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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03738
VALIC Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside 5
185 Hudson Street,
Suite 3300
Jersey City, NJ 07311
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 324-6414
Date of fiscal year end: May 31
Date of reporting period: May 31, 2021
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Annual Report, May 31, 2021
Table of Contents
VALIC Company I
ANNUAL REPORT MAY 31, 2021
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Table of Contents
VALIC Company I
Dear Valued Investor:
We are pleased to provide you with the following Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for the period ended May 31, 2021. 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 — May 31, 2021 (unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2020 and held until May 31, 2021. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.
Actual Expenses
The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2021” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2021” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2021” column would have been higher and the “Ending Account Value” column would have been lower.
Hypothetical Example for Comparison Purposes
The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2021” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2021” 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 — May 31, 2021 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at December 1, 2020 | Ending Account Value Using Actual Return at May 31, 2021 | Expenses Paid During the Six Months Ended May 31, 2021 | Beginning Account Value at December 1, 2020 | Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2021 | Expenses Paid During the Six Months Ended May 31, 2021 | Annualized Expense Ratio* | |||||||||||||||||||||
Aggressive Growth Lifestyle# | $ | 1,000.00 | 1,161.28 | 0.54 | $ | 1,000.00 | 1,024.43 | 0.50 | 0.10 | % | ||||||||||||||||||
Asset Allocation | $ | 1,000.00 | 1,116.59 | 4.38 | $ | 1,000.00 | 1,020.79 | 4.18 | 0.83 | % | ||||||||||||||||||
Blue Chip Growth | $ | 1,000.00 | 1,087.08 | 4.21 | $ | 1,000.00 | 1,020.89 | 4.08 | 0.81 | % | ||||||||||||||||||
Capital Appreciation# | $ | 1,000.00 | 1,161.59 | 4.53 | $ | 1,000.00 | 1,020.74 | 4.23 | 0.84 | % | ||||||||||||||||||
Conservative Growth Lifestyle# | $ | 1,000.00 | 1,082.14 | 0.52 | $ | 1,000.00 | 1,024.43 | 0.50 | 0.10 | % | ||||||||||||||||||
Core Bond# | $ | 1,000.00 | 988.61 | 3.72 | $ | 1,000.00 | 1,021.19 | 3.78 | 0.75 | % | ||||||||||||||||||
Dividend Value# | $ | 1,000.00 | 1,215.34 | 3.70 | $ | 1,000.00 | 1,021.59 | 3.38 | 0.67 | % | ||||||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | 1,082.54 | 1.66 | $ | 1,000.00 | 1,023.34 | 1.61 | 0.32 | % | ||||||||||||||||||
Emerging Economies | $ | 1,000.00 | 1,177.36 | 4.72 | $ | 1,000.00 | 1,020.59 | 4.38 | 0.87 | % | ||||||||||||||||||
Global Real Estate | $ | 1,000.00 | 1,148.89 | 4.61 | $ | 1,000.00 | 1,020.64 | 4.33 | 0.86 | % | ||||||||||||||||||
Global Strategy#. | $ | 1,000.00 | 1,090.21 | 3.54 | $ | 1,000.00 | 1,021.54 | 3.43 | 0.68 | % | ||||||||||||||||||
Government Money Market I# | $ | 1,000.00 | 1,000.05 | 0.15 | $ | 1,000.00 | 1,024.78 | 0.15 | 0.03 | % | ||||||||||||||||||
Government Securities | $ | 1,000.00 | 977.75 | 3.21 | $ | 1,000.00 | 1,021.69 | 3.28 | 0.65 | % | ||||||||||||||||||
Growth# | $ | 1,000.00 | 1,098.94 | 3.35 | $ | 1,000.00 | 1,021.74 | 3.23 | 0.64 | % | ||||||||||||||||||
High Yield Bond# | $ | 1,000.00 | 1,036.16 | 4.67 | $ | 1,000.00 | 1,020.34 | 4.63 | 0.92 | % | ||||||||||||||||||
Inflation Protected# | $ | 1,000.00 | 1,011.47 | 2.61 | $ | 1,000.00 | 1,022.34 | 2.62 | 0.52 | % | ||||||||||||||||||
International Equities Index | $ | 1,000.00 | 1,153.36 | 2.09 | $ | 1,000.00 | 1,022.99 | 1.97 | 0.39 | % | ||||||||||||||||||
International Government Bond | $ | 1,000.00 | 983.97 | 3.17 | $ | 1,000.00 | 1,021.74 | 3.23 | 0.64 | % | ||||||||||||||||||
International Growth# | $ | 1,000.00 | 1,184.53 | 4.47 | $ | 1,000.00 | 1,020.84 | 4.13 | 0.82 | % | ||||||||||||||||||
International Opportunities# | $ | 1,000.00 | 1,113.73 | 6.27 | $ | 1,000.00 | 1,019.00 | 5.99 | 1.19 | % | ||||||||||||||||||
International Socially Responsible | $ | 1,000.00 | 1,154.01 | 3.44 | $ | 1,000.00 | 1,021.74 | 3.23 | 0.64 | % | ||||||||||||||||||
International Value# | $ | 1,000.00 | 1,201.71 | 4.01 | $ | 1,000.00 | 1,021.29 | 3.68 | 0.73 | % | ||||||||||||||||||
Large Capital Growth | $ | 1,000.00 | 1,142.16 | 3.95 | $ | 1,000.00 | 1,021.24 | 3.73 | 0.74 | % | ||||||||||||||||||
Mid Cap Index | $ | 1,000.00 | 1,264.14 | 1.92 | $ | 1,000.00 | 1,023.24 | 1.72 | 0.34 | % | ||||||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | 1,157.02 | 4.14 | $ | 1,000.00 | 1,021.09 | 3.88 | 0.77 | % | ||||||||||||||||||
Mid Cap Value# | $ | 1,000.00 | 1,277.58 | 5.91 | $ | 1,000.00 | 1,019.75 | 5.24 | 1.04 | % | ||||||||||||||||||
Moderate Growth Lifestyle# | $ | 1,000.00 | 1,130.27 | 0.53 | $ | 1,000.00 | 1,024.43 | 0.50 | 0.10 | % | ||||||||||||||||||
Nasdaq -100® Index | $ | 1,000.00 | 1,117.14 | 2.74 | $ | 1,000.00 | 1,022.34 | 2.62 | 0.52 | % | ||||||||||||||||||
Science & Technology# | $ | 1,000.00 | 1,116.45 | 5.12 | $ | 1,000.00 | 1,020.09 | 4.89 | 0.97 | % | ||||||||||||||||||
Small Cap Growth# | $ | 1,000.00 | 1,066.27 | 5.67 | $ | 1,000.00 | 1,019.45 | 5.54 | 1.10 | % | ||||||||||||||||||
Small Cap Index | $ | 1,000.00 | 1,250.84 | 2.30 | $ | 1,000.00 | 1,022.89 | 2.07 | 0.41 | % | ||||||||||||||||||
Small Cap Special Values | $ | 1,000.00 | 1,355.08 | 5.11 | $ | 1,000.00 | 1,020.59 | 4.38 | 0.87 | % | ||||||||||||||||||
Small Cap Value# | $ | 1,000.00 | 1,394.31 | 5.97 | $ | 1,000.00 | 1,019.95 | 5.04 | 1.00 | % | ||||||||||||||||||
Stock Index# | $ | 1,000.00 | 1,167.87 | 1.57 | $ | 1,000.00 | 1,023.49 | 1.46 | 0.29 | % | ||||||||||||||||||
Systematic Core# | $ | 1,000.00 | 1,179.19 | 3.53 | $ | 1,000.00 | 1,021.69 | 3.28 | 0.65 | % | ||||||||||||||||||
Systematic Value# | $ | 1,000.00 | 1,244.45 | 2.85 | $ | 1,000.00 | 1,022.39 | 2.57 | 0.51 | % | ||||||||||||||||||
U.S. Socially Responsible | $ | 1,000.00 | 1,170.53 | 3.25 | $ | 1,000.00 | 1,021.94 | 3.02 | 0.60 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2021” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2021” and the “Annualized Expense Ratio” would have been lower. |
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VALIC Company I Aggressive Growth Lifestyle Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 55.5 | % | ||
International Equity Investment Companies | 28.6 | |||
Domestic Fixed Income Investment Companies | 12.1 | |||
Domestic Money Market Investment Companies | 2.0 | |||
International Fixed Income Investment Companies | 1.8 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I Aggressive Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0% |
| |||||||
Domestic Equity Investment Companies — 55.5% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 534 | $ | 13,423 | |||||
VALIC Co. I Capital Appreciation Fund | 1,423,899 | 30,870,138 | ||||||
VALIC Co. I Dividend Value Fund | 3,140,756 | 41,395,162 | ||||||
VALIC Co. I Large Capital Growth Fund | 701,676 | 14,749,225 | ||||||
VALIC Co. I Mid Cap Index Fund | 830,591 | 25,914,450 | ||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 1,095,449 | 25,370,606 | ||||||
VALIC Co. I Mid Cap Value Fund | 1,941,990 | 43,131,604 | ||||||
VALIC Co. I Nasdaq-100 Index Fund | 264,516 | 6,348,394 | ||||||
VALIC Co. I Science & Technology Fund | 540,792 | 21,290,975 | ||||||
VALIC Co. I Small Cap Growth Fund | 385,633 | 8,811,723 | ||||||
VALIC Co. I Small Cap Index Fund | 782,609 | 18,375,648 | ||||||
VALIC Co. I Small Cap Special Values Fund | 748,913 | 10,679,501 | ||||||
VALIC Co. I Small Cap Value Fund | 965,126 | 15,027,011 | ||||||
VALIC Co. I Stock Index Fund | 1,174,235 | 61,846,976 | ||||||
VALIC Co. I Systematic Core Fund | 546,646 | 14,546,252 | ||||||
VALIC Co. I Systematic Value Fund | 5,207,528 | 68,322,770 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $337,248,390) | 406,693,858 | |||||||
Domestic Fixed Income Investment Companies — 12.1% |
| |||||||
VALIC Co. I Core Bond Fund | 3,275,119 | 37,238,100 | ||||||
VALIC Co. I Government Securities Fund | 194,362 | 2,095,217 | ||||||
VALIC Co. I High Yield Bond Fund | 1,953,084 | 14,999,681 | ||||||
VALIC Co. I Inflation Protected Fund | 2,884,232 | 34,553,103 | ||||||
Total Domestic Fixed Income Investment Companies |
| |||||||
(cost $86,055,807) | 88,886,101 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
Domestic Money Market Investment Companies — 2.0% |
| |||||||
VALIC Co. I Government Money Market I Fund(2) | ||||||||
(cost $14,321,389) | 14,321,389 | $ | 14,321,389 | |||||
International Equity Investment Companies — 28.6% |
| |||||||
VALIC Co. I Emerging Economies Fund | 4,169,362 | 44,862,338 | ||||||
VALIC Co. I Global Real Estate Fund | 2,825,138 | 23,024,874 | ||||||
VALIC Co. I International Equities Index Fund | 6,784,841 | 57,196,210 | ||||||
VALIC Co. I International Growth Fund | 773,465 | 14,811,864 | ||||||
VALIC Co. I International Opportunities Fund | 1,760,275 | 40,609,546 | ||||||
VALIC Co. I International Value Fund | 2,540,389 | 29,138,261 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $175,945,280) | 209,643,093 | |||||||
International Fixed Income Investment Companies — 1.8% |
| |||||||
VALIC Co. I International Government Bond Fund | ||||||||
(cost $12,605,592) | 1,076,387 | 13,401,015 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $626,176,458)(3) | 100.0 | % | 732,945,456 | |||||
Liabilities in excess of other assets | (0.0 | ) | (116,761 | ) | ||||
NET ASSETS | 100.0 | % | $ | 732,828,695 | ||||
# | The Aggressive Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com. |
(1) | See Note 3. |
(2) | The 7-day yield as of May 31, 2021 is 0.01%. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31,2021 (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…………………… | $ | 732,945,456 | $ | — | $ | — | $ | 732,945,456 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2021 ( unaudited)
Industry Allocation*
United States Treasury Notes | 9.0 | % | ||
Diversified Financial Services | 7.1 | |||
Web Portals/ISP | 4.2 | |||
Applications Software | 4.1 | |||
Medical — Drugs | 3.8 | |||
Electric — Integrated | 3.7 | |||
Computers | 3.3 | |||
E-Commerce/Products | 3.3 | |||
Diversified Banking Institutions | 2.9 | |||
Repurchase Agreements | 2.9 | |||
Finance — Credit Card | 2.9 | |||
Government National Mtg. Assoc. | 2.8 | |||
Banks — Super Regional | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.8 | |||
Real Estate Investment Trusts | 2.5 | |||
Diversified Manufacturing Operations | 2.2 | |||
Transport — Rail | 2.1 | |||
United States Treasury Bonds | 2.0 | |||
Banks — Commercial | 2.0 | |||
Retail — Restaurants | 2.0 | |||
Beverages — Non-alcoholic | 1.9 | |||
Chemicals — Diversified | 1.7 | |||
Federal National Mtg. Assoc. | 1.7 | |||
Medical Instruments | 1.6 | |||
Commercial Services — Finance | 1.6 | |||
Auto — Cars/Light Trucks | 1.6 | |||
Uniform Mtg. Backed Securities | 1.3 | |||
Pharmacy Services | 1.3 | |||
Retail — Building Products | 1.1 | |||
Hotels/Motels | 1.1 | |||
Semiconductor Equipment | 1.1 | |||
Computer Services | 1.1 | |||
Aerospace/Defense | 1.0 | |||
Internet Content — Entertainment | 1.0 | |||
Investment Management/Advisor Services | 0.9 | |||
Cable/Satellite TV | 0.9 | |||
Electronic Components — Semiconductors | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Federal Home Loan Mtg. Corp. | 0.8 | |||
Retail — Apparel/Shoe | 0.7 | |||
Pipelines | 0.7 | |||
Insurance — Property/Casualty | 0.6 | |||
Retail — Auto Parts | 0.5 | |||
Enterprise Software/Service | 0.4 | |||
Telephone — Integrated | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Tools — Hand Held | 0.4 | |||
Internet Application Software | 0.4 | |||
Finance — Leasing Companies | 0.4 | |||
Brewery | 0.4 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Airlines | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Independent Power Producers | 0.3 | |||
Medical — Generic Drugs | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Food — Meat Products | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Cellular Telecom | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Multimedia | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Electric — Generation | 0.1 | |||
Tobacco | 0.1 | |||
Gas — Distribution | 0.1 | |||
Oil — Field Services | 0.1 | |||
Food — Misc./Diversified | 0.1 |
Food — Wholesale/Distribution | 0.1 | |||
Software Tools | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Retail — Discount | 0.1 | |||
Metal — Diversified | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Electric — Distribution | 0.1 | |||
Medical Products | 0.1 | |||
101.5 | % | |||
* | Calculated as a percentage of net assets |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 60.9% |
| |||||||
Aerospace/Defense — 0.7% |
| |||||||
Northrop Grumman Corp. | 2,969 | $ | 1,086,268 | |||||
Applications Software — 4.1% |
| |||||||
Microsoft Corp. | 25,568 | 6,383,818 | ||||||
Auto - Cars/Light Trucks — 1.1% |
| |||||||
Tesla, Inc.† | 2,704 | 1,690,595 | ||||||
Banks - Commercial — 1.9% |
| |||||||
SVB Financial Group† | 558 | 325,253 | ||||||
Truist Financial Corp. | 41,400 | 2,557,692 | ||||||
2,882,945 | ||||||||
Banks - Super Regional — 2.5% |
| |||||||
US Bancorp | 28,540 | 1,734,661 | ||||||
Wells Fargo & Co. | 45,459 | 2,123,845 | ||||||
3,858,506 | ||||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
Coca-Cola Co. | 50,678 | 2,801,987 | ||||||
Brewery — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 401 | 96,128 | ||||||
Cable/Satellite TV — 0.4% |
| |||||||
Charter Communications, Inc., Class A† | 850 | 590,351 | ||||||
Chemicals - Diversified — 1.6% |
| |||||||
Eastman Chemical Co. | 10,091 | 1,265,412 | ||||||
PPG Industries, Inc. | 7,131 | 1,281,583 | ||||||
2,546,995 | ||||||||
Commercial Services - Finance — 1.6% |
| |||||||
Affirm Holdings, Inc.† | 2,869 | 174,464 | ||||||
FleetCor Technologies, Inc.† | 3,861 | 1,059,613 | ||||||
S&P Global, Inc. | 3,070 | 1,164,973 | ||||||
2,399,050 | ||||||||
Computer Services — 0.9% |
| |||||||
Leidos Holdings, Inc. | 13,930 | 1,431,307 | ||||||
Computers — 3.2% |
| |||||||
Apple, Inc. | 39,779 | 4,956,861 | ||||||
Containers - Metal/Glass — 0.4% |
| |||||||
Crown Holdings, Inc. | 5,988 | 618,201 | ||||||
Diversified Banking Institutions — 1.3% |
| |||||||
Morgan Stanley | 21,457 | 1,951,514 | ||||||
Diversified Manufacturing Operations — 2.0% |
| |||||||
Eaton Corp. PLC | 20,788 | 3,019,457 | ||||||
E-Commerce/Products — 3.3% |
| |||||||
Amazon.com, Inc.† | 1,585 | 5,108,566 | ||||||
Electric - Integrated — 2.8% |
| |||||||
NextEra Energy, Inc. | 35,732 | 2,616,297 | ||||||
Xcel Energy, Inc. | 23,213 | 1,645,337 | ||||||
4,261,634 | ||||||||
Electronic Components - Semiconductors — 0.6% |
| |||||||
Advanced Micro Devices, Inc.† | 11,859 | 949,669 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Ceridian HCM Holding, Inc.† | 5,119 | 457,946 | ||||||
Finance - Credit Card — 2.8% |
| |||||||
Mastercard, Inc., Class A | 12,075 | 4,354,003 | ||||||
Hotels/Motels — 1.1% |
| |||||||
Marriott International, Inc., Class A† | 12,394 | 1,779,531 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 0.6% |
| |||||||
Progressive Corp. | 9,522 | $ | 943,440 | |||||
Internet Application Software — 0.4% |
| |||||||
Shopify, Inc., Class A† | 453 | 563,020 | ||||||
Internet Content - Entertainment — 1.0% |
| |||||||
Facebook, Inc., Class A† | 3,746 | 1,231,422 | ||||||
Netflix, Inc.† | 522 | 262,467 | ||||||
1,493,889 | ||||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Ameriprise Financial, Inc. | 5,187 | 1,347,790 | ||||||
Medical Instruments — 1.6% |
| |||||||
Boston Scientific Corp.† | 34,292 | 1,459,125 | ||||||
Intuitive Surgical, Inc.† | 1,236 | 1,040,934 | ||||||
2,500,059 | ||||||||
Medical - Biomedical/Gene — 0.6% |
| |||||||
Biogen, Inc.† | 1,217 | 325,523 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,116 | 560,712 | ||||||
886,235 | ||||||||
Medical - Drugs — 3.5% |
| |||||||
AbbVie, Inc. | 21,370 | 2,419,084 | ||||||
Bristol - Myers Squibb Co. | 26,332 | 1,730,539 | ||||||
Eli Lilly & Co. | 6,307 | 1,259,760 | ||||||
5,409,383 | ||||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Pioneer Natural Resources Co. | 1,834 | 279,116 | ||||||
Pharmacy Services — 1.1% |
| |||||||
Cigna Corp. | 6,589 | 1,705,563 | ||||||
Real Estate Investment Trusts — 1.7% |
| |||||||
Prologis, Inc. | 22,963 | 2,705,960 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Ross Stores, Inc. | 8,030 | 1,014,912 | ||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 1,137 | 608,431 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Lowe’s Cos., Inc. | 8,803 | 1,715,088 | ||||||
Retail - Restaurants — 2.0% |
| |||||||
McDonald’s Corp. | 10,269 | 2,401,816 | ||||||
Yum! Brands, Inc. | 5,333 | 639,800 | ||||||
3,041,616 | ||||||||
Semiconductor Components - Integrated Circuits — 2.8% |
| |||||||
Analog Devices, Inc. | 17,477 | 2,876,714 | ||||||
NXP Semiconductors NV | 6,854 | 1,449,073 | ||||||
4,325,787 | ||||||||
Semiconductor Equipment — 1.1% |
| |||||||
ASML Holding NV | 1,691 | 1,142,220 | ||||||
Lam Research Corp. | 912 | 592,663 | ||||||
1,734,883 | ||||||||
Tools - Hand Held — 0.4% |
| |||||||
Stanley Black & Decker, Inc. | 2,658 | 576,254 | ||||||
Transport - Rail — 2.1% |
| |||||||
Norfolk Southern Corp. | 11,293 | 3,172,204 | ||||||
Web Portals/ISP — 4.2% |
| |||||||
Alphabet, Inc., Class A† | 2,754 | 6,490,765 | ||||||
Total Common Stocks | ||||||||
(cost $83,905,891) |
| 93,739,727 | ||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.1% |
| |||||||
Banks - Super Regional — 0.0% |
| |||||||
Wells Fargo & Co. | $ | 30,000 | $ | 30,751 | ||||
Diversified Banking Institutions — 0.0% |
| |||||||
Citigroup, Inc. | 15,000 | 15,095 | ||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 40,000 | 41,600 | ||||||
Charles Schwab Corp. | 47,000 | 47,235 | ||||||
88,835 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $134,177) |
| 134,681 | ||||||
ASSET BACKED SECURITIES — 7.1% |
| |||||||
Diversified Financial Services — 7.1% |
| |||||||
ACRE Commercial Mtg., Ltd. FRS | 175,000 | 174,345 | ||||||
ACRE Commercial Mtg., Ltd. FRS | 110,000 | 109,451 | ||||||
Affirm Asset Securitization Trust | 145,000 | 145,268 | ||||||
Ajax Mtg. Loan Trust | 147,245 | 147,153 | ||||||
American Credit Acceptance Receivables Trust | 150,384 | 150,427 | ||||||
American Credit Acceptance Receivables Trust | 45,000 | 45,013 | ||||||
Bayview Opportunity Master Fund IVb Trust | 116,269 | 116,269 | ||||||
BPR Trust FRS | 145,000 | 145,000 | ||||||
Business Jet Securities LLC | 120,346 | 120,828 | ||||||
Business Jet Securities LLC | 155,554 | 157,091 | ||||||
BVRT Financing Trust | 81,290 | 81,290 | ||||||
BVRT Financing Trust | 97,808 | 97,808 | ||||||
Cascade Funding Mtg. Trust VRS | 183,807 | 183,721 | ||||||
Cascade MH Asset Trust | 171,802 | 173,246 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services — (continued) |
| |||||||
CF Hippolyta LLC | $ | 100,000 | $ | 100,960 | ||||
CPS Auto Receivables Trust | 108,224 | 108,249 | ||||||
CPS Auto Receivables Trust | 105,000 | 105,196 | ||||||
CPS Auto Receivables Trust | 300,000 | 300,273 | ||||||
CPS Auto Receivables Trust | 100,000 | 100,173 | ||||||
Credit Acceptance Auto Loan Trust | 250,000 | 251,213 | ||||||
Credito Real USA Auto Receivables Trust | 57,083 | 57,117 | ||||||
Crossroads Asset Trust | 59,638 | 59,649 | ||||||
Crossroads Asset Trust | 100,000 | 100,120 | ||||||
Crossroads Asset Trust | 205,000 | 205,396 | ||||||
CSMC Trust VRS | 175,661 | 175,644 | ||||||
DataBank Issuer LLC | 175,000 | 176,868 | ||||||
Diamond Resorts Owner Trust | 193,897 | 195,234 | ||||||
Drive Auto Receivables Trust | 23,430 | 23,576 | ||||||
DT Auto Owner Trust | 78,821 | 78,860 | ||||||
DT Auto Owner Trust | 50,000 | 50,023 | ||||||
DT Auto Owner Trust | 85,000 | 88,198 | ||||||
Exeter Automobile Receivables Trust | 60,000 | 60,028 | ||||||
Exeter Automobile Receivables Trust | 145,000 | 145,160 | ||||||
Exeter Automobile Receivables Trust | 240,000 | 240,080 | ||||||
Exeter Automobile Receivables Trust | 95,000 | 95,128 |
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) |
| |||||||
Diversified Financial Services — (continued) |
| |||||||
FHF Trust | $ | 65,698 | $ | 65,752 | ||||
Finance of America HECM Buyout VRS | 108,052 | 108,119 | ||||||
Flagship Credit Auto Trust | 102,265 | 102,246 | ||||||
Flagship Credit Auto Trust | 250,000 | 250,010 | ||||||
Flagship Credit Auto Trust | 65,000 | 64,889 | ||||||
Freed ABS Trust | 79,621 | 79,653 | ||||||
Freedom Financial Trust | 100,000 | 100,208 | ||||||
Legacy Mtg. Asset Trust | 106,643 | 106,959 | ||||||
LHOME Mtg. Trust VRS | 200,000 | 200,472 | ||||||
Mariner Finance Issuance Trust | 130,000 | 130,985 | ||||||
Marlette Funding Trust | 101,000 | 101,267 | ||||||
Mercury Financial Credit Card Master Trust | 140,000 | 140,513 | ||||||
NRZ Excess Spread-Collateralized Notes | 136,180 | 135,675 | ||||||
NRZ Excess Spread-Collateralized Notes | 210,000 | 210,118 | ||||||
Octane Receivables Trust | 115,000 | 115,159 | ||||||
Oportun Funding XIV LLC | 100,000 | 100,280 | ||||||
Oportun Funding XIV LLC | 245,000 | 244,249 | ||||||
Oportun Issuance Trust | 255,000 | 256,537 | ||||||
Pagaya AI Debt Selection Trust | 435,000 | 435,855 | ||||||
Pagaya AI Debt Selection Trust | 205,000 | 205,079 | ||||||
Pretium Mtg. Credit Partners I LLC | 235,700 | 235,972 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services — (continued) |
| |||||||
Progress Residential Trust | $ | 267,000 | $ | 266,787 | ||||
PRPM LLC VRS | 250,857 | 251,593 | ||||||
Regional Management Issuance Trust | 125,000 | 125,340 | ||||||
Towd Point Mtg. Trust VRS | 240,000 | 244,935 | ||||||
United Auto Credit Securitization Trust | 115,000 | 115,030 | ||||||
Upstart Pass-Through Trust | 94,563 | 95,757 | ||||||
Upstart Securitization Trust | 130,273 | 130,477 | ||||||
VCAT LLC | 94,400 | 94,454 | ||||||
Veros Auto Receivables Trust | 125,000 | 125,036 | ||||||
VOLT XCII LLC | 102,661 | 102,748 | ||||||
VOLT XCIII LLC | 303,959 | 302,683 | ||||||
VOLT XCIV LLC | 260,167 | 260,621 | ||||||
VOLT XCV LLC | 218,619 | 218,604 | ||||||
VOLT XCVI LLC | 197,439 | 197,446 | ||||||
VOLT XCVII LLC | 223,585 | 223,760 | ||||||
Westlake Automobile Receivables Trust | 190,000 | 190,301 | ||||||
Total Asset Backed Securities | ||||||||
(cost $10,884,286) |
| 10,899,624 | ||||||
U.S. CORPORATE BONDS & NOTES — 11.3% |
| |||||||
Aerospace/Defense — 0.3% |
| |||||||
Boeing Co. | 10,000 | 10,034 | ||||||
Boeing Co. | 5,000 | 5,022 | ||||||
Boeing Co. | 270,000 | 279,718 | ||||||
Boeing Co. | 19,000 | 20,069 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Aerospace/Defense — (continued) |
| |||||||
Northrop Grumman Corp. | $ | 68,000 | $ | 75,535 | ||||
Raytheon Technologies Corp. | 86,000 | 85,874 | ||||||
476,252 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Bunge Ltd. Finance Corp. | 45,000 | 44,995 | ||||||
Airlines — 0.3% |
| |||||||
American Airlines Pass-Through Trust | 119,495 | 121,594 | ||||||
American Airlines Pass-Through Trust | 113,503 | 114,157 | ||||||
United Airlines Pass-Through Trust | 28,524 | 28,825 | ||||||
United Airlines Pass-Through Trust | 53,747 | 52,740 | ||||||
United Airlines Pass-Through Trust | 56,019 | 55,531 | ||||||
United Airlines Pass-Through Trust | 61,674 | 61,206 | ||||||
United Airlines Pass-Through Trust | 39,756 | 40,478 | ||||||
474,531 | ||||||||
Applications Software — 0.0% |
| |||||||
Roper Technologies, Inc. | 57,000 | 53,599 | ||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
General Motors Co. | 121,000 | 152,813 | ||||||
Hyundai Capital America | 120,000 | 122,236 | ||||||
Hyundai Capital America | 37,000 | 38,606 | ||||||
Hyundai Capital America | 200,000 | 211,715 | ||||||
Nissan Motor Acceptance Corp. | 186,000 | 188,453 | ||||||
713,823 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Super Regional — 0.3% |
| |||||||
KeyCorp | $ | 140,000 | $ | 145,647 | ||||
Wells Fargo & Co. | 154,000 | 153,913 | ||||||
Wells Fargo & Co. | 131,000 | 147,534 | ||||||
447,094 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Keurig Dr Pepper, Inc. | 94,000 | 100,019 | ||||||
Brewery — 0.3% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 160,000 | 175,435 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 239,000 | 251,143 | ||||||
426,578 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications LLC | 94,000 | 100,534 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc. | 57,000 | 57,546 | ||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 57,000 | 54,827 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Lennar Corp. | 84,000 | 97,348 | ||||||
Cable/Satellite TV — 0.5% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 180,000 | 179,583 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 35,000 | 33,594 | ||||||
Comcast Corp. | 170,000 | 158,144 | ||||||
Comcast Corp. | 88,000 | 81,136 | ||||||
Comcast Corp. | 154,000 | 159,091 | ||||||
Cox Communications, Inc. | 142,000 | 133,269 | ||||||
744,817 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile USA, Inc. | $ | 142,000 | $ | 140,756 | ||||
T-Mobile USA, Inc. | 87,000 | 81,589 | ||||||
222,345 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
LYB International Finance III LLC | 140,000 | 140,512 | ||||||
PPG Industries, Inc. | 20,000 | 19,936 | ||||||
160,448 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
International Flavors & Fragrances, Inc. | 85,000 | 83,289 | ||||||
International Flavors & Fragrances, Inc. | 154,000 | 153,095 | ||||||
236,384 | ||||||||
Computer Services — 0.2% |
| |||||||
International Business Machines Corp. | 105,000 | 118,786 | ||||||
Leidos, Inc. | 141,000 | 134,831 | ||||||
253,617 | ||||||||
Computer Software — 0.0% |
| |||||||
Citrix Systems, Inc. | 10,000 | 9,876 | ||||||
Computers — 0.1% |
| |||||||
Dell International LLC/EMC Corp. | 141,000 | 176,744 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Graphic Packaging International LLC | 33,000 | 32,970 | ||||||
Diversified Banking Institutions — 1.3% |
| |||||||
Bank of America Corp. | 144,000 | 136,333 | ||||||
Bank of America Corp. | 149,000 | 165,189 | ||||||
Bank of America Corp. | 309,000 | 340,885 | ||||||
Citigroup, Inc. | 271,000 | 298,667 | ||||||
Citigroup, Inc. | 67,000 | 74,571 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — (continued) |
| |||||||
Goldman Sachs Group, Inc. | $ | 96,000 | $ | 96,273 | ||||
Goldman Sachs Group, Inc. | 40,000 | 44,252 | ||||||
Goldman Sachs Group, Inc. | 440,000 | 494,634 | ||||||
Morgan Stanley | 40,000 | 40,086 | ||||||
Morgan Stanley | 150,000 | 168,970 | ||||||
Morgan Stanley | 171,000 | 205,256 | ||||||
2,065,116 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Eaton Corp. | 67,000 | 77,505 | ||||||
General Electric Co. | 169,000 | 186,115 | ||||||
263,620 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Becton Dickinson & Co. | 183,000 | 219,413 | ||||||
Electric - Distribution — 0.1% |
| |||||||
New England Power Co. | 58,000 | 51,907 | ||||||
Oklahoma Gas and Electric Co. | 20,000 | 20,007 | ||||||
71,914 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Emera US Finance LP | 174,000 | 199,445 | ||||||
Electric - Integrated — 0.9% |
| |||||||
Duke Energy Corp. | 160,000 | 172,698 | ||||||
Edison International | 37,000 | 42,500 | ||||||
Evergy, Inc. | 151,000 | 156,061 | ||||||
Exelon Generation Co. LLC | 299,000 | 322,495 | ||||||
Jersey Central Power & Light Co. | 65,000 | 72,154 | ||||||
OGE Energy Corp. | 15,000 | 15,007 |
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated — (continued) |
| |||||||
Pacific Gas & Electric Co. | $ | 80,000 | $ | 80,066 | ||||
Pacific Gas & Electric Co. | 10,000 | 9,273 | ||||||
PacifiCorp | 183,000 | 212,396 | ||||||
Southern California Edison Co. | 112,000 | 111,196 | ||||||
WEC Energy Group, Inc. | 140,000 | 136,663 | ||||||
1,330,509 | ||||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Broadcom, Inc. | 198,000 | 216,883 | ||||||
Microchip Technology, Inc. | 47,000 | 47,094 | ||||||
Microchip Technology, Inc. | 40,000 | 40,041 | ||||||
304,018 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
Oracle Corp. | 163,000 | 174,011 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
Capital One Financial Corp. | 94,000 | 105,410 | ||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Air Lease Corp. | 10,000 | 10,007 | ||||||
Air Lease Corp. | 129,000 | 138,538 | ||||||
148,545 | ||||||||
Food - Meat Products — 0.2% |
| |||||||
Smithfield Foods, Inc. | 122,000 | 121,712 | ||||||
Tyson Foods, Inc. | �� | 94,000 | 104,046 | |||||
225,758 | ||||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Conagra Brands, Inc. | 141,000 | 137,281 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 122,000 | 122,746 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Gas - Distribution — 0.1% |
| |||||||
Atmos Energy Corp. | $ | 15,000 | $ | 15,014 | ||||
CenterPoint Energy Resources Corp. | 141,000 | 131,985 | ||||||
146,999 | ||||||||
Independent Power Producers — 0.3% |
| |||||||
Alexander Funding Trust | 74,000 | 75,117 | ||||||
NRG Energy, Inc. | 47,000 | 47,824 | ||||||
NRG Energy, Inc. | 308,000 | 309,680 | ||||||
432,621 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
Brown & Brown, Inc. | 56,000 | 54,999 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Athene Global Funding | 56,000 | 59,073 | ||||||
Empower Finance 2020 LP | 68,000 | 65,352 | ||||||
Northwestern Mutual Global Funding | 25,000 | 24,990 | ||||||
Teachers Insurance & Annuity Association of America | 58,000 | 57,346 | ||||||
206,761 | ||||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Insurance Co. | 68,000 | 72,656 | ||||||
Machinery - General Industrial — 0.0% |
| |||||||
Otis Worldwide Corp. | 67,000 | 67,595 | ||||||
Medical Products — 0.1% |
| |||||||
Zimmer Biomet Holdings, Inc. | 66,000 | 71,611 | ||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Amgen, Inc. | 68,000 | 68,899 | ||||||
Gilead Sciences, Inc. | 143,000 | 133,040 | ||||||
Regeneron Pharmaceuticals, Inc. | 56,000 | 52,503 | ||||||
254,442 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical - Drugs — 0.3% |
| |||||||
AbbVie, Inc. | $ | 19,000 | $ | 20,387 | ||||
AbbVie, Inc. | 47,000 | 50,449 | ||||||
AbbVie, Inc. | 277,000 | 310,110 | ||||||
Bristol-Myers Squibb Co. | 48,000 | 56,597 | ||||||
437,543 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Mylan NV | 159,000 | 175,950 | ||||||
Upjohn, Inc. | 153,000 | 158,286 | ||||||
334,236 | ||||||||
Medical - HMO — 0.0% |
| |||||||
Anthem, Inc. | 57,000 | 56,705 | ||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA, Inc. | 158,000 | 183,821 | ||||||
MedStar Health, Inc. | 46,000 | 49,159 | ||||||
232,980 | ||||||||
Metal - Diversified — 0.1% |
| |||||||
Glencore Funding LLC | 75,000 | 73,489 | ||||||
Multimedia — 0.1% |
| |||||||
Viacom, Inc. | 96,000 | 104,616 | ||||||
Viacom, Inc. | 10,000 | 12,926 | ||||||
Walt Disney Co. | 96,000 | 102,651 | ||||||
220,193 | ||||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Cimarex Energy Co. | 46,000 | 50,571 | ||||||
Diamondback Energy, Inc. | 74,000 | 79,681 | ||||||
Flex Intermediate Holdco LLC | 25,000 | 25,041 | ||||||
Flex Intermediate Holdco LLC | 15,000 | 15,105 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — (continued) |
| |||||||
Pioneer Natural Resources Co. | $ | 57,000 | $ | 53,758 | ||||
224,156 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
BP Capital Markets America, Inc. | 145,000 | 129,782 | ||||||
Exxon Mobil Corp. | 86,000 | 85,906 | ||||||
215,688 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
HollyFrontier Corp. | 56,000 | 57,889 | ||||||
Oil - Field Services — 0.1% |
| |||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. | 65,000 | 71,274 | ||||||
Schlumberger Holdings Corp. | 65,000 | 72,530 | ||||||
143,804 | ||||||||
Pharmacy Services — 0.2% |
| |||||||
CVS Health Corp. | 160,000 | 152,562 | ||||||
CVS Health Corp. | 134,000 | 125,256 | ||||||
CVS Health Corp. | 47,000 | 56,722 | ||||||
334,540 | ||||||||
Pipelines — 0.6% |
| |||||||
Enable Midstream Partners LP | 40,000 | 41,784 | ||||||
Enterprise Products Operating LLC | 68,000 | 77,107 | ||||||
Gray Oak Pipeline LLC | 139,000 | 143,266 | ||||||
Gray Oak Pipeline LLC | 41,000 | 42,926 | ||||||
MPLX LP | 141,000 | 140,262 | ||||||
NGPL PipeCo LLC | 25,000 | 25,378 | ||||||
ONEOK, Inc. | 19,000 | 19,535 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 84,000 | 94,008 | ||||||
Sabine Pass Liquefaction LLC | 65,000 | 74,661 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Pipelines — (continued) |
| |||||||
Sunoco Logistics Partners Operations LP | $ | 84,000 | $ | 91,845 | ||||
Tennessee Gas Pipeline Co. LLC | 140,000 | 142,649 | ||||||
893,421 | ||||||||
Real Estate Investment Trusts — 0.7% |
| |||||||
Alexandria Real Estate Equities, Inc. | 66,000 | 70,976 | ||||||
American Tower Corp. | 47,000 | 45,522 | ||||||
American Tower Corp. | 246,000 | 233,770 | ||||||
American Tower Corp. | 57,000 | 51,966 | ||||||
American Tower Corp. | 88,000 | 81,903 | ||||||
Brixmor Operating Partnership LP | 30,000 | 29,811 | ||||||
Corporate Office Properties LP | 36,000 | 35,397 | ||||||
Crown Castle International Corp. | 66,000 | 68,945 | ||||||
CubeSmart LP | 85,000 | 81,107 | ||||||
Equinix, Inc. | 85,000 | 90,540 | ||||||
Healthcare Trust of America Holdings LP | 56,000 | 53,031 | ||||||
Healthpeak Properties, Inc. | 56,000 | 57,727 | ||||||
Mid-America Apartments LP | 19,000 | 21,053 | ||||||
UDR, Inc. | 57,000 | 53,740 | ||||||
WP Carey, Inc. | 141,000 | 137,402 | ||||||
1,112,890 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc. | 84,000 | 92,006 | ||||||
O’Reilly Automotive, Inc. | 66,000 | 73,616 | ||||||
165,622 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Building Products — 0.0% |
| |||||||
Lowe’s Cos., Inc. | $ | 67,000 | $ | 71,227 | ||||
Retail - Convenience Store — 0.1% |
| |||||||
7-Eleven, Inc. | 85,000 | 85,098 | ||||||
Retail - Discount — 0.1% |
| |||||||
Dollar General Corp. | 67,000 | 75,416 | ||||||
Retail - Major Department Stores — 0.0% |
| |||||||
Nordstrom, Inc. | 47,000 | 47,721 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Kohl’s Corp. | 44,000 | 45,234 | ||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc. | 94,000 | 109,238 | ||||||
Steel - Producers — 0.0% |
| |||||||
Steel Dynamics, Inc. | 56,000 | 55,386 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
AT&T, Inc. | 180,000 | 182,480 | ||||||
AT&T, Inc. | 87,000 | 87,774 | ||||||
AT&T, Inc. | 35,000 | 33,216 | ||||||
Verizon Communications, Inc. | 57,000 | 52,624 | ||||||
Verizon Communications, Inc. | 151,000 | 160,721 | ||||||
Verizon Communications, Inc. | 96,000 | 104,914 | ||||||
621,729 | ||||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 50,000 | 47,284 | ||||||
BAT Capital Corp. | 113,000 | 111,251 | ||||||
BAT Capital Corp. | 38,000 | 35,783 | ||||||
194,318 | ||||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc. | 47,000 | 51,581 | ||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Transport - Rail — 0.0% |
| |||||||
Kansas City Southern | $ | 22,000 | $ | 26,315 | ||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $17,999,890) |
| 17,446,236 | ||||||
FOREIGN CORPORATE BONDS & NOTES — 1.3% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Bank of Montreal | 149,000 | 160,639 | ||||||
Cellular Telecom — 0.0% |
| |||||||
Rogers Communications, Inc. | 68,000 | 69,249 | ||||||
Commercial Services - Finance — 0.0% |
| |||||||
IHS Markit, Ltd. | 44,000 | 50,107 | ||||||
Diversified Banking Institutions — 0.3% |
| |||||||
HSBC Holdings PLC | 95,000 | 133,865 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 160,000 | 178,272 | ||||||
Societe Generale SA | 200,000 | 218,205 | ||||||
530,342 | ||||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 40,000 | 40,301 | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 40,000 | 40,172 | ||||||
80,473 | ||||||||
Finance - Leasing Companies — 0.3% |
| |||||||
Avolon Holdings Funding, Ltd. | 47,000 | 50,568 | ||||||
Avolon Holdings Funding, Ltd. | 25,000 | 26,532 | ||||||
Avolon Holdings Funding, Ltd. | 149,000 | 167,413 | ||||||
Park Aerospace Holdings, Ltd. | 46,000 | 48,268 | ||||||
Park Aerospace Holdings, Ltd. | 46,000 | 48,362 | ||||||
Park Aerospace Holdings, Ltd. | 46,000 | 50,562 | ||||||
391,705 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Royalty Pharma PLC | 142,000 | 137,859 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Metal - Iron — 0.0% |
| |||||||
Vale Overseas, Ltd. | $ | 37,000 | $ | 39,127 | ||||
Oil Companies - Integrated — 0.0% |
| |||||||
Total Capital International SA | 58,000 | 57,308 | ||||||
Pipelines — 0.1% |
| |||||||
TransCanada PipeLines, Ltd. | 66,000 | 75,001 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Scentre Group Trust 1/Scentre Group Trust 2 | 140,000 | 153,142 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Triton Container International, Ltd. | 100,000 | 100,809 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Alimentation Couche-Tard, Inc. | 56,000 | 57,619 | ||||||
Alimentation Couche-Tard, Inc. | 35,000 | 35,029 | ||||||
Alimentation Couche-Tard, Inc. | 35,000 | 35,256 | ||||||
127,904 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $2,020,809) |
| 1,973,665 | ||||||
U.S. GOVERNMENT AGENCIES — 6.6% |
| |||||||
Federal Home Loan Mtg. Corp. — 0.8% |
| |||||||
2.50% due 02/01/2051 | 182,412 | 189,143 | ||||||
3.00% due 11/01/2050 | 163,738 | 173,387 | ||||||
3.50% due 05/01/2042 | 72,115 | 78,066 | ||||||
3.50% due 01/01/2050 | 264,213 | 283,035 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS | 260,000 | 286,615 | ||||||
Series 2016-K56, Class B | 50,000 | 55,361 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 46,000 | 50,548 | ||||||
Federal Home Loan Mtg. Corp. SCRT | 45,726 | 50,125 | ||||||
1,166,280 | ||||||||
Federal National Mtg. Assoc. — 1.7% |
| |||||||
2.70% due 07/01/2026 | 155,735 | 168,605 | ||||||
3.00% due 05/01/2050 | 129,511 | 137,530 | ||||||
3.00% due 01/01/2051 | 269,144 | 281,768 | ||||||
3.33% due 04/01/2030 | 332,967 | 372,575 | ||||||
3.77% due 12/01/2025 | 72,097 | 80,491 | ||||||
4.00% due 06/01/2049 | 92,583 | 99,891 | ||||||
4.00% due 02/01/2051 | 767,537 | 843,009 | ||||||
4.34% due 01/01/2029 | 57,716 | 67,073 | ||||||
5.07% due 03/01/2028 | 62,362 | 74,795 |
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc — (continued) |
| |||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2019-7, Class CA | $ | 367,533 | $ | 393,710 | ||||
Series 2017-35, Class VA | 109,177 | 118,831 | ||||||
2,638,278 | ||||||||
Government National Mtg. Assoc. — 2.8% |
| |||||||
2.50% due 12/20/2050 | 271,668 | 285,530 | ||||||
3.00% due 02/20/2051 | 796,397 | 852,733 | ||||||
3.00% due 03/20/2051 | 803,712 | 847,894 | ||||||
3.00% due 04/20/2051 | 464,190 | 494,497 | ||||||
3.50% due 01/20/2051 | 266,080 | 292,571 | ||||||
3.50% due 02/20/2051 | 698,812 | 755,429 | ||||||
3.50% due 03/20/2051 | 468,498 | 506,305 | ||||||
4.00% due 05/20/2038 | 176,924 | 189,172 | ||||||
4.00% due 03/20/2051 | 95,555 | 103,197 | ||||||
4.50% due 12/20/2031 | 49,271 | 53,046 | ||||||
4,380,374 | ||||||||
Uniform Mtg. Backed Securities — 1.3% |
| |||||||
2.00% due July 15 TBA | 505,000 | 521,033 | ||||||
2.00% due July 30 TBA | 1,065,000 | 1,073,279 | ||||||
2.50% due August 30 TBA | 435,000 | 448,407 | ||||||
2,042,719 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $10,299,531) |
| 10,227,651 | ||||||
U.S. GOVERNMENT TREASURIES — 11.0% |
| |||||||
United States Treasury Bonds — 2.0% |
| |||||||
zero coupon due 05/15/2027 STRIPS | 310,000 | 289,508 | ||||||
zero coupon due 11/15/2027 STRIPS | 900,000 | 829,419 | ||||||
zero coupon due 05/15/2041 STRIPS | 450,000 | 280,435 | ||||||
1.38% due 11/15/2040 | 725,000 | 630,184 | ||||||
1.63% due 11/15/2050 | 800,000 | 685,625 | ||||||
1.88% due 02/15/2051 | 380,000 | 346,512 | ||||||
3,061,683 | ||||||||
United States Treasury Notes — 9.0% |
| |||||||
0.13% due 12/31/2022 | 1,616,000 | 1,616,252 | ||||||
0.13% due 12/15/2023 | 4,423,000 | 4,412,806 | ||||||
0.38% due 12/31/2025 | 2,190,000 | 2,157,150 | ||||||
0.63% due 11/30/2027 | 200,000 | 193,258 | ||||||
0.63% due 12/31/2027 | 1,300,000 | 1,254,145 | ||||||
1.25% due 03/31/2028 | 245,000 | 245,345 | ||||||
1.75% due 07/31/2024 | 3,790,000 | 3,957,885 | ||||||
13,836,841 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $17,105,259) |
| 16,898,524 | ||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
ION Media Networks, Inc.†(3) | 18 | 216 | ||||||
Lehman Brothers Holdings, Inc. | 44,000 | 308 | ||||||
Total Escrows And Litigation Trusts | ||||||||
(cost $0) |
| 524 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $142,349,843) |
| 151,320,632 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | $ | 472,928 | $ | 472,928 | ||||
REPURCHASE AGREEMENTS — 2.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $4,554,000 and collateralized by $4,331,300 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $4,645,107 | 4,554,000 | 4,554,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $147,376,771)(9) | 101.5 | % | 156,347,560 | |||||
Liabilities in excess of other assets | (1.5 | ) | (2,324,104 | ) | ||||
NET ASSETS | 100.0 | % | $ | 154,023,456 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $14,777,216 representing 9.6% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Perpetual maturity — maturity date reflects the next call date. |
(2) | Commercial Mortgage Backed Security |
(3) | Securities classified as Level 3 (see Note 2). |
(4) | Collateralized Mortgage Obligation |
(5) | The rate shown is the 7-day yield as of May 31, 2021. |
(6) | At May 31, 2021, the Fund had loaned securities with a total value of $462,022. This was secured by collateral of $472,928, which was received in cash and subsequently invested in short-term investments currently valued at $472,928 as reported in the Portfolio of Investments. |
(7) | 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. |
(8) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2021. |
(9) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
SCRT—Seasoned Credit Risk Transfer Trust
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 at May 31, 2021 and unlessnoted otherwise, the dates are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
2 | Long | S&P 500 E-Mini Index | June 2021 | $ | 417,967 | $ | 420,240 | $ | 2,273 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 93,739,727 | $ | — | $ | — | $ | 93,739,727 | ||||||||
Preferred Securities/Capital Securities | — | 134,681 | — | 134,681 | ||||||||||||
Asset Backed Securities | — | 10,604,257 | 295,367 | 10,899,624 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 17,446,236 | — | 17,446,236 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 1,973,665 | — | 1,973,665 | ||||||||||||
U.S. Government Agencies | — | 10,227,651 | — | 10,227,651 | ||||||||||||
U.S. Government Treasuries | — | 16,898,524 | — | 16,898,524 | ||||||||||||
Escrows and Litigation Trusts | — | 308 | 216 | 524 | ||||||||||||
Short-Term Investment Securities | 472,928 | — | — | 472,928 | ||||||||||||
Repurchase Agreements | — | 4,554,000 | — | 4,554,000 | ||||||||||||
Total Investments at Value | $ | 94,212,655 | $ | 61,839,322 | $ | 295,583 | $ | 156,347,560 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,273 | $ | — | $ | — | $ | 2,273 | ||||||||
* | 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
17 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
E-Commerce/Products | 14.3 | % | ||
Internet Content — Entertainment | 12.2 | |||
Applications Software | 10.6 | |||
Web Portals/ISP | 8.6 | |||
Commercial Services — Finance | 5.6 | |||
Finance — Credit Card | 5.4 | |||
Computers | 4.4 | |||
Electronic Components — Semiconductors | 3.3 | |||
Medical — HMO | 3.1 | |||
Enterprise Software/Service | 3.1 | |||
Internet Content — Information/News | 2.9 | |||
E-Commerce/Services | 1.9 | |||
Data Processing/Management | 1.8 | |||
Diagnostic Equipment | 1.7 | |||
Medical Instruments | 1.5 | |||
Retail — Apparel/Shoe | 1.4 | |||
Diversified Banking Institutions | 1.4 | |||
Medical Products | 1.2 | |||
Pharmacy Services | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Semiconductor Equipment | 0.9 | |||
Computer Aided Design | 0.8 | |||
Medical — Hospitals | 0.8 | |||
Medical — Drugs | 0.8 | |||
Retail — Discount | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Internet Application Software | 0.6 | |||
Commercial Services | 0.6 | |||
Computer Software | 0.6 | |||
Computer Data Security | 0.6 | |||
Athletic Footwear | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Communications Software | 0.5 | |||
Dental Supplies & Equipment | 0.4 | |||
Retail — Automobile | 0.4 | |||
Diversified Manufacturing Operations | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Industrial Gases | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Office Supplies & Forms | 0.2 | |||
Cellular Telecom | 0.2 | |||
Electronic Connectors | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Multimedia | 0.2 | |||
Transport — Rail | 0.2 | |||
Insurance Brokers | 0.2 | |||
Coatings/Paint | 0.2 | |||
Theaters | 0.2 | |||
Decision Support Software | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Hotels/Motels | 0.1 | |||
Finance — Other Services | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
18 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Applications Software — 10.6% |
| |||||||
Intuit, Inc. | 58,098 | $ | 25,510,251 | |||||
Microsoft Corp. | 225,805 | 56,378,992 | ||||||
Roper Technologies, Inc. | 9,970 | 4,486,600 | ||||||
ServiceNow, Inc.† | 41,029 | 19,442,822 | ||||||
105,818,665 | ||||||||
Athletic Footwear — 0.6% |
| |||||||
NIKE, Inc., Class B | 42,209 | 5,759,840 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Aptiv PLC† | 8,854 | 1,331,819 | ||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 16,671 | 2,358,113 | ||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 5,857 | 1,660,635 | ||||||
Commercial Services — 0.6% |
| |||||||
Cintas Corp. | 3,618 | 1,279,108 | ||||||
CoStar Group, Inc.† | 5,840 | 4,987,360 | ||||||
6,266,468 | ||||||||
Commercial Services - Finance — 5.6% |
| |||||||
Automatic Data Processing, Inc. | 395 | 77,428 | ||||||
Equifax, Inc. | 5,000 | 1,175,200 | ||||||
Global Payments, Inc. | 97,623 | 18,910,551 | ||||||
PayPal Holdings, Inc.† | 100,823 | 26,215,997 | ||||||
S&P Global, Inc. | 21,270 | 8,071,327 | ||||||
Square, Inc., Class A† | 2,343 | 521,364 | ||||||
TransUnion | 6,200 | 663,400 | ||||||
55,635,267 | ||||||||
Communications Software — 0.5% |
| |||||||
Zoom Video Communications, Inc., Class A† | 14,427 | 4,782,983 | ||||||
Computer Aided Design — 0.8% |
| |||||||
Synopsys, Inc.† | 31,254 | 7,949,142 | ||||||
Computer Data Security — 0.6% |
| |||||||
Crowdstrike Holdings, Inc., Class A† | 7,122 | 1,582,152 | ||||||
Fortinet, Inc.† | 19,500 | 4,261,530 | ||||||
5,843,682 | ||||||||
Computer Software — 0.6% |
| |||||||
Datadog, Inc., Class A† | 12,000 | 1,092,600 | ||||||
MongoDB, Inc.† | 4,658 | 1,359,857 | ||||||
Snowflake, Inc., Class A† | 1,839 | 437,737 | ||||||
Splunk, Inc.† | 13,967 | 1,692,800 | ||||||
Twilio, Inc., Class A† | 4,648 | 1,561,728 | ||||||
6,144,722 | ||||||||
Computers — 4.4% |
| |||||||
Apple, Inc. | 356,939 | 44,478,169 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Estee Lauder Cos., Inc., Class A | 1,400 | 429,128 | ||||||
Data Processing/Management — 1.8% |
| |||||||
DocuSign, Inc.† | 9,391 | 1,893,413 | ||||||
Fidelity National Information Services, Inc. | 42,208 | 6,288,148 | ||||||
Fiserv, Inc.† | 87,389 | 10,067,213 | ||||||
18,248,774 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 2,709 | 1,268,164 | ||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
Align Technology, Inc.† | 2,296 | 1,354,984 | ||||||
DENTSPLY SIRONA, Inc. | 41,517 | 2,778,318 | ||||||
4,133,302 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Equipment — 1.7% |
| |||||||
Danaher Corp. | 42,279 | $ | 10,829,343 | |||||
Thermo Fisher Scientific, Inc. | 13,858 | 6,506,331 | ||||||
17,335,674 | ||||||||
Distribution/Wholesale — 0.0% |
| |||||||
Copart, Inc.† | 2,834 | 365,614 | ||||||
Diversified Banking Institutions — 1.4% |
| |||||||
Goldman Sachs Group, Inc. | 34,914 | 12,988,706 | ||||||
Morgan Stanley | 8,718 | 792,902 | ||||||
13,781,608 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
ANT International Co., Ltd., Class C†(1)(2) | 273,650 | 1,929,233 | ||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
General Electric Co. | 243,665 | 3,425,930 | ||||||
E-Commerce/Products — 14.3% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 60,409 | 12,925,110 | ||||||
Amazon.com, Inc.† | 33,574 | 108,211,352 | ||||||
Coupang, Inc.†# | 11,294 | 460,682 | ||||||
Etsy, Inc.† | 13,041 | 2,148,244 | ||||||
JD.com, Inc. ADR† | 9,078 | 671,227 | ||||||
Pinduoduo, Inc. ADR† | 4,999 | 624,275 | ||||||
Sea, Ltd. ADR† | 71,162 | 18,021,065 | ||||||
Wayfair, Inc., Class A† | 300 | 91,962 | ||||||
143,153,917 | ||||||||
E-Commerce/Services — 1.9% |
| |||||||
Booking Holdings, Inc.† | 3,246 | 7,665,591 | ||||||
DoorDash, Inc., Class A† | 13,154 | 1,976,783 | ||||||
Match Group, Inc.† | 64,054 | 9,184,063 | ||||||
18,826,437 | ||||||||
Electronic Components - Semiconductors — 3.3% |
| |||||||
Advanced Micro Devices, Inc.† | 79,803 | 6,390,624 | ||||||
Marvell Technology, Inc. | 110,601 | 5,342,028 | ||||||
Microchip Technology, Inc. | 14,445 | 2,267,143 | ||||||
Monolithic Power Systems, Inc. | 807 | 276,898 | ||||||
NVIDIA Corp. | 20,619 | 13,397,814 | ||||||
Texas Instruments, Inc. | 25,810 | 4,899,254 | ||||||
32,573,761 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
TE Connectivity, Ltd. | 16,843 | 2,285,258 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Fortive Corp. | 8,082 | 586,107 | ||||||
Enterprise Software/Service — 3.1% |
| |||||||
Atlassian Corp. PLC, Class A† | 12,098 | 2,822,221 | ||||||
Coupa Software, Inc.† | 10,605 | 2,526,111 | ||||||
Paycom Software, Inc.† | 2,543 | 838,173 | ||||||
salesforce.com, Inc.† | 79,132 | 18,841,329 | ||||||
UiPath, Inc., Class A†# | 2,163 | 172,651 | ||||||
Veeva Systems, Inc., Class A† | 8,410 | 2,450,169 | ||||||
Workday, Inc., Class A† | 13,127 | 3,002,408 | ||||||
30,653,062 | ||||||||
Entertainment Software — 0.0% |
| |||||||
ROBLOX Corp., Class A† | 4,200 | 393,834 | ||||||
Finance - Credit Card — 5.4% |
| |||||||
Mastercard, Inc., Class A | 61,725 | 22,256,801 | ||||||
Visa, Inc., Class A | 142,170 | 32,315,241 | ||||||
54,572,042 | ||||||||
19 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 74,491 | $ | 5,501,160 | |||||
Finance - Other Services — 0.1% |
| |||||||
Intercontinental Exchange, Inc. | 6,036 | 681,344 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 3,641 | 456,108 | ||||||
Marriott International, Inc., Class A† | 1,569 | 225,277 | ||||||
681,385 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Linde PLC | 9,028 | 2,713,817 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Marsh & McLennan Cos., Inc. | 13,016 | 1,800,764 | ||||||
Insurance - Multi-line — 0.0% |
| |||||||
Chubb, Ltd. | 2,053 | 348,990 | ||||||
Internet Application Software — 0.6% |
| |||||||
Shopify, Inc., Class A† | 4,487 | 5,576,757 | ||||||
Wix.com, Ltd.† | 2,366 | 614,829 | ||||||
Zendesk, Inc.† | 1,600 | 218,656 | ||||||
6,410,242 | ||||||||
Internet Content - Entertainment — 12.2% |
| |||||||
Facebook, Inc., Class A† | 223,604 | 73,505,343 | ||||||
Netflix, Inc.† | 38,319 | 19,267,176 | ||||||
Pinterest, Inc., Class A† | 96,881 | 6,326,329 | ||||||
Roku, Inc.† | 4,642 | 1,609,428 | ||||||
Snap, Inc., Class A† | 283,976 | 17,640,589 | ||||||
Spotify Technology SA† | 16,647 | 4,021,416 | ||||||
122,370,281 | ||||||||
Internet Content - Information/News — 2.9% |
| |||||||
IAC/InterActiveCorp† | 12,113 | 1,931,660 | ||||||
Kuaishou Technology†* | 11,000 | 275,393 | ||||||
Tencent Holdings, Ltd. | 322,000 | 25,682,331 | ||||||
Vimeo, Inc.† | 19,665 | 825,949 | ||||||
28,715,333 | ||||||||
Medical Instruments — 1.5% |
| |||||||
Intuitive Surgical, Inc.† | 17,963 | 15,128,079 | ||||||
Medical Products — 1.2% |
| |||||||
Stryker Corp. | 48,681 | 12,426,799 | ||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Exact Sciences Corp.† | 715 | 79,029 | ||||||
Incyte Corp.† | 23,309 | 1,952,828 | ||||||
Vertex Pharmaceuticals, Inc.† | 23,225 | 4,845,432 | ||||||
6,877,289 | ||||||||
Medical - Drugs — 0.8% |
| |||||||
AstraZeneca PLC ADR# | 37,500 | 2,128,875 | ||||||
Eli Lilly & Co. | 1,169 | 233,496 | ||||||
Zoetis, Inc. | 29,341 | 5,183,968 | ||||||
7,546,339 | ||||||||
Medical - HMO — 3.1% |
| |||||||
Anthem, Inc. | 15,489 | 6,168,030 | ||||||
Centene Corp.† | 45,332 | 3,336,435 | ||||||
Humana, Inc. | 2,900 | 1,269,330 | ||||||
UnitedHealth Group, Inc. | 50,110 | 20,641,311 | ||||||
31,415,106 | ||||||||
Medical - Hospitals — 0.8% |
| |||||||
HCA Healthcare, Inc. | 35,844 | 7,698,933 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Multimedia — 0.2% |
| |||||||
Walt Disney Co.† | 10,265 | $ | 1,833,842 | |||||
Office Supplies & Forms — 0.2% |
| |||||||
Avery Dennison Corp. | 11,100 | 2,447,883 | ||||||
Pharmacy Services — 1.2% |
| |||||||
Cigna Corp. | 46,930 | 12,147,831 | ||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Generac Holdings, Inc.† | 3,800 | 1,249,136 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Lululemon Athletica, Inc.† | 19,808 | 6,400,559 | ||||||
Ross Stores, Inc. | 61,102 | 7,722,682 | ||||||
14,123,241 | ||||||||
Retail - Automobile — 0.4% |
| |||||||
Carvana Co.†# | 15,573 | 4,128,247 | ||||||
Retail - Discount — 0.7% |
| |||||||
Dollar General Corp. | 34,870 | 7,077,215 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
TJX Cos., Inc. | 21,243 | 1,434,752 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,600 | 6,311,108 | ||||||
McDonald’s Corp. | 4,000 | 935,560 | ||||||
Starbucks Corp. | 10,100 | 1,150,188 | ||||||
Yum! Brands, Inc. | 20,645 | 2,476,781 | ||||||
10,873,637 | ||||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
Maxim Integrated Products, Inc. | 14,532 | 1,482,409 | ||||||
QUALCOMM, Inc. | 594 | 79,917 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 11,032 | 1,294,716 | ||||||
2,857,042 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Applied Materials, Inc. | 10,348 | 1,429,369 | ||||||
ASML Holding NV (NASDAQ) | 10,479 | 7,078,250 | ||||||
8,507,619 | ||||||||
Theaters — 0.2% |
| |||||||
Live Nation Entertainment, Inc.† | 18,200 | 1,640,002 | ||||||
Transport - Rail — 0.2% |
| |||||||
Norfolk Southern Corp. | 6,077 | 1,707,030 | ||||||
Union Pacific Corp. | 473 | 106,297 | ||||||
1,813,327 | ||||||||
Web Portals/ISP — 8.6% |
| |||||||
Alphabet, Inc., Class A† | 6,556 | 15,451,508 | ||||||
Alphabet, Inc., Class C† | 29,105 | 70,188,454 | ||||||
85,639,962 | ||||||||
Total Common Stocks | ||||||||
(cost $487,393,056) | 998,080,947 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.3% |
| |||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Rivian Automotive, Inc. | 63,500 | 2,339,975 | ||||||
Decision Support Software — 0.0% |
| |||||||
Databricks, Inc. | 1,826 | 323,874 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $2,663,849) | 2,663,849 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $490,056,905) | 1,000,744,796 | |||||||
20 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,012 | $ | 500,012 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,758,446 | 1,758,446 | ||||||
T. Rowe Price Government Reserve Fund† | 3,324,374 | 3,324,374 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,582,832) | 5,582,832 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $495,639,737)(5) | 100.5 | % | 1,006,327,628 | |||||
Liabilities in excess of other assets | (0.5 | ) | (4,809,743 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,001,517,885 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $275,393 representing 0.0% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
ANT International Co., Ltd., Class C | 06/07/2018 | 273,650 | $ | 1,535,177 | $ | 1,929,233 | $ | 7.05 | 0.19 | % | ||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Databricks, Inc. Series G | 02/01/2021 | 1,826 | 323,874 | 323,874 | 177.37 | 0.03 | % | |||||||||||||||||
Rivian Automotive, Inc. Series F | 01/19/2021 | 63,500 | 2,339,975 | 2,339,975 | 36.85 | 0.24 | % | |||||||||||||||||
$ | 4,593,082 | 0.46 | % | |||||||||||||||||||||
(3) | At May 31, 2021, the Fund had loaned securities with a total value of $6,344,077. This was secured by collateral of $1,758,446 which was received in cash and subsequently invested in short-term investments currently valued at $1,758,446 as reported in the Portfolio of Investments. Additional collateral of $4,776,886 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Cash Management Bills | zero coupon | 09/21/2021 | $ | 62,920 | ||||
United States Treasury Bills | 0.00% | 7/29/2021 | 17,494 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.13% | 07/31/2021 to 02/15/2051 | 4,696,472 |
(4) | The rate shown is the 7-day yield as of May 31, 2021. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American | Depositary Receipt |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | — | $ | 1,929,233 | $ | 1,929,233 | ||||||||
Other Industries | 996,151,714 | — | — | 996,151,714 | ||||||||||||
Convertible Preferred Securities | — | — | 2,663,849 | 2,663,849 | ||||||||||||
Short-Term Investment Securities | 5,582,832 | — | — | 5,582,832 | ||||||||||||
Total Investments at Value | $ | 1,001,734,546 | $ | — | $ | 4,593,082 | $ | 1,006,327,628 | ||||||||
* | 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
21 |
Table of Contents
VALIC Company I Capital Appreciation Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Applications Software | 10.7 | % | ||
Computers | 7.3 | |||
Electronic Components — Semiconductors | 6.4 | |||
Web Portals/ISP | 6.4 | |||
E-Commerce/Products | 5.5 | |||
Internet Content — Entertainment | 4.8 | |||
Finance — Credit Card | 4.3 | |||
Medical — Drugs | 4.2 | |||
Commercial Services — Finance | 3.3 | |||
Electronic Forms | 2.8 | |||
Diversified Manufacturing Operations | 2.8 | |||
Medical — Biomedical/Gene | 2.2 | |||
Computer Data Security | 2.1 | |||
Chemicals — Diversified | 2.1 | |||
Cosmetics & Toiletries | 2.1 | |||
Apparel Manufacturers | 2.0 | |||
Retail — Building Products | 1.9 | |||
Insurance — Multi-line | 1.8 | |||
Entertainment Software | 1.8 | |||
Banks — Super Regional | 1.6 | |||
Athletic Footwear | 1.6 | |||
Retail — Discount | 1.5 | |||
Dental Supplies & Equipment | 1.5 | |||
Distribution/Wholesale | 1.4 | |||
Internet Infrastructure Software | 1.4 | |||
Wireless Equipment | 1.3 | |||
Electronic Components — Misc. | 1.2 | |||
Food — Confectionery | 1.2 | |||
Commercial Services | 1.1 | |||
Real Estate Investment Trusts | 0.9 | |||
Therapeutics | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Internet Security | 0.9 | |||
Office Automation & Equipment | 0.9 | |||
Medical Instruments | 0.8 | |||
Resorts/Theme Parks | 0.8 | |||
Enterprise Software/Service | 0.7 | |||
Athletic Equipment | 0.7 | |||
Dialysis Centers | 0.7 | |||
Medical — Hospitals | 0.6 | |||
Consulting Services | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Web Hosting/Design | 0.4 | |||
98.5 | % | |||
* | Calculated as a percentage of net assets |
22 |
Table of Contents
VALIC Company I Capital Appreciation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% |
| |||||||
Apparel Manufacturers — 2.0% |
| |||||||
Carter’s, Inc. | 9,651 | $ | 986,718 | |||||
Deckers Outdoor Corp.† | 5,676 | 1,903,958 | ||||||
2,890,676 | ||||||||
Applications Software — 10.7% |
| |||||||
Intuit, Inc. | 2,594 | 1,138,999 | ||||||
Microsoft Corp. | 42,104 | 10,512,527 | ||||||
PTC, Inc.† | 7,555 | 1,013,428 | ||||||
ServiceNow, Inc.† | 5,087 | 2,410,627 | ||||||
15,075,581 | ||||||||
Athletic Equipment — 0.7% |
| |||||||
YETI Holdings, Inc.† | 11,390 | 997,764 | ||||||
Athletic Footwear — 1.6% |
| |||||||
NIKE, Inc., Class B | 16,599 | 2,265,100 | ||||||
Banks - Super Regional — 1.6% |
| |||||||
US Bancorp | 37,747 | 2,294,263 | ||||||
Chemicals - Diversified — 2.1% |
| |||||||
Dow, Inc. | 30,333 | 2,075,384 | ||||||
PPG Industries, Inc. | 4,853 | 872,181 | ||||||
2,947,565 | ||||||||
Commercial Services — 1.1% |
| |||||||
Quanta Services, Inc. | 16,270 | 1,551,345 | ||||||
Commercial Services - Finance — 3.3% |
| |||||||
PayPal Holdings, Inc.† | 13,438 | 3,494,149 | ||||||
TransUnion | 10,649 | 1,139,443 | ||||||
4,633,592 | ||||||||
Computer Data Security — 2.1% |
| |||||||
Fortinet, Inc.† | 13,595 | 2,971,051 | ||||||
Computers — 7.3% |
| |||||||
Apple, Inc. | 82,844 | 10,323,191 | ||||||
Consulting Services — 0.5% |
| |||||||
Gartner, Inc.† | 3,291 | 762,985 | ||||||
Cosmetics & Toiletries — 2.1% |
| |||||||
Estee Lauder Cos., Inc., Class A | 4,468 | 1,369,531 | ||||||
Procter & Gamble Co. | 11,320 | 1,526,502 | ||||||
2,896,033 | ||||||||
Dental Supplies & Equipment — 1.5% |
| |||||||
Align Technology, Inc.† | 3,566 | 2,104,475 | ||||||
Dialysis Centers — 0.7% |
| |||||||
DaVita, Inc.† | 7,880 | 946,152 | ||||||
Distribution/Wholesale — 1.4% |
| |||||||
WW Grainger, Inc. | 4,269 | 1,972,961 | ||||||
Diversified Manufacturing Operations — 2.8% |
| |||||||
3M Co. | 13,301 | 2,700,635 | ||||||
Carlisle Cos., Inc. | 6,462 | 1,242,772 | ||||||
3,943,407 | ||||||||
E-Commerce/Products — 5.5% |
| |||||||
Amazon.com, Inc.† | 2,076 | 6,691,093 | ||||||
Etsy, Inc.† | 6,395 | 1,053,449 | ||||||
7,744,542 | ||||||||
Electronic Components - Misc. — 1.2% |
| |||||||
Sensata Technologies Holding PLC† | 28,317 | 1,682,879 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 6.4% |
| |||||||
Broadcom, Inc. | 4,577 | $ | 2,161,854 | |||||
IPG Photonics Corp.† | 3,262 | 682,606 | ||||||
NVIDIA Corp. | 4,520 | 2,937,006 | ||||||
Texas Instruments, Inc. | 17,466 | 3,315,396 | ||||||
9,096,862 | ||||||||
Electronic Forms — 2.8% |
| |||||||
Adobe, Inc.† | 7,953 | 4,012,925 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
Veeva Systems, Inc., Class A† | 3,563 | 1,038,044 | ||||||
Entertainment Software — 1.8% |
| |||||||
Electronic Arts, Inc. | 8,192 | 1,170,883 | ||||||
Take-Two Interactive Software, Inc.† | 7,251 | 1,345,495 | ||||||
2,516,378 | ||||||||
Finance - Credit Card — 4.3% |
| |||||||
Mastercard, Inc., Class A | 13,244 | 4,775,521 | ||||||
Visa, Inc., Class A | 5,699 | 1,295,383 | ||||||
6,070,904 | ||||||||
Food - Confectionery — 1.2% |
| |||||||
Hershey Co. | 9,558 | 1,654,012 | ||||||
Insurance - Multi-line — 1.8% |
| |||||||
Allstate Corp. | 18,679 | 2,551,738 | ||||||
Internet Content - Entertainment — 4.8% |
| |||||||
Facebook, Inc., Class A† | 20,487 | 6,734,692 | ||||||
Internet Infrastructure Software — 1.4% |
| |||||||
F5 Networks, Inc.† | 10,582 | 1,962,220 | ||||||
Internet Security — 0.9% |
| |||||||
Palo Alto Networks, Inc.† | 3,551 | 1,289,901 | ||||||
Machinery - General Industrial — 0.5% |
| |||||||
IDEX Corp. | 3,355 | 747,024 | ||||||
Medical Instruments — 0.8% |
| |||||||
Bio-Techne Corp. | 2,812 | 1,163,690 | ||||||
Medical - Biomedical/Gene — 2.2% |
| |||||||
Exelixis, Inc.† | 34,434 | 776,487 | ||||||
Vertex Pharmaceuticals, Inc.† | 11,072 | 2,309,951 | ||||||
3,086,438 | ||||||||
Medical - Drugs — 4.2% |
| |||||||
Eli Lilly & Co. | 11,614 | 2,319,780 | ||||||
Jazz Pharmaceuticals PLC† | 8,092 | 1,441,428 | ||||||
Merck & Co., Inc. | 17,203 | 1,305,536 | ||||||
Zoetis, Inc. | 4,521 | 798,770 | ||||||
5,865,514 | ||||||||
Medical - Hospitals — 0.6% |
| |||||||
Acadia Healthcare Co., Inc.† | 12,326 | 793,301 | ||||||
Office Automation & Equipment — 0.9% |
| |||||||
Zebra Technologies Corp., Class A† | 2,462 | 1,223,737 | ||||||
Real Estate Investment Trusts — 0.9% |
| |||||||
Lamar Advertising Co., Class A | 12,627 | 1,323,562 | ||||||
Resort/Theme Parks — 0.8% |
| |||||||
Vail Resorts, Inc.† | 3,454 | 1,129,044 | ||||||
Retail - Auto Parts — 0.9% |
| |||||||
AutoZone, Inc.† | 940 | 1,322,204 | ||||||
Retail - Building Products — 1.9% |
| |||||||
Lowe’s Cos., Inc. | 13,533 | 2,636,634 | ||||||
23 |
Table of Contents
VALIC Company I Capital Appreciation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount — 1.5% |
| |||||||
Target Corp. | 9,413 | $ | 2,135,998 | |||||
Therapeutics — 0.9% |
| |||||||
Neurocrine Biosciences, Inc.† | 13,751 | 1,323,121 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
GoDaddy, Inc., Class A† | 6,848 | 554,414 | ||||||
Web Portals/ISP — 6.4% |
| |||||||
Alphabet, Inc., Class A† | 851 | 2,005,679 | ||||||
Alphabet, Inc., Class C† | 2,926 | 7,056,225 | ||||||
9,061,904 | ||||||||
Wireless Equipment — 1.3% |
| |||||||
Motorola Solutions, Inc. | 8,622 | 1,770,183 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $84,560,186)(1) | 98.5 | % | 139,068,006 | |||||
Other assets less liabilities | 1.5 | 2,095,070 | ||||||
NET ASSETS | 100.0 | % | $ | 141,163,076 | ||||
† | 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 May 31, 2021 (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 | $ | 139,068,006 | $ | — | $ | — | $ | 139,068,006 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
24 |
Table of Contents
VALIC Company I Conservative Growth Lifestyle Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Domestic Fixed Income Investment Companies | 49.6 | % | ||
Domestic Equity Investment Companies | 27.8 | |||
International Equity Investment Companies | 16.2 | |||
International Fixed Income Investment Companies | 4.3 | |||
Domestic Money Market Investment Companies | 2.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
25 |
Table of Contents
VALIC Company I Conservative Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0% |
| |||||||
Domestic Equity Investment Companies — 27.8% |
| |||||||
VALIC Co. I Capital Appreciation Fund | 382,639 | $ | 8,295,606 | |||||
VALIC Co. I Dividend Value Fund | 1,267,588 | 16,706,808 | ||||||
VALIC Co. I Large Capital Growth Fund | 115,866 | 2,435,502 | ||||||
VALIC Co. I Mid Cap Index Fund | 238,610 | 7,444,630 | ||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 291,980 | 6,762,262 | ||||||
VALIC Co. I Mid Cap Value Fund | 602,835 | 13,388,976 | ||||||
VALIC Co. I Nasdaq-100 Index Fund | 93,924 | 2,254,175 | ||||||
VALIC Co. I Science & Technology Fund | 156,450 | 6,159,433 | ||||||
VALIC Co. I Small Cap Growth Fund | 100,922 | 2,306,073 | ||||||
VALIC Co. I Small Cap Index Fund | 168,384 | 3,953,660 | ||||||
VALIC Co. I Small Cap Special Values Fund | 269,611 | 3,844,654 | ||||||
VALIC Co. I Small Cap Value Fund | 127,839 | 1,990,449 | ||||||
VALIC Co. I Stock Index Fund | 127,989 | 6,741,187 | ||||||
VALIC Co. I Systematic Core Fund | 147,837 | 3,933,945 | ||||||
VALIC Co. I Systematic Value Fund | 1,321,717 | 17,340,933 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $87,677,116) | 103,558,293 | |||||||
Domestic Fixed Income Investment Companies — 49.6% |
| |||||||
VALIC Co. I Core Bond Fund | 11,157,947 | 126,865,862 | ||||||
VALIC Co. I Government Securities Fund | 741,723 | 7,995,771 | ||||||
VALIC Co. I High Yield Bond Fund | 3,335,623 | 25,617,582 | ||||||
VALIC Co. I Inflation Protected Fund | 1,982,979 | 23,756,092 | ||||||
Total Domestic Fixed Income Investment Companies |
| |||||||
(cost $182,064,450) | 184,235,307 | |||||||
Domestic Money Market Investment Companies — 2.1% |
| |||||||
VALIC Co. I Government Money Market I Fund(2) | ||||||||
(cost $7,775,255) | 7,775,255 | 7,775,255 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
International Equity Investment Companies — 16.2% |
| |||||||
VALIC Co. I Emerging Economies Fund | 1,020,610 | $ | 10,981,768 | |||||
VALIC Co. I Global Real Estate Fund | 1,184,396 | 9,652,824 | ||||||
VALIC Co. I International Equities Index Fund | 1,948,515 | 16,425,980 | ||||||
VALIC Co. I International Growth Fund | 123,283 | 2,360,879 | ||||||
VALIC Co. I International Opportunities Fund | 608,443 | 14,036,788 | ||||||
VALIC Co. I International Value Fund | 578,248 | 6,632,501 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $50,580,898) | 60,090,740 | |||||||
International Fixed Income Investment Companies — 4.3% |
| |||||||
VALIC Co. I International Government Bond Fund |
| |||||||
(cost $15,118,948) | 1,287,983 | 16,035,385 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $343,216,667)(3) | 100.0 | % | 371,694,980 | |||||
Liabilities in excess of other assets | (0.0 | ) | (77,956 | ) | ||||
NET ASSETS | 100.0 | % | $ | 371,617,024 | ||||
# | The Conservative Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional Information on the underlying funds including such funds’ prospectuses and shareholder reports is available at our website, www.valic.com. |
(1) | See Note 3. |
(2) | The 7-day yield as of May 31, 2021 is 0.01%. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 371,694,980 | $ | — | $ | — | $ | 371,694,980 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
26 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 22.8 | % | ||
Registered Investment Companies | 9.2 | |||
Federal Home Loan Mtg. Corp. | 8.0 | |||
Government National Mtg. Assoc. | 4.9 | |||
Diversified Banking Institutions | 4.9 | |||
United States Treasury Notes | 4.4 | |||
Sovereign | 4.2 | |||
Uniform Mtg. Backed Securities | 4.0 | |||
Banks — Commercial | 3.3 | |||
Diversified Financial Services | 2.6 | |||
United States Treasury Bonds | 2.5 | |||
Electric — Integrated | 2.3 | |||
Pipelines | 2.1 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Telephone — Integrated | 1.3 | |||
Real Estate Investment Trusts | 1.3 | |||
Oil Companies — Integrated | 1.1 | |||
Insurance — Life/Health | 1.1 | |||
Cable/Satellite TV | 0.9 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Paper & Related Products | 0.7 | |||
SupraNational Banks | 0.6 | |||
Finance — Consumer Loans | 0.5 | |||
Banks — Super Regional | 0.5 | |||
Medical — Drugs | 0.5 | |||
Food — Wholesale/Distribution | 0.4 | |||
Computers | 0.4 | |||
Cellular Telecom | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Electric — Generation | 0.4 | |||
Hotels/Motels | 0.4 | |||
Multimedia | 0.3 | |||
Federal Home Loan Bank | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Oil — Field Services | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Electric — Distribution | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Pharmacy Services | 0.3 | |||
Diversified Minerals | 0.3 | |||
Brewery | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Cruise Lines | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Banks — Special Purpose | 0.3 | |||
Airlines | 0.3 | |||
Satellite Telecom | 0.3 | |||
Transport — Services | 0.3 | |||
Chemicals — Diversified | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Food — Meat Products | 0.2 | |||
Machinery — Farming | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Savings & Loans/Thrifts | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Independent Power Producers | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Telecom Services | 0.2 | |||
Casino Hotels | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Human Resources | 0.2 | |||
Security Services | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Steel — Producers | 0.1 | |||
Transport — Rail | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Medical — HMO | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Metal — Copper | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 |
Insurance Brokers | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Electronic Components — Semiconductors | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Computer Services | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Television | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Investment Companies | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Medical Products | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Protection/Safety | 0.1 | |||
Food — Retail | 0.1 | |||
Poultry | 0.1 | |||
Dialysis Centers | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Gold Mining | 0.1 | |||
Agricultural Operations | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Internet Financial Services | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Casino Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Coal | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Non-Profit Charity | 0.1 | |||
Instruments — Controls | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Recycling | 0.1 | |||
Building Products — Wood | 0.1 | |||
Direct Marketing | 0.1 | |||
Theaters | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Retail — Automobile | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Metal — Iron | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Finance — Other Services | 0.1 | |||
104.4 | % | |||
Credit Quality†#
Aaa | 50.9 | % | ||
Aa | 2.0 | |||
A | 9.1 | |||
Baa | 19.2 | |||
Ba | 6.8 | |||
B | 5.7 | |||
Caa | 1.2 | |||
Ca | 0.1 | |||
Not Rated@ | 5.0 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
27 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 2.2% |
| |||||||
Diversified Financial Services — 2.2% |
| |||||||
American Express Credit Account Master Trust | $ | 2,000,000 | $ | 2,045,248 | ||||
AmeriCredit Automobile Receivables Trust | 739,646 | 745,525 | ||||||
BA Credit Card Trust | 1,500,000 | 1,528,509 | ||||||
BANK | 3,457,000 | 3,680,758 | ||||||
Benchmark Mtg. Trust | 1,419,000 | 1,468,975 | ||||||
Benchmark Mtg. Trust | 4,335,000 | 4,872,508 | ||||||
BMW Vehicle Lease Trust | 714,347 | 716,042 | ||||||
BX Commercial Mtg. Trust FRS | 3,300,000 | 3,293,704 | ||||||
CAMB Commercial Mtg. Trust FRS | 750,000 | 751,403 | ||||||
Capital One Prime Auto Receivables Trust | 863,337 | 874,121 | ||||||
CarMax Auto Owner Trust | 1,460,000 | 1,485,939 | ||||||
CarMax Auto Owner Trust | 1,131,393 | 1,152,260 | ||||||
CarMax Auto Owner Trust | 941,317 | 956,999 | ||||||
Chase Mtg. Finance Corp. VRS | 1,384,026 | 1,431,603 | ||||||
Citigroup Commercial Mtg. Trust VRS | 1,000,000 | 1,147,137 | ||||||
COMM Mtg. Trust VRS | 4,061,691 | 101,890 | ||||||
COMM Mtg. Trust VRS | 1,629,000 | 1,771,993 | ||||||
CSAIL Commercial Mtg. Trust | 3,684,000 | 3,735,543 | ||||||
CSAIL Commercial Mtg. Trust | 1,900,000 | 1,999,310 | ||||||
CSAIL Commercial Mtg. Trust | 490,000 | 530,091 | ||||||
Discover Card Execution Note Trust | 400,000 | 407,436 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
GM Financial Consumer Automobile Receivables Trust | $ | 926,147 | $ | 928,457 | ||||
GM Financial Consumer Automobile Receivables Trust | 1,013,471 | 1,026,145 | ||||||
Honda Auto Receivables Owner Trust | 1,490,000 | 1,489,771 | ||||||
Honda Auto Receivables Owner Trust | 200,000 | 203,028 | ||||||
Honda Auto Receivables Owner Trust | 572,627 | 579,601 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 2,431,000 | 2,431,956 | ||||||
MSDB Trust VRS | 5,310,000 | 5,654,432 | ||||||
MTRO Commercial Mtg. Trust FRS | 3,750,000 | 3,744,314 | ||||||
One Bryant Park Trust | 4,630,000 | 4,749,677 | ||||||
Shellpoint Co-Originator Trust VRS | 570,329 | 580,095 | ||||||
Toyota Auto Loan Extended Note Trust | 1,425,000 | 1,511,132 | ||||||
Toyota Auto Receivables Owner Trust | 2,415,315 | 2,445,508 | ||||||
Toyota Auto Receivables Owner Trust | 550,000 | 564,965 | ||||||
Volkswagen Auto Loan Enhanced Trust | 340,000 | 346,536 | ||||||
Volkswagen Auto Loan Enhanced Trust | 650,000 | 669,241 | ||||||
Total Asset Backed Securities | ||||||||
(cost $60,071,079) | 61,621,852 | |||||||
U.S. CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Hi-Crush, Inc. | 755,096 | 755,096 | ||||||
U.S. CORPORATE BONDS & NOTES — 29.7% |
| |||||||
Aerospace/Defense — 0.1% |
| |||||||
BAE Systems Holdings, Inc. | 1,260,000 | 1,395,540 | ||||||
Lockheed Martin Corp. | 15,000 | 14,401 |
28 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Aerospace/Defense (continued) |
| |||||||
Teledyne Technologies, Inc. | $ | 1,631,000 | $ | 1,648,094 | ||||
3,058,035 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Moog, Inc. | 1,337,000 | 1,370,425 | ||||||
Spirit AeroSystems, Inc. | 1,043,000 | 1,116,010 | ||||||
2,486,435 | ||||||||
Airlines — 0.2% |
| |||||||
American Airlines, Inc. | 2,496,000 | 3,129,485 | ||||||
United Airlines Holdings, Inc. | 409,000 | 419,225 | ||||||
United Airlines Pass-Through Trust | 328,228 | 336,351 | ||||||
United Airlines, Inc. | 405,000 | 419,681 | ||||||
United Airlines, Inc. | 270,000 | 278,949 | ||||||
4,583,691 | ||||||||
Applications Software — 0.0% |
| |||||||
SS&C Technologies, Inc. | 1,048,000 | 1,109,601 | ||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Bidfair Holdings, Inc. | 505,000 | 506,949 | ||||||
Sotheby’s | 1,266,000 | 1,354,620 | ||||||
1,861,569 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
BMW US Capital LLC | 2,358,000 | 2,378,392 | ||||||
Daimler Finance North America LLC | 545,000 | 545,933 | ||||||
Ford Motor Co. | 3,113,000 | 3,140,394 | ||||||
Ford Motor Co. | 2,173,000 | 2,525,265 | ||||||
Ford Motor Co. | 178,000 | 224,725 | ||||||
Ford Motor Credit Co. LLC | 1,162,000 | 1,131,497 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Auto - Cars/Light Trucks (continued) |
| |||||||
Ford Motor Credit Co. LLC | $ | 3,347,000 | $ | 3,413,739 | ||||
General Motors Financial Co., Inc. | 1,997,000 | 2,111,109 | ||||||
Hyundai Capital America | 1,718,000 | 1,839,004 | ||||||
Toyota Motor Credit Corp. | 2,610,000 | 2,645,932 | ||||||
19,955,990 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Allison Transmission, Inc. | 1,484,000 | 1,424,640 | ||||||
JB Poindexter & Co., Inc. | 661,000 | 698,181 | ||||||
PACCAR Financial Corp. | 1,180,000 | 1,191,567 | ||||||
3,314,388 | ||||||||
Banks - Commercial — 1.5% |
| |||||||
BankUnited, Inc. | 3,352,000 | 3,819,811 | ||||||
BankUnited, Inc. | 6,298,000 | 7,229,133 | ||||||
Citizens Financial Group, Inc. | 4,040,000 | 3,985,061 | ||||||
First Horizon Bank | 4,074,000 | 4,987,722 | ||||||
Regions Financial Corp. | 2,278,000 | 3,411,752 | ||||||
Santander Holdings USA, Inc. | 1,078,000 | 1,151,950 | ||||||
Signature Bank | 4,154,000 | 4,303,693 | ||||||
SunTrust Bank | 435,000 | 467,973 | ||||||
SunTrust Bank | 30,000 | 30,160 | ||||||
SVB Financial Group | 1,658,000 | 1,668,015 | ||||||
Synovus Bank | 1,222,000 | 1,232,586 | ||||||
Texas Capital Bancshares, Inc. | 2,112,000 | 2,155,296 |
29 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Valley National Bancorp | $ | 2,058,000 | $ | 2,070,039 | ||||
Zions Bancorp NA | 6,638,000 | 6,882,902 | ||||||
43,396,093 | ||||||||
Banks - Super Regional — 0.5% |
| |||||||
Bank of America NA | 480,000 | 489,833 | ||||||
Wells Fargo & Co. | 2,002,000 | 2,081,285 | ||||||
Wells Fargo & Co. | 3,462,000 | 3,460,048 | ||||||
