-advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if JPMIM is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with JPMIM at arm’s length. In considering the anticipated profitability to JPMIM in connection with its relationship to the Fund, the Directors noted that the fees under the New 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 JPMIM from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the New Sub-advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to JPMIM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in JPMIM’s management of the Fund is not a material factor to the approval of the New Sub-advisory Agreement.
Terms of the New Sub-advisory Agreement. The Board reviewed the terms of the New Sub-advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the New Sub-advisory Agreement between VALIC and JPMIM and the current sub-advisory agreement between VALIC and PineBridge are similar, except that the New Sub-advisory Agreement differs, among other things, in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) the elimination of express terms relating to compliance with state laws and regulations; (iv) the addition of language permitting the sub-adviser to delegate any or all of its discretionary investment, advisory and other rights, powers and functions hereunder to any advisory affiliate; (v) the elimination of language relating to the sub-adviser’s obligation to maintain a level of errors and omissions or professional liability insurance coverage and of express terms related to how the sub-adviser shall manage the portion of the assets of the Fund allocated to it as if it was a separate operating fund; (vi) the addition 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; (vii) the addition of language that states VALIC will vote proxies relating to securities held by the Fund; (viii) the addition of certain express terms relating to confidentiality; (ix) the addition of express terms concerning no liability to any indemnified party for indirect, special or consequential damages; (x) the addition 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; and (xi) the addition of a provision regarding a customer identification program. The Board concluded that the terms of the New Sub-advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the New 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 JPMIM possesses the capability and resources to perform the duties required of it under the New Sub-advisory Agreement.
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VALIC Company I
Filed under Rules 497(e) and 497(k)
Registration Nos. 002-83631
333-53589
VALIC COMPANY I
CAPITAL CONSERVATION FUND
SMALL CAP AGGRESSIVE GROWTH FUND
SMALL CAP FUND
VALIC COMPANY II
AGGRESSIVE GROWTH LIFESTYLE FUND
CAPITAL APPRECIATION FUND
CONSERVATIVE GROWTH LIFESTYLE FUND
CORE BOND FUND
GOVERNMENT MONEY MARKET II FUND
HIGH YIELD BOND FUND
INTERNATIONAL OPPORTUNITIES FUND
MID CAP VALUE FUND
MODERATE GROWTH LIFESTYLE FUND
SMALL CAP GROWTH FUND
SMALL CAP VALUE FUND
STRATEGIC BOND FUND
U.S. SOCIALLY RESPONSIBLE FUND
(each, a “Fund”)
Supplement to the Summary Prospectus and Prospectus of each Fund,
as supplemented and amended to date
The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Capital Conservation Fund, the Small Cap Aggressive Growth Fund and the Small Cap Fund, and the Board of Trustees of VALIC Company II (“VC II”), on behalf of each of the Aggressive Growth Lifestyle Fund, the Capital Appreciation Fund, the Conservative Growth Lifestyle Fund, the Core Bond Fund, the High Yield Bond Fund, the International Opportunities Fund, the Mid Cap Value Fund, the Moderate Growth Lifestyle Fund, the Small Cap Growth Fund, the Small Cap Value Fund, the Strategic Bond Fund and the U.S. Socially Responsible Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a shell series of VC I (each, a “Shell Acquiring Fund”), as shown in the table below. Each Shell Acquiring Fund in the table below will have the same investment objectives, strategies and policies as the Target Fund of the same name.
Target Fund | Shell Acquiring Fund | |
Aggressive Growth Lifestyle Fund, a series of VC II | Aggressive Growth Lifestyle Fund, a series of VC I | |
Capital Appreciation Fund, a series of VC II | Capital Appreciation Fund, a series of VC I | |
Capital Conservation Fund, a series of VC I | Core Bond Fund, a series of VC I | |
Conservative Growth Lifestyle Fund, a series of VC II | Conservative Growth Lifestyle Fund, a series of VC I | |
Core Bond Fund, a series of VC II | Core Bond Fund, a series of VC I | |
High Yield Bond Fund, a series of VC II | High Yield Bond Fund, a series of VC I | |
International Opportunities Fund, a series of VC II | International Opportunities Fund, a series of VC I | |
Mid Cap Value Fund, a series of VC II | Mid Cap Value Fund, a series of VC I | |
Moderate Growth Lifestyle Fund, a series of VC II | Moderate Growth Lifestyle Fund, a series of VC I | |
Small Cap Aggressive Growth Fund, a series of VC I | Small Cap Growth Fund, a series of VC I | |
Small Cap Fund, a series of VC I | Small Cap Growth Fund, a series of VC I | |
Small Cap Growth Fund, a series of VC II | Small Cap Growth Fund, a series of VC I | |
Small Cap Value Fund, a series of VC II | Small Cap Value Fund, a series of VC I | |
Strategic Bond Fund, a series of VC II | Core Bond Fund, a series of VC I | |
U.S. Socially Responsible Fund, a series of VC II | U.S. Socially Responsible Fund, a series of VC I |
In addition, the Board of Trustees of VC II has determined that it is in the best interests of the Government Money Market II Fund to reorganize into the Government Money Market I Fund, an existing series of VC I (the “Existing Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization” and each Shell Acquiring Fund and the Existing Acquiring Fund is referred to as an “Acquiring Fund.”
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.
Each Target Fund expects to convene a special meeting of its shareholders on or about May 11, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of February 26, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.
Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.
Date: January 27, 2021
Please retain this supplement for future reference.
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VALIC Company I
BOARD OF DIRECTORS
Thomas J. Brown
Judith L. Craven
Yvonne M. Curl
Timothy J. Ebner
Gustavo E. Gonzales, Jr. (retired effective Jan 1, 2021)
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.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
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aig.com/RetirementServices — Account access
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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 | PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793 |
VC 4873 (11/2020) J103179
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures 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 Item 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) | (1) Not applicable. |
(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: February 4, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 4, 2021
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 4, 2021