Wells Fargo & Co. | 6,247,000 | 7,140,632 | ||||||
Wells Fargo & Co. | 526,000 | 623,568 | ||||||
13,795,366 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
Energizer Holdings, Inc. | 984,000 | 971,680 | ||||||
EnerSys | 422,000 | 436,496 | ||||||
1,408,176 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Keurig Dr Pepper, Inc. | 14,000 | 14,972 | ||||||
PepsiCo, Inc. | 2,179,000 | 2,304,426 | ||||||
PepsiCo, Inc. | 202,000 | 199,615 | ||||||
2,519,013 | ||||||||
Brewery — 0.3% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 3,690,000 | 4,447,793 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 3,452,000 | 4,006,658 | ||||||
8,454,451 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications LLC | 1,806,000 | 2,153,097 | ||||||
Univision Communications, Inc. | 147,000 | 149,117 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Broadcast Services/Program (continued) |
| |||||||
Univision Communications, Inc. | $ | 2,244,000 | $ | 2,426,325 | ||||
4,728,539 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | 1,061,000 | 1,182,942 | ||||||
Standard Industries, Inc. | 1,482,000 | 1,406,714 | ||||||
2,589,656 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
VM Consolidated, Inc. | 824,000 | 834,300 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Carrier Global Corp. | 2,811,000 | 2,868,179 | ||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Griffon Corp. | 1,038,000 | 1,095,090 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 1,552,000 | 1,473,890 | ||||||
Cable/Satellite TV — 0.8% |
| |||||||
Block Communications, Inc. | 1,362,000 | 1,368,810 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 1,086,000 | 1,106,667 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 361,000 | 377,696 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 1,006,000 | 1,092,768 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 742,000 | 712,194 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 3,403,000 | 3,138,814 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 1,867,000 | 2,053,374 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 231,000 | 275,103 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 829,000 | 1,083,969 |
30 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cable/Satellite TV (continued) |
| |||||||
Comcast Corp. | $ | 2,070,000 | $ | 2,278,841 | ||||
Comcast Corp. | 538,000 | 603,928 | ||||||
Comcast Corp. | 1,483,000 | 1,792,720 | ||||||
CSC Holdings LLC | 440,000 | 476,850 | ||||||
CSC Holdings LLC | 856,000 | 899,870 | ||||||
CSC Holdings LLC | 1,331,000 | 1,397,550 | ||||||
Time Warner Cable LLC | 2,364,000 | 3,140,551 | ||||||
21,799,705 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 624,000 | 630,427 | ||||||
Genting New York LLC/GENNY Capital, Inc. | 971,000 | 972,000 | ||||||
1,602,427 | ||||||||
Casino Services — 0.1% |
| |||||||
Caesars Entertainment, Inc. | 1,548,000 | 1,633,140 | ||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile USA, Inc. | 2,957,000 | 2,773,074 | ||||||
T-Mobile USA, Inc. | 1,124,000 | 1,080,895 | ||||||
3,853,969 | ||||||||
Chemicals - Diversified — 0.0% |
| |||||||
LYB International Finance III LLC | 1,240,000 | 1,236,425 | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Ecolab, Inc. | 1,785,000 | 1,826,764 | ||||||
Huntsman International LLC | 347,000 | 349,649 | ||||||
Minerals Technologies, Inc. | 921,000 | 957,840 | ||||||
3,134,253 | ||||||||
Circuit Boards — 0.0% |
| |||||||
TTM Technologies, Inc. | 553,000 | 546,779 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Coal — 0.1% |
| |||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | $ | 1,573,000 | $ | 1,628,055 | ||||
Commercial Services — 0.0% |
| |||||||
Nielsen Finance LLC/Nielsen Finance Co. | 392,000 | 414,540 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. | 892,000 | 963,360 | ||||||
1,377,900 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Automatic Data Processing, Inc. | 1,071,000 | 1,079,032 | ||||||
MPH Acquisition Holdings LLC | 2,173,000 | 2,162,483 | ||||||
3,241,515 | ||||||||
Computer Services — 0.1% |
| |||||||
Ahead DB Holdings LLC | 841,000 | 851,512 | ||||||
Banff Merger Sub, Inc. | 908,000 | 961,345 | ||||||
Leidos, Inc. | 1,261,000 | 1,372,750 | ||||||
3,185,607 | ||||||||
Computer Software — 0.0% |
| |||||||
Rackspace Technology Global, Inc. | 996,000 | 959,188 | ||||||
Computers — 0.4% |
| |||||||
Apple, Inc. | 1,609,000 | 1,687,221 | ||||||
Dell International LLC/EMC Corp. | 2,338,000 | 3,450,919 | ||||||
Hewlett Packard Enterprise Co. | 4,563,000 | 4,635,464 | ||||||
Hewlett Packard Enterprise Co. | 211,000 | 282,519 | ||||||
Hewlett Packard Enterprise Co. | 1,785,000 | 2,358,900 | ||||||
12,415,023 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Diebold Nixdorf, Inc. | 640,000 | 656,000 | ||||||
Diebold Nixdorf, Inc. | 299,000 | 331,516 |
31 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Computers - Integrated Systems (continued) |
| |||||||
NCR Corp. | $ | 1,349,000 | $ | 1,383,939 | ||||
2,371,455 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 27,000 | 29,474 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Amcor Flexibles North America, Inc. | 914,000 | 919,342 | ||||||
Graphic Packaging International LLC | 1,573,000 | 1,571,576 | ||||||
2,490,918 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Coty, Inc. | 2,074,000 | 2,063,091 | ||||||
Edgewell Personal Care Co. | 1,246,000 | 1,247,557 | ||||||
3,310,648 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc. | 1,887,000 | 1,924,532 | ||||||
Direct Marketing — 0.1% |
| |||||||
Terrier Media Buyer, Inc. | 1,374,000 | 1,470,180 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
H&E Equipment Services, Inc. | 1,395,000 | 1,349,216 | ||||||
KAR Auction Services, Inc. | 1,077,000 | 1,098,540 | ||||||
Performance Food Group, Inc. | 1,056,000 | 1,101,598 | ||||||
3,549,354 | ||||||||
Diversified Banking Institutions — 2.5% |
| |||||||
Bank of America Corp. | 4,081,000 | 4,161,404 | ||||||
Bank of America Corp. | 3,468,000 | 3,652,619 | ||||||
Bank of America Corp. | 1,760,000 | 1,804,959 | ||||||
Bank of America Corp. | 1,007,000 | 1,045,881 | ||||||
Bank of America Corp. | 1,504,000 | 1,667,407 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Bank of America Corp. | $ | 521,000 | $ | 594,597 | ||||
Bank of America Corp. | 3,022,000 | 3,399,789 | ||||||
Bank of America Corp. | 2,365,000 | 3,206,649 | ||||||
Citigroup, Inc. | 1,677,000 | 1,687,364 | ||||||
Citigroup, Inc. | 387,000 | 394,398 | ||||||
Citigroup, Inc. | 1,901,000 | 2,101,954 | ||||||
Citigroup, Inc. | 2,222,000 | 2,543,041 | ||||||
Citigroup, Inc. | 798,000 | 972,136 | ||||||
Citigroup, Inc. | 1,490,000 | 1,935,189 | ||||||
Citigroup, Inc. | 2,003,000 | 2,618,226 | ||||||
Goldman Sachs Group, Inc. | 1,467,000 | 1,485,967 | ||||||
Goldman Sachs Group, Inc. | 3,364,000 | 3,676,756 | ||||||
Goldman Sachs Group, Inc. | 617,000 | 687,943 | ||||||
Goldman Sachs Group, Inc. | 3,269,000 | 4,661,643 | ||||||
JPMorgan Chase & Co. | 2,818,000 | 2,826,781 | ||||||
JPMorgan Chase & Co. | 900,000 | 907,178 | ||||||
JPMorgan Chase & Co. | 6,534,000 | 6,776,531 | ||||||
JPMorgan Chase & Co. | 1,554,000 | 1,559,821 | ||||||
JPMorgan Chase & Co. | 6,371,000 | 5,831,209 | ||||||
JPMorgan Chase & Co. | 11,000 | 12,385 | ||||||
Morgan Stanley | 709,000 | 709,376 | ||||||
Morgan Stanley | 1,727,000 | 1,761,242 |
32 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | $ | 5,347,000 | $ | 5,952,979 | ||||
Morgan Stanley | 459,000 | 532,346 | ||||||
69,167,770 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
General Electric Co. | 399,000 | 451,784 | ||||||
General Electric Co. | 1,544,000 | 1,763,341 | ||||||
Illinois Tool Works, Inc. | 1,713,000 | 1,847,201 | ||||||
4,062,326 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
Amazon.com, Inc. | 1,216,000 | 1,211,377 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Expedia Group, Inc. | 2,470,000 | 2,466,551 | ||||||
GrubHub Holdings, Inc. | 1,306,000 | 1,374,565 | ||||||
3,841,116 | ||||||||
Electric Products - Misc. — 0.1% |
| |||||||
Emerson Electric Co. | 1,931,000 | 1,901,030 | ||||||
Electric - Distribution — 0.2% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 4,897,000 | 5,218,619 | ||||||
NextEra Energy Operating Partners LP | 1,044,000 | 1,106,118 | ||||||
6,324,737 | ||||||||
Electric - Generation — 0.2% |
| |||||||
Emera US Finance LP | 1,878,000 | 2,152,635 | ||||||
Liberty Utilities Finance GP | 1,254,000 | 1,199,482 | ||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes | 1,225,000 | 1,252,563 | ||||||
Vistra Operations Co. LLC | 1,602,000 | 1,636,042 | ||||||
6,240,722 | ||||||||
Electric - Integrated — 2.0% |
| |||||||
AES Corp. | 3,727,000 | 3,616,791 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Appalachian Power Co. | $ | 1,990,000 | $ | 2,073,721 | ||||
Avangrid, Inc. | 4,867,000 | 5,240,822 | ||||||
Consolidated Edison Co. of New York, Inc. | 469,000 | 515,839 | ||||||
Dominion Resources, Inc. | 2,023,000 | 2,504,865 | ||||||
DTE Electric Co. | 3,499,000 | 4,058,420 | ||||||
Entergy Mississippi LLC | 790,000 | 827,822 | ||||||
Entergy Texas, Inc. | 3,087,000 | 3,575,022 | ||||||
Exelon Corp. | 1,430,000 | 1,732,822 | ||||||
FirstEnergy Corp. | 3,185,000 | 4,242,038 | ||||||
Georgia Power Co. | 3,702,000 | 3,630,658 | ||||||
Interstate Power & Light Co. | 1,480,000 | 1,539,267 | ||||||
Monongahela Power Co. | 1,879,000 | 2,074,125 | ||||||
Pacific Gas & Electric Co. | 1,495,000 | 1,336,754 | ||||||
Pacific Gas & Electric Co. | 1,842,000 | 1,708,029 | ||||||
Public Service Co. of Colorado | 3,291,000 | 3,063,556 | ||||||
Public Service Co. of Colorado | 1,574,000 | 1,767,769 | ||||||
Public Service Co. of Colorado | 1,461,000 | 1,704,946 | ||||||
South Carolina Electric & Gas Co. | 2,479,000 | 3,419,138 | ||||||
Southern California Edison Co. | 4,622,000 | 4,655,648 | ||||||
Talen Energy Supply LLC | 1,203,000 | 1,196,985 | ||||||
Union Electric Co | 1,975,000 | 2,130,223 | ||||||
56,615,260 | ||||||||
33 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Broadcom, Inc. | $ | 1,091,000 | $ | 1,053,690 | ||||
Broadcom, Inc. | 2,008,000 | 2,199,496 | ||||||
3,253,186 | ||||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Trimble, Inc. | 167,000 | 186,620 | ||||||
Vontier Corp. | 4,180,000 | 4,134,360 | ||||||
4,320,980 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Imola Merger Corp. | 1,080,000 | 1,090,811 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Hanwha Energy USA Holdings Corp. | 1,492,000 | 1,523,231 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
Donnelley Financial Solutions, Inc. | 1,201,000 | 1,249,040 | ||||||
Oracle Corp. | 5,136,000 | 5,256,732 | ||||||
Oracle Corp. | 3,518,000 | 3,755,657 | ||||||
Oracle Corp. | 1,804,000 | 1,891,058 | ||||||
12,152,487 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Credit Acceptance Corp. | 134,000 | 138,690 | ||||||
Credit Acceptance Corp. | 1,440,000 | 1,522,351 | ||||||
1,661,041 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
Burford Capital Global Finance LLC | 940,000 | 982,300 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Enova International, Inc. | 2,052,000 | 2,098,170 | ||||||
Enova International, Inc. | 365,000 | 378,687 | ||||||
Springleaf Finance Corp. | 195,000 | 207,431 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance - Consumer Loans (continued) |
| |||||||
Springleaf Finance Corp. | $ | 611,000 | $ | 690,430 | ||||
Synchrony Financial | 7,749,000 | 8,686,411 | ||||||
12,061,129 | ||||||||
Finance - Credit Card — 0.3% |
| |||||||
Alliance Data Systems Corp. | 1,340,000 | 1,380,200 | ||||||
American Express Co. | 1,657,000 | 1,784,857 | ||||||
American Express Co. | 1,166,000 | 1,324,557 | ||||||
Mastercard, Inc. | 2,455,000 | 2,574,514 | ||||||
Visa, Inc. | 808,000 | 785,786 | ||||||
7,849,914 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Aretec Escrow Issuer, Inc. | 2,475,000 | 2,524,500 | ||||||
LPL Holdings, Inc. | 767,000 | 762,206 | ||||||
LPL Holdings, Inc. | 195,000 | 203,199 | ||||||
3,489,905 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Genworth Mtg. Holdings, Inc. | 1,904,000 | 2,065,840 | ||||||
LD Holdings Group LLC | 384,000 | 397,248 | ||||||
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. | 970,000 | 945,410 | ||||||
Quicken Loans, Inc. | 295,000 | 308,458 | ||||||
3,716,956 | ||||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Assured Guaranty US Holdings, Inc. | 756,000 | 769,506 | ||||||
NMI Holdings, Inc. | 711,000 | 814,095 | ||||||
1,583,601 | ||||||||
Food - Meat Products — 0.2% |
| |||||||
Hormel Foods Corp. | 1,327,000 | 1,328,035 |
34 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Food - Meat Products (continued) |
| |||||||
Hormel Foods Corp. | $ | 721,000 | $ | 718,967 | ||||
Smithfield Foods, Inc. | 1,536,000 | 1,689,225 | ||||||
Smithfield Foods, Inc. | 1,712,000 | 1,975,854 | ||||||
5,712,081 | ||||||||
Food - Misc./Diversified — 0.3% |
| |||||||
Conagra Brands, Inc. | 1,766,000 | 2,323,847 | ||||||
Dole Food Co., Inc. | 1,203,000 | 1,227,060 | ||||||
Kraft Heinz Foods Co. | 724,000 | 832,023 | ||||||
Nestle Holdings, Inc. | 2,771,000 | 3,055,807 | ||||||
Post Holdings, Inc. | 1,407,000 | 1,391,171 | ||||||
8,829,908 | ||||||||
Food - Retail — 0.1% |
| |||||||
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | 1,460,000 | 1,511,100 | ||||||
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | 779,000 | 827,687 | ||||||
2,338,787 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
C&S Group Enterprises LLC | 1,399,000 | 1,335,626 | ||||||
Sysco Corp. | 3,375,000 | 3,904,907 | ||||||
Sysco Corp. | 1,960,000 | 2,261,715 | ||||||
Sysco Corp. | 755,000 | 961,489 | ||||||
Sysco Corp. | 1,909,000 | 2,751,003 | ||||||
Sysco Corp. | 812,000 | 1,222,935 | ||||||
12,437,675 | ||||||||
Gas - Distribution — 0.0% |
| |||||||
National Fuel Gas Co. | 1,259,000 | 1,251,909 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Hotels/Motels — 0.4% |
| |||||||
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | $ | 1,100,000 | $ | 1,111,000 | ||||
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | 1,300,000 | 1,365,000 | ||||||
Marriott International, Inc. | 2,510,000 | 2,502,235 | ||||||
Marriott International, Inc. | 3,995,000 | 4,509,072 | ||||||
Wyndham Worldwide Corp. | 1,247,000 | 1,379,494 | ||||||
10,866,801 | ||||||||
Human Resources — 0.2% |
| |||||||
Korn Ferry International | 928,000 | 954,986 | ||||||
Team Health Holdings, Inc. | 2,113,000 | 1,965,090 | ||||||
TriNet Group, Inc. | 1,425,000 | 1,385,813 | ||||||
4,305,889 | ||||||||
Independent Power Producers — 0.2% |
| |||||||
Calpine Corp. | 1,739,000 | 1,634,556 | ||||||
Clearway Energy Operating LLC | 857,000 | 885,924 | ||||||
NRG Energy, Inc. | 422,000 | 407,013 | ||||||
NRG Energy, Inc. | 1,266,000 | 1,213,777 | ||||||
NRG Yield Operating LLC | 748,000 | 770,440 | ||||||
4,911,710 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 1,524,000 | 1,525,158 | ||||||
Insurance Brokers — 0.1% |
| |||||||
AmFam Holdings, Inc. | 2,019,000 | 2,087,434 | ||||||
Arthur J. Gallagher & Co. | 736,000 | 748,599 | ||||||
Willis North America, Inc. | 460,000 | 502,367 | ||||||
3,338,400 | ||||||||
35 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Life/Health — 0.8% |
| |||||||
Americo Life, Inc. | $ | 1,324,000 | $ | 1,335,911 | ||||
Athene Global Funding | 2,845,000 | 2,857,430 | ||||||
Equitable Financial Life Global Funding | 3,549,000 | 3,556,099 | ||||||
Ohio National Financial Services, Inc. | 2,734,000 | 3,057,619 | ||||||
Penn Mutual Life Insurance Co. | 884,000 | 883,544 | ||||||
Principal Life Global Funding II | 2,055,000 | 2,056,746 | ||||||
Prudential Financial, Inc. | 4,630,000 | 4,716,356 | ||||||
Prudential Financial, Inc. | 450,000 | 500,459 | ||||||
Sammons Financial Group, Inc. | 1,709,000 | 1,732,462 | ||||||
Security Benefit Global Funding | 893,000 | 896,409 | ||||||
Unum Group | 809,000 | 907,812 | ||||||
Western & Southern Life Insurance Co. | 908,000 | 917,995 | ||||||
23,418,842 | ||||||||
Insurance - Mutual — 0.1% |
| |||||||
MassMutual Global Funding II | 1,494,000 | 1,593,212 | ||||||
Internet Connectivity Services — 0.0% |
| |||||||
Cogent Communications Group, Inc. | 825,000 | 839,190 | ||||||
Internet Telephone — 0.0% |
| |||||||
Cablevision Lightpath LLC | 848,000 | 824,981 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
AG Issuer LLC | 1,206,000 | 1,251,225 | ||||||
Ameriprise Financial, Inc. | 1,948,000 | 1,991,200 | ||||||
NFP Corp. | 548,000 | 549,370 | ||||||
3,791,795 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Caterpillar Financial Services Corp. | $ | 3,028,000 | $ | 3,049,014 | ||||
Caterpillar Financial Services Corp. | 2,280,000 | 2,244,146 | ||||||
5,293,160 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
CNH Industrial Capital LLC | 2,392,000 | 2,601,990 | ||||||
John Deere Capital Corp. | 3,188,000 | 3,159,195 | ||||||
5,761,185 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Catalent Pharma Solutions, Inc. | 329,000 | 316,597 | ||||||
Catalent Pharma Solutions, Inc. | 500,000 | 521,500 | ||||||
838,097 | ||||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Regeneron Pharmaceuticals, Inc. | 602,000 | 564,411 | ||||||
Regeneron Pharmaceuticals, Inc. | 474,000 | 414,803 | ||||||
979,214 | ||||||||
Medical - Drugs — 0.4% |
| |||||||
AbbVie, Inc. | 1,779,000 | 1,991,646 | ||||||
AbbVie, Inc. | 2,148,000 | 2,471,807 | ||||||
Bristol-Myers Squibb Co. | 2,704,000 | 2,688,746 | ||||||
GlaxoSmithKline Capital, Inc. | 1,501,000 | 1,591,159 | ||||||
Organon Finance 1 LLC | 682,000 | 688,820 | ||||||
Organon Finance 1 LLC | 405,000 | 415,943 | ||||||
9,848,121 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Par Pharmaceutical, Inc. | 1,248,000 | 1,272,960 | ||||||
Upjohn, Inc. | 1,444,000 | 1,493,887 |
36 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical - Generic Drugs (continued) |
| |||||||
Viatris, Inc. | $ | 4,042,000 | $ | 4,105,780 | ||||
6,872,627 | ||||||||
Medical - HMO — 0.1% |
| |||||||
UnitedHealth Group, Inc. | 2,503,000 | 2,534,741 | ||||||
UnitedHealth Group, Inc. | 1,276,000 | 1,421,872 | ||||||
3,956,613 | ||||||||
Medical - Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc. | 269,000 | 279,088 | ||||||
Acadia Healthcare Co., Inc. | 646,000 | 684,760 | ||||||
CHS/Community Health Systems, Inc. | 912,000 | 955,320 | ||||||
HCA, Inc. | 2,574,000 | 2,645,300 | ||||||
LifePoint Health, Inc. | 965,000 | 961,381 | ||||||
Tenet Healthcare Corp. | 953,000 | 965,865 | ||||||
Tenet Healthcare Corp. | 1,836,000 | 1,921,466 | ||||||
8,413,180 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 2,802,000 | 3,190,270 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 367,000 | 383,056 | ||||||
Freeport-McMoRan, Inc. | 1,032,000 | 1,109,813 | ||||||
Freeport-McMoRan, Inc. | 503,000 | 552,042 | ||||||
Freeport-McMoRan, Inc. | 527,000 | 585,840 | ||||||
2,630,751 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Glencore Funding LLC | 1,223,000 | 1,225,700 | ||||||
Multimedia — 0.3% |
| |||||||
Viacom, Inc. | 6,226,000 | 6,784,762 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Multimedia (continued) |
| |||||||
Walt Disney Co. | $ | 2,719,000 | $ | 2,532,311 | ||||
9,317,073 | ||||||||
Non-Hazardous Waste Disposal — 0.0% |
| |||||||
Covanta Holding Corp. | 1,334,000 | 1,374,020 | ||||||
Non-Profit Charity — 0.1% |
| |||||||
Ford Foundation | 1,603,000 | 1,530,486 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
Antero Resources Corp. | 285,000 | 285,178 | ||||||
Apache Corp. | 958,000 | 982,745 | ||||||
Apache Corp. | 828,000 | 818,536 | ||||||
Apache Corp. | 599,000 | 628,950 | ||||||
California Resources Corp. | 1,593,000 | 1,642,781 | ||||||
Callon Petroleum Co. | 352,000 | 315,040 | ||||||
Continental Resources, Inc. | 181,000 | 196,385 | ||||||
Continental Resources, Inc. | 704,000 | 826,165 | ||||||
Diamondback Energy, Inc. | 1,845,000 | 1,957,713 | ||||||
Diamondback Energy, Inc. | 1,632,000 | 1,768,193 | ||||||
Endeavor Energy Resources LP/EER Finance, Inc. | 777,000 | 821,740 | ||||||
EOG Resources, Inc. | 1,022,000 | 1,298,352 | ||||||
Hess Corp. | 4,093,000 | 5,121,760 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 672,000 | 689,909 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 1,194,000 | 1,235,503 | ||||||
Independence Energy Finance LLC | 1,108,000 | 1,121,994 | ||||||
Indigo Natural Resources LLC | 1,245,000 | 1,248,399 |
37 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Marathon Oil Corp. | $ | 2,759,000 | $ | 3,542,841 | ||||
Marathon Oil Corp. | 1,289,000 | 1,639,738 | ||||||
Oasis Petroleum, Inc. | 137,000 | 139,226 | ||||||
Occidental Petroleum Corp. | 618,000 | 669,634 | ||||||
Occidental Petroleum Corp. | 616,000 | 683,236 | ||||||
Occidental Petroleum Corp. | 1,383,000 | 1,538,007 | ||||||
Occidental Petroleum Corp. | 841,000 | 1,000,294 | ||||||
Range Resources Corp. | 744,000 | 829,560 | ||||||
31,001,879 | ||||||||
Oil Companies - Integrated — 0.8% |
| |||||||
BP Capital Markets America, Inc. | 3,186,000 | 2,851,609 | ||||||
BP Capital Markets America, Inc. | 2,181,000 | 2,117,397 | ||||||
BP Capital Markets America, Inc. | 5,346,000 | 5,927,500 | ||||||
Chevron Corp. | 3,817,000 | 3,943,297 | ||||||
Chevron Corp. | 876,000 | 899,521 | ||||||
Chevron USA, Inc. | 1,350,000 | 1,321,260 | ||||||
Chevron USA, Inc. | 1,134,000 | 1,349,682 | ||||||
Chevron USA, Inc. | 1,812,000 | 2,401,719 | ||||||
Murphy Oil Corp. | 1,213,000 | 1,273,650 | ||||||
22,085,635 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
PBF Holding Co. LLC/PBF Finance Corp. | 1,756,000 | 1,295,050 | ||||||
Valero Energy Corp. | 1,399,000 | 1,406,830 | ||||||
2,701,880 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil - Field Services — 0.3% |
| |||||||
Archrock Partners LP/Archrock Partners Finance Corp. | $ | 1,301,000 | $ | 1,379,060 | ||||
ChampionX Corp | 803,000 | 841,496 | ||||||
Halliburton Co. | 1,127,000 | 1,263,826 | ||||||
Halliburton Co. | 1,906,000 | 2,195,792 | ||||||
Schlumberger Holdings Corp. | 1,810,000 | 2,019,692 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. | 1,198,000 | 1,257,840 | ||||||
8,957,706 | ||||||||
Paper & Related Products — 0.5% |
| |||||||
Clearwater Paper Corp. | 1,383,000 | 1,355,340 | ||||||
Domtar Corp. | 4,894,000 | 5,530,609 | ||||||
Georgia-Pacific LLC | 7,583,000 | 7,466,413 | ||||||
14,352,362 | ||||||||
Petrochemicals — 0.0% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | 1,292,000 | 1,358,951 | ||||||
Pharmacy Services — 0.3% |
| |||||||
Cigna Corp. | 2,226,000 | 2,231,980 | ||||||
CVS Health Corp. | 866,000 | 809,493 | ||||||
CVS Health Corp. | 3,056,000 | 3,644,648 | ||||||
CVS Health Corp. | 1,326,000 | 1,644,717 | ||||||
8,330,838 | ||||||||
Pipelines — 2.0% |
| |||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | 1,896,000 | 1,949,922 | ||||||
Buckeye Partners LP | 445,000 | 458,906 | ||||||
Buckeye Partners LP | 1,200,000 | 1,200,000 |
38 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Pipelines (continued) |
| |||||||
Cheniere Energy Partners LP | $ | 664,000 | $ | 702,180 | ||||
Cheniere Energy, Inc. | 932,000 | 978,600 | ||||||
DCP Midstream Operating LP | 747,000 | 821,700 | ||||||
DCP Midstream Operating LP | 479,000 | 561,628 | ||||||
DT Midstream, Inc. | 232,000 | 233,160 | ||||||
DT Midstream, Inc. | 493,000 | 494,849 | ||||||
Enable Midstream Partners LP | 1,376,000 | 1,558,426 | ||||||
Energy Transfer Operating LP | 2,140,000 | 2,389,038 | ||||||
Energy Transfer Operating LP | 2,402,000 | 2,894,857 | ||||||
EnLink Midstream Partners LP | 216,000 | 182,520 | ||||||
Enterprise Products Operating LLC | 2,066,000 | 2,078,573 | ||||||
Enterprise Products Operating LLC | 1,515,000 | 1,662,414 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 1,499,000 | 1,499,000 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 552,000 | 555,533 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 1,317,000 | 1,353,217 | ||||||
Gray Oak Pipeline LLC | 3,015,000 | 3,077,583 | ||||||
Gray Oak Pipeline LLC | 1,711,000 | 1,791,368 | ||||||
Harvest Midstream I LP | 1,913,000 | 2,056,475 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp. | 1,864,000 | 1,910,600 | ||||||
Kinder Morgan, Inc. | 1,905,000 | 2,231,744 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp. | 1,695,000 | 1,760,817 | ||||||
NGPL PipeCo LLC | 1,358,000 | 1,378,540 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
NGPL PipeCo LLC | $ | 1,114,000 | $ | 1,153,747 | ||||
NuStar Logistics LP | 517,000 | 550,282 | ||||||
NuStar Logistics LP | 880,000 | 963,600 | ||||||
ONEOK Partners LP | 3,735,000 | 4,893,827 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 886,000 | 860,522 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 2,217,000 | 2,738,854 | ||||||
Sunoco Logistics Partners Operations LP | 1,283,000 | 1,438,897 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 1,181,000 | 1,234,145 | ||||||
Valero Energy Partners LP | 2,685,000 | 3,052,785 | ||||||
Williams Cos., Inc. | 2,715,000 | 3,408,089 | ||||||
56,076,398 | ||||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp. | 917,000 | 975,459 | ||||||
Simmons Foods, Inc. | 964,000 | 976,050 | ||||||
1,951,509 | ||||||||
Printing - Commercial — 0.0% |
| |||||||
Deluxe Corp. | 766,000 | 798,701 | ||||||
Protection/Safety — 0.1% |
| |||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | 973,000 | 933,837 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | 1,291,000 | 1,412,031 | ||||||
2,345,868 | ||||||||
Real Estate Investment Trusts — 1.2% |
| |||||||
American Tower Corp. | 338,000 | 314,581 | ||||||
Boston Properties LP | 1,772,000 | 1,732,182 | ||||||
Columbia Property Trust Operating Partnership LP | 2,102,000 | 2,246,823 |
39 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
CTR Partnership LP/CareTrust Capital Corp. | $ | 1,467,000 | $ | 1,503,675 | ||||
ESH Hospitality, Inc. | 478,000 | 505,485 | ||||||
Essex Portfolio LP | 11,000 | 9,311 | ||||||
Federal Realty Investment Trust | 2,656,000 | 2,652,681 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC | 376,000 | 387,284 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC | 947,000 | 999,085 | ||||||
Hospitality Properties Trust | 1,747,000 | 1,572,300 | ||||||
Host Hotels & Resorts LP | 4,032,000 | 4,142,069 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | 1,836,000 | 1,794,690 | ||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. | 228,000 | 252,439 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | 694,000 | 699,403 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | 137,000 | 144,193 | ||||||
National Health Investors, Inc. | 1,356,000 | 1,290,684 | ||||||
Omega Healthcare Investors, Inc. | 3,261,000 | 3,189,528 | ||||||
Omega Healthcare Investors, Inc. | 1,702,000 | 1,719,359 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | 281,000 | 291,200 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | 1,105,000 | 1,179,588 | ||||||
Piedmont Operating Partnership LP | 601,000 | 597,478 | ||||||
Rayonier LP | 856,000 | 861,311 | ||||||
Service Properties Trust | 148,000 | 140,600 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Service Properties Trust | $ | 90,000 | $ | 83,925 | ||||
Service Properties Trust | 135,000 | 131,963 | ||||||
Service Properties Trust | 78,000 | 80,309 | ||||||
Spirit Realty LP | 495,000 | 481,109 | ||||||
Starwood Property Trust, Inc. | 1,739,000 | 1,813,429 | ||||||
Vornado Realty LP | 702,000 | 708,756 | ||||||
Vornado Realty LP | 428,000 | 431,693 | ||||||
Welltower, Inc. | 586,000 | 593,186 | ||||||
32,550,319 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Cushman & Wakefield US Borrower LLC | 1,266,000 | 1,364,115 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Kennedy-Wilson, Inc. | 1,072,000 | 1,098,178 | ||||||
Recycling — 0.1% |
| |||||||
Harsco Corp. | 1,439,000 | 1,507,352 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Ahern Rentals, Inc. | 1,495,000 | 1,352,975 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | 265,000 | 275,600 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | 653,000 | 684,017 | ||||||
2,312,592 | ||||||||
Research & Development — 0.0% |
| |||||||
Jaguar Holding Co. II/PPD Development LP | 170,000 | 178,075 | ||||||
Jaguar Holding Co. II/PPD Development LP | 627,000 | 677,160 | ||||||
855,235 | ||||||||
Resort/Theme Parks — 0.1% |
| |||||||
SeaWorld Parks & Entertainment, Inc. | 1,285,000 | 1,391,012 | ||||||
40 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Retail - Automobile — 0.1% |
| |||||||
Carvana Co. | $ | 810,000 | $ | 835,637 | ||||
LCM Investments Holdings II LLC | 545,000 | 559,693 | ||||||
1,395,330 | ||||||||
Retail - Building Products — 0.0% |
| |||||||
Park River Holdings, Inc. | 847,000 | 848,059 | ||||||
Retail - Discount — 0.0% |
| |||||||
Walmart, Inc. | 1,066,000 | 1,107,424 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Nordstrom, Inc. | 810,000 | 812,955 | ||||||
Nordstrom, Inc. | 1,101,000 | 1,117,897 | ||||||
Nordstrom, Inc. | 550,000 | 538,379 | ||||||
2,469,231 | ||||||||
Retail - Pawn Shops — 0.1% |
| |||||||
FirstCash, Inc. | 1,342,000 | 1,388,970 | ||||||
Retail - Petroleum Products — 0.1% |
| |||||||
Murphy Oil USA, Inc. | 1,326,000 | 1,384,012 | ||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Kohl’s Corp. | 1,220,000 | 1,254,227 | ||||||
Kohl’s Corp. | 3,517,000 | 4,134,252 | ||||||
5,388,479 | ||||||||
Retail - Restaurants — 0.3% |
| |||||||
Brinker International, Inc. | 933,000 | 974,985 | ||||||
CEC Entertainment LLC | 1,399,000 | 1,412,962 | ||||||
Dave & Buster’s, Inc. | 1,296,000 | 1,380,240 | ||||||
McDonald’s Corp. | 1,123,000 | 1,181,676 | ||||||
McDonald’s Corp. | 1,180,000 | 1,364,403 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
McDonald’s Corp. | $ | 1,382,000 | $ | 1,627,623 | ||||
7,941,889 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Hughes Satellite Systems Corp. | 1,606,000 | 1,780,652 | ||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
First Niagara Financial Group, Inc. | 2,339,000 | 2,422,569 | ||||||
New York Community Bancorp, Inc. | 2,968,000 | 3,221,256 | ||||||
5,643,825 | ||||||||
Security Services — 0.1% |
| |||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | 225,000 | 228,379 | ||||||
Brink’s Co. | 1,119,000 | 1,146,975 | ||||||
Brink’s Co. | 220,000 | 233,882 | ||||||
1,609,236 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Cleveland-Cliffs, Inc. | 645,000 | 663,950 | ||||||
Cleveland-Cliffs, Inc. | 584,000 | 602,396 | ||||||
Cleveland-Cliffs, Inc. | 898,000 | 969,840 | ||||||
Commercial Metals Co. | 1,385,000 | 1,367,688 | ||||||
Periama Holdings LLC | 200,000 | 215,280 | ||||||
Steel Dynamics, Inc. | 5,000 | 5,405 | ||||||
3,824,559 | ||||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Corning, Inc. | 3,683,000 | 4,748,472 | ||||||
Telecom Services — 0.1% |
| |||||||
Frontier Communications Corp. | 1,365,000 | 1,399,125 | ||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 737,000 | 699,429 |
41 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone-Integrated (continued) |
| |||||||
AT&T, Inc. | $ | 7,503,000 | $ | 8,611,714 | ||||
AT&T, Inc. | 900,000 | 1,053,550 | ||||||
AT&T, Inc. | 1,632,000 | 1,925,723 | ||||||
AT&T, Inc. | 2,904,000 | 3,481,178 | ||||||
CenturyLink, Inc. | 1,217,000 | 1,260,736 | ||||||
CenturyLink, Inc. | 89,000 | 99,680 | ||||||
Verizon Communications, Inc. | 3,466,000 | 3,254,643 | ||||||
Verizon Communications, Inc. | 5,623,000 | 5,023,281 | ||||||
Verizon Communications, Inc. | 1,165,000 | 1,184,296 | ||||||
Verizon Communications, Inc. | 2,796,000 | 2,827,166 | ||||||
Verizon Communications, Inc. | 998,000 | 1,155,753 | ||||||
Verizon Communications, Inc. | 729,000 | 852,559 | ||||||
Zayo Group Holdings, Inc. | 1,206,000 | 1,225,597 | ||||||
32,655,305 | ||||||||
Television — 0.1% |
| |||||||
Belo Corp. | 948,000 | 1,102,050 | ||||||
Belo Corp. | 924,000 | 1,085,700 | ||||||
Gray Television, Inc. | 988,000 | 970,532 | ||||||
3,158,282 | ||||||||
Theaters — 0.1% |
| |||||||
Live Nation Entertainment, Inc. | 135,000 | 134,352 | ||||||
Live Nation Entertainment, Inc. | 1,252,000 | 1,278,630 | ||||||
1,412,982 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Air Freight — 0.1% |
| |||||||
Cargo Aircraft Management, Inc. | $ | 1,476,000 | $ | 1,511,055 | ||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 2,686,000 | 2,938,038 | ||||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 1,468,000 | 1,633,046 | ||||||
Transport - Rail — 0.1% |
| |||||||
Kansas City Southern | 1,034,000 | 1,236,789 | ||||||
Norfolk Southern Corp. | 382,000 | 382,276 | ||||||
Norfolk Southern Corp. | 1,892,000 | 2,150,203 | ||||||
3,769,268 | ||||||||
Transport - Services — 0.2% |
| |||||||
FedEx Corp. | 595,000 | 595,006 | ||||||
FedEx Corp. Pass Through Trust | 2,217,094 | 2,183,592 | ||||||
United Parcel Service, Inc. | 1,411,000 | 1,572,222 | ||||||
4,350,820 | ||||||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 2,777,000 | 3,017,923 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 1,312,000 | 1,477,509 | ||||||
4,495,432 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
HLF Financing Sarl LLC / Herbalife International, Inc. | 2,900,000 | 2,905,220 | ||||||
Water — 0.0% |
| |||||||
Essential Utilities, Inc. | 1,142,000 | 1,138,188 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $806,563,720) | 833,497,152 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 10.6% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Consolidated Energy Finance SA | 1,361,000 | 1,369,125 |
42 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Agricultural Chemicals (continued) |
| |||||||
OCI NV | $ | 1,079,000 | $ | 1,111,370 | ||||
2,480,495 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Viterra Finance BV | 1,817,000 | 1,801,413 | ||||||
Airlines — 0.1% |
| |||||||
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. | 225,043 | 236,858 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. | 430,000 | 461,046 | ||||||
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd. | 1,047,367 | 1,112,827 | ||||||
1,810,731 | ||||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Hyundai Capital Services, Inc. | 1,651,000 | 1,630,292 | ||||||
Kia Corp. | 1,560,000 | 1,572,957 | ||||||
Nissan Motor Co., Ltd. | 1,688,000 | 1,766,308 | ||||||
4,969,557 | ||||||||
Banks - Commercial — 1.8% |
| |||||||
Akbank TAS | 200,000 | 209,480 | ||||||
Banco de Credito del Peru | 475,000 | 469,067 | ||||||
Banco de Credito e Inversiones SA | 200,000 | 214,752 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 2,275,000 | 2,583,285 | ||||||
Bank of Montreal | 4,396,000 | 4,509,351 | ||||||
Barclays Bank PLC | 714,000 | 723,327 | ||||||
Canadian Imperial Bank of Commerce | 1,916,000 | 1,914,426 | ||||||
Canadian Imperial Bank of Commerce | 1,349,000 | 1,348,610 | ||||||
Canadian Imperial Bank of Commerce | 1,200,000 | 1,259,076 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Cooperatieve Rabobank UA | $ | 5,137,000 | $ | 5,093,101 | ||||
Credit Suisse AG | 349,000 | 351,917 | ||||||
Danske Bank A/S | 2,250,000 | 2,410,723 | ||||||
Danske Bank A/S | 1,541,000 | 1,645,364 | ||||||
DBS Group Holdings, Ltd. | 2,063,000 | 2,107,396 | ||||||
Grupo Aval, Ltd. | 700,000 | 689,640 | ||||||
ING Groep NV | 4,203,000 | 4,234,384 | ||||||
ING Groep NV | 1,385,000 | 1,589,197 | ||||||
Intesa Sanpaolo SpA | 887,000 | 898,957 | ||||||
Intesa Sanpaolo SpA | 1,977,000 | 1,997,966 | ||||||
Malayan Banking Bhd | 200,000 | 201,996 | ||||||
National Australia Bank, Ltd. | 879,000 | 883,518 | ||||||
National Bank of Canada | 2,193,000 | 2,188,421 | ||||||
National Bank of Canada | 2,096,000 | 2,147,897 | ||||||
Philippine National Bank | 700,000 | 736,800 | ||||||
Standard Chartered PLC | 1,530,000 | 1,611,113 | ||||||
Standard Chartered PLC | 3,347,000 | 3,339,293 | ||||||
Sumitomo Mitsui Trust Bank, Ltd. | 5,247,000 | 5,270,999 | ||||||
50,630,056 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Mattamy Group Corp. | 409,000 | 410,022 | ||||||
Mattamy Group Corp. | 914,000 | 952,845 | ||||||
1,362,867 | ||||||||
43 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Cable/Satellite TV — 0.1% |
| |||||||
Altice Financing SA | $ | 2,383,000 | $ | 2,364,818 | ||||
UPC Broadband Finco BV | 1,255,000 | 1,253,431 | ||||||
3,618,249 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Melco Resorts Finance, Ltd. | 1,285,000 | 1,371,095 | ||||||
Wynn Macau, Ltd. | 1,343,000 | 1,386,647 | ||||||
2,757,742 | ||||||||
Cellular Telecom — 0.3% |
| |||||||
Altice France SA | 1,065,000 | 1,055,905 | ||||||
Altice France SA | 121,000 | 123,782 | ||||||
Altice France SA | 215,000 | 234,350 | ||||||
Colombia Telecomunicaciones SA ESP | 1,972,000 | 2,038,851 | ||||||
Numericable-SFR SA | 233,000 | 242,301 | ||||||
SK Telecom Co., Ltd. | 1,338,000 | 1,414,681 | ||||||
Vodafone Group PLC | 1,572,000 | 1,896,526 | ||||||
Vodafone Group PLC | 1,205,000 | 1,525,417 | ||||||
8,531,813 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Braskem Netherlands Finance BV | 1,974,000 | 2,075,187 | ||||||
Braskem Netherlands Finance BV | 2,905,000 | 3,022,653 | ||||||
Braskem Netherlands Finance BV | 200,000 | 208,100 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. | 814,000 | 833,373 | ||||||
6,139,313 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
MEGlobal Canada ULC | 600,000 | 673,920 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Methanex Corp. | $ | 1,325,000 | $ | 1,384,625 | ||||
Computer Software — 0.0% |
| |||||||
Camelot Finance SA | 808,000 | 837,290 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Trivium Packaging Finance BV | 1,280,000 | 1,375,501 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Cascades, Inc./Cascades USA, Inc. | 1,323,000 | 1,372,613 | ||||||
Intertape Polymer Group, Inc. | 1,322,000 | 1,398,279 | ||||||
Klabin Austria GmbH | 2,658,000 | 3,292,624 | ||||||
6,063,516 | ||||||||
Cruise Lines — 0.3% |
| |||||||
Carnival Corp. | 1,530,000 | 1,625,625 | ||||||
Carnival Corp. | 177,000 | 193,815 | ||||||
NCL Corp., Ltd. | 1,721,000 | 1,644,760 | ||||||
NCL Corp., Ltd. | 687,000 | 716,197 | ||||||
Royal Caribbean Cruises, Ltd. | 532,000 | 559,930 | ||||||
Silversea Cruise Finance, Ltd. | 1,192,000 | 1,235,413 | ||||||
Viking Ocean Cruises Ship VII, Ltd. | 301,000 | 304,010 | ||||||
VOC Escrow, Ltd. | 1,740,000 | 1,748,700 | ||||||
8,028,450 | ||||||||
Diversified Banking Institutions — 2.2% |
| |||||||
Banco Santander SA | 2,000,000 | 2,117,849 | ||||||
Barclays PLC | 3,614,000 | 3,696,363 | ||||||
BNP Paribas SA | 5,921,000 | 5,862,212 | ||||||
BNP Paribas SA | 3,541,000 | 3,589,467 |
44 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Credit Agricole SA | $ | 2,069,000 | $ | 2,118,870 | ||||
Credit Agricole SA | 2,763,000 | 2,531,352 | ||||||
Deutsche Bank AG | 1,400,000 | 1,439,947 | ||||||
HSBC Holdings PLC | 3,639,000 | 3,655,503 | ||||||
HSBC Holdings PLC | 1,310,000 | 1,464,375 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 2,346,000 | 2,450,930 | ||||||
Mizuho Financial Group, Inc. | 4,177,000 | 4,392,218 | ||||||
Natwest Group PLC | 5,116,000 | 5,035,167 | ||||||
Natwest Group PLC | 531,000 | 579,503 | ||||||
Natwest Group PLC | 622,000 | 670,939 | ||||||
NatWest Markets PLC | 1,489,000 | 1,491,248 | ||||||
Royal Bank of Scotland Group PLC | 3,805,000 | 3,929,798 | ||||||
Societe Generale SA | 1,420,000 | 1,385,147 | ||||||
UBS Group Funding Switzerland AG | 416,000 | 428,519 | ||||||
UBS Group Funding Switzerland AG | 269,000 | 301,819 | ||||||
UniCredit SpA | 3,353,000 | 3,406,804 | ||||||
UniCredit SpA FRS | 2,947,000 | 2,939,473 | ||||||
UniCredit SpA | 4,792,000 | 5,185,971 | ||||||
UniCredit SpA | 2,457,000 | 2,545,005 | ||||||
61,218,479 | ||||||||
Diversified Financial Services — 0.4% |
| |||||||
Fairstone Financial, Inc. | 1,309,000 | 1,361,360 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
GE Capital International Funding Co. ULC | $ | 8,628,000 | $ | 10,058,138 | ||||
11,419,498 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Siemens Financieringsmaatschappij NV | 962,000 | 954,193 | ||||||
Siemens Financieringsmaatschappij NV | 2,021,000 | 2,198,889 | ||||||
3,153,082 | ||||||||
Diversified Minerals — 0.3% |
| |||||||
Anglo American Capital PLC | 2,155,000 | 2,136,407 | ||||||
FMG Resources August 2006 Pty., Ltd. | 405,000 | 423,144 | ||||||
FMG Resources August 2006 Pty., Ltd. | 771,000 | 837,175 | ||||||
Teck Resources, Ltd. | 3,960,000 | 5,136,133 | ||||||
8,532,859 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Energuate Trust | 600,000 | 625,506 | ||||||
Infraestructura Energetica Nova SAB de CV | 450,000 | 442,687 | ||||||
1,068,193 | ||||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | 1,947,000 | 2,471,415 | ||||||
LLPL Capital Pte, Ltd. | 638,400 | 744,534 | ||||||
Minejesa Capital BV | 400,000 | 416,200 | ||||||
Minejesa Capital BV | 500,000 | 518,750 | ||||||
Mong Duong Finance Holdings BV | 800,000 | 795,000 | ||||||
4,945,899 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
Empresas Publicas de Medellin ESP | 200,000 | 196,520 | ||||||
Empresas Publicas de Medellin ESP | 845,000 | 828,269 |
45 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
Enel Finance International NV | $ | 2,225,000 | $ | 2,660,699 | ||||
Engie Energia Chile SA | 1,717,000 | 1,755,633 | ||||||
5,441,121 | ||||||||
Electric - Transmission — 0.0% |
| |||||||
Transelec SA | 200,000 | 217,152 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
Greenko Solar Mauritius, Ltd. | 200,000 | 215,286 | ||||||
ReNew Power Synthetic | 600,000 | 630,900 | ||||||
ReNew Power, Ltd. | 400,000 | 413,000 | ||||||
1,259,186 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
goeasy, Ltd. | 1,227,000 | 1,242,337 | ||||||
goeasy, Ltd. | 541,000 | 559,259 | ||||||
1,801,596 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
BOC Aviation, Ltd. | 665,000 | 646,864 | ||||||
Finance - Other Services — 0.1% |
| |||||||
LSEGA Financing PLC | 1,308,000 | 1,322,602 | ||||||
Food - Meat Products — 0.0% |
| |||||||
BRF SA | 400,000 | 415,504 | ||||||
Minerva Luxembourg SA | 200,000 | 196,102 | ||||||
611,606 | ||||||||
Gold Mining — 0.1% |
| |||||||
AngloGold Ashanti Holdings PLC | 1,779,000 | 1,839,786 | ||||||
Independent Power Producers — 0.0% |
| |||||||
Termocandelaria Power, Ltd. | 277,500 | 294,847 | ||||||
Industrial Gases — 0.0% |
| |||||||
Yingde Gases Investment, Ltd. | 400,000 | 412,200 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Athene Holding, Ltd. | $ | 1,124,000 | $ | 1,183,005 | ||||
Athene Holding, Ltd. | 393,000 | 398,529 | ||||||
1,581,534 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Enstar Group, Ltd. | 3,606,000 | 4,109,439 | ||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Fairfax Financial Holdings, Ltd. | 892,000 | 909,638 | ||||||
Internet Financial Services — 0.1% |
| |||||||
ION Trading Technologies SARL | 1,640,000 | 1,663,124 | ||||||
Investment Companies — 0.1% |
| |||||||
Huarong Finance II Co., Ltd. | 1,100,000 | 753,500 | ||||||
JAB Holdings BV | 1,640,000 | 1,643,797 | ||||||
MDGH - GMTN BV | 400,000 | 420,920 | ||||||
2,818,217 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Weir Group PLC | 3,810,000 | 3,851,817 | ||||||
Medical Products — 0.1% |
| |||||||
STERIS PLC | 2,419,000 | 2,468,275 | ||||||
Medical - Drugs — 0.1% |
| |||||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc. | 227,000 | 224,546 | ||||||
Shire Acquisitions Investments Ireland DAC | 2,957,000 | 3,231,780 | ||||||
Takeda Pharmaceutical Co., Ltd. | 455,000 | 436,756 | ||||||
3,893,082 | ||||||||
Metal - Aluminum — 0.0% |
| |||||||
Indonesia Asahan Aluminium Persero PT | 600,000 | 727,500 | ||||||
Metal - Copper — 0.0% |
| |||||||
First Quantum Minerals, Ltd. | 1,055,000 | 1,106,431 | ||||||
46 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Metal - Diversified — 0.0% |
| |||||||
Chinalco Capital Holdings, Ltd. | $ | 400,000 | $ | 405,603 | ||||
Metal - Iron — 0.1% |
| |||||||
Mineral Resources, Ltd. | 1,262,000 | 1,383,078 | ||||||
Motion Pictures & Services — 0.1% |
| |||||||
Banijay Entertainment SASU | 1,751,000 | 1,794,775 | ||||||
Multimedia — 0.0% |
| |||||||
Globo Comunicacao e Participacoes SA | 600,000 | 610,200 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
MEG Energy Corp. | 1,595,000 | 1,648,831 | ||||||
MEG Energy Corp. | 895,000 | 959,888 | ||||||
Oil India, Ltd. | 200,000 | 222,950 | ||||||
Saka Energi Indonesia PT | 200,000 | 180,000 | ||||||
Santos Finance, Ltd. | 1,950,000 | 1,955,142 | ||||||
4,966,811 | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Ecopetrol SA | 100,000 | 103,600 | ||||||
Ecopetrol SA | 540,000 | 641,223 | ||||||
Lukoil Securities BV | 200,000 | 211,250 | ||||||
Petro-Canada | 918,000 | 1,182,954 | ||||||
Petrobras Global Finance BV | 600,000 | 661,800 | ||||||
Petroleos Mexicanos | 600,000 | 516,714 | ||||||
Petroleos Mexicanos | 600,000 | 640,050 | ||||||
Petroleos Mexicanos | 330,000 | 352,344 | ||||||
Petroleos Mexicanos | 720,000 | 693,900 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Petroleos Mexicanos | $ | 600,000 | $ | 530,220 | ||||
Petroleos Mexicanos | 400,000 | 414,160 | ||||||
Total Capital International SA | 895,000 | 931,754 | ||||||
6,879,969 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Inversiones CMPC SA | 2,813,000 | 2,794,575 | ||||||
Suzano Austria GmbH | 2,741,000 | 2,845,158 | ||||||
5,639,733 | ||||||||
Petrochemicals — 0.0% |
| |||||||
Equate Petrochemical BV | 200,000 | 221,800 | ||||||
Pipelines — 0.0% |
| |||||||
AI Candelaria Spain SLU | 366,000 | 414,495 | ||||||
Galaxy Pipeline Assets Bidco, Ltd. | 300,000 | 294,011 | ||||||
708,506 | ||||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
Trust Fibro Uno | 400,000 | 466,960 | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Triton Container International, Ltd. | 3,976,000 | 4,008,158 | ||||||
Triton Container International, Ltd. | 2,352,000 | 2,345,511 | ||||||
6,353,669 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
eG Global Finance PLC | 1,725,000 | 1,762,432 | ||||||
Satellite Telecom — 0.2% |
| |||||||
Connect Finco SARL/Connect US Finco LLC | 2,005,000 | 2,072,669 | ||||||
Telesat Canada/Telesat LLC | 999,000 | 951,657 | ||||||
Telesat Canada/Telesat LLC | 1,563,000 | 1,486,804 | ||||||
4,511,130 | ||||||||
47 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Security Services — 0.1% |
| |||||||
Atlas Luxco 4 SARL | $ | 410,000 | $ | 410,533 | ||||
Atlas Luxco 4 SARL | 200,000 | 198,540 | ||||||
Garda World Security Corp. | 1,379,000 | 1,375,552 | ||||||
1,984,625 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
TSMC Global, Ltd. | 2,801,000 | 2,744,896 | ||||||
Steel - Producers — 0.0% |
| |||||||
Shandong Iron & Steel Xinheng International Co., Ltd. | 1,020,000 | 1,040,910 | ||||||
SupraNational Banks — 0.6% |
| |||||||
African Development Bank | 2,981,000 | 3,009,611 | ||||||
European Bank for Reconstruction & Development | 3,561,000 | 3,681,607 | ||||||
International Bank for Reconstruction & Development | 4,201,000 | 4,073,018 | ||||||
International Bank for Reconstruction & Development | 2,064,000 | 2,279,602 | ||||||
International Finance Corp. | 3,494,000 | 3,510,341 | ||||||
16,554,179 | ||||||||
Telecom Services — 0.1% |
| |||||||
Altice France Holding SA | 1,389,000 | 1,361,220 | ||||||
NTT Finance Corp. | 1,669,000 | 1,664,389 | ||||||
3,025,609 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Telefonica Emisiones SAU | 1,945,000 | 2,239,594 | ||||||
Telefonica Emisiones SAU | 500,000 | 601,332 | ||||||
2,840,926 | ||||||||
Transport - Rail — 0.0% |
| |||||||
Canadian Pacific Railway Co. | 576,000 | 851,449 | ||||||
Transport - Services — 0.1% |
| |||||||
Rumo Luxembourg SARL | 780,000 | 832,650 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Services (continued) |
| |||||||
Yunda Holding Investment, Ltd. | $ | 600,000 | $ | 590,695 | ||||
1,423,345 | ||||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Herbalife Nutrition, Ltd./HLF Financing, Inc. | 762,000 | 828,645 | ||||||
Warehousing & Harbor Transportation Services — 0.0% |
| |||||||
DP World PLC | 700,000 | 758,453 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $289,809,618) | 297,537,268 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 4.5% |
| |||||||
Banks - Special Purpose — 0.3% |
| |||||||
BNG Bank NV | 1,302,000 | 1,284,694 | ||||||
Industrial Bank of Korea | 4,868,000 | 4,855,002 | ||||||
Korea Development Bank | 1,489,000 | 1,491,189 | ||||||
7,630,885 | ||||||||
Sovereign — 4.2% |
| |||||||
Arab Republic of Egypt | 2,550,000 | 2,725,363 | ||||||
Arab Republic of Egypt | 200,000 | 208,684 | ||||||
Arab Republic of Egypt | 1,750,000 | 1,947,995 | ||||||
Arab Republic of Egypt | 550,000 | 583,829 | ||||||
Arab Republic of Egypt | 1,900,000 | 2,084,068 | ||||||
Dominican Republic | 3,200,000 | 3,310,400 | ||||||
Dominican Republic | 200,000 | 196,002 | ||||||
Emirate of Abu Dhabi | 650,000 | 689,000 | ||||||
Emirate of Abu Dhabi | 1,100,000 | 1,200,650 | ||||||
Emirate of Abu Dhabi | 3,650,000 | 3,967,550 | ||||||
Emirate of Abu Dhabi | 400,000 | 395,000 |
48 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Federal Republic of Ethiopia | $ | 850,000 | $ | 786,250 | ||||
Federal Republic of Nigeria | 500,000 | 531,460 | ||||||
Federal Republic of Nigeria | 250,000 | 287,250 | ||||||
Federative Republic of Brazil | 400,000 | 411,952 | ||||||
Federative Republic of Brazil | 2,100,000 | 2,121,882 | ||||||
Federative Republic of Brazil | 1,600,000 | 1,540,016 | ||||||
Federative Republic of Brazil | 950,000 | 1,031,263 | ||||||
Government of Romania | 150,000 | 153,747 | ||||||
Government of Romania | 1,900,000 | 1,945,752 | ||||||
Government of Romania | 700,000 | 828,932 | ||||||
Government of Ukraine | 1,220,000 | 1,271,140 | ||||||
Government of Ukraine | 1,620,000 | 1,701,000 | ||||||
Government of Ukraine | 1,400,000 | 1,470,000 | ||||||
Government of Ukraine | 150,000 | 158,016 | ||||||
Government of Ukraine | 1,000,000 | 1,080,898 | ||||||
Government of Ukraine | 100,000 | 110,004 | ||||||
Government of Ukraine | 550,000 | 657,954 | ||||||
Islamic Republic of Pakistan | 300,000 | 313,472 | ||||||
Islamic Republic of Pakistan | 500,000 | 546,250 | ||||||
Kingdom of Bahrain | 1,520,000 | 1,518,480 | ||||||
Kingdom of Bahrain | 930,000 | 895,311 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Kingdom of Bahrain | $ | 3,200,000 | $ | 3,590,771 | ||||
Kingdom of Saudi Arabia | 3,250,000 | 3,480,269 | ||||||
Kingdom of Saudi Arabia | 550,000 | 606,485 | ||||||
Kingdom of Saudi Arabia | 2,200,000 | 2,560,470 | ||||||
Kingdom of Saudi Arabia | 400,000 | 465,096 | ||||||
Oriental Republic of Uruguay | 513,926 | 597,033 | ||||||
People’s Republic of China | 3,000,000 | 2,690,850 | ||||||
Republic of the Philippines | 250,000 | 368,202 | ||||||
Republic of Angola | 350,000 | 363,160 | ||||||
Republic of Angola | 300,000 | 329,625 | ||||||
Republic of Argentina | 1,250,000 | 412,512 | ||||||
Republic of Argentina | 1,000,000 | 393,680 | ||||||
Republic of Cameroon | 400,000 | 456,808 | ||||||
Republic of Chile | 350,000 | 352,237 | ||||||
Republic of Chile | 4,865,000 | 4,741,478 | ||||||
Republic of Colombia | 3,732,000 | 3,603,768 | ||||||
Republic of Colombia | 1,523,000 | 1,470,106 | ||||||
Republic of Colombia | 300,000 | 324,765 | ||||||
Republic of Colombia | 200,000 | 259,300 | ||||||
Republic of Colombia | 300,000 | 446,376 | ||||||
Republic of Ecuador | 5,100,000 | 3,570,000 | ||||||
Republic of El Salvador | 1,100,000 | 1,094,500 |
49 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Republic of El Salvador | $ | 300,000 | $ | 293,670 | ||||
Republic of El Salvador | 50,000 | 53,750 | ||||||
Republic of Ghana | 740,000 | 770,592 | ||||||
Republic of Ghana | 350,000 | 341,141 | ||||||
Republic of Ghana | 2,250,000 | 2,856,375 | ||||||
Republic of Guatemala | 1,050,000 | 1,174,960 | ||||||
Republic of Indonesia | 1,550,000 | 1,495,130 | ||||||
Republic of Indonesia | 300,000 | 333,219 | ||||||
Republic of Indonesia | 300,000 | 331,072 | ||||||
Republic of Indonesia | 800,000 | 1,264,401 | ||||||
Republic of Italy | 1,662,000 | 1,702,288 | ||||||
Republic of Ivory Coast | 565,556 | 569,619 | ||||||
Republic of Ivory Coast | 1,500,000 | 1,596,255 | ||||||
Republic of Ivory Coast | 2,050,000 | 2,275,500 | ||||||
Republic of Kazakhstan | 300,000 | 348,912 | ||||||
Republic of Kazakhstan | 200,000 | 288,500 | ||||||
Republic of Panama | 100,000 | 134,251 | ||||||
Republic of Paraquay | 650,000 | 736,456 | ||||||
Republic of Sri Lanka | 450,000 | 356,769 | ||||||
Republic of Sri Lanka | 250,000 | 166,533 | ||||||
Republic of Sri Lanka | 2,300,000 | 1,535,365 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Republic of the Philippines | $ | 800,000 | $ | 769,664 | ||||
Republic of the Philippines | 250,000 | 237,967 | ||||||
Republic of the Philippines | 1,200,000 | 1,272,540 | ||||||
Republic of Turkey | 2,200,000 | 2,137,476 | ||||||
Republic of Turkey | 1,000,000 | 957,660 | ||||||
Republic of Turkey | 200,000 | 204,000 | ||||||
Republic of Turkey | 250,000 | 208,065 | ||||||
Republic of Turkey | 1,300,000 | 1,350,107 | ||||||
Republic of Turkey | 1,000,000 | 925,980 | ||||||
Republic of Turkey | 300,000 | 322,816 | ||||||
Russian Federation | 2,200,000 | 2,468,972 | ||||||
State of Qatar | 200,000 | 218,000 | ||||||
State of Qatar | 1,800,000 | 2,039,771 | ||||||
State of Qatar | 600,000 | 679,924 | ||||||
State of Qatar | 1,000,000 | 1,190,560 | ||||||
State of Qatar | 2,900,000 | 3,652,724 | ||||||
Sultanate of Oman | 600,000 | 623,530 | ||||||
Sultanate of Oman | 1,700,000 | 1,899,818 | ||||||
Sultanate of Oman | 650,000 | 726,401 | ||||||
United Mexican States | 1,230,000 | 1,194,478 | ||||||
United Mexican States | 5,690,000 | 5,915,381 |
50 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
United Mexican States | $ | 200,000 | $ | 209,486 | ||||
United Mexican States | 1,349,000 | 1,468,306 | ||||||
United Mexican States | 1,400,000 | 1,565,466 | ||||||
119,710,911 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $126,293,337) | 127,341,796 | |||||||
U.S. GOVERNMENT AGENCIES — 40.0% |
| |||||||
Federal Home Loan Bank — 0.3% |
| |||||||
2.13% due 09/14/2029 | 7,765,000 | 8,164,198 | ||||||
3.25% due 11/16/2028 | 1,000,000 | 1,135,399 | ||||||
5.50% due 07/15/2036 | 250,000 | 362,146 | ||||||
9,661,743 | ||||||||
Federal Home Loan Mtg. Corp. — 8.0% |
| |||||||
2.00% due 03/01/2051 | 25,255,682 | 25,537,465 | ||||||
2.00% due 05/01/2051 | 6,181,143 | 6,250,107 | ||||||
2.00% due 06/01/2051 | 8,000,000 | 8,089,257 | ||||||
2.50% due 01/01/2028 | 525,067 | 552,022 | ||||||
2.50% due 04/01/2028 | 1,450,163 | 1,524,642 | ||||||
2.50% due 03/01/2031 | 879,392 | 922,155 | ||||||
2.50% due 10/01/2032 | 4,105,852 | 4,304,995 | ||||||
2.50% due 11/01/2032 | 999,650 | 1,055,642 | ||||||
3.00% due 08/01/2027 | 246,666 | 261,712 | ||||||
3.00% due 05/01/2035 | 4,085,911 | 4,311,468 | ||||||
3.00% due 10/01/2042 | 1,286,715 | 1,381,600 | ||||||
3.00% due 11/01/2042 | 1,015,663 | 1,083,086 | ||||||
3.00% due 02/01/2043 | 908,812 | 977,169 | ||||||
3.00% due 04/01/2043 | 1,864,064 | 1,995,683 | ||||||
3.00% due 05/01/2043 | 1,085,624 | 1,165,703 | ||||||
3.00% due 08/01/2043 | 3,607,968 | 3,847,935 | ||||||
3.00% due 10/01/2045 | 2,837,672 | 2,996,151 | ||||||
3.00% due 08/01/2046 | 1,048,857 | 1,107,018 | ||||||
3.00% due 11/01/2046 | 3,264,361 | 3,459,588 | ||||||
3.00% due 01/01/2050 | 7,578,035 | 7,914,744 | ||||||
3.00% due 06/01/2051 | 27,000,000 | 28,266,475 | ||||||
3.50% due 01/01/2032 | 3,302,121 | 3,565,730 | ||||||
3.50% due 11/01/2041 | 262,025 | 284,074 | ||||||
3.50% due 03/01/2042 | 2,501,622 | 2,719,204 | ||||||
3.50% due 04/01/2042 | 1,702,509 | 1,840,616 | ||||||
3.50% due 06/01/2042 | 599,504 | 647,929 | ||||||
3.50% due 08/01/2042 | 1,287,723 | 1,400,086 | ||||||
3.50% due 09/01/2043 | 722,760 | 784,122 | ||||||
3.50% due 03/01/2045 | 867,734 | 932,283 | ||||||
3.50% due 07/01/2045 | 6,971,043 | 7,486,167 | ||||||
3.50% due 08/01/2045 | 1,485,128 | 1,598,944 | ||||||
3.50% due 11/01/2045 | 1,834,645 | 1,969,604 | ||||||
3.50% due 01/01/2046 | 1,241,364 | 1,340,582 | ||||||
3.50% due 03/01/2046 | 1,344,971 | 1,442,344 | ||||||
3.50% due 12/01/2046 | 377,344 | 401,846 | ||||||
3.50% due 11/01/2047 | 8,681,106 | 9,216,806 | ||||||
3.50% due 01/01/2048 | 8,635,871 | 9,213,023 | ||||||
3.50% due 03/01/2048 | 12,015,223 | 12,912,647 | ||||||
3.50% due 08/01/2049 | 6,146,772 | 6,537,832 | ||||||
3.50% due 04/01/2050 | 6,087,514 | 6,428,729 | ||||||
4.00% due 03/01/2023 | 237 | 252 | ||||||
4.00% due 09/01/2040 | 730,195 | 800,667 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
4.00% due 07/01/2044 | $ | 44,363 | $ | 48,691 | ||||
4.00% due 10/01/2045 | 1,612,808 | 1,753,994 | ||||||
4.00% due 01/01/2046 | 542,386 | 596,072 | ||||||
4.00% due 01/01/2047 | 43,043 | 47,190 | ||||||
4.00% due 07/01/2049 | 4,903,725 | 5,315,551 | ||||||
4.00% due 01/01/2050 | 3,107,701 | 3,316,854 | ||||||
4.50% due 03/01/2023 | 3,042 | 3,185 | ||||||
4.50% due 12/01/2039 | 389,482 | 431,461 | ||||||
4.50% due 04/01/2044 | 67,307 | 74,266 | ||||||
4.50% due 07/01/2044 | 814,195 | 908,694 | ||||||
4.50% due 07/01/2045 | 10,877,321 | 11,733,345 | ||||||
4.50% due 05/01/2048 | 1,773,833 | 1,922,424 | ||||||
4.50% due 12/01/2048 | 8,992,610 | 9,701,230 | ||||||
5.00% due 10/01/2033 | 873 | 994 | ||||||
5.00% due 05/01/2034 | 20,837 | 23,115 | ||||||
5.00% due 06/01/2039 | 219,116 | 251,788 | ||||||
5.00% due 07/01/2040 | 357,709 | 410,933 | ||||||
5.00% due 11/01/2043 | 2,112,940 | 2,423,892 | ||||||
5.50% due 06/01/2022 | 1,293 | 1,310 | ||||||
5.50% due 11/01/2032 | 4,951 | 5,657 | ||||||
5.50% due 07/01/2034 | 18,617 | 21,452 | ||||||
5.50% due 02/01/2035 | 59,306 | 66,140 | ||||||
5.50% due 07/01/2035 | 10,760 | 12,479 | ||||||
5.50% due 01/01/2036 | 123,908 | 143,714 | ||||||
5.50% due 05/01/2037 | 18,990 | 22,084 | ||||||
6.00% due 10/01/2033 | 74,911 | 84,606 | ||||||
6.00% due 07/01/2035 | 66,577 | 75,178 | ||||||
6.00% due 03/01/2040 | 123,779 | 146,828 | ||||||
6.50% due 02/01/2035 | 1,320 | 1,505 | ||||||
6.50% due 02/01/2036 | 14,499 | 16,806 | ||||||
6.50% due 09/01/2036 | 156 | 175 | ||||||
6.50% due 05/01/2037 | 22,385 | 26,075 | ||||||
6.75% due 09/15/2029 | 500,000 | 715,272 | ||||||
6.75% due 03/15/2031 | 250,000 | 364,888 | ||||||
Federal Home Loan Mtg. Corp. FRS |
| |||||||
1.74% (6 ML+1.49%) | 72,698 | 75,514 | ||||||
2.35% (12 ML+1.88%) | 930,856 | 990,331 | ||||||
Federal Home Loan Mtg. Corp. REMIC |
| |||||||
Series 4740, Class BA | 1,868,727 | 1,925,468 | ||||||
Series 4800, Class KG | 925,975 | 936,110 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 571,710 | 87,810 | ||||||
223,211,185 | ||||||||
Federal National Mtg. Assoc. — 22.8% |
| |||||||
1.50% due 05/01/2036 | 4,375,783 | 4,433,546 | ||||||
1.50% due 03/01/2051 | 6,531,436 | 6,416,522 | ||||||
2.00% due 07/01/2035 | 7,548,215 | 7,804,759 | ||||||
2.00% due 11/01/2035 | 7,148,394 | 7,416,452 | ||||||
2.00% due 05/01/2036 | 18,897,649 | 19,539,930 | ||||||
2.00% due 05/01/2041 | 7,973,637 | 8,133,162 | ||||||
2.00% due 12/01/2050 | 12,593,237 | 12,748,791 | ||||||
2.00% due 04/01/2051 | 35,482,075 | 35,877,954 | ||||||
2.00% due 05/01/2051 | 19,981,071 | 20,206,221 | ||||||
2.00% due 06/01/2051 | 27,700,000 | 28,009,054 | ||||||
2.50% due 12/01/2026 | 304,790 | 319,287 | ||||||
2.50% due 02/01/2028 | 658,264 | 690,354 | ||||||
2.50% due 04/01/2028 | 362,294 | 380,812 |
51 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
2.50% due 07/01/2031 | $ | 2,372,991 | $ | 2,487,883 | ||||
2.50% due 08/01/2031 | 10,307,749 | 10,792,203 | ||||||
2.50% due 01/01/2032 | 1,836,720 | 1,926,639 | ||||||
2.50% due 02/01/2032 | 756,452 | 795,812 | ||||||
2.50% due 04/01/2035 | 5,761,338 | 6,023,874 | ||||||
2.50% due 05/01/2035 | 9,000,085 | 9,413,967 | ||||||
2.50% due 05/01/2050 | 9,996,840 | 10,386,221 | ||||||
2.50% due 06/01/2050 | 15,193,847 | 15,751,393 | ||||||
2.50% due 07/01/2050 | 7,743,545 | 8,056,626 | ||||||
2.50% due 08/01/2050 | 3,942,495 | 4,087,167 | ||||||
2.50% due 10/01/2050 | 1,854,600 | 1,922,655 | ||||||
2.50% due 05/01/2051 | 15,173,131 | 15,729,917 | ||||||
2.50% due 06/01/2051 | 26,000,000 | 26,954,083 | ||||||
3.00% due 10/01/2027 | 231,912 | 245,590 | ||||||
3.00% due 12/01/2027 | 672,412 | 713,269 | ||||||
3.00% due 01/01/2028 | 1,207,434 | 1,280,786 | ||||||
3.00% due 03/01/2030 | 968,044 | 1,027,492 | ||||||
3.00% due 10/01/2030 | 1,655,821 | 1,754,912 | ||||||
3.00% due 10/01/2032 | 3,470,637 | 3,674,884 | ||||||
3.00% due 02/01/2033 | 14,254,090 | 15,073,649 | ||||||
3.00% due 07/01/2034 | 722,220 | 762,489 | ||||||
3.00% due 11/01/2039 | 5,322,586 | 5,564,735 | ||||||
3.00% due 03/01/2042 | 1,744,401 | 1,852,344 | ||||||
3.00% due 12/01/2042 | 1,937,108 | 2,064,511 | ||||||
3.00% due 02/01/2043 | 3,310,861 | 3,525,800 | ||||||
3.00% due 05/01/2043 | 1,571,791 | 1,668,228 | ||||||
3.00% due 02/01/2045 | 231,916 | 244,803 | ||||||
3.00% due 05/01/2046 | 1,628,120 | 1,718,690 | ||||||
3.00% due 08/01/2046 | 4,602,695 | 4,886,991 | ||||||
3.00% due 09/01/2046 | 844,784 | 891,099 | ||||||
3.00% due 12/01/2046 | 313,892 | 332,870 | ||||||
3.00% due 01/01/2047 | 1,837,190 | 1,935,267 | ||||||
3.00% due 04/01/2047 | 3,931,462 | 4,151,021 | ||||||
3.00% due 09/01/2048 | 5,578,412 | 5,881,078 | ||||||
3.00% due 11/01/2048 | 11,591,302 | 12,208,533 | ||||||
3.00% due 06/01/2049 | 7,231,907 | 7,666,914 | ||||||
3.00% due 03/01/2050 | 6,499,847 | 6,839,763 | ||||||
3.00% due 06/01/2051 | 27,000,000 | 28,349,462 | ||||||
3.50% due 08/01/2026 | 496,997 | 531,308 | ||||||
3.50% due 09/01/2026 | 591,972 | 632,855 | ||||||
3.50% due 08/01/2027 | 92,228 | 98,496 | ||||||
3.50% due 10/01/2028 | 1,394,306 | 1,506,961 | ||||||
3.50% due 03/01/2033 | 1,288,337 | 1,381,357 | ||||||
3.50% due 08/01/2033 | 265,871 | 284,366 | ||||||
3.50% due 12/01/2041 | 541,154 | 588,058 | ||||||
3.50% due 03/01/2042 | 375,504 | 407,998 | ||||||
3.50% due 08/01/2042 | 3,040,852 | 3,286,814 | ||||||
3.50% due 09/01/2042 | 220,550 | 237,244 | ||||||
3.50% due 02/01/2043 | 1,822,605 | 1,989,484 | ||||||
3.50% due 07/01/2045 | 1,111,308 | 1,197,289 | ||||||
3.50% due 08/01/2045 | 1,247,683 | 1,339,188 | ||||||
3.50% due 09/01/2045 | 350,744 | 376,517 | ||||||
3.50% due 10/01/2045 | 2,345,635 | 2,521,980 | ||||||
3.50% due 11/01/2045 | 2,463,988 | 2,634,441 | ||||||
3.50% due 12/01/2045 | 5,890,531 | 6,317,526 | ||||||
3.50% due 02/01/2046 | 1,286,317 | 1,379,313 | ||||||
3.50% due 03/01/2046 | 3,894,099 | 4,163,388 | ||||||
3.50% due 07/01/2046 | 6,471,646 | 6,959,653 | ||||||
3.50% due 01/01/2047 | 3,951,570 | 4,204,142 | ||||||
3.50% due 12/01/2047 | 17,708,598 | 18,835,981 | ||||||
3.50% due 04/01/2048 | 9,471,609 | 10,122,053 | ||||||
3.50% due 08/01/2049 | 975,168 | 1,029,828 | ||||||
3.50% due 07/01/2050 | 28,564,400 | 30,165,480 | ||||||
4.00% due 11/01/2025 | 61,722 | 65,639 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
4.00% due 03/01/2039 | $ | 2,852,070 | $ | 3,068,716 | ||||
4.00% due 07/01/2040 | 98,250 | 108,870 | ||||||
4.00% due 09/01/2040 | 54,701 | 60,058 | ||||||
4.00% due 10/01/2040 | 127,274 | 138,978 | ||||||
4.00% due 12/01/2040 | 1,469,866 | 1,621,222 | ||||||
4.00% due 10/01/2041 | 849,423 | 936,906 | ||||||
4.00% due 11/01/2041 | 630,387 | 688,674 | ||||||
4.00% due 01/01/2043 | 2,714,352 | 2,993,642 | ||||||
4.00% due 02/01/2045 | 3,988,238 | 4,397,166 | ||||||
4.00% due 02/01/2046 | 1,166,564 | 1,265,689 | ||||||
4.00% due 06/01/2046 | 687,718 | 745,022 | ||||||
4.00% due 01/01/2047 | 2,231,688 | 2,408,466 | ||||||
4.00% due 05/01/2047 | 1,863,204 | 2,007,457 | ||||||
4.00% due 06/01/2047 | 3,268,820 | 3,549,243 | ||||||
4.00% due 07/01/2047 | 9,206,990 | 9,905,739 | ||||||
4.00% due 08/01/2047 | 6,030,427 | 6,493,675 | ||||||
4.00% due 06/01/2048 | 6,395,631 | 6,932,637 | ||||||
4.00% due 09/01/2048 | 4,282,216 | 4,593,924 | ||||||
4.00% due 12/01/2048 | 1,618,547 | 1,730,044 | ||||||
4.00% due 01/01/2049 | 7,060,604 | 7,546,083 | ||||||
4.00% due 03/01/2049 | 2,181,502 | 2,331,068 | ||||||
4.00% due 03/01/2050 | 6,401,544 | 6,834,390 | ||||||
4.00% due 08/01/2050 | 17,408,003 | 18,591,808 | ||||||
4.50% due 11/01/2022 | 1,919 | 2,009 | ||||||
4.50% due 10/01/2024 | 207,057 | 217,705 | ||||||
4.50% due 03/01/2025 | 199,668 | 211,454 | ||||||
4.50% due 02/01/2040 | 698,873 | 780,752 | ||||||
4.50% due 05/01/2040 | 181,303 | 202,169 | ||||||
4.50% due 08/01/2045 | 8,510,062 | 9,497,717 | ||||||
4.50% due 06/01/2048 | 5,358,711 | 5,801,513 | ||||||
4.50% due 10/01/2048 | 3,993,887 | 4,316,646 | ||||||
4.50% due 11/01/2048 | 4,938,304 | 5,345,481 | ||||||
4.50% due 12/01/2048 | 7,059,991 | 7,624,308 | ||||||
4.50% due 10/01/2049 | 4,792,653 | 5,181,064 | ||||||
5.00% due 06/01/2022 | 3,329 | 3,464 | ||||||
5.00% due 01/01/2023 | 5,047 | 5,254 | ||||||
5.00% due 04/01/2023 | 5,712 | 5,949 | ||||||
5.00% due 10/01/2024 | 66,814 | 69,655 | ||||||
5.00% due 09/01/2033 | 307,105 | 350,175 | ||||||
5.00% due 10/01/2033 | 1,421 | 1,625 | ||||||
5.00% due 03/01/2034 | 22,685 | 25,991 | ||||||
5.00% due 03/01/2037 | 2,729 | 3,000 | ||||||
5.00% due 04/01/2040 | 268,311 | 295,596 | ||||||
5.00% due 05/01/2040 | 405,383 | 457,782 | ||||||
5.00% due 06/01/2040 | 1,432,219 | 1,643,706 | ||||||
5.00% due 07/01/2040 | 196,589 | 220,574 | ||||||
5.00% due 02/01/2045 | 1,338,224 | 1,522,574 | ||||||
5.50% due 12/01/2029 | 111,088 | 123,990 | ||||||
5.50% due 04/01/2033 | 31,096 | 35,848 | ||||||
5.50% due 12/01/2033 | 49,215 | 56,921 | ||||||
5.50% due 07/01/2037 | 152,130 | 176,818 | ||||||
5.50% due 08/01/2037 | 1,327,897 | 1,540,307 | ||||||
5.50% due 06/01/2038 | 123,027 | 143,243 | ||||||
5.50% due 09/01/2039 | 291,739 | 339,682 | ||||||
6.00% due 02/01/2032 | 2,578 | 2,893 | ||||||
6.00% due 08/01/2034 | 13,969 | 16,590 | ||||||
6.00% due 10/01/2034 | 26 | 29 | ||||||
6.00% due 11/01/2035 | 14,749 | 16,567 | ||||||
6.00% due 06/01/2036 | 30,978 | 36,795 | ||||||
6.00% due 12/01/2036 | 246,411 | 292,710 | ||||||
6.00% due 07/01/2038 | 283,919 | 336,842 | ||||||
6.00% due 09/01/2038 | 179,892 | 213,692 | ||||||
6.00% due 11/01/2038 | 151,416 | 179,486 | ||||||
6.00% due 06/01/2040 | 49,707 | 58,765 |
52 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
6.50% due 10/01/2037 | $ | 11,671 | $ | 13,390 | ||||
6.50% due 11/01/2037 | 25,944 | 29,534 | ||||||
Federal National Mtg. Assoc. FRS |
| |||||||
1.79% (6 ML+1.54%) | 876,406 | 910,906 | ||||||
2.10% (12 ML+1.67%) | 632,861 | 660,369 | ||||||
2.16% (12 ML+1.57%) | 135,792 | 142,978 | ||||||
2.19% (12 ML+1.77%) | 781,966 | 825,738 | ||||||
2.33% (12 ML+1.83%) | 325,500 | 344,206 | ||||||
2.33% (12 ML+1.82%) | 186,414 | 197,161 | ||||||
2.48% (1 Yr USTYCR+2.22%) | 624,225 | 656,762 | ||||||
2.55% (12 ML+1.91%) | 514,646 | 545,431 | ||||||
2.58% (1 Yr USTYCR+2.27%) | 290,511 | 308,977 | ||||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series 2017-100, Class NP | 3,865,007 | 4,099,353 | ||||||
Series 2018-27, Class EA | 5,766,909 | 6,095,983 | ||||||
Series 2018-35, Class CD | 5,682,685 | 5,974,403 | ||||||
639,989,832 | ||||||||
Government National Mtg. Assoc. — 4.9% |
| |||||||
2.00% due 11/20/2050 | 15,593,883 | 15,871,630 | ||||||
2.50% due 05/20/2050 | 9,633,582 | 9,978,399 | ||||||
2.50% due 12/20/2050 | 35,191,349 | 36,481,011 | ||||||
3.00% due 02/20/2045 | 2,691,735 | 2,858,646 | ||||||
3.00% due 05/20/2045 | 773,811 | 820,146 | ||||||
3.00% due 07/20/2045 | 188,524 | 200,083 | ||||||
3.00% due 11/20/2045 | 1,985,774 | 2,104,736 | ||||||
3.00% due 12/20/2045 | 1,338,331 | 1,419,240 | ||||||
3.00% due 01/20/2046 | 6,753,533 | 7,163,977 | ||||||
3.00% due 03/20/2046 | 3,526,363 | 3,730,656 | ||||||
3.00% due 04/20/2046 | 5,809,016 | 6,138,292 | ||||||
3.00% due 05/20/2046 | 8,719,134 | 9,224,721 | ||||||
3.00% due 09/20/2047 | 6,354,944 | 6,701,179 | ||||||
3.00% due 05/20/2050 | 12,507,404 | 13,057,300 | ||||||
3.50% due 03/20/2045 | 678,919 | 724,230 | ||||||
3.50% due 04/20/2045 | 271,290 | 289,458 | ||||||
3.50% due 07/20/2045 | 333,938 | 357,722 | ||||||
3.50% due 07/20/2046 | 385,072 | 410,105 | ||||||
3.50% due 03/20/2047 | 1,966,790 | 2,087,776 | ||||||
4.00% due 03/20/2044 | 379,570 | 417,282 | ||||||
4.00% due 07/20/2045 | 1,116,542 | 1,222,669 | ||||||
4.00% due 05/20/2048 | 3,334,773 | 3,561,936 | ||||||
4.00% due 03/20/2049 | 2,597,788 | 2,765,246 | ||||||
4.50% due 05/15/2039 | 425,072 | 486,556 | ||||||
4.50% due 10/20/2045 | 2,158,354 | 2,381,418 | ||||||
4.50% due 04/20/2047 | 3,299,103 | 3,589,538 | ||||||
5.00% due 05/15/2034 | 100,465 | 115,221 | ||||||
5.00% due 01/15/2040 | 414,417 | 481,926 | ||||||
5.50% due 12/15/2039 | 484,677 | 553,159 | ||||||
6.00% due 10/15/2039 | 125,187 | 140,464 | ||||||
Government National Mtg. Assoc. REMIC VRS | 1,900,000 | 1,960,966 | ||||||
137,295,688 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Uniform Mtg. Backed Securities — 4.0% |
| |||||||
1.50% due June 15 TBA | $ | 10,000,000 | $ | 10,123,047 | ||||
1.50% due June 30 TBA | 17,000,000 | 16,679,922 | ||||||
2.00% due June 15 TBA | 8,000,000 | 8,265,937 | ||||||
2.00% due June 30 TBA | 31,800,000 | 32,121,726 | ||||||
2.50% due June 30 TBA | 32,000,000 | 33,133,750 | ||||||
3.00% due June 30 TBA | 11,000,000 | 11,489,844 | ||||||
111,814,226 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $1,106,592,285) | 1,121,972,674 | |||||||
U.S. GOVERNMENT TREASURIES — 6.9% |
| |||||||
United States Treasury Bonds — 2.5% |
| |||||||
1.38% due 08/15/2050 | 2,733,000 | 2,194,834 | ||||||
2.38% due 11/15/2049 | 26,081,000 | 26,601,601 | ||||||
2.75% due 11/15/2042 | 406,000 | 443,634 | ||||||
2.75% due 08/15/2047# | 1,246,000 | 1,364,175 | ||||||
2.88% due 11/15/2046 | 384,000 | 429,600 | ||||||
3.00% due 05/15/2045 | 570,000 | 649,555 | ||||||
3.00% due 11/15/2045 | 1,729,000 | 1,974,302 | ||||||
3.00% due 05/15/2047 | 8,292,000 | 9,499,523 | ||||||
3.13% due 11/15/2041 | 2,303,000 | 2,667,522 | ||||||
3.13% due 02/15/2042 | 392,000 | 454,674 | ||||||
3.38% due 11/15/2048 | 13,798,000 | 16,959,144 | ||||||
3.75% due 08/15/2041 | 35,000 | 44,230 | ||||||
3.88% due 08/15/2040 | 301,000 | 385,374 | ||||||
4.25% due 05/15/2039 | 256,000 | 341,410 | ||||||
4.38% due 11/15/2039 | 105,000 | 142,390 | ||||||
4.38% due 05/15/2040 | 3,057,000 | 4,163,371 | ||||||
4.38% due 05/15/2041 | 433,000 | 592,195 | ||||||
4.63% due 02/15/2040 | 65,000 | 90,985 | ||||||
4.75% due 02/15/2037 | 564,000 | 782,594 | ||||||
5.00% due 05/15/2037 | 153,000 | 218,013 | ||||||
5.25% due 11/15/2028 | 354,000 | 453,507 | ||||||
70,452,633 | ||||||||
United States Treasury Notes — 4.4% |
| |||||||
0.13% due 04/30/2023 | 5,000,000 | 4,998,437 | ||||||
0.13% due 12/15/2023 | 1,100,000 | 1,097,465 | ||||||
0.25% due 05/15/2024 | 8,000,000 | 7,988,750 | ||||||
0.50% due 02/28/2026 | 1,000,000 | 988,516 | ||||||
0.75% due 04/30/2026 | 13,500,000 | 13,479,961 | ||||||
0.88% due 11/15/2030# | 5,002,000 | 4,698,754 | ||||||
1.13% due 02/29/2028 | 1,000,000 | 994,687 | ||||||
1.13% due 02/15/2031 | 5,400,000 | 5,174,719 | ||||||
1.38% due 10/15/2022 | 10,000,000 | 10,172,656 | ||||||
1.38% due 08/31/2023 | 19,000,000 | 19,508,398 | ||||||
1.38% due 01/31/2025 | 1,500,000 | 1,548,984 | ||||||
1.50% due 11/30/2024 | 1,500,000 | 1,555,430 | ||||||
1.50% due 02/15/2030 | 8,520,000 | 8,526,323 | ||||||
1.63% due 08/15/2022 | 1,796,000 | 1,829,535 | ||||||
1.63% due 08/31/2022 | 1,921,000 | 1,957,544 | ||||||
1.63% due 12/15/2022 | 340,000 | 347,876 | ||||||
1.63% due 02/15/2026 | 4,839,000 | 5,036,908 | ||||||
1.63% due 11/30/2026 | 1,600,000 | 1,660,312 | ||||||
1.63% due 08/15/2029 | 10,100,000 | 10,255,051 | ||||||
1.75% due 09/30/2022 | 5,137,000 | 5,249,372 | ||||||
1.75% due 11/15/2029# | 6,700,000 | 6,863,836 | ||||||
2.00% due 02/15/2025 | 1,729,000 | 1,825,311 | ||||||
2.00% due 11/15/2026 | 384,000 | 406,065 | ||||||
2.25% due 04/30/2024 | 167,000 | 176,485 | ||||||
2.25% due 11/15/2024 | 3,596,000 | 3,821,452 | ||||||
2.25% due 08/15/2027 | 576,000 | 616,117 | ||||||
2.38% due 05/15/2029 | 500,000 | 536,758 |
53 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) |
| |||||||
2.50% due 01/15/2022 | $ | 2,401,000 | $ | 2,437,390 | ||||
2.63% due 02/15/2029 | 171,000 | 186,811 | ||||||
123,939,903 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $190,819,868) | 194,392,536 | |||||||
COMMON STOCKS — 0.0% |
| |||||||
Building Products - Air & Heating — 0.0% |
| |||||||
API Heat Transfer, Inc.†(5)(6) | 407,576 | 0 | ||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Hi-Crush, Inc.†(5)(6) | 66,782 | 11,353 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Akorn† | 13,495 | 204,679 | ||||||
Total Common Stocks | ||||||||
(cost $398,767) | 216,032 | |||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Building Products - Air & Heating — 0.0% |
| |||||||
API Heat Transfer, Inc., Class A†(5)(6)(11) | 87 | 0 | ||||||
Sovereign Agency — 0.0% |
| |||||||
Federal Home Loan Mtg. Corp. | 8,067 | 48,725 | ||||||
Total Preferred Securities | ||||||||
(cost $124,641) | 48,725 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3% |
| |||||||
Banks - Money Center — 0.0% |
| |||||||
BBVA Bancomer SA | 1,302,000 | 1,357,335 | ||||||
Building & Construction - Misc. — 0.0% |
| |||||||
China Minmetals Corp. | 600,000 | 608,411 | ||||||
Diversified Banking Institutions — 0.2% |
| |||||||
JPMorgan Chase & Co. | 2,562,000 | 2,766,960 | ||||||
Royal Bank of Scotland Group PLC | ||||||||
8.00% due 08/10/2025 | ||||||||
8.00% due 08/10/2025(9) | 1,096,000 | 1,290,540 | ||||||
Societe Generale SA | 1,754,000 | 1,957,990 | ||||||
6,015,490 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 1,361,000 | 1,418,590 | ||||||
Electric - Integrated — 0.1% |
| |||||||
CMS Energy Corp. | 1,130,000 | 1,138,475 | ||||||
CMS Energy Corp. | 1,360,000 | 1,499,400 | ||||||
Dominion Resources, Inc. | 928,000 | 1,015,307 | ||||||
3,653,182 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Land O’ Lakes, Inc. | 360,000 | 369,900 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Food - Dairy Products (continued) |
| |||||||
Land O’Lakes Capital Trust I | $ | 885,000 | $ | 1,015,538 | ||||
1,385,438 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 1,558,000 | 1,684,191 | ||||||
Prudential Financial, Inc. | 1,123,000 | 1,298,218 | ||||||
Voya Financial, Inc. | 1,452,000 | 1,519,331 | ||||||
4,501,740 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Allianz SE | 1,800,000 | 1,846,116 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
Liberty Mutual Group, Inc. | 4,639,000 | 4,147,161 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Chalco Hong Kong Investment Co., Ltd. | 700,000 | 702,382 | ||||||
Metal - Diversified — 0.0% |
| |||||||
Chinalco Capital Holdings, Ltd. | 400,000 | 413,997 | ||||||
Oil Companies - Integrated — 0.1% |
| |||||||
BP Capital Markets PLC | 2,436,000 | 2,616,264 | ||||||
Pipelines — 0.1% |
| |||||||
EnLink Midstream Partners LP | 1,007,000 | 758,996 | ||||||
Enterprise Products Operating LLC | 887,000 | 911,875 | ||||||
1,670,871 | ||||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Scentre Group Trust 2 | 1,875,000 | 1,978,125 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 2,981,000 | 3,172,678 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
AerCap Global Aviation Trust | 1,529,000 | 1,628,385 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $35,695,777) | 37,116,165 | |||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
Hellas Telecommunications Luxembourg II SCA | 560,000 | 0 | ||||||
ION Media Networks, Inc.†(5) | 395 | 4,750 | ||||||
Lehman Brothers Holdings, Inc. | 186,000 | 1,302 | ||||||
Waterford Gaming LLC/Waterford Gaming Financial Corp. | 267,418 | 1,685 | ||||||
Total Escrows And Litigation Trusts | ||||||||
(cost $827,418) | 7,737 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $2,617,886,522) | 2,674,507,033 | |||||||
54 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 9.2% |
| |||||||
Registered Investment Companies — 9.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 236,334,768 | $ | 236,334,768 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 21,916,484 | 21,916,484 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $258,251,252) | 258,251,252 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,876,137,774)(16) | 104.4 | % | 2,932,758,285 | |||||
Liabilities in excess of other assets | (4.4 | ) | (123,081,208 | ) | ||||
NET ASSETS | 100.0 | % | $ | 2,809,677,077 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $505,048,067 representing 18.0% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Commercial Mortgage Backed Security |
(2) | Collateralized Mortgage Obligation |
(3) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Interest Only |
(5) | Securities classified as Level 3 (see Note 2). |
(6) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Convertible Bonds & Notes | ||||||||||||||||||||||||
Hi Crush, Inc. | 10/8/2020 | 755,096 | $ | 690,012 | $ | 755,096 | $ | 100.00 | 0.03% | |||||||||||||||
Common Stocks | ||||||||||||||||||||||||
API Heat Transfer, Inc. | 12/31/2018 | 407,576 | 134,500 | 0 | 0.00 | 0.00 | ||||||||||||||||||
Hi-Crush, Inc. | 1/29/2021 | 66,782 | 88,083 | 11,353 | 0.17 | 0.00 | ||||||||||||||||||
Preferred Securities | ||||||||||||||||||||||||
API Heat Transfer, Inc. Class A | 12/31/2018 | 87 | 87 | 0 | 0.00 | 0.00 | ||||||||||||||||||
$ | 766,449 | 0.03% | ||||||||||||||||||||||
(7) | PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed. |
(8) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2021. |
(9) | Perpetual maturity — maturity date reflects the next call date. |
(10) | The rate shown is the 7-day yield as of May 31, 2021. |
(11) | Traded in units. 1 unit equals 1,000 shares. |
(12) | Company has filed for bankruptcy protection. |
(13) | Security in default of interest and principal at maturity. |
(14) | The rate shown is the 7-day yield as of May 31, 2021 |
(15) | At May 31, 2021, the Fund had loaned securities with a total value of $23,552,542. This was secured by collateral of $21,916,484, which was received in cash and subsequently invested in short-term investments currently valued at $21,916,484 as reported in the Portfolio of Investments. Additional collateral of $2,130,541 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 May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 0.26% to 24.00% | 05/01/2023 to 04/25/2051 | $ | 573,776 | ||||
Federal National Mtg. Assoc. | 0.39% to 42.40% | 11/25/2027 to 03/25/2060 | 336,244 | |||||
Government National Mtg. Assoc. | 0.40% to 38.94% | 07/15/2026 to 10/16/2062 | 489,222 | |||||
United States Treasury Bills | 0.00% | 08/05/2021 | 52,116 | |||||
United States Treasury Notes/Bonds | 0.13% to 3.63% | 07/31/2021 to 02/15/2051 | 679,183 |
(16) | 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.
ULC — Unlimited Liability Corp.
FRS — Floating Rate Security
VRS — Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2021 and unless noted otherwise, the dates 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
55 |
Table of Contents
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | — | | $ | 61,621,852 | $ | — | | $ | 61,621,852 | ||||||
U.S. Convertible Bonds & Notes | — | — | 755,096 | 755,096 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 833,497,152 | — | 833,497,152 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 297,537,268 | — | 297,537,268 | ||||||||||||
Foreign Government Obligations | — | 127,341,796 | — | 127,341,796 | ||||||||||||
U.S. Government Agencies | — | 1,121,972,674 | — | 1,121,972,674 | ||||||||||||
U.S. Government Treasuries | — | 194,392,536 | — | 194,392,536 | ||||||||||||
Common Stocks | — | 204,679 | 11,353 | 216,032 | ||||||||||||
Preferred Securities | 48,725 | — | 0 | 48,725 | ||||||||||||
Preferred Securities/Capital Securities | — | 37,116,165 | — | 37,116,165 | ||||||||||||
Escrows and Litigation Trusts | — | 1,302 | 6,435 | 7,737 | ||||||||||||
Short-Term Investment Securities | 258,251,252 | — | — | 258,251,252 | ||||||||||||
Total Investments at Value | $ | 258,299,977 | $ | 2,673,685,424 | $ | 772,884 | $ | 2,932,758,285 | ||||||||
* | 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
56 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.0 | % | ||
Medical — Drugs | 6.1 | |||
Registered Investment Companies | 3.7 | |||
Cosmetics & Toiletries | 3.2 | |||
Insurance — Property/Casualty | 3.1 | |||
Diversified Manufacturing Operations | 3.0 | |||
Electronic Components — Semiconductors | 2.9 | |||
Networking Products | 2.8 | |||
Oil Companies — Integrated | 2.7 | |||
Insurance — Multi — line | 2.5 | |||
Telephone — Integrated | 2.5 | |||
Medical — Wholesale Drug Distribution | 2.4 | |||
Banks — Super Regional | 2.4 | |||
Electric — Integrated | 2.3 | |||
Computer Services | 2.1 | |||
Medical — HMO | 2.0 | |||
Chemicals — Diversified | 2.0 | |||
Medical Products | 1.8 | |||
Pharmacy Services | 1.8 | |||
Food — Misc./Diversified | 1.7 | |||
Medical Instruments | 1.7 | |||
Beverages — Non — alcoholic | 1.6 | |||
Finance — Credit Card | 1.6 | |||
Data Processing/Management | 1.6 | |||
Aerospace/Defense | 1.6 | |||
Computers — Memory Devices | 1.5 | |||
Auto — Cars/Light Trucks | 1.4 | |||
Computers | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Retail — Drug Store | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Electric Products — Misc. | 1.2 | |||
Pipelines | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Insurance — Life/Health | 1.1 | |||
Tobacco | 1.1 | |||
Oil Refining & Marketing | 1.1 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Internet Security | 1.1 | |||
Food — Confectionery | 1.0 | |||
Retail — Consumer Electronics | 0.9 | |||
Applications Software | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Broadcast Services/Program | 0.9 | |||
Medical — Biomedical/Gene | 0.8 | |||
Insurance Brokers | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Soap & Cleaning Preparation | 0.8 | |||
Retail — Apparel/Shoe | 0.7 | |||
Food — Dairy Products | 0.7 | |||
Brewery | 0.7 | |||
Transport — Rail | 0.6 | |||
Retail — Discount | 0.5 | |||
Private Equity | 0.5 | |||
Repurchase Agreements | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Home Decoration Products | 0.4 | |||
Shipbuilding | 0.4 | |||
Gas — Distribution | 0.4 | |||
Wireless Equipment | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Agricultural Biotech | 0.3 | |||
Retail — Building Products | 0.3 | |||
Finance — Other Services | 0.2 | |||
Banks — Commercial | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
99.8% | ||||
* | Calculated as a percentage of net assets |
57 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.6% |
| |||||||
Aerospace/Defense — 1.6% |
| |||||||
BAE Systems PLC | 2,455,933 | $ | 18,353,790 | |||||
Raytheon Technologies Corp. | 33,439 | 2,966,374 | ||||||
21,320,164 | ||||||||
Agricultural Biotech — 0.3% |
| |||||||
Corteva, Inc. | 89,364 | 4,066,062 | ||||||
Applications Software — 0.9% |
| |||||||
CDK Global, Inc. | 92,696 | 4,851,709 | ||||||
Microsoft Corp. | 31,764 | 7,930,835 | ||||||
12,782,544 | ||||||||
Auto - Cars/Light Trucks — 1.4% |
| |||||||
General Motors Co.† | 313,098 | 18,569,842 | ||||||
Auto/Truck Parts & Equipment-Original — 0.5% |
| |||||||
Lear Corp. | 32,924 | 6,366,185 | ||||||
Banks - Commercial — 0.2% |
| |||||||
First Citizens BancShares, Inc., Class A | 2,705 | 2,327,923 | ||||||
Banks - Super Regional — 2.4% |
| |||||||
Wells Fargo & Co. | 699,533 | 32,682,182 | ||||||
Beverages - Non-alcoholic — 1.6% |
| |||||||
Coca-Cola Co. | 391,265 | 21,633,042 | ||||||
Brewery — 0.7% |
| |||||||
Constellation Brands, Inc., Class A | 38,881 | 9,320,553 | ||||||
Broadcast Services/Program — 0.9% |
| |||||||
Fox Corp., Class A | 310,542 | 11,598,743 | ||||||
Fox Corp., Class B | 2,460 | 89,249 | ||||||
11,687,992 | ||||||||
Cable/Satellite TV — 1.3% |
| |||||||
Comcast Corp., Class A | 319,205 | 18,303,215 | ||||||
Chemicals - Diversified — 2.0% |
| |||||||
Dow, Inc. | 257,814 | 17,639,634 | ||||||
DuPont de Nemours, Inc. | 33,639 | 2,845,523 | ||||||
PPG Industries, Inc. | 36,415 | 6,544,504 | ||||||
27,029,661 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
Automatic Data Processing, Inc. | 88,202 | 17,289,356 | ||||||
Computer Services — 2.1% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 161,703 | 11,571,467 | ||||||
International Business Machines Corp. | 97,902 | 14,072,433 | ||||||
Leidos Holdings, Inc. | 26,442 | 2,716,916 | ||||||
28,360,816 | ||||||||
Computers — 1.3% |
| |||||||
HP, Inc. | 630,884 | 18,440,739 | ||||||
Computers - Memory Devices — 1.5% |
| |||||||
NetApp, Inc. | 261,608 | 20,240,611 | ||||||
Cosmetics & Toiletries — 3.2% |
| |||||||
Colgate-Palmolive Co. | 156,844 | 13,140,390 | ||||||
Procter & Gamble Co. | 88,889 | 11,986,682 | ||||||
Unilever PLC ADR | 302,312 | 18,129,651 | ||||||
43,256,723 | ||||||||
Data Processing/Management — 1.6% |
| |||||||
Fidelity National Information Services, Inc. | 35,797 | 5,333,037 | ||||||
Paychex, Inc. | 161,047 | 16,288,294 | ||||||
21,621,331 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions — 8.0% |
| |||||||
Bank of America Corp. | 547,325 | $ | 23,201,107 | |||||
Citigroup, Inc. | 426,804 | 33,593,743 | ||||||
JPMorgan Chase & Co. | 197,138 | 32,377,945 | ||||||
Morgan Stanley | 212,246 | 19,303,773 | ||||||
108,476,568 | ||||||||
Diversified Manufacturing Operations — 3.0% |
| |||||||
3M Co. | 74,029 | 15,030,848 | ||||||
General Electric Co. | 1,093,396 | 15,373,148 | ||||||
Siemens AG | 64,741 | 10,471,715 | ||||||
40,875,711 | ||||||||
Electric Products - Misc. — 1.2% |
| |||||||
Emerson Electric Co. | 176,858 | 16,923,542 | ||||||
Electric - Integrated — 2.3% |
| |||||||
Ameren Corp. | 60,454 | 5,090,227 | ||||||
American Electric Power Co., Inc. | 31,408 | 2,701,088 | ||||||
Edison International | 111,590 | 6,234,533 | ||||||
Exelon Corp. | 85,736 | 3,868,408 | ||||||
Public Service Enterprise Group, Inc. | 178,537 | 11,090,719 | ||||||
Southern Co. | 41,464 | 2,650,379 | ||||||
31,635,354 | ||||||||
Electronic Components - Semiconductors — 2.9% |
| |||||||
Broadcom, Inc. | 33,567 | 15,854,701 | ||||||
Samsung Electronics Co., Ltd. GDR | 4,531 | 8,192,048 | ||||||
Texas Instruments, Inc. | 85,143 | 16,161,844 | ||||||
40,208,593 | ||||||||
Enterprise Software/Service — 1.2% |
| |||||||
Open Text Corp. | 98,347 | 4,620,342 | ||||||
SS&C Technologies Holdings, Inc. | 151,168 | 11,166,780 | ||||||
15,787,122 | ||||||||
Finance - Credit Card — 1.6% |
| |||||||
American Express Co. | 34,325 | 5,496,462 | ||||||
Capital One Financial Corp. | 43,519 | 6,996,985 | ||||||
Visa, Inc., Class A | 40,166 | 9,129,732 | ||||||
21,623,179 | ||||||||
Finance - Investment Banker/Broker — 1.1% |
| |||||||
Charles Schwab Corp. | 204,354 | 15,091,543 | ||||||
Finance - Other Services — 0.2% |
| |||||||
Intercontinental Exchange, Inc. | 22,766 | 2,569,826 | ||||||
Food - Confectionery — 1.0% |
| |||||||
J.M. Smucker Co. | 103,901 | 13,848,964 | ||||||
Food - Dairy Products — 0.7% |
| |||||||
Danone SA | 134,985 | 9,596,613 | ||||||
Food - Misc./Diversified — 1.7% |
| |||||||
Campbell Soup Co. | 237,588 | 11,563,408 | ||||||
General Mills, Inc. | 194,306 | 12,214,075 | ||||||
23,777,483 | ||||||||
Gas - Distribution — 0.4% |
| |||||||
NiSource, Inc. | 193,290 | 4,928,895 | ||||||
Home Decoration Products — 0.4% |
| |||||||
Newell Brands, Inc. | 197,899 | 5,677,722 | ||||||
Insurance Brokers — 0.8% |
| |||||||
Arthur J. Gallagher & Co. | 77,806 | 11,407,138 | ||||||
Insurance - Life/Health — 1.1% |
| |||||||
Equitable Holdings, Inc. | 225,980 | 7,174,865 | ||||||
Prudential Financial, Inc. | 79,381 | 8,491,386 | ||||||
15,666,251 | ||||||||
58 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Multi-line — 2.5% |
| |||||||
Allstate Corp. | 44,903 | $ | 6,134,199 | |||||
Hartford Financial Services Group, Inc. | 119,382 | 7,801,614 | ||||||
MetLife, Inc. | 299,796 | 19,594,666 | ||||||
33,530,479 | ||||||||
Insurance - Property/Casualty — 3.1% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 54,244 | 15,700,384 | ||||||
Fidelity National Financial, Inc. | 163,474 | 7,681,643 | ||||||
First American Financial Corp. | 27,162 | 1,746,788 | ||||||
Travelers Cos., Inc. | 106,323 | 16,979,783 | ||||||
42,108,598 | ||||||||
Internet Security — 1.1% |
| |||||||
NortonLifeLock, Inc. | 522,886 | 14,463,027 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Raymond James Financial, Inc. | 83,270 | 11,040,769 | ||||||
Medical Instruments — 1.7% |
| |||||||
Alcon, Inc. | 107,113 | 7,449,683 | ||||||
Medtronic PLC | 126,297 | 15,987,937 | ||||||
23,437,620 | ||||||||
Medical Products — 1.8% |
| |||||||
Koninklijke Philips NV | 242,870 | 13,631,121 | ||||||
Zimmer Biomet Holdings, Inc. | 68,386 | 11,511,415 | ||||||
25,142,536 | ||||||||
Medical - Biomedical/Gene — 0.8% |
| |||||||
Amgen, Inc. | 48,648 | 11,575,305 | ||||||
Medical - Drugs — 6.1% |
| |||||||
AstraZeneca PLC | 109,847 | 12,542,861 | ||||||
Bayer AG | 223,443 | 14,027,142 | ||||||
Bristol-Myers Squibb Co. | �� | 202,609 | 13,315,464 | |||||
Johnson & Johnson | 81,225 | 13,747,331 | ||||||
Merck & Co., Inc. | 144,972 | 11,001,925 | ||||||
Sanofi | 170,979 | 18,133,271 | ||||||
82,767,994 | ||||||||
Medical - HMO — 2.0% |
| |||||||
Anthem, Inc. | 42,539 | 16,939,880 | ||||||
Humana, Inc. | 5,733 | 2,509,334 | ||||||
UnitedHealth Group, Inc. | 19,253 | 7,930,696 | ||||||
27,379,910 | ||||||||
Medical - Wholesale Drug Distribution — 2.4% |
| |||||||
AmerisourceBergen Corp. | 127,730 | 14,655,740 | ||||||
Cardinal Health, Inc. | 245,266 | 13,752,065 | ||||||
McKesson Corp. | 23,027 | 4,430,164 | ||||||
32,837,969 | ||||||||
Networking Products — 2.8% |
| |||||||
Cisco Systems, Inc. | 732,300 | 38,738,670 | ||||||
Oil Companies - Exploration & Production — 0.9% |
| |||||||
ConocoPhillips | 215,958 | 12,037,499 | ||||||
Oil Companies - Integrated — 2.7% |
| |||||||
BP PLC | 2,593,980 | 11,270,139 | ||||||
Chevron Corp. | 149,425 | 15,508,821 | ||||||
Equinor ASA | 440,287 | 9,458,563 | ||||||
36,237,523 | ||||||||
Oil Refining & Marketing — 1.1% |
| |||||||
Marathon Petroleum Corp. | 245,968 | 15,200,822 | ||||||
Pharmacy Services — 1.8% |
| |||||||
Cigna Corp. | 51,063 | 13,217,657 | ||||||
CVS Health Corp. | 128,636 | 11,119,296 | ||||||
24,336,953 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Pipelines — 1.2% |
| |||||||
Enterprise Products Partners LP | 704,270 | $ | 16,627,815 | |||||
Private Equity — 0.5% |
| |||||||
Blackstone Group, Inc., Class A | 71,706 | 6,644,995 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Ross Stores, Inc. | 76,635 | 9,685,898 | ||||||
Retail - Building Products — 0.3% |
| |||||||
Lowe’s Cos., Inc. | 19,193 | 3,739,372 | ||||||
Retail - Consumer Electronics — 0.9% |
| |||||||
Best Buy Co., Inc. | 110,613 | 12,857,655 | ||||||
Retail - Discount — 0.5% |
| |||||||
Dollar General Corp. | 33,303 | 6,759,177 | ||||||
Retail - Drug Store — 1.3% |
| |||||||
Walgreens Boots Alliance, Inc. | 338,747 | 17,838,417 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
TJX Cos., Inc. | 66,741 | 4,507,687 | ||||||
Semiconductor Equipment — 0.2% |
| |||||||
Applied Materials, Inc. | 16,409 | 2,266,575 | ||||||
Shipbuilding — 0.4% |
| |||||||
Huntington Ingalls Industries, Inc. | 23,350 | 5,048,504 | ||||||
Soap & Cleaning Preparation — 0.8% |
| |||||||
Henkel AG & Co. KGaA (Preference Shares) | 90,077 | 10,305,599 | ||||||
Telephone - Integrated — 2.5% |
| |||||||
Verizon Communications, Inc. | 592,726 | 33,483,092 | ||||||
Tobacco — 1.1% |
| |||||||
Altria Group, Inc. | 158,567 | 7,804,668 | ||||||
British American Tobacco PLC | 203,499 | 7,835,026 | ||||||
15,639,694 | ||||||||
Transport - Rail — 0.6% |
| |||||||
Union Pacific Corp. | 34,619 | 7,779,928 | ||||||
Wireless Equipment — 0.3% |
| |||||||
Motorola Solutions, Inc. | 22,838 | 4,688,870 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,058,156,588) | 1,302,102,397 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.7% |
| |||||||
Registered Investment Companies — 3.7% |
| |||||||
State Street Institutional Liquid Reserves Fund, Premier Class | 50,324,939 | 50,340,036 | ||||||
REPURCHASE AGREEMENTS — 0.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $6,515,000 and collateralized by $6,196,400 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $6,645,336 | $ | 6,515,000 | 6,515,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,115,007,056)(2) | 99.8 | % | 1,358,957,433 | |||||
Other assets less liabilities | 0.2 | 2,745,216 | ||||||
NET ASSETS | 100.0 | % | $ | 1,361,702,649 | ||||
† | Non-income producing security |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
59 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 1,302,102,397 | $ | — | $ | — | $ | 1,302,102,397 | ||||||||
Short-Term Investment Securities | 50,340,036 | — | — | 50,340,036 | ||||||||||||
Repurchase Agreements | — | 6,515,000 | — | 6,515,000 | ||||||||||||
Total Investments at Value | $ | 1,352,442,433 | $ | 6,515,000 | $ | — | $ | 1,358,957,433 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
60 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 52.5 | % | ||
Domestic Fixed Income Investment Companies | 18.9 | |||
United States Treasury Notes | 14.6 | |||
International Equity Investment Companies | 10.0 | |||
Registered Investment Companies | 3.8 | |||
Options — Purchased | 0.8 | |||
International Fixed Income Investment Companies | 0.4 | |||
101.0% | ||||
* | Calculated as a percentage of net assets |
61 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.8%(1)@ |
| |||||||
Domestic Equity Investment Companies — 52.5% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 293,727 | $ | 7,390,179 | |||||
VALIC Co. I Capital Appreciation Fund† | 281,597 | 6,105,033 | ||||||
VALIC Co. I Dividend Value Fund | 617,747 | 8,141,907 | ||||||
VALIC Co. I Growth Fund | 348,549 | 7,734,296 | ||||||
VALIC Co. I Large Capital Growth Fund | 295,137 | 6,203,784 | ||||||
VALIC Co. I Mid Cap Index Fund | 93,386 | 2,913,637 | ||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 82,606 | 1,913,147 | ||||||
VALIC Co. I Mid Cap Value Fund | 97,983 | 2,176,213 | ||||||
VALIC Co. I Small Cap Growth Fund | 43,575 | 995,702 | ||||||
VALIC Co. I Small Cap Index Fund | 49,639 | 1,165,514 | ||||||
VALIC Co. I Small Cap Special Values Fund | 90,206 | 1,286,344 | ||||||
VALIC Co. I Small Cap Value Fund | 27,779 | 432,525 | ||||||
VALIC Co. I Stock Index Fund | 442,401 | 23,301,236 | ||||||
VALIC Co. I Systematic Core Fund | 449,588 | 11,963,536 | ||||||
VALIC Co. I Systematic Value Fund | 1,588,291 | 20,838,379 | ||||||
VALIC Co. I U.S. Socially Responsible Fund† | 67,365 | 1,674,023 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $86,643,119) | 104,235,455 | |||||||
Domestic Fixed Income Investment Companies — 18.9% |
| |||||||
VALIC Co. I Core Bond Fund | 2,207,894 | 25,103,754 | ||||||
VALIC Co. I Government Securities Fund | 793,145 | 8,550,100 | ||||||
VALIC Co. I High Yield Bond Fund† | 201,697 | 1,549,030 | ||||||
VALIC Co. I Inflation Protected Fund | 197,072 | 2,360,922 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $37,288,374) | 37,563,806 | |||||||
International Equity Investment Companies — 10.0% |
| |||||||
VALIC Co. I Emerging Economies Fund | 124,515 | 1,339,782 | ||||||
VALIC Co. I Global Real Estate Fund | 156,798 | 1,277,901 | ||||||
VALIC Co. I International Equities Index Fund | 658,598 | 5,551,984 | ||||||
VALIC Co. I International Growth Fund | 289,351 | 5,541,066 | ||||||
VALIC Co. I International Opportunities Fund | 3,158 | 72,850 | ||||||
VALIC Co. I International Socially Responsible Fund | 31,025 | 829,307 | ||||||
VALIC Co. I International Value Fund | 458,669 | 5,260,933 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $14,754,746) | 19,873,823 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund (cost $717,806) | 60,980 | 759,199 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $139,404,045) | 162,432,283 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 14.6% |
| |||||||
United States Treasury Notes — 14.6% |
| |||||||
0.63% due 05/15/2030 | $ | 3,029,000 | $ | 2,800,050 | ||||
0.63% due 08/15/2030 | 1,121,600 | 1,032,661 | ||||||
0.88% due 11/15/2030 | 4,992,700 | 4,690,018 | ||||||
1.13% due 02/15/2031 | 3,996,200 | 3,829,483 | ||||||
1.50% due 02/15/2030 | 2,236,000 | 2,237,660 | ||||||
1.63% due 08/15/2029# | 3,067,200 | 3,114,286 | ||||||
1.75% due 11/15/2029 | 2,664,100 | 2,729,246 | ||||||
2.38% due 05/15/2029 | 6,700,400 | 7,192,984 | ||||||
2.63% due 02/15/2029 | 1,067,100 | 1,165,765 | ||||||
3.13% due 11/15/2028 | 117,700 | 132,748 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $29,170,680) | 28,924,901 | |||||||
OPTIONS - PURCHASED — 0.8% |
| |||||||
Over the Counter Purchased Put Options(2) | 30,000 | 1,560,527 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $170,940,103) | 192,917,711 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.8% |
| |||||||
Registered Investment Companies — 3.8% |
| |||||||
AB Government Money Market Portfolio, Class AB 0.05%(3) | 7,583,511 | 7,583,511 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $178,523,614)(4) | 101.0 | % | 200,501,222 | |||||
Liabilities in excess of other assets | (1.0 | ) | (1,984,742 | ) | ||||
NET ASSETS | 100.0 | % | $ | 198,516,480 | ||||
@ | The Dynamic Allocation Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com.. |
† | Non-income producing security |
# | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | See Note 3 |
(2) | Options — Purchased |
Over the Counter Purchased Put Options | ||||||||||||||||||||||||||||||||
Issue | Counter Party | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Paid | Value at May 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | October 2021 | $ | 3,500 | 1,000 | $ | 4,204,110 | $ | 63,550 | $ | 43,822 | $ | (19,728 | ) | ||||||||||||||||||
S&P 500 Index | Citibank, N.A. | November 2021 | 3,600 | 8,000 | 33,632,880 | 667,885 | 555,182 | (112,703 | ) | |||||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | October 2021 | 3,300 | 1,500 | 6,306,165 | 96,731 | 46,120 | (50,611 | ) | |||||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | October 2021 | 3,500 | 2,000 | 8,408,220 | 129,331 | 87,645 | (41,686 | ) | |||||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | November 2021 | 3,600 | 1,000 | 4,204,110 | 81,734 | 69,397 | (12,337 | ) | |||||||||||||||||||||||
S&P 500 Index | JP Morgan Chase Bank, N.A. | October 2021 | 3,300 | 2,000 | 8,408,220 | 149,650 | 61,493 | (88,157 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | October 2021 | 3,300 | 3,000 | 12,612,330 | 258,899 | 92,239 | (166,660 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | October 2021 | 3,500 | 7,500 | 31,530,825 | 589,654 | 328,668 | (260,986 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | November 2021 | 3,600 | 4,000 | 16,816,440 | 327,944 | 275,961 | (51,983 | ) | |||||||||||||||||||||||
30,000 | $ | 126,123,300 | $ | 2,365,378 | $ | 1,560,527 | $ | (804,851 | ) | |||||||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(4) | See Note 5 for cost of investments on a tax basis. |
62 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis# | Notional Value# | Unrealized Appreciation | ||||||||||||||||
110 | Long | S&P 500 E-Mini Index | June 2021 | $ | 22,973,371 | $ | 23,113,200 | $ | 139,829 | |||||||||||||
Unrealized Depreciation | ||||||||||||||||||||||
10 | Short | S&P 500 E-Mini Index | June 2021 | 1,964,345 | 2,101,200 | (136,855 | ) | |||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 2,974 | ||||||||||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 162,432,283 | $ | — | $ | — | $ | 162,432,283 | ||||||||
U.S. Government Treasuries | — | 28,924,901 | — | 28,924,901 | ||||||||||||
Options - Purchased | — | 1,560,527 | — | 1,560,527 | ||||||||||||
Short-Term Investment Securities | 7,583,511 | — | — | 7,583,511 | ||||||||||||
Total Investments at Value | $ | 170,015,794 | $ | 30,485,428 | $ | — | $ | 200,501,222 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 139,829 | $ | — | $ | — | $ | 139,829 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 136,855 | $ | — | $ | — | $ | 136,855 | ||||||||
* | 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
63 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Semiconductor Components — Integrated Circuits | 9.5 | % | ||
Banks — Commercial | 8.3 | |||
Electronic Components — Semiconductors | 7.9 | |||
Internet Content — Information/News | 7.8 | |||
E-Commerce/Products | 5.2 | |||
Diversified Financial Services | 3.4 | |||
Oil Companies — Integrated | 3.0 | |||
Real Estate Operations & Development | 2.7 | |||
Metal — Iron | 2.1 | |||
Metal — Diversified | 2.0 | |||
Steel — Producers | 2.0 | |||
Auto — Cars/Light Trucks | 1.9 | |||
Finance — Mortgage Loan/Banker | 1.6 | |||
Building Products — Doors & Windows | 1.6 | |||
Energy — Alternate Sources | 1.4 | |||
Electronic Components — Misc. | 1.3 | |||
Retail — Apparel/Shoe | 1.2 | |||
Applications Software | 1.2 | |||
Web Portals/ISP | 1.1 | |||
Internet Content — Entertainment | 1.1 | |||
Communications Software | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Real Estate Management/Services | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Machinery — Construction & Mining | 0.9 | |||
Diversified Minerals | 0.9 | |||
Platinum | 0.9 | |||
E-Commerce/Services | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Gas — Distribution | 0.8 | |||
Finance — Leasing Companies | 0.8 | |||
Entertainment Software | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Food — Retail | 0.8 | |||
Non — Ferrous Metals | 0.8 | |||
Building Products — Cement | 0.7 | |||
Transport — Marine | 0.7 | |||
Computer Services | 0.7 | |||
Home Furnishings | 0.7 | |||
Diamonds/Precious Stones | 0.7 | |||
Computers | 0.7 | |||
Rubber — Tires | 0.7 | |||
Banks — Money Center | 0.6 | |||
Diversified Operations | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Retail — Automobile | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Banks — Special Purpose | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Computers — Periphery Equipment | 0.5 | |||
Circuit Boards | 0.5 | |||
Auto/Truck Parts & Equipment — Replacement | 0.5 | |||
Paper & Related Products | 0.5 | |||
Petrochemicals | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Retail — Discount | 0.4 | |||
Rubber/Plastic Products | 0.4 | |||
Capacitors | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Medical — Drugs | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Bicycle Manufacturing | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Home Decoration Products | 0.3 | |||
Insurance — Property/Casualty | 0.3 |
Audio/Video Products | 0.3 | |||
Food — Dairy Products | 0.3 | |||
Coal | 0.3 | |||
Industrial Audio & Video Products | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Agricultural Operations | 0.2 | |||
Appliances | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Transport — Services | 0.2 | |||
99.2 | % | |||
Country Allocation*
Cayman Islands | 20.6 | % | ||
Taiwan | 17.8 | |||
South Korea | 17.4 | |||
China | 14.0 | |||
Russia | 7.6 | |||
India | 7.0 | |||
Brazil | 3.5 | |||
South Africa | 3.5 | |||
Thailand | 2.0 | |||
Mexico | 1.3 | |||
United States | 0.9 | |||
Bermuda | 0.9 | |||
Turkey | 0.8 | |||
United Kingdom | 0.8 | |||
Hong Kong | 0.7 | |||
Vietnam | 0.4 | |||
99.2 | % | |||
* | Calculated as a percentage of net assets |
64 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Bermuda — 0.9% |
| |||||||
Brilliance China Automotive Holdings, Ltd.(3) | 4,556,000 | $ | 3,677,643 | |||||
Nine Dragons Paper Holdings, Ltd. | 3,263,000 | 4,927,568 | ||||||
8,605,211 | ||||||||
Brazil — 3.5% |
| |||||||
Banco do Brasil SA | 1,447,842 | 9,303,726 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 624,580 | 2,864,221 | ||||||
SLC Agricola SA | 278,725 | 2,834,474 | ||||||
Vale SA ADR | 1,032,737 | 22,224,500 | ||||||
37,226,921 | ||||||||
Cayman Islands — 20.6% |
| |||||||
Alibaba Group Holding, Ltd.† | 2,030,744 | 55,210,991 | ||||||
Baidu, Inc. ADR† | 61,212 | 12,014,079 | ||||||
Bosideng International Holdings, Ltd. | 6,188,000 | 3,428,520 | ||||||
Chailease Holding Co., Ltd. | 1,133,000 | 8,515,726 | ||||||
China Hongqiao Group, Ltd. | 4,315,000 | 6,961,023 | ||||||
China Lesso Group Holdings, Ltd. | 1,670,000 | 4,400,456 | ||||||
Country Garden Services Holdings Co., Ltd. | 1,018,000 | 10,565,772 | ||||||
Haitian International Holdings, Ltd. | 774,000 | 2,702,702 | ||||||
IGG, Inc. | 2,261,000 | 3,356,147 | ||||||
Kingsoft Corp., Ltd. | 758,000 | 5,112,977 | ||||||
Longfor Group Holdings, Ltd.* | 1,195,500 | 6,993,480 | ||||||
Meituan, Class B†* | 250,500 | 9,489,492 | ||||||
Q Technology Group Co., Ltd. | 1,666,000 | 2,760,603 | ||||||
Tencent Holdings, Ltd. | 848,700 | 67,691,286 | ||||||
Topsports International Holdings, Ltd.* | 3,795,000 | 5,779,858 | ||||||
Xinyi Glass Holdings, Ltd. | 946,000 | 3,778,685 | ||||||
Xinyi Solar Holdings, Ltd.# | 3,032,000 | 5,438,215 | ||||||
Zhongsheng Group Holdings, Ltd. | 662,500 | 5,698,034 | ||||||
219,898,046 | ||||||||
China — 14.0% |
| |||||||
Anhui Conch Cement Co., Ltd. | 1,257,000 | 7,855,339 | ||||||
BOE Technology Group Co., Ltd., Class A | 5,236,900 | 5,199,304 | ||||||
China Construction Bank Corp. | 21,501,000 | 17,675,319 | ||||||
China National Accord Medicines Corp., Ltd., Class A | 589,471 | 3,689,229 | ||||||
China Vanke Co., Ltd. | 2,273,600 | 7,865,861 | ||||||
Dian Diagnostics Group Co., Ltd., Class A | 519,730 | 3,380,119 | ||||||
Fuyao Glass Industry Group Co., Ltd.* | 802,800 | 5,332,415 | ||||||
GF Securities Co., Ltd. | 6,430,400 | 9,197,057 | ||||||
Industrial Bank Co., Ltd., Class A | 3,111,030 | 11,294,265 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 460,800 | 2,930,988 | ||||||
LONGi Green Energy Technology Co., Ltd., Class A | 430,400 | 6,903,222 | ||||||
Ming Yang Smart Energy Group, Ltd. Units | 1,149,950 | 2,832,558 | ||||||
PICC Property & Casualty Co., Ltd. | 3,284,000 | 3,135,518 | ||||||
Poly Developments and Holdings Group Co., Ltd., Class A | 3,555,074 | 7,550,560 | ||||||
Postal Savings Bank of China Co., Ltd.* | 8,888,000 | 6,401,825 | ||||||
Sany Heavy Industry Co., Ltd., Class A | 1,207,611 | 5,746,192 | ||||||
Seazen Holdings Co., Ltd., Class A | 450,453 | 3,434,105 | ||||||
Suofeiya Home Collection Co., Ltd., Class A | 1,699,267 | 7,364,905 | ||||||
TBEA Co., Ltd., Class A | 1,895,400 | 3,552,182 | ||||||
Weichai Power Co., Ltd. | 2,192,881 | 4,933,410 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 78,000 | 3,861,219 | ||||||
Xiamen C & D, Inc., Class A | 1,773,698 | 2,304,300 | ||||||
Zhuzhou Kibing Group Co., Ltd., Class A | 4,712,073 | 12,465,449 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. | 3,770,000 | 4,546,792 | ||||||
149,452,133 | ||||||||
Hong Kong — 0.7% |
| |||||||
Lenovo Group, Ltd. | 6,040,000 | 7,237,820 | ||||||
Security Description | Shares | Value (Note2) | ||||||
India — 7.0% |
| |||||||
Apollo Tyres, Ltd.† | 969,371 | $ | 2,980,673 | |||||
Bharat Electronics, Ltd. | 2,754,854 | 5,519,786 | ||||||
GAIL India, Ltd. | 4,006,455 | 8,865,441 | ||||||
HCL Technologies, Ltd. | 929,786 | 12,141,734 | ||||||
HDFC Bank, Ltd. ADR† | 127,548 | 9,761,248 | ||||||
Housing Development Finance Corp., Ltd. | 474,887 | 16,722,735 | ||||||
Mindtree, Ltd. | 225,047 | 7,427,786 | ||||||
Tech Mahindra, Ltd. | 768,884 | 10,879,057 | ||||||
74,298,460 | ||||||||
Mexico — 1.3% |
| |||||||
Grupo Financiero Banorte SAB de CV, Class O | 791,296 | 5,479,639 | ||||||
Grupo Mexico SAB de CV, Class B | 1,632,569 | 7,962,852 | ||||||
13,442,491 | ||||||||
Russia — 7.6% |
| |||||||
Alrosa PJSC | 4,643,226 | 7,238,789 | ||||||
Lukoil PJSC ADR | 182,556 | 14,825,373 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 6,433,586 | 5,515,378 | ||||||
MMC Norilsk Nickel PJSC ADR# | 373,056 | 13,224,835 | ||||||
Rosneft OAO† | 1,340,694 | 9,598,358 | ||||||
Sberbank of Russia PJSC ADR | 1,007,638 | 17,008,930 | ||||||
Severstal PAO GDR | 277,723 | 6,398,738 | ||||||
Tatneft PJSC ADR# | 185,864 | 7,464,298 | ||||||
81,274,699 | ||||||||
South Africa — 3.5% |
| |||||||
African Rainbow Minerals, Ltd. | 162,390 | 3,133,678 | ||||||
Exxaro Resources, Ltd. | 250,571 | 2,797,304 | ||||||
Foschini Group, Ltd.† | 489,058 | 4,702,054 | ||||||
Impala Platinum Holdings, Ltd. | 547,005 | 9,942,839 | ||||||
Mr. Price Group, Ltd. | 280,929 | 4,755,790 | ||||||
Naspers, Ltd., Class N | 31,015 | 6,863,956 | ||||||
Woolworths Holdings, Ltd.† | 1,171,779 | 4,740,258 | ||||||
36,935,879 | ||||||||
South Korea — 17.4% |
| |||||||
CJ CheilJedang Corp. | 12,728 | 5,574,848 | ||||||
E-MART Inc. | 33,694 | 4,803,502 | ||||||
GS Engineering & Construction Corp. | 80,374 | 3,224,905 | ||||||
Hana Financial Group, Inc. | 305,995 | 12,771,512 | ||||||
Hankook Tire & Technology Co., Ltd. | 87,134 | 3,820,365 | ||||||
Industrial Bank of Korea | 559,700 | 5,419,851 | ||||||
Kakao Corp. | 102,525 | 11,306,890 | ||||||
Kia Corp. | 164,989 | 12,663,013 | ||||||
KIWOOM Securities Co., Ltd. | 46,360 | 5,071,210 | ||||||
Korea Petrochemical Ind Co., Ltd. | 9,783 | 2,337,640 | ||||||
Lotte Chemical Corp. | 19,529 | 4,885,314 | ||||||
POSCO | 31,096 | 9,897,857 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 48,879 | 7,472,312 | ||||||
Samsung Electronics Co., Ltd. | 686,692 | 49,563,979 | ||||||
Samsung Securities Co. Ltd. | 122,362 | 5,205,843 | ||||||
Shinhan Financial Group Co., Ltd. | 328,264 | 12,494,223 | ||||||
SK Hynix, Inc. | 251,319 | 28,617,872 | ||||||
185,131,136 | ||||||||
Taiwan — 17.8% |
| |||||||
ASE Technology Holding Co., Ltd. | 1,644,000 | 6,607,884 | ||||||
AU Optronics Corp.† | 7,442,000 | 6,934,832 | ||||||
Cathay Financial Holding Co., Ltd. | 4,081,000 | 8,223,641 | ||||||
Delta Electronics, Inc. | 509,000 | 5,431,193 | ||||||
Evergreen Marine Corp Taiwan, Ltd.† | 2,110,000 | 7,499,721 | ||||||
Fubon Financial Holding Co., Ltd. | 4,470,000 | 11,650,150 | ||||||
Giant Manufacturing Co., Ltd. | 274,000 | 3,269,371 | ||||||
Lite-On Technology Corp. | 1,253,000 | 2,990,162 | ||||||
Makalot Industrial Co., Ltd. | 598,000 | 6,057,497 |
65 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares/ Principal Amount | Value (Note2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Taiwan — (continued) |
| |||||||
Micro-Star International Co., Ltd. | 846,000 | $ | 5,047,241 | |||||
Nanya Technology Corp. | 1,684,000 | 4,971,778 | ||||||
Nien Made Enterprise Co., Ltd. | 219,000 | 3,217,047 | ||||||
Novatek Microelectronics Corp. | 326,000 | 6,275,446 | ||||||
Realtek Semiconductor Corp. | 298,000 | 5,360,466 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,621,000 | 56,406,229 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 186,282 | 21,862,055 | ||||||
Uni-President Enterprises Corp. | 1,980,000 | 5,253,258 | ||||||
United Microelectronics Corp. | 3,468,000 | 6,625,836 | ||||||
Yageo Corp. | 248,000 | 4,514,699 | ||||||
Yuanta Financial Holding Co., Ltd. | 12,299,520 | 11,350,470 | ||||||
189,548,976 | ||||||||
Thailand — 2.0% |
| |||||||
PTT Exploration & Production PCL | 2,829,700 | 10,594,397 | ||||||
Siam Cement PCL | 443,300 | 6,241,664 | ||||||
Sri Trang Agro-Industry PCL | 3,091,700 | 4,649,917 | ||||||
21,485,978 | ||||||||
Turkey — 0.8% |
| |||||||
Arcelik AS | 677,083 | 2,497,834 | ||||||
BIM Birlesik Magazalar AS | 438,540 | 3,274,043 | ||||||
Ford Otomotiv Sanayi AS | 161,567 | 3,280,098 | ||||||
9,051,975 | ||||||||
United Kingdom — 0.8% |
| |||||||
Anglo American PLC | 202,876 | 9,026,027 | ||||||
United States — 0.9% |
| |||||||
MercadoLibre, Inc.† | 7,091 | 9,634,329 | ||||||
Vietnam — 0.4% |
| |||||||
Vietnam Joint Stock Commercial Bank for Industry and Trade | 1,993,400 | 4,592,968 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $823,722,687) | 1,056,843,049 | |||||||
Security Description | Shares/ Principal Amount | Value (Note2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 75,038 | $ | 75,038 | |||||
TOTAL INVESTMENTS — | ||||||||
(cost $823,797,725) (4) | 99.2 | % | 1,056,918,087 | |||||
Other assets less liabilities | 0.8 | 8,487,364 | ||||||
NET ASSETS | 100.0 | % | $ | 1,065,405,451 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $33,997,070 representing 3.2% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2021, the Fund had loaned securities with a total value of $5,238,192. This was secured by collateral of $75,038, which was received in cash and subsequently invested in short-term investments currently valued at $75,038 as reported in the Portfolio of Investments. Additional collateral of $5,457,288 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
United States Treasury Notes/Bonds | 0.13% to 3.13% | 09/30/2022 to 08/15/2050 | $5,457,288 |
(2) | The rate shown is the 7-day yield as of May 31, 2021. |
(3) | Securities classified as Level 3 (see Note 2). |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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: | ||||||||||||||||
Bermuda | $ | 4,927,568 | $ | — | $ | 3,677,643 | $ | 8,605,211 | ||||||||
Russia | 58,922,174 | 22,352,525 | — | 81,274,699 | ||||||||||||
Other Countries | 966,963,139 | — | — | 966,963,139 | ||||||||||||
Short-Term Investment Securities | 75,038 | — | — | 75,038 | ||||||||||||
Total Investments at Value | $ | 1,030,887,919 | $ | 22,352,525 | $ | 3,677,643 | $ | 1,056,918,087 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no material Level 3 transfers during the reporting period.
See Notes to Financial Statements
66 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 75.3 | % | ||
Real Estate Operations & Development | 12.4 | |||
Real Estate Management/Services | 6.8 | |||
Hotels/Motels | 2.1 | |||
Telecom Services | 1.1 | |||
Registered Investment Companies | 0.9 | |||
Building — Heavy Construction | 0.7 | |||
Building — Residential/Commercial | 0.5 | |||
99.8% | ||||
Country Allocation*
United States | 48.2 | % | ||
Japan | 12.7 | |||
United Kingdom | 7.2 | |||
Germany | 6.5 | |||
Australia | 4.0 | |||
Canada | 3.7 | |||
Hong Kong | 3.7 | |||
France | 2.8 | |||
Cayman Islands | 2.2 | |||
Singapore | 2.2 | |||
Sweden | 1.5 | |||
Spain | 1.4 | |||
Switzerland | 1.2 | |||
Bermuda | 1.1 | |||
Belgium | 0.8 | |||
Netherlands | 0.3 | |||
Ireland | 0.3 | |||
99.8% | ||||
* | Calculated as a percentage of net assets |
67 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.9% |
| |||||||
Australia — 4.0% |
| |||||||
BGP Holdings PLC†(1) | 479,213 | $ | 0 | |||||
Goodman Group | 363,807 | 5,449,315 | ||||||
Ingenia Communities Group | 1,126,209 | 4,844,526 | ||||||
Mirvac Group | 427,459 | 919,384 | ||||||
NEXTDC, Ltd.† | 329,758 | 2,765,810 | ||||||
Scentre Group | 1,592,090 | 3,338,371 | ||||||
17,317,406 | ||||||||
Belgium — 0.8% |
| |||||||
Warehouses De Pauw CVA | 96,595 | 3,675,134 | ||||||
Bermuda — 1.1% |
| |||||||
Shangri-La Asia, Ltd.† | 5,426,000 | 5,061,815 | ||||||
Canada — 3.7% |
| |||||||
Allied Properties Real Estate Investment Trust | 118,238 | 4,340,760 | ||||||
Canadian Apartment Properties REIT | 102,410 | 4,694,728 | ||||||
Chartwell Retirement Residences | 184,163 | 1,995,525 | ||||||
Summit Industrial Income REIT | 372,938 | 4,957,894 | ||||||
15,988,907 | ||||||||
Cayman Islands — 2.2% |
| |||||||
CK Asset Holdings, Ltd. | 1,095,500 | 7,255,434 | ||||||
GDS Holdings, Ltd. ADR† | 32,723 | 2,461,424 | ||||||
9,716,858 | ||||||||
France — 2.8% |
| |||||||
Gecina SA | 44,136 | 7,023,723 | ||||||
Klepierre SA | 173,689 | 5,007,070 | ||||||
12,030,793 | ||||||||
Germany — 6.5% |
| |||||||
Alstria Office REIT-AG | 308,741 | 5,609,763 | ||||||
Deutsche Wohnen AG | 42,043 | 2,676,259 | ||||||
Instone Real Estate Group AG†* | 48,231 | 1,526,256 | ||||||
Vonovia SE | 295,384 | 18,420,932 | ||||||
28,233,210 | ||||||||
Hong Kong — 3.7% |
| |||||||
Link REIT | 716,900 | 6,826,387 | ||||||
Sun Hung Kai Properties, Ltd. | 254,504 | 3,908,938 | ||||||
Swire Properties, Ltd. | 1,771,600 | 5,216,027 | ||||||
15,951,352 | ||||||||
Ireland — 0.3% |
| |||||||
Dalata Hotel Group PLC† | 217,787 | 1,171,209 | ||||||
Japan — 12.7% |
| |||||||
Comforia Residential REIT, Inc. | 779 | 2,404,343 | ||||||
GLP J-REIT | 3,225 | 5,487,800 | ||||||
Hulic REIT, Inc, | 2,011 | 3,202,293 | ||||||
Keihanshin Building Co., Ltd. | 200,700 | 2,477,800 | ||||||
Kenedix Retail REIT Corp. | 715 | 1,848,122 | ||||||
Kyoritsu Maintenance Co., Ltd. | 88,100 | 2,943,752 | ||||||
Mitsubishi Estate Co., Ltd. | 533,100 | 8,607,938 | ||||||
Mitsui Fudosan Co., Ltd. | 231,300 | 5,368,957 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 897 | 4,589,739 | ||||||
Nippon Prologis REIT, Inc.# | 744 | 2,299,704 | ||||||
Open House Co., Ltd. | 45,800 | 2,122,475 | ||||||
Sankei Real Estate, Inc.# | 2,276 | 2,561,238 | ||||||
Sumitomo Realty & Development Co., Ltd. | 158,800 | 5,261,285 | ||||||
United Urban Investment Corp.# | 4,207 | 6,013,557 | ||||||
55,189,003 | ||||||||
Netherlands — 0.3% |
| |||||||
CTP BV†* | 67,164 | 1,253,118 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Singapore — 2.2% |
| |||||||
Ascendas India Trust | 2,284,000 | $ | 2,400,575 | |||||
Ascendas Real Estate Investment Trust | 940,400 | 2,083,457 | ||||||
CapitaLand, Ltd. | 314,520 | 870,429 | ||||||
ESR-REIT | 4,726,500 | 1,429,565 | ||||||
Keppel DC REIT | 1,398,500 | 2,728,265 | ||||||
9,512,291 | ||||||||
Spain — 1.4% |
| |||||||
Cellnex Telecom SA*# | 54,906 | 3,286,157 | ||||||
Merlin Properties Socimi SA | 258,981 | 2,995,814 | ||||||
6,281,971 | ||||||||
Sweden — 1.5% |
| |||||||
Castellum AB | 254,227 | 6,563,738 | ||||||
Switzerland — 1.2% |
| |||||||
PSP Swiss Property AG | 39,779 | 5,182,989 | ||||||
United Kingdom — 7.2% |
| |||||||
Big Yellow Group PLC | 264,813 | 4,915,588 | ||||||
Capital & Counties Properties PLC† | 712,282 | 1,747,734 | ||||||
Derwent London PLC | 80,300 | 3,938,381 | ||||||
Segro PLC | 555,807 | 8,230,853 | ||||||
Tritax Big Box REIT PLC | 1,186,936 | 3,316,664 | ||||||
Tritax EuroBox PLC* | 2,521,180 | 3,803,097 | ||||||
UNITE Group PLC | 333,166 | 5,366,423 | ||||||
31,318,740 | ||||||||
United States — 47.3% |
| |||||||
Alexandria Real Estate Equities, Inc. | 10,832 | 1,930,912 | ||||||
American Homes 4 Rent, Class A | 12,198 | 464,378 | ||||||
American Tower Corp. | 58,212 | 14,870,838 | ||||||
Apple Hospitality REIT, Inc. | 205,060 | 3,254,302 | ||||||
AvalonBay Communities, Inc. | 42,149 | 8,722,314 | ||||||
Boston Properties, Inc. | 12,791 | 1,503,710 | ||||||
Brandywine Realty Trust | 155,747 | 2,189,803 | ||||||
Brixmor Property Group, Inc. | 141,814 | 3,220,596 | ||||||
Camden Property Trust | 27,482 | 3,445,693 | ||||||
Columbia Property Trust, Inc. | 63,025 | 1,102,307 | ||||||
CoreSite Realty Corp. | 9,861 | 1,195,646 | ||||||
Crown Castle International Corp. | 54,209 | 10,272,605 | ||||||
CubeSmart | 47,084 | 2,061,808 | ||||||
CyrusOne, Inc. | 38,293 | 2,824,109 | ||||||
DiamondRock Hospitality Co.† | 158,044 | 1,529,866 | ||||||
Digital Realty Trust, Inc. | 46,846 | 7,099,980 | ||||||
Duke Realty Corp. | 154,246 | 7,166,269 | ||||||
Equinix, Inc. | 18,000 | 13,260,960 | ||||||
Equity Residential | 49,125 | 3,804,731 | ||||||
Essential Properties Realty Trust, Inc. | 54,914 | 1,405,798 | ||||||
Extra Space Storage, Inc. | 19,241 | 2,882,494 | ||||||
Highwoods Properties, Inc. | 46,329 | 2,116,309 | ||||||
Host Hotels & Resorts, Inc.† | 242,940 | 4,171,280 | ||||||
Invitation Homes, Inc. | 228,364 | 8,282,762 | ||||||
JBG SMITH Properties | 57,880 | 1,864,315 | ||||||
Kilroy Realty Corp. | 23,659 | 1,661,098 | ||||||
Life Storage, Inc. | 33,264 | 3,307,772 | ||||||
Mid-America Apartment Communities, Inc. | 33,246 | 5,342,632 | ||||||
National Retail Properties, Inc. | 25,951 | 1,202,829 | ||||||
NETSTREIT Corp. | 30,252 | 675,225 | ||||||
Omega Healthcare Investors, Inc. | 103,225 | 3,780,100 | ||||||
Prologis, Inc. | 115,998 | 13,669,204 | ||||||
QTS Realty Trust, Inc., Class A# | 21,947 | 1,391,001 | ||||||
Realty Income Corp. | 23,762 | 1,625,321 | ||||||
Regency Centers Corp. | 51,511 | 3,327,611 | ||||||
Retail Opportunity Investments Corp. | 51,601 | 921,594 | ||||||
Rexford Industrial Realty, Inc. | 97,575 | 5,389,067 |
68 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
RLJ Lodging Trust | 174,192 | $ | 2,677,331 | |||||
SBA Communications Corp. | 11,055 | 3,295,717 | ||||||
Simon Property Group, Inc. | 64,338 | 8,266,790 | ||||||
SITE Centers Corp. | 159,873 | 2,393,299 | ||||||
Sunstone Hotel Investors, Inc.† | 242,122 | 3,041,052 | ||||||
UDR, Inc. | 197,730 | 9,417,880 | ||||||
Urban Edge Properties | 126,591 | 2,449,536 | ||||||
Ventas, Inc. | 81,395 | 4,513,353 | ||||||
Vornado Realty Trust | 23,843 | 1,127,297 | ||||||
Welltower, Inc. | 114,043 | 8,526,995 | ||||||
Weyerhaeuser Co. | 155,131 | 5,888,773 | ||||||
Xenia Hotels & Resorts, Inc.† | 60,406 | 1,172,480 | ||||||
205,707,742 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $368,288,500) | 430,156,276 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 3,390,002 | 3,390,002 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.01%(2)(3) | 740,651 | 740,651 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,130,653) | 4,130,653 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $372,419,153)(4) | 99.8 | % | 434,286,929 | |||||
Other assets less liabilities | 0.2 | 746,306 | ||||||
NET ASSETS | 100.0 | % | $ | 435,033,235 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $9,868,628 representing 2.3% 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) | The rate shown is the 7-day yield as of May 31, 2021. |
(3) | At May 31, 2021, the Fund had loaned securities with a total value of $10,226,685. This was secured by collateral of $740,651 which was received in cash and subsequently invested in short-term investments currently valued at $740,651 as reported in the Portfolio of Investments. Additional collateral of $10,041,519 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 | $ | 1,157 | ||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 193,612 | |||||
United States Treasury Notes/Bonds | 0.06% to 8.13% | 06/30/2021 to 05/15/2050 | 9,846,750 |
(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 May 31, 2021 (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 | $ | 17,317,406 | $ | — | $ | 0 | $ | 17,317,406 | ||||||||
Other Countries | 412,838,870 | — | — | 412,838,870 | ||||||||||||
Short-Term Investment Securities | 4,130,653 | — | — | 4,130,653 | ||||||||||||
Total Investments at Value | $ | 434,286,929 | $ | — | $ | 0 | $ | 434,286,929 | ||||||||
* | 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
69 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Sovereign | 19.1 | % | ||
Medical — Drugs | 6.9 | |||
Foreign Government Obligations | 4.7 | |||
Repurchase Agreements | 4.0 | |||
Electronic Components — Semiconductors | 3.3 | |||
Medical — Biomedical/Gene | 2.6 | |||
Tobacco | 2.3 | |||
Computer Services | 2.3 | |||
Semiconductor Equipment | 2.2 | |||
Telephone — Integrated | 2.0 | |||
Cosmetics & Toiletries | 1.8 | |||
Semiconductor Components — Integrated Circuits | 1.8 | |||
Central Bank | 1.6 | |||
Retail — Discount | 1.4 | |||
Applications Software | 1.4 | |||
Metal — Diversified | 1.4 | |||
Retail — Building Products | 1.2 | |||
Banks — Commercial | 1.2 | |||
Real Estate Investment Trusts | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Transport — Services | 1.1 | |||
Food — Misc./Diversified | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Diversified Minerals | 0.9 | |||
U.S. Government Agencies | 0.9 | |||
Electric — Integrated | 0.9 | |||
Computers | 0.8 | |||
Food — Retail | 0.8 | |||
Networking Products | 0.8 | |||
Beverages — Non-alcoholic | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Internet Content — Entertainment | 0.8 | |||
Metal — Iron | 0.7 | |||
Finance — Credit Card | 0.6 | |||
United States Treasury Notes | 0.6 | |||
Electronic Forms | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Cellular Telecom | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Entertainment Software | 0.6 | |||
Distribution/Wholesale | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Web Portals/ISP | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Gold Mining | 0.5 | |||
Telecom Services | 0.5 | |||
Commercial Services | 0.5 | |||
Oil Companies — Integrated | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Transport — Rail | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Diversified Banking Institutions | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Toys | 0.4 | |||
Data Processing/Management | 0.4 | |||
Steel — Producers | 0.4 | |||
Consumer Products — Misc. | 0.3 | |||
Auto-Cars/Light Trucks | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Real Estate Operations & Development | 0.3 | |||
Medical Products | 0.3 | |||
Soap & Cleaning Preparation | 0.3 | |||
Industrial Gases | 0.3 | |||
Beverages — Wine/Spirits | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Communications Software | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Diversified Operations | 0.3 | |||
E-Commerce/Products | 0.2 | |||
Retail — Drug Store | 0.2 |
Apparel Manufacturers | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Food — Meat Products | 0.2 | |||
Food — Confectionery | 0.2 | |||
Import/Export | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Electronic Connectors | 0.2 | |||
Transport — Truck | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Multimedia | 0.2 | |||
Private Equity | 0.2 | |||
Paper & Related Products | 0.2 | |||
Computer Aided Design | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Computer Data Security | 0.2 | |||
Building Products — Cement | 0.2 | |||
Precious Metals | 0.2 | |||
Building & Construction Products — Misc. | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Instruments — Controls | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Gambling (Non — Hotel) | 0.1 | |||
Rubber — Tires | 0.1 | |||
Coal | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Advertising Agencies | 0.1 | |||
Investment Companies | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Retail — Hypermarkets | 0.1 | |||
Casino Hotels | 0.1 | |||
Appliances | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Medical Information Systems | 0.1 | |||
Respiratory Products | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Brewery | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Fisheries | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Computer Software | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Human Resources | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Coatings/Paint | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Platinum | 0.1 | |||
Banks — Money Center | 0.1 | |||
98.8% | ||||
* | Calculated as a percentage of net assets |
70 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Country Allocation*
United States | 42.4 | % | ||
South Korea | 8.7 | |||
Japan | 7.1 | |||
United Kingdom | 4.7 | |||
Mexico | 3.5 | |||
Indonesia | 3.3 | |||
India | 3.0 | |||
Australia | 2.7 | |||
Switzerland | 2.7 | |||
China | 1.8 | |||
Canada | 1.8 | |||
Singapore | 1.7 | |||
Norway | 1.7 | |||
Brazil | 1.6 | |||
Taiwan | 1.4 | |||
Colombia | 1.1 | |||
Spain | 1.0 | |||
Denmark | 1.0 | |||
Ireland | 0.9 | |||
Argentina | 0.8 | |||
Cayman Islands | 0.8 | |||
Netherlands | 0.7 | |||
Ghana | 0.7 | |||
Russia | 0.5 | |||
Italy | 0.5 | |||
Sweden | 0.4 | |||
France | 0.3 | |||
Hong Kong | 0.3 | |||
Finland | 0.2 | |||
South Africa | 0.2 | |||
Bermuda | 0.2 | |||
Germany | 0.2 | |||
Thailand | 0.2 | |||
Jersey | 0.2 | |||
New Zealand | 0.1 | |||
Malaysia | 0.1 | |||
Israel | 0.1 | |||
United Arab Emirates | 0.1 | |||
Turkey | 0.1 | |||
98.8% | ||||
* | Calculated as a percentage of net assets |
71 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 67.6% |
| |||||||
Australia — 2.7% |
| |||||||
AGL Energy, Ltd. | 9,850 | $ | 61,658 | |||||
Aurizon Holdings, Ltd. | 29,595 | 82,590 | ||||||
BHP Group, Ltd. | 47,684 | 1,758,947 | ||||||
Brambles, Ltd. | 22,407 | 186,900 | ||||||
CIMIC Group, Ltd.†# | 1,406 | 22,859 | ||||||
Coles Group, Ltd. | 19,061 | 243,482 | ||||||
CSL, Ltd. | 6,990 | 1,563,823 | ||||||
Evolution Mining, Ltd. | 20,660 | 86,164 | ||||||
Fortescue Metals Group, Ltd. | 43,112 | 745,462 | ||||||
Magellan Financial Group, Ltd. | 1,823 | 67,288 | ||||||
Medibank Private, Ltd. | 46,078 | 111,182 | ||||||
Newcrest Mining, Ltd. | 9,099 | 198,648 | ||||||
Northern Star Resources, Ltd.# | 8,422 | 75,963 | ||||||
REA Group, Ltd.# | 839 | 105,853 | ||||||
Rio Tinto, Ltd. | 7,347 | 700,782 | ||||||
Sonic Healthcare, Ltd. | 6,106 | 163,761 | ||||||
Telstra Corp., Ltd. | 65,620 | 178,064 | ||||||
Washington H. Soul Pattinson & Co., Ltd.# | 721 | 16,430 | ||||||
Wesfarmers, Ltd. | 19,126 | 816,683 | ||||||
Woolworths Group, Ltd. | 18,101 | 580,768 | ||||||
7,767,307 | ||||||||
Austria — 0.0% |
| |||||||
OMV AG | 961 | 54,868 | ||||||
Belgium — 0.0% |
| |||||||
Colruyt SA | 890 | 54,027 | ||||||
Proximus SADP | 2,447 | 49,549 | ||||||
103,576 | ||||||||
Bermuda — 0.2% |
| |||||||
Brilliance China Automotive Holdings, Ltd.(1) | 36,000 | 29,060 | ||||||
Hopson Development Holdings, Ltd.# | 7,900 | 38,885 | ||||||
Invesco, Ltd. | 4,978 | 142,022 | ||||||
Jardine Matheson Holdings, Ltd. | 3,100 | 201,066 | ||||||
Nine Dragons Paper Holdings, Ltd. | 25,000 | 37,753 | ||||||
Shenzhen International Holdings, Ltd. | 9,000 | 13,684 | ||||||
462,470 | ||||||||
Brazil — 0.6% |
| |||||||
AMBEV SA | 54,100 | 186,330 | ||||||
BB Seguridade Participacoes SA | 14,400 | 64,655 | ||||||
Cia Paranaense de Energia, Class B (Preference Shares) | 10,500 | 12,854 | ||||||
Engie Brasil Energia SA | 3,200 | 24,431 | ||||||
Hypera SA | 4,700 | 32,826 | ||||||
Itausa SA (Preference Shares) | 68,700 | 143,155 | ||||||
Telefonica Brasil SA | 7,300 | 61,911 | ||||||
TIM SA | 11,400 | 26,620 | ||||||
Vale SA | 46,900 | 1,032,903 | ||||||
1,585,685 | ||||||||
Canada — 1.8% |
| |||||||
Algonquin Power & Utilities Corp. | 5,800 | 88,917 | ||||||
Alimentation Couche-Tard, Inc., Class B | 5,100 | 183,939 | ||||||
B2Gold Corp. | 13,100 | 67,015 | ||||||
BCE, Inc. | 1,600 | 79,228 | ||||||
Canadian Apartment Properties REIT | 600 | 27,505 | ||||||
Canadian National Railway Co. | 9,600 | 1,068,830 | ||||||
CGI, Inc.† | 2,600 | 230,977 | ||||||
CI Financial Corp. | 3,200 | 59,388 | ||||||
Constellation Software, Inc. | 400 | 568,433 | ||||||
Dollarama, Inc. | 2,300 | 99,954 | ||||||
Empire Co., Ltd., Class A | 2,400 | 80,401 | ||||||
Franco-Nevada Corp. | 2,700 | 398,725 | ||||||
Hydro One, Ltd.* | 4,300 | 109,240 | ||||||
IGM Financial, Inc.# | 1,200 | 44,194 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) |
| |||||||
Keyera Corp.# | 2,800 | $ | 70,043 | |||||
Kirkland Lake Gold, Ltd. | 4,500 | 193,328 | ||||||
Magna International, Inc. | 4,500 | 443,798 | ||||||
Metro, Inc. | 3,900 | 186,986 | ||||||
Power Corp. of Canada | 7,045 | 229,478 | ||||||
Quebecor, Inc., Class B# | 2,500 | 67,775 | ||||||
RioCan Real Estate Investment Trust | 2,600 | 45,692 | ||||||
Rogers Communications, Inc., Class B | 4,600 | 235,321 | ||||||
Saputo, Inc. | 3,200 | 109,267 | ||||||
Shaw Communications, Inc., Class B | 5,000 | 148,214 | ||||||
TELUS Corp. (Non Voting Shares)# | 5,300 | 119,568 | ||||||
Topicus.com, Inc.† | 743 | 47,420 | ||||||
Wheaton Precious Metals Corp. | 5,000 | 237,035 | ||||||
5,240,671 | ||||||||
Cayman Islands — 0.8% |
| |||||||
China Conch Venture Holdings, Ltd. | 23,000 | 105,799 | ||||||
China Feihe, Ltd.* | 9,000 | 25,223 | ||||||
China Hongqiao Group, Ltd. | 16,000 | 25,811 | ||||||
China Lesso Group Holdings, Ltd. | 12,000 | 31,620 | ||||||
China Medical System Holdings, Ltd. | 22,000 | 56,411 | ||||||
China Overseas Property Holdings, Ltd. | 15,000 | 16,081 | ||||||
China Resources Cement Holdings, Ltd. | 42,000 | 44,539 | ||||||
CK Asset Holdings, Ltd. | 28,500 | 188,754 | ||||||
CK Hutchison Holdings, Ltd. | 19,500 | 152,640 | ||||||
Country Garden Services Holdings Co., Ltd. | 21,000 | 217,958 | ||||||
Dali Foods Group Co., Ltd.* | 32,000 | 20,039 | ||||||
GSX Techedu, Inc. ADR†# | 797 | 14,776 | ||||||
Haitian International Holdings, Ltd. | 6,000 | 20,951 | ||||||
Kingboard Holdings, Ltd. | 9,500 | 50,555 | ||||||
Kingboard Laminates Holdings, Ltd. | 16,000 | 34,182 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 22,000 | 19,191 | ||||||
Longfor Group Holdings, Ltd.* | 24,000 | 140,396 | ||||||
NetEase, Inc. ADR | 3,996 | 471,248 | ||||||
Seazen Group, Ltd. | 24,000 | 27,584 | ||||||
Vipshop Holdings, Ltd. ADR† | 3,108 | 71,888 | ||||||
Want Want China Holdings, Ltd. | 36,000 | 26,765 | ||||||
WH Group, Ltd.* | 66,000 | 56,383 | ||||||
Wharf Real Estate Investment Co., Ltd. | 12,000 | 70,353 | ||||||
Xinyi Glass Holdings, Ltd. | 16,000 | 63,910 | ||||||
Yadea Group Holdings, Ltd.* | 10,000 | 22,291 | ||||||
Yihai International Holding, Ltd.# | 6,000 | 47,971 | ||||||
Zhen Ding Technology Holding, Ltd. | 7,000 | 24,477 | ||||||
ZTO Express Cayman, Inc. ADR | 4,000 | 128,360 | ||||||
2,176,156 | ||||||||
Chile — 0.0% |
| |||||||
Cia Cervecerias Unidas SA | 1,963 | 17,611 | ||||||
Colbun SA | 111,601 | 15,250 | ||||||
Embotelladora Andina SA, Class B (Preference Shares) | 2,304 | 5,502 | ||||||
Enel Americas SA | 413,855 | 57,123 | ||||||
Enel Chile SA | 395,137 | 24,221 | ||||||
119,707 | ||||||||
China — 1.8% |
| |||||||
A-Living Smart City Services Co., Ltd.#* | 2,500 | 12,064 | ||||||
Agricultural Bank of China, Ltd. | 429,000 | 174,123 | ||||||
Agricultural Bank of China, Ltd., Class A | 56,000 | 28,679 | ||||||
Anhui Conch Cement Co., Ltd. | 20,500 | 128,110 | ||||||
Anhui Conch Cement Co., Ltd., Class A | 3,700 | 28,498 | ||||||
Bank of Beijing Co., Ltd., Class A | 14,900 | 11,493 | ||||||
Bank of Chengdu Co., Ltd., Class A | 800 | 1,695 | ||||||
Bank of China, Ltd. | 1,287,000 | 482,569 | ||||||
Bank of China, Ltd., Class A | 27,300 | 14,281 | ||||||
Bank of Communications Co., Ltd. | 139,000 | 93,671 |
72 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
China (continued) |
| |||||||
Bank of Communications Co., Ltd., Class A | 30,200 | $ | 23,246 | |||||
Bank of Hangzhou Co., Ltd. | 3,700 | 9,602 | ||||||
Bank of Nanjing Co., Ltd., Class A | 5,900 | 9,732 | ||||||
Baoshan Iron & Steel Co., Ltd., Class A | 13,700 | 16,959 | ||||||
Chaozhou Three-Circle Group Co., Ltd., Class A | 600 | 3,504 | ||||||
China Cinda Asset Management Co., Ltd. | 133,000 | 28,448 | ||||||
China CITIC Bank Corp., Ltd. | 150,000 | 81,949 | ||||||
China Construction Bank Corp. | 1,278,000 | 1,050,605 | ||||||
China Construction Bank Corp., Class A | 5,200 | 5,661 | ||||||
China Everbright Bank Co., Ltd. | 44,000 | 18,652 | ||||||
China Everbright Bank Co., Ltd., Class A | 28,200 | 16,967 | ||||||
China Minsheng Banking Corp., Ltd.# | 100,500 | 53,870 | ||||||
China Minsheng Banking Corp., Ltd., Class A | 27,500 | 20,391 | ||||||
China National Building Material Co., Ltd. | 40,000 | 53,499 | ||||||
China Pacific Insurance Group Co., Ltd. | 26,600 | 99,910 | ||||||
China Pacific Insurance Group Co., Ltd., Class A | 3,309 | 17,882 | ||||||
China Petroleum & Chemical Corp., Class A† | 18,100 | 12,568 | ||||||
China Railway Group, Ltd. | 37,000 | 19,547 | ||||||
China Shenhua Energy Co., Ltd. | 63,500 | 143,840 | ||||||
China Shenhua Energy Co., Ltd., Class A | 4,500 | 14,124 | ||||||
China South Publishing & Media Group Co., Ltd., Class A | 500 | 761 | ||||||
China Yangtze Power Co., Ltd., Class A | 15,600 | 48,670 | ||||||
Chongqing Brewery Co., Ltd., Class A† | 600 | 16,292 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. | 35,000 | 15,829 | ||||||
Da An Gene Co., Ltd. of Sun Yat-Sen University, Class A | 1,184 | 4,403 | ||||||
Daqin Railway Co., Ltd., Class A | 13,400 | 14,419 | ||||||
DaShenLin Pharmaceutical Group Co., Ltd., Class A | 400 | 4,715 | ||||||
Dongfeng Motor Group Co., Ltd. | 48,000 | 44,964 | ||||||
East Money Information Co., Ltd., Class A | 5,760 | 28,774 | ||||||
Focus Media Information Technology Co., Ltd., Class A | 10,300 | 16,569 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 3,458 | 74,563 | ||||||
Fujian Sunner Development Co., Ltd., Class A | 1,400 | 5,463 | ||||||
Fuyao Glass Industry Group Co., Ltd.* | 7,200 | 47,824 | ||||||
Fuyao Glass Industry Group Co., Ltd., Class A | 1,500 | 12,322 | ||||||
Great Wall Motor Co., Ltd. | 27,000 | 75,494 | ||||||
Greenland Holdings Corp., Ltd. | 4,400 | 4,023 | ||||||
Guangdong Haid Group Co., Ltd., Class A | 1,100 | 13,670 | ||||||
Guangdong Kinlong Hardware Products Co., Ltd., Class A | 300 | 8,497 | ||||||
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd., Class A | 400 | 2,004 | ||||||
Guangzhou R&F Properties Co., Ltd. | 12,400 | 16,808 | ||||||
Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A | 600 | 12,335 | ||||||
Guangzhou Wondfo Biotech Co., Ltd., Class A | 520 | 5,876 | ||||||
Hangzhou Robam Appliances Co., Ltd., Class A | 600 | 4,157 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 400 | 3,148 | ||||||
Heilongjiang Agriculture Co., Ltd., Class A | 1,200 | 2,911 | ||||||
Henan Shuanghui Investment & Development Co., Ltd., Class A | 2,700 | 14,939 | ||||||
Hithink RoyalFlush Information Network Co., Ltd., Class A | 500 | 9,378 | ||||||
Hualan Biological Engineering, Inc., Class A† | 1,600 | 10,154 | ||||||
Huaxia Bank Co., Ltd., Class A | 4,900 | 4,950 | ||||||
Huaxin Cement Co., Ltd., Class A | 1,300 | 4,452 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd., Class A | 700 | 2,001 | ||||||
Hunan Valin Steel Co., Ltd., Class A | 4,600 | 4,914 | ||||||
Industrial & Commercial Bank of China, Ltd. | 817,000 | 536,884 | ||||||
Industrial & Commercial Bank of China, Ltd., Class A | 32,100 | 26,272 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A | 5,400 | 4,793 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 4,000 | 25,443 | ||||||
Intco Medical Technology Co., Ltd., Class A | 300 | 6,694 | ||||||
Jafron Biomedical Co., Ltd., Class A | 800 | 10,859 | ||||||
Jason Furniture Hangzhou Co., Ltd., Class A | 400 | 5,051 | ||||||
Jiangsu Expressway Co., Ltd. | 20,000 | 24,198 | ||||||
Jiangsu Hengli Hydraulic Co., Ltd., Class A | 700 | 8,764 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) |
| |||||||
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A | 1,100 | $ | 37,636 | |||||
Jiangsu Yangnong Chemical Co., Ltd., Class A | 300 | 5,203 | ||||||
Jiangsu Zhongtian Technology Co., Ltd., Class A | 1,300 | 2,165 | ||||||
Jiangxi Zhengbang Technology Co., Ltd., Class A | 1,800 | 3,574 | ||||||
Juewei Food Co., Ltd., Class A | 500 | 6,733 | ||||||
Kweichow Moutai Co., Ltd., Class A | 1,300 | 452,959 | ||||||
Lomon Billions Group Co., Ltd., Class A | 1,100 | 5,872 | ||||||
LONGi Green Energy Technology Co., Ltd., Class A | 1,700 | 27,266 | ||||||
Luenmei Quantum Co., Ltd., Class A | 600 | 860 | ||||||
Luzhou Laojiao Co., Ltd., Class A | 1,300 | 56,150 | ||||||
Muyuan Foods Co., Ltd. | 2,870 | 40,162 | ||||||
NanJi E-Commerce Co., Ltd., Class A | 1,800 | 2,884 | ||||||
New Hope Liuhe Co., Ltd., Class A | 2,800 | 6,699 | ||||||
Offcn Education Technology Co., Ltd., Class A | 1,200 | 4,690 | ||||||
Ovctek China, Inc., Class A | 840 | 13,350 | ||||||
People’s Insurance Co. Group of China, Ltd. | 55,000 | 20,339 | ||||||
Perfect World Co., Ltd., Class A | 1,300 | 4,350 | ||||||
PICC Property & Casualty Co., Ltd. | 50,000 | 47,739 | ||||||
Postal Savings Bank of China Co., Ltd.#* | 118,000 | 84,993 | ||||||
RiseSun Real Estate Development Co., Ltd., Class A | 3,100 | 3,063 | ||||||
SAIC Motor Corp., Ltd., Class A | 5,000 | 15,929 | ||||||
Seazen Holdings Co., Ltd., Class A | 1,800 | 13,723 | ||||||
Shaanxi Coal Industry Co., Ltd., Class A | 6,500 | 12,131 | ||||||
Shandong Buchang Pharmaceuticals Co., Ltd., Class A | 1,000 | 3,696 | ||||||
Shandong Hualu Hengsheng Chemical Co., Ltd., Class A | 1,820 | 8,020 | ||||||
Shandong Sun Paper Industry JSC, Ltd., Class A | 1,700 | 3,814 | ||||||
Shanghai M&G Stationery, Inc., Class A | 700 | 9,266 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 4,900 | 11,074 | ||||||
Shanghai Pudong Development Bank Co., Ltd., Class A | 16,600 | 26,781 | ||||||
Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A | 2,500 | 4,077 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 400 | 29,085 | ||||||
Shengyi Technology Co., Ltd., Class A | 1,000 | 3,599 | ||||||
Shenzhen Goodix Technology Co., Ltd., Class A | 400 | 8,024 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 800 | 60,700 | ||||||
Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A† | 500 | 2,748 | ||||||
Sichuan Chuantou Energy Co., Ltd., Class A | 2,900 | 5,348 | ||||||
Sichuan Swellfun Co., Ltd., Class A | 400 | 8,015 | ||||||
Suofeiya Home Collection Co., Ltd., Class A | 300 | 1,300 | ||||||
Tangshan Jidong Cement Co., Ltd., Class A | 500 | 1,105 | ||||||
Toly Bread Co., Ltd., Class A | 700 | 3,841 | ||||||
Tonghua Dongbao Pharmaceutical Co., Ltd., Class A | 900 | 1,757 | ||||||
Tongkun Group Co., Ltd., Class A | 700 | 2,343 | ||||||
Topchoice Medical Corp., Class A† | 300 | 16,542 | ||||||
Wanhua Chemical Group Co., Ltd.† | 2,600 | 44,430 | ||||||
Weifu High-Technology Group Co., Ltd. | 700 | 2,646 | ||||||
Weihai Guangwei Composites Co., Ltd., Class A | 400 | 4,461 | ||||||
Wens Foodstuffs Group Co., Ltd., Class A | 5,800 | 12,729 | ||||||
Wuchan Zhongda Group Co., Ltd., Class A | 2,000 | 2,265 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A | 2,000 | 7,616 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 3,000 | 148,508 | ||||||
Xiamen C & D, Inc., Class A | 1,700 | 2,209 | ||||||
Yanzhou Coal Mining Co., Ltd. | 22,000 | 29,368 | ||||||
Yanzhou Coal Mining Co., Ltd., Class A | 1,000 | 2,127 | ||||||
Yealink Network Technology Corp., Ltd., Class A | 700 | 8,424 | ||||||
Yunda Holding Co., Ltd., Class A | 1,990 | 4,499 | ||||||
Zhejiang Expressway Co., Ltd. | 18,000 | 15,632 | ||||||
Zhejiang Longsheng Group Co., Ltd., Class A | 1,400 | 3,130 | ||||||
Zhejiang NHU Co., Ltd., Class A | 1,800 | 9,029 | ||||||
Zhejiang Semir Garment Co., Ltd., Class A | 1,400 | 2,633 | ||||||
Zhejiang Supor Co., Ltd., Class A | 500 | 5,561 | ||||||
Zhejiang Weixing New Building Materials Co., Ltd., Class A | 1,100 | 4,049 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd., Class A | 200 | 2,155 | ||||||
Zhengzhou Yutong Bus Co., Ltd., Class A† | 1,000 | 2,086 | ||||||
5,253,538 | ||||||||
73 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Colombia — 0.0% |
| |||||||
Ecopetrol SA | 71,264 | $ | 42,090 | |||||
Denmark — 1.0% |
| |||||||
Coloplast A/S, Class B | 2,372 | 373,642 | ||||||
Novo Nordisk A/S, Class B | 25,735 | 2,031,133 | ||||||
Novozymes A/S, Class B | 2,137 | 155,521 | ||||||
Pandora A/S | 2,097 | 283,213 | ||||||
Tryg A/S | 1,545 | 36,306 | ||||||
2,879,815 | ||||||||
Egypt — 0.0% |
| |||||||
Eastern Co. SAE | 20,239 | 15,186 | ||||||
ElSwedy Electric Co. | 13,583 | 6,921 | ||||||
22,107 | ||||||||
Finland — 0.2% |
| |||||||
Elisa Oyj | 2,187 | 128,706 | ||||||
Kone Oyj, Class B | 3,589 | 289,469 | ||||||
Orion Oyj, Class B | 1,736 | 74,517 | ||||||
UPM-Kymmene Oyj | 5,156 | 195,918 | ||||||
688,610 | ||||||||
France — 0.3% |
| |||||||
BioMerieux | 391 | 44,829 | ||||||
Faurecia SE | 265 | 14,293 | ||||||
Hermes International | 466 | 654,924 | ||||||
Ipsen SA | 243 | 24,530 | ||||||
Klepierre SA | 1,272 | 36,669 | ||||||
Sartorius Stedim Biotech | 297 | 128,355 | ||||||
903,600 | ||||||||
Germany — 0.2% |
| |||||||
Fuchs Petrolub SE (Preference Shares) | 726 | 36,634 | ||||||
HelloFresh SE† | 1,100 | 100,283 | ||||||
HOCHTIEF AG | 296 | 24,841 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 2,147 | 242,180 | ||||||
Rational AG | 42 | 37,644 | ||||||
441,582 | ||||||||
Greece — 0.0% |
| |||||||
Hellenic Telecommunications Organization SA | 2,452 | 44,283 | ||||||
JUMBO SA | 1,434 | 27,979 | ||||||
72,262 | ||||||||
Hong Kong — 0.3% |
| |||||||
Beijing Enterprises Holdings, Ltd. | 2,000 | 6,932 | ||||||
China Merchants Port Holdings Co., Ltd. | 14,000 | 22,765 | ||||||
China Resources Power Holdings Co., Ltd. | 18,000 | 23,193 | ||||||
China Taiping Insurance Holdings Co., Ltd. | 15,800 | 29,113 | ||||||
Far East Horizon, Ltd.# | 23,000 | 25,161 | ||||||
Galaxy Entertainment Group, Ltd.† | 30,000 | 243,142 | ||||||
Guangdong Investment, Ltd. | 42,000 | 61,694 | ||||||
Power Assets Holdings, Ltd. | 20,500 | 125,337 | ||||||
Shenzhen Investment, Ltd. | 22,000 | 7,824 | ||||||
Sino Land Co., Ltd. | 44,000 | 69,054 | ||||||
Sinotruk Hong Kong, Ltd. | 8,000 | 18,761 | ||||||
Sun Hung Kai Properties, Ltd. | 10,000 | 153,590 | ||||||
Wharf Holdings, Ltd. | 16,000 | 55,251 | ||||||
Yuexiu Property Co., Ltd. | 90,000 | 22,381 | ||||||
864,198 | ||||||||
India — 1.3% |
| |||||||
Asian Paints, Ltd. | 3,872 | 159,070 | ||||||
Bajaj Auto, Ltd.† | 1,131 | 65,365 | ||||||
Britannia Industries, Ltd. | 1,221 | 58,065 | ||||||
Coal India, Ltd. | 24,742 | 50,462 |
Security Description | Shares | Value (Note 2) | ||||||
India (continued) |
| |||||||
Colgate-Palmolive India, Ltd. | 1,485 | $ | 35,306 | |||||
Container Corp. Of India, Ltd. | 1,787 | 16,833 | ||||||
Dabur India, Ltd. | 7,138 | 53,405 | ||||||
Eicher Motors, Ltd.† | 1,809 | 66,587 | ||||||
GAIL India, Ltd. | 25,089 | 55,517 | ||||||
HCL Technologies, Ltd. | 15,482 | 202,174 | ||||||
HDFC Asset Management Co., Ltd.* | 724 | 29,633 | ||||||
Hero MotoCorp, Ltd. | 1,655 | 68,583 | ||||||
Hindustan Petroleum Corp., Ltd. | 10,339 | 39,819 | ||||||
Hindustan Unilever, Ltd. | 13,840 | 447,244 | ||||||
Indraprastha Gas, Ltd. | 2,620 | 19,098 | ||||||
Indus Towers, Ltd. | 5,330 | 17,846 | ||||||
Infosys, Ltd. | 51,588 | 993,412 | ||||||
Ipca Laboratories, Ltd. | 455 | 13,008 | ||||||
ITC, Ltd. | 50,451 | 151,125 | ||||||
Larsen & Toubro Infotech, Ltd.* | 361 | 19,669 | ||||||
Marico, Ltd. | 7,368 | 48,413 | ||||||
Nestle India, Ltd. | 479 | 116,576 | ||||||
Oil & Natural Gas Corp., Ltd. | 36,323 | 56,909 | ||||||
Page Industries, Ltd. | 74 | 31,473 | ||||||
Petronet LNG, Ltd. | 9,296 | 31,054 | ||||||
Pidilite Industries, Ltd.† | 1,860 | 53,839 | ||||||
REC, Ltd. | 9,799 | 19,762 | ||||||
Tata Consultancy Services, Ltd. | 15,469 | 675,496 | ||||||
Tech Mahindra, Ltd. | 7,280 | 103,006 | ||||||
3,698,749 | ||||||||
Indonesia — 0.1% |
| |||||||
Adaro Energy Tbk PT | 216,100 | 18,002 | ||||||
Gudang Garam Tbk PT† | 6,300 | 14,620 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 32,800 | 18,828 | ||||||
Indofood Sukses Makmur Tbk PT | 45,700 | 20,315 | ||||||
Kalbe Farma Tbk PT | 224,800 | 22,818 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 768,500 | 185,064 | ||||||
Unilever Indonesia Tbk PT | 138,500 | 56,719 | ||||||
United Tractors Tbk PT | 26,400 | 41,674 | ||||||
378,040 | ||||||||
Ireland — 0.9% |
| |||||||
Accenture PLC, Class A | 7,000 | 1,975,120 | ||||||
Jazz Pharmaceuticals PLC† | 800 | 142,504 | ||||||
Seagate Technology Holdings PLC | 4,500 | 430,875 | ||||||
2,548,499 | ||||||||
Israel — 0.1% |
| |||||||
Azrieli Group, Ltd. | 498 | 37,967 | ||||||
Check Point Software Technologies, Ltd.† | 1,788 | 209,160 | ||||||
ICL Group, Ltd. | 8,785 | 63,677 | ||||||
310,804 | ||||||||
Italy — 0.5% |
| |||||||
DiaSorin SpA | 341 | 60,150 | ||||||
Enel SpA | 95,514 | 938,319 | ||||||
Moncler SpA | 2,723 | 192,991 | ||||||
Recordati Industria Chimica e Farmaceutica SpA# | 1,488 | 82,544 | ||||||
Telecom Italia SpA | 56,110 | 32,063 | ||||||
1,306,067 | ||||||||
Japan — 4.1% |
| |||||||
Advantest Corp. | 1,800 | 162,080 | ||||||
Aeon Mall Co., Ltd. | 400 | 6,479 | ||||||
Astellas Pharma, Inc. | 26,200 | 428,775 | ||||||
Azbil Corp. | 100 | 3,992 | ||||||
Bandai Namco Holdings, Inc. | 2,200 | 157,056 | ||||||
Bridgestone Corp. | 7,500 | 328,174 | ||||||
Brother Industries, Ltd. | 900 | 18,740 |
74 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Calbee, Inc. | 100 | $ | 2,299 | |||||
Capcom Co., Ltd. | 1,100 | 36,054 | ||||||
Chugai Pharmaceutical Co., Ltd. | 7,900 | 301,946 | ||||||
Cosmos Pharmaceutical Corp.# | 400 | 55,465 | ||||||
Daito Trust Construction Co., Ltd. | 1,400 | 146,838 | ||||||
Hitachi, Ltd. | 9,600 | 501,348 | ||||||
Hoya Corp. | 5,600 | 731,643 | ||||||
Hulic Co., Ltd. | 4,300 | 48,193 | ||||||
Iida Group Holdings Co., Ltd. | 2,100 | 55,753 | ||||||
ITOCHU Corp. | 20,800 | 615,279 | ||||||
Japan Post Bank Co., Ltd. | 5,000 | 42,382 | ||||||
Japan Tobacco, Inc. | 19,300 | 379,990 | ||||||
Kajima Corp. | 3,700 | 51,036 | ||||||
Kakaku.com, Inc. | 2,700 | 81,982 | ||||||
Kao Corp. | 5,900 | 359,635 | ||||||
KDDI Corp. | 28,700 | 971,256 | ||||||
Koei Tecmo Holdings Co, Ltd. | 650 | 30,714 | ||||||
Lasertec Corp.† | 700 | 131,288 | ||||||
M3, Inc. | 3,100 | 209,056 | ||||||
MEIJI Holdings Co., Ltd. | 1,000 | 61,911 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,300 | 53,461 | ||||||
MonotaRO Co., Ltd. | 3,200 | 74,060 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,400 | 133,921 | ||||||
Murata Manufacturing Co., Ltd. | 4,100 | 309,045 | ||||||
Nexon Co., Ltd. | 7,000 | 164,683 | ||||||
Nihon M&A Center, Inc. | 2,800 | 66,791 | ||||||
Nintendo Co., Ltd. | 1,400 | 862,931 | ||||||
Nippon Telegraph & Telephone Corp. | 21,500 | 573,836 | ||||||
Nitori Holdings Co., Ltd. | 1,000 | 172,668 | ||||||
Nitto Denko Corp. | 1,200 | 92,757 | ||||||
Nomura Research Institute, Ltd. | 2,600 | 82,615 | ||||||
Obayashi Corp. | 8,300 | 69,674 | ||||||
OBIC Co., Ltd. | 800 | 149,461 | ||||||
Ono Pharmaceutical Co., Ltd. | 2,600 | 58,635 | ||||||
Oracle Corp. Japan# | 700 | 63,541 | ||||||
Pigeon Corp. | 1,000 | 28,088 | ||||||
Sekisui House, Ltd. | 9,200 | 190,810 | ||||||
SG Holdings Co., Ltd. | 2,400 | 53,447 | ||||||
Shimamura Co., Ltd. | 200 | 18,974 | ||||||
Shimano, Inc. | 600 | 135,476 | ||||||
Shimizu Corp. | 4,100 | 33,484 | ||||||
Shionogi & Co., Ltd. | 4,300 | 217,555 | ||||||
SoftBank Corp. | 36,500 | 467,403 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 8,400 | 302,166 | ||||||
Sundrug Co., Ltd. | 800 | 26,731 | ||||||
Taisei Corp. | 1,500 | 52,169 | ||||||
Tokyo Electron, Ltd. | 2,500 | 1,107,570 | ||||||
Tosoh Corp. | 4,300 | 74,893 | ||||||
Toyo Suisan Kaisha, Ltd. | 700 | 27,978 | ||||||
Tsuruha Holdings, Inc. | 400 | 48,436 | ||||||
USS Co., Ltd. | 2,400 | 41,823 | ||||||
Welcia Holdings Co., Ltd. | 1,100 | 33,500 | ||||||
ZOZO, Inc. | 2,300 | 77,585 | ||||||
11,785,531 | ||||||||
Jersey — 0.2% |
| |||||||
Ferguson PLC | 2,523 | 343,157 | ||||||
Polymetal International PLC | 3,793 | 91,320 | ||||||
434,477 | ||||||||
Malaysia — 0.1% |
| |||||||
AMMB Holdings Bhd | 11,800 | 8,136 | ||||||
DiGi.Com Bhd | 51,800 | 53,385 | ||||||
Fraser & Neave Holdings Bhd | 2,000 | 12,870 | ||||||
Hartalega Holdings Bhd | 26,400 | 57,482 |
Security Description | Shares | Value (Note 2) | ||||||
Malaysia (continued) |
| |||||||
Kossan Rubber Industries | 9,400 | $ | 9,210 | |||||
Nestle Malaysia Bhd | 1,400 | 46,232 | ||||||
Petronas Dagangan Bhd | 3,200 | 14,632 | ||||||
Petronas Gas Bhd | 11,400 | 44,679 | ||||||
Supermax Corp. Bhd | 13,093 | 13,082 | ||||||
Top Glove Corp. Bhd | 64,200 | 80,454 | ||||||
Westports Holdings Bhd | 13,000 | 13,555 | ||||||
353,717 | ||||||||
Mexico — 0.2% |
| |||||||
Fibra Uno Administracion SA de CV | 41,900 | 49,456 | ||||||
Grupo Mexico SAB de CV, Class B | 28,700 | 139,984 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 24,300 | 44,042 | ||||||
Megacable Holdings SAB de CV | 4,400 | 16,718 | ||||||
Wal-Mart de Mexico SAB de CV | 74,500 | 245,217 | ||||||
495,417 | ||||||||
Netherlands — 0.7% |
| |||||||
Adyen NV†* | 119 | 274,325 | ||||||
Ferrari NV | 1,611 | 339,766 | ||||||
Koninklijke Ahold Delhaize NV | 15,792 | 454,960 | ||||||
Koninklijke KPN NV | 23,460 | 77,757 | ||||||
Koninklijke Vopak NV | 677 | 31,933 | ||||||
LyondellBasell Industries NV, Class A | 4,368 | 491,924 | ||||||
NN Group NV | 3,071 | 155,527 | ||||||
Stellantis NV | 15,424 | 305,718 | ||||||
2,131,910 | ||||||||
New Zealand — 0.1% |
| |||||||
a2 Milk Co., Ltd.†# | 8,686 | 36,872 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 10,461 | 225,747 | ||||||
Spark New Zealand, Ltd. | 33,607 | 110,282 | ||||||
372,901 | ||||||||
Norway — 0.2% |
| |||||||
Mowi ASA# | 6,087 | 158,162 | ||||||
Orkla ASA | 9,529 | 98,879 | ||||||
Telenor ASA# | 9,586 | 165,517 | ||||||
Yara International ASA | 1,174 | 62,511 | ||||||
485,069 | ||||||||
Philippines — 0.0% |
| |||||||
Globe Telecom, Inc. | 540 | 20,403 | ||||||
Manila Electric Co. | 3,440 | 20,411 | ||||||
Metro Pacific Investments Corp. | 150,000 | 12,490 | ||||||
PLDT, Inc. | 900 | 24,761 | ||||||
78,065 | ||||||||
Poland — 0.0% |
| |||||||
Polski Koncern Naftowy Orlen SA | 2,860 | 63,634 | ||||||
Polskie Gornictwo Naftowe I Gazownictwo SA | 11,764 | 21,080 | ||||||
84,714 | ||||||||
Portugal — 0.0% |
| |||||||
Jeronimo Martins SGPS SA | 3,098 | 59,803 | ||||||
Russia — 0.5% |
| |||||||
Alrosa PJSC | 47,800 | 76,537 | ||||||
Inter RAO UES PJSC | 720,500 | 49,762 | ||||||
MMC Norilsk Nickel PJSC | 1,388 | 499,392 | ||||||
Mobile TeleSystems PJSC ADR | 8,100 | 73,872 | ||||||
Moscow Exchange MICEX-RTS PJSC | 17,930 | 41,181 | ||||||
Novolipetsk Steel PJSC | 24,310 | 86,782 | ||||||
PhosAgro PJSC GDR | 2,346 | 47,999 | ||||||
Polyus PJSC | 569 | 123,172 | ||||||
Severstal PAO | 4,941 | 113,491 | ||||||
Tatneft PJSC | 28,978 | 196,498 | ||||||
1,308,686 | ||||||||
75 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore — 0.1% |
| |||||||
Singapore Exchange, Ltd. | 17,000 | $ | 132,787 | |||||
Singapore Telecommunications, Ltd. | 119,400 | 217,583 | ||||||
Venture Corp., Ltd. | 4,200 | 60,404 | ||||||
410,774 | ||||||||
South Africa — 0.2% |
| |||||||
African Rainbow Minerals, Ltd. | 915 | 17,657 | ||||||
AngloGold Ashanti, Ltd. | 4,566 | 112,752 | ||||||
Clicks Group, Ltd. | 3,519 | 65,752 | ||||||
Exxaro Resources, Ltd. | 4,662 | 52,045 | ||||||
Impala Platinum Holdings, Ltd. | 5,299 | 96,319 | ||||||
Kumba Iron Ore, Ltd.# | 1,399 | 64,967 | ||||||
Mr. Price Group, Ltd. | 4,232 | 71,643 | ||||||
Tiger Brands, Ltd. | 2,197 | 35,280 | ||||||
Vodacom Group, Ltd. | 10,113 | 96,013 | ||||||
612,428 | ||||||||
South Korea — 1.2% |
| |||||||
BGF retail Co., Ltd. | 91 | 14,809 | ||||||
Coway Co, Ltd. | 736 | 54,905 | ||||||
DL E&C Co., Ltd.† | 208 | 25,084 | ||||||
DL Holdings Co., Ltd. | 163 | 11,999 | ||||||
Hana Financial Group, Inc. | 4,629 | 193,204 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 831 | 18,180 | ||||||
Industrial Bank of Korea | 4,190 | 40,574 | ||||||
KB Financial Group, Inc. | 5,752 | 303,252 | ||||||
Korea Zinc Co., Ltd. | 108 | 43,721 | ||||||
KT&G Corp. | 1,773 | 134,012 | ||||||
Kumho Petrochemical Co., Ltd. | 229 | 47,533 | ||||||
LG Household & Health Care, Ltd. (Preference Shares) | 30 | 19,367 | ||||||
NCSoft Corp. | 200 | 155,653 | ||||||
PearlAbyss Corp.† | 382 | 20,756 | ||||||
S-1 Corp. | 234 | 16,994 | ||||||
Samsung Card Co., Ltd. | 377 | 11,493 | ||||||
Samsung Electronics Co., Ltd. | 25,254 | 1,822,780 | ||||||
Samsung Electronics Co., Ltd. (Preference Shares) | 4,639 | 303,638 | ||||||
Seegene, Inc. | 277 | 16,814 | ||||||
Shinhan Financial Group Co., Ltd. | 5,879 | 223,764 | ||||||
Woori Financial Group, Inc. | 7,072 | 70,701 | ||||||
3,549,233 | ||||||||
Spain — 1.0% |
| |||||||
Banco Santander SA | 174,182 | 727,279 | ||||||
Enagas SA | 3,167 | 74,247 | ||||||
Endesa SA | 4,679 | 127,239 | ||||||
Iberdrola SA | 70,880 | 950,348 | ||||||
Industria de Diseno Textil SA | 16,096 | 622,020 | ||||||
Red Electrica Corp. SA | 5,934 | 118,819 | ||||||
Telefonica SA | 53,957 | 264,507 | ||||||
2,884,459 | ||||||||
SupraNational — 0.0% |
| |||||||
HKT Trust & HKT, Ltd. | 52,000 | 70,487 | ||||||
Sweden — 0.4% |
| |||||||
Boliden AB | 3,929 | 157,318 | ||||||
Boliden AB (Redemption Shares)† | 3,929 | 2,839 | ||||||
Epiroc AB (Redemption Shares)† | 4,339 | 1,565 | ||||||
Epiroc AB, Class A | 4,295 | 97,080 | ||||||
Epiroc AB, Class B | 3,843 | 76,521 | ||||||
Epiroc AB, Class B (Redemption Shares)† | 3,883 | 1,403 | ||||||
Evolution Gaming Group AB* | 1,724 | 329,555 | ||||||
ICA Gruppen AB | 1,103 | 53,303 | ||||||
Kinnevik AB† | 1,701 | 32,364 | ||||||
Kinnevik AB, Class B | 1,684 | 64,224 | ||||||
Svenska Cellulosa AB SCA, Class B | 5,719 | 94,833 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Swedish Match AB | 16,114 | $ | 149,222 | |||||
1,060,227 | ||||||||
Switzerland — 2.7% |
| |||||||
EMS-Chemie Holding AG | 139 | 130,269 | ||||||
Garmin, Ltd. | 2,086 | 296,713 | ||||||
Geberit AG | 526 | 380,451 | ||||||
Kuehne & Nagel International AG | 375 | 126,570 | ||||||
Logitech International SA | 2,001 | 247,817 | ||||||
Nestle SA | 13,650 | 1,679,883 | ||||||
Novartis AG | 19,979 | 1,752,910 | ||||||
Partners Group Holding AG | 345 | 524,308 | ||||||
Roche Holding AG | 4,278 | 1,487,194 | ||||||
SGS SA | 44 | 137,112 | ||||||
Swiss Prime Site AG | 680 | 69,399 | ||||||
Swisscom AG | 375 | 210,950 | ||||||
TE Connectivity, Ltd. | 4,272 | 579,625 | ||||||
7,623,201 | ||||||||
Taiwan — 1.4% |
| |||||||
Asia Cement Corp. | 17,000 | 31,805 | ||||||
Asustek Computer, Inc. | 1,000 | 14,239 | ||||||
Catcher Technology Co., Ltd. | 7,000 | 46,430 | ||||||
Chicony Electronics Co., Ltd. | 7,000 | 19,632 | ||||||
China Development Financial Holding Corp. | 154,000 | 69,116 | ||||||
Chunghwa Telecom Co., Ltd. | 50,000 | 204,574 | ||||||
Eclat Textile Co., Ltd. | 4,000 | 93,005 | ||||||
Far EasTone Telecommunications Co., Ltd. | 23,000 | 53,395 | ||||||
Feng TAY Enterprise Co., Ltd. | 7,200 | 62,551 | ||||||
Globalwafers Co., Ltd. | 5,000 | 151,223 | ||||||
Largan Precision Co., Ltd. | 2,000 | 218,453 | ||||||
Lite-On Technology Corp. | 34,000 | 81,138 | ||||||
Micro-Star International Co., Ltd. | 9,000 | 53,694 | ||||||
Nien Made Enterprise Co., Ltd. | 4,000 | 58,759 | ||||||
Novatek Microelectronics Corp. | 9,000 | 173,248 | ||||||
Pegatron Corp. | 16,000 | 42,393 | ||||||
Powertech Technology, Inc. | 11,000 | 42,429 | ||||||
Ruentex Development Co., Ltd. | 11,000 | 20,818 | ||||||
Standard Foods Corp. | 7,000 | 13,551 | ||||||
Synnex Technology International Corp. | 16,000 | 34,491 | ||||||
Taiwan Cement Corp. | 57,050 | 106,118 | ||||||
Taiwan Mobile Co., Ltd. | 25,000 | 90,572 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 98,914 | 2,128,716 | ||||||
United Microelectronics Corp. | 76,000 | 145,203 | ||||||
Vanguard International Semiconductor Corp. | 14,000 | 59,552 | ||||||
Walsin Technology Corp.† | 5,000 | 37,851 | ||||||
WPG Holdings, Ltd. | 22,000 | 41,160 | ||||||
4,094,116 | ||||||||
Thailand — 0.2% |
| |||||||
Advanced Info Service PCL | 20,700 | 111,945 | ||||||
Bumrungrad Hospital PCL | 5,700 | 22,800 | ||||||
Home Product Center PCL | 76,100 | 32,632 | ||||||
Intouch Holdings PCL | 32,300 | 66,409 | ||||||
PTT Exploration & Production PCL | 17,900 | 67,018 | ||||||
Siam Cement PCL | 9,900 | 139,392 | ||||||
440,196 | ||||||||
Turkey — 0.1% |
| |||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 6,767 | 11,771 | ||||||
BIM Birlesik Magazalar AS | 7,125 | 53,194 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 24,013 | 53,909 | ||||||
Ford Otomotiv Sanayi AS | 1,248 | 25,337 | ||||||
Haci Omer Sabanci Holding AS | 13,147 | 13,598 | ||||||
Turkcell Iletisim Hizmetleri AS | 17,553 | 32,459 | ||||||
Turkiye Is Bankasi, Class C | 21,936 | 13,035 | ||||||
203,303 | ||||||||
76 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Arab Emirates — 0.1% |
| |||||||
Aldar Properties PJSC | 50,494 | $ | 50,176 | |||||
Dubai Islamic Bank PJSC | 24,341 | 31,609 | ||||||
Emirates Telecommunications Group Co. PJSC | 26,105 | 153,937 | ||||||
235,722 | ||||||||
United Kingdom — 4.7% |
| |||||||
Admiral Group PLC | 3,921 | 163,540 | ||||||
Anglo American PLC | 16,648 | 740,676 | ||||||
Auto Trader Group PLC†* | 14,640 | 116,680 | ||||||
BAE Systems PLC | 21,813 | 163,014 | ||||||
Berkeley Group Holdings PLC | 1,823 | 121,051 | ||||||
BHP Group PLC | 32,315 | 973,604 | ||||||
British American Tobacco PLC | 31,266 | 1,203,789 | ||||||
British Land Co. PLC | 13,031 | 94,314 | ||||||
BT Group PLC† | 136,576 | 338,898 | ||||||
Croda International PLC | 1,363 | 135,169 | ||||||
Direct Line Insurance Group PLC | 19,471 | 82,151 | ||||||
Evraz PLC | 10,221 | 92,485 | ||||||
GlaxoSmithKline PLC | 78,800 | 1,503,206 | ||||||
Hargreaves Lansdown PLC | 6,110 | 143,679 | ||||||
Hikma Pharmaceuticals PLC | 1,748 | 60,628 | ||||||
Imperial Brands PLC | 18,660 | 423,701 | ||||||
Intertek Group PLC | 2,291 | 176,479 | ||||||
Kingfisher PLC | 26,680 | 136,420 | ||||||
Land Securities Group PLC# | 9,064 | 90,454 | ||||||
M&G PLC | 36,365 | 126,180 | ||||||
Mondi PLC | 6,890 | 186,416 | ||||||
Next PLC† | 2,130 | 246,599 | ||||||
Persimmon PLC | 5,214 | 233,823 | ||||||
RELX PLC | 29,270 | 763,894 | ||||||
Rio Tinto PLC | 21,393 | 1,841,023 | ||||||
Royal Dutch Shell PLC, Class A | 47,921 | 915,104 | ||||||
Spirax-Sarco Engineering PLC | 492 | 88,674 | ||||||
Unilever PLC | 36,354 | 2,180,527 | ||||||
WM Morrison Supermarkets PLC# | 23,389 | 58,701 | ||||||
13,400,879 | ||||||||
United States — 36.6% |
| |||||||
3M Co. | 5,691 | 1,155,501 | ||||||
A.O. Smith Corp. | 908 | 64,532 | ||||||
AbbVie, Inc. | 17,514 | 1,982,585 | ||||||
ABIOMED, Inc.† | 14 | 3,984 | ||||||
Adobe, Inc.† | 3,489 | 1,760,480 | ||||||
Air Products & Chemicals, Inc. | 2,595 | 777,618 | ||||||
Alexion Pharmaceuticals, Inc.† | 2,004 | 353,806 | ||||||
Alphabet, Inc., Class A† | 111 | 261,610 | ||||||
Alphabet, Inc., Class C† | 497 | 1,198,545 | ||||||
Altria Group, Inc. | 36,895 | 1,815,972 | ||||||
American Tower Corp. | 5,874 | 1,500,572 | ||||||
Amgen, Inc. | 7,472 | 1,777,888 | ||||||
Apple, Inc. | 14,683 | 1,829,649 | ||||||
Applied Materials, Inc. | 13,319 | 1,839,753 | ||||||
Arista Networks, Inc.† | 310 | 105,208 | ||||||
AT&T, Inc. | 60,558 | 1,782,222 | ||||||
Best Buy Co., Inc. | 3,284 | 381,732 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 3 | 1,807 | ||||||
Biogen, Inc.† | 3,183 | 851,389 | ||||||
Booking Holdings, Inc.† | 397 | 937,535 | ||||||
BorgWarner, Inc. | 2,690 | 137,970 | ||||||
Bristol-Myers Squibb Co. | 27,887 | 1,832,734 | ||||||
Broadridge Financial Solutions, Inc. | 1,488 | 237,306 | ||||||
C.H. Robinson Worldwide, Inc. | 2,087 | 202,481 | ||||||
Cabot Oil & Gas Corp. | 6,073 | 99,597 | ||||||
Cadence Design Systems, Inc.† | 4,075 | 517,484 | ||||||
Campbell Soup Co. | 2,485 | 120,945 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Carrier Global Corp. | 9,571 | $ | 439,596 | |||||
Celanese Corp. | 1,489 | 246,355 | ||||||
Cerner Corp. | 2,987 | 233,733 | ||||||
Church & Dwight Co., Inc. | 3,282 | 281,366 | ||||||
Cisco Systems, Inc. | 41,953 | 2,219,314 | ||||||
Citrix Systems, Inc. | 1,587 | 182,442 | ||||||
Clorox Co. | 2,384 | 421,324 | ||||||
Cognizant Technology Solutions Corp., Class A | 7,361 | 526,753 | ||||||
Colgate-Palmolive Co. | 9,877 | 827,495 | ||||||
Conagra Brands, Inc. | 3,207 | 122,187 | ||||||
Copart, Inc.† | 3,177 | 409,865 | ||||||
Cummins, Inc. | 2,284 | 587,628 | ||||||
D.R. Horton, Inc. | 4,373 | 416,703 | ||||||
Dollar General Corp. | 3,473 | 704,880 | ||||||
Domino’s Pizza, Inc. | 300 | 128,061 | ||||||
eBay, Inc. | 7,978 | 485,701 | ||||||
Electronic Arts, Inc. | 3,190 | 455,947 | ||||||
Eli Lilly & Co. | 12,458 | 2,488,361 | ||||||
Erie Indemnity Co., Class A | 299 | 60,138 | ||||||
Expeditors International of Washington, Inc. | 2,583 | 324,657 | ||||||
Extra Space Storage, Inc. | 1,589 | 238,048 | ||||||
F5 Networks, Inc.† | 893 | 165,589 | ||||||
Facebook, Inc., Class A† | 6,165 | 2,026,620 | ||||||
FactSet Research Systems, Inc. | 498 | 166,511 | ||||||
Fastenal Co. | 9,247 | 490,461 | ||||||
Fortinet, Inc.† | 902 | 197,123 | ||||||
Fox Corp., Class A | 4,374 | 163,369 | ||||||
Fox Corp., Class B | 2,085 | 75,644 | ||||||
General Mills, Inc. | 8,948 | 562,471 | ||||||
Gilead Sciences, Inc. | 20,437 | 1,351,090 | ||||||
Hershey Co. | 2,380 | 411,859 | ||||||
Hewlett Packard Enterprise Co. | 8,534 | 136,203 | ||||||
Hormel Foods Corp.# | 4,571 | 221,876 | ||||||
HP, Inc. | 14,561 | 425,618 | ||||||
IDEXX Laboratories, Inc.† | 1,094 | 610,572 | ||||||
Illinois Tool Works, Inc. | 4,376 | 1,014,182 | ||||||
Intel Corp. | 38,521 | 2,200,319 | ||||||
International Business Machines Corp. | 13,035 | 1,873,651 | ||||||
Intuit, Inc. | 4,069 | 1,786,657 | ||||||
J.M. Smucker Co. | 1,195 | 159,282 | ||||||
Jack Henry & Associates, Inc. | 1,093 | 168,486 | ||||||
JB Hunt Transport Services, Inc. | 1,090 | 186,979 | ||||||
Johnson & Johnson | 11,850 | 2,005,612 | ||||||
Kellogg Co. | 3,376 | 221,094 | ||||||
Kimberly-Clark Corp. | 5,076 | 663,078 | ||||||
KLA Corp. | 2,284 | 723,777 | ||||||
Kroger Co. | 11,532 | 426,453 | ||||||
Lam Research Corp. | 1,985 | 1,289,952 | ||||||
Lockheed Martin Corp. | 4,074 | 1,557,083 | ||||||
Lowe’s Cos., Inc. | 10,437 | 2,033,441 | ||||||
Lululemon Athletica, Inc.† | 1,589 | 513,454 | ||||||
Lumen Technologies, Inc. | 6,930 | 95,911 | ||||||
MarketAxess Holdings, Inc. | 597 | 278,524 | ||||||
Masimo Corp.† | 501 | 108,016 | ||||||
Mastercard, Inc., Class A | 4,976 | 1,794,246 | ||||||
Maxim Integrated Products, Inc. | 4,370 | 445,784 | ||||||
Merck & Co., Inc. | 21,606 | 1,639,679 | ||||||
Mettler-Toledo International, Inc.† | 299 | 388,984 | ||||||
Microsoft Corp. | 8,161 | 2,037,638 | ||||||
Monolithic Power Systems, Inc. | 302 | 103,622 | ||||||
Monster Beverage Corp.† | 5,372 | 506,418 | ||||||
Moody’s Corp. | 2,685 | 900,415 | ||||||
NetApp, Inc. | 3,476 | 268,938 | ||||||
NRG Energy, Inc. | 1,604 | 51,569 | ||||||
Nucor Corp. | 3,872 | 397,035 |
77 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares/ Principal Amount(8) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
NVIDIA Corp. | 3,268 | $ | 2,123,481 | |||||
NVR, Inc.† | 47 | 229,700 | ||||||
O’Reilly Automotive, Inc.† | 1,092 | 584,351 | ||||||
Old Dominion Freight Line, Inc. | 1,442 | 382,779 | ||||||
Omnicom Group, Inc. | 3,077 | 253,052 | ||||||
Oracle Corp. | 22,540 | 1,774,800 | ||||||
PACCAR, Inc. | 4,477 | 409,914 | ||||||
Packaging Corp. of America | 1,290 | 191,758 | ||||||
Paychex, Inc. | 4,574 | 462,614 | ||||||
PepsiCo, Inc. | 12,139 | 1,795,844 | ||||||
Pfizer, Inc. | 47,720 | 1,848,196 | ||||||
Philip Morris International, Inc. | 22,287 | 2,149,135 | ||||||
Pool Corp. | 302 | 131,838 | ||||||
PPL Corp. | 8,655 | 251,947 | ||||||
Procter & Gamble Co. | 12,522 | 1,688,592 | ||||||
Progressive Corp. | 6,288 | 623,015 | ||||||
Public Storage | 2,979 | 841,508 | ||||||
PulteGroup, Inc. | 3,772 | 217,984 | ||||||
QUALCOMM, Inc. | 11,856 | 1,595,106 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,491 | 749,123 | ||||||
Robert Half International, Inc. | 1,886 | 167,458 | ||||||
Rockwell Automation, Inc. | 1,590 | 419,315 | ||||||
Rollins, Inc. | 3,072 | 104,724 | ||||||
S&P Global, Inc. | 4,374 | 1,659,802 | ||||||
SEI Investments Co. | 1,194 | 75,747 | ||||||
Simon Property Group, Inc. | 5,070 | 651,444 | ||||||
Skyworks Solutions, Inc. | 2,977 | 506,090 | ||||||
Snap-on, Inc. | 696 | 177,216 | ||||||
Steel Dynamics, Inc. | 2,779 | 173,493 | ||||||
T. Rowe Price Group, Inc. | 2,882 | 551,471 | ||||||
Take-Two Interactive Software, Inc.† | 1,096 | 203,374 | ||||||
Target Corp. | 7,558 | 1,715,061 | ||||||
Teradyne, Inc. | 1,695 | 224,333 | ||||||
Texas Instruments, Inc. | 11,319 | 2,148,573 | ||||||
Tractor Supply Co. | 1,687 | 306,528 | ||||||
Tyson Foods, Inc., Class A | 4,170 | 331,515 | ||||||
United Parcel Service, Inc., Class B | 10,341 | 2,219,179 | ||||||
Veeva Systems, Inc., Class A† | 1,394 | 406,128 | ||||||
Verizon Communications, Inc. | 28,855 | 1,630,019 | ||||||
Vertex Pharmaceuticals, Inc.† | 2,989 | 623,595 | ||||||
ViacomCBS, Inc., Class B | 7,266 | 308,224 | ||||||
Walgreens Boots Alliance, Inc. | 9,931 | 522,966 | ||||||
Walmart, Inc. | 11,652 | 1,654,934 | ||||||
West Pharmaceutical Services, Inc. | 799 | 277,660 | ||||||
Western Union Co. | 4,678 | 114,471 | ||||||
Whirlpool Corp. | 599 | 142,017 | ||||||
WW Grainger, Inc. | 596 | 275,447 | ||||||
Xilinx, Inc. | 3,480 | 441,960 | ||||||
Zoom Video Communications, Inc., Class A† | 1,699 | 563,269 | ||||||
105,077,494 | ||||||||
Total Common Stocks | ||||||||
(cost $156,558,786) | 194,173,210 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.0% | ||||||||
India — 0.0% | ||||||||
Britannia Industries, Ltd. | INR | 35,409 | 489 | |||||
FOREIGN GOVERNMENT OBLIGATIONS — 20.7% |
| |||||||
Argentina — 0.8% |
| |||||||
Republic of Argentina | ARS | 24,107,100 | 152,043 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Argentina (continued) |
| |||||||
Republic of Argentina | ARS | 7,231,600 | $ | 70,271 | ||||
Republic of Argentina | ARS | 68,123,289 | 628,924 | |||||
Republic of Argentina | ARS | 698,400 | 6,084 | |||||
Republic of Argentina | ARS | 46,379,588 | 410,702 | |||||
Republic of Argentina | ARS | 41,389,459 | 347,995 | |||||
Republic of Argentina | ARS | 79,847,000 | 206,742 | |||||
Republic of Argentina | ARS | 45,555,800 | 171,420 | |||||
Republic of Argentina | ARS | 40,723,000 | 236,504 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 17,498 | |||||
�� | 2,248,183 | |||||||
Brazil — 1.0% |
| |||||||
Federative Republic of Brazil | BRL | 2,930,000 | 464,152 | |||||
Federative Republic of Brazil | BRL | 10,220,000 | 1,550,603 | |||||
Federative Republic of Brazil | BRL | 1,700,000 | 359,524 | |||||
Federative Republic of Brazil | BRL | 730,000 | 154,686 | |||||
Federative Republic of Brazil | BRL | 730,000 | 154,034 | |||||
Federative Republic of Brazil | BRL | 1,160,000 | 243,796 | |||||
2,926,795 | ||||||||
Colombia — 1.1% |
| |||||||
Republic of Colombia | COP | 64,000,000 | 17,603 | |||||
Republic of Colombia | COP | 724,000,000 | 188,448 | |||||
Republic of Colombia | COP | 2,472,300,000 | 644,995 | |||||
Republic of Colombia | COP | 1,052,000,000 | 292,872 |
78 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Colombia (continued) |
| |||||||
Republic of Colombia | COP | 4,555,700,000 | $ | 1,320,215 | ||||
Republic of Colombia | COP | 204,000,000 | 56,922 | |||||
Republic of Colombia | COP | 1,920,000,000 | 598,382 | |||||
3,119,437 | ||||||||
Ghana — 0.7% |
| |||||||
Republic of Ghana | GHS | 50,000 | 8,513 | |||||
Republic of Ghana | GHS | 1,400,000 | 245,511 | |||||
Republic of Ghana | GHS | 4,210,000 | 728,031 | |||||
Republic of Ghana | GHS | 1,400,000 | 252,872 | |||||
Republic of Ghana | GHS | 4,210,000 | 729,208 | |||||
Republic of Ghana | GHS | 50,000 | 8,689 | |||||
Republic of Ghana | GHS | 50,000 | 8,747 | |||||
1,981,571 | ||||||||
India — 1.7% |
| |||||||
Republic of India | INR | 57,700,000 | 787,288 | |||||
Republic of India | INR | 118,010,000 | 1,691,080 | |||||
Republic of India | INR | 40,000,000 | 574,746 | |||||
Republic of India | INR | 96,000,000 | 1,394,696 | |||||
Republic of India | INR | 29,700,000 | 451,515 | |||||
4,899,325 | ||||||||
Indonesia — 3.2% |
| |||||||
Republic of Indonesia | IDR | 49,440,000,000 | 3,454,397 | |||||
Republic of Indonesia | IDR | 6,415,000,000 | 456,931 | |||||
Republic of Indonesia | IDR | 8,339,000,000 | 606,664 | |||||
Republic of Indonesia | IDR | 3,435,000,000 | 248,024 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Indonesia (continued) |
| |||||||
Republic of Indonesia | IDR | 1,265,000,000 | $ | 89,136 | ||||
Republic of Indonesia | IDR | 46,834,000,000 | 3,571,023 | |||||
Republic of Indonesia | IDR | 116,000,000 | 8,725 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 833,723 | |||||
9,268,623 | ||||||||
Mexico — 3.2% |
| |||||||
United Mexican States | MXN | 78,664,000 | 4,015,821 | |||||
United Mexican States | MXN | 10,255,000 | 529,951 | |||||
United Mexican States | MXN | 40,740,000 | 2,073,347 | |||||
United Mexican States | MXN | 38,822,000 | 2,069,701 | |||||
United Mexican States | MXN | 6,840,000 | 388,745 | |||||
9,077,565 | ||||||||
Norway — 1.5% |
| |||||||
Kingdom of Norway | NOK | 2,523,000 | 307,267 | |||||
Kingdom of Norway | NOK | 4,250,000 | 523,498 | |||||
Kingdom of Norway | NOK | 14,941,000 | 1,837,655 | |||||
Kingdom of Norway | NOK | 12,599,000 | 1,598,806 | |||||
4,267,226 | ||||||||
South Korea — 7.5% |
| |||||||
Republic of South Korea | KRW | 4,086,000,000 | 3,631,681 | |||||
Republic of South Korea | KRW | 5,120,000,000 | 4,581,334 | |||||
Republic of South Korea | KRW | 176,000,000 | 157,981 | |||||
Republic of South Korea | KRW | 1,470,700,000 | 1,321,814 | |||||
Republic of South Korea | KRW | 2,374,500,000 | 2,123,773 | |||||
Republic of South Korea | KRW | 257,000,000 | 232,651 |
79 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Korea (continued) |
| |||||||
Republic of South Korea | KRW | 2,889,000,000 | $ | 2,630,118 | ||||
Republic of South Korea | KRW | 321,000,000 | 290,036 | |||||
Republic of South Korea | KRW | 742,000,000 | 681,397 | |||||
Republic of South Korea | KRW | 579,100,000 | 544,853 | |||||
Republic of South Korea | KRW | 4,345,000,000 | 4,088,654 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,256,422 | |||||
21,540,714 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $69,266,353) | 59,329,439 | |||||||
U.S. GOVERNMENT TREASURIES — 0.6% |
| |||||||
United States Treasury Notes |
| |||||||
1.63% due 10/31/2026 | 1,210,000 | 1,255,895 | ||||||
2.13% due 05/31/2026 | 550,000 | 585,707 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $1,825,618) | 1,841,602 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $227,651,243) | 255,344,740 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.9% |
| |||||||
Foreign Government Obligations — 4.7% |
| |||||||
Republic of Argentina(2)(3)(6) | ||||||||
due 09/13/2021 | ARS | 4,567,804 | 35,025 | |||||
due 02/28/2022 | ARS | 8,002,290 | 52,597 | |||||
87,622 | ||||||||
Government of Japan | ||||||||
(0.11)% due 06/10/2021 | JPY | 5,300,000 | 48,255 | |||||
(0.11)% due 07/19/2021 | JPY | 57,200,000 | 520,854 | |||||
(0.11)% due 08/16/2021 | JPY | 304,400,000 | 2,772,038 | |||||
(0.11)% due 08/25/2021 | JPY | 15,100,000 | 137,513 | |||||
(0.12)% due 06/16/2021 | JPY | 10,000,000 | 91,050 | |||||
(0.13)% due 12/20/2021 | JPY | 175,150,000 | 1,595,685 | |||||
(0.14)% due 08/10/2021 | JPY | 385,300,000 | 3,508,699 | |||||
8,674,094 | ||||||||
Republic of Singapore | ||||||||
0.30% due 08/20/2021 | SGD | 1,930,000 | 1,458,483 | |||||
0.31% due 08/24/2021 | SGD | 1,810,000 | 1,367,760 | |||||
0.33% due 08/13/2021 | SGD | 290,000 | 219,162 | |||||
0.36% due 07/16/2021 | SGD | 2,040,000 | 1,542,008 | |||||
4,587,413 | ||||||||
United Mexican States | ||||||||
3.99% due 01/13/2022 | MXN | 40,240,000 | 196,347 | |||||
13,545,476 | ||||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 217,648 | 217,648 | ||||||
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. Government Agencies — 0.9% |
| |||||||
Federal Home Loan Bank | $ | 2,595,000 | $ | 2,595,000 | ||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | 615,000 | 614,984 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $17,236,892) | 16,973,108 | |||||||
REPURCHASE AGREEMENTS — 4.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $1,779,000 and collateralized by $1,819,200 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $1,814,634 | 1,779,000 | 1,779,000 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $9,748,000 and collateralized by $9,968,200 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $9,942,983 | 9,748,000 | 9,748,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $11,527,000) | 11,527,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $256,415,135)(7) | 98.8 | % | 283,844,848 | |||||
Other assets less liabilities | 1.2 | 3,566,887 | ||||||
NET ASSETS | 100.0 | % | $ | 287,411,735 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $5,555,541 representing 1.9% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, the Fund held the following restricted securities: |
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||||||
Foreign Corporate Bonds & Notes | ||||||||||||||||||||||||||||
Britannia Industries, Ltd. Notes 5.50% due 06/03/2024 | 05/25/2021 | INR | 35,409 | $ | 486 | $ | 489 | $ | 0.01 | 0.00 | % |
80 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||||||
Foreign Government Obligations | ||||||||||||||||||||||||||||
Republic of Argentina zero coupon due 04/18/2022 | | 05/04/2021 - 05/06/2021 | | ARS | 24,107,100 | $ | 155,148 | $ | 152,043 | $ | 0.01 | 0.05 | % | |||||||||||||||
Republic of Argentina 1.00% due 08/05/2021 | | 10/28/2020 - 12/18/2020 | | ARS | 7,231,600 | 58,677 | 70,271 | 0.01 | 0.02 | % | ||||||||||||||||||
Republic of Argentina 1.20% due 03/18/2022 | | 03/19/2020- 12/18/2020 | | ARS | 68,123,289 | 1,101,270 | 628,924 | 0.01 | 0.22 | % | ||||||||||||||||||
Republic of Argentina 1.30% due 09/20/2022 | | 10/29/2020 - 11/03/2020 | ARS | 698,400 | 4,530 | 6,084 | 0.01 | 0.00 | % | |||||||||||||||||||
Republic of Argentina 1.40% due 03/25/2023 | | 03/26/2020 - 04/24/2020 | | ARS | 46,379,588 | 765,624 | 410,702 | 0.01 | 0.14 | % | ||||||||||||||||||
Republic of Argentina 1.50% due 03/25/2024 | | 03/26/2020 - 04/19/2021 | | ARS | 41,389,459 | 719,344 | 347,995 | 0.01 | 0.12 | % | ||||||||||||||||||
Republic of Argentina 15.50% due 10/17/2026 | | 10/17/2016 - 05/17/2018 | | ARS | 79,847,000 | 4,460,922 | 206,742 | 0.00 | 0.07 | % | ||||||||||||||||||
Republic of Argentina 16.00% due 10/17/2023 | | 10/17/2016 - 04/09/2021 | | ARS | 45,555,800 | 2,088,722 | 171,420 | 0.00 | 0.06 | % | ||||||||||||||||||
Republic of Argentina 18.20% due 10/03/2021 | | 10/03/2016 - 08/01/2018 | | ARS | 40,723,000 | 2,672,053 | 236,504 | 0.01 | 0.08 | % | ||||||||||||||||||
Republic of Argentina 36.12% (BADLARPP+2.00%) due 04/03/2022 | 04/03/2017 | ARS | 2,800,000 | 186,226 | 17,498 | 0.01 | 0.00 | % | ||||||||||||||||||||
Republic of Argentina discount note due 09/13/2021 | 12/30/2020 | ARS | 4,567,804 | 33,113 | 35,025 | 0.01 | 0.01 | % | ||||||||||||||||||||
Republic of Argentina discount note due 02/28/2022 | | 03/23/2021 - 05/28/2021 | | ARS | 8,002,290 | 53,019 | 52,597 | 0.01 | 0.02 | % | ||||||||||||||||||
$ | 2,336,294 | 0.81 | % | |||||||||||||||||||||||||
(3) | Principal amount of inflation is adjusted for inflation. |
(4) | At May 31, 2021, the Fund had loaned securities with a total value of $1,695,486. This was secured by collateral of $217,648, which was received in cash and subsequently invested in short-term investments currently valued at $217,648 as reported in the Portfolio of Investments. Additional collateral of $1,582,838 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $38,903 | |||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 151,172 | |||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 28,872 | |||
United States Treasury Bills | 0.00% | 08/05/2021 | 78,409 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 07/15/2021 to 02/15/2051 | 1,285,482 |
(5) | The rate shown is the 7-day yield as of May 31, 2021 |
(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. |
(8) | Denominated in United States dollars unless otherwise indicated. |
ADR—American Depositary Receipt
ARS—Argentine Peso
BRL—Brazilian Real
COP—Columbian Peso
GDR—Global Depositary Receipt
GHS—Ghanaian Cedi
IDR—Indonesian Rupiah
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
NOK—Norwegian Krone
SGD—Singapore Dollar
FRS—Floating Rate Security
The rates shown on the FRS are the current interest rates at May 31, 2021 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 | 36,820 | USD | 44,571 | 07/29/2021 | $ | – | $ | (504 | ) | ||||||||||||||||
EUR | 431,144 | USD | 529,189 | 08/25/2021 | 1,118 | – | ||||||||||||||||||||
EUR | 454,552 | USD | 546,385 | 10/18/2021 | – | (10,925 | ) | |||||||||||||||||||
USD | 1,314,802 | CNH | 8,641,070 | 06/11/2021 | 40,181 | – | ||||||||||||||||||||
USD | 1,577,761 | CNH | 10,360,160 | 06/15/2021 | 46,378 | – | ||||||||||||||||||||
87,677 | (11,429 | ) | ||||||||||||||||||||||||
Citibank N.A. | AUD | 3,160,000 | JPY | 266,158,900 | 07/20/2021 | – | (14,263 | ) | ||||||||||||||||||
EUR | 89,576 | USD | 106,711 | 07/14/2021 | – | (2,916 | ) | |||||||||||||||||||
EUR | 910,000 | USD | 1,091,914 | 07/19/2021 | – | (21,884 | ) | |||||||||||||||||||
EUR | 590,000 | USD | 708,142 | 10/21/2021 | – | (15,278 | ) | |||||||||||||||||||
EUR | 590,000 | USD | 713,098 | 10/22/2021 | – | (10,336 | ) | |||||||||||||||||||
EUR | 544,800 | USD | 658,358 | 10/26/2021 | – | (9,703 | ) | |||||||||||||||||||
JPY | 415,599,844 | USD | 3,843,565 | 06/15/2021 | 47,423 | – | ||||||||||||||||||||
JPY | 40,980,000 | USD | 379,532 | 07/20/2021 | 5,115 | – | ||||||||||||||||||||
JPY | 28,180,000 | USD | 261,076 | 08/24/2021 | 3,541 | – | ||||||||||||||||||||
MXN | 37,921,000 | USD | 1,766,375 | 07/08/2021 | – | (129,059 | ) | |||||||||||||||||||
MXN | 23,561,000 | USD | 1,152,973 | 08/13/2021 | – | (20,080 | ) | |||||||||||||||||||
MXN | 59,249,000 | USD | 2,807,833 | 08/23/2021 | – | (138,831 | ) | |||||||||||||||||||
USD | 73,212 | INR | 5,505,200 | 06/08/2021 | 2,522 | – | ||||||||||||||||||||
USD | 43,086 | INR | 3,241,800 | 06/09/2021 | 1,504 | – |
81 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||||
USD | 788,881 | CNH | 5,179,240 | 06/11/2021 | $ | 23,262 | $ | – | ||||||||||||||||||
USD | 1,245,839 | CNH | 8,178,060 | 06/15/2021 | 36,217 | – | ||||||||||||||||||||
USD | 4,007,327 | JPY | 415,599,844 | 06/15/2021 | – | (211,185 | ) | |||||||||||||||||||
USD | 1,108,874 | MXN | 22,140,000 | 07/08/2021 | – | (2,233 | ) | |||||||||||||||||||
USD | 758,335 | CNH | 4,948,740 | 07/14/2021 | 16,060 | – | ||||||||||||||||||||
USD | 377,091 | JPY | 40,980,000 | 07/20/2021 | – | (2,674 | ) | |||||||||||||||||||
USD | 267,476 | JPY | 28,180,000 | 08/24/2021 | – | (9,941 | ) | |||||||||||||||||||
USD | 96,502 | INR | 7,256,500 | 09/08/2021 | 1,956 | – | ||||||||||||||||||||
USD | 71,266 | INR | 5,428,300 | 11/10/2021 | 1,722 | – | ||||||||||||||||||||
139,322 | (588,383 | ) | ||||||||||||||||||||||||
Deutsche Bank AG | EUR | 1,389,370 | SEK | 14,293,534 | 06/11/2021 | 25,105 | – | |||||||||||||||||||
EUR | 304,361 | NOK | 3,269,600 | 06/15/2021 | 20,920 | – | ||||||||||||||||||||
EUR | 271,301 | SEK | 2,788,700 | 06/15/2021 | 4,600 | – | ||||||||||||||||||||
EUR | 469,907 | NOK | 4,998,500 | 06/16/2021 | 26,338 | – | ||||||||||||||||||||
EUR | 906,099 | SEK | 9,244,075 | 06/16/2021 | 6,939 | – | ||||||||||||||||||||
EUR | 410,371 | NOK | 4,358,000 | 06/18/2021 | 22,117 | – | ||||||||||||||||||||
EUR | 60,000 | USD | 71,019 | 07/07/2021 | – | (2,402 | ) | |||||||||||||||||||
EUR | 489,179 | SEK | 5,000,117 | 07/15/2021 | 4,697 | – | ||||||||||||||||||||
EUR | 201,877 | USD | 243,930 | 07/27/2021 | – | (3,196 | ) | |||||||||||||||||||
EUR | 154,729 | USD | 187,353 | 07/28/2021 | – | (2,061 | ) | |||||||||||||||||||
EUR | 1,857,096 | USD | 2,279,548 | 08/27/2021 | 4,865 | – | ||||||||||||||||||||
EUR | 304,360 | NOK | 3,276,800 | 09/15/2021 | 21,149 | – | ||||||||||||||||||||
EUR | 271,305 | SEK | 2,792,000 | 09/15/2021 | 4,646 | – | ||||||||||||||||||||
EUR | 210,571 | SEK | 2,140,075 | 09/16/2021 | 354 | – | ||||||||||||||||||||
EUR | 528,245 | SEK | 5,360,100 | 10/18/2021 | – | (396 | ) | |||||||||||||||||||
EUR | 1,007,967 | NOK | 10,160,000 | 10/19/2021 | – | (14,160 | ) | |||||||||||||||||||
EUR | 1,104,432 | SEK | 11,210,100 | 10/19/2021 | – | (432 | ) | |||||||||||||||||||
EUR | 362,080 | SEK | 3,686,883 | 11/17/2021 | 1,119 | – | ||||||||||||||||||||
NOK | 3,269,600 | EUR | 326,496 | 06/15/2021 | 6,155 | – | ||||||||||||||||||||
NOK | 4,998,500 | EUR | 498,272 | 06/16/2021 | 8,357 | – | ||||||||||||||||||||
NOK | 4,358,000 | EUR | 433,743 | 06/18/2021 | 6,471 | – | ||||||||||||||||||||
163,832 | (22,647 | ) | ||||||||||||||||||||||||
Goldman Sachs International | CLP | 58,196,834 | USD | 82,199 | 06/14/2021 | 1,646 | – | |||||||||||||||||||
USD | 392,018 | CLP | 275,944,731 | 06/07/2021 | – | (10,038 | ) | |||||||||||||||||||
USD | 82,950 | CLP | 58,196,834 | 06/14/2021 | – | (2,397 | ) | |||||||||||||||||||
USD | 207,400 | CLP | 148,100,000 | 06/21/2021 | – | (2,422 | ) | |||||||||||||||||||
USD | 190,842 | CLP | 140,200,000 | 06/29/2021 | 3,185 | – | ||||||||||||||||||||
USD | 47,715 | CLP | 34,870,000 | 06/30/2021 | 542 | – | ||||||||||||||||||||
USD | 57,255 | CLP | 41,510,000 | 07/02/2021 | 190 | – | ||||||||||||||||||||
USD | 334,761 | CLP | 240,436,897 | 08/06/2021 | – | (2,090 | ) | |||||||||||||||||||
USD | 196,209 | CLP | 138,550,704 | 08/16/2021 | – | (4,537 | ) | |||||||||||||||||||
USD | 187,470 | CLP | 132,627,351 | 08/17/2021 | – | (3,995 | ) | |||||||||||||||||||
USD | 95,414 | CLP | 69,850,000 | 09/01/2021 | 1,194 | – | ||||||||||||||||||||
6,757 | (25,479 | ) | ||||||||||||||||||||||||
HSBC Bank PLC | AUD | 667,496 | JPY | 55,639,129 | 07/12/2021 | – | (8,347 | ) | ||||||||||||||||||
EUR | 705,913 | JPY | 91,813,184 | 06/25/2021 | – | (24,907 | ) | |||||||||||||||||||
EUR | 517,579 | USD | 616,722 | 07/13/2021 | – | (16,700 | ) | |||||||||||||||||||
EUR | 2,281,804 | CAD | 3,550,240 | 08/03/2021 | 147,513 | – | ||||||||||||||||||||
EUR | 1,018,902 | JPY | 128,539,525 | 10/25/2021 | – | (74,116 | ) | |||||||||||||||||||
EUR | 1,268,701 | CAD | 1,896,320 | 11/03/2021 | 14,737 | – | ||||||||||||||||||||
JPY | 91,822,543 | EUR | 705,913 | 06/25/2021 | 24,821 | – | ||||||||||||||||||||
JPY | 132,951,923 | EUR | 1,018,902 | 10/25/2021 | 33,772 | – | ||||||||||||||||||||
MXN | 15,632,808 | USD | 750,978 | 06/29/2021 | – | (31,187 | ) | |||||||||||||||||||
MXN | 80,900,000 | USD | 3,925,946 | 08/05/2021 | – | (105,421 | ) | |||||||||||||||||||
USD | 118,546 | INR | 8,779,790 | 06/11/2021 | 2,181 | – | ||||||||||||||||||||
USD | 822,125 | CNH | 5,393,410 | 06/16/2021 | 23,335 | – | ||||||||||||||||||||
USD | 763,082 | MXN | 15,632,808 | 06/29/2021 | 19,083 | – | ||||||||||||||||||||
USD | 116,839 | INR | 8,755,300 | 07/12/2021 | 2,982 | – | ||||||||||||||||||||
USD | 806,146 | CNH | 5,358,330 | 10/15/2021 | 27,504 | – | ||||||||||||||||||||
295,928 | (260,678 | ) | ||||||||||||||||||||||||
JPMorgan Chase Bank N.A | AUD | 2,726,711 | JPY | 225,462,095 | 07/13/2021 | – | (50,744 | ) | ||||||||||||||||||
EUR | 930,000 | USD | 1,120,661 | 06/04/2021 | – | (16,632 | ) | |||||||||||||||||||
EUR | 164,727 | SEK | 1,680,000 | 06/18/2021 | 1,190 | – | ||||||||||||||||||||
EUR | 340,000 | CAD | 529,460 | 08/03/2021 | 22,358 | – | ||||||||||||||||||||
EUR | 528,696 | NOK | 5,358,700 | 09/16/2021 | – | (3,367 | ) | |||||||||||||||||||
EUR | 1,124,240 | NOK | 11,353,925 | 09/30/2021 | – | (12,546 | ) | |||||||||||||||||||
EUR | 531,753 | NOK | 5,358,700 | 10/19/2021 | – | (7,616 | ) |
82 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||||||
JPY | 491,452,319 | USD | 4,533,348 | 06/15/2021 | $ | 44,361 | $ | – | ||||||||||||||||||||
USD | 780,992 | CNH | 5,126,110 | 06/11/2021 | 22,819 | – | ||||||||||||||||||||||
USD | 1,136,748 | CNH | 7,456,600 | 06/15/2021 | 32,207 | – | ||||||||||||||||||||||
USD | 4,736,662 | JPY | 491,452,319 | 06/15/2021 | – | (247,674 | ) | |||||||||||||||||||||
USD | 46,731 | CLP | 34,090,000 | 06/30/2021 | 447 | – | ||||||||||||||||||||||
USD | 46,635 | CLP | 33,880,000 | 07/01/2021 | 252 | – | ||||||||||||||||||||||
USD | 92,008 | CLP | 66,730,000 | 07/02/2021 | 338 | – | ||||||||||||||||||||||
USD | 373,199 | CLP | 266,000,000 | 08/17/2021 | – | (5,218 | ) | |||||||||||||||||||||
USD | 99,293 | INR | 7,468,700 | 09/07/2021 | 2,059 | – | ||||||||||||||||||||||
USD | 129,273 | INR | 9,660,800 | 09/08/2021 | 1,808 | – | ||||||||||||||||||||||
USD | 306,689 | CLP | 219,500,000 | 09/30/2021 | – | (3,135 | ) | |||||||||||||||||||||
USD | 570,662 | CNH | 3,722,920 | 11/22/2021 | 7,195 | – | ||||||||||||||||||||||
USD | 96,485 | INR | 7,447,700 | 01/27/2022 | 2,604 | – | ||||||||||||||||||||||
137,638 | (346,932 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 169,349 | 08/27/2021 | 318 | – | |||||||||||||||||||||
Standard Chartered Bank | EUR | 2,642,368 | USD | 3,186,142 | 06/08/2021 | – | (45,439 | ) | ||||||||||||||||||||
UBS AG | CHF | 293,814 | EUR | 271,580 | 06/09/2021 | 5,209 | – | |||||||||||||||||||||
EUR | 176,932 | USD | 213,401 | 06/08/2021 | – | (2,986 | ) | |||||||||||||||||||||
EUR | 272,669 | CHF | 293,814 | 06/09/2021 | – | (6,541 | ) | |||||||||||||||||||||
EUR | 226,932 | USD | 270,311 | 07/09/2021 | – | (7,391 | ) | |||||||||||||||||||||
�� | ||||||||||||||||||||||||||||
5,209 | (16,918 | ) | ||||||||||||||||||||||||||
Unrealized Appreciation (Depreciation) | $ | 836,681 | $ | (1,317,905 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
CLP—Chilean Peso
CNH—Yuan Renminbi Offshore
EUR—Euro Currency
INR—Indian Rupee
JPY—Japanese Yen
MXN—Mexican Peso
NOK—Norwegian Krone
SEK—Swedish Krona
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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: | ||||||||||||||||
Bermuda | $ | 433,410 | $ | — | $ | 29,060 | $ | 462,470 | ||||||||
Other Countries | 193,710,740 | — | — | 193,710,740 | ||||||||||||
Foreign Corporate Bonds & Notes | — | — | 489 | 489 | ||||||||||||
Foreign Government Obligations | — | 59,329,439 | — | 59,329,439 | ||||||||||||
U.S. Government Treasuries | — | 1,841,602 | — | 1,841,602 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 217,648 | — | — | 217,648 | ||||||||||||
Other Short-Term Investments | — | 16,755,460 | — | 16,755,460 | ||||||||||||
Repurchase Agreements | — | 11,527,000 | — | 11,527,000 | ||||||||||||
Total Investments at Value | $ | 194,361,798 | $ | 89,453,501 | $ | 29,549 | $ | 283,844,848 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 836,681 | $ | — | $ | 836,681 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 1,317,905 | $ | — | $ | 1,317,905 | ||||||||
* | 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 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 Portfolio of Investments
83 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
U.S. Government Treasuries | 48.6 | % | ||
U.S. Government Agencies | 43.8 | |||
Repurchase Agreements | 7.8 | |||
100.2 | % | |||
Credit Quality Allocation@#
P-1 | 100.2 | % | ||
* | Calculated as a percentage of net assets |
@ | Source: Moody’s |
# | Calculated as a percentage of total debt issues |
Weighted Average days to Maturity — 29.0 days
84 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 92.4% |
| |||||||
U.S. Government Agencies — 43.8% |
| |||||||
Federal Farm Credit Bank |
| |||||||
0.01% due 06/01/2021 | $ | 5,000,000 | $ | 5,000,000 | ||||
0.01% due 06/03/2021 | 1,000,000 | 999,999 | ||||||
Federal Home Loan Bank | ||||||||
0.00% due 06/01/2021 | 5,370,000 | 5,370,000 | ||||||
0.00% due 06/02/2021 | 12,000,000 | 11,999,999 | ||||||
0.00% due 06/18/2021 | 11,000,000 | 10,999,948 | ||||||
0.00% due 06/23/2021 | 10,000,000 | 10,000,000 | ||||||
0.00% due 06/29/2021 | 10,000,000 | 9,999,992 | ||||||
0.00% due 06/30/2021 | 21,000,000 | 21,000,000 | ||||||
0.00% due 07/09/2021 | 10,000,000 | 9,999,968 | ||||||
0.00% due 07/16/2021 | 3,000,000 | 2,999,981 | ||||||
0.00% due 07/21/2021 | 15,000,000 | 14,999,979 | ||||||
0.00% due 08/20/2021 | 1,000,000 | 999,989 | ||||||
0.01% due 06/04/2021 | 12,000,000 | 11,999,990 | ||||||
0.01% due 06/09/2021 | 13,000,000 | 12,999,965 | ||||||
0.01% due 06/11/2021 | 10,000,000 | 9,999,972 | ||||||
0.01% due 06/16/2021 | 5,000,000 | 4,999,979 | ||||||
0.01% due 06/18/2021 | 14,000,000 | 13,999,986 | ||||||
0.01% due 06/21/2021 | 10,000,000 | 9,999,944 | ||||||
0.01% due 06/23/2021 | 11,500,000 | 11,499,944 | ||||||
0.01% due 07/02/2021 | 10,000,000 | 9,999,957 | ||||||
0.01% due 07/07/2021 | 7,500,000 | 7,499,963 | ||||||
0.01% due 07/14/2021 | 13,000,000 | 12,999,922 | ||||||
0.01% due 07/16/2021 | 10,000,000 | 9,999,937 | ||||||
0.01% due 08/20/2021 | 8,000,000 | 7,999,911 | ||||||
0.02% due 06/14/2021 | 11,000,000 | 10,999,940 | ||||||
0.02% due 06/16/2021 | 8,500,000 | 8,499,936 | ||||||
0.02% due 07/21/2021 | 3,200,000 | 3,199,936 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $251,069,137) | 251,069,137 | |||||||
U.S. Government Treasuries — 48.6% |
| |||||||
United States Cash Management Bills | ||||||||
0.00% due 08/10/2021 | 11,000,000 | 10,999,946 | ||||||
0.00% due 08/17/2021 | 10,000,000 | 10,000,000 | ||||||
United States Treasury Bills | ||||||||
0.00% due 06/01/2021 | 7,000,000 | 7,000,000 | ||||||
0.00% due 06/08/2021 | 12,000,000 | 12,000,000 | ||||||
0.00% due 06/10/2021 | 3,000,000 | 2,999,996 | ||||||
0.00% due 06/15/2021 | 12,000,000 | 11,999,979 | ||||||
0.00% due 06/22/2021 | 12,000,000 | 11,999,977 | ||||||
0.00% due 06/24/2021 | 3,500,000 | 3,499,995 | ||||||
0.00% due 07/08/2021 | 10,000,000 | 10,000,000 | ||||||
0.00% due 07/13/2021 | 8,100,000 | 8,100,014 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries (continued) | ||||||||
0.00% due 07/20/2021 | $ | 13,500,000 | $ | 13,499,949 | ||||
0.00% due 07/22/2021 | 12,500,000 | 12,500,009 | ||||||
0.00% due 07/27/2021 | 10,000,000 | 10,000,063 | ||||||
0.00% due 07/29/2021 | 14,000,000 | 13,999,991 | ||||||
0.00% due 08/03/2021 | 10,000,000 | 9,999,998 | ||||||
0.00% due 08/05/2021 | 10,000,000 | 9,999,982 | ||||||
0.01% due 06/01/2021 | 11,000,000 | 11,000,000 | ||||||
0.01% due 06/03/2021 | 13,000,000 | 12,999,996 | ||||||
0.01% due 06/10/2021 | 11,000,000 | 10,999,986 | ||||||
0.01% due 06/17/2021 | 13,000,000 | 12,999,942 | ||||||
0.01% due 06/24/2021 | 11,000,000 | 10,999,930 | ||||||
0.01% due 06/29/2021 | 10,500,000 | 10,499,939 | ||||||
0.01% due 07/01/2021 | 12,000,000 | 11,999,890 | ||||||
0.01% due 07/06/2021 | 8,000,000 | 7,999,947 | ||||||
0.01% due 07/13/2021 | 10,000,000 | 9,999,936 | ||||||
0.01% due 07/15/2021 | 9,000,000 | 8,999,917 | ||||||
0.01% due 08/12/2021 | 9,000,000 | 8,999,910 | ||||||
0.02% due 06/01/2021 | 3,000,000 | 3,000,000 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $279,099,292) | 279,099,292 | |||||||
Total Short-Term Investment Securities — 92.4% | ||||||||
(amortized cost $530,168,429) | 530,168,429 | |||||||
REPURCHASE AGREEMENTS — 7.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $44,770,000 and collateralized by $27,545,800 of United States Treasury Inflation Protected Securities, bearing interest at 0.25% due 07/15/2029, by $10,831,300 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and by $2,577,700 of United States Treasury Inflation Protected Securities, bearing interest at 0.38% due 07/15/2025 and having an approximate aggregate value of $45,665,413 | 44,770,000 | 44,770,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(amortized cost $574,938,429)(1) | 100.2 | % | 574,938,429 | |||||
Liabilities in excess of other assets | (0.2 | ) | (1,053,712 | ) | ||||
NET ASSETS | 100.0 | % | $ | 573,884,717 | ||||
(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 May 31, 2021 (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 | $ | — | $ | 530,168,429 | $ | — | $ | 530,168,429 | ||||||||
Repurchase Agreements | — | 44,770,000 | — | 44,770,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 574,938,429 | $ | — | $ | 574,938,429 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
85 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — May 31, 2021 ( unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 33.7 | % | ||
United States Treasury Notes | 21.9 | |||
United States Treasury Bonds | 11.3 | |||
Federal Home Loan Mtg. Corp. | 10.4 | |||
Diversified Financial Services | 5.9 | |||
Repurchase Agreements | 4.7 | |||
Government National Mtg. Assoc. | 3.7 | |||
Sovereign | 1.8 | |||
Federal Farm Credit Bank | 1.2 | |||
Diversified Banking Institutions | 0.8 | |||
Banks — Super Regional | 0.7 | |||
Airlines | 0.6 | |||
Telephone — Integrated | 0.4 | |||
Pharmacy Services | 0.3 | |||
Tennessee Valley Authority | 0.3 | |||
Multimedia | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Retail — Building Products | 0.3 | |||
Pipelines | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Electric — Integrated | 0.2 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Drugs | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
99.7 | % | |||
Credit Quality#†
Aaa | 92.4 | % | ||
Aa | 0.1 | |||
A | 2.7 | |||
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. |
86 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.9% |
| |||||||
Diversified Financial Services — 5.9% |
| |||||||
AMSR Trust | $ | 568,738 | $ | 568,694 | ||||
AMSR Trust VRS | 300,000 | 300,695 | ||||||
BANK | 500,000 | 512,597 | ||||||
BBCMS Trust | 248,063 | 253,664 | ||||||
Citigroup Commercial Mtg. Trust | 1,250,000 | 1,314,770 | ||||||
COMM Mtg. Trust VRS | 736,760 | 8,266 | ||||||
COMM Mtg. Trust VRS | 600,000 | 598,959 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 433,508 | ||||||
GS Mtg. Securities Corp. Trust | 1,100,000 | 1,211,879 | ||||||
Progress Residential Trust | 700,000 | 700,903 | ||||||
Sofi Professional Loan Program Trust | 657,296 | 674,531 | ||||||
UBS Commercial Mtg. Trust | 1,500,000 | 1,610,338 | ||||||
UBS-BAMLL Trust | 217,000 | 218,711 | ||||||
Total Asset Backed Securities | ||||||||
(cost $8,193,827) | 8,407,515 | |||||||
U.S. CORPORATE BONDS & NOTES — 4.1% |
| |||||||
Airlines — 0.6% |
| |||||||
American Airlines Pass-Through Trust | 595,879 | 606,348 | ||||||
American Airlines Pass-Through Trust | 273,906 | 275,800 | ||||||
882,148 | ||||||||
Banks - Super Regional — 0.7% |
| |||||||
Wells Fargo & Co. | 900,000 | 938,622 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Citigroup, Inc. | 400,000 | 439,634 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Citigroup, Inc. | $ | 162,000 | $ | 166,269 | ||||
605,903 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 245,498 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 114,076 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 156,910 | ||||||
Medical - Drugs — 0.1% |
| |||||||
AbbVie, Inc. | 126,000 | 128,453 | ||||||
Multimedia — 0.3% |
| |||||||
Walt Disney Co. | 500,000 | 497,928 | ||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Chevron USA, Inc. | 116,000 | 128,270 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 440,000 | 504,087 | ||||||
Pipelines — 0.2% |
| |||||||
Enterprise Products Operating LLC | 127,000 | 141,220 | ||||||
Magellan Midstream Partners LP | 137,000 | 145,328 | ||||||
286,548 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 257,031 | ||||||
Retail - Building Products — 0.3% |
| |||||||
Home Depot, Inc. | 450,000 | 436,709 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
AT&T, Inc. | 580,000 | 572,476 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 92,252 |
87 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Transport - Rail (continued) |
| |||||||
Norfolk Southern Corp. | $ | 19,000 | $ | 22,327 | ||||
114,579 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $5,624,394) |
| 5,869,238 | ||||||
FOREIGN CORPORATE BONDS & NOTES — 0.4% |
| |||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 230,900 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 370,540 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $580,000) | 601,440 | |||||||
U.S. GOVERNMENT AGENCIES — 49.3% |
| |||||||
Federal Farm Credit Bank — 1.2% |
| |||||||
3.33% due 04/28/2037 | 500,000 | 580,658 | ||||||
3.35% due 10/21/2025 | 1,000,000 | 1,115,283 | ||||||
1,695,941 | ||||||||
Federal Home Loan Mtg. Corp. — 10.4% |
| |||||||
2.50% due 05/01/2050 | 676,153 | 703,340 | ||||||
3.50% due 06/01/2033 | 713,036 | 761,699 | ||||||
4.50% due 09/01/2039 | 211,263 | 235,676 | ||||||
4.50% due 11/01/2039 | 112,510 | 124,626 | ||||||
4.50% due 02/01/2040 | 166,698 | 185,963 | ||||||
4.50% due 04/01/2040 | 18,240 | 20,414 | ||||||
4.50% due 06/01/2040 | 25,945 | 28,398 | ||||||
4.50% due 08/01/2040 | 183,771 | 205,630 | ||||||
4.50% due 03/01/2041 | 827,707 | 922,775 | ||||||
4.50% due 04/01/2041 | 102,647 | 114,873 | ||||||
4.50% due 06/01/2041 | 155,110 | 173,575 | ||||||
5.00% due 10/01/2034 | 19,966 | 21,949 | ||||||
5.50% due 12/01/2036 | 9,459 | 10,610 | ||||||
6.00% due 11/01/2033 | 45,739 | 54,340 | ||||||
6.50% due 02/01/2032 | 14,655 | 16,762 | ||||||
8.00% due 08/01/2030 | 91 | 103 | ||||||
8.00% due 06/01/2031 | 602 | 612 | ||||||
Federal Home Loan Mtg. Corp. FRS | 5,107 | 5,189 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 456,936 | 475,335 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | 591,000 | 628,938 | ||||||
Federal Home Loan Mtg. Corp. REMIC |
| |||||||
Series 4594, Class GN | 542,576 | 568,671 | ||||||
Series 3981, Class PA | 104,042 | 107,372 | ||||||
Series 4097, Class YK | 1,750,000 | 1,893,661 | ||||||
Series 4150, Class IG | 1,955,589 | 159,048 | ||||||
Series 4838, Class CY | 1,000,000 | 1,091,857 | ||||||
Series 4365, Class HZ | 706,239 | 754,414 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Series 4599, Class PA | $ | 940,745 | $ | 992,586 | ||||
Series 4057, Class WY | 1,000,000 | 1,087,967 | ||||||
Series 3813, Class D | 883,424 | 932,676 | ||||||
Series 3917, Class B | 465,000 | 506,172 | ||||||
Series 3927, Class AY | 1,494,968 | 1,629,549 | ||||||
Series 3786, Class PB | 468,766 | 495,698 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 248,148 | 45,047 | ||||||
14,955,525 | ||||||||
Federal National Mtg. Assoc. — 33.7% |
| |||||||
2.04% due 06/01/2037 | 252,279 | 249,645 | ||||||
2.50% due 07/01/2050 | 1,730,902 | 1,794,418 | ||||||
2.55% due 09/01/2034 | 700,000 | 703,434 | ||||||
2.81% due 04/01/2025 | 800,000 | 862,047 | ||||||
2.94% due 01/01/2026 | 1,535,933 | 1,668,663 | ||||||
3.00% due 03/01/2043 | 834,171 | 889,309 | ||||||
3.00% due 02/01/2050 | 679,357 | 714,951 | ||||||
3.12% due 07/01/2029 | 3,456,299 | 3,844,647 | ||||||
3.30% due 02/01/2030 | 2,893,618 | 3,156,298 | ||||||
3.64% due 07/01/2028 | 1,482,066 | 1,687,311 | ||||||
3.69% due 05/01/2030 | 1,460,979 | 1,674,269 | ||||||
4.00% due 09/01/2040 | 53,883 | 59,164 | ||||||
4.00% due 10/01/2040 | 41,238 | 45,056 | ||||||
4.00% due 12/01/2040 | 71,314 | 78,672 | ||||||
4.00% due 01/01/2041 | 142,284 | 155,483 | ||||||
4.00% due 02/01/2041 | 616,663 | 679,702 | ||||||
4.00% due 03/01/2041 | 830,473 | 907,856 | ||||||
4.00% due 06/01/2042 | 597,771 | 647,481 | ||||||
4.00% due 03/01/2043 | 1,432,691 | 1,579,939 | ||||||
5.00% due 12/01/2036 | 8,864 | 9,745 | ||||||
5.50% due 12/01/2033 | 10,741 | 12,109 | ||||||
5.50% due 10/01/2034 | 6,922 | 7,718 | ||||||
6.50% due 07/01/2032 | 3,275 | 3,799 | ||||||
7.00% due 09/01/2031 | 8,712 | 9,606 | ||||||
Federal National Mtg. Assoc. FRS |
| |||||||
1.69% (12 ML+1.32%) | 624 | 628 | ||||||
1.75% (6 ML+1.50%) | 2,922 | 2,989 | ||||||
2.37% (1 Yr USTYCR+2.25%) | 2,669 | 2,640 | ||||||
Federal National Mtg. Assoc. STRIPS | 112,057 | 22,147 | ||||||
Federal National Mtg. Assoc. VRS | 1,868,774 | 2,017,646 | ||||||
Federal National Mtg. Assoc. Grantor Trust | 1,123,769 | 1,224,945 | ||||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series 2002-34, Class AO | 127,486 | 123,321 | ||||||
Series 2020-M8, Class A2 | 800,000 | 807,402 | ||||||
Series 2020-12, Class JC | 1,276,068 | 1,309,586 |
88 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series 2013-23, Class KJ | $ | 999,622 | $ | 1,040,124 | ||||
Series 2012-93, Class ME | 1,081,722 | 1,133,833 | ||||||
Series 2013-73, Class TD | 380,074 | 395,539 | ||||||
Series 2019-M31, Class A2 | 1,000,000 | 1,038,148 | ||||||
Series 2013-100, Class DE | 652,998 | 664,273 | ||||||
Series 2013-106, Class PY | 2,900,000 | 3,151,221 | ||||||
Series 2016-30, Class PA | 520,027 | 550,758 | ||||||
Series 2016-25, Class LA | 383,922 | 407,446 | ||||||
Series 2016-33, Class JA | 387,513 | 411,218 | ||||||
Series 2015-97, Class N | 2,000,000 | 2,102,542 | ||||||
Series 2016-38, Class NA | 683,943 | 738,266 | ||||||
Series 2016-30, Class LY | 800,000 | 906,182 | ||||||
Series 2012-50, Class VB | 716,713 | 724,073 | ||||||
Series 2012-47, Class VB | 1,875,062 | 1,904,492 | ||||||
Series 2010-117, Class DY | 974,930 | 1,044,418 | ||||||
Series 2010-134, Class MB | 250,000 | 290,598 | ||||||
Series 2007-116, Class PB | 39,256 | 45,785 | ||||||
Federal National Mtg. Assoc. REMIC VRS |
| |||||||
Series 2015-M13, Class A2 | 493,315 | 528,231 | ||||||
Series 2016-M1, Class A2 | 1,238,409 | 1,339,261 | ||||||
Series 2014-M13, Class A2 | 1,130,804 | 1,208,605 | ||||||
Series 2018-M4, Class A2 | 1,400,000 | 1,554,603 | ||||||
48,132,242 | ||||||||
Government National Mtg. Assoc. — 3.7% |
| |||||||
3.50% due 09/15/2048 | 853,907 | 941,183 | ||||||
3.50% due 10/15/2048 | 823,703 | 903,655 | ||||||
3.50% due 02/15/2049 | 967,205 | 1,066,160 | ||||||
4.50% due 03/15/2038 | 8,212 | 9,103 | ||||||
4.50% due 03/15/2039 | 3,231 | 3,643 | ||||||
4.50% due 05/15/2039 | 79,114 | 88,998 | ||||||
4.50% due 06/15/2039 | 56,367 | 63,214 | ||||||
4.50% due 07/15/2039 | 139,210 | 155,961 | ||||||
4.50% due 09/15/2039 | 1,842 | 2,078 | ||||||
4.50% due 12/15/2039 | 58,196 | 64,580 | ||||||
4.50% due 04/15/2040 | 58,132 | 65,545 | ||||||
4.50% due 06/15/2040 | 138,619 | 156,294 | ||||||
4.50% due 08/15/2040 | 22,531 | 25,250 | ||||||
5.00% due 09/15/2035 | 813 | 940 | ||||||
5.00% due 02/15/2036 | 33,883 | 39,238 | ||||||
5.00% due 05/15/2036 | 5,567 | 6,282 | ||||||
6.00% due 01/15/2032 | 4,803 | 5,421 | ||||||
7.50% due 02/15/2029 | 2,080 | 2,090 | ||||||
7.50% due 07/15/2030 | 106 | 108 | ||||||
7.50% due 01/15/2031 | 3,852 | 4,331 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) |
| |||||||
Government National Mtg. Assoc. REMIC |
| |||||||
Series 2014-58, Class EP | $ | 432,000 | $ | 494,276 | ||||
Series 2004-18, Class Z | 171,126 | 187,476 | ||||||
Series 2008-6, Class GL | 585,256 | 622,755 | ||||||
Series 2005-21, Class Z | 299,025 | 338,203 | ||||||
5,246,784 | ||||||||
Tennessee Valley Authority — 0.3% |
| |||||||
Tennessee Valley Authority | 500,000 | 503,725 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $66,910,122) | 70,534,217 | |||||||
U.S. GOVERNMENT TREASURIES — 33.2% |
| |||||||
United States Treasury Bonds — 11.3% |
| |||||||
2.00% due 02/15/2050 | 3,000,000 | 2,817,305 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 1,116,445 | ||||||
3.00% due 02/15/2048 | 750,000 | 860,068 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,159,414 | ||||||
3.75% due 08/15/2041 | 4,000,000 | 5,054,844 | ||||||
3.75% due 11/15/2043 | 1,000,000 | 1,274,649 | ||||||
3.88% due 08/15/2040 | 1,500,000 | 1,920,469 | ||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 2,013,465 | ||||||
16,216,659 | ||||||||
United States Treasury Notes — 21.9% |
| |||||||
0.50% due 03/31/2025 | 4,000,000 | 3,997,344 | ||||||
0.63% due 03/31/2027 | 9,000,000 | 8,806,641 | ||||||
0.63% due 08/15/2030 | 1,000,000 | 920,703 | ||||||
1.75% due 05/15/2023 | 6,000,000 | 6,186,562 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,153,047 | ||||||
2.75% due 02/15/2024 | 2,500,000 | 2,668,750 | ||||||
2.88% due 08/15/2028# | 5,000,000 | 5,547,656 | ||||||
31,280,703 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $45,199,936) | 47,497,362 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.8% |
| |||||||
Sovereign — 1.8% |
| |||||||
Israel Government AID | 2,641,000 | 2,586,854 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $129,002,828) | 135,496,626 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 446,625 | 446,625 | ||||||
89 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 4.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $6,639,000 and collateralized by $6,314,400 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $6,771,885 | $ | 6,639,000 | $ | 6,639,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $136,088,453)(9) | 99.7 | % | 142,582,251 | |||||
Other assets less liabilities | 0.3 | 371,706 | ||||||
NET ASSETS | 100.0 | % | $ | 142,953,957 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $3,749,665 representing 2.6% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Collateralized Mortgage Obligation |
(5) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2021. |
(6) | Principal Only |
(7) | The rate shown is the 7-day yield as of May 31, 2021. |
(8) | At May 31, 2021, the Fund had loaned securities with a total value of $7,146,868. This was secured by collateral of $446,625, which was received in cash and subsequently invested in short-term investments currently valued at $446,625 as reported in the Portfolio of Investments. Additional collateral of $6,848,667 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
Federal Home Loan Mtg. Corp. | 0.26% to 24.00% | 05/01/2023 to 04/25/2051 | 2,808,377 | |||
Federal National Mtg. Assoc. | 0.39% to 42.40% | 11/25/2027 to 03/25/2060 | 1,645,764 | |||
Government National Mtg. Assoc. | 0.40% to 38.94% | 07/15/2026 to 10/16/2062 | 2,394,526 |
(9) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
6 ML—6 Month USD LIBOR
12 ML—12 Month USD LIBOR
1 Yr USTYCR—1 Year US Treasury Yield Curve Rate
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | — | $ | 8,407,515 | $ | — | $ | 8,407,515 | ||||||||
U.S. Corporate Bonds & Notes | — | 5,869,238 | — | 5,869,238 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 601,440 | — | 601,440 | ||||||||||||
U.S. Government Agencies | — | 70,534,217 | — | 70,534,217 | ||||||||||||
U.S. Government Treasuries | — | 47,497,362 | — | 47,497,362 | ||||||||||||
Foreign Government Obligations | — | 2,586,854 | — | 2,586,854 | ||||||||||||
Short-Term Investment Securities | 446,625 | — | — | 446,625 | ||||||||||||
Repurchase Agreements | — | 6,639,000 | — | 6,639,000 | ||||||||||||
Total Investments at Value | $ | 446,625 | $ | 142,135,626 | $ | — | $ | 142,582,251 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
90 |
Table of Contents
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Applications Software | 14.6 | % | ||
E-Commerce/Products | 10.9 | |||
Internet Content — Entertainment | 7.5 | |||
Finance — Credit Card | 6.6 | |||
Web Portals/ISP | 4.7 | |||
Computers | 4.6 | |||
Commercial Services — Finance | 4.5 | |||
Electronic Components — Semiconductors | 4.0 | |||
Medical — Drugs | 3.0 | |||
Semiconductor Equipment | 2.8 | |||
E-Commerce/Services | 2.6 | |||
Internet Application Software | 2.6 | |||
Semiconductor Components — Integrated Circuits | 2.4 | |||
Medical Labs & Testing Services | 1.9 | |||
Electronic Forms | 1.9 | |||
Athletic Footwear | 1.9 | |||
Distribution/Wholesale | 1.6 | |||
Diagnostic Equipment | 1.6 | |||
Data Processing/Management | 1.5 | |||
Brewery | 1.5 | |||
Diversified Banking Institutions | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Coatings/Paint | 1.3 | |||
Retail — Discount | 1.3 | |||
Medical — HMO | 1.2 | |||
Machinery — General Industrial | 1.1 | |||
Commercial Services | 0.9 | |||
Cellular Telecom | 0.8 | |||
Textile — Apparel | 0.8 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Registered Investment Companies | 0.5 | |||
Retail — Building Products | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Cosmetics & Toiletries | 0.3 | |||
Medical Products | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Transport — Services | 0.2 | |||
Computer Aided Design | 0.2 | |||
Transport — Rail | 0.2 | |||
Industrial Gases | 0.2 | |||
Computer Services | 0.2 | |||
Exchange — Traded Funds | 0.2 | |||
Investment Management/Advisor Services | 0.1 | |||
Medical Instruments | 0.1 | |||
Repurchase Agreements | 0.1 | |||
Entertainment Software | 0.1 | |||
Machinery — Farming | 0.1 | |||
Insurance Brokers | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Electric — Integrated | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Finance — Other Services | 0.1 | |||
Banks — Commercial | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Electronic Connectors | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Consulting Services | 0.1 | |||
Decision Support Software | 0.1 | |||
Metal — Copper | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
100.6% | ||||
* | Calculated as a percentage of net assets |
91 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense — 1.4% |
| |||||||
Lockheed Martin Corp. | 2,054 | $ | 785,039 | |||||
Teledyne Technologies, Inc.† | 412 | 172,822 | ||||||
TransDigm Group, Inc.† | 29,378 | 19,061,621 | ||||||
20,019,482 | ||||||||
Aerospace/Defense - Equipment — 0.0% |
| |||||||
L3Harris Technologies, Inc. | 2,122 | 462,723 | ||||||
Applications Software — 14.6% |
| |||||||
Intuit, Inc. | 73,419 | 32,237,549 | ||||||
Microsoft Corp. | 468,993 | 117,098,172 | ||||||
PTC, Inc.† | 1,904 | 255,403 | ||||||
Roper Technologies, Inc. | 61,552 | 27,699,015 | ||||||
ServiceNow, Inc.† | 67,427 | 31,952,307 | ||||||
209,242,446 | ||||||||
Athletic Footwear — 1.9% |
| |||||||
NIKE, Inc., Class B | 196,203 | 26,773,861 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla, Inc.† | 13,909 | 8,696,185 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
Cummins, Inc. | 1,153 | 296,644 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Aptiv PLC† | 3,277 | 492,926 | ||||||
Banks - Commercial — 0.1% |
| |||||||
First Republic Bank | 1,690 | 323,534 | ||||||
SVB Financial Group† | 978 | 570,066 | ||||||
893,600 | ||||||||
Beverages - Non-alcoholic — 0.3% |
| |||||||
Coca-Cola Co. | 24,587 | 1,359,415 | ||||||
Monster Beverage Corp.† | 6,697 | 631,326 | ||||||
PepsiCo, Inc. | 10,495 | 1,552,631 | ||||||
3,543,372 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Brown-Forman Corp., Class B | 1,654 | 132,915 | ||||||
Brewery — 1.5% |
| |||||||
Boston Beer Co., Inc., Class A† | 19,653 | 20,796,018 | ||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,431 | 147,622 | ||||||
Building Products - Air & Heating — 0.0% |
| |||||||
Carrier Global Corp. | 9,473 | 435,095 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Vulcan Materials Co. | 1,008 | 184,787 | ||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 2,049 | 123,575 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 4,011 | 136,735 | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
D.R. Horton, Inc. | 3,597 | 342,758 | ||||||
PulteGroup, Inc. | 2,456 | 141,932 | ||||||
484,690 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Charter Communications, Inc., Class A† | 2,562 | 1,779,386 | ||||||
Comcast Corp., Class A | 36,431 | 2,088,953 | ||||||
3,868,339 | ||||||||
Casino Services — 0.0% |
| |||||||
Caesars Entertainment, Inc.† | 2,188 | 235,101 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cellular Telecom — 0.8% |
| |||||||
T-Mobile US, Inc.† | 83,633 | $ | 11,829,888 | |||||
Chemicals - Diversified — 0.1% |
| |||||||
Dow, Inc. | 6,614 | 452,530 | ||||||
FMC Corp. | 2,342 | 273,288 | ||||||
725,818 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Corp. | 2,113 | 353,040 | ||||||
Ecolab, Inc. | 2,072 | 445,646 | ||||||
798,686 | ||||||||
Coatings/Paint — 1.3% |
| |||||||
Sherwin-Williams Co. | 66,094 | 18,739,632 | ||||||
Commercial Services — 0.9% |
| |||||||
Cintas Corp. | 1,055 | 372,985 | ||||||
CoStar Group, Inc.† | 14,072 | 12,017,488 | ||||||
Quanta Services, Inc. | 1,453 | 138,543 | ||||||
12,529,016 | ||||||||
Commercial Services - Finance — 4.5% |
| |||||||
Adyen NV†* | 8,032 | 18,515,750 | ||||||
Automatic Data Processing, Inc. | 3,720 | 729,195 | ||||||
Equifax, Inc. | 1,103 | 259,249 | ||||||
FleetCor Technologies, Inc.† | 650 | 178,386 | ||||||
IHS Markit, Ltd. | 4,389 | 462,206 | ||||||
MarketAxess Holdings, Inc. | 688 | 320,980 | ||||||
Moody’s Corp. | 2,098 | 703,564 | ||||||
PayPal Holdings, Inc.† | 21,214 | 5,516,064 | ||||||
S&P Global, Inc. | 100,573 | 38,164,436 | ||||||
64,849,830 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
ANSYS, Inc.† | 1,571 | 530,904 | ||||||
Autodesk, Inc.† | 3,983 | 1,138,580 | ||||||
Cadence Design Systems, Inc.† | 5,053 | 641,681 | ||||||
Synopsys, Inc.† | 2,760 | 701,978 | ||||||
3,013,143 | ||||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 2,453 | 536,079 | ||||||
Computer Services — 0.2% |
| |||||||
Accenture PLC, Class A | 6,434 | 1,815,417 | ||||||
Cognizant Technology Solutions Corp., Class A | 4,901 | 350,716 | ||||||
2,166,133 | ||||||||
Computer Software — 0.0% |
| |||||||
Akamai Technologies, Inc.† | 1,892 | 216,085 | ||||||
Citrix Systems, Inc. | 1,448 | 166,462 | ||||||
382,547 | ||||||||
Computers — 4.6% |
| |||||||
Apple, Inc. | 530,674 | 66,127,287 | ||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 852 | 197,528 | ||||||
Verisk Analytics, Inc. | 2,949 | 509,675 | ||||||
707,203 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Clorox Co. | 1,527 | 269,867 | ||||||
Kimberly - Clark Corp. | 2,326 | 303,845 | ||||||
573,712 | ||||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Ball Corp. | 3,801 | 312,290 | ||||||
92 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Sealed Air Corp. | 1,852 | $ | 105,305 | |||||
Cosmetics & Toiletries — 0.3% |
| |||||||
Colgate-Palmolive Co. | 7,993 | 669,653 | ||||||
Estee Lauder Cos., Inc., Class A | 2,330 | 714,192 | ||||||
Procter & Gamble Co. | 21,409 | 2,887,004 | ||||||
4,270,849 | ||||||||
Data Processing/Management — 1.5% |
| |||||||
Broadridge Financial Solutions, Inc. | 1,048 | 167,135 | ||||||
Fair Isaac Corp.† | 38,603 | 19,535,434 | ||||||
Fiserv, Inc.† | 7,336 | 845,107 | ||||||
Jack Henry & Associates, Inc. | 661 | 101,893 | ||||||
Paychex, Inc. | 3,081 | 311,613 | ||||||
20,961,182 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 1,495 | 699,854 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 1,305 | 770,146 | ||||||
Diagnostic Equipment — 1.6% |
| |||||||
Danaher Corp. | 72,010 | 18,444,641 | ||||||
PerkinElmer, Inc. | 2,030 | 294,492 | ||||||
Thermo Fisher Scientific, Inc. | 7,133 | 3,348,944 | ||||||
22,088,077 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 1,548 | 863,954 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 1,308 | 157,052 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
Teleflex, Inc. | 397 | 159,669 | ||||||
Distribution/Wholesale — 1.6% |
| |||||||
Copart, Inc.† | 173,783 | 22,419,745 | ||||||
Fastenal Co. | 7,802 | 413,818 | ||||||
Pool Corp. | 729 | 318,245 | ||||||
WW Grainger, Inc. | 486 | 224,610 | ||||||
23,376,418 | ||||||||
Diversified Banking Institutions — 1.4% |
| |||||||
Morgan Stanley | 220,183 | 20,025,644 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Illinois Tool Works, Inc. | 2,297 | 532,353 | ||||||
Parker-Hannifin Corp. | 1,216 | 374,710 | ||||||
Trane Technologies PLC | 1,987 | 370,377 | ||||||
1,277,440 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
DexCom, Inc.† | 1,742 | 643,477 | ||||||
E-Commerce/Products — 10.9% |
| |||||||
Amazon.com, Inc.† | 42,887 | 138,227,803 | ||||||
eBay, Inc. | 11,708 | 712,783 | ||||||
Etsy, Inc.† | 2,283 | 376,079 | ||||||
Sea, Ltd. ADR† | 66,127 | 16,746,001 | ||||||
156,062,666 | ||||||||
E-Commerce/Services — 2.6% |
| |||||||
Booking Holdings, Inc.† | 282 | 665,957 | ||||||
Expedia Group, Inc.† | 902 | 159,609 | ||||||
Match Group, Inc.† | 118,658 | 17,013,184 | ||||||
MercadoLibre, Inc.† | 14,466 | 19,654,520 | ||||||
37,493,270 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 1,124 | $ | 185,932 | |||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 2,046 | 276,415 | ||||||
Emerson Electric Co. | 4,348 | 416,060 | ||||||
692,475 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
AES Corp. | 4,598 | 116,835 | ||||||
NextEra Energy, Inc. | 15,265 | 1,117,703 | ||||||
1,234,538 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Garmin, Ltd. | 1,515 | 215,494 | ||||||
Electronic Components - Semiconductors — 4.0% |
| |||||||
Advanced Micro Devices, Inc.† | 21,949 | 1,757,676 | ||||||
Broadcom, Inc. | 5,028 | 2,374,875 | ||||||
IPG Photonics Corp.† | 293 | 61,313 | ||||||
Marvell Technology, Inc. | 521,872 | 25,206,418 | ||||||
Microchip Technology, Inc. | 3,512 | 551,208 | ||||||
Monolithic Power Systems, Inc. | 777 | 266,604 | ||||||
NVIDIA Corp. | 36,074 | 23,440,164 | ||||||
Qorvo, Inc.† | 2,052 | 374,942 | ||||||
Skyworks Solutions, Inc. | 1,553 | 264,010 | ||||||
Texas Instruments, Inc. | 8,834 | 1,676,870 | ||||||
Xilinx, Inc. | 4,451 | 565,277 | ||||||
56,539,357 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 6,728 | 452,525 | ||||||
TE Connectivity, Ltd. | 2,278 | 309,079 | ||||||
761,604 | ||||||||
Electronic Forms — 1.9% |
| |||||||
Adobe, Inc.† | 53,813 | 27,152,964 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 3,974 | 548,929 | ||||||
Keysight Technologies, Inc.† | 1,921 | 273,512 | ||||||
Trimble, Inc.† | 4,546 | 353,633 | ||||||
1,176,074 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 690 | 96,931 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
Enphase Energy, Inc.† | 2,337 | 334,308 | ||||||
Engineering/R&D Services — 0.0% |
| |||||||
Jacobs Engineering Group, Inc. | 1,461 | 207,579 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
Oracle Corp. | 18,478 | 1,454,958 | ||||||
Paycom Software, Inc.† | 889 | 293,014 | ||||||
salesforce.com, Inc.† | 16,623 | 3,957,936 | ||||||
Tyler Technologies, Inc.† | 735 | 296,323 | ||||||
6,002,231 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 8,280 | 805,230 | ||||||
Electronic Arts, Inc. | 2,813 | 402,062 | ||||||
Take-Two Interactive Software, Inc.† | 2,086 | 387,078 | ||||||
1,594,370 | ||||||||
Finance - Credit Card — 6.6% |
| |||||||
Mastercard, Inc., Class A | 128,880 | 46,471,550 | ||||||
Visa, Inc., Class A | 212,365 | 48,270,565 | ||||||
94,742,115 | ||||||||
93 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Other Services — 0.1% |
| |||||||
Cboe Global Markets, Inc. | 990 | $ | 110,187 | |||||
Intercontinental Exchange, Inc. | 5,494 | 620,163 | ||||||
Nasdaq, Inc. | 1,358 | 227,410 | ||||||
957,760 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 1,088 | 188,278 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Lamb Weston Holdings, Inc. | 981 | 80,923 | ||||||
McCormick & Co., Inc. | 1,984 | 176,695 | ||||||
257,618 | ||||||||
Gold Mining — 0.0% |
| |||||||
Newmont Corp. | 7,973 | 585,856 | ||||||
Hotels/Motels — 0.0% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 1,860 | 233,002 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 2,615 | 84,072 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Rockwell Automation, Inc. | 1,178 | 310,662 | ||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 1,844 | 552,573 | ||||||
Linde PLC | 5,493 | 1,651,196 | ||||||
2,203,769 | ||||||||
Instruments - Controls — 0.0% |
| |||||||
Mettler-Toledo International, Inc.† | 424 | 551,603 | ||||||
Instruments - Scientific — 0.0% |
| |||||||
Waters Corp.† | 619 | 199,473 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Aon PLC, Class A | 2,128 | 539,171 | ||||||
Arthur J. Gallagher & Co. | 1,596 | 233,990 | ||||||
Marsh & McLennan Cos., Inc. | 4,511 | 624,097 | ||||||
1,397,258 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Progressive Corp. | 6,790 | 672,753 | ||||||
Internet Application Software — 2.1% |
| |||||||
Shopify, Inc., Class A† | 9,044 | 11,240,516 | ||||||
Wix.com, Ltd.† | 72,180 | 18,756,695 | ||||||
29,997,211 | ||||||||
Internet Content - Entertainment — 7.5% |
| |||||||
Facebook, Inc., Class A† | 177,823 | 58,455,755 | ||||||
Netflix, Inc.† | 50,713 | 25,499,004 | ||||||
Snap, Inc., Class A† | 356,385 | 22,138,636 | ||||||
Twitter, Inc.† | 14,457 | 838,506 | ||||||
106,931,901 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 492 | 91,232 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
BlackRock, Inc. | 1,800 | 1,578,672 | ||||||
T. Rowe Price Group, Inc. | 2,477 | 473,974 | ||||||
2,052,646 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 4,642 | 1,119,093 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 4,258 | 1,537,564 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial — 1.1% |
| |||||||
Chart Industries, Inc.† | 102,414 | $ | 14,946,299 | |||||
IDEX Corp. | 618 | 137,604 | ||||||
Otis Worldwide Corp. | 3,840 | 300,787 | ||||||
15,384,690 | ||||||||
Machinery - Pumps — 0.0% |
| |||||||
Xylem, Inc. | 1,503 | 177,534 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Cerner Corp. | 2,385 | 186,626 | ||||||
Medical Instruments — 0.1% |
| |||||||
Edwards Lifesciences Corp.† | 6,448 | 618,363 | ||||||
Intuitive Surgical, Inc.† | 1,492 | 1,256,533 | ||||||
1,874,896 | ||||||||
Medical Labs & Testing Services — 1.9% |
| |||||||
Catalent, Inc.† | 3,083 | 323,191 | ||||||
Charles River Laboratories International, Inc.†# | 901 | 304,529 | ||||||
IQVIA Holdings, Inc.† | 2,218 | 532,675 | ||||||
Lonza Group AG | 40,574 | 26,117,116 | ||||||
27,277,511 | ||||||||
Medical Products — 0.3% |
| |||||||
Abbott Laboratories | 18,932 | 2,208,418 | ||||||
ABIOMED, Inc.† | 820 | 233,356 | ||||||
Cooper Cos., Inc. | 365 | 143,609 | ||||||
Hologic, Inc.† | 3,360 | 211,882 | ||||||
STERIS PLC | 882 | 168,339 | ||||||
Stryker Corp. | 2,905 | 741,559 | ||||||
West Pharmaceutical Services, Inc. | 1,342 | 466,358 | ||||||
4,173,521 | ||||||||
Medical - Biomedical/Gene — 0.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 2,907 | 513,231 | ||||||
Amgen, Inc. | 5,231 | 1,244,664 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 391 | 235,527 | ||||||
Biogen, Inc.† | 1,462 | 391,056 | ||||||
Illumina, Inc.† | 1,321 | 535,850 | ||||||
Incyte Corp.† | 2,132 | 178,619 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,907 | 958,134 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,709 | 982,439 | ||||||
5,039,520 | ||||||||
Medical - Drugs — 3.0% |
| |||||||
AbbVie, Inc. | 23,669 | 2,679,331 | ||||||
AstraZeneca PLC ADR# | 209,200 | 11,876,284 | ||||||
Bristol-Myers Squibb Co. | 21,102 | 1,386,823 | ||||||
Eli Lilly & Co. | 8,789 | 1,755,515 | ||||||
Johnson & Johnson | 19,046 | 3,223,536 | ||||||
Merck & Co., Inc. | 21,999 | 1,669,504 | ||||||
Zoetis, Inc. | 110,999 | 19,611,303 | ||||||
42,202,296 | ||||||||
Medical - HMO — 1.2% |
| |||||||
Humana, Inc. | 31,924 | 13,973,135 | ||||||
UnitedHealth Group, Inc. | 8,904 | 3,667,735 | ||||||
17,640,870 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 16,379 | 699,711 | ||||||
Networking Products — 0.0% |
| |||||||
Arista Networks, Inc.† | 996 | 338,022 | ||||||
Non-Hazardous Waste Disposal — 0.0% |
| |||||||
Waste Management, Inc. | 2,750 | 386,870 | ||||||
94 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Zebra Technologies Corp., Class A† | 707 | $ | 351,414 | |||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 632 | 139,375 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Hess Corp. | 2,623 | 219,860 | ||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Generac Holdings, Inc.† | 1,139 | 374,412 | ||||||
Racetracks — 0.0% |
| |||||||
Penn National Gaming, Inc.†# | 1,615 | 132,382 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
American Tower Corp. | 4,192 | 1,070,888 | ||||||
Crown Castle International Corp. | 4,688 | 888,376 | ||||||
Duke Realty Corp. | 2,776 | 128,973 | ||||||
Equinix, Inc. | 938 | 691,043 | ||||||
Extra Space Storage, Inc. | 1,147 | 171,832 | ||||||
Public Storage | 1,185 | 334,739 | ||||||
SBA Communications Corp. | 1,287 | 383,681 | ||||||
3,669,532 | ||||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 1,308 | 436,820 | ||||||
Respiratory Products — 0.0% |
| |||||||
ResMed, Inc. | 2,636 | 542,621 | ||||||
Retail - Apparel/Shoe — 0.0% |
| |||||||
L Brands, Inc. | 2,369 | 165,522 | ||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 225 | 316,485 | ||||||
O’Reilly Automotive, Inc.† | 864 | 462,344 | ||||||
778,829 | ||||||||
Retail - Building Products — 0.4% |
| |||||||
Home Depot, Inc. | 14,040 | 4,477,496 | ||||||
Lowe’s Cos., Inc. | 9,400 | 1,831,402 | ||||||
6,308,898 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 2,087 | 242,593 | ||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 4,249 | 1,607,269 | ||||||
Dollar General Corp. | 4,438 | 900,736 | ||||||
Dollar Tree, Inc.† | 145,721 | 14,207,798 | ||||||
Target Corp. | 5,988 | 1,358,797 | ||||||
18,074,600 | ||||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 2,106 | 382,660 | ||||||
Retail - Perfume & Cosmetics — 0.0% |
| |||||||
Ulta Beauty, Inc.† | 520 | 179,587 | ||||||
Retail - Restaurants — 0.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 510 | 699,710 | ||||||
Domino’s Pizza, Inc. | 702 | 299,662 | ||||||
McDonald’s Corp. | 5,402 | 1,263,474 | ||||||
Starbucks Corp. | 12,368 | 1,408,468 | ||||||
Yum! Brands, Inc. | 2,337 | 280,370 | ||||||
3,951,684 | ||||||||
Semiconductor Components - Integrated Circuits — 2.4% |
| |||||||
Analog Devices, Inc. | 189,297 | 31,158,286 | ||||||
Maxim Integrated Products, Inc. | 2,913 | 297,155 | ||||||
NXP Semiconductors NV | 261 | 55,181 | ||||||
QUALCOMM, Inc. | 20,576 | 2,768,295 | ||||||
34,278,917 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Equipment — 2.8% |
| |||||||
Applied Materials, Inc. | 16,621 | $ | 2,295,859 | |||||
ASML Holding NV (NASDAQ) | 50,499 | 34,110,559 | ||||||
KLA Corp. | 2,790 | 884,123 | ||||||
Lam Research Corp. | 2,588 | 1,681,812 | ||||||
Teradyne, Inc. | 3,019 | 399,565 | ||||||
39,371,918 | ||||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 2,974 | 254,961 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Corning, Inc. | 6,541 | 285,384 | ||||||
Textile - Apparel — 0.8% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 14,105 | 11,214,621 | ||||||
Transport - Rail — 0.2% |
| |||||||
CSX Corp. | 7,182 | 719,062 | ||||||
Kansas City Southern | 840 | 250,051 | ||||||
Norfolk Southern Corp. | 2,054 | 576,969 | ||||||
Union Pacific Corp. | 5,824 | 1,308,827 | ||||||
2,854,909 | ||||||||
Transport - Services — 0.2% |
| |||||||
Expeditors International of Washington, Inc. | 1,994 | 250,626 | ||||||
FedEx Corp. | 2,827 | 889,968 | ||||||
United Parcel Service, Inc., Class B | 9,123 | 1,957,796 | ||||||
3,098,390 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 892 | 153,014 | ||||||
Old Dominion Freight Line, Inc. | 1,736 | 460,821 | ||||||
613,835 | ||||||||
Water — 0.0% |
| |||||||
American Water Works Co., Inc. | 1,643 | 254,698 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
VeriSign, Inc.† | 757 | 166,479 | ||||||
Web Portals/ISP — 4.7% |
| |||||||
Alphabet, Inc., Class A† | 23,113 | 54,473,874 | ||||||
Alphabet, Inc., Class C† | 5,221 | 12,590,755 | ||||||
67,064,629 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 1,378 | 282,917 | ||||||
Total Common Stocks | ||||||||
(cost $934,949,060) | 1,420,594,620 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.5% | ||||||||
Internet Application Software—0.5% | ||||||||
ByteDance, Ltd., Series E-1†(2)(3) | 49,619 | 7,128,567 | ||||||
EXCHANGE - TRADED FUNDS — 0.2% |
| |||||||
SPDR Portfolio S&P 500 Growth ETF# | 30,064 | 1,795,723 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $942,030,804) | 1,429,518,910 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.5% | ||||||||
Registered Investment Companies — 0.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 7,148,311 | 7,148,311 | ||||||
U.S. Government Treasuries — 0.0% |
| |||||||
United States Treasury Bills Disc, Notes | $ | 100,000 | 99,991 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $7,248,261) | 7,248,302 | |||||||
95 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $1,597,000 and collateralized by $1,519,000 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of 1,629,053 | $ | 1,597,000 | $ | 1,597,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $950,876,065)(6) | 100.6 | % | 1,438,364,212 | |||||
Liabilities in excess of other assets | (0.6 | ) | (8,036,873 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,430,327,339 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $18,515,750 representing 1.3% of net assets. |
(1) | At May 31, 2021, the Fund had loaned securities with a total value of $18,904,953. This was secured by collateral of $7,148,311, which was received in cash and subsequently invested in short-term investments currently valued at $7,148,311 as reported in the Portfolio of Investments. Additional collateral of $12,400,527 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 23,212 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 90,196 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 17,226 | |||||
United States Treasury Bills | 0.00% | 07/15/2021 to 08/05/2021 | 874,255 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 02/15/2051 | 11,395,638 |
(2) | Securities classified as Level 3 (see Note 2). |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, the Fund held the following restricted securities: |
Restricted Table | ||||||||||||||||||||||||
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
ByteDance, Ltd., Series E-1 | 12/10/2020 | 49,619 | $ | 5,439,961 | $ | 7,128,567 | $ | 143.67 | 0.50 | % | ||||||||||||||
(4) | The security or a portion thereof was pledge as collateral to cover margin requirements for open futures contracts. |
(5) | The rate shown is the 7-day yield as of May 31, 2021. |
(6) | 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 | June 2021 | $ | 790,437 | $ | 840,480 | $ | 50,043 | |||||||||||||
* | 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. |
96 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
97 |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 1,420,594,620 | $ | — | $ | — | $ | 1,420,594,620 | ||||||||
Convertible Preferred Securities | — | — | 7,128,567 | 7,128,567 | ||||||||||||
Exchange-Traded Funds | 1,795,723 | — | — | 1,795,723 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,148,311 | — | — | 7,148,311 | ||||||||||||
U.S Government Treasuries | — | 99,991 | — | 99,991 | ||||||||||||
Repurchase Agreements | — | 1,597,000 | — | 1,597,000 | ||||||||||||
Total Investments at Value | $ | 1,429,538,654 | $ | 1,696,991 | $ | 7,128,567 | $ | 1,438,364,212 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 50,043 | $ | — | $ | — | $ | 50,043 | ||||||||
* | 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 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
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Pipelines | 6.8 | % | ||
Cable/Satellite TV | 5.7 | |||
Oil Companies — Exploration & Production | 5.1 | |||
Auto — Cars/Light Trucks | 3.8 | |||
Repurchase Agreements | 3.8 | |||
Containers — Metal/Glass | 3.8 | |||
Cellular Telecom | 3.5 | |||
Finance — Mortgage Loan/Banker | 3.3 | |||
Medical — Hospitals | 3.0 | |||
Retail — Restaurants | 3.0 | |||
Medical — Drugs | 2.5 | |||
Building — Residential/Commercial | 2.4 | |||
Finance — Consumer Loans | 2.3 | |||
Telecom Services | 2.3 | |||
Rental Auto/Equipment | 2.0 | |||
Auto/Truck Parts & Equipment — Original | 1.9 | |||
Casino Hotels | 1.7 | |||
Real Estate Investment Trusts | 1.6 | |||
Insurance — Multi-line | 1.6 | |||
Food — Misc./Diversified | 1.5 | |||
Computer Services | 1.5 | |||
Retail — Building Products | 1.5 | |||
Distribution/Wholesale | 1.4 | |||
Metal — Aluminum | 1.4 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Theaters | 1.2 | |||
Applications Software | 1.2 | |||
Office Automation & Equipment | 1.1 | |||
Television | 1.1 | |||
Gambling (Non-Hotel) | 1.1 | |||
Containers — Paper/Plastic | 1.1 | |||
Cruise Lines | 1.0 | |||
Retail — Office Supplies | 0.9 | |||
Racetracks | 0.9 | |||
Chemicals — Specialty | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Casino Services | 0.7 | |||
Retail — Automobile | 0.7 | |||
Retail — Regional Department Stores | 0.7 | |||
Gas — Distribution | 0.7 | |||
Diversified Banking Institutions | 0.7 | |||
Protection/Safety | 0.7 | |||
Electronic Parts Distribution | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Financial Guarantee Insurance | 0.6 | |||
Retail — Arts & Crafts | 0.6 | |||
Transport — Equipment & Leasing | 0.5 | |||
Golf | 0.5 | |||
Finance — Auto Loans | 0.5 | |||
Internet Content — Information/News | 0.5 | |||
Retail — Pet Food & Supplies | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Toys | 0.5 | |||
Retail — Pawn Shops | 0.5 | |||
Data Processing/Management | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Building — Mobile Home/Manufactured Housing | 0.4 | |||
Independent Power Producers | 0.4 | |||
Interior Design/Architecture | 0.4 | |||
Advertising Sales | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Medical Products | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Apparel Manufacturers | 0.3 |
Medical Information Systems | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Commercial Services | 0.3 | |||
Airlines | 0.3 | |||
Food — Catering | 0.3 | |||
Insurance Brokers | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Funeral Services & Related Items | 0.3 | |||
Internet Gambling | 0.2 | |||
Transactional Software | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Medical Instruments | 0.2 | |||
Investment Companies | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Building & Construction — Misc. | 0.1 | |||
101.1 | % | |||
Credit Quality†#
Baa | 1.2 | % | ||
Ba | 42.3 | |||
B | 37.9 | |||
Caa | 14.8 | |||
C | 0.2 | |||
Not Rated@ | 3.6 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
98 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CONVERTIBLE BONDS & NOTES — 1.9% |
| |||||||
Airlines — 0.2% |
| |||||||
JetBlue Airways Corp. | $ | 924,000 | $ | 1,006,698 | ||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Ford Motor Co. | 2,377,000 | 2,613,565 | ||||||
Internet Gambling — 0.2% |
| |||||||
DraftKings, Inc. | 1,578,000 | 1,435,980 | ||||||
Machinery - General Industrial — 0.3% |
| |||||||
Middleby Corp. | 1,217,000 | 1,694,064 | ||||||
Medical Instruments — 0.2% |
| |||||||
NuVasive, Inc. | 1,185,000 | 1,175,372 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Pioneer Natural Resources Co. | 1,125,000 | 1,707,750 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Pebblebrook Hotel Trust | 750,000 | 825,000 | ||||||
Retail - Restaurants — 0.2% |
| |||||||
Shake Shack, Inc. | 1,016,000 | 926,723 | ||||||
Total U.S. CONVERTIBLE BONDS & NOTES | ||||||||
(cost $10,329,214) | 11,385,152 | |||||||
U.S. CORPORATE BONDS & NOTES — 77.5% |
| |||||||
Advertising Sales — 0.4% |
| |||||||
Lamar Media Corp. | 2,210,000 | 2,223,813 | ||||||
Aerospace/Defense - Equipment — 1.3% |
| |||||||
TransDigm, Inc. | 2,330,000 | 2,429,025 | ||||||
TransDigm, Inc. | 4,210,000 | 4,441,550 | ||||||
TransDigm, Inc. | 845,000 | 913,200 | ||||||
7,783,775 | ||||||||
Airlines — 0.1% |
| |||||||
United Airlines, Inc. | 735,000 | 761,644 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
PVH Corp. | 1,720,000 | 1,931,376 | ||||||
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Applications Software — 1.2% |
| |||||||
CDK Global, Inc. | $ | 1,620,000 | $ | 1,747,753 | ||||
PTC, Inc. | 355,000 | 365,206 | ||||||
PTC, Inc. | 390,000 | 398,721 | ||||||
SS&C Technologies, Inc. | 4,215,000 | 4,462,758 | ||||||
6,974,438 | ||||||||
Auto - Cars/Light Trucks — 3.4% |
| |||||||
Ford Motor Co. | 2,395,000 | 2,673,419 | ||||||
Ford Motor Credit Co. LLC | 1,885,000 | 1,920,344 | ||||||
Ford Motor Credit Co. LLC | 470,000 | 476,463 | ||||||
Ford Motor Credit Co. LLC | 1,015,000 | 1,037,837 | ||||||
Ford Motor Credit Co. LLC | 2,165,000 | 2,233,836 | ||||||
Ford Motor Credit Co. LLC | 1,514,000 | 1,600,631 | ||||||
Ford Motor Credit Co. LLC | 5,240,000 | 5,643,008 | ||||||
Ford Motor Credit Co. LLC | 2,475,000 | 2,708,578 | ||||||
Ford Motor Credit Co. LLC | 1,901,000 | 2,075,721 | ||||||
20,369,837 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Meritor, Inc. | 2,375,000 | 2,380,937 | ||||||
Broadcast Services/Program — 0.4% |
| |||||||
Nexstar Broadcasting, Inc. | 2,450,000 | 2,590,875 | ||||||
Building & Construction Products - Misc. — 0.7% |
| |||||||
Builders FirstSource, Inc. | 2,345,000 | 2,441,989 | ||||||
CP Atlas Buyer, Inc. | 840,000 | 868,686 | ||||||
Victors Merger Corp. | 1,170,000 | 1,161,366 | ||||||
4,472,041 | ||||||||
99 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Building & Construction - Misc. — 0.1% |
| |||||||
TopBuild Corp. | $ | 295,000 | $ | 290,944 | ||||
Building - Mobile Home/Manufactured Housing — 0.4% |
| |||||||
Williams Scotsman International, Inc. | 2,290,000 | 2,350,983 | ||||||
Building - Residential/Commercial — 2.1% |
| |||||||
Adams Homes, Inc. | 455,000 | 477,750 | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. | 2,000,000 | 2,140,000 | ||||||
KB Home | 755,000 | 809,307 | ||||||
M/I Homes, Inc. | 1,145,000 | 1,202,250 | ||||||
M/I Homes, Inc. | 1,750,000 | 1,806,875 | ||||||
STL Holding Co. LLC | 1,840,000 | 1,918,200 | ||||||
Taylor Morrison Communities, Inc. | 430,000 | 460,100 | ||||||
Taylor Morrison Communities, Inc. | 3,460,000 | 3,827,625 | ||||||
12,642,107 | ||||||||
Cable/Satellite TV — 4.5% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 3,695,000 | 3,687,610 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 1,605,000 | 1,635,543 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 1,240,000 | 1,250,974 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 3,033,000 | 3,136,122 | ||||||
CSC Holdings LLC | 1,900,000 | 2,059,125 | ||||||
CSC Holdings LLC | 825,000 | 866,250 | ||||||
CSC Holdings LLC | 5,800,000 | 6,344,968 | ||||||
DISH DBS Corp. | 2,345,000 | 2,435,869 | ||||||
DISH DBS Corp. | 1,800,000 | 1,872,000 | ||||||
DISH DBS Corp. | 1,120,000 | 1,192,800 |
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Cable/Satellite TV (continued) |
| |||||||
DISH DBS Corp. | $ | 1,350,000 | $ | 1,446,187 | ||||
DISH DBS Corp. | 990,000 | 1,124,591 | ||||||
27,052,039 | ||||||||
Casino Hotels — 1.7% |
| |||||||
Boyd Gaming Corp. | 3,735,000 | 3,859,002 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | 2,280,000 | 2,234,400 | ||||||
Wynn Las Vegas LLC | 2,560,000 | 2,729,600 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | 1,290,000 | 1,364,175 | ||||||
10,187,177 | ||||||||
Casino Services — 0.7% |
| |||||||
Caesars Entertainment, Inc. | 2,490,000 | 2,626,950 | ||||||
Caesars Entertainment, Inc. | 1,390,000 | 1,542,803 | ||||||
4,169,753 | ||||||||
Cellular Telecom — 2.7% |
| |||||||
Sprint Corp. | 4,114,000 | 4,741,385 | ||||||
Sprint Corp. | 1,425,000 | 1,684,877 | ||||||
Sprint Corp. | 2,025,000 | 2,294,548 | ||||||
T-Mobile USA, Inc. | 1,110,000 | 1,119,379 | ||||||
T-Mobile USA, Inc. | 2,255,000 | 2,274,055 | ||||||
T-Mobile USA, Inc. | 3,825,000 | 3,893,047 | ||||||
16,007,291 | ||||||||
Commercial Services — 0.3% |
| |||||||
Nielsen Finance LLC/Nielsen Finance Co. | 1,790,000 | 1,792,596 | ||||||
Commercial Services - Finance — 0.0% |
| |||||||
Cardtronics, Inc./Cardtronics USA, Inc. | 260,000 | 267,150 | ||||||
Computer Services — 1.5% |
| |||||||
Presidio Holdings, Inc. | 3,231,000 | 3,319,853 |
100 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Computer Services (continued) |
| |||||||
Presidio Holdings, Inc. | $ | 1,340,000 | $ | 1,461,444 | ||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. | 4,205,000 | 4,281,110 | ||||||
9,062,407 | ||||||||
Containers - Metal/Glass — 1.5% |
| |||||||
BWAY Holding Co. | 1,525,000 | 1,500,219 | ||||||
Owens-Brockway Glass Container, Inc. | 3,090,000 | 3,290,850 | ||||||
Silgan Holdings, Inc. | EUR 3,400,000 | 4,162,548 | ||||||
8,953,617 | ||||||||
Containers - Paper/Plastic — 1.1% |
| |||||||
Berry Global Escrow Corp. | 1,835,000 | 1,942,806 | ||||||
Flex Acquisition Co., Inc. | 3,020,000 | 3,041,623 | ||||||
Flex Acquisition Co., Inc. | 1,340,000 | 1,392,823 | ||||||
6,377,252 | ||||||||
Diagnostic Equipment — 0.4% |
| |||||||
Avantor Funding, Inc. | 2,505,000 | 2,607,229 | ||||||
Distribution/Wholesale — 1.4% |
| |||||||
ABC Supply Co., Inc. | 1,225,000 | 1,251,583 | ||||||
Core & Main Holdings LP | 1,910,000 | 1,944,838 | ||||||
G-III Apparel Group, Ltd. | 1,780,000 | 1,942,941 | ||||||
IAA Spinco, Inc. | 1,200,000 | 1,261,164 | ||||||
Performance Food Group, Inc. | 1,765,000 | 1,841,213 | ||||||
8,241,739 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc. | 2,230,000 | 2,149,229 | ||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Imola Merger Corp. | 3,785,000 | 3,822,888 | ||||||
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
BY Crown Parent LLC/BY Bond Finance, Inc. | $ | 825,000 | $ | 862,009 | ||||
Open Text Holdings, Inc. | 1,525,000 | 1,530,719 | ||||||
2,392,728 | ||||||||
Finance - Auto Loans — 0.5% |
| |||||||
Credit Acceptance Corp. | 1,470,000 | 1,521,450 | ||||||
Credit Acceptance Corp. | 1,565,000 | 1,654,499 | ||||||
3,175,949 | ||||||||
Finance - Consumer Loans — 1.8% |
| |||||||
Navient Corp. | 2,029,000 | 2,122,841 | ||||||
OneMain Finance Corp. | 1,525,000 | 1,475,743 | ||||||
Springleaf Finance Corp. | 4,135,000 | 4,398,606 | ||||||
Springleaf Finance Corp. | 485,000 | 522,588 | ||||||
Springleaf Finance Corp. | 1,505,000 | 1,700,650 | ||||||
Springleaf Finance Corp. | 475,000 | 552,781 | ||||||
10,773,209 | ||||||||
Finance - Mortgage Loan/Banker — 3.3% |
| |||||||
Genworth Mtg. Holdings, Inc. | 2,935,000 | 3,184,475 | ||||||
Home Point Capital, Inc. | 2,835,000 | 2,733,223 | ||||||
LD Holdings Group LLC | 1,605,000 | 1,584,938 | ||||||
LD Holdings Group LLC | 2,570,000 | 2,658,665 | ||||||
Nationstar Mtg. Holdings, Inc. | 1,580,000 | 1,524,700 | ||||||
PennyMac Financial Services, Inc. | 1,360,000 | 1,319,200 | ||||||
PennyMac Financial Services, Inc. | 2,825,000 | 2,966,250 | ||||||
United Wholesale Mtg. LLC | 3,915,000 | 3,866,062 | ||||||
19,837,513 | ||||||||
101 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Financial Guarantee Insurance — 0.6% |
| |||||||
MGIC Investment Corp. | $ | 2,310,000 | $ | 2,443,518 | ||||
NMI Holdings, Inc. | 975,000 | 1,116,375 | ||||||
3,559,893 | ||||||||
Food - Catering — 0.3% |
| |||||||
Aramark Services, Inc. | 765,000 | 784,125 | ||||||
Aramark Services, Inc. | 855,000 | 882,520 | ||||||
1,666,645 | ||||||||
Food - Misc./Diversified — 1.5% |
| |||||||
B&G Foods, Inc. | 3,140,000 | 3,242,050 | ||||||
Post Holdings, Inc. | 2,974,000 | 3,141,882 | ||||||
Post Holdings, Inc. | 1,440,000 | 1,505,016 | ||||||
TreeHouse Foods, Inc. | 1,184,000 | 1,177,382 | ||||||
9,066,330 | ||||||||
Funeral Services & Related Items — 0.3% |
| |||||||
Service Corp. International | 735,000 | 775,425 | ||||||
Service Corp. International | 725,000 | 784,740 | ||||||
1,560,165 | ||||||||
Gambling (Non-Hotel) — 1.1% |
| |||||||
Caesars Resort Collection LLC/CRC Finco, Inc. | 2,880,000 | 2,902,378 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc. | 640,000 | 671,168 | ||||||
Jacobs Entertainment, Inc. | 2,695,000 | 2,812,906 | ||||||
6,386,452 | ||||||||
Gas - Distribution — 0.7% |
| |||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | 751,000 | 825,161 | ||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | 5,000 | 5,503 | ||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | 2,904,000 | 3,237,089 | ||||||
4,067,753 | ||||||||
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Golf — 0.5% |
| |||||||
MajorDrive Holdings IV LLC | $ | 3,270,000 | $ | 3,241,878 | ||||
Hazardous Waste Disposal — 0.3% |
| |||||||
Stericycle, Inc. | 1,925,000 | 1,983,982 | ||||||
Independent Power Producers — 0.4% |
| |||||||
Clearway Energy Operating LLC | 1,005,000 | 972,338 | ||||||
Clearway Energy Operating LLC | 1,310,000 | 1,354,212 | ||||||
2,326,550 | ||||||||
Insurance - Multi-line — 1.6% |
| |||||||
Acrisure LLC/Acrisure Finance, Inc. | 4,130,000 | 4,212,600 | ||||||
Acrisure LLC/Acrisure Finance, Inc. | 1,890,000 | 2,126,250 | ||||||
Genworth Holdings, Inc. | 260,000 | 252,200 | ||||||
Genworth Holdings, Inc. | 1,215,000 | 1,200,732 | ||||||
Genworth Holdings, Inc. | 1,120,000 | 1,097,600 | ||||||
Genworth Holdings, Inc. | 539,000 | 541,695 | ||||||
9,431,077 | ||||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
AssuredPartners, Inc. | 1,015,000 | 1,007,388 | ||||||
Interior Design/Architecture — 0.4% |
| |||||||
Signal Parent, Inc. | 2,330,000 | 2,274,033 | ||||||
Internet Content - Information/News — 0.5% |
| |||||||
Arches Buyer, Inc. | 875,000 | 859,687 | ||||||
Arches Buyer, Inc. | 2,120,000 | 2,167,700 | ||||||
3,027,387 | ||||||||
Investment Companies — 0.2% |
| |||||||
Compass Group Diversified Holdings LLC | 1,075,000 | 1,109,185 | ||||||
Machinery - General Industrial — 0.2% |
| |||||||
Vertical US Newco, Inc. | 1,195,000 | 1,242,800 | ||||||
102 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical Information Systems — 0.3% |
| |||||||
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. | $ | 1,890,000 | $ | 1,921,185 | ||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Catalent Pharma Solutions, Inc. | 575,000 | 553,322 | ||||||
Catalent Pharma Solutions, Inc. | 545,000 | 568,435 | ||||||
IQVIA, Inc. | EUR | 1,120,000 | 1,372,613 | |||||
IQVIA, Inc. | 1,840,000 | 1,926,664 | ||||||
4,421,034 | ||||||||
Medical Products — 0.3% |
| |||||||
Hill-Rom Holdings, Inc. | 1,965,000 | 2,038,688 | ||||||
Medical - Drugs — 0.4% |
| |||||||
Bausch Health Americas, Inc. | 20,000 | 21,425 | ||||||
Prestige Brands, Inc. | 2,400,000 | 2,507,507 | ||||||
2,528,932 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Par Pharmaceutical, Inc. | 1,585,000 | 1,616,700 | ||||||
Medical - Hospitals — 3.0% |
| |||||||
CHS/Community Health Systems, Inc. | 1,185,000 | 1,163,540 | ||||||
CHS/Community Health Systems, Inc. | 635,000 | 665,162 | ||||||
CHS/Community Health Systems, Inc. | 3,695,000 | 3,888,987 | ||||||
HCA, Inc. | 5,870,000 | 6,567,062 | ||||||
HCA, Inc. | 3,520,000 | 3,982,000 | ||||||
HCA, Inc. | 105,000 | 122,063 | ||||||
HCA, Inc. | 265,000 | 311,044 | ||||||
HCA, Inc. | 1,020,000 | 1,397,594 | ||||||
18,097,452 | ||||||||
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Metal - Aluminum — 0.7% |
| |||||||
Novelis Corp. | $ | 1,230,000 | $ | 1,291,500 | ||||
Novelis Corp. | 2,540,000 | 2,648,712 | ||||||
3,940,212 | ||||||||
Office Automation & Equipment — 1.1% |
| |||||||
CDW LLC/CDW Finance Corp. | 855,000 | 893,903 | ||||||
Xerox Corp. | 4,060,000 | 4,216,594 | ||||||
Xerox Holdings Corp. | 1,490,000 | 1,566,362 | ||||||
6,676,859 | ||||||||
Oil Companies - Exploration & Production — 4.8% |
| |||||||
Apache Corp. | 1,700,000 | 1,743,911 | ||||||
Apache Corp. | 2,030,000 | 2,154,297 | ||||||
Apache Corp. | 918,000 | 907,507 | ||||||
Apache Corp. | 1,087,000 | 1,121,751 | ||||||
Continental Resources, Inc. | 2,300,000 | 2,495,500 | ||||||
Continental Resources, Inc. | 1,050,000 | 1,138,946 | ||||||
Continental Resources, Inc. | 990,000 | 1,161,795 | ||||||
EQT Corp. | 925,000 | 941,206 | ||||||
EQT Corp. | 1,740,000 | 1,858,146 | ||||||
Occidental Petroleum Corp. | 2,120,000 | 2,114,700 | ||||||
Occidental Petroleum Corp. | 1,745,000 | 1,649,025 | ||||||
Occidental Petroleum Corp. | 465,000 | 448,144 | ||||||
Occidental Petroleum Corp. | 85,000 | 82,875 | ||||||
Occidental Petroleum Corp. | 7,570,000 | 6,216,976 | ||||||
Occidental Petroleum Corp. | 1,380,000 | 1,483,500 |
103 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Occidental Petroleum Corp. | $ | 545,000 | $ | 604,487 | ||||
Occidental Petroleum Corp. | 288,000 | 320,279 | ||||||
Ovintiv Exploration, Inc. | 1,320,000 | 1,468,652 | ||||||
Range Resources Corp. | 735,000 | 819,525 | ||||||
28,731,222 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Sunoco LP/Sunoco Finance Corp. | 375,000 | 393,750 | ||||||
Sunoco LP/Sunoco Finance Corp. | 1,900,000 | 1,985,500 | ||||||
2,379,250 | ||||||||
Pipelines — 6.8% |
| |||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | 3,005,000 | 3,090,462 | ||||||
Buckeye Partners LP | 1,791,000 | 1,817,865 | ||||||
Buckeye Partners LP | 945,000 | 974,531 | ||||||
Buckeye Partners LP | 960,000 | 960,000 | ||||||
Cheniere Energy Partners LP | 1,379,000 | 1,458,292 | ||||||
Cheniere Energy, Inc. | 1,695,000 | 1,779,750 | ||||||
DCP Midstream Operating LP | 5,105,000 | 5,592,017 | ||||||
DT Midstream, Inc. | 725,000 | 728,625 | ||||||
EnLink Midstream LLC | 2,445,000 | 2,545,123 | ||||||
EQM Midstream Partners LP | 1,415,000 | 1,415,000 | ||||||
EQM Midstream Partners LP | 1,085,000 | 1,091,781 | ||||||
EQM Midstream Partners LP | 1,225,000 | 1,326,063 | ||||||
EQM Midstream Partners LP | 685,000 | 752,918 |
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
EQM Midstream Partners LP | $ | 1,035,000 | $ | 1,098,860 | ||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | 2,800,000 | 2,865,086 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 1,570,000 | 1,640,650 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 3,385,000 | 3,668,494 | ||||||
Western Midstream Operating LP | 1,200,000 | 1,251,000 | ||||||
Western Midstream Operating LP | 4,725,000 | 5,209,312 | ||||||
Western Midstream Operating LP | 1,375,000 | 1,529,687 | ||||||
40,795,516 | ||||||||
Protection/Safety — 0.7% |
| |||||||
APX Group, Inc. | 540,000 | 572,400 | ||||||
APX Group, Inc. | 3,215,000 | 3,311,450 | ||||||
3,883,850 | ||||||||
Racetracks — 0.9% |
| |||||||
Penn National Gaming, Inc. | 4,530,000 | 4,701,551 | ||||||
Speedway Motorsports LLC/Speedway Funding II, Inc. | 758,000 | 754,210 | ||||||
5,455,761 | ||||||||
Real Estate Investment Trusts — 1.5% |
| |||||||
FelCor Lodging LP | 2,645,000 | 2,701,339 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | 3,095,000 | 3,025,362 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | 310,000 | 315,425 | ||||||
VICI Properties LP/VICI Note Co., Inc. | 250,000 | 254,650 | ||||||
VICI Properties LP/VICI Note Co., Inc. | 165,000 | 166,856 | ||||||
VICI Properties LP/VICI Note Co., Inc. | 1,295,000 | 1,332,231 |
104 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
VICI Properties LP/VICI Note Co., Inc. | $ | 1,085,000 | $ | 1,128,780 | ||||
8,924,643 | ||||||||
Rental Auto/Equipment — 2.0% |
| |||||||
Ashtead Capital, Inc. | 2,890,000 | 3,041,783 | ||||||
Herc Holdings, Inc. | 3,230,000 | 3,403,613 | ||||||
United Rentals North America, Inc. | 4,165,000 | 4,399,489 | ||||||
United Rentals North America, Inc. | 1,025,000 | 1,067,076 | ||||||
11,911,961 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
L Brands, Inc. | 220,000 | 238,700 | ||||||
L Brands, Inc. | 2,045,000 | 2,337,435 | ||||||
2,576,135 | ||||||||
Retail - Arts & Crafts — 0.6% |
| |||||||
Magic Mergeco, Inc. | 2,160,000 | 2,187,000 | ||||||
Magic Mergeco, Inc. | 1,145,000 | 1,167,900 | ||||||
3,354,900 | ||||||||
Retail - Automobile — 0.7% |
| |||||||
Group 1 Automotive, Inc. | 980,000 | 986,125 | ||||||
Lithia Motors, Inc. | 2,985,000 | 3,144,250 | ||||||
4,130,375 | ||||||||
Retail - Building Products — 1.5% |
| |||||||
LBM Acquisition LLC | 2,800,000 | 2,863,000 | ||||||
Specialty Building Products Holdings LLC | 4,200,000 | 4,368,000 | ||||||
SRS Distribution, Inc. | 1,650,000 | 1,665,180 | ||||||
8,896,180 | ||||||||
Retail - Office Supplies — 0.9% |
| |||||||
Staples, Inc. | 5,360,000 | 5,562,179 | ||||||
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Retail - Pawn Shops — 0.5% |
| |||||||
FirstCash, Inc. | $ | 2,605,000 | $ | 2,696,175 | ||||
Retail - Pet Food & Supplies — 0.5% |
| |||||||
PetSmart, Inc./PetSmart Finance Corp. | 1,395,000 | 1,444,662 | ||||||
PetSmart, Inc./PetSmart Finance Corp. | 1,365,000 | 1,501,718 | ||||||
2,946,380 | ||||||||
Retail - Regional Department Stores — 0.7% |
| |||||||
Macy’s Retail Holdings LLC | 1,410,000 | 1,501,932 | ||||||
Macy’s Retail Holdings, Inc. | 56,000 | 56,350 | ||||||
Macy’s Retail Holdings, Inc. | 499,000 | 510,814 | ||||||
Macy’s Retail Holdings, Inc. | 345,000 | 286,712 | ||||||
Macy’s Retail Holdings, Inc. | 150,000 | 140,250 | ||||||
Macy’s Retail Holdings, Inc. | 75,000 | 69,187 | ||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC | 1,435,000 | 1,514,822 | ||||||
4,080,067 | ||||||||
Retail - Restaurants — 1.3% |
| |||||||
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC | 1,180,000 | 1,209,500 | ||||||
CEC Entertainment LLC | 1,325,000 | 1,338,224 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 1,830,000 | 1,919,121 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | 2,225,000 | 2,283,406 | ||||||
Yum! Brands, Inc. | 770,000 | 823,530 | ||||||
7,573,781 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Advanced Drainage Systems, Inc. | 1,195,000 | 1,245,429 | ||||||
Telecom Services — 1.6% |
| |||||||
Embarq Corp. | 1,640,000 | 1,853,200 |
105 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telecom Services (continued) |
| |||||||
Frontier Communications Corp. | $ | 1,450,000 | $ | 1,486,250 | ||||
Frontier Communications Corp. | 1,550,000 | 1,646,875 | ||||||
Frontier Communications Corp. | 2,570,000 | 2,682,566 | ||||||
Frontier Communications Holdings LLC | 1,907,036 | 1,916,342 | ||||||
9,585,233 | ||||||||
Television — 0.6% |
| |||||||
Scripps Escrow, Inc. | 3,635,000 | 3,753,137 | ||||||
Theaters — 0.4% |
| |||||||
Cinemark USA, Inc. | 1,522,000 | 1,523,522 | ||||||
Cinemark USA, Inc. | 1,105,000 | 1,145,056 | ||||||
2,668,578 | ||||||||
Toys — 0.5% |
| |||||||
Mattel, Inc. | 920,000 | 955,650 | ||||||
Mattel, Inc. | 1,035,000 | 1,135,913 | ||||||
Mattel, Inc. | 619,000 | 651,491 | ||||||
2,743,054 | ||||||||
Transactional Software — 0.2% |
| |||||||
Black Knight InfoServ LLC | 1,430,000 | 1,406,763 | ||||||
Transport - Equipment & Leasing — 0.3% |
| |||||||
DAE Funding LLC | 675,000 | 675,196 | ||||||
DAE Funding LLC | 1,345,000 | 1,380,037 | ||||||
2,055,233 | ||||||||
Web Hosting/Design — 0.3% |
| |||||||
Endurance Acquisition Merger Sub | 1,980,000 | 1,900,800 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $441,236,043) | 464,091,718 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 14.0% |
| |||||||
Auto/Truck Parts & Equipment - Original — 1.2% |
| |||||||
Adient Global Holdings, Ltd. | EUR | 2,360,000 | 2,960,445 |
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Adient Global Holdings, Ltd. | $ | 2,580,000 | $ | 2,644,500 | ||||
Clarios Global LP/Clarios US Finance Co. | 1,630,000 | 1,772,625 | ||||||
7,377,570 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Empire Communities Corp. | 1,625,000 | 1,716,406 | ||||||
Cable/Satellite TV — 1.2% |
| |||||||
Altice Financing SA | 220,000 | 218,321 | ||||||
Quebecor Media, Inc. | 1,415,000 | 1,499,900 | ||||||
Virgin Media Secured Finance PLC | 3,285,000 | 3,276,787 | ||||||
Ziggo BV | 2,110,000 | 2,186,488 | ||||||
7,181,496 | ||||||||
Cellular Telecom — 0.8% |
| |||||||
Altice France SA | 525,000 | 537,070 | ||||||
Altice France SA | 3,940,000 | 4,294,600 | ||||||
4,831,670 | ||||||||
Chemicals - Specialty — 0.6% |
| |||||||
Diamond BC BV | EUR | 3,045,000 | 3,792,131 | |||||
Containers - Metal/Glass — 2.3% |
| |||||||
ARD Finance SA | 3,775,000 | 3,940,345 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | 1,325,000 | 1,356,469 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | 1,115,000 | 1,169,356 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes | 1,860,000 | 1,878,042 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes | 363,000 | 373,963 | ||||||
OI European Group BV | 3,579,000 | 3,681,896 | ||||||
Trivium Packaging Finance BV | 1,045,000 | 1,089,412 | ||||||
13,489,483 | ||||||||
106 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Cruise Lines — 1.0% |
| |||||||
Carnival Corp. | EUR | 360,000 | $ | 485,712 | ||||
Carnival Corp. | 480,000 | 525,600 | ||||||
Carnival Corp. | 4,415,000 | 5,049,656 | ||||||
6,060,968 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Sensata Technologies BV | 1,435,000 | 1,594,644 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Open Text Corp. | 1,790,000 | 1,787,906 | ||||||
Finance - Consumer Loans — 0.5% |
| |||||||
goeasy, Ltd. | 685,000 | 693,563 | ||||||
goeasy, Ltd. | 2,300,000 | 2,377,625 | ||||||
3,071,188 | ||||||||
Medical - Drugs — 2.1% |
| |||||||
Bausch Health Cos., Inc. | 4,180,000 | 3,918,750 | ||||||
Bausch Health Cos., Inc. | 2,575,000 | 2,362,563 | ||||||
Bausch Health Cos., Inc. | 2,835,000 | 2,894,535 | ||||||
Bausch Health Cos., Inc. | 386,000 | 393,982 | ||||||
Bausch Health Cos., Inc. | 2,480,000 | 2,542,000 | ||||||
Valeant Pharmaceuticals International, Inc. | 445,000 | 476,150 | ||||||
12,587,980 | ||||||||
Metal - Aluminum — 0.7% |
| |||||||
Constellium NV | 3,240,000 | 3,326,378 | ||||||
Constellium SE | 415,000 | 403,069 | ||||||
Constellium SE | 250,000 | 265,000 | ||||||
3,994,447 | ||||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Transocean, Inc. | 2,415,000 | 1,243,001 | ||||||
Security Description | Principal Amount(12) | Value (Note 2) | ||||||
Retail - Restaurants — 1.5% |
| |||||||
1011778 BC ULC/New Red Finance, Inc. | $ | 2,360,000 | $ | 2,286,250 | ||||
1011778 BC ULC/New Red Finance, Inc. | 3,620,000 | 3,543,075 | ||||||
1011778 BC ULC/New Red Finance, Inc. | 3,115,000 | 3,126,683 | ||||||
8,956,008 | ||||||||
Telecom Services — 0.3% |
| |||||||
Altice France Holding SA | EUR | 1,230,000 | 1,613,875 | |||||
Television — 0.5% | ||||||||
Videotron, Ltd. Company | 2,720,000 | 2,822,000 | ||||||
Transport - Equipment & Leasing — 0.2% | ||||||||
Fly Leasing, Ltd. | 1,360,000 | 1,388,900 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $80,579,105) | 83,509,673 | |||||||
FOREIGN CONVERTIBLE BONDS & NOTES — 0.3% | ||||||||
Building - Heavy Construction — 0.3% | ||||||||
Cellnex Telecom SA | EUR | 900,000 | 1,871,230 | |||||
LOANS(2)(3)(4) — 1.9% |
| |||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Clarios Global LP FRS | 1,776,327 | 1,765,779 | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Diamond BC BV FRS | 836,888 | 832,834 | ||||||
Data Processing/Management — 0.4% |
| |||||||
Dun & Bradstreet Corp. FRS | 2,618,774 | 2,610,357 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Froneri US, Inc. FRS | 125,000 | 125,937 | ||||||
Insurance Brokers — 0.3% |
| |||||||
HUB International, Ltd. FRS | 1,662,975 | 1,645,999 | ||||||
107 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares/ Principal Amount(12) | Value (Note 2) | ||||||
LOANS(2)(3)(4) (continued) |
| |||||||
Theaters — 0.8% |
| |||||||
Cineworld, Ltd. FRS | $ | 5,124,999 | $ | 4,432,325 | ||||
Total Loans | ||||||||
(cost $11,442,853) | 11,413,231 | |||||||
COMMON STOCKS — 0.4% |
| |||||||
Coal — 0.0% |
| |||||||
Foresight Energy LLC†(5)(6) | 3,805 | 33,934 | ||||||
Telecom Services — 0.4% |
| |||||||
Frontier Communications Parent, Inc.† | 100,053 | 2,499,324 | ||||||
Total Common Stocks | ||||||||
(cost $2,698,985) | 2,533,258 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7% |
| |||||||
Diversified Banking Institutions — 0.7% |
| |||||||
Credit Suisse Group AG | $ | 3,610,000 | 3,926,402 | |||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
Hellas Telecommunications Luxembourg II SCA | 925,000 | 0 | ||||||
ION Media Networks, Inc.†(5) | 616 | 7,408 | ||||||
Total Escrows And Litigation Trusts | ||||||||
(cost $925,000) | 7,408 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $552,134,623) | 578,738,072 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,777,698 | 3,777,698 | ||||||
REPURCHASE AGREEMENTS — 3.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $22,454,000 and collateralized by $21,355,900 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $22,903,157 | $ | 22,454,000 | 22,454,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $578,366,321)(13) | 101.1 | % | 604,969,770 | |||||
Liabilities in excess of other assets | (1.1 | ) | (6,373,042 | ) | ||||
NET ASSETS | 100.0 | % | $ | 598,596,728 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $363,788,548 representing 60.8% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed. |
(2) | The Fund 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 Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan. |
(3) | All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
(4) | Senior loans in the Fund 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. |
(5) | Securities classified as Level 3 (see Note 2). |
(6) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Foresight Energy LLC | 08/25/2020 | 3,805 | $ | 2,584 | $ | 33,934 | $ | 8.92 | 0.01 | % | ||||||||||||||
(7) | Perpetual maturity — maturity date reflects the next call date. |
(8) | Company has filed for bankruptcy protection. |
(9) | Security in default of interest and principal at maturity. |
(10) | The rate shown is the 7-day yield as of May 31, 2021. |
(11) | At May 31, 2021, the Fund had loaned securities with a total value of $6,176,017. This was secured by collateral of $3,777,698, which was received in cash and subsequently invested in short-term investments currently valued at $3,777,698 as reported in the Portfolio of Investments. Additional collateral of $2,546,321 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
United States Treasury Bills | 0.00% | 08/05/2021 | 119,630 | |||
United States Treasury Notes/Bonds | 0.13% to 3.63% | 07/31/2021 to 02/15/2051 | 2,426,691 |
(12) | Denominated in United States dollars unless otherwise indicated. |
(13) | See Note 5 for cost of investments on a tax basis. |
BTL—Bank Term Loan
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at May 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.
Currency Legend
EUR—Euro Currency
Index Legend
1 ML—1 Month USD Libor
2 ML—6 Month USD Libor
3 ML—3Month USD Libor
108 |
Table of Contents
VALIC Company I High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||||||
JPMorgan Chase Bank N.A | EUR | 13,077,000 | USD | 15,961,198 | 06/30/2021 | $ | — | $ | (38,667 | ) | ||||||||||||||||||
EUR—Euro Currency
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Convertible Bonds & Notes | $ | — | $ | 11,385,152 | $ | — | $ | 11,385,152 | ||||||||
U.S. Corporate Bonds & Notes | — | 464,091,718 | — | 464,091,718 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 83,509,673 | — | 83,509,673 | ||||||||||||
Foreign Convertible Bonds & Notes | — | 1,871,230 | — | 1,871,230 | ||||||||||||
Loans | — | 11,413,231 | — | 11,413,231 | ||||||||||||
Common Stocks: | ||||||||||||||||
Coal | — | — | 33,934 | 33,934 | ||||||||||||
Other Industries | 2,499,324 | — | — | 2,499,324 | ||||||||||||
Preferred Securities/Capital Securities | — | 3,926,402 | — | 3,926,402 | ||||||||||||
Escrows and Litigation Trusts | — | — | 7,408 | 7,408 | ||||||||||||
Short-Term Investment Securities | 3,777,698 | — | — | 3,777,698 | ||||||||||||
Repurchase Agreements | — | 22,454,000 | — | 22,454,000 | ||||||||||||
Total Investments at Value | $ | 6,277,022 | $ | 598,651,406 | $ | 41,342 | $ | 604,969,770 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 38,667 | $ | — | $ | 38,667 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
109 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
United States Treasury Notes | 38.4 | % | ||
Sovereign | 29.9 | |||
United States Treasury Bonds | 15.4 | |||
Diversified Financial Services | 5.2 | |||
Diversified Banking Institutions | 2.6 | |||
Repurchase Agreements | 2.4 | |||
Federal Home Loan Bank | 1.1 | |||
Registered Investment Companies | 1.0 | |||
Oil Companies — Integrated | 0.7 | |||
Pipelines | 0.5 | |||
Federal Home Loan Mtg. Corp. | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Computer Services | 0.2 | |||
Electronic Components — Semiconductors | 0.2 | |||
Food — Meat Products | 0.2 | |||
Decision Support Software | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Consulting Services | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Retail — Building Products | 0.2 | |||
Funeral Services & Related Items | 0.2 | |||
Finance — Leasing Companies | 0.1 | |||
Insurance Brokers | 0.1 | |||
Networking Products | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Internet Security | 0.1 | |||
Transactional Software | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Banks — Commercial | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Data Processing/Management | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Casino Hotels | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Federal National Mtg. Assoc. | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Retail — Restaurants | 0.1 | |||
Telecom Services | 0.1 | |||
Medical — Drugs | 0.1 | |||
Commercial Services | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Professional Sports | 0.1 | |||
Security Services | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Multimedia | 0.1 | |||
103.8 | % | |||
Credit Quality+#
Aaa | 74.3 | % | ||
Aa | 2.7 | |||
A | 1.7 | |||
Baa | 6.1 | |||
Ba | 3.4 | |||
B | 1.6 | |||
Not Rated@ | 10.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
+ | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
110 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.2% |
| |||||||
Diversified Financial Services — 5.2% |
| |||||||
Ajax Mtg. Loan Trust | $ | 601,900 | $ | 609,430 | ||||
Angel Oak Mtg. Trust VRS | 944,931 | 945,193 | ||||||
Arbor Realty Collateralized Loan Obligation, Ltd. FRS | 305,000 | 305,004 | ||||||
Avant Loans Funding Trust | 665,000 | 665,212 | ||||||
BANK VRS | 11,064,329 | 1,146,088 | ||||||
Benchmark Mtg. Trust VRS | 3,896,972 | 467,951 | ||||||
BlueMountain CLO XXXI, Ltd. FRS | 2,370,000 | 2,369,407 | ||||||
CAMB Commercial Mtg. Trust FRS | 750,000 | 751,403 | ||||||
Credit Acceptance Auto Loan Trust | 540,000 | 541,274 | ||||||
CSMC Trust VRS | 551,814 | 552,465 | ||||||
CSMC Trust VRS | 376,575 | 382,528 | ||||||
Harriman Park CLO, Ltd. FRS | 2,515,000 | 2,514,366 | ||||||
Legacy Mtg. Asset Trust | 559,574 | 560,824 | ||||||
Legacy Mtg. Asset Trust | 700,000 | 700,293 | ||||||
Madison Park Funding XXXVIII, Ltd. FRS | 1,935,000 | 1,935,000 | ||||||
Mercury Financial Credit Card Master Trust | 770,000 | 772,822 | ||||||
MFRA Trust VRS | 1,047,846 | 1,047,984 | ||||||
New Residential Mtg. Loan Trust VRS | 825,000 | 825,589 | ||||||
NMLT Trust VRS | 1,680,000 | 1,679,996 | ||||||
OZLM XVIII, Ltd. FRS | 1,365,000 | 1,365,116 |
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Preston Ridge Partners Mtg. | $ | 405,971 | $ | 407,558 | ||||
Preston Ridge Partners Mtg. | 1,452,699 | 1,461,646 | ||||||
PRPM LLC | 833,878 | 839,311 | ||||||
PRPM LLC | 1,105,157 | 1,105,881 | ||||||
RR 1 LLC FRS | 1,980,000 | 1,980,000 | ||||||
RR 16, Ltd. FRS | 1,710,000 | 1,709,572 | ||||||
Sound Point CLO XXIX, Ltd. FRS | 1,960,000 | 1,959,510 | ||||||
Starwood Mtg. Residential Trust VRS | 638,667 | 639,127 | ||||||
Tesla Auto Lease Trust | 820,000 | 863,884 | ||||||
Toorak Mtg. Corp. | 970,000 | 969,903 | ||||||
Towd Point Mtg. Trust VRS | 1,925,540 | 1,965,137 | ||||||
Traingle Re, Ltd. FRS | 884,971 | 889,377 | ||||||
VCAT LLC | 1,110,000 | 1,110,354 | ||||||
VCAT LLC | 302,081 | 302,254 | ||||||
Venture XIII CLO, Ltd. FRS | 760,000 | 759,810 | ||||||
Vericrest Opportunity Loan Transferee | 404,809 | 405,184 | ||||||
Verus Securitization Trust VRS | 725,944 | 726,537 | ||||||
VOLT XCIV LLC | 1,149,070 | 1,151,074 | ||||||
Wellfleet CLO X, Ltd. FRS | 1,530,000 | 1,529,995 | ||||||
Westlake Automobile Receivables Trust | 780,000 | 793,249 |
111 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) |
| |||||||
Diversified Financial Services (continued) |
| |||||||
Wingstop Funding LLC | $ | 315,000 | $ | 324,844 | ||||
Total Asset Backed Securities | ||||||||
(cost $41,993,387) | 42,032,152 | |||||||
U.S. CORPORATE BONDS & NOTES — 5.4% |
| |||||||
Apparel Manufacturers — 0.1% |
| |||||||
William Carter Co. | 889,000 | 931,227 | ||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Standard Industries, Inc. | 1,360,000 | 1,374,810 | ||||||
Computer Services — 0.2% |
| |||||||
Booz Allen Hamilton, Inc. | 1,830,000 | 1,831,222 | ||||||
Consulting Services — 0.2% |
| |||||||
Gartner, Inc. | 1,355,000 | 1,360,149 | ||||||
Decision Support Software — 0.2% |
| |||||||
MSCI, Inc. | 1,585,000 | 1,610,756 | ||||||
Diversified Banking Institutions — 1.7% |
| |||||||
Bank of America Corp. | 2,353,000 | 2,250,388 | ||||||
Bank of America Corp. | 5,000,000 | 5,087,553 | ||||||
Bank of America Corp. | 2,614,000 | 2,940,784 | ||||||
Bank of America Corp. | 2,721,000 | 3,176,093 | ||||||
13,454,818 | ||||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Broadcom, Inc. | 1,800,000 | 1,727,358 | ||||||
Finance - Leasing Companies — 0.1% |
| |||||||
BOC Aviation USA Corp. | 1,185,000 | 1,192,939 | ||||||
Food - Meat Products — 0.2% |
| |||||||
NBM US Holdings, Inc. | 1,595,000 | 1,722,600 | ||||||
Funeral Services & Related Items — 0.2% |
| |||||||
Service Corp. International | 1,360,000 | 1,320,805 | ||||||
Internet Security — 0.1% |
| |||||||
NortonLifeLock, Inc. | 760,000 | 768,132 | ||||||
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
Office Automation & Equipment — 0.2% |
| |||||||
CDW LLC/CDW Finance Corp. | $ | 1,386,000 | $ | 1,407,483 | ||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Apache Corp. | 1,800,000 | 1,813,500 | ||||||
Apache Corp. | 451,000 | 473,550 | ||||||
Hess Corp. | 1,325,000 | 1,784,742 | ||||||
4,071,792 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets America, Inc. | 3,161,000 | 2,937,730 | ||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Valero Energy Corp. | 1,587,000 | 1,595,883 | ||||||
Pipelines — 0.2% |
| |||||||
Cheniere Corpus Christi Holdings LLC | 580,000 | 624,886 | ||||||
Energy Transfer Operating LP | 1,159,000 | 1,382,689 | ||||||
2,007,575 | ||||||||
Retail - Pawn Shops — 0.2% |
| |||||||
FirstCash, Inc. | 1,345,000 | 1,392,075 | ||||||
Transactional Software — 0.1% |
| |||||||
Black Knight InfoServ LLC | 772,000 | 759,455 | ||||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 1,398,000 | 1,478,455 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $42,438,860) | 42,945,264 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 1.1% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Danske Bank A/S | 675,000 | 723,217 | ||||||
Diversified Banking Institutions — 0.5% |
| |||||||
Credit Agricole SA | 1,297,000 | 1,328,262 | ||||||
Credit Agricole SA | 2,548,000 | 2,763,023 | ||||||
4,091,285 | ||||||||
112 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Energy - Alternate Sources — 0.1% |
| |||||||
FS Luxembourg Sarl | $ | 400,000 | $ | 440,000 | ||||
Networking Products — 0.1% |
| |||||||
Nokia Oyi | 855,000 | 936,225 | ||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Petrobras Global Finance BV | 1,490,000 | 1,643,470 | ||||||
Petroleos Mexicanos | 880,000 | 855,800 | ||||||
2,499,270 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $8,419,629) | 8,689,997 | |||||||
U.S. GOVERNMENT AGENCIES — 1.7% |
| |||||||
Federal Home Loan Bank — 1.1% |
| |||||||
1.75% due 03/08/2030 | 5,100,000 | 5,140,922 | ||||||
3.25% due 11/16/2028 | 2,800,000 | 3,179,116 | ||||||
8,320,038 | ||||||||
Federal Home Loan Mtg. Corp. — 0.5% |
| |||||||
Federal Home Loan Mtg. Corp. | ||||||||
Series K740, Class X1 | 6,257,586 | 270,045 | ||||||
Series KG04, Class X1 | 11,416,073 | 775,987 | ||||||
Series K122, Class X1 | 1,713,944 | 122,233 | ||||||
Series K119, Class X1 | 24,112,079 | 1,799,376 | ||||||
Series K121, Class X1 | 3,136,543 | 256,166 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS |
| |||||||
Series 4012, Class NF | 83,133 | 83,286 | ||||||
Series 3925, Class FL | 500,184 | 502,844 | ||||||
Series 4001, Class FM | 227,744 | 230,233 | ||||||
Series 3355, Class BF | 269,245 | 275,964 | ||||||
4,316,134 | ||||||||
Federal National Mtg. Assoc. — 0.1% |
| |||||||
Federal National Mtg. Assoc. REMIC FRS |
| |||||||
Series 2012-93, Class BF | 387,606 | 390,055 | ||||||
Series 2011-103, Class FD | 86,660 | 86,809 | ||||||
476,864 | ||||||||
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
Government National Mtg. Assoc. — 0.0% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | $ | 218,416 | $ | 220,467 | ||||
Total U.S. Government Agencies | ||||||||
(cost $13,367,610) | 13,333,503 | |||||||
U.S. GOVERNMENT TREASURIES — 53.8% |
| |||||||
United States Treasury Bonds — 15.4% |
| |||||||
United States Treasury Bonds TIPS(6) | 19,266,898 | 20,875,233 | ||||||
0.63% due 02/15/2043 | 6,732,388 | 7,829,162 | ||||||
0.75% due 02/15/2042 | 6,836,043 | 8,138,095 | ||||||
0.75% due 02/15/2045 | 27,032,879 | 32,290,035 | ||||||
0.88% due 02/15/2047 | 9,407,118 | 11,675,483 | ||||||
1.00% due 02/15/2046 | 7,722,376 | 9,765,035 | ||||||
1.00% due 02/15/2048(12) | 11,071,806 | 14,232,893 | ||||||
1.38% due 02/15/2044 | 4,868,917 | 6,541,466 | ||||||
2.13% due 02/15/2040 | 2,940,504 | 4,321,507 | ||||||
2.13% due 02/15/2041 | 5,042,614 | 7,476,463 | ||||||
123,145,372 | ||||||||
United States Treasury Notes — 38.4% |
| |||||||
United States Treasury Notes TIPS(6) |
| |||||||
0.13% due 07/15/2024 | 9,396,150 | 10,214,459 | ||||||
0.13% due 10/15/2024 | 2,250,109 | 2,449,235 | ||||||
0.13% due 04/15/2025 | 5,711,812 | 6,229,445 | ||||||
0.13% due 07/15/2026 | 28,902,481 | 31,988,046 | ||||||
0.13% due 01/15/2030 | 12,042,576 | 13,242,835 | ||||||
0.13% due 07/15/2030 | 44,924,246 | 49,587,768 | ||||||
0.25% due 07/15/2029 | 10,352,800 | 11,557,324 | ||||||
0.38% due 07/15/2023 | 9,814,646 | 10,519,499 | ||||||
0.38% due 01/15/2027 | 29,024,013 | 32,447,373 | ||||||
0.38% due 07/15/2027 | 16,099,981 | 18,122,856 | ||||||
0.50% due 04/15/2024 | 9,449,910 | 10,276,962 | ||||||
0.50% due 01/15/2028 | 11,975,896 | 13,533,231 | ||||||
0.63% due 04/15/2023 | 6,306,159 | 6,711,748 | ||||||
0.63% due 01/15/2026 | 11,083,368 | 12,448,874 | ||||||
0.75% due 07/15/2028 | 21,078,500 | 24,336,199 | ||||||
0.88% due 01/15/2029 | 46,324,171 | 53,894,373 | ||||||
307,560,227 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $407,876,120) | 430,705,599 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 29.9% |
| |||||||
Sovereign — 29.9% |
| |||||||
Commonwealth of Australia | AUD | 20,265,400 | 17,317,561 | |||||
Commonwealth of Australia | AUD | 15,365,612 | 14,234,677 | |||||
Government of Canada | CAD | 22,269,620 | 25,293,518 | |||||
Government of Canada | CAD | 25,965,800 | 31,691,043 | |||||
Government of Canada | CAD | 21,566,123 | 23,373,210 | |||||
Government of New Zealand | NZD | 42,373,800 | 34,563,973 |
113 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Government of Romania | EUR | 1,850,000 | $ | 2,822,346 | ||||
Kingdom of Spain | EUR | 2,646,950 | 3,270,268 | |||||
Kingdom of Spain | EUR | 9,777,805 | 14,389,998 | |||||
Republic of Italy | EUR | 7,526,025 | 9,479,736 | |||||
Republic of Italy | EUR | 33,031,020 | 42,306,703 | |||||
United Kingdom Gilt Treasury | GBP | 6,735,410 | 10,552,611 | |||||
United Kingdom Gilt Treasury | GBP | 4,785,340 | 10,334,492 | |||||
Total Foreign Government Obligations | ||||||||
(cost $208,321,987) | 239,630,136 | |||||||
LOANS(8)(9)(10) — 2.6% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
CeramTec AcquiCo GmbH FRS | EUR | 200,000 | 237,976 | |||||
Aerospace/Defense - Equipment — 0.0% |
| |||||||
TransDigm, Inc. FRS | 248,741 | 245,349 | ||||||
Airlines — 0.0% |
| |||||||
JetBlue Airways Corp. FRS | 121,835 | 124,475 | ||||||
United Airlines, Inc. FRS | 100,000 | 100,750 | ||||||
225,225 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Clarios Global LP FRS | 241,165 | 239,733 | ||||||
First Brands Group LLC FRS | 115,239 | 116,392 | ||||||
KPAE Finance Sub, Inc. FRS | 115,000 | 115,072 | ||||||
471,197 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Adient US LLC FRS | 100,000 | 100,125 | ||||||
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
Broadcast Services/Program — 0.0% |
| |||||||
Nexstar Broadcasting, Inc. FRS | $ | 224,527 | $ | 223,872 | ||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
CP Atlas Buyer, Inc. FRS | 110,000 | 109,748 | ||||||
Building Products - Air & Heating — 0.0% |
| |||||||
Ingersoll-Rand Services Co. FRS | 248,744 | 246,434 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Quikrete Holdings, Inc. FRS | 248,741 | 246,875 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Cornerstone Building Brands, Inc. FRS | 298,465 | 298,242 | ||||||
Building - Heavy Construction — 0.0% |
| |||||||
Brand Industrial Services, Inc. FRS | 198,966 | 194,141 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Charter Communications Operating LLC FRS | 198,990 | 197,870 | ||||||
UPC Financing Partnership FRS | 240,000 | 238,100 | ||||||
435,970 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. FRS | 247,927 | 247,504 | ||||||
Caesars Resort Collection LLC FRS | 373,072 | 369,808 | ||||||
�� | 617,312 | |||||||
Chemicals - Specialty — 0.1% |
| |||||||
Diamond BC BV FRS | 298,458 | 297,012 | ||||||
Starfruit US HoldCo. LLC FRS | 248,697 | 246,469 | ||||||
Tronox Finance LLC FRS | 279,941 | 277,798 | ||||||
821,279 | ||||||||
114 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
LOANS (continued) |
| |||||||
Commercial Services — 0.1% |
| |||||||
Amentum Government Services Holdings LLC FRS | $ | 280,000 | $ | 280,875 | ||||
WW International, Inc. FRS | 100,000 | 100,146 | ||||||
381,021 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
EVO Payments International LLC FRS | 298,332 | 297,288 | ||||||
MPH Acquisition Holdings LLC FRS | 225,000 | 224,719 | ||||||
WEX, Inc. FRS | 215,000 | 214,059 | ||||||
736,066 | ||||||||
Computer Services — 0.0% |
| |||||||
Peraton Corp. FRS | 110,000 | 110,098 | ||||||
Consulting Services — 0.0% |
| |||||||
AlixPartners LLP FRS | 210,000 | 209,081 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Berlin Packaging LLC FRS | 298,465 | 295,419 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Flex Acquisition Co., Inc. FRS | 296,515 | 294,894 | ||||||
Proampac PG Borrower LLC FRS | 350,000 | 350,072 | ||||||
644,966 | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Sunshine Luxembourg VII SARL FRS | 199,496 | 199,912 | ||||||
Data Processing/Management — 0.1% |
| |||||||
CCC Information Services, Inc. FRS | 223,837 | 223,757 | ||||||
Dun & Bradstreet Corp. FRS | 473,374 | 471,853 | ||||||
695,610 | ||||||||
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
Avantor Funding, Inc. FRS | $ | 453,863 | $ | 454,884 | ||||
Distribution/Wholesale — 0.1% |
| |||||||
American Builders & Contractors Supply Co., Inc. FRS | 248,737 | 246,941 | ||||||
Core & Main LP FRS | 248,072 | 247,555 | ||||||
Univar Solutions USA, Inc. FRS | 225,000 | 224,579 | ||||||
719,075 | ||||||||
Electric - Integrated — 0.0% |
| |||||||
Exgen Renewables IV LLC FRS | 124,375 | 124,479 | ||||||
Enterprise Software/Service — 0.1% |
| |||||||
E2open LLC FRS | 245,000 | 244,081 | ||||||
Hyland Software, Inc. FRS | 248,724 | 249,346 | ||||||
Ultimate Software Group, Inc. FRS | 248,737 | 248,876 | ||||||
742,303 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc. FRS | 248,721 | 245,806 | ||||||
FleetCor Technologies Operating Co., LLC | 100,000 | 99,804 | ||||||
345,610 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Deerfield Dakota Holding LLC FRS | 99,499 | 99,913 | ||||||
Food - Baking — 0.0% |
| |||||||
Hostess Brands, LLC FRS | 248,737 | 247,735 | ||||||
Food - Catering — 0.0% |
| |||||||
Aramark Services, Inc. FRS | 250,000 | 246,719 | ||||||
115 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
LOANS (continued) |
| |||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Froneri US, Inc. FRS | $ | 248,747 | $ | 245,171 | ||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
US Foods, Inc. FRS | 230,892 | 228,505 | ||||||
US Foods, Inc. FRS | 148,737 | 146,361 | ||||||
374,866 | ||||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Scientific Games International, Inc. FRS | 248,718 | 246,024 | ||||||
Gas - Transportation — 0.0% |
| |||||||
Dt Midstream Inc | 115,000 | 115,647 | ||||||
Health Care Providers & Services — 0.0% |
| |||||||
Organon And Co. | 125,000 | 124,844 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Alliant Holdings Intermediate LLC FRS | 248,721 | 246,689 | ||||||
HUB International, Ltd. FRS | 248,721 | 246,182 | ||||||
Hyperion Insurance Group, Ltd. FRS | 124,546 | 124,753 | ||||||
USI, Inc. FRS | 373,067 | 369,936 | ||||||
987,560 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Acrisure LLC FRS | 248,744 | 246,334 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Asurion LLC FRS | 201,844 | 201,276 | ||||||
Asurion LLC FRS | 149,233 | 148,593 | ||||||
Sedgwick Claims Management Services, Inc. | 248,727 | 245,791 | ||||||
595,660 | ||||||||
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
MH Sub I LLC FRS | $ | 238,797 | $ | 239,344 | ||||
Leisure Products — 0.0% |
| |||||||
Hayward Industries, Inc. | 115,000 | 114,856 | ||||||
Machinery - General Industrial — 0.0% |
| |||||||
Vertical US Newco, Inc. FRS | 248,752 | 249,512 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Zelis Payments Buyer, Inc. FRS | 149,313 | 148,916 | ||||||
Medical Products — 0.0% |
| |||||||
Agiliti Health, Inc. FRS | 123,029 | 122,721 | ||||||
Medical - Drugs — 0.1% |
| |||||||
Bausch Health Americas, Inc. FRS | 282,847 | 281,645 | ||||||
Jazz Financing Lux SARL | 115,000 | 115,493 | ||||||
397,138 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Surgery Center Holdings, Inc. | 298,454 | 298,827 | ||||||
Medical - Nursing Homes — 0.0% |
| |||||||
ADMI Corp. FRS | 175,000 | 173,403 | ||||||
Multimedia — 0.1% |
| |||||||
EW Scripps Co. FRS | 273,611 | 272,585 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Change Healthcare Holdings LLC FRS | 255,609 | 255,609 | ||||||
Pollution Control — 0.0% |
| |||||||
Filtration Group Corp. FRS | 119,400 | 119,400 | ||||||
Professional Sports — 0.1% |
| |||||||
Delta 2 Luxembourg SARL FRS | 300,000 | 297,984 | ||||||
116 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(13) | Value (Note 2) | ||||||
LOANS (continued) |
| |||||||
Protection/Safety — 0.0% |
| |||||||
APX Group, Inc. FRS | $ | 198,995 | $ | 199,741 | ||||
Racetracks — 0.0% |
| |||||||
Penn National Gaming, Inc. FRS | 267,364 | 266,847 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
VICI Properties 1 LLC FRS | 250,000 | 247,469 | ||||||
Retail - Auto Parts — 0.0% |
| |||||||
Harbor Freight Tools USA, Inc. FRS | 220,539 | 220,938 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Beacon Roofing Supply, Inc. FRS | 496,552 | 494,690 | ||||||
LBM Acquisition LLC FRS | 27,350 | 27,277 | ||||||
LBM Acquisition LLC FRS | 123,077 | 122,747 | ||||||
SRS Distribution, Inc. FRS | 248,721 | 247,229 | ||||||
SRS Distribution, Inc. FRS | 170,000 | 169,611 | ||||||
White Cap Buyer LLC FRS | 298,500 | 298,761 | ||||||
1,360,315 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetSmart, Inc. FRS | 100,000 | 100,300 | ||||||
Retail - Restaurants — 0.1% |
| |||||||
1011778 BC ULC FRS | 273,615 | 269,320 | ||||||
IRB Holding Corp. FRS | 159,600 | 159,241 | ||||||
428,561 | ||||||||
Security Services — 0.1% |
| |||||||
Verisure Holding AB FRS | EUR | 245,000 | 297,738 | |||||
Telcom services — 0.1% | ||||||||
Frontier Communications Holdings LLC FRS | 100,000 | 99,844 |
Security Description | Principal Shares | Value (Note 2) | ||||||
Telecom Services (continued) |
| |||||||
MTN Infrastructure TopCo, Inc. FRS | $ | 298,462 | $ | 298,035 | ||||
397,879 | ||||||||
Television — 0.0% |
| |||||||
Gray Television, Inc. FRS | 250,000 | 248,646 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc. FRS | 248,539 | 246,763 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
Go Daddy Operating Co. LLC FRS | 198,623 | 197,314 | ||||||
Total Loans |
| |||||||
(cost $20,357,412) | 20,565,548 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7% |
| |||||||
Diversified Banking Institutions — 0.4% |
| |||||||
BAC Capital Trust XIV FRS | 3,161,000 | 3,153,097 | ||||||
Pipelines — 0.3% |
| |||||||
Energy Transfer LP | 2,554,000 | 2,241,493 | ||||||
EnLink Midstream Partners LP | 475,000 | 358,017 | ||||||
2,599,510 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $5,716,032) | 5,752,607 | |||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS† | 1,000,000 | 6,000 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $748,491,567) | 803,660,806 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.0% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 7,805,658 | 7,805,658 | ||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $19,458,000 and collateralized by $16,563,100 of United States Treasury Inflation Protected Securities, bearing interest at 0.13% due 01/15/2022 and having an approximate value of $19,847,207 | 19,458,000 | 19,458,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $775,754,695)(11) | 103.8 | % | 830,924,464 | |||||
Liabilities in excess of other assets | (3.8 | ) | (30,738,348 | ) | ||||
NET ASSETS | 100.0 | % | $ | 800,186,116 | ||||
117 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $126,275,630 representing 15.8% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Collateralized Mortgage Obligation |
(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) | Interest Only |
(5) | Securities classified as Level 3 (see Note 2). |
(6) | Principal amount of security is adjusted for inflation. |
(7) | Perpetual maturity—maturity date reflects the next call date. |
(8) | The Fund 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 Fund 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 Fund 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 Fund 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. |
(13) | Denominated in United States dollars unless otherwise indicated. |
(14) | At May 31, 2021, the Fund had loaned securities with a total value of $8,209,446. This was secured by collateral of $7,805,658, which was received in cash and subsequently |
invested in short-term investments currently valued at $7,805,658 as reported in the Portfolio of Investments. Additional collateral of $596,508 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Treasury Bills | 0.00% | 06/08/2021 | $ | 19,765 | ||||
United States Treasury Notes/Bonds | 0.13% to 2.88% | 10/31/2021 to 02/15/2030 | 576,743 |
(15) | The rate shown is the 7-day yield as of May 31, 2021. |
(16) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2021. |
(17) | The referenced Index is less than 0.00% at the period end. The loan has an interest rate floor whereby the floating rate used in the coupon rate calculation cannot be less than zero. |
BTL—Bank Term Loan
CLO—Collateralized Loan Obligation
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of May 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.
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
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
NZD—New Zealand Dollar
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Barclays Bank Plc Wholesale | USD | 2,618,537 | CAD | 3,295,000 | 06/16/2021 | $ | 111,304 | $ | – | |||||||||||||||||||
BNP Paribas SA | GBP | 15,101,000 | USD | 20,944,287 | 06/16/2021 | – | (509,991 | ) | ||||||||||||||||||||
JPMorgan Chase Bank N.A. | EUR | 791,000 | USD | 965,459 | 06/30/2021 | – | (2,339 | ) | ||||||||||||||||||||
Morgan Stanley and Co. International PLC | CAD | 99,457,000 | USD | 78,754,741 | 06/16/2021 | – | (3,643,377 | ) | ||||||||||||||||||||
EUR | 58,321,000 | USD | 69,558,349 | 06/16/2021 | – | (1,778,558 | ) | |||||||||||||||||||||
NZD | 53,687,000 | USD | 38,648,359 | 06/16/2021 | – | (426,384 | ) | |||||||||||||||||||||
– | (5,848,319 | ) | ||||||||||||||||||||||||||
Toronto Dominion Bank | AUD | 40,907,000 | USD | 31,512,503 | 06/16/2021 | – | (147,638 | ) | ||||||||||||||||||||
USD | 4,337,359 | NZD | 6,027,000 | 06/16/2021 | 49,242 | – | ||||||||||||||||||||||
49,242 | (147,638 | ) | ||||||||||||||||||||||||||
– | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 160,546 | $ | (6,508,287 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
NZD—New Zealand Dollar
USD—U.S. Dollar
118 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation | ||||||||||||||||
181 | Short | Euro-Bund | June 2021 | $ | 37,748,990 | $ | 37,509,225 | $ | 239,765 | |||||||||||||
103 | Short | Long GILT | September 2021 | 18,606,745 | 18,600,448 | 6,297 | ||||||||||||||||
40 | Short | U.S. Treasury 10 Year Ultra Notes | September 2021 | 5,800,428 | 5,798,125 | 2,303 | ||||||||||||||||
$ | 248,365 | |||||||||||||||||||||
Unrealized (Depreciation) | ||||||||||||||||||||||
611 | Short | Canada 10 Year Bond | September 2021 | $ | 72,739,346 | $ | 72,912,346 | $ | (173,000 | ) | ||||||||||||
68 | Short | U.S. Treasury Ultra Bonds | September 2021 | 12,537,696 | 12,597,000 | (59,304 | ) | |||||||||||||||
$ | (232,304 | ) | ||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 16,061 | ||||||||||||||||||||
* | 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 | 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 | $ | — | $ | 3,297,691 |
USCPI—United States Consumer Price Index
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | 40,352,156 | $ | 1,679,996 | $ | 42,032,152 | ||||||||
U.S. Corporate Bonds & Notes | — | 42,945,264 | — | 42,945,264 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 8,689,997 | — | 8,689,997 | ||||||||||||
U.S. Government Agencies | — | 13,333,503 | — | 13,333,503 | ||||||||||||
U.S. Government Treasuries | — | 430,705,599 | — | 430,705,599 | ||||||||||||
Foreign Government Obligations | — | 239,630,136 | — | 239,630,136 | ||||||||||||
Loans | — | 20,565,548 | — | 20,565,548 | ||||||||||||
Preferred Securities/Capital Securities | — | 5,752,607 | — | 5,752,607 | ||||||||||||
Escrows and Litigation Trusts | — | 6,000 | — | 6,000 | ||||||||||||
Short-Term Investment Securities | 7,805,658 | — | — | 7,805,658 | ||||||||||||
Repurchase Agreements | — | 19,458,000 | — | 19,458,000 | ||||||||||||
Total Investment at Value | $ | 7,805,658 | $ | 821,438,810 | $ | 1,679,996 | $ | 830,924,464 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 160,546 | $ | — | $ | 160,546 | ||||||||
Futures Contracts | 248,365 | — | — | 248,365 | ||||||||||||
Over the Counter Interest Rate Swap Contracts | — | 3,297,691 | — | 3,297,691 | ||||||||||||
Total Other Financial Instruments | $ | 248,365 | $ | 3,458,237 | $ | — | $ | 3,706,602 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 6,508,287 | $ | — | $ | 6,508,287 | ||||||||
Futures Contracts | $ | 232,304 | $ | — | $ | — | $ | 232,304 | ||||||||
Total Other Financial Instruments | $ | 232,304 | $ | 6,508,287 | $ | — | $ | 6,740,591 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
119 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Asset Backed Securities | 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 | 1,679,996 | — | ||||||
Net sales | — | (10,300,000 | ) | |||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of May 31, 2021 | $ | 1,679,996 | $ | — | ||||
At the 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
120 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Repurchase Agreements | 12.2 | % | ||
Medical — Drugs | 6.4 | |||
Banks — Commercial | 4.6 | |||
Exchange — Traded Funds | 4.1 | |||
Diversified Banking Institutions | 3.6 | |||
Auto — Cars/Light Trucks | 2.6 | |||
Oil Companies — Integrated | 2.2 | |||
Food — Misc./Diversified | 2.1 | |||
Registered Investment Companies | 2.0 | |||
Insurance — Life/Health | 2.0 | |||
Semiconductor Equipment | 1.9 | |||
Telephone — Integrated | 1.9 | |||
Cosmetics & Toiletries | 1.8 | |||
Metal — Diversified | 1.3 | |||
Electric — Integrated | 1.2 | |||
Chemicals — Diversified | 1.2 | |||
Food — Retail | 1.2 | |||
Chemicals — Specialty | 1.2 | |||
Insurance — Multi — line | 1.1 | |||
U.S. Government Treasuries | 1.1 | |||
Textile — Apparel | 1.1 | |||
Medical Products | 1.1 | |||
Industrial Automated/Robotic | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Real Estate Investment Trusts | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Diversified Minerals | 0.9 | |||
Finance — Other Services | 0.9 | |||
Import/Export | 0.9 | |||
Retail — Apparel/Shoe | 0.8 | |||
Real Estate Operations & Development | 0.8 | |||
Computer Services | 0.8 | |||
Machinery — Electrical | 0.8 | |||
Beverages — Wine/Spirits | 0.7 | |||
Transport — Services | 0.7 | |||
Brewery | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Audio/Video Products | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Tobacco | 0.7 | |||
Power Converter/Supply Equipment | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Commercial Services | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Retail — Jewelry | 0.6 | |||
Cellular Telecom | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Building — Heavy Construction | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Electronic Components — Semiconductors | 0.6 | |||
Electric — Generation | 0.5 | |||
Internet Content — Information/News | 0.5 | |||
Paper & Related Products | 0.5 | |||
Transport — Rail | 0.4 | |||
Investment Companies | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Soap & Cleaning Preparation | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Human Resources | 0.4 | |||
Building Products — Cement | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Toys | 0.4 | |||
Industrial Gases | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Athletic Footwear | 0.4 | |||
Retail — Building Products | 0.4 | |||
Machinery — Construction & Mining | 0.3 | |||
Electric — Distribution | 0.3 |
Medical Instruments | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Networking Products | 0.3 | |||
Rubber — Tires | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Multimedia | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Gambling (Non — Hotel) | 0.2 | |||
Steel — Producers | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Private Equity | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Optical Supplies | 0.2 | |||
Food — Catering | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Machinery — Farming | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Casino Hotels | 0.2 | |||
Coatings/Paint | 0.2 | |||
Dialysis Centers | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Diversified Operations | 0.2 | |||
Gold Mining | 0.2 | |||
Telecom Services | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Computer Aided Design | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Retail — Discount | 0.2 | |||
Electric — Transmission | 0.2 | |||
Food — Confectionery | 0.1 | |||
Gas — Distribution | 0.1 | |||
Water | 0.1 | |||
Entertainment Software | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Transport — Marine | 0.1 | |||
Hotels/Motels | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Beverages — Non — alcoholic | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Metal — Iron | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Food — Confectionery | 0.1 | |||
Advertising Services | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Security Services | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Applications Software | 0.1 | |||
Casino Services | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Computer Data Security | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Advertising Agencies | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Consulting Services | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Building Products — Doors & Windows | 0.1 |
121 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Fisheries | 0.1 | % | ||
Internet Application Software | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Internet Gambling | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Respiratory Products | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Gas — Transportation | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Electronics — Military | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Food — Meat Products | 0.1 | |||
Recreational Vehicles | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Leisure Products | 0.1 | |||
100.8 | % | |||
Country Allocation*
United States | 19.4 | % | ||
Japan | 19.1 | |||
United Kingdom | 11.2 | |||
France | 8.7 | |||
Switzerland | 7.7 | |||
Germany | 7.6 | |||
Australia | 5.6 | |||
Netherlands | 4.5 | |||
Sweden | 2.8 | |||
Spain | 2.1 | |||
Hong Kong | 2.1 | |||
Denmark | 2.0 | |||
Italy | 1.5 | |||
Finland | 1.0 | |||
Singapore | 0.9 | |||
Belgium | 0.7 | |||
Ireland | 0.7 | |||
Jersey | 0.6 | |||
Norway | 0.5 | |||
Israel | 0.5 | |||
Cayman Islands | 0.5 | |||
Luxembourg | 0.3 | |||
New Zealand | 0.2 | |||
Austria | 0.2 | |||
Portugal | 0.1 | |||
Bermuda | 0.1 | |||
SupraNational | 0.1 | |||
Isle of Man | 0.1 | |||
100.8 | % | |||
* | Calculated as a percentage of net assets |
122 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 81.4% |
| |||||||
Australia — 5.6% |
| |||||||
Afterpay, Ltd.† | 19,135 | $ | 1,368,614 | |||||
AGL Energy, Ltd. | 56,077 | 351,026 | ||||||
AMP, Ltd.# | 309,313 | 268,256 | ||||||
Ampol, Ltd. | 22,475 | 494,657 | ||||||
APA Group# | 106,197 | 755,635 | ||||||
Aristocrat Leisure, Ltd. | 51,725 | 1,636,861 | ||||||
ASX, Ltd. | 17,425 | 1,024,395 | ||||||
Aurizon Holdings, Ltd. | 168,386 | 469,908 | ||||||
AusNet Services, Ltd.# | 168,898 | 228,507 | ||||||
Australia & New Zealand Banking Group, Ltd. | 255,649 | 5,658,162 | ||||||
BGP Holdings PLC†(1) | 835,027 | 0 | ||||||
BHP Group, Ltd. | 265,143 | 9,780,480 | ||||||
BlueScope Steel, Ltd. | 45,343 | 742,093 | ||||||
Brambles, Ltd. | 133,190 | 1,110,956 | ||||||
CIMIC Group, Ltd.†# | 8,406 | 136,667 | ||||||
Cochlear, Ltd.# | 5,917 | 1,035,624 | ||||||
Coles Group, Ltd. | 120,061 | 1,533,637 | ||||||
Commonwealth Bank of Australia | 159,679 | 12,275,188 | ||||||
Computershare, Ltd. | 48,792 | 590,912 | ||||||
Crown Resorts, Ltd.†# | 33,521 | 332,836 | ||||||
CSL, Ltd. | 40,950 | 9,161,453 | ||||||
Dexus | 98,021 | 788,137 | ||||||
Evolution Mining, Ltd. | 146,096 | 609,303 | ||||||
Fortescue Metals Group, Ltd. | 152,418 | 2,635,504 | ||||||
Goodman Group | 149,651 | 2,241,561 | ||||||
GPT Group | 175,325 | 621,727 | ||||||
Insurance Australia Group, Ltd. | 219,592 | 849,803 | ||||||
Lendlease Corp., Ltd. | 61,948 | 586,918 | ||||||
Macquarie Group, Ltd. | 30,911 | 3,620,384 | ||||||
Magellan Financial Group, Ltd. | 11,570 | 427,057 | ||||||
Medibank Private, Ltd. | 247,876 | 598,104 | ||||||
Mirvac Group | 354,402 | 762,252 | ||||||
National Australia Bank, Ltd. | 296,144 | 6,152,616 | ||||||
Newcrest Mining, Ltd. | 73,495 | 1,604,535 | ||||||
Northern Star Resources, Ltd. | 98,995 | 892,888 | ||||||
Orica, Ltd. | 36,531 | 381,873 | ||||||
Origin Energy, Ltd. | 158,519 | 485,143 | ||||||
Qantas Airways, Ltd.† | 83,180 | 302,021 | ||||||
QBE Insurance Group, Ltd. | 132,386 | 1,117,517 | ||||||
Ramsay Health Care, Ltd. | 16,481 | 806,780 | ||||||
REA Group, Ltd. | 4,742 | 598,277 | ||||||
Rio Tinto, Ltd. | 33,412 | 3,186,952 | ||||||
Santos, Ltd. | 159,365 | 831,725 | ||||||
Scentre Group | 467,164 | 979,572 | ||||||
SEEK, Ltd. | 30,186 | 711,143 | ||||||
Sonic Healthcare, Ltd. | 40,853 | 1,095,662 | ||||||
South32, Ltd. | 435,353 | 1,000,129 | ||||||
Stockland | 214,851 | 773,486 | ||||||
Suncorp Group, Ltd. | 115,261 | 988,064 | ||||||
Sydney Airport†# | 119,020 | 538,587 | ||||||
Tabcorp Holdings, Ltd. | 199,555 | 786,107 | ||||||
Telstra Corp., Ltd. | 374,663 | 1,016,674 | ||||||
TPG Telecom, Ltd.# | 33,470 | 134,429 | ||||||
Transurban Group# | 246,305 | 2,635,486 | ||||||
Treasury Wine Estates, Ltd. | 64,934 | 582,671 | ||||||
Vicinity Centres | 348,271 | 418,832 | ||||||
Washington H. Soul Pattinson & Co., Ltd.# | 9,696 | 220,951 | ||||||
Wesfarmers, Ltd. | 102,052 | 4,357,636 | ||||||
Westpac Banking Corp. | 325,072 | 6,620,800 | ||||||
WiseTech Global, Ltd. | 13,113 | 285,372 | ||||||
Woodside Petroleum, Ltd. | 86,606 | 1,456,135 | ||||||
Woolworths Group, Ltd. | 113,890 | 3,654,145 | ||||||
107,312,825 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Austria — 0.2% |
| |||||||
Erste Group Bank AG | 25,145 | $ | 1,030,892 | |||||
OMV AG | 13,255 | 756,789 | ||||||
Raiffeisen Bank International AG | 13,323 | 316,324 | ||||||
Verbund AG# | 6,129 | 560,551 | ||||||
voestalpine AG | 10,446 | 470,810 | ||||||
3,135,366 | ||||||||
Belgium — 0.7% |
| |||||||
Ageas SA/NV# | 15,760 | 1,028,191 | ||||||
Anheuser-Busch InBev SA NV | 68,581 | 5,148,329 | ||||||
Elia Group SA NV# | 2,781 | 297,077 | ||||||
Etablissements Franz Colruyt SA | 4,894 | 297,086 | ||||||
Galapagos NV†# | 3,823 | 284,845 | ||||||
Groupe Bruxelles Lambert SA | 10,166 | 1,150,187 | ||||||
KBC Group NV | 22,487 | 1,833,968 | ||||||
Proximus SADP | 13,691 | 277,229 | ||||||
Sofina SA | 1,387 | 574,730 | ||||||
Solvay SA | 6,671 | 898,098 | ||||||
UCB SA | 11,379 | 1,061,801 | ||||||
Umicore SA | 17,742 | 1,061,653 | ||||||
13,913,194 | ||||||||
Bermuda — 0.1% |
| |||||||
CK Infrastructure Holdings, Ltd. | 59,500 | 370,682 | ||||||
Hongkong Land Holdings, Ltd. | 105,000 | 514,500 | ||||||
Jardine Matheson Holdings, Ltd. | 19,586 | 1,270,348 | ||||||
2,155,530 | ||||||||
Cayman Islands — 0.5% |
| |||||||
ASM Pacific Technology, Ltd. | 27,600 | 365,231 | ||||||
Budweiser Brewing Co. APAC, Ltd.* | 155,000 | 526,260 | ||||||
CK Asset Holdings, Ltd. | 232,808 | 1,541,874 | ||||||
CK Hutchison Holdings, Ltd. | 242,808 | 1,900,628 | ||||||
ESR Cayman, Ltd.†* | 165,200 | 522,576 | ||||||
Melco Resorts & Entertainment, Ltd. ADR† | 19,275 | 331,337 | ||||||
Sands China, Ltd.† | 218,400 | 972,274 | ||||||
WH Group, Ltd.* | 862,500 | 736,819 | ||||||
Wharf Real Estate Investment Co., Ltd. | 150,000 | 879,408 | ||||||
Wynn Macau, Ltd.† | 140,400 | 236,988 | ||||||
Xinyi Glass Holdings, Ltd. | 164,000 | 655,079 | ||||||
8,668,474 | ||||||||
Denmark — 2.0% |
| |||||||
Ambu A/S, Class B# | 14,751 | 549,093 | ||||||
AP Moller — Maersk A/S, Series A | 286 | 755,075 | ||||||
AP Moller — Maersk A/S, Series B | 552 | 1,523,427 | ||||||
Carlsberg A/S, Class B | 9,272 | 1,696,821 | ||||||
Chr. Hansen Holding A/S | 9,494 | 850,664 | ||||||
Coloplast A/S, Class B | 10,693 | 1,684,382 | ||||||
Danske Bank A/S | 62,081 | 1,150,364 | ||||||
Demant A/S† | 9,749 | 533,316 | ||||||
DSV PANALPINA A/S | 18,631 | 4,498,729 | ||||||
Genmab A/S† | 5,899 | 2,382,545 | ||||||
GN Store Nord A/S | 11,524 | 976,994 | ||||||
H. Lundbeck A/S | 6,274 | 197,586 | ||||||
Novo Nordisk A/S, Class B | 154,984 | 12,232,101 | ||||||
Novozymes A/S, Class B | 18,733 | 1,363,305 | ||||||
Orsted A/S* | 17,026 | 2,576,431 | ||||||
Pandora A/S | 9,001 | 1,215,641 | ||||||
ROCKWOOL International A/S, Class B | 725 | 359,873 | ||||||
Tryg A/S | 29,494 | 693,072 | ||||||
Vestas Wind Systems A/S | 88,620 | 3,441,215 | ||||||
38,680,634 | ||||||||
123 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finland — 1.0% |
| |||||||
Elisa Oyj | 12,802 | $ | 753,406 | |||||
Fortum Oyj | 39,976 | 1,136,333 | ||||||
Kesko Oyj, Class B | 24,583 | 847,470 | ||||||
Kone Oyj, Class B | 30,592 | 2,467,379 | ||||||
Neste Oyj | 38,078 | 2,502,804 | ||||||
Nokia Oyj† | 508,882 | 2,636,122 | ||||||
Nordea Bank Abp | 291,615 | 3,121,882 | ||||||
Orion Oyj, Class B | 9,541 | 409,544 | ||||||
Sampo Oyj, Class A | 42,395 | 1,969,716 | ||||||
Stora Enso Oyj, Class R | 52,361 | 914,036 | ||||||
UPM-Kymmene Oyj | 48,039 | 1,825,388 | ||||||
Wartsila Oyj Abp | 39,944 | 538,242 | ||||||
19,122,322 | ||||||||
France — 8.7% |
| |||||||
Accor SA† | 16,462 | 659,651 | ||||||
Aeroports de Paris† | 2,672 | 369,336 | ||||||
Air Liquide SA | 42,626 | 7,229,415 | ||||||
Alstom SA† | 23,897 | 1,340,203 | ||||||
Amundi SA* | 5,470 | 484,937 | ||||||
Arkema SA | 6,216 | 816,756 | ||||||
Atos SE | 8,910 | 595,853 | ||||||
AXA SA | 174,091 | 4,793,626 | ||||||
BioMerieux | 3,729 | 427,540 | ||||||
BNP Paribas SA | 101,240 | 6,895,079 | ||||||
Bollore SA | 79,553 | 414,430 | ||||||
Bouygues SA | 20,557 | 836,777 | ||||||
Bureau Veritas SA† | 26,456 | 812,029 | ||||||
Capgemini SE | 14,489 | 2,697,113 | ||||||
Carrefour SA | 55,193 | 1,125,341 | ||||||
Cie de Saint-Gobain† | 45,804 | 3,062,008 | ||||||
Cie Generale des Etablissements Michelin SCA | 15,249 | 2,339,300 | ||||||
CNP Assurances | 15,450 | 279,405 | ||||||
Covivio | 4,677 | 439,958 | ||||||
Credit Agricole SA | 103,855 | 1,545,334 | ||||||
Danone SA | 55,620 | 3,954,244 | ||||||
Dassault Aviation SA | 225 | 281,784 | ||||||
Dassault Systemes SE | 11,892 | 2,729,944 | ||||||
Edenred | 22,194 | 1,203,557 | ||||||
Eiffage SA | 7,497 | 825,908 | ||||||
Electricite de France SA | 55,802 | 777,445 | ||||||
Engie SA | 164,392 | 2,435,684 | ||||||
EssilorLuxottica SA | 25,659 | 4,439,405 | ||||||
Eurazeo SE | 3,555 | 316,682 | ||||||
Faurecia SE | 10,592 | 571,293 | ||||||
Gecina SA | 4,126 | 656,604 | ||||||
Getlink SE | 39,602 | 632,392 | ||||||
Hermes International | 2,851 | 4,006,840 | ||||||
Iliad SA | 1,332 | 220,743 | ||||||
Ipsen SA | 3,395 | 342,712 | ||||||
Kering SA | 6,819 | 6,222,435 | ||||||
Klepierre SA | 17,548 | 505,870 | ||||||
L’Oreal SA | 22,676 | 10,184,321 | ||||||
La Francaise des Jeux SAEM* | 7,736 | 439,137 | ||||||
Legrand SA | 24,033 | 2,509,854 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 24,987 | 19,866,695 | ||||||
Natixis SA | 85,216 | 421,486 | ||||||
Orange SA | 179,565 | 2,279,483 | ||||||
Orpea SA† | 4,653 | 581,595 | ||||||
Pernod Ricard SA | 18,856 | 4,142,359 | ||||||
Publicis Groupe SA | 20,069 | 1,358,259 | ||||||
Remy Cointreau SA | 2,045 | 426,186 | ||||||
Renault SA† | 17,301 | 713,841 | ||||||
Safran SA | 28,842 | 4,303,569 | ||||||
Sanofi | 101,983 | 10,815,862 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Sartorius Stedim Biotech | 2,489 | $ | 1,075,679 | |||||
Schneider Electric SE | 48,487 | 7,651,093 | ||||||
SCOR SE† | 14,271 | 462,914 | ||||||
SEB SA | 2,241 | 416,203 | ||||||
Societe Generale SA | 72,968 | 2,331,742 | ||||||
Sodexo SA† | 7,963 | 769,070 | ||||||
Suez SA | 31,106 | 757,127 | ||||||
Teleperformance | 5,286 | 2,027,915 | ||||||
Thales SA | 9,590 | 980,703 | ||||||
TotalEnergies SE | 226,856 | 10,486,020 | ||||||
Ubisoft Entertainment SA† | 8,325 | 608,709 | ||||||
Valeo SA | 20,668 | 674,196 | ||||||
Veolia Environnement SA | 48,504 | 1,520,108 | ||||||
Vinci SA | 46,937 | 5,318,491 | ||||||
Vivendi SE† | 74,692 | 2,706,991 | ||||||
Wendel SE | 2,415 | 336,316 | ||||||
Worldline SA†* | 21,350 | 2,038,040 | ||||||
165,491,597 | ||||||||
Germany — 7.6% |
| |||||||
adidas AG | 17,137 | 6,234,832 | ||||||
Allianz SE | 37,109 | 9,749,664 | ||||||
BASF SE | 82,668 | 6,719,959 | ||||||
Bayer AG | 88,424 | 5,551,017 | ||||||
Bayerische Motoren Werke AG | 29,801 | 3,150,749 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 5,118 | 462,157 | ||||||
Bechtle AG | 2,457 | 472,199 | ||||||
Beiersdorf AG | 9,073 | 1,071,444 | ||||||
Brenntag SE | 13,906 | 1,308,114 | ||||||
Carl Zeiss Meditec AG | 3,623 | 670,221 | ||||||
Commerzbank AG† | 90,175 | 725,542 | ||||||
Continental AG† | 9,901 | 1,459,719 | ||||||
Covestro AG* | 16,520 | 1,154,326 | ||||||
Daimler AG | 77,033 | 7,155,248 | ||||||
Delivery Hero SE†* | 11,664 | 1,600,162 | ||||||
Deutsche Bank AG† | 176,720 | 2,627,390 | ||||||
Deutsche Boerse AG | 17,101 | 2,788,154 | ||||||
Deutsche Lufthansa AG†# | 26,900 | 350,273 | ||||||
Deutsche Post AG | 89,218 | 6,070,865 | ||||||
Deutsche Telekom AG | 299,991 | 6,216,812 | ||||||
Deutsche Wohnen SE | 30,768 | 1,958,546 | ||||||
E.ON SE | 202,074 | 2,436,345 | ||||||
Evonik Industries AG | 18,874 | 673,215 | ||||||
Fresenius Medical Care AG & Co. KGaA | 19,195 | 1,529,904 | ||||||
Fresenius SE & Co. KGaA | 37,632 | 2,025,829 | ||||||
Fuchs Petrolub SE (Preference Shares) | 6,255 | 315,632 | ||||||
GEA Group AG | 13,809 | 604,029 | ||||||
Hannover Rueck SE | 5,427 | 947,029 | ||||||
HeidelbergCement AG | 13,394 | 1,219,445 | ||||||
HelloFresh SE† | 13,301 | 1,212,600 | ||||||
Henkel AG & Co. KGaA | 9,353 | 920,995 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 16,036 | 1,834,659 | ||||||
HOCHTIEF AG | 2,225 | 186,728 | ||||||
Infineon Technologies AG | 117,540 | 4,768,010 | ||||||
KION Group AG | 6,495 | 692,395 | ||||||
Knorr-Bremse AG | 6,529 | 809,714 | ||||||
LANXESS AG | 7,477 | 558,923 | ||||||
LEG Immobilien SE | 6,489 | 948,770 | ||||||
Merck KGaA | 11,633 | 2,093,123 | ||||||
MTU Aero Engines AG | 4,779 | 1,229,655 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 12,610 | 3,631,340 | ||||||
Nemetschek SE | 5,198 | 383,365 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 13,782 | 1,554,597 | ||||||
Puma SE | 8,824 | 1,009,543 | ||||||
Rational AG | 460 | 412,296 |
124 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) |
| |||||||
RWE AG | 57,820 | $ | 2,175,190 | |||||
SAP SE | 93,986 | 13,010,664 | ||||||
Sartorius AG (Preference Shares) | 3,201 | 1,580,901 | ||||||
Scout24 AG* | 9,685 | 784,445 | ||||||
Siemens AG | 68,854 | 11,136,984 | ||||||
Siemens Energy AG† | 35,971 | 1,140,485 | ||||||
Siemens Healthineers AG* | 24,189 | 1,356,284 | ||||||
Symrise AG | 11,580 | 1,532,153 | ||||||
TeamViewer AG†* | 14,478 | 571,499 | ||||||
Telefonica Deutschland Holding AG | 93,704 | 255,616 | ||||||
Uniper SE | 18,116 | 654,573 | ||||||
United Internet AG | 9,604 | 399,834 | ||||||
Volkswagen AG | 2,922 | 1,039,038 | ||||||
Volkswagen AG (Preference Shares) | 16,704 | 4,652,437 | ||||||
Vonovia SE | 48,386 | 3,017,480 | ||||||
Zalando SE†* | 13,823 | 1,473,591 | ||||||
144,276,708 | ||||||||
Hong Kong — 2.1% |
| |||||||
AIA Group, Ltd. | 1,088,600 | 13,914,510 | ||||||
Bank of East Asia, Ltd. | 118,200 | 237,896 | ||||||
BOC Hong Kong Holdings, Ltd. | 333,000 | 1,203,552 | ||||||
CLP Holdings, Ltd. | 148,000 | 1,503,666 | ||||||
Galaxy Entertainment Group, Ltd.† | 195,000 | 1,580,422 | ||||||
Hang Lung Properties, Ltd. | 182,000 | 459,168 | ||||||
Hang Seng Bank, Ltd. | 68,800 | 1,429,030 | ||||||
Henderson Land Development Co., Ltd. | 130,231 | 622,553 | ||||||
Hong Kong & China Gas Co., Ltd. | 959,546 | 1,669,120 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 108,400 | 6,785,388 | ||||||
Link REIT | 185,600 | 1,767,300 | ||||||
MTR Corp., Ltd.# | 139,000 | 773,725 | ||||||
New World Development Co., Ltd. | 137,750 | 742,805 | ||||||
PCCW, Ltd.# | 383,000 | 208,750 | ||||||
Power Assets Holdings, Ltd. | 125,000 | 764,248 | ||||||
Sino Land Co., Ltd. | 286,000 | 448,850 | ||||||
SJM Holdings, Ltd. | 179,000 | 202,505 | ||||||
Sun Hung Kai Properties, Ltd. | 117,500 | 1,804,688 | ||||||
Swire Pacific, Ltd., Class A | 45,000 | 338,041 | ||||||
Swire Properties, Ltd. | 105,400 | 310,323 | ||||||
Techtronic Industries Co., Ltd. | 123,500 | 2,280,348 | ||||||
39,046,888 | ||||||||
Ireland — 0.7% |
| |||||||
CRH PLC | 70,657 | 3,667,944 | ||||||
DCC PLC | 8,871 | 753,846 | ||||||
Flutter Entertainment PLC† | 14,681 | 2,724,797 | ||||||
James Hardie Industries PLC CDI | 39,957 | 1,324,215 | ||||||
Kerry Group PLC, Class A | 14,313 | 1,930,411 | ||||||
Kingspan Group PLC | 13,893 | 1,302,148 | ||||||
Smurfit Kappa Group PLC | 22,059 | 1,169,336 | ||||||
12,872,697 | ||||||||
Isle of Man — 0.1% |
| |||||||
Entain PLC† | 52,656 | 1,232,618 | ||||||
Israel — 0.5% |
| |||||||
Azrieli Group, Ltd. | 3,820 | 291,232 | ||||||
Bank Hapoalim BM† | 102,203 | 866,948 | ||||||
Bank Leumi Le-Israel BM† | 130,769 | 1,022,325 | ||||||
Check Point Software Technologies, Ltd.† | 10,129 | 1,184,890 | ||||||
CyberArk Software, Ltd.† | 3,497 | 442,510 | ||||||
Elbit Systems, Ltd. | 2,387 | 310,406 | ||||||
ICL Group, Ltd. | 63,391 | 459,482 | ||||||
Israel Discount Bank, Ltd., Class A† | 104,768 | 520,454 | ||||||
Mizrahi Tefahot Bank, Ltd.† | 12,626 | 376,176 | ||||||
NICE, Ltd.† | 5,646 | 1,233,814 |
Security Description | Shares | Value (Note 2) | ||||||
Israel (continued) |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR† | 98,624 | $ | 1,025,690 | |||||
Wix.com, Ltd.† | 5,053 | 1,313,073 | ||||||
9,047,000 | ||||||||
Italy — 1.5% |
| |||||||
Amplifon SpA | 11,207 | 532,305 | ||||||
Assicurazioni Generali SpA# | 99,298 | 2,036,110 | ||||||
Atlantia SpA†# | 44,595 | 875,268 | ||||||
DiaSorin SpA | 2,266 | 399,708 | ||||||
Enel SpA | 732,047 | 7,191,547 | ||||||
Eni SpA | 227,167 | 2,785,700 | ||||||
FinecoBank Banca Fineco SpA† | 54,863 | 918,908 | ||||||
Infrastrutture Wireless Italiane SpA* | 30,248 | 337,728 | ||||||
Intesa Sanpaolo SpA | 1,486,524 | 4,380,489 | ||||||
Mediobanca Banca di Credito Finanziario SpA† | 55,899 | 665,300 | ||||||
Moncler SpA | 17,440 | 1,236,050 | ||||||
Nexi SpA†* | 39,552 | 797,752 | ||||||
Poste Italiane SpA* | 47,023 | 663,162 | ||||||
Prysmian SpA | 21,721 | 747,747 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 9,411 | 522,054 | ||||||
Snam SpA | 181,498 | 1,063,922 | ||||||
Telecom Italia SpA | 752,602 | 402,530 | ||||||
Telecom Italia SpA (RSP) | 542,536 | 310,024 | ||||||
Terna SpA | 126,637 | 964,863 | ||||||
UniCredit SpA | 191,298 | 2,449,422 | ||||||
29,280,589 | ||||||||
Japan — 19.1% |
| |||||||
ABC-Mart, Inc. | 3,000 | 170,711 | ||||||
Acom Co., Ltd. | 35,900 | 159,832 | ||||||
Advantest Corp. | 18,000 | 1,620,795 | ||||||
Aeon Co., Ltd. | 58,900 | 1,572,311 | ||||||
Aeon Mall Co., Ltd. | 9,200 | 149,013 | ||||||
AGC, Inc.# | 17,400 | 757,245 | ||||||
Air Water, Inc. | 16,500 | 275,213 | ||||||
Aisin Corp. | 14,600 | 638,048 | ||||||
Ajinomoto Co., Inc. | 42,000 | 962,098 | ||||||
Alfresa Holdings Corp. | 16,900 | 260,343 | ||||||
Amada Co., Ltd. | 29,100 | 308,394 | ||||||
ANA Holdings, Inc.† | 14,100 | 340,834 | ||||||
Asahi Group Holdings, Ltd.# | 41,100 | 1,952,938 | ||||||
Asahi Intecc Co., Ltd.# | 17,600 | 433,931 | ||||||
Asahi Kasei Corp. | 112,900 | 1,238,626 | ||||||
Astellas Pharma, Inc. | 167,600 | 2,742,851 | ||||||
Azbil Corp. | 11,100 | 443,151 | ||||||
Bandai Namco Holdings, Inc. | 18,000 | 1,285,000 | ||||||
Bank of Kyoto, Ltd. | 5,100 | 250,275 | ||||||
Bridgestone Corp.# | 48,200 | 2,109,065 | ||||||
Brother Industries, Ltd. | 20,100 | 418,525 | ||||||
Calbee, Inc. | 7,800 | 179,314 | ||||||
Canon, Inc.# | 90,000 | 2,097,692 | ||||||
Capcom Co., Ltd. | 15,800 | 517,868 | ||||||
Casio Computer Co., Ltd. | 17,500 | 303,523 | ||||||
Central Japan Railway Co. | 13,000 | 1,925,115 | ||||||
Chiba Bank, Ltd. | 47,700 | 302,264 | ||||||
Chubu Electric Power Co., Inc. | 58,000 | 692,293 | ||||||
Chugai Pharmaceutical Co., Ltd. | 60,400 | 2,308,546 | ||||||
Chugoku Electric Power Co., Inc. | 26,100 | 252,837 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.# | 11,102 | 182,346 | ||||||
Concordia Financial Group, Ltd. | 92,500 | 337,711 | ||||||
Cosmos Pharmaceutical Corp.# | 1,810 | 250,979 | ||||||
CyberAgent, Inc. | 36,596 | 732,353 | ||||||
Dai Nippon Printing Co., Ltd. | 21,900 | 470,361 | ||||||
Dai-ichi Life Holdings, Inc. | 97,100 | 1,974,091 | ||||||
Daifuku Co., Ltd. | 9,091 | 761,480 |
125 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan — (continued) |
| |||||||
Daiichi Sankyo Co., Ltd. | 153,200 | $ | 3,528,893 | |||||
Daikin Industries, Ltd. | 22,400 | 4,406,173 | ||||||
Daito Trust Construction Co., Ltd. | 5,900 | 618,819 | ||||||
Daiwa House Industry Co., Ltd. | 51,000 | 1,488,651 | ||||||
Daiwa House REIT Investment Corp. | 178 | 495,908 | ||||||
Daiwa Securities Group, Inc. | 130,000 | 745,427 | ||||||
Denso Corp. | 39,000 | 2,664,151 | ||||||
Dentsu Group, Inc.# | 19,500 | 667,547 | ||||||
Disco Corp. | 2,600 | 795,375 | ||||||
East Japan Railway Co. | 27,200 | 1,894,478 | ||||||
Eisai Co., Ltd. | 22,700 | 1,520,705 | ||||||
ENEOS Holdings, Inc. | 276,200 | 1,137,893 | ||||||
FANUC Corp. | 17,300 | 4,142,486 | ||||||
Fast Retailing Co., Ltd. | 5,200 | 4,221,642 | ||||||
Fuji Electric Co., Ltd. | 11,400 | 532,453 | ||||||
FUJIFILM Holdings Corp. | 32,400 | 2,249,578 | ||||||
Fujitsu, Ltd. | 17,700 | 2,866,067 | ||||||
Fukuoka Financial Group, Inc. | 15,500 | 282,524 | ||||||
GLP J-REIT | 370 | 629,608 | ||||||
GMO Payment Gateway, Inc. | 3,700 | 442,646 | ||||||
Hakuhodo DY Holdings, Inc.# | 21,000 | 346,638 | ||||||
Hamamatsu Photonics KK | 12,600 | 764,019 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,600 | 641,435 | ||||||
Harmonic Drive Systems, Inc.# | 3,900 | 209,496 | ||||||
Hikari Tsushin, Inc. | 1,900 | 376,765 | ||||||
Hino Motors, Ltd. | 25,900 | 240,053 | ||||||
Hirose Electric Co., Ltd. | 2,935 | 416,594 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,600 | 251,286 | ||||||
Hitachi Construction Machinery Co., Ltd. | 9,700 | 320,581 | ||||||
Hitachi Metals, Ltd.†# | 19,300 | 372,698 | ||||||
Hitachi, Ltd. | 87,100 | 4,548,692 | ||||||
Honda Motor Co., Ltd. | 146,700 | 4,478,400 | ||||||
Hoshizaki Corp. | 4,600 | 407,502 | ||||||
Hoya Corp. | 33,800 | 4,415,988 | ||||||
Hulic Co., Ltd.# | 27,300 | 305,971 | ||||||
Ibiden Co., Ltd. | 9,500 | 439,386 | ||||||
Idemitsu Kosan Co., Ltd. | 17,376 | 408,949 | ||||||
Iida Group Holdings Co., Ltd. | 13,200 | 350,446 | ||||||
Inpex Corp.# | 92,100 | 631,413 | ||||||
Isuzu Motors, Ltd. | 49,600 | 651,639 | ||||||
Ito En, Ltd. | 4,843 | 267,206 | ||||||
ITOCHU Corp. | 121,200 | 3,585,185 | ||||||
Itochu Techno-Solutions Corp. | 8,600 | 270,132 | ||||||
Japan Airlines Co., Ltd.† | 12,700 | 288,954 | ||||||
Japan Airport Terminal Co., Ltd.†# | 4,600 | 204,170 | ||||||
Japan Exchange Group, Inc. | 45,900 | 1,057,286 | ||||||
Japan Metropolitan Fund Investment Corp. | 629 | 634,526 | ||||||
Japan Post Bank Co., Ltd.# | 36,500 | 309,387 | ||||||
Japan Post Holdings Co., Ltd. | 141,800 | 1,175,868 | ||||||
Japan Post Insurance Co., Ltd. | 20,300 | 388,128 | ||||||
Japan Real Estate Investment Corp. | 118 | 709,064 | ||||||
Japan Tobacco, Inc. | 108,000 | 2,126,371 | ||||||
JFE Holdings, Inc. | 44,200 | 586,731 | ||||||
JSR Corp. | 18,300 | 537,329 | ||||||
Kajima Corp. | 40,400 | 557,254 | ||||||
Kakaku.com, Inc. | 12,100 | 367,401 | ||||||
Kansai Electric Power Co., Inc. | 63,400 | 599,164 | ||||||
Kansai Paint Co., Ltd. | 15,900 | 427,773 | ||||||
Kao Corp. | 43,400 | 2,645,450 | ||||||
KDDI Corp. | 145,200 | 4,913,811 | ||||||
Keihan Holdings Co., Ltd. | 8,700 | 274,462 | ||||||
Keikyu Corp. | 19,899 | 255,815 | ||||||
Keio Corp. | 9,300 | 575,773 | ||||||
Keisei Electric Railway Co., Ltd. | 11,600 | 356,444 | ||||||
Keyence Corp. | 16,400 | 8,043,593 |
Security Description | Shares | Value (Note 2) | ||||||
Japan — (continued) |
| |||||||
Kikkoman Corp.# | 13,100 | $ | 848,008 | |||||
Kintetsu Group Holdings Co., Ltd.† | 15,400 | 541,212 | ||||||
Kirin Holdings Co., Ltd.# | 74,000 | 1,489,971 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 4,401 | 389,473 | ||||||
Kobe Bussan Co., Ltd.# | 11,040 | 277,822 | ||||||
Koei Tecmo Holdings Co, Ltd. | 5,330 | 251,857 | ||||||
Koito Manufacturing Co., Ltd. | 9,400 | 608,495 | ||||||
Komatsu, Ltd. | 78,800 | 2,297,960 | ||||||
Konami Holdings Corp. | 8,400 | 536,878 | ||||||
Kose Corp. | 2,979 | 465,693 | ||||||
Kubota Corp.# | 92,500 | 2,095,325 | ||||||
Kuraray Co., Ltd. | 28,700 | 296,838 | ||||||
Kurita Water Industries, Ltd. | 8,900 | 407,584 | ||||||
Kyocera Corp. | 28,900 | 1,768,706 | ||||||
Kyowa Kirin Co., Ltd.# | 24,300 | 732,308 | ||||||
Kyushu Electric Power Co., Inc. | 34,100 | 274,762 | ||||||
Kyushu Railway Co. | 13,400 | 304,637 | ||||||
Lasertec Corp.†# | 6,825 | 1,280,056 | ||||||
Lawson, Inc.# | 4,500 | 201,985 | ||||||
Lion Corp. | 20,200 | 352,560 | ||||||
LIXIL Corp. | 24,000 | 628,652 | ||||||
M3, Inc. | 39,700 | 2,677,270 | ||||||
Makita Corp. | 20,200 | 971,057 | ||||||
Marubeni Corp. | 148,600 | 1,308,697 | ||||||
Marui Group Co., Ltd. | 17,100 | 324,610 | ||||||
Mazda Motor Corp.† | 51,200 | 435,854 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 6,000 | 270,679 | ||||||
Medipal Holdings Corp. | 16,500 | 314,572 | ||||||
MEIJI Holdings Co., Ltd. | 10,300 | 637,684 | ||||||
Mercari, Inc.† | 7,800 | 368,571 | ||||||
Minebea Mitsumi, Inc. | 32,700 | 887,204 | ||||||
MISUMI Group, Inc. | 25,600 | 820,431 | ||||||
Mitsubishi Chemical Holdings Corp. | 115,200 | 918,370 | ||||||
Mitsubishi Corp. | 120,300 | 3,268,313 | ||||||
Mitsubishi Electric Corp. | 164,300 | 2,531,029 | ||||||
Mitsubishi Estate Co., Ltd. | 106,400 | 1,718,035 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 14,200 | 330,064 | ||||||
Mitsubishi HC Capital, Inc. | 59,400 | 329,895 | ||||||
Mitsubishi Heavy Industries, Ltd. | 28,800 | 869,231 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,100,200 | 6,210,443 | ||||||
Mitsui & Co., Ltd. | 146,800 | 3,226,432 | ||||||
Mitsui Chemicals, Inc. | 16,600 | 554,668 | ||||||
Mitsui Fudosan Co., Ltd. | 82,500 | 1,914,997 | ||||||
Miura Co., Ltd. | 7,936 | 363,437 | ||||||
Mizuho Financial Group, Inc. | 217,120 | 3,307,159 | ||||||
MonotaRO Co., Ltd. | 22,600 | 523,050 | ||||||
MS&AD Insurance Group Holdings, Inc. | 40,100 | 1,220,506 | ||||||
Murata Manufacturing Co., Ltd. | 51,700 | 3,896,975 | ||||||
Nabtesco Corp.# | 10,100 | 461,620 | ||||||
Nagoya Railroad Co., Ltd.† | 16,800 | 321,209 | ||||||
NEC Corp. | 23,300 | 1,084,017 | ||||||
Nexon Co., Ltd. | 43,900 | 1,032,800 | ||||||
NGK Insulators, Ltd. | 23,200 | 405,131 | ||||||
NGK Spark Plug Co., Ltd. | 13,800 | 216,609 | ||||||
NH Foods, Ltd. | 7,400 | 294,760 | ||||||
Nidec Corp. | 40,200 | 4,586,024 | ||||||
Nihon M&A Center, Inc. | 27,248 | 649,973 | ||||||
Nintendo Co., Ltd. | 10,100 | 6,225,429 | ||||||
Nippon Building Fund, Inc.# | 134 | 846,688 | ||||||
Nippon Express Co., Ltd. | 6,500 | 519,006 | ||||||
Nippon Paint Holdings Co., Ltd.# | 66,000 | 951,828 | ||||||
Nippon Prologis REIT, Inc.# | 189 | 584,199 | ||||||
Nippon Sanso Holdings Corp.# | 13,600 | 267,456 | ||||||
Nippon Shinyaku Co., Ltd. | 4,100 | 292,657 | ||||||
Nippon Steel Corp. | 72,700 | 1,360,208 |
126 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan — (continued) |
| |||||||
Nippon Telegraph & Telephone Corp. | 115,900 | $ | 3,093,375 | |||||
Nippon Yusen KK | 13,800 | 567,278 | ||||||
Nissan Chemical Corp. | 11,100 | 573,014 | ||||||
Nissan Motor Co., Ltd.† | 208,900 | 1,025,338 | ||||||
Nisshin Seifun Group, Inc. | 17,800 | 266,429 | ||||||
Nissin Foods Holdings Co., Ltd. | 5,700 | 411,535 | ||||||
Nitori Holdings Co., Ltd. | 7,200 | 1,243,210 | ||||||
Nitto Denko Corp. | 14,300 | 1,105,358 | ||||||
Nomura Holdings, Inc. | 283,000 | 1,548,532 | ||||||
Nomura Real Estate Holdings, Inc. | 10,400 | 265,788 | ||||||
Nomura Real Estate Master Fund, Inc. | 382 | 603,076 | ||||||
Nomura Research Institute, Ltd. | 28,800 | 915,118 | ||||||
NSK, Ltd. | 32,200 | 304,601 | ||||||
NTT Data Corp. | 56,800 | 920,508 | ||||||
Obayashi Corp. | 58,400 | 490,234 | ||||||
OBIC Co., Ltd. | 6,300 | 1,177,002 | ||||||
Odakyu Electric Railway Co., Ltd. | 26,499 | 682,047 | ||||||
Oji Holdings Corp. | 77,600 | 458,528 | ||||||
Olympus Corp. | 104,900 | 2,245,367 | ||||||
Omron Corp. | 16,700 | 1,310,639 | ||||||
Ono Pharmaceutical Co., Ltd. | 33,300 | 750,982 | ||||||
Oracle Corp. Japan | 3,500 | 317,704 | ||||||
Oriental Land Co., Ltd. | 18,000 | 2,672,918 | ||||||
ORIX Corp. | 118,300 | 2,080,361 | ||||||
Orix JREIT, Inc. | 236 | 437,256 | ||||||
Osaka Gas Co., Ltd. | 33,800 | 634,548 | ||||||
Otsuka Corp. | 9,400 | 501,516 | ||||||
Otsuka Holdings Co., Ltd.# | 35,100 | 1,443,179 | ||||||
Pan Pacific International Holdings Corp. | 37,100 | 728,252 | ||||||
Panasonic Corp. | 198,730 | 2,256,260 | ||||||
PeptiDream, Inc.† | 8,500 | 397,005 | ||||||
Persol Holdings Co., Ltd. | 15,974 | 301,780 | ||||||
Pigeon Corp. | 10,400 | 292,111 | ||||||
Pola Orbis Holdings, Inc.# | 8,232 | 213,454 | ||||||
Rakuten Group, Inc. | 77,500 | 885,533 | ||||||
Recruit Holdings Co., Ltd. | 122,083 | 6,174,453 | ||||||
Renesas Electronics Corp.† | 69,900 | 708,960 | ||||||
Resona Holdings, Inc. | 186,500 | 793,306 | ||||||
Ricoh Co., Ltd. | 60,300 | 712,609 | ||||||
Rinnai Corp. | 3,300 | 320,280 | ||||||
Rohm Co., Ltd. | 7,900 | 745,873 | ||||||
Ryohin Keikaku Co., Ltd. | 21,440 | 405,825 | ||||||
Santen Pharmaceutical Co., Ltd. | 32,400 | 431,567 | ||||||
SBI Holdings, Inc. | 21,900 | 550,915 | ||||||
SCSK Corp. | 4,714 | 272,535 | ||||||
Secom Co., Ltd. | 18,900 | 1,474,694 | ||||||
Sega Sammy Holdings, Inc. | 15,600 | 197,850 | ||||||
Seibu Holdings, Inc.† | 18,900 | 217,849 | ||||||
Seiko Epson Corp. | 25,200 | 443,957 | ||||||
Sekisui Chemical Co., Ltd. | 32,200 | 546,757 | ||||||
Sekisui House, Ltd. | 55,500 | 1,151,081 | ||||||
Seven & i Holdings Co., Ltd. | 67,800 | 2,923,483 | ||||||
SG Holdings Co., Ltd. | 28,856 | 642,616 | ||||||
Sharp Corp. | 19,200 | 349,266 | ||||||
Shimadzu Corp. | 20,000 | 698,320 | ||||||
Shimamura Co., Ltd. | 2,000 | 189,739 | ||||||
Shimano, Inc. | 6,700 | 1,512,815 | ||||||
Shimizu Corp. | 49,700 | 405,890 | ||||||
Shin-Etsu Chemical Co., Ltd. | 31,900 | 5,476,164 | ||||||
Shinsei Bank, Ltd. | 14,000 | 216,689 | ||||||
Shionogi & Co., Ltd. | 23,800 | 1,204,139 | ||||||
Shiseido Co., Ltd. | 36,000 | 2,598,844 | ||||||
Shizuoka Bank, Ltd.# | 37,500 | 296,012 | ||||||
SMC Corp. | 5,200 | 3,101,962 | ||||||
SoftBank Corp. | 258,500 | 3,310,240 |
Security Description | Shares | Value (Note 2) | ||||||
Japan — (continued) |
| |||||||
SoftBank Group Corp. | 141,100 | $ | 10,606,106 | |||||
Sohgo Security Services Co., Ltd. | 6,400 | 291,929 | ||||||
Sompo Holdings, Inc. | 30,200 | 1,210,915 | ||||||
Sony Group Corp. | 113,500 | 11,144,876 | ||||||
Square Enix Holdings Co., Ltd. | 8,300 | 442,072 | ||||||
Stanley Electric Co., Ltd. | 11,700 | 347,266 | ||||||
Subaru Corp. | 55,400 | 1,074,609 | ||||||
SUMCO Corp.# | 23,604 | 546,072 | ||||||
Sumitomo Chemical Co., Ltd. | 134,100 | 732,553 | ||||||
Sumitomo Corp. | 107,000 | 1,488,560 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 16,100 | 305,773 | ||||||
Sumitomo Electric Industries, Ltd. | 67,900 | 1,036,412 | ||||||
Sumitomo Metal Mining Co., Ltd. | 20,900 | 933,921 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 117,500 | 4,226,726 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 30,400 | 1,043,733 | ||||||
Sumitomo Realty & Development Co., Ltd. | 27,900 | 924,369 | ||||||
Sundrug Co., Ltd. | 6,480 | 216,521 | ||||||
Suntory Beverage & Food, Ltd.# | 12,500 | 459,212 | ||||||
Suzuken Co., Ltd. | 6,000 | 189,011 | ||||||
Suzuki Motor Corp. | 33,100 | 1,429,356 | ||||||
Sysmex Corp. | 15,100 | 1,534,265 | ||||||
T&D Holdings, Inc. | 48,400 | 656,585 | ||||||
Taiheiyo Cement Corp. | 10,300 | 236,412 | ||||||
Taisei Corp. | 17,200 | 598,206 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 3,100 | 175,554 | ||||||
Takeda Pharmaceutical Co., Ltd. | 141,900 | 4,804,717 | ||||||
TDK Corp. | 11,700 | 1,484,936 | ||||||
Teijin, Ltd. | 16,000 | 257,404 | ||||||
Terumo Corp. | 58,100 | 2,230,689 | ||||||
THK Co., Ltd. | 10,800 | 350,052 | ||||||
TIS, Inc. | 20,156 | 516,585 | ||||||
Tobu Railway Co., Ltd. | 17,000 | 431,365 | ||||||
Toho Co., Ltd. | 10,100 | 417,021 | ||||||
Toho Gas Co., Ltd. | 6,700 | 366,004 | ||||||
Tohoku Electric Power Co., Inc. | 38,500 | 311,968 | ||||||
Tokio Marine Holdings, Inc. | 56,900 | 2,682,980 | ||||||
Tokyo Century Corp. | 3,916 | 229,608 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 130,200 | 401,856 | ||||||
Tokyo Electron, Ltd. | 13,400 | 5,936,578 | ||||||
Tokyo Gas Co., Ltd. | 33,800 | 666,706 | ||||||
Tokyu Corp. | 45,000 | 600,628 | ||||||
Tokyu Fudosan Holdings Corp. | 55,100 | 326,080 | ||||||
Toppan Printing Co., Ltd. | 23,600 | 412,116 | ||||||
Toray Industries, Inc. | 124,800 | 807,419 | ||||||
Toshiba Corp. | 34,800 | 1,455,875 | ||||||
Tosoh Corp. | 23,400 | 407,559 | ||||||
TOTO, Ltd. | 12,700 | 682,205 | ||||||
Toyo Suisan Kaisha, Ltd. | 8,000 | 319,752 | ||||||
Toyoda Gosei Co., Ltd. | 5,900 | 149,763 | ||||||
Toyota Industries Corp. | 13,200 | 1,122,484 | ||||||
Toyota Motor Corp. | 190,900 | 15,842,432 | ||||||
Toyota Tsusho Corp. | 19,100 | 852,966 | ||||||
Trend Micro, Inc. | 12,000 | 606,364 | ||||||
Tsuruha Holdings, Inc.# | 3,304 | 400,084 | ||||||
Unicharm Corp. | 36,300 | 1,428,733 | ||||||
United Urban Investment Corp.# | 267 | 381,654 | ||||||
USS Co., Ltd. | 19,699 | 343,278 | ||||||
Welcia Holdings Co., Ltd. | 8,500 | 258,866 | ||||||
West Japan Railway Co. | 14,600 | 828,133 | ||||||
Yakult Honsha Co., Ltd. | 11,500 | 618,792 | ||||||
Yamada Holdings Co., Ltd. | 65,200 | 315,805 | ||||||
Yamaha Corp. | 12,100 | 723,786 | ||||||
Yamaha Motor Co., Ltd.# | 25,200 | 733,045 | ||||||
Yamato Holdings Co., Ltd. | 26,200 | 718,004 | ||||||
Yamazaki Baking Co., Ltd.# | 10,900 | 162,555 |
127 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan — (continued) |
| |||||||
Yaskawa Electric Corp. | 21,600 | $ | 1,044,257 | |||||
Yokogawa Electric Corp. | 20,500 | 323,453 | ||||||
Z Holdings Corp. | 238,800 | 1,118,828 | ||||||
ZOZO, Inc. | 9,793 | 330,342 | ||||||
362,243,120 | ||||||||
Jersey — 0.6% |
| |||||||
Experian PLC | 82,557 | 3,166,856 | ||||||
Ferguson PLC | 20,255 | 2,754,910 | ||||||
Glencore PLC | 899,448 | 4,103,155 | ||||||
WPP PLC | 110,287 | 1,524,445 | ||||||
11,549,366 | ||||||||
Luxembourg — 0.3% |
| |||||||
ArcelorMittal SA† | 64,518 | 2,116,003 | ||||||
Aroundtown SA | 89,922 | 752,894 | ||||||
Eurofins Scientific SE† | 12,018 | 1,293,628 | ||||||
SES SA FDR | 34,513 | 297,133 | ||||||
Tenaris SA | 42,502 | 483,565 | ||||||
4,943,223 | ||||||||
Netherlands — 4.5% |
| |||||||
ABN AMRO Bank NV CVA†* | 38,072 | 506,982 | ||||||
Adyen NV†* | 1,637 | 3,773,691 | ||||||
Aegon NV | 161,053 | 757,303 | ||||||
Airbus SE† | 52,933 | 6,884,810 | ||||||
Akzo Nobel NV | 17,368 | 2,230,191 | ||||||
Argenx SE†# | 4,061 | 1,117,708 | ||||||
ASM International NV | 4,258 | 1,335,490 | ||||||
ASML Holding NV | 38,312 | 25,564,942 | ||||||
CNH Industrial NV | 92,103 | 1,586,449 | ||||||
Davide Campari-Milano NV | 52,275 | 674,759 | ||||||
EXOR NV | 9,761 | 835,594 | ||||||
Ferrari NV | 11,345 | 2,392,704 | ||||||
Heineken Holding NV# | 10,370 | 1,043,270 | ||||||
Heineken NV# | 23,330 | 2,777,266 | ||||||
ING Groep NV | 351,080 | 4,854,931 | ||||||
JDE Peet’s NV†# | 6,746 | 265,384 | ||||||
Just Eat Takeaway.com NV†#* | 11,380 | 1,030,254 | ||||||
Koninklijke Ahold Delhaize NV | 99,071 | 2,854,186 | ||||||
Koninklijke DSM NV | 15,513 | 2,850,841 | ||||||
Koninklijke KPN NV | 321,538 | 1,065,726 | ||||||
Koninklijke Philips NV | 82,000 | 4,602,264 | ||||||
Koninklijke Vopak NV | 6,225 | 293,623 | ||||||
NN Group NV | 26,754 | 1,354,923 | ||||||
Prosus NV | 43,868 | 4,542,245 | ||||||
QIAGEN NV† | 20,776 | 1,020,759 | ||||||
Randstad NV | 10,724 | 833,552 | ||||||
Stellantis NV# | 184,341 | 3,654,710 | ||||||
STMicroelectronics NV | 57,369 | 2,144,931 | ||||||
Wolters Kluwer NV | 24,078 | 2,303,148 | ||||||
85,152,636 | ||||||||
New Zealand — 0.2% |
| |||||||
a2 Milk Co., Ltd.†# | 66,839 | 283,730 | ||||||
Auckland International Airport, Ltd.† | 112,657 | 594,928 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 51,868 | 1,119,305 | ||||||
Mercury NZ, Ltd. | 61,307 | 291,113 | ||||||
Meridian Energy, Ltd. | 115,324 | 436,918 | ||||||
Ryman Healthcare, Ltd. | 36,002 | 341,907 | ||||||
Spark New Zealand, Ltd. | 166,679 | 546,962 | ||||||
Xero, Ltd.† | 10,929 | 1,117,598 | ||||||
4,732,461 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Norway — 0.5% |
| |||||||
Adevinta ASA† | 21,577 | $ | 416,034 | |||||
DNB ASA | 83,725 | 1,847,096 | ||||||
Equinor ASA | 87,963 | 1,889,685 | ||||||
Gjensidige Forsikring ASA | 18,001 | 401,864 | ||||||
Mowi ASA# | 39,561 | 1,027,933 | ||||||
Norsk Hydro ASA | 121,044 | 792,293 | ||||||
Orkla ASA | 67,601 | 701,472 | ||||||
Schibsted ASA, Class A | 6,805 | 331,991 | ||||||
Schibsted ASA, Class B | 8,822 | 367,522 | ||||||
Telenor ASA# | 62,980 | 1,087,446 | ||||||
Yara International ASA | 15,687 | 835,277 | ||||||
9,698,613 | ||||||||
Papua New Guinea — 0.0% |
| |||||||
Oil Search, Ltd.# | 177,667 | 498,547 | ||||||
Portugal — 0.1% |
| |||||||
Banco Espirito Santo SA†(1) | 213,818 | 0 | ||||||
EDP — Energias de Portugal SA | 249,854 | 1,433,540 | ||||||
Galp Energia SGPS SA | 45,116 | 560,070 | ||||||
Jeronimo Martins SGPS SA | 22,656 | 437,349 | ||||||
2,430,959 | ||||||||
Singapore — 0.9% |
| |||||||
Ascendas Real Estate Investment Trust | 289,324 | 640,997 | ||||||
CapitaLand Integrated Commercial Trust | 407,652 | 644,229 | ||||||
CapitaLand, Ltd. | 237,500 | 657,278 | ||||||
City Developments, Ltd. | 40,900 | 237,204 | ||||||
DBS Group Holdings, Ltd. | 161,700 | 3,671,721 | ||||||
Genting Singapore, Ltd. | 544,300 | 347,776 | ||||||
Keppel Corp., Ltd. | 131,100 | 528,365 | ||||||
Mapletree Commercial Trust | 193,900 | 307,894 | ||||||
Mapletree Logistics Trust | 260,378 | 391,797 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 302,200 | 2,824,342 | ||||||
Singapore Airlines, Ltd.†# | 120,549 | 453,939 | ||||||
Singapore Exchange, Ltd. | 72,300 | 564,733 | ||||||
Singapore Technologies Engineering, Ltd. | 140,500 | 411,142 | ||||||
Singapore Telecommunications, Ltd. | 734,900 | 1,339,213 | ||||||
Suntec Real Estate Investment Trust | 178,000 | 193,815 | ||||||
United Overseas Bank, Ltd. | 106,100 | 2,091,514 | ||||||
UOL Group, Ltd. | 41,800 | 233,574 | ||||||
Venture Corp., Ltd. | 24,852 | 357,418 | ||||||
Wilmar International, Ltd. | 172,900 | 623,617 | ||||||
16,520,568 | ||||||||
Spain — 2.1% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 21,304 | 662,469 | ||||||
Aena SME SA†* | 6,075 | 1,063,071 | ||||||
Amadeus IT Group SA† | 40,547 | 3,052,736 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 600,148 | 3,758,783 | ||||||
Banco Santander SA | 1,560,756 | 6,516,774 | ||||||
CaixaBank SA | 400,110 | 1,369,087 | ||||||
Cellnex Telecom SA#* | 39,722 | 2,377,385 | ||||||
Enagas SA | 22,402 | 525,191 | ||||||
Endesa SA | 28,588 | 777,414 | ||||||
Ferrovial SA | 43,805 | 1,283,634 | ||||||
Grifols SA# | 26,848 | 747,449 | ||||||
Iberdrola SA | 550,721 | 7,383,985 | ||||||
Industria de Diseno Textil SA | 98,181 | 3,794,142 | ||||||
Naturgy Energy Group SA# | 26,181 | 684,183 | ||||||
Red Electrica Corp. SA | 38,960 | 780,110 | ||||||
Repsol SA | 135,104 | 1,799,757 | ||||||
Siemens Gamesa Renewable Energy SA†# | 21,457 | 703,073 | ||||||
Telefonica SA | 455,610 | 2,233,486 | ||||||
39,512,729 | ||||||||
128 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
SupraNational — 0.1% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd. | 238,769 | $ | 242,125 | |||||
HKT Trust & HKT, Ltd. | 341,000 | 462,230 | ||||||
Unibail-Rodamco-Westfield† | 12,463 | 1,081,794 | ||||||
1,786,149 | ||||||||
Sweden — 2.8% |
| |||||||
Alfa Laval AB | 28,315 | 1,066,908 | ||||||
Assa Abloy AB, Class B | 90,212 | 2,769,102 | ||||||
Atlas Copco AB, Class A | 60,440 | 3,659,524 | ||||||
Atlas Copco AB, Class B | 35,122 | 1,809,359 | ||||||
Boliden AB | 24,618 | 985,710 | ||||||
Boliden AB (Redemption Shares)† | 24,618 | 17,787 | ||||||
Electrolux AB, Series B | 20,300 | 574,716 | ||||||
Epiroc AB (Redemption Shares)† | 59,315 | 21,393 | ||||||
Epiroc AB, Class A | 59,315 | 1,340,706 | ||||||
Epiroc AB, Class B | 35,100 | 698,902 | ||||||
Epiroc AB, Class B (Redemption Shares)† | 35,100 | 12,680 | ||||||
EQT AB | 21,443 | 774,919 | ||||||
Essity AB, Class B | 54,775 | 1,889,123 | ||||||
Evolution AB* | 14,401 | 2,752,858 | ||||||
Fastighets AB Balder, Class B† | 9,114 | 578,614 | ||||||
Hennes & Mauritz AB, Class B† | 72,308 | 1,844,674 | ||||||
Hexagon AB, Class B | 177,317 | 2,523,903 | ||||||
Husqvarna AB, Class B | 37,639 | 550,932 | ||||||
ICA Gruppen AB | 9,052 | 437,440 | ||||||
Industrivarden AB, Class A | 9,617 | 390,510 | ||||||
Industrivarden AB, Class C | 14,373 | 563,729 | ||||||
Investment AB Latour, Class B | 13,325 | 455,231 | ||||||
Investor AB, Class B | 163,984 | 3,783,570 | ||||||
Kinnevik AB† | 21,773 | 414,267 | ||||||
Kinnevik AB, Class B | 21,773 | 830,369 | ||||||
L E Lundbergforetagen AB, Class B | 6,840 | 429,469 | ||||||
Lundin Energy AB | 16,728 | 574,310 | ||||||
Nibe Industrier AB, Class B | 112,268 | 1,219,730 | ||||||
Sandvik AB | 101,612 | 2,674,853 | ||||||
Securitas AB, Class B | 28,183 | 450,533 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 146,486 | 1,870,732 | ||||||
Skanska AB, Class B | 30,619 | 859,853 | ||||||
SKF AB, Class B | 34,340 | 925,890 | ||||||
Svenska Cellulosa AB SCA, Class B | 54,531 | 904,237 | ||||||
Svenska Handelsbanken AB, Class A | 140,033 | 1,567,923 | ||||||
Swedbank AB, Class A | 81,510 | 1,463,306 | ||||||
Swedish Match AB | 145,990 | 1,351,930 | ||||||
Tele2 AB, Class B | 45,078 | 605,806 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 262,706 | 3,478,640 | ||||||
Telia Co. AB | 220,854 | 963,027 | ||||||
Volvo AB, Class B | 128,178 | 3,351,029 | ||||||
53,438,194 | ||||||||
Switzerland — 7.7% |
| |||||||
ABB, Ltd. | 165,874 | 5,655,759 | ||||||
Adecco Group AG | 13,948 | 960,466 | ||||||
Alcon, Inc. | 44,256 | 3,077,994 | ||||||
Baloise Holding AG | 4,173 | 688,000 | ||||||
Banque Cantonale Vaudoise | 2,711 | 251,660 | ||||||
Barry Callebaut AG | 272 | 622,319 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 9 | 913,508 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 92 | 877,043 | ||||||
Cie Financiere Richemont SA | 46,983 | 5,727,277 | ||||||
Clariant AG | 17,926 | 387,716 | ||||||
Coca-Cola HBC AG | 18,031 | 657,374 | ||||||
Credit Suisse Group AG | 220,311 | 2,400,276 | ||||||
EMS-Chemie Holding AG | 737 | 690,707 |
Security Description | Shares | Value (Note 2) | ||||||
Switzerland (continued) |
| |||||||
Geberit AG | 3,334 | $ | 2,411,451 | |||||
Givaudan SA | 831 | 3,707,396 | ||||||
Holcim, Ltd. | 47,122 | 2,800,603 | ||||||
Julius Baer Group, Ltd. | 20,144 | 1,379,511 | ||||||
Kuehne & Nagel International AG | 4,860 | 1,640,351 | ||||||
Logitech International SA | 14,802 | 1,833,177 | ||||||
Lonza Group AG | 6,703 | 4,314,660 | ||||||
Nestle SA | 259,306 | 31,912,367 | ||||||
Novartis AG | 199,845 | 17,533,927 | ||||||
Partners Group Holding AG | 1,682 | 2,556,191 | ||||||
Roche Holding AG | 2,880 | 1,078,999 | ||||||
Roche Holding AG (Participation Certificate) | 63,235 | 21,982,862 | ||||||
Schindler Holding AG | 1,811 | 523,469 | ||||||
Schindler Holding AG (Participation Certificate) | 3,665 | 1,082,591 | ||||||
SGS SA | 545 | 1,698,316 | ||||||
Sika AG# | 12,761 | 4,104,233 | ||||||
Sonova Holding AG† | 4,927 | 1,751,701 | ||||||
Straumann Holding AG | 931 | 1,456,790 | ||||||
Swatch Group AG (TRQX) | 4,736 | 328,282 | ||||||
Swatch Group AG (XEGT) | 2,604 | 943,172 | ||||||
Swiss Life Holding AG | 2,737 | 1,419,163 | ||||||
Swiss Prime Site AG | 6,838 | 697,864 | ||||||
Swiss Re AG | 25,719 | 2,470,396 | ||||||
Swisscom AG | 2,331 | 1,311,268 | ||||||
Temenos AG | 6,011 | 925,206 | ||||||
UBS Group AG | 329,970 | 5,350,320 | ||||||
Vifor Pharma AG | 4,095 | 597,519 | ||||||
Zurich Insurance Group AG | 13,542 | 5,654,670 | ||||||
146,376,554 | ||||||||
United Kingdom — 11.2% |
| |||||||
3i Group PLC | 87,587 | 1,545,038 | ||||||
Admiral Group PLC | 17,358 | 723,982 | ||||||
Anglo American PLC | 110,415 | 4,912,403 | ||||||
Antofagasta PLC | 35,493 | 777,963 | ||||||
Ashtead Group PLC | 40,624 | 2,967,902 | ||||||
Associated British Foods PLC | 32,065 | 1,056,172 | ||||||
AstraZeneca PLC | 118,115 | 13,486,942 | ||||||
Auto Trader Group PLC†* | 86,953 | 693,011 | ||||||
AVEVA Group PLC | 10,347 | 513,791 | ||||||
Aviva PLC | 353,520 | 2,062,982 | ||||||
BAE Systems PLC | 289,649 | 2,164,618 | ||||||
Barclays PLC | 1,562,112 | 4,059,092 | ||||||
Barratt Developments PLC | 91,654 | 983,856 | ||||||
Berkeley Group Holdings PLC | 11,281 | 749,081 | ||||||
BHP Group PLC | 190,098 | 5,727,379 | ||||||
BP PLC | 1,824,291 | 7,926,049 | ||||||
British American Tobacco PLC | 206,495 | 7,950,377 | ||||||
British Land Co. PLC | 79,238 | 573,498 | ||||||
BT Group PLC† | 803,329 | 1,993,368 | ||||||
Bunzl PLC | 30,331 | 983,561 | ||||||
Burberry Group PLC† | 36,430 | 1,104,304 | ||||||
Coca-Cola Europacific Partners PLC | 18,454 | 1,116,836 | ||||||
Compass Group PLC† | 160,558 | 3,665,063 | ||||||
Croda International PLC | 12,557 | 1,245,281 | ||||||
Diageo PLC | 210,499 | 10,168,760 | ||||||
Direct Line Insurance Group PLC | 122,817 | 518,181 | ||||||
Evraz PLC | 45,894 | 415,272 | ||||||
Fresnillo PLC | 16,581 | 211,214 | ||||||
GlaxoSmithKline PLC | 451,597 | 8,614,763 | ||||||
Halma PLC | 34,170 | 1,262,741 | ||||||
Hargreaves Lansdown PLC | 29,884 | 702,732 | ||||||
Hikma Pharmaceuticals PLC | 15,559 | 539,649 | ||||||
HSBC Holdings PLC | 1,833,199 | 11,845,016 |
129 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | �� | Value | |||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Imperial Brands PLC | 85,182 | $ | 1,934,177 | |||||
Informa PLC† | 135,201 | 1,043,776 | ||||||
InterContinental Hotels Group PLC† | 15,618 | 1,090,705 | ||||||
Intertek Group PLC | 14,526 | 1,118,959 | ||||||
J Sainsbury PLC | 160,140 | 603,610 | ||||||
JD Sports Fashion PLC† | 46,426 | 622,749 | ||||||
Johnson Matthey PLC | 17,419 | 752,977 | ||||||
Kingfisher PLC | 189,926 | 971,129 | ||||||
Land Securities Group PLC# | 63,400 | 632,698 | ||||||
Legal & General Group PLC | 537,056 | 2,166,830 | ||||||
Lloyds Banking Group PLC | 6,375,024 | 4,513,607 | ||||||
London Stock Exchange Group PLC | 28,469 | 3,060,032 | ||||||
M&G PLC | 234,006 | 811,959 | ||||||
Melrose Industries PLC | 437,271 | 1,071,696 | ||||||
Mondi PLC | 43,703 | 1,182,433 | ||||||
National Grid PLC | 316,855 | 4,223,252 | ||||||
Natwest Group PLC | 436,671 | 1,282,783 | ||||||
Next PLC† | 11,966 | 1,385,355 | ||||||
Ocado Group PLC†# | 43,769 | 1,173,348 | ||||||
Pearson PLC | 67,772 | 786,934 | ||||||
Persimmon PLC | 28,707 | 1,287,370 | ||||||
Phoenix Group Holdings PLC | 49,465 | 516,378 | ||||||
Prudential PLC | 234,819 | 5,001,984 | ||||||
Reckitt Benckiser Group PLC | 64,054 | 5,788,655 | ||||||
RELX PLC | 173,890 | 4,538,211 | ||||||
Rentokil Initial PLC | 166,900 | 1,122,225 | ||||||
Rio Tinto PLC | 100,996 | 8,691,440 | ||||||
Rolls-Royce Holdings PLC† | 753,131 | 1,143,836 | ||||||
Royal Dutch Shell PLC, Class A | 369,135 | 7,049,034 | ||||||
Royal Dutch Shell PLC, Class B | 333,578 | 6,076,528 | ||||||
RSA Insurance Group, Ltd. | 93,125 | 904,228 | ||||||
Sage Group PLC | 98,384 | 916,756 | ||||||
Schroders PLC | 11,189 | 564,812 | ||||||
Segro PLC | 107,249 | 1,588,233 | ||||||
Severn Trent PLC | 21,499 | 748,418 | ||||||
Smith & Nephew PLC | 78,818 | 1,723,120 | ||||||
Smiths Group PLC | 35,673 | 784,440 | ||||||
Spirax-Sarco Engineering PLC | 6,637 | 1,196,200 | ||||||
SSE PLC | 93,778 | 2,052,172 | ||||||
St James’s Place PLC | 48,344 | 958,788 | ||||||
Standard Chartered PLC | 241,463 | 1,740,090 | ||||||
Standard Life Aberdeen PLC | 198,446 | 774,468 | ||||||
Taylor Wimpey PLC | 328,019 | 797,881 | ||||||
Tesco PLC | 695,898 | 2,204,781 | ||||||
Unilever PLC (Euronext Amsterdam) | 131,900 | 7,844,431 | ||||||
Unilever PLC (LSE) | 104,747 | 6,282,766 | ||||||
United Utilities Group PLC | 61,374 | 856,705 | ||||||
Vodafone Group PLC | 2,415,039 | 4,397,230 | ||||||
Whitbread PLC† | 18,166 | 820,329 | ||||||
WM Morrison Supermarkets PLC# | 216,885 | 544,331 | ||||||
212,605,726 | ||||||||
Total Common Stocks | ||||||||
(cost $1,180,452,134) | 1,545,725,287 | |||||||
EXCHANGE-TRADED FUNDS — 4.1% |
| |||||||
United States — 4.1% |
| |||||||
iShares MSCI EAFE ETF | 971,600 | 78,534,428 | ||||||
RIGHTS† — 0.0% |
| |||||||
Singapore — 0.0% |
| |||||||
Singapore Airlines, Ltd. | 251,947 | 0 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Spain — 0.0% |
| |||||||
Ferrovial SA | 43,805 | $ | 10,582 | |||||
Total Rights | ||||||||
(cost $10,422) | 10,582 | |||||||
WARRANTS† — 0.0% |
| |||||||
Cie Financiere Richemont SA | 94,272 | 61,835 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,244,179,202) | 1,624,332,132 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.1% |
| |||||||
Registered Investment Companies — 2.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 37,957,813 | 37,957,813 | ||||||
U.S. Government Treasuries — 1.1% |
| |||||||
United States Treasury Bills | $ | 6,000,000 | 5,998,939 | |||||
0.09% due 12/02/2021(4) | 2,900,000 | 2,899,629 | ||||||
0.10% due 11/04/2021(4) | 8,000,000 | 7,999,306 | ||||||
0.10% due 12/30/2021(4) | 750,000 | 749,879 | ||||||
0.12% due 10/07/2021(4) | 2,500,000 | 2,499,856 | ||||||
20,147,609 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $58,097,991) | 58,105,422 | |||||||
REPURCHASE AGREEMENTS — 12.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $231,725,000 and collateralized by $236,954,200 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $236,359,504 | 231,725,000 | 231,725,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,534,002,193)(5) | 100.8 | % | 1,914,162,554 | |||||
Liabilities in excess of other assets | (0.8 | ) | (14,876,351 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,899,286,203 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $28,260,401 representing 1.5% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $47,596,814. This was secured by collateral of $37,957,813, which was received in cash and subsequently invested in short-term investments currently valued at $37,957,813 as reported in the Portfolio of Investments. Additional collateral of $12,577,696 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Treasury Bills | 0.00% | 07/15/2021 to 08/05/2021 | $ | 426,747 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 02/15/2051 | 12,150,949 |
130 |
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VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements of open futures contracts. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CDI—Chess Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
ETF—Exchange-Traded Funds
Euronext Amerstdam—Euronext Stock Exchange, Amsterdam
FDR—Fiduciary Depositary Receipt
LSE—London Stock Exchange
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) | ||||||||||||||||
2,272 | Long | MSCI EAFE Index | June 2021 | $ | 253,201,287 | $ | 265,483,200 | $ | 12,281,913 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 107,312,825 | $ | — | $ | 0 | $ | 107,312,825 | ||||||||
Portugal | 2,430,959 | — | 0 | 2,430,959 | ||||||||||||
Other Countries | 1,435,981,503 | — | — | 1,435,981,503 | ||||||||||||
Exchange-Traded Funds | 78,534,428 | — | — | 78,534,428 | ||||||||||||
Rights | — | 10,582 | — | 10,582 | ||||||||||||
Warrants | 61,835 | — | — | 61,835 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 37,957,813 | — | — | 37,957,813 | ||||||||||||
U.S. Government Treasuries | — | 20,147,609 | — | 20,147,609 | ||||||||||||
Repurchase Agreements | — | 231,725,000 | — | 231,725,000 | ||||||||||||
Total Investments at Value | $ | 1,662,279,363 | $ | 251,883,191 | $ | 0 | $ | 1,914,162,554 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 12,281,913 | $ | — | $ | — | $ | 12,281,913 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period |
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund. There are no Level 3 transfers during the reporting period.
See Notes to Financial Statements
131 |
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Sovereign | 62.3 | % | ||
United States Treasury Notes | 23.1 | |||
United States Treasury Bonds | 3.8 | |||
Registered Investment Companies | 2.6 | |||
Oil Companies — Integrated | 2.0 | |||
Banks — Commercial | 0.8 | |||
Electric — Generation | 0.7 | |||
Electric — Distribution | 0.4 | |||
Food — Meat Products | 0.4 | |||
Transport — Services | 0.3 | |||
Investment Companies | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Energy — Alternate Sources | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Warehousing & Harbor Transportation Services | 0.2 | |||
Industrial Gases | 0.2 | |||
Multimedia | 0.2 | |||
Steel — Producers | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Metal — Aluminum | 0.1 | |||
Electric — Integrated | 0.1 | |||
Cellular Telecom | 0.1 | |||
Paper & Related Products | 0.1 | |||
99.1 | % | |||
Country Allocation*
United States | 29.5 | % | ||
Japan | 9.9 | |||
Italy | 5.3 | |||
United Kingdom | 4.5 | |||
France | 3.8 | |||
Spain | 3.6 | |||
Germany | 3.4 | |||
Mexico | 2.9 | |||
Australia | 2.3 | |||
Qatar | 1.9 | |||
Colombia | 1.8 | |||
Netherlands | 1.7 | |||
Saudi Arabia | 1.7 | |||
Ukraine | 1.5 | |||
Egypt | 1.4 | |||
Norway | 1.3 | |||
Turkey | 1.3 | |||
United Arab Emirates | 1.2 | |||
Brazil | 1.2 | |||
Bahrain | 1.0 | |||
Romania | 1.0 | |||
Sri Lanka | 1.0 | |||
Ghana | 0.9 | |||
Indonesia | 0.9 | |||
Canada | 0.8 | |||
Ivory Coast | 0.8 | |||
Chile | 0.8 | |||
British Virgin Islands | 0.7 | |||
Russia | 0.7 | |||
Oman | 0.7 | |||
Belgium | 0.7 | |||
Pakistan | 0.7 | |||
Dominican Republic | 0.7 | |||
Philippines | 0.6 | |||
Ecuador | 0.6 | |||
Luxembourg | 0.5 | |||
Guatemala | 0.5 | |||
Nigeria | 0.5 | |||
China | 0.5 | |||
El Salvador | 0.5 |
Singapore | 0.5 | |||
Cayman Islands | 0.4 | |||
Ethiopia | 0.4 | |||
Ireland | 0.4 | |||
India | 0.3 | |||
South Africa | 0.3 | |||
Angola | 0.3 | |||
Kazakhstan | 0.3 | |||
Argentina | 0.2 | |||
Panama | 0.2 | |||
Peru | 0.2 | |||
Kenya | 0.1 | |||
Uruguay | 0.1 | |||
Austria | 0.1 | |||
99.1 | % | |||
Credit Quality+#
Aaa | 36.7 | % | ||
Aa | 10.4 | |||
A | 11.3 | |||
Baa | 15.5 | |||
Ba | 6.2 | |||
B | 6.8 | |||
Caa | 1.8 | |||
Not Rated@ | 11.3 | |||
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. |
132 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 7.1% |
| |||||||
Austria — 0.1% |
| |||||||
Suzano Austria GmbH | $ | 200,000 | $ | 207,600 | ||||
Brazil — 0.4% |
| |||||||
BRF SA | 300,000 | 311,628 | ||||||
Globo Comunicacao e Participacoes SA | 400,000 | 406,800 | ||||||
718,428 | ||||||||
British Virgin Islands — 0.7% |
| |||||||
Huarong Finance II Co., Ltd. | 400,000 | 274,000 | ||||||
Shandong Iron & Steel Xinheng International Co., Ltd. | 330,000 | 336,765 | ||||||
Yingde Gases Investment, Ltd. | 400,000 | 412,200 | ||||||
Yunda Holding Investment, Ltd. | 420,000 | 413,486 | ||||||
1,436,451 | ||||||||
Cayman Islands — 0.4% |
| |||||||
Energuate Trust | 300,000 | 312,753 | ||||||
Grupo Aval, Ltd. | 255,000 | 251,226 | ||||||
Lamar Funding, Ltd. | 280,000 | 282,189 | ||||||
846,168 | ||||||||
Chile — 0.3% |
| |||||||
Banco de Credito e Inversiones SA | 510,000 | 547,618 | ||||||
Colombia — 0.5% |
| |||||||
Colombia Telecomunicaciones SA ESP | 210,000 | 217,119 | ||||||
Ecopetrol SA | 175,000 | 181,300 | ||||||
Ecopetrol SA | 300,000 | 356,235 | ||||||
Empresas Publicas de Medellin ESP | 240,000 | 235,248 | ||||||
989,902 | ||||||||
India — 0.3% |
| |||||||
Oil India, Ltd. | 200,000 | 222,950 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
India (continued) |
| |||||||
ReNew Power, Ltd. | $ | 430,000 | $ | 443,975 | ||||
666,925 | ||||||||
Indonesia — 0.5% |
| |||||||
Indonesia Asahan Aluminium Persero PT | 200,000 | 242,500 | ||||||
Pertamina Persero PT | 300,000 | 378,711 | ||||||
Saka Energi Indonesia PT | 400,000 | 360,000 | ||||||
981,211 | ||||||||
Luxembourg — 0.5% |
| |||||||
Minerva Luxembourg SA | 400,000 | 392,204 | ||||||
Rumo Luxembourg SARL | 220,000 | 234,850 | ||||||
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL | 370,000 | 396,936 | ||||||
1,023,990 | ||||||||
Mexico — 1.4% |
| |||||||
Infraestructura Energetica Nova SAB de CV | 250,000 | 245,938 | ||||||
Petroleos Mexicanos | 340,000 | 336,600 | ||||||
Petroleos Mexicanos | 500,000 | 430,595 | ||||||
Petroleos Mexicanos | 200,000 | 213,542 | ||||||
Petroleos Mexicanos | 690,000 | 664,987 | ||||||
Petroleos Mexicanos | 300,000 | 277,200 | ||||||
Petroleos Mexicanos | 500,000 | 441,850 | ||||||
2,610,712 | ||||||||
Netherlands — 0.9% |
| |||||||
Braskem Netherlands Finance BV | 300,000 | 312,150 | ||||||
MDGH - GMTN BV | 300,000 | 315,690 | ||||||
Minejesa Capital BV | 250,000 | 259,375 |
133 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Netherlands (continued) |
| |||||||
Mong Duong Finance Holdings BV | $ | 420,000 | $ | 417,375 | ||||
Petrobras Global Finance BV | 400,000 | 441,200 | ||||||
1,745,790 | ||||||||
Peru — 0.2% |
| |||||||
Banco de Credito del Peru | 300,000 | 296,253 | ||||||
Philippines — 0.2% |
| |||||||
Philippine National Bank | 400,000 | 421,029 | ||||||
Singapore — 0.5% |
| |||||||
BOC Aviation, Ltd. | 580,000 | 564,182 | ||||||
LLPL Capital Pte, Ltd. | 273,600 | 319,086 | ||||||
883,268 | ||||||||
United Arab Emirates — 0.2% |
| |||||||
DP World PLC | 400,000 | 433,402 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $13,524,013) | 13,808,747 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 62.3% |
| |||||||
Angola — 0.3% |
| |||||||
Republic of Angola | 500,000 | 549,375 | ||||||
Argentina — 0.2% |
| |||||||
Republic of Argentina | 800,000 | 264,008 | ||||||
Republic of Argentina | 600,000 | 236,208 | ||||||
500,216 | ||||||||
Australia — 2.3% |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | 835,374 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 830,590 | |||||
Commonwealth of Australia | AUD | 600,000 | 499,374 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 854,274 | |||||
Commonwealth of Australia | AUD | 1,600,000 | 1,404,117 | |||||
4,423,729 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Bahrain — 1.0% |
| |||||||
Kingdom of Bahrain | $ | 540,000 | $ | 539,460 | ||||
Kingdom of Bahrain | 510,000 | 490,977 | ||||||
Kingdom of Bahrain | 900,000 | 1,009,904 | ||||||
2,040,341 | ||||||||
Belgium — 0.7% |
| |||||||
Kingdom of Belgium | EUR | 1,000,000 | 1,331,859 | |||||
Brazil — 0.8% |
| |||||||
Federative Republic of Brazil | 500,000 | 505,210 | ||||||
Federative Republic of Brazil | 500,000 | 481,255 | ||||||
Federative Republic of Brazil | 450,000 | 488,493 | ||||||
1,474,958 | ||||||||
Canada — 0.8% |
| |||||||
Government of Canada | CAD | 1,000,000 | 844,584 | |||||
Government of Canada | CAD | 1,000,000 | 814,950 | |||||
1,659,534 | ||||||||
Chile — 0.5% |
| |||||||
Republic of Chile | 560,000 | 563,578 | ||||||
Republic of Chile | 380,000 | 370,352 | ||||||
933,930 | ||||||||
China — 0.3% |
| |||||||
People’s Republic of China | 600,000 | 538,170 | ||||||
Colombia — 1.3% |
| |||||||
Republic of Colombia | 1,133,000 | 1,094,070 | ||||||
Republic of Colombia | 500,000 | 541,275 | ||||||
Republic of Colombia | 400,000 | 414,248 | ||||||
Republic of Colombia | 300,000 | 388,950 | ||||||
2,438,543 | ||||||||
134 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Dominican Republic — 0.7% |
| |||||||
Dominican Republic | $ | 820,000 | $ | 848,290 | ||||
Dominican Republic | 450,000 | 441,005 | ||||||
1,289,295 | ||||||||
Ecuador — 0.6% |
| |||||||
Republic of Ecuador | 1,580,000 | 1,106,000 | ||||||
Egypt — 1.4% |
| |||||||
Arab Republic of Egypt | EUR | 500,000 | 621,986 | |||||
Arab Republic of Egypt | 550,000 | 587,824 | ||||||
Arab Republic of Egypt | 770,000 | 857,118 | ||||||
Arab Republic of Egypt | 687,000 | 729,256 | ||||||
2,796,184 | ||||||||
El Salvador — 0.5% |
| |||||||
Republic of El Salvador | 500,000 | 497,500 | ||||||
Republic of El Salvador | 420,000 | 411,138 | ||||||
908,638 | ||||||||
Ethiopia — 0.4% |
| |||||||
Federal Republic of Ethiopia | 900,000 | 832,500 | ||||||
France — 3.8% |
| |||||||
Government of France | EUR | 1,050,000 | 1,339,593 | |||||
Government of France | EUR | 500,000 | 679,868 | |||||
Government of France | EUR | 1,000,000 | 1,358,699 | |||||
Government of France | EUR | 800,000 | 1,175,918 | |||||
Government of France | EUR | 250,000 | 378,674 | |||||
Government of France | EUR | 450,347 | 794,366 | |||||
Government of France | EUR | 1,000,000 | 1,571,261 | |||||
7,298,379 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Germany — 3.4% |
| |||||||
Federal Republic of Germany | EUR | 700,000 | $ | 894,358 | ||||
Federal Republic of Germany | EUR | 1,000,000 | 1,297,914 | |||||
Federal Republic of Germany | EUR | 1,000,000 | 1,265,311 | |||||
Federal Republic of Germany | EUR | 600,000 | 1,106,686 | |||||
Federal Republic of Germany | EUR | 1,000,000 | 1,879,465 | |||||
Federal Republic of Germany | EUR | 50,000 | 99,798 | |||||
6,543,532 | ||||||||
Ghana — 0.9% |
| |||||||
Republic of Ghana | 370,000 | 385,296 | ||||||
Republic of Ghana | 580,000 | 565,319 | ||||||
Republic of Ghana | 314,000 | 304,203 | ||||||
Republic of Ghana | 400,000 | 507,800 | ||||||
1,762,618 | ||||||||
Guatemala — 0.5% |
| |||||||
Republic of Guatemala | 900,000 | 1,007,109 | ||||||
Indonesia — 0.4% |
| |||||||
Republic of Indonesia | 300,000 | 333,219 | ||||||
Republic of Indonesia | 400,000 | 441,429 | ||||||
774,648 | ||||||||
Ireland — 0.4% |
| |||||||
Republic of Ireland | EUR | 600,000 | 781,426 | |||||
Italy — 5.3% |
| |||||||
Republic of Italy | EUR | 1,000,000 | 1,285,422 | |||||
Republic of Italy | EUR | 1,000,000 | 1,281,763 | |||||
Republic of Italy | EUR | 500,000 | 671,429 | |||||
Republic of Italy | EUR | 500,000 | 722,884 |
135 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 1,400,000 | $ | 1,986,874 | ||||
Republic of Italy | EUR | 190,000 | 274,860 | |||||
Republic of Italy | EUR | 150,000 | 237,518 | |||||
Republic of Italy | EUR | 350,000 | 646,959 | |||||
Republic of Italy | EUR | 600,000 | 1,089,158 | |||||
Republic of Italy | EUR | 750,000 | 1,266,411 | |||||
Republic of Italy | EUR | 532,912 | 795,372 | |||||
10,258,650 | ||||||||
Ivory Coast — 0.8% |
| |||||||
Republic of Ivory Coast | 820,000 | 872,619 | ||||||
Republic of Ivory Coast | 550,000 | 610,500 | ||||||
1,483,119 | ||||||||
Japan — 9.9% |
| |||||||
Government of Japan | JPY | 200,000,000 | 1,833,823 | |||||
Government of Japan | JPY | 300,000,000 | 2,745,409 | |||||
Government of Japan | JPY | 170,000,000 | 1,552,033 | |||||
Government of Japan | JPY | 150,000,000 | 1,391,783 | |||||
Government of Japan | JPY | 75,000,000 | 782,073 | |||||
Government of Japan | JPY | 90,000,000 | 954,474 | |||||
Government of Japan | JPY | 120,000,000 | 1,402,952 | |||||
Government of Japan | JPY | 85,000,000 | 997,186 | |||||
Government of Japan | JPY | 100,000,000 | 1,179,779 | |||||
Government of Japan | JPY | 60,000,000 | 623,506 | |||||
Government of Japan | JPY | 128,000,000 | 1,367,975 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 33,000,000 | $ | 423,362 | ||||
Government of Japan | JPY | 130,000,000 | 1,541,950 | |||||
Government of Japan | JPY | 200,000,000 | 2,408,668 | |||||
19,204,973 | ||||||||
Kazakhstan — 0.3% |
| |||||||
Republic of Kazakhstan | 350,000 | 504,875 | ||||||
Kenya — 0.1% |
| |||||||
Republic of Kenya | 200,000 | 225,680 | ||||||
Mexico — 1.5% |
| |||||||
United Mexican States | 540,000 | 524,405 | ||||||
United Mexican States | 300,000 | 314,229 | ||||||
United Mexican States | 780,000 | 872,188 | ||||||
United Mexican States | MXN | 11,400,000 | 642,093 | |||||
United Mexican States | MXN | 10,000,000 | 568,340 | |||||
2,921,255 | ||||||||
Netherlands — 0.8% |
| |||||||
Kingdom of the Netherlands | EUR | 1,000,000 | 1,572,329 | |||||
Nigeria — 0.5% |
| |||||||
Federal Republic of Nigeria | 470,000 | 499,572 | ||||||
Federal Republic of Nigeria | 420,000 | 482,580 | ||||||
982,152 | ||||||||
Norway — 1.3% |
| |||||||
Kingdom of Norway | NOK | 10,000,000 | 1,217,865 | |||||
Kingdom of Norway | NOK | 5,000,000 | 615,880 | |||||
Kingdom of Norway | NOK | 5,000,000 | 634,497 | |||||
2,468,242 | ||||||||
136 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Oman — 0.7% |
| |||||||
Sultanate of Oman | 620,000 | $ | 644,314 | |||||
Sultanate of Oman | 625,000 | 698,462 | ||||||
1,342,776 | ||||||||
Pakistan — 0.7% |
| |||||||
Islamic Republic of Pakistan | 675,000 | 705,312 | ||||||
Islamic Republic of Pakistan | 550,000 | 600,875 | ||||||
1,306,187 | ||||||||
Panama — 0.2% |
| |||||||
Republic of Panama | 200,000 | 221,564 | ||||||
Republic of Panama | 200,000 | 268,502 | ||||||
490,066 | ||||||||
Philippines — 0.4% |
| |||||||
Republic of the Philippines | 350,000 | 333,154 | ||||||
Republic of the Philippines | 400,000 | 452,038 | ||||||
785,192 | ||||||||
Qatar — 1.9% |
| |||||||
State of Qatar | 480,000 | 523,200 | ||||||
State of Qatar | 880,000 | 1,047,693 | ||||||
State of Qatar | 1,190,000 | 1,498,876 | ||||||
State of Qatar | 420,000 | 545,299 | ||||||
3,615,068 | ||||||||
Romania — 1.0% |
| |||||||
Government of Romania | EUR | 1,000,000 | 1,205,001 | |||||
Government of Romania | 260,000 | 266,495 | ||||||
Government of Romania | 500,000 | 512,040 | ||||||
1,983,536 | ||||||||
Russia — 0.7% |
| |||||||
Russian Federation | 1,200,000 | 1,346,712 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Saudi Arabia — 1.7% |
| |||||||
Kingdom of Saudi Arabia | $ | 495,000 | $ | 530,072 | ||||
Kingdom of Saudi Arabia | 1,150,000 | 1,231,480 | ||||||
Kingdom of Saudi Arabia | 250,000 | 275,675 | ||||||
Kingdom of Saudi Arabia | 500,000 | 581,925 | ||||||
Kingdom of Saudi Arabia | 600,000 | 697,644 | ||||||
3,316,796 | ||||||||
South Africa — 0.3% |
| |||||||
Republic of South Africa | 560,000 | 577,954 | ||||||
Spain — 3.6% |
| |||||||
Kingdom of Spain | EUR | 800,000 | 1,002,228 | |||||
Kingdom of Spain | EUR | 500,000 | 544,045 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,315,408 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,330,542 | |||||
Kingdom of Spain | EUR | 600,000 | 799,374 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,394,733 | |||||
Kingdom of Spain | EUR | 300,000 | 528,761 | |||||
6,915,091 | ||||||||
Sri Lanka — 1.0% |
| |||||||
Republic of Sri Lanka | 770,000 | 610,471 | ||||||
Republic of Sri Lanka | 300,000 | 213,828 | ||||||
Republic of Sri Lanka | 870,000 | 580,769 | ||||||
Republic of Sri Lanka | 800,000 | 534,040 | ||||||
1,939,108 | ||||||||
Turkey — 1.3% |
| |||||||
Republic of Turkey | 1,300,000 | 1,244,958 |
137 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Turkey (continued) |
| |||||||
Republic of Turkey | $ | 250,000 | $ | 255,000 | ||||
Republic of Turkey | 350,000 | 291,291 | ||||||
Republic of Turkey | 600,000 | 645,632 | ||||||
2,436,881 | ||||||||
Ukraine — 1.5% |
| |||||||
Government of Ukraine | 440,000 | 458,444 | ||||||
Government of Ukraine | 480,000 | 504,000 | ||||||
Government of Ukraine | 200,000 | 210,000 | ||||||
Government of Ukraine | 370,000 | 389,773 | ||||||
Government of Ukraine | 460,000 | 506,018 | ||||||
Government of Ukraine | 700,000 | 837,396 | ||||||
2,905,631 | ||||||||
United Arab Emirates — 1.0% |
| |||||||
Emirate of Abu Dhabi | 510,000 | 540,600 | ||||||
Emirate of Abu Dhabi | 1,050,000 | 1,146,075 | ||||||
Emirate of Abu Dhabi | 215,000 | 241,355 | ||||||
1,928,030 | ||||||||
United Kingdom — 4.5% |
| |||||||
United Kingdom Gilt Treasury | GBP | 850,000 | 1,262,464 | |||||
United Kingdom Gilt Treasury | GBP | 1,800,000 | 2,744,263 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 446,683 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 786,372 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 463,353 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 573,917 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 607,857 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
United Kingdom Gilt Treasury | GBP | 200,000 | $ | 521,492 | ||||
United Kingdom Gilt Treasury | GBP | 700,000 | 1,352,860 | |||||
8,759,261 | ||||||||
Uruguay — 0.1% |
| |||||||
Oriental Republic of Uruguay | 193,015 | 224,227 | ||||||
Total Foreign Government Obligations |
| |||||||
(cost $116,428,443) | 120,484,775 | |||||||
U.S. GOVERNMENT TREASURIES — 26.9% |
| |||||||
United States — 26.9% |
| |||||||
United States Treasury Bonds |
| |||||||
1.25% due 05/15/2050 | 1,400,000 | 1,088,336 | ||||||
1.38% due 11/15/2040 | 1,000,000 | 869,219 | ||||||
2.50% due 02/15/2045 | 500,000 | 522,188 | ||||||
2.88% due 05/15/2049 | 400,000 | 450,172 | ||||||
3.00% due 02/15/2047 | 1,200,000 | 1,374,141 | ||||||
3.13% due 08/15/2044 | 900,000 | 1,046,039 | ||||||
3.38% due 05/15/2044 | 700,000 | 845,523 | ||||||
3.38% due 11/15/2048 | 450,000 | 553,096 | ||||||
3.75% due 11/15/2043 | 500,000 | 637,324 | ||||||
United States Treasury Notes |
| |||||||
0.25% due 07/31/2025 | 3,000,000 | 2,956,875 | ||||||
0.50% due 06/30/2027 | 1,500,000 | 1,449,727 | ||||||
0.63% due 08/15/2030 | 2,000,000 | 1,841,406 | ||||||
0.75% due 01/31/2028 | 1,200,000 | 1,165,453 | ||||||
1.13% due 02/28/2027 | 700,000 | 705,496 | ||||||
1.38% due 06/30/2023 | 1,000,000 | 1,025,156 | ||||||
1.50% due 11/30/2024 | 1,000,000 | 1,036,953 | ||||||
1.50% due 08/15/2026 | 1,000,000 | 1,032,383 | ||||||
1.50% due 02/15/2030 | 2,000,000 | 2,001,484 | ||||||
1.63% due 08/15/2029 | 2,500,000 | 2,538,379 | ||||||
1.75% due 05/15/2023 | 2,000,000 | 2,062,187 | ||||||
2.00% due 11/30/2022 | 1,500,000 | 1,542,305 | ||||||
2.00% due 08/15/2025 | 2,000,000 | 2,116,016 | ||||||
2.00% due 11/15/2026 | 1,500,000 | 1,586,191 | ||||||
2.13% due 12/31/2022 | 1,100,000 | 1,134,676 | ||||||
2.13% due 03/31/2024 | 1,500,000 | 1,578,398 | ||||||
2.13% due 05/15/2025# | 500,000 | 530,918 | ||||||
2.25% due 11/15/2024# | 1,500,000 | 1,594,043 | ||||||
2.25% due 11/15/2025 | 1,000,000 | 1,069,453 | ||||||
2.25% due 11/15/2027 | 600,000 | 641,414 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,181,969 | ||||||
2.38% due 05/15/2027 | 1,200,000 | 1,293,234 | ||||||
2.50% due 08/15/2023 | 2,000,000 | 2,102,031 | ||||||
2.50% due 05/15/2024 | 1,700,000 | 1,810,566 | ||||||
2.75% due 11/15/2023 | 1,500,000 | 1,593,164 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,281,000 | ||||||
2.75% due 02/15/2028# | 1,600,000 | 1,761,188 | ||||||
2.88% due 08/15/2028# | 1,500,000 | 1,664,297 | ||||||
3.13% due 11/15/2028 | 1,200,000 | 1,353,422 | ||||||
Total U.S. Government Treasuries |
| |||||||
(cost $51,810,349) | 52,035,822 | |||||||
138 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2% |
| |||||||
China — 0.2% |
| |||||||
China Minmetals Corp. | ||||||||
(cost$ 410,458) | $ | 430,000 | $ | 436,028 | ||||
Total Long-Term Investment Securities |
| |||||||
(cost $182,173,263) | 186,765,372 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.6% |
| |||||||
Registered Investment Companies — 2.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,707,018 | 2,707,018 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,304,600 | 2,304,600 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $5,011,618) | 5,011,618 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $187,184,881)(6) | 99.1 | % | 191,776,990 | |||||
Other assets less liabilities | 0.9 | 1,718,962 | ||||||
NET ASSETS | 100.0 | % | $ | 193,495,952 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $29,204,397 representing 15.1% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Denominated in United States dollars unless otherwise indicated. |
(2) | Perpetual maturity — maturity date reflects the next call date. |
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(4) | At May 31, 2021, the Fund had loaned securities with a total value of $10,698,042. This was secured by collateral of $2,304,600, which was received in cash and subsequently invested in short-term investments currently valued at $2,304,600 as reported in the Portfolio of Investments. Additional collateral of $8,692,695 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 0.26% to 24.00% | 05/01/2023 to 04/25/2051 | $ | 3,552,690 | ||||
Federal National Mtg. Assoc. | 0.39% to 42.40% | 11/25/2027 to 03/25/2060 | 2,043,703 | |||||
Government National Mtg. Assoc. | 0.40% to 38.94% | 07/15/2026 to 02/16/2063 | 2,421,888 | |||||
United States Treasury Bills | 0.00% | 08/05/2021 | 9,379 | |||||
United States Treasury Notes/Bonds | 0.13% to 3.63% | 07/31/2021 to 02/15/2051 | 665,035 |
(5) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2021. |
(6) | 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
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | — | $ | 13,808,747 | $ | — | $ | 13,808,747 | ||||||||
Foreign Government Obligations | — | 120,484,775 | — | 120,484,775 | ||||||||||||
U.S. Government Treasuries | — | 52,035,822 | — | 52,035,822 | ||||||||||||
Preferred Securities/Capital Securities | — | 436,028 | — | 436,028 | ||||||||||||
Short-Term Investment Securities | 5,011,618 | — | — | 5,011,618 | ||||||||||||
Total Investments at Value | $ | 5,011,618 | $ | 186,765,372 | $ | — | $ | 191,776,990 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
139 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Transport — Services | 10.5 | % | ||
Apparel Manufacturers | 10.5 | |||
Banks — Commercial | 6.4 | |||
Retail — Apparel/Shoe | 5.6 | |||
Semiconductor Equipment | 5.6 | |||
Beverages — Wine/Spirits | 5.1 | |||
Computer Services | 4.8 | |||
Semiconductor Components — Integrated Circuits | 4.5 | |||
Industrial Automated/Robotic | 4.2 | |||
Food — Misc./Diversified | 3.6 | |||
Private Equity | 3.5 | |||
Electric — Transmission | 3.2 | |||
E-Commerce/Services | 3.1 | |||
Registered Investment Companies | 3.0 | |||
Insurance — Life/Health | 2.9 | |||
Gambling (Non-Hotel) | 2.8 | |||
Medical Products | 2.8 | |||
Cosmetics & Toiletries | 2.4 | |||
Schools | 2.3 | |||
Commercial Services — Finance | 2.2 | |||
Chemicals — Specialty | 2.0 | |||
Food — Confectionery | 1.6 | |||
Medical — Biomedical/Gene | �� | 1.6 | ||
Athletic Footwear | 1.6 | |||
E-Commerce/Products | 1.6 | |||
Computer Aided Design | 1.5 | |||
98.9 | % | |||
Country Allocation*
Denmark | 10.5 | % | ||
France | 10.0 | |||
Netherlands | 9.7 | |||
Canada | 7.3 | |||
United States | 7.2 | |||
Japan | 7.2 | |||
Switzerland | 6.4 | |||
India | 6.4 | |||
Italy | 5.6 | |||
Taiwan | 4.5 | |||
United Kingdom | 4.5 | |||
Sweden | 4.4 | |||
Cayman Islands | 3.9 | |||
China | 3.6 | |||
Bermuda | 3.2 | |||
Hong Kong | 2.9 | |||
Germany | 1.6 | |||
98.9% | ||||
* | Calculated as a percentage of net assets |
140 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.9% | ||||||||
Bermuda — 3.2% | ||||||||
Brookfield Infrastructure Partners LP | 385,855 | $ | 20,921,058 | |||||
Canada — 7.3% |
| |||||||
Brookfield Asset Management, Inc., Class A# | 452,009 | 22,754,133 | ||||||
Canada Goose Holdings, Inc.†# | 598,886 | 24,153,072 | ||||||
46,907,205 | ||||||||
Cayman Islands — 3.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 46,109 | 9,865,482 | ||||||
TAL Education Group ADR† | 373,723 | 14,937,708 | ||||||
24,803,190 | ||||||||
China — 3.6% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,073,841 | 23,154,628 | ||||||
Denmark — 10.5% |
| |||||||
Chr. Hansen Holding A/S | 148,112 | 13,270,866 | ||||||
DSV PANALPINA A/S | 225,729 | 54,505,584 | ||||||
67,776,450 | ||||||||
France — 10.0% |
| |||||||
Dassault Systemes SE | 43,908 | 10,079,583 | ||||||
Hermes International | 30,543 | 42,925,615 | ||||||
Pernod Ricard SA | 51,827 | 11,385,556 | ||||||
64,390,754 | ||||||||
Germany — 1.6% |
| |||||||
adidas AG | 28,285 | 10,290,729 | ||||||
Hong Kong — 2.9% |
| |||||||
AIA Group, Ltd. | 1,453,118 | 18,573,787 | ||||||
India — 6.4% |
| |||||||
HDFC Bank, Ltd.† | 1,537,873 | 32,119,293 | ||||||
Kotak Mahindra Bank, Ltd.† | 359,435 | 8,965,222 | ||||||
41,084,515 | ||||||||
Italy — 5.6% |
| |||||||
Moncler SpA | 512,180 | 36,300,460 | ||||||
Japan — 7.2% |
| |||||||
Change, Inc.†# | 128,500 | 3,470,032 | ||||||
Keyence Corp. | 55,400 | 27,171,648 | ||||||
Pigeon Corp.# | 549,900 | 15,445,364 | ||||||
46,087,044 | ||||||||
Netherlands — 9.7% |
| |||||||
Adyen NV†* | 6,104 | 14,071,232 | ||||||
ASML Holding NV | 53,634 | 35,789,051 | ||||||
Davide Campari-Milano NV | 957,620 | 12,360,840 | ||||||
62,221,123 | ||||||||
Sweden — 4.4% |
| |||||||
Evolution Gaming Group AB* | 93,635 | 17,899,026 | ||||||
Vitrolife AB | 252,166 | 10,348,823 | ||||||
28,247,849 | ||||||||
Switzerland — 6.4% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 104 | 10,556,087 | ||||||
Kuehne & Nagel International AG | 38,042 | 12,839,968 | ||||||
Straumann Holding AG# | 11,375 | 17,799,124 | ||||||
41,195,179 | ||||||||
Taiwan — 4.5% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,352,000 | 29,096,231 | ||||||
United Kingdom — 4.5% | ||||||||
Diageo PLC | 184,803 | 8,927,440 | ||||||
Rightmove PLC | 2,305,142 | 19,726,198 | ||||||
28,653,638 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
United States — 4.2% | ||||||||
EPAM Systems, Inc.† | 56,385 | $ | 26,929,476 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $368,502,535) | 616,633,316 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% |
| |||||||
Registered Investment Companies — 3.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 19,456,041 | 19,456,041 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $387,958,576) (3) | 98.9 | % | 636,089,357 | |||||
Other assets less liabilities | 1.1 | 6,826,134 | ||||||
NET ASSETS | 100.0 | % | $ | 642,915,491 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $31,970,258 representing 5.0% of net assets. |
(1) | At May 31, 2021, the Fund had loaned securities with a total value of $24,501,052. This was secured by collateral of $19,456,041, which was received in cash and subsequently invested in short-term investments currently valued at $19,456,041 as reported in the Portfolio of Investments. Additional collateral of $6,127,325 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 6,179 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 24,009 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 4,585 | |||||
United States Treasury Bills | 0.00% | 07/15/2021 to 08/05/2021 | 192,552 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 02/15/2051 | 5,900,000 |
(2) | The rate shown is the 7-day yield as of May 31, 2021. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
Unfunded Commitments | ||||||||||||||||
Description | Shares | Acquisition Cost | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
Altimeter Growth Corp. | 478,823 | $ | 4,788,230 | $ | 5,080,791 | $ | 292,561 | |||||||||
141 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 616,633,316 | $ | — | $ | — | $ | 616,633,316 | ||||||||
Short-Term Investment Securities | 19,456,041 | — | — | 19,456,041 | ||||||||||||
Total Investments at Value | $ | 636,089,357 | $ | — | $ | — | $ | 636,089,357 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Unfunded Commitments | $ | — | $ | 292,561 | $ | — | $ | 292,561 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
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Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Machinery — General Industrial | 4.3 | % | ||
Computer Services | 3.1 | |||
Internet Content — Information/News | 3.1 | |||
E — Commerce/Services | 3.0 | |||
Chemicals — Diversified | 2.4 | |||
Registered Investment Companies | 2.1 | |||
Steel — Producers | 1.9 | |||
Industrial Automated/Robotic | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Real Estate Operations & Development | 1.7 | |||
Electronic Components — Misc. | 1.6 | |||
Electronic Parts Distribution | 1.5 | |||
Real Estate Investment Trusts | 1.5 | |||
Chemicals — Specialty | 1.4 | |||
Retail — Building Products | 1.4 | |||
Retail — Drug Store | 1.4 | |||
Computers — Integrated Systems | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Repurchase Agreements | 1.3 | |||
Building — Residential/Commercial | 1.3 | |||
Commercial Services | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Building & Construction Products — Misc. | 1.2 | |||
Electronic Measurement Instruments | 1.2 | |||
Entertainment Software | 1.2 | |||
Energy — Alternate Sources | 1.2 | |||
Internet Gambling | 1.2 | |||
Computer Software | 1.1 | |||
Veterinary Products | 1.1 | |||
E — Services/Consulting | 1.0 | |||
Medical Labs & Testing Services | 1.0 | |||
Building — Heavy Construction | 1.0 | |||
Hotels/Motels | 1.0 | |||
Recycling | 0.9 | |||
Gambling (Non — Hotel) | 0.9 | |||
Transport — Services | 0.9 | |||
Electronic Components — Semiconductors | 0.9 | |||
Containers — Paper/Plastic | 0.9 | |||
Circuit Boards | 0.9 | |||
Internet Brokers | 0.9 | |||
Machinery — Electrical | 0.9 | |||
Gold Mining | 0.8 | |||
Motorcycle/Motor Scooter | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Banks — Commercial | 0.8 | |||
Machinery — Construction & Mining | 0.8 | |||
Chemicals — Plastics | 0.8 | |||
Medical — Drugs | 0.8 | |||
Airport Development/Maintenance | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Athletic Footwear | 0.7 | |||
Retail — Auto Parts | 0.7 | |||
Airlines | 0.7 | |||
Electric — Generation | 0.7 | |||
Medical Products | 0.7 | |||
Food — Misc./Diversified | 0.6 | |||
Computers — Periphery Equipment | 0.6 | |||
Food — Retail | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Finance — Other Services | 0.6 | |||
Schools | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Casino Hotels | 0.6 | |||
Brewery | 0.6 | |||
Machinery — Material Handling | 0.6 | |||
Advertising Services | 0.6 | |||
Bicycle Manufacturing | 0.6 | |||
Engineering/R&D Services | 0.6 |
Coatings/Paint | 0.5 | |||
Agricultural Operations | 0.5 | |||
Mining Services | 0.5 | |||
Building Products — Cement | 0.5 | |||
Banks — Regional | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
E — Commerce/Products | 0.4 | |||
Athletic Equipment | 0.4 | |||
Gas — Distribution | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Machinery — Pumps | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Food — Confectionery | 0.4 | |||
Retail — Misc./Diversified | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Medical Instruments | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Theaters | 0.4 | |||
Food — Meat Products | 0.4 | |||
Transport — Truck | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Retail — Discount | 0.3 | |||
Insurance Brokers | 0.3 | |||
Applications Software | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Fisheries | 0.3 | |||
Internet Financial Services | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Human Resources | 0.3 | |||
Food — Flour & Grain | 0.3 | |||
Real Estate Management/Services | 0.2 | |||
Insurance — Multi — line | 0.2 | |||
Finance — Commercial | 0.2 | |||
Travel Services | 0.2 | |||
Motion Pictures & Services | 0.2 | |||
Leisure Products | 0.2 | |||
Audio/Video Products | 0.2 | |||
Home Furnishings | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Appliances | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Retail — Automobile | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Home Decoration Products | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Disposable Medical Products | 0.2 | |||
E — Marketing/Info | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Food — Catering | 0.2 | |||
Tobacco | 0.2 | |||
Retail — Propane Distribution | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Electronic Connectors | 0.2 | |||
Electric — Integrated | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Textile — Products | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Computer Aided Design | 0.1 | |||
Security Services | 0.1 | |||
Computers | 0.1 | |||
Diversified Operations | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Consulting Services | 0.1 |
143 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Publishing — Periodicals | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Diversified Minerals | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Metal — Iron | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Paper & Related Products | 0.1 | |||
Explosives | 0.1 | |||
Non — Hazardous Waste Disposal | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Electric — Distribution | 0.1 | |||
Transport — Rail | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Medical — HMO | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Transport — Marine | 0.1 | |||
Television | 0.1 | |||
101.7 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
Japan | 21.9 | % | ||
United Kingdom | 15.0 | |||
Germany | 9.3 | |||
Canada | 5.7 | |||
Australia | 5.1 | |||
South Korea | 4.8 | |||
Brazil | 3.7 | |||
United States | 3.5 | |||
Netherlands | 2.9 | |||
Ireland | 2.5 | |||
Cayman Islands | 2.4 | |||
Sweden | 2.3 | |||
Italy | 1.9 | |||
France | 1.8 | |||
Taiwan | 1.7 | |||
Bermuda | 1.5 | |||
Switzerland | 1.4 | |||
Luxembourg | 1.3 | |||
Spain | 1.2 | |||
Mexico | 1.0 | |||
India | 1.0 | |||
Norway | 0.8 | |||
Finland | 0.8 | |||
Belgium | 0.8 | |||
Denmark | 0.8 | |||
South Africa | 0.7 | |||
Singapore | 0.7 | |||
Gibraltar | 0.6 | |||
British Virgin Islands | 0.5 | |||
Indonesia | 0.5 | |||
Cyprus | 0.5 | |||
Austria | 0.4 | |||
Russia | 0.4 | |||
Philippines | 0.3 | |||
Faroe Islands | 0.3 | |||
Hong Kong | 0.3 | |||
New Zealand | 0.2 | |||
Curacao | 0.2 | |||
Greece | 0.2 | |||
Mauritius | 0.2 | |||
China | 0.1 | |||
Jersey | 0.1 | |||
Chile | 0.1 | |||
Papua New Guinea | 0.1 | |||
Thailand | 0.1 | |||
Portugal | 0.1 | |||
101.7 | % | |||
* | Calculated as a percentage of net assets |
144 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Australia — 5.1% |
| |||||||
Ansell, Ltd. | 40,534 | $ | 1,290,528 | |||||
ASX, Ltd. | 12,868 | 756,495 | ||||||
AUB Group, Ltd. | 97,942 | 1,464,013 | ||||||
Bapcor, Ltd. | 855,603 | 5,395,400 | ||||||
Bingo Industries, Ltd. | 192,022 | 507,742 | ||||||
Deterra Royalties, Ltd. | 104,118 | 337,111 | ||||||
Domain Holdings Australia, Ltd.† | 1,071,528 | 4,064,122 | ||||||
HUB24, Ltd. | 216,375 | 4,475,338 | ||||||
Iluka Resources, Ltd. | 104,118 | 619,642 | ||||||
IPH, Ltd. | 265,688 | 1,415,299 | ||||||
Omni Bridgeway, Ltd. | 185,160 | 568,105 | ||||||
Orica, Ltd.# | 49,132 | 513,597 | ||||||
PointsBet Holdings, Ltd.† | 370,580 | 3,653,849 | ||||||
Ramsay Health Care, Ltd.# | 13,950 | 682,882 | ||||||
Ridley Corp., Ltd.† | 829,317 | 767,185 | ||||||
SEEK, Ltd. | 25,915 | 610,524 | ||||||
Sonic Healthcare, Ltd. | 18,898 | 506,837 | ||||||
Star Entertainment Group, Ltd.† | 1,371,725 | 4,272,150 | ||||||
Steadfast Group, Ltd. | 280,452 | 869,126 | ||||||
Tabcorp Holdings, Ltd. | 225,162 | 886,980 | ||||||
Webjet, Ltd.†# | 101,194 | 394,733 | ||||||
Westgold Resources, Ltd.† | 1,302,541 | 2,289,414 | ||||||
WiseTech Global, Ltd. | 36,394 | 792,025 | ||||||
37,133,097 | ||||||||
Austria — 0.4% |
| |||||||
Mayr-Melnhof Karton AG | 5,446 | 1,091,800 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe# | 63,123 | 1,781,979 | ||||||
2,873,779 | ||||||||
Belgium — 0.8% |
| |||||||
Barco NV# | 175,106 | 4,872,823 | ||||||
Melexis NV | 6,994 | 728,362 | ||||||
5,601,185 | ||||||||
Bermuda — 1.5% |
| |||||||
Cafe de Coral Holdings, Ltd. | 632,000 | 1,363,203 | ||||||
China Resources Gas Group, Ltd. | 272,000 | 1,698,051 | ||||||
Dairy Farm International Holdings, Ltd. | 248,300 | 1,082,588 | ||||||
Esprit Holdings, Ltd.† | 236,250 | 25,266 | ||||||
Geopark, Ltd.# | 223,380 | 3,326,128 | ||||||
Hiscox, Ltd.† | 79,526 | 885,043 | ||||||
Midland Holdings, Ltd.†# | 1,646,000 | 248,144 | ||||||
Peace Mark Holdings, Ltd.†(1) | 686,000 | 0 | ||||||
Shangri-La Asia, Ltd.† | 1,166,000 | 1,087,740 | ||||||
VTech Holdings, Ltd. | 149,349 | 1,542,388 | ||||||
11,258,551 | ||||||||
Brazil — 3.7% |
| |||||||
Anima Holding SA† | 290,643 | 702,669 | ||||||
Azul SA (Preference Shares)† | 633,135 | 5,223,786 | ||||||
Banco Inter SA | 265,845 | 3,485,463 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 19,500 | 146,408 | ||||||
Energisa SA | 52,600 | 469,007 | ||||||
Equatorial Energia SA | 66,800 | 316,972 | ||||||
Fleury SA | 68,503 | 347,924 | ||||||
Gerdau SA (Preference Shares) | 107,200 | 677,135 | ||||||
Hapvida Participacoes e Investimentos SA* | 139,600 | 428,574 | ||||||
Hypera SA | 91,522 | 639,216 | ||||||
JBS SA | 62,518 | 362,870 | ||||||
Localiza Rent a Car SA | 17,700 | 212,772 | ||||||
Locaweb Servicos de Internet SA* | 1,100,840 | 5,525,639 | ||||||
Lojas Renner SA | 77,543 | 696,320 | ||||||
Magazine Luiza SA | 76,900 | 297,466 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 208,814 | 1,028,104 | ||||||
Rumo SA† | 110,806 | 439,465 |
Security Description | Shares | Value (Note 2) | ||||||
Brazil (continued) |
| |||||||
Sendas Distribuidora SA | 31,600 | $ | 542,361 | |||||
SLC Agricola SA | 378,148 | 3,845,548 | ||||||
Suzano SA† | 45,200 | 526,699 | ||||||
TOTVS SA | 77,300 | 511,260 | ||||||
Transmissora Alianca de Energia Eletrica SA | 44,621 | 331,252 | ||||||
26,756,910 | ||||||||
British Virgin Islands — 0.5% |
| |||||||
Despegar.com Corp.† | 261,407 | 3,821,770 | ||||||
Canada — 5.7% |
| |||||||
Agnico Eagle Mines, Ltd. | 25,065 | 1,774,188 | ||||||
Aritzia, Inc.† | 335,991 | 8,201,957 | ||||||
ATS Automation Tooling Systems, Inc.† | 297,572 | 7,330,609 | ||||||
Capital Power Corp. | 154,149 | 4,905,002 | ||||||
Dollarama, Inc. | 33,470 | 1,454,555 | ||||||
Enerplus Corp.# | 925,415 | 6,243,229 | ||||||
Granite Real Estate Investment Trust | 80,935 | 5,451,497 | ||||||
Major Drilling Group International, Inc.† | 251,632 | 2,205,855 | ||||||
TMX Group, Ltd.# | 14,679 | 1,612,193 | ||||||
Vermilion Energy, Inc.†# | 248,410 | 1,924,687 | ||||||
41,103,772 | ||||||||
Cayman Islands — 2.4% |
| |||||||
51job, Inc. ADR† | 19,462 | 1,395,036 | ||||||
ASM Pacific Technology, Ltd. | 86,900 | 1,149,948 | ||||||
Burning Rock Biotech, Ltd. ADR†# | 13,409 | 362,982 | ||||||
China Literature, Ltd.†#* | 89,400 | 938,822 | ||||||
Endeavour Mining Corp. | 95,508 | 2,305,379 | ||||||
ESR Cayman, Ltd.†* | 263,200 | 832,579 | ||||||
Haitian International Holdings, Ltd. | 432,000 | 1,508,485 | ||||||
iClick Interactive Asia Group, Ltd. ADR†# | 35,291 | 401,259 | ||||||
Niu Technologies ADR†# | 155,222 | 5,171,997 | ||||||
Pacific Textiles Holdings, Ltd. | 1,515,000 | 991,663 | ||||||
Shenguan Holdings Group, Ltd. | 502,000 | 32,988 | ||||||
Silicon Motion Technology Corp. ADR | 19,091 | 1,259,433 | ||||||
Tingyi Cayman Islands Holding Corp. | 664,000 | 1,261,111 | ||||||
17,611,682 | ||||||||
Chile — 0.1% |
| |||||||
Aguas Andinas SA, Class A | 1,088,565 | 207,781 | ||||||
Banco Santander Chile | 6,423,960 | 354,227 | ||||||
Compania Cervecerias Unidas SA ADR | 17,459 | 313,564 | ||||||
875,572 | ||||||||
China — 0.1% |
| |||||||
Yunnan Baiyao Group Co., Ltd., Class A | 36,400 | 718,199 | ||||||
Zhejiang Supor Co., Ltd., Class A | 32,200 | 358,132 | ||||||
1,076,331 | ||||||||
Colombia — 0.0% |
| |||||||
Bancolombia SA ADR | 7,555 | 226,801 | ||||||
Curacao — 0.2% |
| |||||||
Hunter Douglas NV† | 13,134 | 1,329,349 | ||||||
Cyprus — 0.5% |
| |||||||
HeadHunter Group PLC ADR† | 84,081 | 3,461,615 | ||||||
Denmark — 0.8% |
| |||||||
Carlsberg A/S, Class B | 5,398 | 987,860 | ||||||
Demant A/S† | 11,071 | 605,635 | ||||||
Dfds A/S† | 6,113 | 365,886 | ||||||
Jyske Bank A/S† | 11,212 | 572,716 | ||||||
Royal Unibrew A/S | 20,585 | 2,658,612 | ||||||
SimCorp A/S | 2,346 | 317,919 | ||||||
5,508,628 | ||||||||
145 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Faroe Islands — 0.3% |
| |||||||
Bakkafrost P/F# | 24,496 | $ | 2,155,812 | |||||
Finland — 0.8% |
| |||||||
Tikkurila Oyj† | 5,693 | 235,345 | ||||||
Valmet Oyj | 130,888 | 5,621,511 | ||||||
5,856,856 | ||||||||
France — 1.8% |
| |||||||
Alten SA | 10,167 | 1,258,412 | ||||||
Cie Plastic Omnium SA | 12,647 | 432,443 | ||||||
Legrand SA | 24,428 | 2,551,106 | ||||||
LISI | 24,668 | 873,864 | ||||||
SEB SA | 6,603 | 1,226,324 | ||||||
SOITEC† | 21,684 | 4,410,617 | ||||||
Somfy SA | 4,360 | 752,859 | ||||||
Verallia SA* | 7,133 | 285,827 | ||||||
Virbac SA† | 3,573 | 1,163,344 | ||||||
12,954,796 | ||||||||
Germany — 9.3% |
| |||||||
Amadeus Fire AG | 6,738 | 1,250,574 | ||||||
CANCOM SE | 17,279 | 1,021,094 | ||||||
CTS Eventim AG & Co. KGaA† | 37,667 | 2,580,517 | ||||||
Deutsche Wohnen SE | 12,656 | 805,621 | ||||||
Duerr AG | 216,181 | 8,873,512 | ||||||
Evotec SE† | 111,733 | 4,933,713 | ||||||
flatexDEGIRO AG† | 49,220 | 6,170,191 | ||||||
GEA Group AG | 59,345 | 2,595,849 | ||||||
Gerresheimer AG | 19,720 | 2,176,303 | ||||||
Hella GmbH & Co. KGaA† | 4,856 | 334,573 | ||||||
K+S AG† | 319,885 | 4,427,450 | ||||||
LEG Immobilien SE | 32,669 | 4,776,601 | ||||||
MTU Aero Engines AG | 1,573 | 404,739 | ||||||
Northern Data AG† | 26,931 | 3,034,509 | ||||||
Rational AG | 108 | 96,800 | ||||||
Salzgitter AG† | 249,402 | 8,126,439 | ||||||
Scout24 AG* | 18,320 | 1,483,844 | ||||||
Steico SE | 26,480 | 3,009,524 | ||||||
STRATEC SE | 15,821 | 2,276,564 | ||||||
Symrise AG | 32,784 | 4,337,661 | ||||||
TAG Immobilien AG | 146,028 | 4,601,427 | ||||||
67,317,505 | ||||||||
Gibraltar — 0.6% |
| |||||||
888 Holdings PLC | 704,586 | 4,003,653 | ||||||
Greece — 0.2% |
| |||||||
Hellenic Telecommunications Organization SA | 73,124 | 1,320,623 | ||||||
Hong Kong — 0.3% |
| |||||||
China Resources Beer Holdings Co., Ltd. | 62,000 | 556,417 | ||||||
Techtronic Industries Co., Ltd. | 75,000 | 1,384,827 | ||||||
1,941,244 | ||||||||
India — 1.0% |
| |||||||
Bharat Heavy Electricals, Ltd.† | 564,275 | 554,597 | ||||||
CESC, Ltd. | 120,851 | 1,142,573 | ||||||
Dabur India, Ltd. | 70,284 | 525,851 | ||||||
Embassy Office Parks REIT | 131,400 | 589,502 | ||||||
Hero MotoCorp, Ltd. | 23,020 | 953,943 | ||||||
Mahindra & Mahindra, Ltd. | 134,677 | 1,504,003 | ||||||
MOIL, Ltd. | 237,782 | 596,404 | ||||||
Shriram Transport Finance Co., Ltd. | 84,120 | 1,655,344 | ||||||
Spencer’s Retail, Ltd.† | 28,245 | 28,774 | ||||||
7,550,991 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Indonesia — 0.5% |
| |||||||
Indocement Tunggal Prakarsa Tbk PT | 996,900 | $ | 844,416 | |||||
Kalbe Farma Tbk PT | 13,037,000 | 1,323,322 | ||||||
United Tractors Tbk PT | 863,600 | 1,363,261 | ||||||
3,530,999 | ||||||||
Ireland — 2.5% |
| |||||||
Dalata Hotel Group PLC† | 941,038 | 5,060,689 | ||||||
DCC PLC | 17,098 | 1,452,966 | ||||||
Flutter Entertainment PLC† | 12,869 | 2,412,548 | ||||||
Grafton Group PLC | 411,290 | 6,864,104 | ||||||
Greencore Group PLC† | 48,237 | 96,454 | ||||||
Hibernia REIT PLC | 175,229 | 258,129 | ||||||
ICON PLC†# | 1,752 | 392,028 | ||||||
Kerry Group PLC, Class A | 8,423 | 1,136,020 | ||||||
Kingspan Group PLC | 3,186 | 298,614 | ||||||
17,971,552 | ||||||||
Italy — 1.9% |
| |||||||
Carel Industries SpA†* | 6,953 | 199,252 | ||||||
Cembre SpA | 22,086 | 630,227 | ||||||
Cerved Group SpA† | 157,180 | 1,884,146 | ||||||
Enav SpA†* | 187,052 | 903,278 | ||||||
FinecoBank Banca Fineco SpA† | 39,370 | 659,414 | ||||||
Infrastrutture Wireless Italiane SpA* | 50,894 | 568,246 | ||||||
Italgas SpA | 242,029 | 1,597,900 | ||||||
Reply SpA | 46,283 | 7,416,189 | ||||||
13,858,652 | ||||||||
Japan — 21.9% |
| |||||||
ABC-Mart, Inc. | 7,400 | 421,086 | ||||||
Aeon Delight Co., Ltd. | 11,500 | 346,042 | ||||||
AEON Financial Service Co., Ltd. | 97,200 | 1,126,559 | ||||||
Air Water, Inc. | 30,300 | 505,391 | ||||||
Amano Corp. | 9,441 | 246,265 | ||||||
Argo Graphics, Inc. | 26,200 | 713,711 | ||||||
Ariake Japan Co., Ltd. | 5,300 | 307,862 | ||||||
As One Corp. | 6,900 | 784,641 | ||||||
Asante, Inc. | 6,500 | 106,050 | ||||||
Asics Corp. | 226,200 | 5,406,064 | ||||||
Azbil Corp. | 31,900 | 1,273,560 | ||||||
Bandai Namco Holdings, Inc. | 4,100 | 292,694 | ||||||
Bank of Kyoto, Ltd.# | 12,900 | 633,050 | ||||||
BML, Inc.† | 22,900 | 778,727 | ||||||
Capcom Co., Ltd. | 167,700 | 5,496,609 | ||||||
Central Automotive Products, Ltd. | 2,000 | 53,298 | ||||||
Chiba Bank, Ltd. | 98,300 | 622,905 | ||||||
CKD Corp. | 237,600 | 5,637,416 | ||||||
Comture Corp. | 25,800 | 536,976 | ||||||
Cosmos Pharmaceutical Corp.# | 2,400 | 332,790 | ||||||
Daikyonishikawa Corp. | 12,887 | 89,054 | ||||||
Daiseki Co., Ltd. | 73,200 | 2,762,453 | ||||||
Daito Pharmaceutical Co., Ltd.# | 19,500 | 582,328 | ||||||
Daiwa Securities Group, Inc. | 398,600 | 2,285,595 | ||||||
Demae-Can Co., Ltd†# | 23,500 | 388,332 | ||||||
DeNA Co., Ltd. | 13,200 | 263,676 | ||||||
Doshisha Co., Ltd. | 5,300 | 80,247 | ||||||
Eiken Chemical Co., Ltd. | 29,100 | 568,037 | ||||||
EPS Holdings, Inc. | 39,400 | 644,978 | ||||||
Ezaki Glico Co., Ltd. | 17,400 | 662,193 | ||||||
Fuji Seal International, Inc. | 64,300 | 1,386,868 | ||||||
Fuji Soft, Inc. | 13,200 | 658,588 | ||||||
Fujitec Co., Ltd. | 55,800 | 1,223,348 | ||||||
Fujitsu General, Ltd. | 9,500 | 232,754 | ||||||
Fukuda Denshi Co., Ltd. | 9,700 | 756,853 | ||||||
Fukui Computer Holdings, Inc. | 8,000 | 314,654 | ||||||
Fukushima Galilei Co., Ltd. | 23,600 | 906,742 |
146 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
FULLCAST Holdings Co., Ltd. | 24,800 | $ | 464,908 | |||||
GungHo Online Entertainment, Inc. | 12,700 | 236,344 | ||||||
Hamakyorex Co., Ltd. | 4,500 | 124,141 | ||||||
Heian Ceremony Service Co., Ltd.# | 14,200 | 112,995 | ||||||
Hirose Electric Co., Ltd. | 3,400 | 482,597 | ||||||
Hogy Medical Co., Ltd. | 3,300 | 98,998 | ||||||
Insource Co., Ltd. | 184,500 | 3,601,475 | ||||||
Iriso Electronics Co., Ltd. | 8,500 | 357,923 | ||||||
Iwatani Corp. | 19,200 | 1,129,258 | ||||||
JAFCO Group Co., Ltd. | 2,700 | 195,184 | ||||||
Japan Elevator Service Holdings Co., Ltd. | 203,200 | 4,247,710 | ||||||
Japan Exchange Group, Inc. | 5,400 | 124,387 | ||||||
Japan Pure Chemical Co., Ltd. | 1,700 | 44,406 | ||||||
JCU Corp. | 26,800 | 871,088 | ||||||
Jeol, Ltd. | 10,800 | 552,611 | ||||||
JGC Holdings Corp. | 9,860 | 93,721 | ||||||
JM Holdings Co., Ltd. | 9,700 | 182,281 | ||||||
Kakaku.com, Inc. | 11,200 | 340,074 | ||||||
Kansai Paint Co., Ltd. | 40,300 | 1,084,231 | ||||||
Katitas Co., Ltd. | 82,200 | 2,286,348 | ||||||
Kato Sangyo Co., Ltd. | 22,700 | 679,956 | ||||||
Kawai Musical Instruments Manufacturing Co., Ltd.† | 4,700 | 161,966 | ||||||
KH Neochem Co., Ltd. | 15,600 | 398,540 | ||||||
Kikkoman Corp.# | 4,800 | 310,721 | ||||||
Kintetsu World Express, Inc. | 10,700 | 241,599 | ||||||
Kitanotatsujin Corp. | 43,900 | 190,253 | ||||||
Kobayashi Pharmaceutical Co., Ltd.# | 10,600 | 938,062 | ||||||
Koito Manufacturing Co., Ltd. | 24,900 | 1,611,863 | ||||||
Konami Holdings Corp. | 6,200 | 396,267 | ||||||
Kureha Corp. | 5,900 | 342,177 | ||||||
Lion Corp. | 42,000 | 733,045 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 86,700 | 3,729,754 | ||||||
Medipal Holdings Corp. | 29,300 | 558,603 | ||||||
Meitec Corp. | 14,600 | 812,182 | ||||||
METAWATER Co., Ltd. | 33,000 | 605,709 | ||||||
Milbon Co., Ltd. | 1,700 | 96,426 | ||||||
MISUMI Group, Inc. | 8,800 | 282,023 | ||||||
Mitsubishi Pencil Co., Ltd. | 9,000 | 117,749 | ||||||
Monex Group, Inc. | 424,100 | 3,150,777 | ||||||
MonotaRO Co., Ltd. | 30,400 | 703,572 | ||||||
Morinaga & Co., Ltd. | 28,200 | 867,811 | ||||||
Nabtesco Corp.# | 31,600 | 1,444,275 | ||||||
Nakanishi, Inc. | 88,300 | 1,849,046 | ||||||
NGK Spark Plug Co., Ltd. | 32,600 | 511,698 | ||||||
Nifco, Inc. | 129,500 | 4,403,719 | ||||||
Nihon Kohden Corp. | 20,200 | 570,128 | ||||||
Nihon Parkerizing Co., Ltd. | 40,800 | 405,641 | ||||||
Nippo Corp. | 16,000 | 413,274 | ||||||
Nippon Television Holdings, Inc. | 29,700 | 353,420 | ||||||
Nissei ASB Machine Co., Ltd. | 5,700 | 274,530 | ||||||
Nitto Denko Corp. | 5,400 | 417,408 | ||||||
NOF Corp. | 12,500 | 645,286 | ||||||
Nohmi Bosai, Ltd. | 26,200 | 489,722 | ||||||
Nomura Research Institute, Ltd. | 93,500 | 2,970,956 | ||||||
NS Solutions Corp. | 94,600 | 2,751,828 | ||||||
Obara Group, Inc. | 4,900 | 169,973 | ||||||
OBIC Business Consultants Co., Ltd. | 3,600 | 196,331 | ||||||
OBIC Co., Ltd. | 32,500 | 6,071,835 | ||||||
Omron Corp. | 8,100 | 635,699 | ||||||
Oracle Corp. Japan† | 9,800 | 889,571 | ||||||
PALTAC Corp. | 10,600 | 557,819 | ||||||
Park24 Co., Ltd.† | 14,000 | 291,383 | ||||||
PCA Corp. | 16,900 | 647,011 | ||||||
Proto Corp. | 44,100 | 466,958 | ||||||
Rakuten Group, Inc. | 4,700 | 53,703 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Rinnai Corp. | 3,500 | $ | 339,691 | |||||
Ryohin Keikaku Co., Ltd. | 46,500 | 880,170 | ||||||
S Foods, Inc. | 32,700 | 957,168 | ||||||
Sagami Rubber Industries Co., Ltd. | 10,100 | 96,370 | ||||||
San-A Co, Ltd. | 3,400 | 131,406 | ||||||
San-Ai Oil Co., Ltd. | 94,000 | 1,009,878 | ||||||
Sankyu, Inc. | 24,200 | 1,045,468 | ||||||
Santen Pharmaceutical Co., Ltd. | 79,100 | 1,053,610 | ||||||
SCSK Corp. | 11,100 | 641,735 | ||||||
Seino Holdings Co., Ltd. | 143,900 | 2,017,626 | ||||||
Senko Group Holdings Co., Ltd. | 25,300 | 231,958 | ||||||
Seria Co., Ltd. | 7,100 | 257,277 | ||||||
SG Holdings Co., Ltd. | 129,100 | 2,875,027 | ||||||
Shima Seiki Manufacturing, Ltd. | 7,400 | 142,698 | ||||||
Shimadzu Corp. | 24,200 | 844,967 | ||||||
Shimamura Co., Ltd. | 2,200 | 208,713 | ||||||
Shizuoka Bank, Ltd.# | 39,800 | 314,168 | ||||||
SK Kaken Co., Ltd.# | 4,800 | 1,739,336 | ||||||
SMS Co., Ltd. | 114,400 | 3,047,611 | ||||||
Sohgo Security Services Co., Ltd. | 22,000 | 1,003,505 | ||||||
Stanley Electric Co., Ltd. | 33,900 | 1,006,182 | ||||||
Sugi Holdings Co., Ltd. | 9,000 | 706,332 | ||||||
Sundrug Co., Ltd. | 32,900 | 1,099,313 | ||||||
Suzuken Co., Ltd. | 13,200 | 415,824 | ||||||
T Hasegawa Co., Ltd. | 120,300 | 2,307,753 | ||||||
Taisei Lamick Co, Ltd. | 8,600 | 215,010 | ||||||
Taiyo Yuden Co., Ltd. | 91,800 | 4,404,662 | ||||||
Takasago International Corp. | 6,200 | 152,241 | ||||||
Takuma Co., Ltd. | 22,200 | 375,946 | ||||||
TechnoPro Holdings, Inc. | 53,100 | 3,799,936 | ||||||
Temairazu, Inc. | 8,100 | 483,043 | ||||||
Terumo Corp. | 20,100 | 771,718 | ||||||
THK Co., Ltd. | 158,000 | 5,121,136 | ||||||
Toei Co., Ltd. | 3,000 | 620,021 | ||||||
Toho Co., Ltd. | 23,400 | 966,167 | ||||||
Tokyo Seimitsu Co., Ltd. | 84,700 | 4,195,093 | ||||||
Toshiba TEC Corp. | 8,200 | 316,174 | ||||||
TOTO, Ltd. | 5,400 | 290,071 | ||||||
Toyo Seikan Group Holdings, Ltd. | 54,800 | 748,395 | ||||||
Trancom Co., Ltd. | 3,700 | 283,307 | ||||||
Tsugami Corp. | 270,500 | 4,122,702 | ||||||
Unicharm Corp. | 34,200 | 1,346,079 | ||||||
USS Co., Ltd. | 77,800 | 1,355,754 | ||||||
Yamato Holdings Co., Ltd. | 73,000 | 2,000,546 | ||||||
Zojirushi Corp. | 6,700 | 101,871 | ||||||
ZOZO, Inc. | 51,700 | 1,743,966 | ||||||
Zuken, Inc. | 21,700 | 622,343 | ||||||
158,879,312 | ||||||||
Jersey — 0.1% |
| |||||||
Breedon Group PLC† | 676,336 | 1,036,608 | ||||||
Luxembourg — 1.3% |
| |||||||
Allegro.eu SA†* | 12,674 | 198,771 | ||||||
B&M European Value Retail SA | 40,182 | 328,460 | ||||||
Befesa SA* | 43,248 | 3,127,409 | ||||||
Eurofins Scientific SE† | 1,404 | 151,128 | ||||||
Globant SA† | 1,717 | 374,083 | ||||||
Ternium SA ADR | 140,887 | 5,157,873 | ||||||
9,337,724 | ||||||||
Mauritius — 0.2% |
| |||||||
MakeMyTrip, Ltd.†# | 41,756 | 1,148,290 | ||||||
147 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Mexico — 1.0% |
| |||||||
Bolsa Mexicana de Valores SAB de CV | 130,900 | $ | 289,823 | |||||
Concentradora Fibra Danhos SA de CV | 79,761 | 95,266 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 96,017 | 197,308 | ||||||
Genomma Lab Internacional SAB de CV, Class B† | 460,230 | 481,303 | ||||||
Gruma SAB de CV, Class B | 32,872 | 358,129 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV† | 609,123 | 3,904,344 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 20,639 | 223,798 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ADR† | 1,393 | 246,046 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 89,120 | 659,966 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O† | 107,867 | 109,882 | ||||||
Orbia Advance Corp SAB de CV | 210,956 | 600,946 | ||||||
Prologis Property Mexico SA de CV | 95,302 | 224,834 | ||||||
Telesites SAB de CV†# | 232,100 | 231,074 | ||||||
7,622,719 | ||||||||
Netherlands — 2.9% |
| |||||||
Aalberts NV | 17,843 | 1,005,467 | ||||||
ASM International NV | 6,625 | 2,077,882 | ||||||
Euronext NV* | 9,254 | 990,240 | ||||||
Fastned BV CVA†# | 30,419 | 2,366,625 | ||||||
IMCD NV | 43,233 | 6,974,918 | ||||||
Just Eat Takeaway.com NV (Euronext)†#* | 34,207 | 3,096,826 | ||||||
Just Eat Takeaway.com NV (LSE)†#* | 2,972 | 268,711 | ||||||
Shop Apotheke Europe NV†* | 18,334 | 3,418,445 | ||||||
Wolters Kluwer NV | 8,219 | 786,177 | ||||||
20,985,291 | ||||||||
New Zealand — 0.2% |
| |||||||
Auckland International Airport, Ltd.† | 108,291 | 571,871 | ||||||
Freightways, Ltd. | 72,939 | 623,477 | ||||||
Mainfreight, Ltd. | 10,237 | 562,702 | ||||||
1,758,050 | ||||||||
Norway — 0.8% |
| |||||||
Scatec ASA#* | 72,660 | 1,944,435 | ||||||
TOMRA Systems ASA | 76,832 | 3,933,931 | ||||||
5,878,366 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 262,741 | 737,271 | ||||||
Peru — 0.0% |
| |||||||
Cia de Minas Buenaventura SAA ADR† | 15,757 | 181,521 | ||||||
Philippines — 0.3% |
| |||||||
Metropolitan Bank & Trust Co. | 1,062,772 | 1,067,275 | ||||||
Universal Robina Corp. | 478,040 | 1,390,189 | ||||||
2,457,464 | ||||||||
Portugal — 0.1% |
| |||||||
Galp Energia SGPS SA | 16,069 | 199,480 | ||||||
NOS SGPS SA | 107,716 | 384,080 | ||||||
583,560 | ||||||||
Russia — 0.4% |
| |||||||
Detsky Mir PJSC† | 1,084,901 | 2,251,592 | ||||||
Moscow Exchange MICEX-RTS PJSC | 256,220 | 587,815 | ||||||
2,839,407 | ||||||||
Singapore — 0.7% |
| |||||||
Ascendas India Trust | 490,200 | 515,220 | ||||||
City Developments, Ltd. | 113,700 | 659,417 | ||||||
Mapletree Commercial Trust | 796,900 | 1,265,399 | ||||||
Singapore Technologies Engineering, Ltd. | 483,300 | 1,414,269 | ||||||
Venture Corp., Ltd. | 106,563 | 1,532,573 | ||||||
5,386,878 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
South Africa — 0.7% |
| |||||||
AVI, Ltd. | 168,022 | $ | 893,679 | |||||
Transaction Capital, Ltd. | 1,717,461 | 4,549,986 | ||||||
5,443,665 | ||||||||
South Korea — 4.8% |
| |||||||
Amorepacific Corp. | 6,686 | 1,720,507 | ||||||
Doosan Bobcat, Inc.† | 29,427 | 1,353,542 | ||||||
Doosan Fuel Cell Co., Ltd.† | 84,225 | 3,319,007 | ||||||
Douzone Bizon Co., Ltd. | 47,508 | 3,522,740 | ||||||
LEENO Industrial, Inc. | 31,968 | 4,683,557 | ||||||
LG Innotek Co., Ltd. | 31,454 | 5,767,366 | ||||||
LS Electric Co., Ltd. | 24,963 | 1,271,316 | ||||||
NHN KCP Corp.† | 67,740 | 3,048,998 | ||||||
OCI Co., Ltd.† | 58,609 | 6,673,848 | ||||||
Orion Corp. | 12,919 | 1,384,220 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 7,823 | 1,483,515 | ||||||
TK Corp. | 32,338 | 313,145 | ||||||
34,541,761 | ||||||||
Spain — 1.2% |
| |||||||
Amadeus IT Group SA† | 29,064 | 2,188,194 | ||||||
Cellnex Telecom SA* | 94,566 | 5,659,831 | ||||||
Viscofan SA | 15,481 | 1,092,110 | ||||||
8,940,135 | ||||||||
Sweden — 2.3% |
| |||||||
Essity AB, Class B | 35,220 | 1,214,695 | ||||||
Karnov Group AB | 48,965 | 304,257 | ||||||
LeoVegas AB* | 829,839 | 4,297,017 | ||||||
MIPS AB | 40,223 | 3,298,575 | ||||||
Saab AB, Series B | 23,076 | 666,647 | ||||||
Swedish Match AB | 131,259 | 1,215,515 | ||||||
Thule Group AB* | 29,757 | 1,397,522 | ||||||
Tobii AB† | 592,573 | 4,556,250 | ||||||
16,950,478 | ||||||||
Switzerland — 1.4% |
| |||||||
DKSH Holding AG | 1,870 | 152,282 | ||||||
Julius Baer Group, Ltd. | 15,959 | 1,092,912 | ||||||
Kardex Holding AG | 4,241 | 952,398 | ||||||
Partners Group Holding AG | 137 | 208,203 | ||||||
SIG Combibloc Group AG | 86,183 | 2,291,826 | ||||||
Sika AG | 7,196 | 2,314,400 | ||||||
Sonova Holding AG† | 4,980 | 1,770,544 | ||||||
Straumann Holding AG | 44 | 68,849 | ||||||
Temenos AG | 3,396 | 522,708 | ||||||
VAT Group AG* | 3,061 | 939,229 | ||||||
10,313,351 | ||||||||
Taiwan — 1.7% |
| |||||||
Advantech Co., Ltd. | 78,571 | 933,262 | ||||||
Chroma ATE, Inc. | 243,000 | 1,651,214 | ||||||
E.Sun Financial Holding Co., Ltd. | 1,341,186 | 1,235,280 | ||||||
Kindom Development Co., Ltd. | 1,181,000 | 1,596,492 | ||||||
Merida Industry Co., Ltd. | 346,000 | 4,022,458 | ||||||
Tripod Technology Corp. | 331,000 | 1,533,264 | ||||||
Voltronic Power Technology Corp. | 23,675 | 1,054,005 | ||||||
Win Semiconductors Corp. | 27,000 | 317,298 | ||||||
12,343,273 | ||||||||
Thailand — 0.1% |
| |||||||
AEON Thana Sinsap Thailand PCL | 100,200 | 705,408 | ||||||
Turkey — 0.0% |
| |||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 89,359 | 94,306 | ||||||
148 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom — 15.0% |
| |||||||
4imprint Group PLC† | 6,447 | $ | 263,041 | |||||
Abcam PLC† | 20,184 | 405,601 | ||||||
Admiral Group PLC | 8,674 | 361,782 | ||||||
Allfunds Group Plc† | 26,189 | 439,122 | ||||||
Aston Martin Lagonda Global Holdings PLC†* | 147,135 | 4,397,469 | ||||||
Auto Trader Group PLC†* | 162,730 | 1,296,950 | ||||||
Babcock International Group PLC† | 56,799 | 241,094 | ||||||
Bellway PLC | 24,596 | 1,248,916 | ||||||
Big Yellow Group PLC | 42,373 | 786,548 | ||||||
Britvic PLC | 26,709 | 345,875 | ||||||
Bunzl PLC | 31,557 | 1,023,317 | ||||||
Burberry Group PLC† | 23,415 | 709,780 | ||||||
Cairn Energy PLC | 83,143 | 191,856 | ||||||
Coats Group PLC | 218,104 | 204,904 | ||||||
Compass Group PLC† | 53,924 | 1,230,925 | ||||||
ConvaTec Group PLC* | 154,585 | 521,245 | ||||||
Countryside Properties PLC†* | 1,076,346 | 7,828,421 | ||||||
Cranswick PLC | 21,722 | 1,219,508 | ||||||
Croda International PLC | 56,536 | 5,606,688 | ||||||
Dechra Pharmaceuticals PLC | 109,660 | 6,402,372 | ||||||
Electrocomponents PLC | 799,054 | 11,226,379 | ||||||
EMIS Group PLC | 19,934 | 335,512 | ||||||
Essentra PLC | 328,931 | 1,458,758 | ||||||
Forterra PLC†* | 624,405 | 2,596,345 | ||||||
Frontier Developments PLC† | 68,236 | 2,488,714 | ||||||
Future PLC | 253,172 | 10,196,625 | ||||||
GB Group PLC | 358,144 | 4,752,233 | ||||||
Greggs PLC† | 71,504 | 2,527,740 | ||||||
Halma PLC | 27,455 | 1,014,591 | ||||||
Hargreaves Lansdown PLC | 31,387 | 738,075 | ||||||
Helios Towers PLC† | 129,930 | 307,932 | ||||||
Howden Joinery Group PLC | 135,468 | 1,532,228 | ||||||
Ibstock PLC* | 186,334 | 606,616 | ||||||
Intertek Group PLC | 19,946 | 1,536,470 | ||||||
Johnson Service Group PLC† | 63,639 | 153,713 | ||||||
Keywords Studios PLC† | 185,014 | 6,858,137 | ||||||
Marshalls PLC | 37,796 | 394,777 | ||||||
Moneysupermarket.com Group PLC | 222,389 | 852,760 | ||||||
Naked Wines PLC† | 171,124 | 1,959,805 | ||||||
On the Beach Group PLC†* | 278,179 | 1,610,693 | ||||||
PZ Cussons PLC | 14,850 | 53,740 | ||||||
Rathbone Brothers PLC | 42,077 | 1,071,262 | ||||||
Rightmove PLC | 157,254 | 1,345,697 | ||||||
Rotork PLC | 619,594 | 2,968,507 | ||||||
S4 Capital PLC† | 517,418 | 4,082,674 | ||||||
Sage Group PLC | 26,678 | 248,589 | ||||||
Schroders PLC | 33,238 | 1,677,827 | ||||||
Shaftesbury PLC†# | 54,030 | 476,546 | ||||||
Smith & Nephew PLC | 73,127 | 1,598,703 | ||||||
Spirax-Sarco Engineering PLC | 5,149 | 928,015 | ||||||
Tate & Lyle PLC | 17,921 | 194,814 | ||||||
UNITE Group PLC | 122,386 | 1,971,315 | ||||||
Weir Group PLC† | 150,186 | 4,092,221 | ||||||
WM Morrison Supermarkets PLC | 218,353 | 548,015 | ||||||
109,131,442 | ||||||||
United States — 0.1% |
| |||||||
Autoliv, Inc. SDR | 2,959 | 308,580 | ||||||
PerkinElmer, Inc. | 1,001 | 145,215 | ||||||
453,795 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $564,952,468) | 714,851,800 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 15,530,056 | $ | 15,530,056 | |||||
REPURCHASE AGREEMENTS — 1.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $9,148,000 and collateralized by $9,354,500 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $9,331,023 | $ | 9,148,000 | 9,148,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $589,630,524)(4) | 101.7 | % | 739,529,856 | |||||
Liabilities in excess of other assets | (1.7 | ) | (12,565,559 | ) | ||||
NET ASSETS | 100.0 | % | $ | 726,964,297 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $55,362,236 representing 7.6% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $26,253,580. This was secured by collateral of $15,530,056, which was received in cash and subsequently invested in short-term investments currently valued at $15,530,056 as reported in the Portfolio of Investments. Additional collateral of $11,807,340 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 May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 9,873 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 38,366 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 7,328 | |||||
United States Cash Management Bills | zero coupon | 09/21/2021 | 42,908 | |||||
United States Treasury Bills | 0.00% | 06/10/2021 to 08/05/2021 | 1,000,586 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 02/15/2051 | 10,708,279 |
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
Euronext Amsterdam—Euronext Stock Exchange Amsterdam
LSE—London Stock Exchange
SDR—Swedish Depositary Receipt
149 |
Table of Contents
VALIC Company I International Opportunities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
150 |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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: | ||||||||||||||||
Bermuda | $ | 11,258,551 | — | $ | 0 | $ | 11,258,551 | |||||||||
Russia | — | 2,839,407 | — | 2,839,407 | ||||||||||||
Other Countries | 700,753,842 | — | — | 700,753,842 | ||||||||||||
Short Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 15,530,056 | — | — | 15,530,056 | ||||||||||||
Repurchase Agreements | — | 9,148,000 | — | 9,148,000 | ||||||||||||
Total Investments at Value | $ | 727,542,449 | $ | 11,987,407 | $ | 0 | $ | 739,529,856 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Repurchase Agreements | 6.7 | % | ||
Medical — Drugs | 5.6 | |||
Banks — Commercial | 4.1 | |||
Insurance — Life/Health | 3.5 | |||
Telephone — Integrated | 3.0 | |||
Cosmetics & Toiletries | 2.4 | |||
Insurance — Multi-line | 2.4 | |||
Semiconductor Equipment | 2.2 | |||
Auto — Cars/Light Trucks | 2.2 | |||
Diversified Banking Institutions | 1.9 | |||
Chemicals — Specialty | 1.8 | |||
Real Estate Investment Trusts | 1.8 | |||
Commercial Services | 1.3 | |||
Transport — Rail | 1.3 | |||
Power Converter/Supply Equipment | 1.3 | |||
Medical Products | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Real Estate Operations & Development | 1.2 | |||
Import/Export | 1.2 | |||
Finance — Other Services | 1.2 | |||
Industrial Automated/Robotic | 1.1 | |||
Building & Construction Products — Misc. | 1.1 | |||
Oil Companies — Integrated | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Investment Companies | 1.0 | |||
Apparel Manufacturers | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Medical — Biomedical/Gene | 0.9 | |||
Insurance — Reinsurance | 0.9 | |||
Audio/Video Products | 0.9 | |||
Steel — Producers | 0.9 | |||
Machinery — Electrical | 0.8 | |||
Food — Retail | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Soap & Cleaning Preparation | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Cellular Telecom | 0.7 | |||
Transport — Services | 0.7 | |||
Private Equity | 0.7 | |||
Electric — Generation | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Industrial Gases | 0.7 | |||
U.S. Government Treasuries | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Electric — Integrated | 0.6 | |||
Water | 0.6 | |||
Food — Dairy Products | 0.6 | |||
Rubber — Tires | 0.6 | |||
Electric — Distribution | 0.6 | |||
Internet Content — Information/News | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Networking Products | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Computer Services | 0.6 | |||
Paper & Related Products | 0.5 | |||
Gas — Distribution | 0.5 | |||
Food — Catering | 0.5 | |||
Airport Development/Maintenance | 0.5 | |||
Optical Supplies | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Building Products — Cement | 0.5 | |||
Human Resources | 0.5 | |||
Retail — Jewelry | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Electric — Transmission | 0.5 | |||
Electronic Components — Semiconductors | 0.4 |
Building & Construction — Misc. | 0.4 | |||
Toys | 0.4 | |||
Gold Mining | 0.4 | |||
Hotels/Motels | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Diversified Operations | 0.4 | |||
Machinery — Farming | 0.4 | |||
Medical Instruments | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Computer Aided Design | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Gas — Transportation | 0.3 | |||
Metal — Diversified | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Advertising Agencies | 0.3 | |||
Multimedia | 0.3 | |||
Metal — Iron | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Advertising Services | 0.3 | |||
Coatings/Paint | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
MRI/Medical Diagnostic Imaging | 0.2 | |||
Airlines | 0.2 | |||
Telecom Services | 0.2 | |||
Diversified Minerals | 0.2 | |||
Retail — Building Products | 0.2 | |||
Pipelines | 0.2 | |||
Metal — Copper | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Retail — Discount | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Applications Software | 0.2 | |||
Fisheries | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Security Services | 0.1 | |||
Steel — Specialty | 0.1 | |||
Computer Data Security | 0.1 | |||
Athletic Footwear | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Coffee | 0.1 | |||
Food — Meat Products | 0.1 | |||
Consulting Services | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Entertainment Software | 0.1 | |||
Respiratory Products | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Internet Application Software | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Satellite Telecom | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
99.1 | % | |||
* | Calculated as a percentage of net assets |
151 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Country Allocation*
Japan | 22.5 | % | ||
United Kingdom | 11.9 | |||
France | 10.3 | |||
Switzerland | 7.7 | |||
United States | 7.4 | |||
Germany | 6.7 | |||
Australia | 5.5 | |||
Netherlands | 5.3 | |||
Sweden | 3.2 | |||
Hong Kong | 2.6 | |||
Denmark | 2.5 | |||
Spain | 2.3 | |||
Italy | 1.9 | |||
Finland | 1.6 | |||
Singapore | 1.2 | |||
Belgium | 1.0 | |||
Ireland | 0.8 | |||
Norway | 0.7 | |||
Austria | 0.6 | |||
Portugal | 0.6 | |||
Cayman Islands | 0.6 | |||
Jersey | 0.6 | |||
Luxembourg | 0.5 | |||
Israel | 0.4 | |||
New Zealand | 0.4 | |||
Bermuda | 0.1 | |||
Papua New Guinea | 0.1 | |||
SupraNational | 0.1 | |||
99.1 | % | |||
* | Calculated as a percentage of net assets |
152 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 91.7% |
| |||||||
Australia — 5.5% |
| |||||||
Afterpay, Ltd.† | 4,795 | $ | 342,958 | |||||
AGL Energy, Ltd. | 24,237 | 151,717 | ||||||
Ampol, Ltd. | 22,755 | 500,819 | ||||||
APA Group | 72,897 | 518,692 | ||||||
ASX, Ltd. | 8,905 | 523,515 | ||||||
Aurizon Holdings, Ltd. | 116,322 | 324,615 | ||||||
BGP Holdings PLC†(1) | 60,919 | 0 | ||||||
BlueScope Steel, Ltd. | 32,536 | 532,491 | ||||||
Brambles, Ltd. | 61,419 | 512,304 | ||||||
Cochlear, Ltd. | 2,303 | 403,083 | ||||||
Coles Group, Ltd. | 45,658 | 583,227 | ||||||
Computershare, Ltd. | 17,667 | 213,962 | ||||||
CSL, Ltd. | 12,588 | 2,816,224 | ||||||
Dexus | 27,364 | 220,020 | ||||||
Evolution Mining, Ltd. | 88,051 | 367,223 | ||||||
Fortescue Metals Group, Ltd. | 57,945 | 1,001,944 | ||||||
Goodman Group | 49,625 | 743,312 | ||||||
GPT Group | 59,897 | 212,403 | ||||||
Insurance Australia Group, Ltd. | 60,307 | 233,383 | ||||||
Lendlease Corp., Ltd. | 14,856 | 140,751 | ||||||
Macquarie Group, Ltd. | 15,097 | 1,768,204 | ||||||
Magellan Financial Group, Ltd. | 4,161 | 153,585 | ||||||
Mirvac Group | 121,745 | 261,851 | ||||||
Newcrest Mining, Ltd. | 39,872 | 870,481 | ||||||
Northern Star Resources, Ltd. | 40,215 | 362,720 | ||||||
Origin Energy, Ltd. | 119,484 | 365,678 | ||||||
QBE Insurance Group, Ltd. | 35,865 | 302,749 | ||||||
Ramsay Health Care, Ltd. | 9,085 | 444,730 | ||||||
Santos, Ltd. | 106,118 | 553,829 | ||||||
Scentre Group | 268,583 | 563,178 | ||||||
Sonic Healthcare, Ltd. | 33,665 | 902,882 | ||||||
Stockland | 83,190 | 299,493 | ||||||
Suncorp Group, Ltd. | 58,913 | 505,026 | ||||||
Sydney Airport† | 93,860 | 424,734 | ||||||
Telstra Corp., Ltd. | 187,758 | 509,494 | ||||||
Transurban Group | 115,342 | 1,234,170 | ||||||
Vicinity Centres | 161,395 | 194,094 | ||||||
Washington H. Soul Pattinson & Co., Ltd. | 2,812 | 64,079 | ||||||
Woodside Petroleum, Ltd. | 64,609 | 1,086,293 | ||||||
21,209,913 | ||||||||
Austria — 0.6% |
| |||||||
Erste Group Bank AG | 11,928 | 489,023 | ||||||
OMV AG | 14,869 | 848,940 | ||||||
Raiffeisen Bank International AG | 9,754 | 231,586 | ||||||
Verbund AG | 1,574 | 143,956 | ||||||
voestalpine AG | 13,962 | 629,280 | ||||||
2,342,785 | ||||||||
Belgium — 1.0% |
| |||||||
Ageas SA/NV | 2,480 | 161,797 | ||||||
Colruyt SA | 2,725 | 165,419 | ||||||
Galapagos NV† | 2,285 | 170,252 | ||||||
Groupe Bruxelles Lambert SA | 7,913 | 895,281 | ||||||
KBC Group NV | 11,922 | 972,320 | ||||||
Proximus SADP | 4,692 | 95,008 | ||||||
Solvay SA | 3,519 | 473,753 | ||||||
UCB SA | 7,790 | 726,903 | ||||||
Umicore SA | 4,826 | 288,780 | ||||||
3,949,513 | ||||||||
Bermuda — 0.1% |
| |||||||
CK Infrastructure Holdings, Ltd. | 8,000 | 49,840 | ||||||
Hongkong Land Holdings, Ltd. | 13,100 | 64,190 | ||||||
Jardine Matheson Holdings, Ltd. | 6,900 | 447,534 | ||||||
561,564 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cayman Islands — 0.6% |
| |||||||
CK Asset Holdings, Ltd. | 100,308 | $ | 664,334 | |||||
CK Hutchison Holdings, Ltd. | 102,500 | 802,339 | ||||||
WH Group, Ltd.* | 410,500 | 350,683 | ||||||
Wharf Real Estate Investment Co., Ltd. | 63,000 | 369,352 | ||||||
2,186,708 | ||||||||
Denmark — 2.5% |
| |||||||
Ambu A/S, Class B | 2,259 | 84,089 | ||||||
Chr. Hansen Holding A/S | 2,495 | 223,552 | ||||||
Demant A/S† | 2,521 | 137,910 | ||||||
DSV PANALPINA A/S | 5,029 | 1,214,326 | ||||||
Genmab A/S† | 1,960 | 791,624 | ||||||
H. Lundbeck A/S | 3,632 | 114,382 | ||||||
Novo Nordisk A/S, Class B | 52,297 | 4,127,537 | ||||||
Novozymes A/S, Class B | 4,146 | 301,728 | ||||||
Orsted A/S* | 7,153 | 1,082,416 | ||||||
Pandora A/S | 3,605 | 486,878 | ||||||
Vestas Wind Systems A/S | 25,800 | 1,001,843 | ||||||
9,566,285 | ||||||||
Finland — 1.6% |
| |||||||
Elisa Oyj | 326 | 19,185 | ||||||
Kone Oyj, Class B | 10,529 | 849,210 | ||||||
Neste Oyj | 11,636 | 764,815 | ||||||
Nokia Oyj† | 189,310 | 980,668 | ||||||
Nordea Bank Abp | 144,296 | 1,544,759 | ||||||
Orion Oyj, Class B | 5,337 | 229,089 | ||||||
Sampo Oyj, Class A | 10,291 | 478,131 | ||||||
Stora Enso Oyj, Class R | 29,179 | 509,361 | ||||||
UPM-Kymmene Oyj | 22,733 | 863,810 | ||||||
6,239,028 | ||||||||
France — 10.3% |
| |||||||
Accor SA† | 11,321 | 453,645 | ||||||
Aeroports de Paris† | 2,191 | 302,850 | ||||||
Air Liquide SA | 16,043 | 2,720,910 | ||||||
Alstom SA† | 5,293 | 296,845 | ||||||
Amundi SA* | 2,158 | 191,315 | ||||||
Arkema SA | 3,390 | 445,431 | ||||||
Atos SE | 4,039 | 270,107 | ||||||
AXA SA | 83,127 | 2,288,916 | ||||||
BioMerieux | 978 | 112,130 | ||||||
BNP Paribas SA | 28,668 | 1,952,470 | ||||||
Bouygues SA | 20,457 | 832,707 | ||||||
Bureau Veritas SA† | 11,342 | 348,126 | ||||||
Capgemini SE | 6,216 | 1,157,102 | ||||||
Carrefour SA | 30,703 | 626,010 | ||||||
Cie de Saint-Gobain† | 19,284 | 1,289,140 | ||||||
Cie Generale des Etablissements Michelin SCA | 8,063 | 1,236,919 | ||||||
CNP Assurances | 21,011 | 379,972 | ||||||
Covivio | 1,969 | 185,221 | ||||||
Danone SA | 26,826 | 1,907,165 | ||||||
Dassault Systemes SE | 5,293 | 1,215,069 | ||||||
Edenred | 9,427 | 511,216 | ||||||
Eiffage SA | 5,801 | 639,068 | ||||||
EssilorLuxottica SA | 11,616 | 2,009,748 | ||||||
Eurazeo SE | 2,742 | 244,260 | ||||||
Faurecia SE | 3,671 | 198,000 | ||||||
Gecina SA | 1,516 | 241,254 | ||||||
Getlink SE | 25,363 | 405,014 | ||||||
Hermes International | 2,145 | 3,014,617 | ||||||
Iliad SA | 696 | 115,343 | ||||||
Ipsen SA | 3,567 | 360,075 | ||||||
Klepierre SA | 9,974 | 287,528 | ||||||
L’Oreal SA | 9,614 | 4,317,872 | ||||||
Legrand SA | 9,901 | 1,033,998 | ||||||
Natixis SA | 60,337 | 298,432 |
153 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
France (continued) | ||||||||
Orpea SA† | 2,407 | $ | 300,860 | |||||
Publicis Groupe SA | 8,806 | 595,985 | ||||||
Sartorius Stedim Biotech | 1,193 | 515,582 | ||||||
Schneider Electric SE | 16,987 | 2,680,494 | ||||||
SCOR SE† | 5,706 | 185,088 | ||||||
Societe Generale SA | 28,467 | 909,682 | ||||||
Sodexo SA† | 5,579 | 538,822 | ||||||
Suez SA | 10,167 | 247,467 | ||||||
Ubisoft Entertainment SA† | 1,173 | 85,768 | ||||||
Valeo SA | 4,108 | 134,004 | ||||||
Veolia Environnement SA | 29,894 | 936,874 | ||||||
Wendel SE | 1,296 | 180,482 | ||||||
Worldline SA†* | 6,156 | 587,643 | ||||||
39,787,226 | ||||||||
Germany — 6.7% |
| |||||||
Allianz SE | 11,296 | 2,967,803 | ||||||
Bayerische Motoren Werke AG | 9,326 | 986,003 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 1,643 | 148,363 | ||||||
Beiersdorf AG | 7,890 | 931,742 | ||||||
Brenntag SE | 2,328 | 218,991 | ||||||
Carl Zeiss Meditec AG | 784 | 145,033 | ||||||
Commerzbank AG† | 82,999 | 667,804 | ||||||
Covestro AG* | 5,143 | 359,364 | ||||||
Deutsche Boerse AG | 6,431 | 1,048,513 | ||||||
Deutsche Telekom AG | 90,537 | 1,876,228 | ||||||
Deutsche Wohnen SE | 13,175 | 838,658 | ||||||
Evonik Industries AG | 7,131 | 254,355 | ||||||
Hannover Rueck SE | 1,588 | 277,111 | ||||||
HeidelbergCement AG | 6,394 | 582,136 | ||||||
Henkel AG & Co. KGaA | 4,067 | 400,480 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 11,051 | 1,264,331 | ||||||
Infineon Technologies AG | 31,111 | 1,262,018 | ||||||
Knorr-Bremse AG | 1,092 | 135,428 | ||||||
LANXESS AG | 1,378 | 103,009 | ||||||
Merck KGaA | 7,895 | 1,420,546 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 5,480 | 1,578,092 | ||||||
Puma SE | 3,577 | 409,240 | ||||||
SAP SE | 29,046 | 4,020,894 | ||||||
Sartorius AG (Preference Shares) | 1,091 | 538,820 | ||||||
Siemens Healthineers AG* | 13,335 | 747,698 | ||||||
Symrise AG | 3,680 | 486,902 | ||||||
TeamViewer AG†* | 2,071 | 81,750 | ||||||
Telefonica Deutschland Holding AG | 103,732 | 282,972 | ||||||
United Internet AG | 4,962 | 206,578 | ||||||
Vonovia SE | 21,094 | 1,315,478 | ||||||
Zalando SE†* | 4,104 | 437,504 | ||||||
25,993,844 | ||||||||
Hong Kong — 2.6% |
| |||||||
AIA Group, Ltd. | 289,000 | 3,694,005 | ||||||
BOC Hong Kong Holdings, Ltd. | 122,500 | 442,748 | ||||||
Hang Lung Properties, Ltd. | 49,000 | 123,622 | ||||||
Hang Seng Bank, Ltd. | 21,300 | 442,418 | ||||||
Henderson Land Development Co., Ltd. | 86,503 | 413,517 | ||||||
Hong Kong & China Gas Co., Ltd. | 224,050 | 389,733 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 28,700 | 1,796,500 | ||||||
Link REIT | 37,300 | 355,174 | ||||||
MTR Corp., Ltd. | 74,500 | 414,694 | ||||||
New World Development Co., Ltd. | 47,250 | 254,792 | ||||||
Power Assets Holdings, Ltd. | 42,500 | 259,844 | ||||||
Sun Hung Kai Properties, Ltd. | 49,500 | 760,273 | ||||||
Swire Pacific, Ltd., Class A | 30,000 | 225,360 | ||||||
Swire Properties, Ltd. | 52,400 | 154,278 | ||||||
Techtronic Industries Co., Ltd. | 20,500 | 378,519 | ||||||
10,105,477 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ireland — 0.8% |
| |||||||
CRH PLC | 26,317 | $ | 1,366,167 | |||||
DCC PLC | 7,134 | 606,238 | ||||||
Kerry Group PLC, Class A | 7,667 | 1,034,057 | ||||||
Smurfit Kappa Group PLC | 3,428 | 181,717 | ||||||
3,188,179 | ||||||||
Israel — 0.4% |
| |||||||
Bank Hapoalim BM† | 44,435 | 376,925 | ||||||
Bank Leumi Le-Israel BM† | 60,220 | 470,787 | ||||||
Check Point Software Technologies, Ltd.† | 3,586 | 419,490 | ||||||
NICE, Ltd.† | 1,058 | 231,204 | ||||||
Wix.com, Ltd.† | 920 | 239,071 | ||||||
1,737,477 | ||||||||
Italy — 1.9% |
| |||||||
Amplifon SpA | 4,307 | 204,572 | ||||||
Assicurazioni Generali SpA | 79,530 | 1,630,766 | ||||||
DiaSorin SpA | 833 | 146,936 | ||||||
FinecoBank Banca Fineco SpA† | 13,965 | 233,902 | ||||||
Mediobanca Banca di Credito Finanziario SpA† | 54,420 | 647,698 | ||||||
Moncler SpA | 8,838 | 626,388 | ||||||
Nexi SpA†* | 7,610 | 153,491 | ||||||
Poste Italiane SpA* | 43,183 | 609,007 | ||||||
Prysmian SpA | 6,421 | 221,043 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 10,503 | 582,630 | ||||||
Snam SpA | 185,780 | 1,089,023 | ||||||
Terna Rete Elettrica Nazionale SpA | 137,011 | 1,043,904 | ||||||
7,189,360 | ||||||||
Japan — 22.5% |
| |||||||
Advantest Corp. | 2,500 | 225,110 | ||||||
Aeon Co., Ltd. | 25,000 | 667,365 | ||||||
Ajinomoto Co., Inc. | 26,600 | 609,329 | ||||||
ANA Holdings, Inc.† | 11,900 | 287,654 | ||||||
Astellas Pharma, Inc. | 81,000 | 1,325,602 | ||||||
Bridgestone Corp. | 24,200 | 1,058,908 | ||||||
Canon, Inc. | 35,600 | 829,754 | ||||||
Central Japan Railway Co. | 7,200 | 1,066,218 | ||||||
Chiba Bank, Ltd. | 7,600 | 48,160 | ||||||
Chubu Electric Power Co., Inc. | 27,000 | 322,274 | ||||||
Chugai Pharmaceutical Co., Ltd. | 26,400 | 1,009,034 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 19,200 | 315,353 | ||||||
Concordia Financial Group, Ltd. | 23,900 | 87,257 | ||||||
Dai Nippon Printing Co., Ltd. | 5,500 | 118,127 | ||||||
Dai-ichi Life Holdings, Inc. | 34,100 | 693,270 | ||||||
Daiichi Sankyo Co., Ltd. | 53,300 | 1,227,742 | ||||||
Daikin Industries, Ltd. | 6,300 | 1,239,236 | ||||||
Denso Corp. | 18,100 | 1,236,439 | ||||||
Dentsu Group, Inc. | 7,300 | 249,902 | ||||||
East Japan Railway Co. | 15,800 | 1,100,469 | ||||||
Eisai Co., Ltd. | 10,100 | 676,613 | ||||||
ENEOS Holdings, Inc. | 151,200 | 622,916 | ||||||
FANUC Corp. | 5,500 | 1,316,975 | ||||||
FUJIFILM Holdings Corp. | 9,700 | 673,485 | ||||||
Hankyu Hanshin Holdings, Inc. | 12,700 | 395,448 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 5,500 | 300,451 | ||||||
Hitachi Metals, Ltd.† | 21,800 | 420,975 | ||||||
Hitachi, Ltd. | 25,000 | 1,305,595 | ||||||
Hoya Corp. | 10,400 | 1,358,765 | ||||||
Idemitsu Kosan Co., Ltd. | 9,000 | 211,818 | ||||||
Inpex Corp. | 66,600 | 456,592 | ||||||
Isuzu Motors, Ltd. | 18,800 | 246,992 | ||||||
ITOCHU Corp. | 11,900 | 352,011 | ||||||
Japan Airlines Co., Ltd.† | 20,400 | 464,147 | ||||||
JFE Holdings, Inc. | 43,000 | 570,802 | ||||||
Kajima Corp. | 21,800 | 300,697 | ||||||
Kao Corp. | 16,700 | 1,017,950 |
154 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Japan (continued) |
| |||||||
KDDI Corp. | 49,800 | $ | 1,685,315 | |||||
Keikyu Corp. | 400 | 5,142 | ||||||
Keio Corp. | 2,000 | 123,822 | ||||||
Keyence Corp. | 4,500 | 2,207,083 | ||||||
Kintetsu Group Holdings Co., Ltd.† | 7,500 | 263,577 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 400 | 35,399 | ||||||
Komatsu, Ltd. | 28,300 | 825,282 | ||||||
Kose Corp. | 1,300 | 203,223 | ||||||
Kubota Corp. | 31,100 | 704,482 | ||||||
Kyocera Corp. | 6,000 | 367,205 | ||||||
Kyowa Kirin Co., Ltd. | 15,600 | 470,123 | ||||||
Lasertec Corp.† | 800 | 150,043 | ||||||
Lawson, Inc. | 2,600 | 116,702 | ||||||
Lion Corp. | 4,100 | 71,559 | ||||||
LIXIL Corp. | 3,000 | 78,582 | ||||||
M3, Inc. | 7,400 | 499,038 | ||||||
Marubeni Corp. | 72,000 | 634,093 | ||||||
Mazda Motor Corp.† | 42,200 | 359,239 | ||||||
MEIJI Holdings Co., Ltd. | 7,900 | 489,097 | ||||||
Mitsubishi Chemical Holdings Corp. | 57,700 | 459,982 | ||||||
Mitsubishi Corp. | 46,500 | 1,263,313 | ||||||
Mitsubishi Electric Corp. | 55,600 | 856,514 | ||||||
Mitsubishi Estate Co., Ltd. | 36,400 | 587,749 | ||||||
Mitsui & Co., Ltd. | 57,800 | 1,270,353 | ||||||
Mitsui Fudosan Co., Ltd. | 33,400 | 775,284 | ||||||
MS&AD Insurance Group Holdings, Inc. | 12,700 | 386,544 | ||||||
Murata Manufacturing Co., Ltd. | 14,200 | 1,070,349 | ||||||
Nexon Co., Ltd. | 8,100 | 190,562 | ||||||
NGK Spark Plug Co., Ltd. | 1,300 | 20,405 | ||||||
NH Foods, Ltd. | 2,400 | 95,598 | ||||||
Nidec Corp. | 11,700 | 1,334,738 | ||||||
Nintendo Co., Ltd. | 2,800 | 1,725,862 | ||||||
Nippon Express Co., Ltd. | 2,400 | 191,633 | ||||||
Nippon Paint Holdings Co., Ltd. | 11,600 | 167,291 | ||||||
Nippon Shinyaku Co., Ltd. | 1,500 | 107,070 | ||||||
Nippon Steel Corp. | 43,400 | 812,009 | ||||||
Nippon Telegraph & Telephone Corp. | 48,400 | 1,291,798 | ||||||
Nisshin Seifun Group, Inc. | 15,900 | 237,990 | ||||||
Nissin Foods Holdings Co., Ltd. | 2,000 | 144,398 | ||||||
Nitori Holdings Co., Ltd. | 2,000 | 345,336 | ||||||
NTT Data Corp. | 12,000 | 194,474 | ||||||
Obayashi Corp. | 15,900 | 133,471 | ||||||
Odakyu Electric Railway Co., Ltd. | 5,500 | 141,562 | ||||||
Ono Pharmaceutical Co., Ltd. | 28,700 | 647,243 | ||||||
Oriental Land Co., Ltd. | 5,200 | 772,176 | ||||||
ORIX Corp. | 56,900 | 1,000,613 | ||||||
Osaka Gas Co., Ltd. | 27,200 | 510,642 | ||||||
Otsuka Holdings Co., Ltd. | 22,500 | 925,115 | ||||||
Pan Pacific International Holdings Corp. | 3,700 | 72,629 | ||||||
Panasonic Corp. | 58,300 | 661,903 | ||||||
Pigeon Corp. | 5,600 | 157,290 | ||||||
Rakuten Group, Inc. | 26,200 | 299,367 | ||||||
Recruit Holdings Co., Ltd. | 29,300 | 1,481,873 | ||||||
Renesas Electronics Corp.† | 12,600 | 127,795 | ||||||
Resona Holdings, Inc. | 94,900 | 403,672 | ||||||
Ryohin Keikaku Co., Ltd. | 4,800 | 90,856 | ||||||
Santen Pharmaceutical Co., Ltd. | 26,700 | 355,643 | ||||||
Secom Co., Ltd. | 5,400 | 421,341 | ||||||
Sekisui House, Ltd. | 10,600 | 219,846 | ||||||
SG Holdings Co., Ltd. | 4,500 | 100,214 | ||||||
Shimano, Inc. | 1,500 | 338,690 | ||||||
Shin-Etsu Chemical Co., Ltd. | 10,700 | 1,836,833 | ||||||
Shionogi & Co., Ltd. | 13,800 | 698,198 | ||||||
Shiseido Co., Ltd. | 12,400 | 895,157 | ||||||
Shizuoka Bank, Ltd. | 4,400 | 34,732 | ||||||
SMC Corp. | 1,500 | 894,797 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
SoftBank Corp. | 67,600 | $ | 865,657 | |||||
SoftBank Group Corp. | 35,700 | 2,683,473 | ||||||
Sony Group Corp. | 28,400 | 2,788,674 | ||||||
Subaru Corp. | 18,000 | 349,151 | ||||||
Sumitomo Chemical Co., Ltd. | 43,400 | 237,083 | ||||||
Sumitomo Corp. | 61,500 | 855,574 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 12,900 | 244,998 | ||||||
Sumitomo Electric Industries, Ltd. | 41,700 | 636,501 | ||||||
Sumitomo Metal Mining Co., Ltd. | 18,700 | 835,613 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 66,400 | 2,388,550 | ||||||
Sumitomo Realty & Development Co., Ltd. | 10,700 | 354,507 | ||||||
Suntory Beverage & Food, Ltd. | 16,600 | 609,833 | ||||||
Sysmex Corp. | 4,500 | 457,231 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 5,700 | 322,793 | ||||||
Terumo Corp. | 18,500 | 710,288 | ||||||
Tobu Railway Co., Ltd. | 3,900 | 98,960 | ||||||
Toho Gas Co., Ltd. | 600 | 32,776 | ||||||
Tohoku Electric Power Co., Inc. | 17,300 | 140,183 | ||||||
Tokio Marine Holdings, Inc. | 18,200 | 858,176 | ||||||
Tokyo Electron, Ltd. | 3,000 | 1,329,085 | ||||||
Tokyo Gas Co., Ltd. | 24,100 | 475,374 | ||||||
Tokyu Corp. | 31,300 | 417,770 | ||||||
Toppan Printing Co., Ltd. | 7,800 | 136,208 | ||||||
Toray Industries, Inc. | 40,700 | 263,317 | ||||||
TOTO, Ltd. | 800 | 42,974 | ||||||
Toyo Suisan Kaisha, Ltd. | 2,100 | 83,935 | ||||||
Toyota Industries Corp. | 8,600 | 731,315 | ||||||
Toyota Motor Corp. | 64,300 | 5,336,136 | ||||||
Toyota Tsusho Corp. | 5,000 | 223,290 | ||||||
Unicharm Corp. | 17,100 | 673,040 | ||||||
Welcia Holdings Co., Ltd. | 1,400 | 42,637 | ||||||
West Japan Railway Co. | 7,300 | 414,067 | ||||||
Yakult Honsha Co., Ltd. | 6,100 | 328,229 | ||||||
Yamazaki Baking Co., Ltd. | 8,400 | 125,272 | ||||||
Z Holdings Corp. | 72,600 | 340,146 | ||||||
86,882,167 | ||||||||
Jersey — 0.6% |
| |||||||
Ferguson PLC | 8,169 | 1,111,077 | ||||||
WPP PLC | 73,697 | 1,018,678 | ||||||
2,129,755 | ||||||||
Luxembourg ��� 0.5% |
| |||||||
Aroundtown SA | 42,482 | 355,691 | ||||||
Eurofins Scientific SE† | 2,284 | 245,852 | ||||||
SES SA FDR | 22,839 | 196,628 | ||||||
Tenaris SA | 86,430 | 983,354 | ||||||
1,781,525 | ||||||||
Netherlands — 5.3% |
| |||||||
ABN AMRO Bank NV CVA†* | 39,130 | 521,070 | ||||||
Adyen NV†* | 347 | 799,921 | ||||||
Aegon NV | 96,323 | 452,930 | ||||||
Akzo Nobel NV | 7,213 | 926,207 | ||||||
Argenx SE† | 599 | 164,863 | ||||||
ASML Holding NV | 10,519 | 7,019,149 | ||||||
CNH Industrial NV | 42,088 | 724,954 | ||||||
EXOR NV | 7,779 | 665,924 | ||||||
Ferrari NV | 4,589 | 967,838 | ||||||
ING Groep NV | 123,160 | 1,703,126 | ||||||
JDE Peet’s NV† | 8,986 | 353,504 | ||||||
Just Eat Takeaway.com NV†* | 1,952 | 176,718 | ||||||
Koninklijke DSM NV | 5,797 | 1,065,321 | ||||||
Koninklijke KPN NV | 151,346 | 501,631 | ||||||
Koninklijke Vopak NV | 5,917 | 279,095 | ||||||
NN Group NV | 13,713 | 694,478 | ||||||
Prosus NV | 15,033 | 1,556,569 |
155 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Netherlands (continued) | ||||||||
QIAGEN NV† | 7,562 | $ | 371,533 | |||||
STMicroelectronics NV | 14,942 | 558,657 | ||||||
Wolters Kluwer NV | 10,012 | 957,684 | ||||||
20,461,172 | ||||||||
New Zealand — 0.4% |
| |||||||
a2 Milk Co., Ltd.† | 27,794 | 117,985 | ||||||
Auckland International Airport, Ltd.† | 61,749 | 326,089 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 12,722 | 274,539 | ||||||
Mercury NZ, Ltd. | 30,468 | 144,676 | ||||||
Meridian Energy, Ltd. | 64,606 | 244,767 | ||||||
Ryman Healthcare, Ltd. | 20,169 | 191,543 | ||||||
Spark New Zealand, Ltd. | 25,402 | 83,357 | ||||||
Xero, Ltd.† | 2,001 | 204,622 | ||||||
1,587,578 | ||||||||
Norway — 0.7% |
| |||||||
Equinor ASA | 57,145 | 1,227,630 | ||||||
Mowi ASA | 18,515 | 481,085 | ||||||
Orkla ASA | 39,049 | 405,198 | ||||||
Telenor ASA | 18,680 | 322,539 | ||||||
Yara International ASA | 2,265 | 120,603 | ||||||
2,557,055 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 171,553 | 481,391 | ||||||
Portugal — 0.6% |
| |||||||
Banco Espirito Santo SA†(1) | 126,030 | 0 | ||||||
EDP — Energias de Portugal SA | 203,774 | 1,169,156 | ||||||
Galp Energia SGPS SA | 60,533 | 751,456 | ||||||
Jeronimo Martins SGPS SA | 15,463 | 298,496 | ||||||
2,219,108 | ||||||||
Singapore — 1.2% |
| |||||||
DBS Group Holdings, Ltd. | 65,800 | 1,494,120 | ||||||
Keppel Corp., Ltd. | 54,000 | 217,633 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 152,700 | 1,427,125 | ||||||
Singapore Airlines, Ltd.† | 32,400 | 122,005 | ||||||
Singapore Telecommunications, Ltd. | 286,800 | 522,638 | ||||||
United Overseas Bank, Ltd. | 45,100 | 889,041 | ||||||
4,672,562 | ||||||||
Spain — 2.3% |
| |||||||
Aena SME SA†* | 5,508 | 963,851 | ||||||
Amadeus IT Group SA† | 16,096 | 1,211,849 | ||||||
CaixaBank SA | 249,129 | 852,464 | ||||||
Cellnex Telecom SA* | 10,822 | 647,703 | ||||||
Enagas SA | 28,637 | 671,363 | ||||||
Ferrovial SA | 28,968 | 848,860 | ||||||
Grifols SA | 14,421 | 401,481 | ||||||
Red Electrica Corp. SA | 32,624 | 653,242 | ||||||
Repsol SA | 108,055 | 1,439,430 | ||||||
Telefonica SA | 262,701 | 1,287,810 | ||||||
8,978,053 | ||||||||
SupraNational — 0.1% |
| |||||||
Unibail-Rodamco-Westfield† | 4,823 | 418,639 | ||||||
Sweden — 3.2% |
| |||||||
Assa Abloy AB, Class B | 25,431 | 780,617 | ||||||
Boliden AB | 25,834 | 1,034,399 | ||||||
Boliden AB (Redemption Shares)† | 25,834 | 18,666 | ||||||
EQT AB | 2,981 | 107,729 | ||||||
Essity AB, Class B | 32,404 | 1,117,574 | ||||||
Hennes & Mauritz AB, Class B† | 26,557 | 677,505 | ||||||
Hexagon AB, Class B | 37,268 | 530,467 | ||||||
ICA Gruppen AB | 1,334 | 64,466 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) | ||||||||
Industrivarden AB, Class C | 2,897 | $ | 113,624 | |||||
Investor AB, Class B | 105,720 | 2,439,257 | ||||||
Sandvik AB | 35,081 | 923,479 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 73,479 | 938,380 | ||||||
Svenska Handelsbanken AB, Class A | 76,802 | 859,937 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 85,577 | 1,133,174 | ||||||
Volvo AB, Class B | 56,354 | 1,473,294 | ||||||
12,212,568 | ||||||||
Switzerland — 7.7% |
| |||||||
ABB, Ltd. | 68,987 | 2,352,231 | ||||||
Adecco Group AG | 6,390 | 440,018 | ||||||
Alcon, Inc. | 18,897 | 1,314,282 | ||||||
Baloise Holding AG | 3,074 | 506,808 | ||||||
Coca-Cola HBC AG | 23,738 | 865,439 | ||||||
EMS-Chemie Holding AG | 527 | 493,898 | ||||||
Geberit AG | 1,682 | 1,216,575 | ||||||
Givaudan SA | 392 | 1,748,856 | ||||||
Julius Baer Group, Ltd. | 13,110 | 897,805 | ||||||
Kuehne & Nagel International AG | 2,781 | 938,646 | ||||||
Logitech International SA | 2,014 | 249,427 | ||||||
Lonza Group AG | 2,782 | 1,790,748 | ||||||
Partners Group Holding AG | 1,054 | 1,601,799 | ||||||
Schindler Holding AG | 208 | 60,122 | ||||||
Schindler Holding AG | 3,233 | 954,984 | ||||||
SGS SA | 297 | 925,504 | ||||||
Sika AG | 5,507 | 1,771,179 | ||||||
Sonova Holding AG† | 2,258 | 802,789 | ||||||
Straumann Holding AG | 438 | 685,364 | ||||||
Swatch Group AG | 3,862 | 1,398,821 | ||||||
Swiss Life Holding AG | 2,493 | 1,292,646 | ||||||
Swiss Prime Site AG | 3,176 | 324,132 | ||||||
Swiss Re AG | 16,111 | 1,547,516 | ||||||
Swisscom AG | 2,494 | 1,402,962 | ||||||
Temenos AG | 2,364 | 363,864 | ||||||
Vifor Pharma AG | 4,519 | 659,387 | ||||||
Zurich Insurance Group AG | 7,269 | 3,035,282 | ||||||
29,641,084 | ||||||||
United Kingdom — 11.9% |
| |||||||
3i Group PLC | 53,376 | 941,555 | ||||||
Admiral Group PLC | 6,009 | 250,628 | ||||||
Antofagasta PLC | 35,889 | 786,643 | ||||||
Ashtead Group PLC | 16,466 | 1,202,971 | ||||||
AstraZeneca PLC | 29,874 | 3,411,158 | ||||||
Auto Trader Group PLC†* | 43,124 | 343,696 | ||||||
AVEVA Group PLC | 3,754 | 186,409 | ||||||
Aviva PLC | 216,098 | 1,261,050 | ||||||
Barratt Developments PLC | 40,740 | 437,322 | ||||||
Berkeley Group Holdings PLC | 5,208 | 345,822 | ||||||
British Land Co. PLC | 68,607 | 496,555 | ||||||
BT Group PLC† | 351,250 | 871,586 | ||||||
Bunzl PLC | 12,952 | 420,002 | ||||||
Burberry Group PLC† | 30,068 | 911,453 | ||||||
Coca-Cola European Partners PLC | 13,835 | 837,294 | ||||||
Compass Group PLC† | 65,477 | 1,494,646 | ||||||
Croda International PLC | 5,840 | 579,154 | ||||||
Direct Line Insurance Group PLC | 60,310 | 254,456 | ||||||
Evraz PLC | 82,142 | 743,262 | ||||||
Fresnillo PLC | 11,372 | 144,860 | ||||||
Halma PLC | 19,227 | 710,527 | ||||||
Hargreaves Lansdown PLC | 16,693 | 392,541 | ||||||
Hikma Pharmaceuticals PLC | 12,805 | 444,129 | ||||||
Informa PLC† | 86,273 | 666,043 | ||||||
InterContinental Hotels Group PLC† | 9,815 | 685,444 | ||||||
Intertek Group PLC | 10,290 | 792,654 |
156 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
United Kingdom (continued) | ||||||||
J Sainsbury PLC | 145,700 | $ | 549,182 | |||||
JD Sports Fashion PLC† | 11,413 | 153,092 | ||||||
Johnson Matthey PLC | 12,186 | 526,768 | ||||||
Kingfisher PLC | 92,209 | 471,483 | ||||||
Land Securities Group PLC | 60,048 | 599,247 | ||||||
Legal & General Group PLC | 274,430 | 1,107,227 | ||||||
London Stock Exchange Group PLC | 11,172 | 1,200,838 | ||||||
M&G PLC | 76,708 | 266,163 | ||||||
Mondi PLC | 27,379 | 740,769 | ||||||
National Grid PLC | 169,869 | 2,264,126 | ||||||
Next PLC† | 7,684 | 889,610 | ||||||
Ocado Group PLC† | 13,059 | 350,082 | ||||||
Pearson PLC | 30,291 | 351,724 | ||||||
Persimmon PLC | 13,547 | 607,517 | ||||||
Prudential PLC | 71,564 | 1,524,417 | ||||||
Reckitt Benckiser Group PLC | 14,898 | 1,346,354 | ||||||
RELX PLC | 76,313 | 1,991,630 | ||||||
Rentokil Initial PLC | 80,615 | 542,050 | ||||||
Sage Group PLC | 62,072 | 578,396 | ||||||
Schroders PLC | 13,917 | 702,519 | ||||||
Segro PLC | 56,163 | 831,708 | ||||||
Smith & Nephew PLC | 50,366 | 1,101,102 | ||||||
Smiths Group PLC | 34,898 | 767,398 | ||||||
Spirax-Sarco Engineering PLC | 3,464 | 624,324 | ||||||
SSE PLC | 60,809 | 1,330,701 | ||||||
St James’s Place PLC | 34,333 | 680,913 | ||||||
Taylor Wimpey PLC | 138,765 | 337,535 | ||||||
United Utilities Group PLC | 85,605 | 1,194,940 | ||||||
Vodafone Group PLC | 908,742 | 1,654,610 | ||||||
Whitbread PLC† | 9,939 | 448,819 | ||||||
WM Morrison Supermarkets PLC | 177,909 | 446,510 | ||||||
45,793,614 | ||||||||
Total Common Stocks | ||||||||
(cost $264,351,213) | 353,873,630 | |||||||
RIGHTS† — 0.0% |
| |||||||
Ferrovial SA | 28,968 | 6,998 | ||||||
Singapore Airlines, Ltd. | 67,716 | 0 | ||||||
Total Rights | ||||||||
(cost $6,892) | 6,998 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $264,358,105) | 353,880,628 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% |
| |||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | $ | 500,000 | $ | 499,792 | ||||
0.05% due 04/21/2022(2) | 700,000 | 699,793 | ||||||
0.06% due 04/21/2022(2) | 800,000 | 799,764 | ||||||
0.08% due 02/24/2022(2) | 700,000 | 699,876 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,698,656) | 2,699,225 | |||||||
REPURCHASE AGREEMENTS — 6.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $25,681,000 and collateralized by $26,260,600 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $26,194,692 | 25,681,000 | 25,681,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $292,737,761)(3) | 99.1 | % | 382,260,853 | |||||
Other assets less liabilities | 0.9 | 3,630,013 | ||||||
NET ASSETS | 100.0 | % | $ | 385,890,866 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $8,053,830 representing 2.1% 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. |
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) | ||||||||||||||||
282 | Long | MSCI EAFE Index | June 2021 | $ | 31,923,062 | $ | 32,951,700 | $ | 1,028,638 | |||||||||||||
* | 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. |
157 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 21,209,913 | $ | — | $ | 0 | $ | 21,209,913 | ||||||||
Portugal | 2,219,108 | — | 0 | 2,219,108 | ||||||||||||
Other Countries | 330,444,609 | — | — | 330,444,609 | ||||||||||||
Rights | — | 6,998 | — | 6,998 | ||||||||||||
Short-Term Investment Securities | — | 2,699,225 | — | 2,699,225 | ||||||||||||
Repurchase Agreements | — | 25,681,000 | — | 25,681,000 | ||||||||||||
Total Investments at Value | $ | 353,873,630 | $ | 28,387,223 | $ | 0 | $ | 382,260,853 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,028,638 | $ | — | $ | — | $ | 1,028,638 | ||||||||
* | 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
158 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Banks — Commercial | 6.3 | % | ||
Appliances | 4.8 | |||
Food — Misc./Diversified | 4.3 | |||
Diversified Manufacturing Operations | 3.5 | |||
Medical Products | 3.4 | |||
Building & Construction Products — Misc. | 3.0 | |||
Auto — Cars/Light Trucks | 2.9 | |||
Building Products — Cement | 2.9 | |||
Machinery — Electrical | 2.9 | |||
Communications Software | 2.9 | |||
Investment Management/Advisor Services | 2.9 | |||
Building Products — Doors & Windows | 2.8 | |||
Energy — Alternate Sources | 2.6 | |||
Diversified Banking Institutions | 2.6 | |||
Diversified Financial Services | 2.5 | |||
Finance — Investment Banker/Broker | 2.5 | |||
Insurance — Life/Health | 2.5 | |||
Apparel Manufacturers | 2.3 | |||
Medical — Drugs | 2.2 | |||
Oil — Field Services | 2.1 | |||
Airlines | 2.1 | |||
Retail — Drug Store | 2.1 | |||
Electronic Components — Semiconductors | 2.1 | |||
Casino Hotels | 2.1 | |||
Retail — Apparel/Shoe | 2.1 | |||
Registered Investment Companies | 2.1 | |||
Real Estate Operations & Development | 2.0 | |||
E-Commerce/Products | 2.0 | |||
Cellular Telecom | 1.8 | |||
Retail — Building Products | 1.7 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Containers — Paper/Plastic | 1.6 | |||
Steel — Producers | 1.5 | |||
Banks — Mortgage | 1.5 | |||
Agricultural Chemicals | 1.5 | |||
Finance — Leasing Companies | 1.4 | |||
Home Furnishings | 1.3 | |||
Aerospace/Defense | 1.2 | |||
Diversified Minerals | 1.2 | |||
Electronic Components — Misc. | 1.1 | |||
Retail — Auto Parts | 1.0 | |||
Computer Data Security | 0.9 | |||
Electric — Integrated | 0.9 | |||
Wire & Cable Products | 0.5 | |||
Food — Retail | 0.5 | |||
Silver Mining | 0.3 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
Cayman Islands | 11.0 | % | ||
Japan | 11.0 | |||
Netherlands | 8.8 | |||
South Korea | 8.4 | |||
China | 8.4 | |||
United States | 8.3 | |||
United Kingdom | 7.0 | |||
Luxembourg | 3.8 | |||
France | 3.6 | |||
British Virgin Islands | 3.0 | |||
Switzerland | 2.9 | |||
Germany | 2.9 | |||
India | 2.9 | |||
Jersey | 2.9 | |||
Canada | 2.7 | |||
Thailand | 2.5 | |||
Australia | 2.1 | |||
Norway | 2.0 | |||
Denmark | 1.8 | |||
Ireland | 1.3 | |||
Israel | 0.9 | |||
Brazil | 0.9 | |||
Italy | 0.5 | |||
Russia | 0.4 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
159 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.9% |
| |||||||
Australia — 2.1% |
| |||||||
Qantas Airways, Ltd.† | 4,344,254 | $ | 15,773,723 | |||||
Brazil — 0.9% |
| |||||||
CPFL Energia SA | 1,134,000 | 6,246,933 | ||||||
British Virgin Islands — 3.0% |
| |||||||
Nomad Foods, Ltd.† | 712,401 | 21,849,339 | ||||||
Canada — 2.7% |
| |||||||
Home Capital Group, Inc.† | 385,900 | 11,285,830 | ||||||
Lundin Mining Corp. | 812,650 | 8,630,686 | ||||||
19,916,516 | ||||||||
Cayman Islands — 11.0% |
| |||||||
Alibaba Group Holding, Ltd.† | 540,488 | 14,694,555 | ||||||
China Resources Land, Ltd. | 3,182,000 | 14,903,645 | ||||||
Sands China, Ltd.† | 3,476,800 | 15,478,030 | ||||||
Topsports International Holdings, Ltd.* | 10,052,000 | 15,309,389 | ||||||
Xinyi Glass Holdings, Ltd. | 5,274,000 | 21,066,371 | ||||||
81,451,990 | ||||||||
China — 8.4% |
| |||||||
LONGi Green Energy Technology Co., Ltd., Class A | 1,215,900 | 19,501,923 | ||||||
Midea Group Co., Ltd., Class A | 1,369,512 | 17,426,280 | ||||||
Oppein Home Group, Inc., Class A | 407,320 | 9,485,385 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 6,870,700 | 15,528,106 | ||||||
61,941,694 | ||||||||
Denmark — 1.8% |
| |||||||
Danske Bank A/S | 724,878 | 13,432,031 | ||||||
France — 3.6% |
| |||||||
Cie de Saint-Gobain† | 328,375 | 21,951,946 | ||||||
Faurecia SE | 16,940 | 915,126 | ||||||
Sanofi | 36,420 | 3,862,543 | ||||||
26,729,615 | ||||||||
Germany — 2.9% |
| |||||||
METRO AG | 296,336 | 3,801,579 | ||||||
Rheinmetall AG | 84,014 | 8,698,077 | ||||||
Siemens AG | 50,873 | 8,228,597 | ||||||
Siemens Energy AG† | 25,437 | 806,498 | ||||||
21,534,751 | ||||||||
India — 2.9% |
| |||||||
Tech Mahindra, Ltd. | 1,506,229 | 21,311,864 | ||||||
Ireland — 1.3% |
| |||||||
Greencore Group PLC† | 4,758,147 | 9,514,309 | ||||||
Israel — 0.9% |
| |||||||
Check Point Software Technologies, Ltd.† | 56,643 | 6,626,098 | ||||||
Italy — 0.5% |
| |||||||
Prysmian SpA | 113,798 | 3,917,504 | ||||||
Japan — 11.0% |
| |||||||
Daiwa Securities Group, Inc. | 3,189,500 | 18,288,771 | ||||||
Hitachi, Ltd. | 394,700 | 20,612,730 | ||||||
Mitsubishi HC Capital, Inc. | 3,394,900 | 19,163,636 | ||||||
ORIX Corp. | 576,900 | 10,145,057 | ||||||
Takeda Pharmaceutical Co., Ltd. | 374,200 | 12,670,367 | ||||||
80,880,561 | ||||||||
Jersey — 2.9% |
| |||||||
Man Group PLC | 8,290,124 | 20,965,109 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg — 3.8% |
| |||||||
ArcelorMittal SA† | 347,448 | $ | 11,395,287 | |||||
Samsonite International SA†* | 8,895,300 | 16,825,755 | ||||||
28,221,042 | ||||||||
Netherlands — 8.8% |
| |||||||
Koninklijke Philips NV# | 250,577 | 14,063,678 | ||||||
NN Group NV# | 359,190 | 18,190,728 | ||||||
OCI NV†# | 425,888 | 10,833,620 | ||||||
Stellantis NV | 1,095,511 | 21,719,397 | ||||||
64,807,423 | ||||||||
Norway — 2.0% |
| |||||||
DNB ASA | 677,844 | 14,954,229 | ||||||
Russia — 0.4% |
| |||||||
Mobile TeleSystems PJSC ADR | 317,295 | 2,893,730 | ||||||
South Korea — 8.4% |
| |||||||
Coway Co, Ltd. | 241,730 | 18,032,759 | ||||||
Hana Financial Group, Inc. | 441,774 | 18,438,608 | ||||||
Samsung Electronics Co., Ltd. | 214,862 | 15,508,286 | ||||||
SK Telecom Co., Ltd. | 35,822 | 10,181,632 | ||||||
62,161,285 | ||||||||
Switzerland — 2.9% |
| |||||||
LafargeHolcim, Ltd. | 362,556 | 21,547,797 | ||||||
Thailand — 2.5% |
| |||||||
Siam Commercial Bank PCL | 5,718,900 | 18,574,987 | ||||||
United Kingdom — 7.0% |
| |||||||
ConvaTec Group PLC* | 3,211,121 | 10,827,582 | ||||||
Fresnillo PLC | 200,705 | 2,556,639 | ||||||
Kingfisher PLC† | 2,387,186 | 12,206,156 | ||||||
Sensata Technologies Holding PLC† | 136,462 | 8,109,937 | ||||||
Smiths Group PLC# | 815,313 | 17,928,516 | ||||||
51,628,830 | ||||||||
United States — 6.2% |
| |||||||
Advance Auto Parts, Inc. | 38,881 | 7,376,892 | ||||||
Baker Hughes Co. | 652,153 | 15,912,533 | ||||||
Berry Global Group, Inc.† | 168,827 | 11,515,690 | ||||||
Gentex Corp. | 316,368 | 11,231,064 | ||||||
46,036,179 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $562,608,779) | 722,917,539 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 14,579,644 | 14,579,644 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 601,633 | 601,633 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $15,181,277) | 15,181,277 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $577,790,056)(3) | 100.0 | % | 738,098,816 | |||||
Other assets less liabilities | 0.0 | 162,855 | ||||||
NET ASSETS | 100.0 | % | $ | 738,261,671 | ||||
160 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $42,962,726 representing 5.8% of net assets. |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $938,341. This was secured by collateral of $601,633, which was received in cash and subsequently invested in short-term investments currently valued at $601,633 as reported in the Portfolio of Investments. Additional collateral of $386,314 was received in the form of fixed income |
pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
United States Treasury Notes/Bonds | 0.13% to 2.25% | 07/31/2021 to 01/31/2025 | $386,314 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 722,917,539 | $ | — | $ | — | $ | 722,917,539 | ||||||||
Short-Term Investment Securities | 15,181,277 | — | — | 15,181,277 | ||||||||||||
Total Investments at Value | $ | 738,098,816 | $ | — | $ | — | $ | 738,098,816 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
161 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Applications Software | 10.2 | % | ||
Web Portals/ISP | 8.4 | |||
Computer Services | 4.4 | |||
Computers | 4.3 | |||
Insurance Brokers | 4.3 | |||
Cosmetics & Toiletries | 4.1 | |||
Finance — Credit Card | 4.1 | |||
Data Processing/Management | 4.0 | |||
Medical Products | 3.8 | |||
Electronic Connectors | 3.6 | |||
Medical Instruments | 3.4 | |||
Athletic Footwear | 3.3 | |||
Diagnostic Equipment | 2.7 | |||
Electronic Measurement Instruments | 2.4 | |||
Commercial Services — Finance | 2.4 | |||
Finance — Investment Banker/Broker | 2.2 | |||
Entertainment Software | 2.1 | |||
Real Estate Investment Trusts | 2.0 | |||
E-Commerce/Products | 2.0 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Beverages — Non-alcoholic | 1.7 | |||
Retail — Discount | 1.7 | |||
Drug Delivery Systems | 1.7 | |||
Coatings/Paint | 1.5 | |||
Retail — Restaurants | 1.4 | |||
Transport — Rail | 1.4 | |||
Soap & Cleaning Preparation | 1.4 | |||
Textile — Apparel | 1.2 | |||
Medical — Drugs | 1.2 | |||
Cable/Satellite TV | 1.2 | |||
Machinery — General Industrial | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Retail — Apparel/Shoe | 1.1 | |||
Retail — Major Department Stores | 1.1 | |||
Pharmacy Services | 1.0 | |||
Internet Content — Information/News | 1.0 | |||
Consulting Services | 1.0 | |||
Private Equity | 0.8 | |||
Medical Labs & Testing Services | 0.7 | |||
Electric — Integrated | 0.7 | |||
99.8% | ||||
* | Calculated as a percentage of net assets |
162 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Applications Software — 10.2% |
| |||||||
Microsoft Corp. | 271,272 | $ | 67,731,193 | |||||
Athletic Footwear — 3.3% |
| |||||||
adidas AG | 25,657 | 9,334,602 | ||||||
NIKE, Inc., Class B | 90,176 | 12,305,417 | ||||||
21,640,019 | ||||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
PepsiCo, Inc. | 78,031 | 11,543,906 | ||||||
Cable/Satellite TV — 1.2% |
| |||||||
Charter Communications, Inc., Class A† | 11,512 | 7,995,429 | ||||||
Coatings/Paint — 1.5% |
| |||||||
Sherwin-Williams Co. | 34,784 | 9,862,308 | ||||||
Commercial Services - Finance — 2.4% |
| |||||||
Equifax, Inc. | 37,563 | 8,828,807 | ||||||
Moody’s Corp. | 20,699 | 6,941,410 | ||||||
15,770,217 | ||||||||
Computer Services — 4.4% |
| |||||||
Accenture PLC, Class A | 87,060 | 24,564,850 | ||||||
Cognizant Technology Solutions Corp., Class A | 66,077 | 4,728,470 | ||||||
29,293,320 | ||||||||
Computers — 4.3% |
| |||||||
Apple, Inc. | 229,410 | 28,586,780 | ||||||
Consulting Services — 1.0% |
| |||||||
Verisk Analytics, Inc. | 36,535 | 6,314,344 | ||||||
Cosmetics & Toiletries — 4.1% |
| |||||||
Colgate-Palmolive Co. | 213,849 | 17,916,269 | ||||||
Estee Lauder Cos., Inc., Class A | 31,011 | 9,505,492 | ||||||
27,421,761 | ||||||||
Data Processing/Management — 4.0% |
| |||||||
Fidelity National Information Services, Inc. | 68,682 | 10,232,244 | ||||||
Fiserv, Inc.† | 141,910 | 16,348,032 | ||||||
26,580,276 | ||||||||
Diagnostic Equipment — 2.7% |
| |||||||
Danaher Corp. | 38,151 | 9,771,997 | ||||||
Thermo Fisher Scientific, Inc. | 16,813 | 7,893,704 | ||||||
17,665,701 | ||||||||
Drug Delivery Systems — 1.7% |
| |||||||
Becton Dickinson & Co. | 46,529 | 11,254,900 | ||||||
E-Commerce/Products — 2.0% |
| |||||||
Alibaba Group Holding, Ltd.† | 481,952 | 13,103,103 | ||||||
Electric - Integrated — 0.7% |
| |||||||
Xcel Energy, Inc. | 64,213 | 4,551,417 | ||||||
Electronic Components - Semiconductors — 1.2% |
| |||||||
Texas Instruments, Inc. | 41,055 | 7,793,060 | ||||||
Electronic Connectors — 3.6% |
| |||||||
Amphenol Corp., Class A | 204,546 | 13,757,764 | ||||||
TE Connectivity, Ltd. | 73,568 | 9,981,706 | ||||||
23,739,470 | ||||||||
Electronic Measurement Instruments — 2.4% |
| |||||||
Agilent Technologies, Inc. | 54,561 | 7,536,511 | ||||||
Fortive Corp. | 114,640 | 8,313,693 | ||||||
15,850,204 | ||||||||
Entertainment Software — 2.1% |
| |||||||
Electronic Arts, Inc. | 98,780 | 14,118,625 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 4.1% |
| |||||||
Mastercard, Inc., Class A | 22,620 | $ | 8,156,320 | |||||
Visa, Inc., Class A | 84,452 | 19,195,939 | ||||||
27,352,259 | ||||||||
Finance - Investment Banker/Broker — 2.2% |
| |||||||
Charles Schwab Corp. | 193,068 | 14,258,072 | ||||||
Insurance Brokers — 4.3% |
| |||||||
Aon PLC, Class A | 72,789 | 18,442,549 | ||||||
Marsh & McLennan Cos., Inc. | 73,010 | 10,100,933 | ||||||
28,543,482 | ||||||||
Internet Content - Information/News — 1.0% |
| |||||||
Tencent Holdings, Ltd. | 85,000 | 6,779,497 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
Otis Worldwide Corp. | 101,511 | 7,951,357 | ||||||
Medical Instruments — 3.4% |
| |||||||
Boston Scientific Corp.† | 380,876 | 16,206,274 | ||||||
Medtronic PLC | 52,310 | 6,621,923 | ||||||
22,828,197 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
ICON PLC†# | 21,481 | 4,806,589 | ||||||
Medical Products — 3.8% |
| |||||||
Abbott Laboratories | 50,724 | 5,916,954 | ||||||
STERIS PLC | 35,866 | 6,845,385 | ||||||
Stryker Corp. | 48,595 | 12,404,846 | ||||||
25,167,185 | ||||||||
Medical - Drugs — 1.2% |
| |||||||
PRA Health Sciences, Inc.† | 33,484 | 5,723,085 | ||||||
Roche Holding AG | 6,659 | 2,314,919 | ||||||
8,038,004 | ||||||||
Pharmacy Services — 1.0% |
| |||||||
Cigna Corp. | 26,216 | 6,786,012 | ||||||
Private Equity — 0.8% |
| |||||||
Blackstone Group, Inc., Class A | 54,110 | 5,014,374 | ||||||
Real Estate Investment Trusts — 2.0% |
| |||||||
American Tower Corp. | 51,414 | 13,134,220 | ||||||
Retail - Apparel/Shoe — 1.1% |
| |||||||
Ross Stores, Inc. | 59,240 | 7,487,344 | ||||||
Retail - Discount — 1.7% |
| |||||||
Dollarama, Inc. | 262,266 | 11,397,678 | ||||||
Retail - Major Department Stores — 1.1% |
| |||||||
TJX Cos., Inc. | 103,436 | 6,986,067 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Starbucks Corp. | 80,906 | 9,213,575 | ||||||
Semiconductor Components - Integrated Circuits — 1.9% |
| |||||||
Analog Devices, Inc. | 45,087 | 7,421,320 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 45,737 | 5,367,695 | ||||||
12,789,015 | ||||||||
Soap & Cleaning Preparation — 1.4% |
| |||||||
Church & Dwight Co., Inc. | 105,348 | 9,031,484 | ||||||
Textile - Apparel — 1.2% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 10,273 | 8,167,869 | ||||||
Transport - Rail — 1.4% |
| |||||||
Union Pacific Corp. | 40,839 | 9,177,749 | ||||||
163 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP — 8.4% |
| |||||||
Alphabet, Inc., Class A† | 23,500 | $ | 55,385,975 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $393,609,201) | 661,112,037 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 201,088 | 201,088 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $393,810,289)(3) | 99.8 | % | 661,313,125 | |||||
Other assets less liabilities | 0.2 | 1,530,523 | ||||||
NET ASSETS | 100.0 | % | $ | 662,843,648 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2021, the Fund had loaned securities with a total value of $2,834,144. This was secured by collateral of $201,088, which was received in cash and subsequently invested in short-term investments currently valued at $201,088 as reported in the Portfolio of Investments. Additional collateral of $2,692,444 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Cash Management Bills | zero coupon | 09/21/2021 | $ | 4,938 | ||||
United States Treasury Bills | 0.00% | 06/10/2021 | 16,719 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.88% | 07/15/2021 to 08/15/2050 | 2,670,787 |
(2) | The rate shown is the 7-day yield as of May 31, 2021. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 661,112,037 | $ | — | $ | — | $ | 661,112,037 | ||||||||
Short-Term Investment Securities | 201,088 | — | — | 201,088 | ||||||||||||
Total Investments at Value | $ | 661,313,125 | $ | — | $ | — | $ | 661,313,125 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
164 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 9.1 | % | ||
Banks — Commercial | 7.3 | |||
Medical Products | 2.0 | |||
Building & Construction Products — Misc. | 1.8 | |||
Insurance — Property/Casualty | 1.8 | |||
Steel — Producers | 1.8 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Medical — Biomedical/Gene | 1.5 | |||
Electronic Components — Semiconductors | 1.5 | |||
Registered Investment Companies | 1.5 | |||
Chemicals — Specialty | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
Electric — Integrated | 1.3 | |||
Transport — Truck | 1.3 | |||
Gas — Distribution | 1.3 | |||
Distribution/Wholesale | 1.2 | |||
Apparel Manufacturers | 1.2 | |||
Medical Instruments | 1.2 | |||
Energy — Alternate Sources | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Computer Services | 1.1 | |||
Retail — Restaurants | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Retail — Home Furnishings | 1.0 | |||
Machinery — Pumps | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Medical — Outpatient/Home Medical | 1.0 | |||
Semiconductor Equipment | 0.9 | |||
Insurance — Reinsurance | 0.9 | |||
Human Resources | 0.9 | |||
Medical — Drugs | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Machinery — Farming | 0.9 | |||
Industrial Automated/Robotic | 0.8 | |||
Electronic Parts Distribution | 0.8 | |||
Data Processing/Management | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Engineering/R&D Services | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Containers — Paper/Plastic | 0.7 | |||
Commercial Services | 0.7 | |||
Retail — Automobile | 0.7 | |||
Hotels/Motels | 0.7 | |||
Lighting Products & Systems | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Recreational Vehicles | 0.7 | |||
Medical — HMO | 0.6 | |||
Diagnostic Equipment | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Lasers — System/Components | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Savings & Loans/Thrifts | 0.6 | |||
Building Products — Cement | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Applications Software | 0.5 | |||
Multimedia | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Finance — Consumer Loans | 0.5 | |||
Insurance Brokers | 0.5 | |||
Coatings/Paint | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Hazardous Waste Disposal | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Pastoral & Agricultural | 0.5 |
Retail — Discount | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Water | 0.4 | |||
Resorts/Theme Parks | 0.4 | |||
Computer Software | 0.4 | |||
Schools | 0.4 | |||
Publishing — Newspapers | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Retail — Misc./Diversified | 0.4 | |||
Home Furnishings | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Brewery | 0.4 | |||
Computer Aided Design | 0.4 | |||
Therapeutics | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Firearms & Ammunition | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Garden Products | 0.4 | |||
Retail — Regional Department Stores | 0.4 | |||
Physical Therapy/Rehabilitation Centers | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Gold Mining | 0.3 | |||
Consulting Services | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Finance — Other Services | 0.3 | |||
Instruments — Controls | 0.3 | |||
Motorcycle/Motor Scooter | 0.3 | |||
Toys | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Racetracks | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Optical Supplies | 0.3 | |||
Batteries/Battery Systems | 0.3 | |||
Athletic Equipment | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
Environmental Consulting & Engineering | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Airlines | 0.3 | |||
Computers — Other | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Pipelines | 0.3 | |||
Food — Retail | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Machinery — Electrical | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Casino Hotels | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Financial Guarantee Insurance | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Oil — Field Services | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Food — Baking | 0.2 | |||
Rubber — Tires | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Satellite Telecom | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Poultry | 0.2 | |||
Transport — Services | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Casino Services | 0.2 |
165 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Transport — Marine | 0.2 | % | ||
Office Automation & Equipment | 0.2 | |||
Security Services | 0.2 | |||
Electronics — Military | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Wireless Equipment | 0.2 | |||
Finance — Leasing Companies | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Computer Data Security | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Television | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Theaters | 0.1 | |||
Quarrying | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Food — Catering | 0.1 | |||
101.5 | % | |||
* | Calculated as a percentage of net assets |
166 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.9% |
| |||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Hexcel Corp.† | 136,550 | $ | 8,119,263 | |||||
Airlines — 0.3% |
| |||||||
JetBlue Airways Corp.† | 516,193 | 10,375,479 | ||||||
Apparel Manufacturers — 1.2% |
| |||||||
Capri Holdings, Ltd.† | 246,711 | 13,990,981 | ||||||
Carter’s, Inc. | 71,955 | 7,356,679 | ||||||
Columbia Sportswear Co. | 49,879 | 5,124,070 | ||||||
Deckers Outdoor Corp.† | 46,012 | 15,434,265 | ||||||
Urban Outfitters, Inc.† | 111,805 | 4,378,284 | ||||||
46,284,279 | ||||||||
Applications Software — 0.5% |
| |||||||
CDK Global, Inc. | 198,873 | 10,409,013 | ||||||
Concentrix Corp.† | 67,918 | 10,372,437 | ||||||
20,781,450 | ||||||||
Athletic Equipment — 0.3% |
| |||||||
YETI Holdings, Inc.† | 122,455 | 10,727,058 | ||||||
Auto/Truck Parts & Equipment - Original — 1.6% |
| |||||||
Adient PLC† | 153,604 | 7,689,416 | ||||||
Dana, Inc. | 236,301 | 6,410,846 | ||||||
Fox Factory Holding Corp.† | 68,278 | 10,615,863 | ||||||
Gentex Corp. | 397,997 | 14,128,894 | ||||||
Lear Corp. | 89,353 | 17,277,296 | ||||||
Visteon Corp.† | 45,597 | 5,583,809 | ||||||
61,706,124 | ||||||||
Banks - Commercial — 7.3% |
| |||||||
Associated Banc-Corp | 249,631 | 5,739,017 | ||||||
BancorpSouth Bank | 157,494 | 4,816,167 | ||||||
Bank of Hawaii Corp. | 65,555 | 5,882,906 | ||||||
Bank OZK | 197,450 | 8,433,090 | ||||||
Cathay General Bancorp | 122,077 | 5,088,169 | ||||||
CIT Group, Inc. | 161,227 | 8,541,806 | ||||||
Commerce Bancshares, Inc. | 172,109 | 13,403,849 | ||||||
Cullen/Frost Bankers, Inc. | 91,824 | 11,084,075 | ||||||
East West Bancorp, Inc. | 231,228 | 17,291,230 | ||||||
First Financial Bankshares, Inc. | 232,339 | 11,698,269 | ||||||
First Horizon Corp. | 907,287 | 17,301,963 | ||||||
FNB Corp. | 525,166 | 7,042,476 | ||||||
Fulton Financial Corp. | 265,178 | 4,595,535 | ||||||
Glacier Bancorp, Inc. | 155,866 | 9,079,194 | ||||||
Hancock Whitney Corp. | 141,695 | 7,015,319 | ||||||
Home BancShares, Inc. | 248,162 | 6,789,712 | ||||||
International Bancshares Corp. | 90,984 | 4,221,658 | ||||||
PacWest Bancorp | 190,789 | 8,617,939 | ||||||
Pinnacle Financial Partners, Inc. | 124,123 | 11,285,263 | ||||||
Prosperity Bancshares, Inc. | 151,791 | 11,422,273 | ||||||
Signature Bank | 93,215 | 23,280,446 | ||||||
Synovus Financial Corp. | 242,791 | 11,925,894 | ||||||
TCF Financial Corp. | 249,261 | 11,839,897 | ||||||
Texas Capital Bancshares, Inc.† | 82,443 | 5,678,674 | ||||||
Trustmark Corp. | 103,570 | 3,474,774 | ||||||
UMB Financial Corp. | 70,828 | 6,849,776 | ||||||
Umpqua Holdings Corp. | 360,013 | 6,869,048 | ||||||
United Bankshares, Inc. | 210,664 | 8,677,250 | ||||||
Valley National Bancorp | 662,515 | 9,487,215 | ||||||
Webster Financial Corp. | 147,477 | 8,358,996 | ||||||
Wintrust Financial Corp. | 92,924 | 7,472,948 | ||||||
283,264,828 | ||||||||
Batteries/Battery Systems — 0.3% |
| |||||||
Energizer Holdings, Inc. | 94,918 | 4,370,024 |
Security Description | Shares | Value (Note 2) | ||||||
Batteries/Battery Systems (continued) |
| |||||||
EnerSys | 69,724 | $ | 6,570,790 | |||||
10,940,814 | ||||||||
Brewery — 0.4% |
| |||||||
Boston Beer Co., Inc., Class A† | 15,035 | 15,909,436 | ||||||
Building & Construction Products - Misc. — 1.8% |
| |||||||
Builders FirstSource, Inc.† | 337,180 | 15,017,997 | ||||||
Louisiana-Pacific Corp. | 173,964 | 11,692,121 | ||||||
Owens Corning | 171,383 | 18,277,997 | ||||||
Simpson Manufacturing Co., Inc. | 70,782 | 7,950,234 | ||||||
Trex Co., Inc.† | 189,144 | 18,424,517 | ||||||
71,362,866 | ||||||||
Building & Construction - Misc. — 0.6% |
| |||||||
EMCOR Group, Inc. | 89,504 | 11,287,349 | ||||||
TopBuild Corp.† | 53,932 | 10,681,233 | ||||||
21,968,582 | ||||||||
Building Products - Air & Heating — 0.5% |
| |||||||
Lennox International, Inc. | 56,087 | 19,626,524 | ||||||
Building Products - Cement — 0.5% |
| |||||||
Eagle Materials, Inc.† | 68,502 | 10,053,353 | ||||||
MDU Resources Group, Inc. | 327,527 | 11,024,559 | ||||||
21,077,912 | ||||||||
Building - Heavy Construction — 0.4% |
| |||||||
Arcosa, Inc. | 1 | 64 | ||||||
Dycom Industries, Inc.† | 50,007 | 3,746,524 | ||||||
MasTec, Inc.† | 92,120 | 10,716,320 | ||||||
14,462,908 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Thor Industries, Inc. | 90,433 | 11,123,259 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
KB Home | 145,314 | 6,802,148 | ||||||
Taylor Morrison Home Corp.† | 210,426 | 6,232,818 | ||||||
Toll Brothers, Inc. | 183,008 | 11,939,442 | ||||||
Tri Pointe Homes, Inc.† | 194,706 | 4,696,309 | ||||||
29,670,717 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 8,872 | 16,107,648 | ||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp.† | 131,553 | 8,470,698 | ||||||
Casino Services — 0.2% |
| |||||||
Scientific Games Corp.† | 91,926 | 6,668,312 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Olin Corp. | 233,225 | 11,402,370 | ||||||
Chemicals - Specialty — 1.4% |
| |||||||
Ashland Global Holdings, Inc. | 89,183 | 8,458,116 | ||||||
Cabot Corp. | 92,477 | 5,879,687 | ||||||
Chemours Co. | 269,787 | 9,693,447 | ||||||
Ingevity Corp.† | 66,204 | 5,449,251 | ||||||
Minerals Technologies, Inc. | 55,286 | 4,809,882 | ||||||
NewMarket Corp. | 11,951 | 4,101,942 | ||||||
Sensient Technologies Corp. | 69,284 | 6,010,387 | ||||||
Valvoline, Inc. | 296,328 | 9,778,824 | ||||||
54,181,536 | ||||||||
Coatings/Paint — 0.5% |
| |||||||
RPM International, Inc. | 212,506 | 19,875,686 | ||||||
167 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services — 0.7% |
| |||||||
CoreLogic, Inc. | 119,484 | $ | 9,498,978 | |||||
John Wiley & Sons, Inc., Class A | 71,117 | 4,507,395 | ||||||
LiveRamp Holdings, Inc.† | 109,304 | 5,491,433 | ||||||
Progyny, Inc.† | 59,832 | 3,831,641 | ||||||
WW International, Inc.† | 77,746 | 3,055,418 | ||||||
26,384,865 | ||||||||
Commercial Services - Finance — 0.7% |
| |||||||
H&R Block, Inc. | 299,590 | 7,435,824 | ||||||
Sabre Corp.†# | 518,314 | 7,178,649 | ||||||
WEX, Inc.† | 72,180 | 14,140,783 | ||||||
28,755,256 | ||||||||
Computer Aided Design — 0.4% |
| |||||||
Aspen Technology, Inc.† | 110,792 | 15,119,784 | ||||||
Computer Data Security — 0.1% |
| |||||||
Qualys, Inc.† | 55,075 | 5,324,651 | ||||||
Computer Services — 1.1% |
| |||||||
CACI International, Inc., Class A† | 41,212 | 10,507,412 | ||||||
Genpact, Ltd. | 285,787 | 13,071,897 | ||||||
MAXIMUS, Inc. | 100,376 | 9,301,844 | ||||||
Science Applications International Corp. | 95,101 | 8,545,776 | ||||||
41,426,929 | ||||||||
Computer Software — 0.4% |
| |||||||
J2 Global, Inc.† | 69,354 | 8,636,654 | ||||||
Teradata Corp.† | 178,037 | 8,522,631 | ||||||
17,159,285 | ||||||||
Computers - Integrated Systems — 0.4% |
| |||||||
NCR Corp.† | 212,502 | 10,242,597 | ||||||
NetScout Systems, Inc.† | 119,953 | 3,526,618 | ||||||
13,769,215 | ||||||||
Computers - Other — 0.3% |
| |||||||
Lumentum Holdings, Inc.† | 123,646 | 10,061,075 | ||||||
Consulting Services — 0.3% |
| |||||||
FTI Consulting, Inc.† | 55,928 | 7,692,896 | ||||||
R1 RCM, Inc.† | 225,050 | 5,209,908 | ||||||
12,902,804 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Helen of Troy, Ltd.† | 39,848 | 8,387,207 | ||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A | 43,325 | 2,673,586 | ||||||
Silgan Holdings, Inc. | 127,632 | 5,377,136 | ||||||
8,050,722 | ||||||||
Containers - Paper/Plastic — 0.7% |
| |||||||
AptarGroup, Inc. | 106,435 | 15,678,940 | ||||||
Sonoco Products Co. | 164,103 | 11,080,234 | ||||||
26,759,174 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Coty, Inc., Class A† | 463,411 | 4,128,992 | ||||||
Data Processing/Management — 0.8% |
| |||||||
CommVault Systems, Inc.† | 76,765 | 5,847,190 | ||||||
Fair Isaac Corp.† | 47,753 | 24,165,883 | ||||||
30,013,073 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 142,057 | 4,622,535 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Equipment — 0.6% |
| |||||||
Neogen Corp.† | 86,967 | $ | 8,027,924 | |||||
Repligen Corp.† | 83,199 | 15,192,969 | ||||||
23,220,893 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Quidel Corp.†# | 62,902 | 7,429,355 | ||||||
Disposable Medical Products — 0.2% |
| |||||||
ICU Medical, Inc.† | 32,111 | 6,681,015 | ||||||
Distribution/Wholesale — 1.2% |
| |||||||
Avient Corp. | 149,115 | 7,750,998 | ||||||
IAA, Inc.† | 219,773 | 12,520,468 | ||||||
KAR Auction Services, Inc.† | 211,851 | 3,800,607 | ||||||
Univar Solutions, Inc.† | 276,673 | 7,495,071 | ||||||
Watsco, Inc. | 53,687 | 15,644,392 | ||||||
�� | 47,211,536 | |||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Carlisle Cos., Inc. | 87,044 | 16,740,302 | ||||||
ITT, Inc. | 141,287 | 13,266,850 | ||||||
Trinity Industries, Inc. | 134,131 | 3,726,159 | ||||||
33,733,311 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
GrubHub, Inc.† | 152,322 | 9,156,075 | ||||||
TripAdvisor, Inc.† | 157,462 | 6,841,724 | ||||||
15,997,799 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
Littelfuse, Inc. | 40,078 | 10,469,977 | ||||||
Electric - Integrated — 1.3% |
| |||||||
ALLETE, Inc. | 84,894 | 5,848,348 | ||||||
Black Hills Corp. | 102,566 | 6,747,817 | ||||||
Hawaiian Electric Industries, Inc. | 178,333 | 7,677,236 | ||||||
IDACORP, Inc. | 82,435 | 8,074,508 | ||||||
NorthWestern Corp. | 82,675 | 5,237,461 | ||||||
OGE Energy Corp. | 326,708 | 11,271,426 | ||||||
PNM Resources, Inc. | 140,200 | 6,886,624 | ||||||
51,743,420 | ||||||||
Electronic Components - Misc. — 1.1% |
| |||||||
Hubbell, Inc. | 88,687 | 16,907,290 | ||||||
Jabil, Inc. | 221,199 | 12,486,683 | ||||||
nVent Electric PLC | 274,704 | 8,938,868 | ||||||
Vishay Intertechnology, Inc. | 216,641 | 5,214,549 | ||||||
43,547,390 | ||||||||
Electronic Components - Semiconductors — 1.5% |
| |||||||
Amkor Technology, Inc. | 174,886 | 3,690,095 | ||||||
Cree, Inc.†# | 188,228 | 18,824,682 | ||||||
Lattice Semiconductor Corp.† | 223,009 | 11,835,088 | ||||||
Semtech Corp.† | 106,174 | 6,688,962 | ||||||
Silicon Laboratories, Inc.† | 71,746 | 9,797,634 | ||||||
Synaptics, Inc.† | 57,050 | 7,207,126 | ||||||
58,043,587 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
National Instruments Corp. | 214,963 | 8,770,490 | ||||||
Vontier Corp.† | 275,300 | 9,657,524 | ||||||
18,428,014 | ||||||||
Electronic Parts Distribution — 0.8% |
| |||||||
Arrow Electronics, Inc.† | 121,854 | 14,662,692 | ||||||
Avnet, Inc. | 162,447 | 7,157,415 |
168 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Parts Distribution (continued) |
| |||||||
SYNNEX Corp. | 67,422 | $ | 8,535,625 | |||||
30,355,732 | ||||||||
Electronics - Military — 0.2% |
| |||||||
Mercury Systems, Inc.† | 91,701 | 6,001,830 | ||||||
Energy - Alternate Sources — 1.1% |
| |||||||
First Solar, Inc.† | 138,484 | 10,540,017 | ||||||
SolarEdge Technologies, Inc.† | 84,253 | 21,738,117 | ||||||
Sunrun, Inc.†# | 261,407 | 11,690,121 | ||||||
43,968,255 | ||||||||
Engineering/R&D Services — 0.7% |
| |||||||
AECOM† | 241,268 | 15,684,833 | ||||||
Fluor Corp.† | 204,621 | 3,785,488 | ||||||
KBR, Inc. | 230,050 | 9,372,237 | ||||||
28,842,558 | ||||||||
Enterprise Software/Service — 1.4% |
| |||||||
ACI Worldwide, Inc.† | 191,338 | 7,320,592 | ||||||
Blackbaud, Inc.† | 79,024 | 5,586,206 | ||||||
Ceridian HCM Holding, Inc.† | 213,883 | 19,133,973 | ||||||
Manhattan Associates, Inc.† | 104,212 | 14,170,748 | ||||||
SailPoint Technologies Holding, Inc.† | 149,339 | 6,948,744 | ||||||
53,160,263 | ||||||||
Environmental Consulting & Engineering — 0.3% |
| |||||||
Tetra Tech, Inc. | 88,576 | 10,582,175 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
Donaldson Co., Inc. | 206,007 | 12,687,971 | ||||||
Finance - Consumer Loans — 0.5% |
| |||||||
LendingTree, Inc.†# | 17,798 | 3,653,040 | ||||||
Navient Corp. | 300,168 | 5,484,069 | ||||||
SLM Corp. | 547,425 | 11,085,356 | ||||||
20,222,465 | ||||||||
Finance - Credit Card — 0.3% |
| |||||||
Alliance Data Systems Corp. | 81,170 | 9,825,628 | ||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Evercore, Inc., Class A | 68,639 | 10,011,685 | ||||||
Interactive Brokers Group, Inc., Class A | 131,967 | 8,876,100 | ||||||
Jefferies Financial Group, Inc. | 330,742 | 10,626,740 | ||||||
29,514,525 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
PROG Holdings, Inc. | 110,623 | 5,832,045 | ||||||
Finance - Other Services — 0.3% |
| |||||||
SEI Investments Co. | 194,566 | 12,343,267 | ||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
MGIC Investment Corp. | 553,015 | 8,140,381 | ||||||
Firearms & Ammunition — 0.4% |
| |||||||
Axon Enterprise, Inc.† | 104,183 | 14,647,088 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 321,580 | 7,746,862 | ||||||
Food - Catering — 0.1% |
| |||||||
Healthcare Services Group, Inc. | 122,041 | 3,660,010 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 29,117 | 911,071 | ||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Hain Celestial Group, Inc.† | 133,812 | 5,454,177 | ||||||
Ingredion, Inc. | 109,617 | 10,405,942 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified (continued) |
| |||||||
Lancaster Colony Corp. | 31,948 | $ | 5,963,733 | |||||
Post Holdings, Inc.† | 97,777 | 11,296,177 | ||||||
TreeHouse Foods, Inc.† | 91,292 | 4,446,833 | ||||||
37,566,862 | ||||||||
Food - Retail — 0.3% |
| |||||||
Grocery Outlet Holding Corp.†# | 141,577 | 4,823,528 | ||||||
Sprouts Farmers Market, Inc.† | 192,661 | 5,124,783 | ||||||
9,948,311 | ||||||||
Footwear & Related Apparel — 0.3% |
| |||||||
Skechers U.S.A., Inc., Class A† | 223,331 | 10,608,222 | ||||||
Funeral Services & Related Items — 0.4% |
| |||||||
Service Corp. International | 276,736 | 14,672,543 | ||||||
Garden Products — 0.4% |
| |||||||
Scotts Miracle-Gro Co. | 66,418 | 14,437,281 | ||||||
Gas - Distribution — 1.3% |
| |||||||
National Fuel Gas Co. | 148,903 | 7,726,577 | ||||||
New Jersey Resources Corp. | 157,212 | 6,716,097 | ||||||
ONE Gas, Inc. | 86,967 | 6,463,387 | ||||||
Southwest Gas Holdings, Inc. | 93,471 | 6,170,021 | ||||||
Spire, Inc. | 84,388 | 6,047,244 | ||||||
UGI Corp. | 340,646 | 15,686,748 | ||||||
48,810,074 | ||||||||
Gold Mining — 0.3% |
| |||||||
Royal Gold, Inc. | 107,161 | 13,263,317 | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Clean Harbors, Inc.† | 82,344 | 7,666,227 | ||||||
Stericycle, Inc.† | 149,631 | 11,755,011 | ||||||
19,421,238 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
HealthEquity, Inc.† | 135,436 | 11,257,440 | ||||||
Home Furnishings — 0.4% |
| |||||||
Herman Miller, Inc. | 96,335 | 4,604,813 | ||||||
Tempur Sealy International, Inc. | 311,926 | 12,009,151 | ||||||
16,613,964 | ||||||||
Hotels/Motels — 0.7% |
| |||||||
Choice Hotels International, Inc.† | 47,166 | 5,702,841 | ||||||
Travel + Leisure Co. | 140,357 | 9,144,258 | ||||||
Wyndham Hotels & Resorts, Inc. | 152,181 | 11,422,706 | ||||||
26,269,805 | ||||||||
Human Resources — 0.9% |
| |||||||
ASGN, Inc.† | 86,569 | 8,924,398 | ||||||
Insperity, Inc. | 58,047 | 5,351,353 | ||||||
ManpowerGroup, Inc. | 89,827 | 10,868,169 | ||||||
Paylocity Holding Corp.† | 61,280 | 10,407,182 | ||||||
35,551,102 | ||||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Cognex Corp. | 287,519 | 22,826,134 | ||||||
Colfax Corp.† | 188,352 | 8,325,158 | ||||||
31,151,292 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Woodward, Inc. | 95,766 | 12,179,520 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Brown & Brown, Inc. | 382,427 | 20,085,066 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Brighthouse Financial, Inc.† | 142,722 | 6,944,853 |
169 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Life/Health (continued) |
| |||||||
CNO Financial Group, Inc. | 219,924 | $ | 5,841,181 | |||||
Primerica, Inc. | 64,263 | 10,424,101 | ||||||
23,210,135 | ||||||||
Insurance - Multi-line — 0.6% |
| |||||||
American Financial Group, Inc. | 114,309 | 15,209,956 | ||||||
Kemper Corp. | 100,498 | 7,524,285 | ||||||
22,734,241 | ||||||||
Insurance - Property/Casualty — 1.8% |
| |||||||
Alleghany Corp.† | 22,856 | 16,377,924 | ||||||
First American Financial Corp. | 179,424 | 11,538,758 | ||||||
Hanover Insurance Group, Inc. | 59,433 | 8,290,309 | ||||||
Kinsale Capital Group, Inc. | 34,965 | 5,820,274 | ||||||
Mercury General Corp. | 43,402 | 2,760,367 | ||||||
Old Republic International Corp. | 462,063 | 12,133,774 | ||||||
RLI Corp. | 64,896 | 6,845,230 | ||||||
Selective Insurance Group, Inc. | 97,810 | 7,362,159 | ||||||
71,128,795 | ||||||||
Insurance - Reinsurance — 0.9% |
| |||||||
Essent Group, Ltd. | 184,311 | 8,817,438 | ||||||
Reinsurance Group of America, Inc. | 111,025 | 13,992,481 | ||||||
RenaissanceRe Holdings, Ltd. | 82,836 | 12,766,684 | ||||||
35,576,603 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 115,047 | 4,614,535 | ||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Affiliated Managers Group, Inc. | 69,618 | 11,417,352 | ||||||
Federated Hermes, Inc. | 153,698 | 4,887,596 | ||||||
Janus Henderson Group PLC | 278,696 | 10,732,583 | ||||||
Stifel Financial Corp. | 171,461 | 11,878,818 | ||||||
38,916,349 | ||||||||
Lasers - System/Components — 0.6% |
| |||||||
Coherent, Inc.† | 39,934 | 10,487,068 | ||||||
II-VI, Inc.†# | 171,115 | 11,528,017 | ||||||
22,015,085 | ||||||||
Lighting Products & Systems — 0.7% |
| |||||||
Acuity Brands, Inc. | 58,845 | 10,930,459 | ||||||
Universal Display Corp. | 70,021 | 15,114,733 | ||||||
26,045,192 | ||||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc. | 136,440 | 5,117,864 | ||||||
Lincoln Electric Holdings, Inc. | 97,450 | 12,530,121 | ||||||
17,647,985 | ||||||||
Machinery - Construction & Mining — 0.5% |
| |||||||
Oshkosh Corp. | 111,696 | 14,681,322 | ||||||
Terex Corp. | 113,356 | 5,936,454 | ||||||
20,617,776 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 66,346 | 9,436,392 | ||||||
Machinery - Farming — 0.9% |
| |||||||
AGCO Corp. | 100,747 | 13,940,362 | ||||||
Toro Co. | 175,783 | 19,527,734 | ||||||
33,468,096 | ||||||||
Machinery - General Industrial — 1.1% |
| |||||||
Crane Co. | 80,754 | 7,711,199 | ||||||
Middleby Corp.† | 90,877 | 14,929,274 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Nordson Corp. | 88,270 | $ | 19,568,576 | |||||
42,209,049 | ||||||||
Machinery - Pumps — 1.0% |
| |||||||
Curtiss-Wright Corp. | 66,867 | 8,379,772 | ||||||
Flowserve Corp. | 212,789 | 9,020,126 | ||||||
Graco, Inc. | 275,659 | 20,872,900 | ||||||
38,272,798 | ||||||||
Medical Instruments — 1.2% |
| |||||||
Bio-Techne Corp. | 63,373 | 26,225,649 | ||||||
Cantel Medical Corp.†# | 61,442 | 4,997,078 | ||||||
Integra LifeSciences Holdings Corp.† | 115,758 | 7,993,090 | ||||||
NuVasive, Inc.† | 83,921 | 5,723,412 | ||||||
44,939,229 | ||||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Medpace Holdings, Inc.† | 44,942 | 7,508,010 | ||||||
Syneos Health, Inc.† | 146,252 | 12,855,551 | ||||||
20,363,561 | ||||||||
Medical Products — 2.0% |
| |||||||
Envista Holdings Corp.† | 261,473 | 11,410,682 | ||||||
Globus Medical, Inc., Class A† | 126,233 | 9,096,350 | ||||||
Haemonetics Corp.† | 83,011 | 4,686,801 | ||||||
Hill-Rom Holdings, Inc. | 108,394 | 12,062,084 | ||||||
LivaNova PLC† | 79,485 | 6,640,177 | ||||||
Masimo Corp.† | 83,050 | 17,905,580 | ||||||
Penumbra, Inc.† | 55,367 | 13,792,473 | ||||||
75,594,147 | ||||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Arrowhead Pharmaceuticals, Inc.† | �� | 169,531 | 12,307,951 | |||||
Emergent BioSolutions, Inc.† | 74,000 | 4,488,100 | ||||||
Exelixis, Inc.† | 509,595 | 11,491,367 | ||||||
Halozyme Therapeutics, Inc.† | 207,699 | 8,600,816 | ||||||
Ligand Pharmaceuticals, Inc.† | 27,134 | 3,193,672 | ||||||
Nektar Therapeutics†# | 297,571 | 5,377,108 | ||||||
United Therapeutics Corp.† | 72,757 | 13,525,526 | ||||||
58,984,540 | ||||||||
Medical - Drugs — 0.9% |
| |||||||
Jazz Pharmaceuticals PLC† | 98,160 | 17,485,241 | ||||||
PRA Health Sciences, Inc.† | 105,424 | 18,019,070 | ||||||
35,504,311 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Molina Healthcare, Inc.† | 94,736 | 23,812,841 | ||||||
Medical - Hospitals — 0.5% |
| |||||||
Acadia Healthcare Co., Inc.† | 145,435 | 9,360,196 | ||||||
Tenet Healthcare Corp.† | 173,457 | 11,606,008 | ||||||
20,966,204 | ||||||||
Medical - Outpatient/Home Medical — 1.0% |
| |||||||
Amedisys, Inc.† | 53,655 | 13,862,843 | ||||||
Chemed Corp. | 26,188 | 12,867,212 | ||||||
LHC Group, Inc.† | 51,605 | 10,158,444 | ||||||
36,888,499 | ||||||||
Metal Processors & Fabrication — 0.3% |
| |||||||
Timken Co. | 111,298 | 9,844,308 | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 56,274 | 3,734,905 | ||||||
Motorcycle/Motor Scooter — 0.3% |
| |||||||
Harley-Davidson, Inc. | 250,417 | 12,137,712 | ||||||
170 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 83,047 | $ | 4,996,108 | |||||
Multimedia — 0.5% |
| |||||||
FactSet Research Systems, Inc. | 62,034 | 20,741,688 | ||||||
Office Automation & Equipment — 0.2% |
| |||||||
Xerox Holdings Corp. | 272,558 | 6,391,485 | ||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Cimarex Energy Co. | 167,924 | 11,376,851 | ||||||
CNX Resources Corp.† | 358,863 | 4,887,714 | ||||||
EQT Corp.† | 455,472 | 9,510,255 | ||||||
25,774,820 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Murphy Oil Corp. | 235,831 | 5,115,174 | ||||||
Oil - Field Services — 0.2% |
| |||||||
ChampionX Corp.† | 304,512 | 8,069,568 | ||||||
Optical Supplies — 0.3% |
| |||||||
STAAR Surgical Co.†# | 76,058 | 11,106,750 | ||||||
Pastoral & Agricultural — 0.5% |
| |||||||
Darling Ingredients, Inc.† | 265,586 | 18,182,018 | ||||||
Physical Therapy/Rehabilitation Centers — 0.4% |
| |||||||
Encompass Health Corp. | 162,138 | 13,909,819 | ||||||
Pipelines — 0.3% |
| |||||||
Antero Midstream Corp. | 467,380 | 4,486,848 | ||||||
Equitrans Midstream Corp. | 666,244 | 5,489,851 | ||||||
9,976,699 | ||||||||
Poultry — 0.2% |
| |||||||
Pilgrim’s Pride Corp.† | 79,549 | 1,912,358 | ||||||
Sanderson Farms, Inc. | 32,461 | 5,283,028 | ||||||
7,195,386 | ||||||||
Publishing - Newspapers — 0.4% |
| |||||||
New York Times Co., Class A | 236,825 | 10,140,847 | ||||||
TEGNA, Inc. | 358,780 | 6,956,744 | ||||||
17,097,591 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 55,492 | 3,878,891 | ||||||
Racetracks — 0.3% |
| |||||||
Churchill Downs, Inc. | 56,561 | 11,285,616 | ||||||
Real Estate Investment Trusts — 9.1% |
| |||||||
American Campus Communities, Inc. | 224,819 | 10,602,464 | ||||||
Apartment Income REIT Corp. | 243,153 | 11,326,067 | ||||||
Brixmor Property Group, Inc. | 484,727 | 11,008,150 | ||||||
Camden Property Trust | 159,357 | 19,980,181 | ||||||
CoreSite Realty Corp. | 69,856 | 8,470,040 | ||||||
Corporate Office Properties Trust | 183,233 | 5,057,231 | ||||||
Cousins Properties, Inc. | 242,663 | 9,000,371 | ||||||
CyrusOne, Inc. | 196,757 | 14,510,829 | ||||||
Douglas Emmett, Inc. | 269,402 | 9,353,637 | ||||||
EastGroup Properties, Inc. | 64,779 | 10,240,264 | ||||||
EPR Properties† | 122,122 | 6,002,296 | ||||||
First Industrial Realty Trust, Inc. | 210,912 | 10,680,584 | ||||||
Healthcare Realty Trust, Inc. | 228,259 | 6,925,378 | ||||||
Highwoods Properties, Inc. | 169,742 | 7,753,815 | ||||||
Hudson Pacific Properties, Inc. | 246,570 | 7,148,064 | ||||||
JBG SMITH Properties | 180,561 | 5,815,870 | ||||||
Kilroy Realty Corp. | 172,967 | 12,144,013 | ||||||
Lamar Advertising Co., Class A | 141,274 | 14,808,341 | ||||||
Life Storage, Inc. | 123,257 | 12,256,676 | ||||||
Macerich Co. | 189,595 | 3,016,456 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Medical Properties Trust, Inc. | 947,355 | $ | 20,055,505 | |||||
National Retail Properties, Inc. | 286,286 | 13,269,356 | ||||||
National Storage Affiliates Trust | 104,900 | 4,835,890 | ||||||
Omega Healthcare Investors, Inc. | 378,576 | 13,863,453 | ||||||
Park Hotels & Resorts, Inc.† | 386,091 | 8,026,832 | ||||||
Pebblebrook Hotel Trust | 214,488 | 4,793,807 | ||||||
Physicians Realty Trust | 343,968 | 6,236,140 | ||||||
PotlatchDeltic Corp. | 109,304 | 6,580,101 | ||||||
PS Business Parks, Inc. | 32,777 | 5,079,124 | ||||||
Rayonier, Inc. | 225,123 | 8,597,447 | ||||||
Rexford Industrial Realty, Inc. | 214,674 | 11,856,445 | ||||||
Sabra Health Care REIT, Inc. | 344,184 | 6,012,894 | ||||||
Service Properties Trust | 269,219 | 3,381,391 | ||||||
SL Green Realty Corp.# | 113,276 | 8,973,725 | ||||||
Spirit Realty Capital, Inc. | 187,612 | 8,866,543 | ||||||
STORE Capital Corp. | 391,801 | 13,477,954 | ||||||
Urban Edge Properties | 179,667 | 3,476,556 | ||||||
Weingarten Realty Investors | 196,136 | 6,427,377 | ||||||
349,911,267 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
Jones Lang LaSalle, Inc.† | 83,483 | 16,884,437 | ||||||
Recreational Vehicles — 0.7% |
| |||||||
Brunswick Corp. | 127,035 | 12,986,788 | ||||||
Polaris, Inc. | 95,147 | 12,485,189 | ||||||
25,471,977 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Avis Budget Group, Inc.† | 84,418 | 7,413,589 | ||||||
Resorts/Theme Parks — 0.4% |
| |||||||
Marriott Vacations Worldwide Corp.† | 67,290 | 11,593,394 | ||||||
Six Flags Entertainment Corp.† | 123,815 | 5,624,916 | ||||||
17,218,310 | ||||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
American Eagle Outfitters, Inc.# | 244,296 | 8,655,407 | ||||||
Foot Locker, Inc. | 170,217 | 10,773,034 | ||||||
19,428,441 | ||||||||
Retail - Automobile — 0.7% |
| |||||||
AutoNation, Inc.† | 89,992 | 9,190,883 | ||||||
Lithia Motors, Inc., Class A | 48,573 | 17,097,210 | ||||||
26,288,093 | ||||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 76,308 | 7,203,475 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 60,348 | 13,327,252 | ||||||
Retail - Discount — 0.5% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 224,229 | 10,043,217 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 92,961 | 8,035,549 | ||||||
18,078,766 | ||||||||
Retail - Home Furnishings — 1.0% |
| |||||||
RH† | 26,658 | 17,089,111 | ||||||
Williams-Sonoma, Inc. | 125,097 | 21,208,945 | ||||||
38,298,056 | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
Nordstrom, Inc.† | 177,845 | 5,964,921 | ||||||
Retail - Misc./Diversified — 0.4% |
| |||||||
Five Below, Inc.† | 91,260 | 16,802,791 | ||||||
171 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Pawn Shops — 0.1% |
| |||||||
FirstCash, Inc. | 67,030 | $ | 5,343,632 | |||||
Retail - Petroleum Products — 0.2% |
| |||||||
Murphy USA, Inc. | 41,392 | 5,580,056 | ||||||
World Fuel Services Corp. | 103,107 | 3,168,478 | ||||||
8,748,534 | ||||||||
Retail - Regional Department Stores — 0.4% |
| |||||||
Kohl’s Corp. | 257,504 | 14,288,897 | ||||||
Retail - Restaurants — 1.0% |
| |||||||
Cracker Barrel Old Country Store, Inc. | 38,752 | 6,111,965 | ||||||
Jack in the Box, Inc. | 37,287 | 4,235,803 | ||||||
Papa John’s International, Inc. | 53,784 | 5,053,007 | ||||||
Texas Roadhouse, Inc. | 106,891 | 10,764,993 | ||||||
Wendy’s Co. | 292,492 | 6,791,664 | ||||||
Wingstop, Inc. | 48,492 | 6,918,839 | ||||||
39,876,271 | ||||||||
Retail - Sporting Goods — 0.3% |
| |||||||
Dick’s Sporting Goods, Inc.# | 107,366 | 10,471,406 | ||||||
Rubber - Tires — 0.2% |
| |||||||
Goodyear Tire & Rubber Co.† | 381,065 | 7,556,519 | ||||||
Satellite Telecom — 0.2% |
| |||||||
Iridium Communications, Inc.† | 193,010 | 7,374,912 | ||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
New York Community Bancorp, Inc. | 760,661 | 9,105,112 | ||||||
Sterling Bancorp | 315,994 | 8,418,080 | ||||||
Washington Federal, Inc. | 121,157 | 4,039,375 | ||||||
21,562,567 | ||||||||
Schools — 0.4% |
| |||||||
Adtalem Global Education, Inc.† | 81,920 | 2,980,250 | ||||||
Graham Holdings Co., Class B | 6,596 | 4,370,114 | ||||||
Grand Canyon Education, Inc.† | 76,563 | 6,962,639 | ||||||
Strategic Education, Inc. | 39,869 | 2,824,320 | ||||||
17,137,323 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 80,871 | 6,098,482 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Cirrus Logic, Inc.† | 94,809 | 7,401,739 | ||||||
Semiconductor Equipment — 0.9% |
| |||||||
Brooks Automation, Inc. | 121,229 | 12,376,269 | ||||||
CMC Materials, Inc. | 47,641 | 7,352,435 | ||||||
MKS Instruments, Inc. | 90,198 | 16,977,970 | ||||||
36,706,674 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 34,652 | 8,593,696 | ||||||
Steel - Producers — 1.8% |
| |||||||
Cleveland-Cliffs, Inc.†# | 749,677 | 15,083,501 | ||||||
Commercial Metals Co. | 196,116 | 6,171,771 | ||||||
Reliance Steel & Aluminum Co. | 103,886 | 17,460,120 | ||||||
Steel Dynamics, Inc. | 327,417 | 20,440,643 | ||||||
United States Steel Corp. | 428,714 | 11,116,554 | ||||||
70,272,589 | ||||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 253,431 | 13,398,897 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 162,666 | 4,183,770 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television — 0.1% |
| |||||||
World Wrestling Entertainment, Inc., Class A# | 76,337 | $ | 4,262,658 | |||||
Theaters — 0.1% |
| |||||||
Cinemark Holdings, Inc.† | 176,259 | 3,994,029 | ||||||
Therapeutics — 0.4% |
| |||||||
Neurocrine Biosciences, Inc.† | 153,445 | 14,764,478 | ||||||
Tools - Hand Held — 0.3% |
| |||||||
MSA Safety, Inc. | 59,378 | 9,979,067 | ||||||
Toys — 0.3% |
| |||||||
Mattel, Inc.† | 568,691 | 12,061,936 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 57,331 | 5,656,276 | ||||||
Transport - Marine — 0.2% |
| |||||||
Kirby Corp.† | 98,143 | 6,411,682 | ||||||
Transport - Services — 0.2% |
| |||||||
Ryder System, Inc. | 87,709 | 7,173,719 | ||||||
Transport - Truck — 1.3% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 200,219 | 9,556,453 | ||||||
Landstar System, Inc. | 62,700 | 10,690,350 | ||||||
Werner Enterprises, Inc. | 93,312 | 4,478,043 | ||||||
XPO Logistics, Inc.† | 166,937 | 24,528,053 | ||||||
49,252,899 | ||||||||
Water — 0.4% |
| |||||||
Essential Utilities, Inc. | 364,746 | 17,434,859 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 72,941 | 3,690,815 | ||||||
Wireless Equipment — 0.2% |
| |||||||
ViaSat, Inc.† | 111,132 | 5,910,000 | ||||||
Total Long-Term Investment Securities | 3,858,042,378 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.6% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 57,021,561 | 57,021,561 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 400,000 | 399,909 | |||||
0.09% due 12/30/2021(3) | 1,700,000 | 1,699,725 | ||||||
0.10% due 12/30/2021(3) | 1,700,000 | 1,699,725 | ||||||
0.14% due 09/09/2021(3) | 1,500,000 | 1,499,948 | ||||||
5,299,307 | ||||||||
Total Short-Term Investment Securities | 62,320,868 | |||||||
REPURCHASE AGREEMENTS — 0.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $473,000 and collateralized by $483,700 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $482,486 | 473,000 | 473,000 | ||||||
TOTAL INVESTMENTS | 101.5 | % | 3,920,836,246 | |||||
Liabilities in excess of other assets | (1.5 | ) | (56,196,868 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,864,639,378 | ||||
172 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2021, the Fund had loaned securities with a total value of $98,672,722. This was secured by collateral of $57,021,561, which was received in cash and subsequently invested in short-term investments currently valued at $57,021,561 as reported in the Portfolio of Investments. Additional collateral of $44,518,417 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 2,917,520 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 11,336,986 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 2,165,211 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 to 09/21/2021 | 17,763 | |||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 2,117,961 | |||||
United States Treasury Notes/Bonds | 0.06% to 8.13% | 06/30/2021 to 02/15/2051 | 25,962,976 |
(2) | The rate shown is the 7-day yield as of May 31, 2021. |
(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) | ||||||||||||||||
33 | Long | S&P Mid Cap 400 E-Mini Index | June 2021 | $ | 8,832,134 | $ | 8,998,110 | $ | 165,976 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 3,858,042,378 | $ | — | $ | — | $ | 3,858,042,378 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 57,021,561 | — | — | 57,021,561 | ||||||||||||
U.S. Government Treasuries | — | 5,299,307 | — | 5,299,307 | ||||||||||||
Repurchase Agreements | — | 473,000 | — | 473,000 | ||||||||||||
Total Investments at Value | $ | 3,915,063,939 | $ | 5,772,307 | $ | — | $ | 3,920,836,246 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 165,976 | $ | — | $ | — | $ | 165,976 | ||||||||
* | 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
173 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Enterprise Software/Service | 5.5 | % | ||
Electronic Components — Semiconductors | 4.0 | |||
Semiconductor Equipment | 3.9 | |||
Commercial Services — Finance | 3.7 | |||
Computer Services | 2.8 | |||
Transport — Truck | 2.2 | |||
Medical Products | 2.2 | |||
Data Processing/Management | 2.1 | |||
Electronic Components — Misc. | 2.1 | |||
Insurance — Property/Casualty | 2.1 | |||
Medical — Biomedical/Gene | 2.1 | |||
Electronic Connectors | 2.1 | |||
Investment Management/Advisor Services | 1.8 | |||
Electronic Measurement Instruments | 1.8 | |||
Computer Software | 1.8 | |||
Real Estate Investment Trusts | 1.8 | |||
Disposable Medical Products | 1.7 | |||
Diagnostic Equipment | 1.7 | |||
E-Commerce/Services | 1.7 | |||
Banks — Commercial | 1.6 | |||
Dental Supplies & Equipment | 1.5 | |||
Medical — Drugs | 1.4 | |||
Insurance Brokers | 1.4 | |||
Aerospace/Defense | 1.3 | |||
Retail — Automobile | 1.3 | |||
Medical Labs & Testing Services | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Telecommunication Equipment | 1.2 | |||
Commercial Services | 1.2 | |||
Medical Instruments | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Web Hosting/Design | 1.1 | |||
Airlines | 1.1 | |||
Computer Data Security | 1.0 | |||
Finance — Credit Card | 1.0 | |||
Retail — Pet Food & Supplies | 0.9 | |||
Diagnostic Kits | 0.9 | |||
Entertainment Software | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Auction Houses/Art Dealers | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Energy — Alternate Sources | 0.9 | |||
Apparel Manufacturers | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Electric — Integrated | 0.8 | |||
Rental Auto/Equipment | 0.8 | |||
Power Converter/Supply Equipment | 0.7 | |||
Medical — Hospitals | 0.7 | |||
Machinery — Pumps | 0.7 | |||
Instruments — Scientific | 0.7 | |||
E-Commerce/Products | 0.6 | |||
Retail — Floor Coverings | 0.6 | |||
Oil Refining & Marketing | 0.6 | |||
Athletic Equipment | 0.6 | |||
Patient Monitoring Equipment | 0.6 | |||
Therapeutics | 0.6 | |||
Drug Delivery Systems | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Machinery — Print Trade | 0.6 | |||
Building — Maintenance & Services | 0.6 | |||
Veterinary Diagnostics | 0.5 | |||
Electric Products — Misc. | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Racetracks | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Food — Catering | 0.5 | |||
Auto — Cars/Light Trucks | 0.4 |
Building Products — Air & Heating | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Oil — Field Services | 0.4 | |||
Paper & Related Products | 0.4 | |||
Cruise Lines | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Finance — Other Services | 0.4 | |||
Audio/Video Products | 0.4 | |||
Consulting Services | 0.4 | |||
Decision Support Software | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Registered Investment Companies | 0.3 | |||
Internet Application Software | 0.3 | |||
Internet Content — Entertainment | 0.3 | |||
Communications Software | 0.3 | |||
Internet Gambling | 0.3 | |||
Advertising Services | 0.3 | |||
Printing — Commercial | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Real Estate Management/Services | 0.1 | |||
Medical Information Systems | 0.1 | |||
Schools | 0.1 | |||
97.7% | ||||
* | Calculated as a percentage of net assets |
174 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Advertising Services — 0.3% |
| |||||||
Trade Desk, Inc., Class A† | 4,261 | $ | 2,506,065 | |||||
Aerospace/Defense — 1.3% |
| |||||||
Teledyne Technologies, Inc.† | 18,189 | 7,629,740 | ||||||
TransDigm Group, Inc.† | 6,755 | 4,382,914 | ||||||
12,012,654 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
L3Harris Technologies, Inc. | 34,845 | 7,598,301 | ||||||
Airlines — 1.1% |
| |||||||
Ryanair Holdings PLC ADR† | 45,744 | 5,340,612 | ||||||
Southwest Airlines Co.† | 67,959 | 4,176,760 | ||||||
9,517,372 | ||||||||
Apparel Manufacturers — 0.8% |
| |||||||
Gildan Activewear, Inc. | 206,608 | 7,470,945 | ||||||
Athletic Equipment — 0.6% |
| |||||||
YETI Holdings, Inc.† | 63,780 | 5,587,128 | ||||||
Auction Houses/Art Dealers — 0.9% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 129,091 | 7,708,024 | ||||||
Audio/Video Products — 0.4% |
| |||||||
Dolby Laboratories, Inc., Class A | 36,251 | 3,535,923 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
General Motors Co.† | 67,100 | 3,979,701 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Visteon Corp.† | 26,622 | 3,260,130 | ||||||
Banks - Commercial — 1.6% |
| |||||||
First Republic Bank | 46,405 | 8,883,773 | ||||||
SVB Financial Group† | 8,692 | 5,066,480 | ||||||
13,950,253 | ||||||||
Broadcast Services/Program — 0.4% |
| |||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 73,516 | 3,282,489 | ||||||
Building & Construction-Misc. — 0.5% |
| |||||||
Frontdoor, Inc.† | 76,479 | 4,106,922 | ||||||
Building Products - Air & Heating — 0.4% |
| |||||||
Johnson Controls International PLC | 58,377 | 3,884,406 | ||||||
Building - Maintenance & Services — 0.6% |
| |||||||
Terminix Global Holdings, Inc.† | 99,488 | 4,908,738 | ||||||
Building - Residential/Commercial — 0.6% |
| |||||||
D.R. Horton, Inc. | 54,140 | 5,159,001 | ||||||
Chemicals - Specialty — 0.8% |
| |||||||
Chemours Co. | 204,315 | 7,341,038 | ||||||
Commercial Services — 1.2% |
| |||||||
CoStar Group, Inc.† | 2,763 | 2,359,602 | ||||||
Edenred | 78,701 | 4,267,871 | ||||||
Quanta Services, Inc. | 38,060 | 3,629,021 | ||||||
10,256,494 | ||||||||
Commercial Services - Finance — 3.7% |
| |||||||
Global Payments, Inc. | 42,392 | 8,211,754 | ||||||
MarketAxess Holdings, Inc. | 6,031 | 2,813,703 | ||||||
Shift4 Payments, Inc., Class A† | 54,850 | 5,116,956 | ||||||
Square, Inc., Class A† | 28,355 | 6,309,555 | ||||||
WEX, Inc.† | 54,920 | 10,759,377 | ||||||
33,211,345 | ||||||||
Communications Software — 0.3% |
| |||||||
RingCentral, Inc., Class A† | 10,954 | 2,875,096 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Data Security — 1.0% |
| |||||||
Varonis Systems, Inc.† | 43,550 | $ | 2,103,465 | |||||
Zscaler, Inc.† | 34,885 | 6,774,667 | ||||||
8,878,132 | ||||||||
Computer Services — 2.8% |
| |||||||
Amdocs, Ltd. | 111,284 | 8,691,281 | ||||||
EPAM Systems, Inc.† | 27,225 | 13,002,660 | ||||||
Leidos Holdings, Inc. | 33,715 | 3,464,216 | ||||||
25,158,157 | ||||||||
Computer Software — 1.8% |
| |||||||
Dynatrace, Inc.† | 63,249 | 3,272,503 | ||||||
J2 Global, Inc.† | 19,518 | 2,430,577 | ||||||
Snowflake, Inc., Class A† | 17,169 | 4,086,737 | ||||||
Twilio, Inc., Class A† | 17,606 | 5,915,616 | ||||||
15,705,433 | ||||||||
Consulting Services — 0.4% |
| |||||||
Verisk Analytics, Inc. | 20,101 | 3,474,056 | ||||||
Containers - Metal/Glass — 0.4% |
| |||||||
Crown Holdings, Inc. | 34,760 | 3,588,622 | ||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Sealed Air Corp. | 72,010 | 4,094,489 | ||||||
Cruise Lines — 0.4% |
| |||||||
Royal Caribbean Cruises, Ltd.† | 38,685 | 3,608,150 | ||||||
Data Processing/Management — 2.1% |
| |||||||
Broadridge Financial Solutions, Inc. | 69,991 | 11,162,164 | ||||||
Fidelity National Information Services, Inc. | 53,066 | 7,905,773 | ||||||
19,067,937 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 7,100 | 3,323,723 | ||||||
Dental Supplies & Equipment — 1.5% |
| |||||||
Align Technology, Inc.† | 13,386 | 7,899,748 | ||||||
DENTSPLY SIRONA, Inc. | 80,884 | 5,412,757 | ||||||
13,312,505 | ||||||||
Diagnostic Equipment — 1.7% |
| |||||||
10X Genomics, Inc., Class A† | 15,600 | 2,808,000 | ||||||
Avantor, Inc.† | 252,724 | 8,125,076 | ||||||
PerkinElmer, Inc. | 27,754 | 4,026,273 | ||||||
14,959,349 | ||||||||
Diagnostic Kits — 0.9% |
| |||||||
IDEXX Laboratories, Inc.† | 14,515 | 8,100,967 | ||||||
Disposable Medical Products — 1.7% |
| |||||||
ICU Medical, Inc.† | 22,937 | 4,772,272 | ||||||
Teleflex, Inc. | 26,763 | 10,763,811 | ||||||
15,536,083 | ||||||||
Distribution/Wholesale — 1.1% |
| |||||||
Ferguson PLC | 35,117 | 4,776,311 | ||||||
Pool Corp. | 12,289 | 5,364,763 | ||||||
10,141,074 | ||||||||
Drug Delivery Systems — 0.6% |
| |||||||
DexCom, Inc.† | 14,047 | 5,188,821 | ||||||
E-Commerce/Products — 0.6% |
| |||||||
Wayfair, Inc., Class A†# | 18,838 | 5,774,601 | ||||||
E-Commerce/Services — 1.7% |
| |||||||
Airbnb, Inc., Class A† | 58,836 | 8,260,574 | ||||||
Expedia Group, Inc.† | 37,450 | 6,626,778 | ||||||
14,887,352 | ||||||||
175 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electric Products - Misc. — 0.5% |
| |||||||
AMETEK, Inc. | 33,098 | $ | 4,471,540 | |||||
Electric - Integrated — 0.8% |
| |||||||
Alliant Energy Corp. | 125,687 | 7,183,012 | ||||||
Electronic Components - Misc. — 2.1% |
| |||||||
Flex, Ltd.† | 378,125 | 6,908,344 | ||||||
Sensata Technologies Holding PLC† | 202,740 | 12,048,838 | ||||||
18,957,182 | ||||||||
Electronic Components - Semiconductors — 4.0% |
| |||||||
IPG Photonics Corp.† | 23,855 | 4,991,897 | ||||||
Marvell Technology, Inc. | 76,905 | 3,714,512 | ||||||
Microchip Technology, Inc. | 76,874 | 12,065,374 | ||||||
Monolithic Power Systems, Inc. | 16,942 | 5,813,139 | ||||||
ON Semiconductor Corp.† | 224,072 | 8,971,843 | ||||||
35,556,765 | ||||||||
Electronic Connectors — 2.1% |
| |||||||
TE Connectivity, Ltd. | 135,056 | 18,324,398 | ||||||
Electronic Measurement Instruments — 1.8% |
| |||||||
Keysight Technologies, Inc.† | 38,500 | 5,481,630 | ||||||
National Instruments Corp. | 138,740 | 5,660,592 | ||||||
Trimble, Inc.† | 62,692 | 4,876,811 | ||||||
16,019,033 | ||||||||
Energy - Alternate Sources — 0.9% |
| |||||||
Enphase Energy, Inc.† | 32,638 | 4,668,866 | ||||||
Plug Power, Inc.† | 95,164 | 2,921,535 | ||||||
7,590,401 | ||||||||
Enterprise Software/Service — 5.5% |
| |||||||
Atlassian Corp. PLC, Class A† | 25,126 | 5,861,393 | ||||||
Ceridian HCM Holding, Inc.† | 79,540 | 7,115,648 | ||||||
Constellation Software, Inc. | 7,754 | 11,019,082 | ||||||
Coupa Software, Inc.† | 12,814 | 3,052,295 | ||||||
HubSpot, Inc.† | 9,205 | 4,642,818 | ||||||
Paycom Software, Inc.† | 12,890 | 4,248,544 | ||||||
SS&C Technologies Holdings, Inc. | 168,673 | 12,459,875 | ||||||
Topicus.com, Inc.† | 14,666 | 936,011 | ||||||
49,335,666 | ||||||||
Entertainment Software — 0.9% |
| |||||||
Take-Two Interactive Software, Inc.† | 19,585 | 3,634,192 | ||||||
Zynga, Inc., Class A† | 396,358 | 4,296,521 | ||||||
7,930,713 | ||||||||
Finance - Credit Card — 1.0% |
| |||||||
Discover Financial Services | 74,120 | 8,691,311 | ||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 57,819 | 4,269,933 | ||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 32,081 | 3,570,615 | ||||||
Food - Catering — 0.5% |
| |||||||
Aramark | 108,525 | 4,053,409 | ||||||
Instruments - Scientific — 0.7% |
| |||||||
Waters Corp.† | 18,556 | 5,979,671 | ||||||
Insurance Brokers — 1.4% |
| |||||||
Aon PLC, Class A | 47,500 | 12,035,075 | ||||||
Insurance - Property/Casualty — 2.1% |
| |||||||
Intact Financial Corp. | 76,502 | 10,337,475 | ||||||
WR Berkley Corp. | 108,701 | 8,477,591 | ||||||
18,815,066 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Application Software — 0.3% |
| |||||||
Wix.com, Ltd.† | 11,908 | $ | 3,094,413 | |||||
Internet Content - Entertainment — 0.3% |
| |||||||
Roku, Inc.† | 8,785 | 3,045,847 | ||||||
Internet Gambling — 0.3% |
| |||||||
Entain PLC† | 118,510 | 2,774,187 | ||||||
Investment Management/Advisor Services — 1.8% |
| |||||||
LPL Financial Holdings, Inc. | 110,496 | 16,340,149 | ||||||
Machinery - General Industrial — 0.4% |
| |||||||
Westinghouse Air Brake Technologies Corp. | 45,012 | 3,725,193 | ||||||
Machinery - Print Trade — 0.6% |
| |||||||
Kornit Digital, Ltd.† | 48,830 | 5,088,086 | ||||||
Machinery - Pumps — 0.7% |
| |||||||
Ingersoll Rand, Inc.† | 124,737 | 6,191,945 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Oscar Health, Inc., Class A† | 35,853 | 904,930 | ||||||
Medical Instruments — 1.1% |
| |||||||
Boston Scientific Corp.† | 238,724 | 10,157,706 | ||||||
Medical Labs & Testing Services — 1.2% |
| |||||||
Catalent, Inc.† | 104,610 | 10,966,266 | ||||||
Medical Products — 2.2% |
| |||||||
Cooper Cos., Inc. | 37,862 | 14,896,804 | ||||||
STERIS PLC | 24,168 | 4,612,704 | ||||||
19,509,508 | ||||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
Abcam PLC ADR† | 64,589 | 1,298,239 | ||||||
Ascendis Pharma A/S ADR† | 12,614 | 1,695,069 | ||||||
BioMarin Pharmaceutical, Inc.† | 38,474 | 2,974,040 | ||||||
Emergent BioSolutions, Inc.† | 23,480 | 1,424,062 | ||||||
Illumina, Inc.† | 9,167 | 3,718,502 | ||||||
Moderna, Inc.† | 39,084 | 7,230,931 | ||||||
18,340,843 | ||||||||
Medical - Drugs — 1.4% |
| |||||||
Horizon Therapeutics PLC† | 60,494 | 5,544,880 | ||||||
PRA Health Sciences, Inc.† | 40,710 | 6,958,153 | ||||||
12,503,033 | ||||||||
Medical - Hospitals — 0.7% |
| |||||||
Tenet Healthcare Corp.† | 93,575 | 6,261,103 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Rexnord Corp. | 102,212 | 5,107,534 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Waste Management, Inc. | 12,295 | 1,729,661 | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Diamondback Energy, Inc. | 46,521 | 3,724,936 | ||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Valero Energy Corp. | 70,169 | 5,641,588 | ||||||
Oil - Field Services — 0.4% |
| |||||||
Baker Hughes Co. | 148,687 | 3,627,963 | ||||||
Paper & Related Products — 0.4% |
| |||||||
International Paper Co. | 57,300 | 3,615,630 | ||||||
Patient Monitoring Equipment — 0.6% |
| |||||||
Insulet Corp.† | 19,760 | 5,328,679 | ||||||
Power Converter/Supply Equipment — 0.7% |
| |||||||
Generac Holdings, Inc.† | 19,108 | 6,281,182 | ||||||
176 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Printing - Commercial — 0.2% |
| |||||||
Cimpress PLC† | 21,899 | $ | 2,174,790 | |||||
Racetracks — 0.5% |
| |||||||
Penn National Gaming, Inc.†# | 51,850 | 4,250,145 | ||||||
Real Estate Investment Trusts — 1.8% |
| |||||||
Crown Castle International Corp. | 21,546 | 4,082,967 | ||||||
Lamar Advertising Co., Class A | 110,374 | 11,569,403 | ||||||
15,652,370 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
Redfin Corp.†# | 18,637 | 1,100,142 | ||||||
Rental Auto/Equipment — 0.8% |
| |||||||
United Rentals, Inc.† | 20,446 | 6,828,146 | ||||||
Retail - Apparel/Shoe — 1.2% |
| |||||||
Burlington Stores, Inc.† | 13,030 | 4,213,511 | ||||||
Lululemon Athletica, Inc.† | 19,885 | 6,425,440 | ||||||
10,638,951 | ||||||||
Retail - Automobile — 1.3% |
| |||||||
CarMax, Inc.† | 72,271 | 8,324,896 | ||||||
Vroom, Inc.†# | 72,619 | 3,210,486 | ||||||
11,535,382 | ||||||||
Retail - Floor Coverings — 0.6% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 57,691 | 5,671,602 | ||||||
Retail - Pet Food & Supplies — 0.9% |
| |||||||
Freshpet, Inc.† | 45,960 | 8,126,647 | ||||||
Retail - Restaurants — 0.4% |
| |||||||
Wingstop, Inc. | 27,218 | 3,883,464 | ||||||
Schools — 0.1% |
| |||||||
Coursera, Inc.† | 14,292 | 543,096 | ||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
Analog Devices, Inc. | 21,870 | 3,599,802 | ||||||
NXP Semiconductors NV | 20,013 | 4,231,148 | ||||||
7,830,950 | ||||||||
Semiconductor Equipment — 3.9% |
| |||||||
Entegris, Inc. | 52,655 | 6,026,365 | ||||||
KLA Corp. | 46,755 | 14,816,192 | ||||||
Lam Research Corp. | 21,547 | 14,002,318 | ||||||
34,844,875 | ||||||||
Telecommunication Equipment — 1.2% |
| |||||||
NICE, Ltd. ADR†# | 46,737 | 10,392,439 | ||||||
Therapeutics — 0.6% |
| |||||||
Neurocrine Biosciences, Inc.† | 35,639 | 3,429,185 | ||||||
Sarepta Therapeutics, Inc.† | 24,471 | 1,851,231 | ||||||
5,280,416 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck — 2.2% |
| |||||||
JB Hunt Transport Services, Inc. | 57,201 | $ | 9,812,259 | |||||
XPO Logistics, Inc.† | 67,835 | 9,966,997 | ||||||
19,779,256 | ||||||||
Veterinary Diagnostics — 0.5% |
| |||||||
Elanco Animal Health, Inc.† | 130,089 | 4,680,602 | ||||||
Web Hosting/Design — 1.1% |
| |||||||
GoDaddy, Inc., Class A† | 125,130 | 10,130,525 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $699,454,572) | 867,039,446 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,093,183 | 3,093,183 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $702,547,755)(3) | 97.7 | % | 870,132,629 | |||||
Other assets less liabilities | 2.3 | 20,576,720 | ||||||
NET ASSETS | 100.0 | % | $ | 890,709,349 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $15,849,939. This was secured by collateral of $3,093,183, which was received in cash and subsequently invested in short-term investments currently valued at $3,093,183 as reported in the Portfolio of Investments. Additional collateral of $13,221,181 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 783,062 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 3,042,847 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 581,143 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 to 09/21/2021 | 43,789 | |||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 590,514 | |||||
United States Treasury Notes/Bonds | 0.06% to 8.13% | 06/30/2021 to 02/15/2051 | 8,179,826 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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: | $ | 867,039,446 | $ | — | $ | — | $ | 867,039,446 | ||||||||
Short-Term Investment Securities: | 3,093,183 | — | — | 3,093,183 | ||||||||||||
Total Investments at Value | $ | 870,132,629 | $ | — | $ | — | $ | 870,132,629 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 securities held at the end of the reporting period. There were no material Level 3 transfers during the reporting period.
See Notes to Financial Statements
177 |
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 8.7 | % | ||
Banks-Commercial | 6.3 | |||
Electric-Integrated | 3.7 | |||
Insurance-Property/Casualty | 3.4 | |||
Banks-Super Regional | 3.2 | |||
Chemicals-Diversified | 2.7 | |||
Diversified Manufacturing Operations | 2.4 | |||
Machinery-Pumps | 2.3 | |||
Insurance-Life/Health | 2.0 | |||
Oil Companies-Exploration & Production | 1.9 | |||
Computer Services | 1.9 | |||
Auto/Truck Parts & Equipment-Original | 1.8 | |||
Medical-HMO | 1.8 | |||
Medical Labs & Testing Services | 1.8 | |||
Aerospace/Defense-Equipment | 1.7 | |||
Hotels/Motels | 1.4 | |||
Oil-Field Services | 1.4 | |||
Medical-Hospitals | 1.4 | |||
Oil Refining & Marketing | 1.3 | |||
Medical Products | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Airlines | 1.0 | |||
Chemicals-Specialty | 1.0 | |||
Containers-Metal/Glass | 1.0 | |||
Steel-Producers | 1.0 | |||
Electronic Components-Semiconductors | 1.0 | |||
Finance-Credit Card | 1.0 | |||
Food-Wholesale/Distribution | 1.0 | |||
Semiconductor Equipment | 0.9 | |||
Machinery-General Industrial | 0.9 | |||
Building Products-Doors & Windows | 0.9 | |||
Retail-Restaurants | 0.8 | |||
Computers-Other | 0.8 | |||
Human Resources | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Insurance-Reinsurance | 0.8 | |||
Hazardous Waste Disposal | 0.8 | |||
Computers-Memory Devices | 0.8 | |||
Physical Therapy/Rehabilitation Centers | 0.8 | |||
Finance-Leasing Companies | 0.8 | |||
Medical Instruments | 0.7 | |||
Electric Products-Misc. | 0.7 | |||
Casino Hotels | 0.7 | |||
Electronic Connectors | 0.7 | |||
Retail-Auto Parts | 0.7 | |||
Retail-Apparel/Shoe | 0.7 | |||
Semiconductor Components-Integrated Circuits | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Publishing-Newspapers | 0.7 | |||
Machinery-Electrical | 0.6 | |||
Commercial Services-Finance | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Internet Infrastructure Software | 0.6 | |||
Insurance Brokers | 0.6 | |||
Finance-Consumer Loans | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Electronic Components-Misc. | 0.6 | |||
Financial Guarantee Insurance | 0.6 | |||
Building Products-Cement | 0.6 | |||
Food-Baking | 0.6 | |||
Appliances | 0.6 | |||
Savings & Loans/Thrifts | 0.6 | |||
Machine Tools & Related Products | 0.5 | |||
Motorcycle/Motor Scooter | 0.5 | |||
Insurance-Multi-line | 0.5 | |||
Home Furnishings | 0.5 | |||
Machinery-Construction & Mining | 0.5 | |||
Resorts/Theme Parks | 0.5 |
Textile-Home Furnishings | 0.5 | |||
Beverages-Non-alcoholic | 0.5 | |||
Medical-Wholesale Drug Distribution | 0.5 | |||
Diagnostic Equipment | 0.4 | |||
Agricultural Biotech | 0.4 | |||
Repurchase Agreements | 0.4 | |||
Transport-Truck | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Auto-Heavy Duty Trucks | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Shipbuilding | 0.3 | |||
Building-Residential/Commercial | 0.3 | |||
Telecom Equipment-Fiber Optics | 0.3 | |||
Lasers-System/Components | 0.3 | |||
Retail-Perfume & Cosmetics | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Banks-Fiduciary | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Building & Construction Products-Misc. | 0.3 | |||
Theaters | 0.3 | |||
Transport-Services | 0.3 | |||
Toys | 0.3 | |||
Internet Security | 0.3 | |||
Building Products-Wood | 0.3 | |||
Office Automation & Equipment | 0.2 | |||
Food-Misc./Diversified | 0.2 | |||
Office Supplies & Forms | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Internet Content-Information/News | 0.2 | |||
Medical-Drugs | 0.2 | |||
Building-Mobile Home/Manufactured Housing | 0.2 | |||
Wireless Equipment | 0.2 | |||
Retail-Consumer Electronics | 0.2 | |||
Cruise Lines | 0.1 | |||
Retail-Discount | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
178 |
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.0% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
General Dynamics Corp. | 18,455 | $ | 3,504,789 | |||||
Aerospace/Defense-Equipment — 1.7% |
| |||||||
Hexcel Corp.† | 58,219 | 3,461,702 | ||||||
Howmet Aerospace, Inc.† | 156,848 | 5,564,967 | ||||||
L3Harris Technologies, Inc. | 18,759 | 4,090,587 | ||||||
Moog, Inc., Class A | 28,925 | 2,609,035 | ||||||
15,726,291 | ||||||||
Agricultural Biotech — 0.4% |
| |||||||
Corteva, Inc. | 87,639 | 3,987,574 | ||||||
Agricultural Chemicals — 0.3% |
| |||||||
Mosaic Co. | 74,852 | 2,705,151 | ||||||
Airlines — 1.0% |
| |||||||
Alaska Air Group, Inc.† | 56,154 | 3,885,857 | ||||||
JetBlue Airways Corp.† | 185,609 | 3,730,741 | ||||||
Southwest Airlines Co.† | 33,826 | 2,078,946 | ||||||
9,695,544 | ||||||||
Apparel Manufacturers — 0.7% |
| |||||||
Carter’s, Inc. | 41,215 | 4,213,822 | ||||||
Columbia Sportswear Co. | 20,833 | 2,140,174 | ||||||
6,353,996 | ||||||||
Appliances — 0.6% |
| |||||||
Whirlpool Corp. | 22,007 | 5,217,640 | ||||||
Auto-Heavy Duty Trucks — 0.3% |
| |||||||
Cummins, Inc. | 12,678 | 3,261,796 | ||||||
Auto/Truck Parts & Equipment-Original — 1.8% |
| |||||||
Allison Transmission Holdings, Inc. | 77,646 | 3,285,202 | ||||||
Gentex Corp. | 205,390 | 7,291,345 | ||||||
Lear Corp. | 17,147 | 3,315,544 | ||||||
Meritor, Inc.† | 127,790 | 3,322,540 | ||||||
17,214,631 | ||||||||
Banks-Commercial — 6.3% |
| |||||||
Atlantic Union Bankshares Corp. | 168,421 | 6,908,629 | ||||||
BancorpSouth Bank | 240,578 | 7,356,875 | ||||||
East West Bancorp, Inc. | 80,095 | 5,989,504 | ||||||
South State Corp. | 96,865 | 8,602,581 | ||||||
Synovus Financial Corp. | 139,214 | 6,838,192 | ||||||
Truist Financial Corp. | 120,374 | 7,436,706 | ||||||
Western Alliance Bancorp | 79,333 | 7,934,093 | ||||||
Zions Bancorp NA | 140,245 | 8,117,381 | ||||||
59,183,961 | ||||||||
Banks-Fiduciary — 0.3% |
| |||||||
State Street Corp. | 31,409 | 2,731,955 | ||||||
Banks-Super Regional — 3.2% |
| |||||||
Fifth Third Bancorp | 281,018 | 11,842,098 | ||||||
Huntington Bancshares, Inc. | 609,827 | 9,671,856 | ||||||
KeyCorp | 376,839 | 8,682,371 | ||||||
30,196,325 | ||||||||
Beverages-Non-alcoholic — 0.5% |
| |||||||
Coca-Cola European Partners PLC | 74,715 | 4,521,752 | ||||||
Building & Construction Products-Misc. — 0.3% |
| |||||||
Owens Corning | 25,323 | 2,700,698 | ||||||
Building Products-Cement — 0.6% |
| |||||||
Buzzi Unicem SpA | 96,559 | 2,765,920 | ||||||
Eagle Materials, Inc. | 17,483 | 2,565,805 | ||||||
5,331,725 | ||||||||
Security Description | Shares | Value | ||||||
Building Products-Doors & Windows — 0.9% |
| |||||||
JELD-WEN Holding, Inc.† | 194,218 | $ | 5,440,046 | |||||
PGT Innovations, Inc.† | 106,491 | 2,572,823 | ||||||
8,012,869 | ||||||||
Building Products-Wood — 0.3% |
| |||||||
Masco Corp. | 41,639 | 2,511,248 | ||||||
Building-Heavy Construction — 0.0% |
| |||||||
MasTec, Inc.†# | 1,078 | 125,404 | ||||||
Building-Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 14,022 | 1,724,706 | ||||||
Building-Residential/Commercial — 0.3% |
| |||||||
Lennar Corp., Class A | 29,776 | 2,948,122 | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Altice USA, Inc., Class A† | 75,105 | 2,708,286 | ||||||
Casino Hotels — 0.7% |
| |||||||
Boyd Gaming Corp.† | 40,360 | 2,598,780 | ||||||
Las Vegas Sands Corp.† | 41,768 | 2,412,102 | ||||||
Wynn Resorts, Ltd.† | 13,134 | 1,731,981 | ||||||
6,742,863 | ||||||||
Chemicals-Diversified — 2.7% |
| |||||||
Celanese Corp. | 47,914 | 7,927,371 | ||||||
DuPont de Nemours, Inc. | 52,051 | 4,402,994 | ||||||
FMC Corp. | 83,049 | 9,690,988 | ||||||
PPG Industries, Inc. | 16,355 | 2,939,321 | ||||||
24,960,674 | ||||||||
Chemicals-Specialty — 1.0% |
| |||||||
Ingevity Corp.† | 27,287 | 2,245,993 | ||||||
Rogers Corp.† | 25,601 | 4,796,347 | ||||||
Valvoline, Inc. | 79,389 | 2,619,837 | ||||||
9,662,177 | ||||||||
Commercial Services-Finance — 0.6% |
| |||||||
EVERTEC, Inc. | 70,539 | 3,070,563 | ||||||
H&R Block, Inc. | 117,464 | 2,915,456 | ||||||
5,986,019 | ||||||||
Computer Services — 1.9% |
| |||||||
Amdocs, Ltd. | 77,593 | 6,060,013 | ||||||
Leidos Holdings, Inc. | 93,137 | 9,569,827 | ||||||
Science Applications International Corp. | 27,288 | 2,452,100 | ||||||
18,081,940 | ||||||||
Computers-Memory Devices — 0.8% |
| |||||||
NetApp, Inc. | 40,153 | 3,106,638 | ||||||
Western Digital Corp.† | 57,989 | 4,362,512 | ||||||
7,469,150 | ||||||||
Computers-Other — 0.8% |
| |||||||
Lumentum Holdings, Inc.† | 96,630 | 7,862,783 | ||||||
Containers-Metal/Glass — 1.0% |
| |||||||
Crown Holdings, Inc. | 92,493 | 9,548,977 | ||||||
Cruise Lines — 0.1% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.†# | 44,337 | 1,414,350 | ||||||
Diagnostic Equipment — 0.4% |
| |||||||
Avantor, Inc.† | 126,731 | 4,074,402 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
LKQ Corp.† | 56,771 | 2,893,050 | ||||||
Diversified Manufacturing Operations — 2.4% |
| |||||||
Eaton Corp. PLC | 48,952 | 7,110,278 | ||||||
ITT, Inc. | 43,932 | 4,125,215 |
179 |
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Parker-Hannifin Corp. | 17,246 | $ | 5,314,355 | |||||
Textron, Inc. | 92,646 | 6,343,471 | ||||||
22,893,319 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
eBay, Inc. | 45,546 | 2,772,840 | ||||||
E-Commerce/Services — 0.3% |
| |||||||
Expedia Group, Inc.† | 17,476 | 3,092,378 | ||||||
Electric Products-Misc. — 0.7% |
| |||||||
AMETEK, Inc. | 51,179 | 6,914,283 | ||||||
Electric-Integrated — 3.7% |
| |||||||
Alliant Energy Corp. | 78,058 | 4,461,015 | ||||||
American Electric Power Co., Inc. | 24,002 | 2,064,172 | ||||||
CenterPoint Energy, Inc. | 257,348 | 6,510,905 | ||||||
DTE Energy Co. | 25,475 | 3,515,295 | ||||||
Edison International | 62,618 | 3,498,468 | ||||||
Entergy Corp. | 32,516 | 3,422,634 | ||||||
Evergy, Inc. | 72,773 | 4,511,198 | ||||||
PG&E Corp.† | 212,267 | 2,152,387 | ||||||
Portland General Electric Co. | 93,466 | 4,480,760 | ||||||
34,616,834 | ||||||||
Electronic Components-Misc. — 0.6% |
| |||||||
Flex, Ltd.† | 127,933 | 2,337,336 | ||||||
Hubbell, Inc. | 8,288 | 1,580,024 | ||||||
Sensata Technologies Holding PLC† | 25,035 | 1,487,830 | ||||||
5,405,190 | ||||||||
Electronic Components-Semiconductors — 1.0% |
| |||||||
Qorvo, Inc.† | 35,769 | 6,535,712 | ||||||
Tower Semiconductor, Ltd.† | 106,530 | 2,926,379 | ||||||
9,462,091 | ||||||||
Electronic Connectors — 0.7% |
| |||||||
TE Connectivity, Ltd. | 49,508 | 6,717,245 | ||||||
Engineering/R&D Services — 0.3% |
| |||||||
Fluor Corp.† | 150,223 | 2,779,126 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
SS&C Technologies Holdings, Inc. | 37,404 | 2,763,033 | ||||||
Finance-Consumer Loans — 0.6% |
| |||||||
SLM Corp. | 151,658 | 3,071,075 | ||||||
Synchrony Financial | 51,381 | 2,435,973 | ||||||
5,507,048 | ||||||||
Finance-Credit Card — 1.0% |
| |||||||
Capital One Financial Corp. | 16,442 | 2,643,545 | ||||||
Discover Financial Services | 57,398 | 6,730,489 | ||||||
9,374,034 | ||||||||
Finance-Leasing Companies — 0.8% |
| |||||||
AerCap Holdings NV† | 121,815 | 7,187,085 | ||||||
Financial Guarantee Insurance — 0.6% |
| |||||||
MGIC Investment Corp. | 366,326 | 5,392,319 | ||||||
Food-Baking — 0.6% |
| |||||||
Hostess Brands, Inc.† | 338,360 | 5,305,485 | ||||||
Food-Misc./Diversified — 0.2% |
| |||||||
Nomad Foods, Ltd.† | 71,390 | 2,189,531 | ||||||
Food-Wholesale/Distribution — 1.0% |
| |||||||
US Foods Holding Corp.† | 236,465 | 9,207,947 | ||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Steven Madden, Ltd. | 131,780 | 5,455,692 | ||||||
Security Description | Shares | Value | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
International Game Technology PLC†# | 51,948 | $ | 1,260,258 | |||||
Hazardous Waste Disposal — 0.8% |
| |||||||
Clean Harbors, Inc.† | 80,496 | 7,494,178 | ||||||
Home Furnishings — 0.5% |
| |||||||
Leggett & Platt, Inc. | 58,999 | 3,246,715 | ||||||
Tempur Sealy International, Inc. | 45,061 | 1,734,848 | ||||||
4,981,563 | ||||||||
Hotels/Motels — 1.4% |
| |||||||
Marriott International, Inc., Class A† | 19,985 | 2,869,446 | ||||||
Travel + Leisure Co. | 35,659 | 2,323,184 | ||||||
Wyndham Hotels & Resorts, Inc. | 109,394 | 8,211,114 | ||||||
13,403,744 | ||||||||
Human Resources — 0.8% |
| |||||||
ASGN, Inc.† | 36,986 | 3,812,887 | ||||||
Robert Half International, Inc. | 45,426 | 4,033,374 | ||||||
7,846,261 | ||||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Colfax Corp.† | 171,583 | 7,583,969 | ||||||
Insurance Brokers — 0.6% |
| |||||||
Aon PLC, Class A | 12,977 | 3,287,982 | ||||||
Willis Towers Watson PLC | 8,605 | 2,249,003 | ||||||
5,536,985 | ||||||||
Insurance-Life/Health — 2.0% |
| |||||||
Aflac, Inc. | 38,498 | 2,182,067 | ||||||
CNO Financial Group, Inc. | 216,052 | 5,738,341 | ||||||
Globe Life, Inc. | 30,036 | 3,166,395 | ||||||
Voya Financial, Inc. | 118,058 | 7,735,160 | ||||||
18,821,963 | ||||||||
Insurance-Multi-line — 0.5% |
| |||||||
Kemper Corp. | 67,540 | 5,056,720 | ||||||
Insurance-Property/Casualty — 3.4% |
| |||||||
Alleghany Corp.† | 16,268 | 11,657,161 | ||||||
Assurant, Inc. | 55,224 | 8,899,348 | ||||||
Hanover Insurance Group, Inc. | 49,294 | 6,876,020 | ||||||
Lancashire Holdings, Ltd. | 244,094 | 2,182,358 | ||||||
Travelers Cos., Inc. | 13,622 | 2,175,433 | ||||||
31,790,320 | ||||||||
Insurance-Reinsurance — 0.8% |
| |||||||
Essent Group, Ltd. | 31,281 | 1,496,483 | ||||||
Everest Re Group, Ltd. | 16,470 | 4,281,541 | ||||||
RenaissanceRe Holdings, Ltd. | 11,376 | 1,753,269 | ||||||
7,531,293 | ||||||||
Internet Content-Information/News — 0.2% |
| |||||||
Yelp, Inc.† | 46,019 | 1,845,822 | ||||||
Internet Infrastructure Software — 0.6% |
| |||||||
F5 Networks, Inc.† | 29,960 | 5,555,483 | ||||||
Internet Security — 0.3% |
| |||||||
NortonLifeLock, Inc. | 90,940 | 2,515,400 | ||||||
Investment Management/Advisor Services — 1.2% |
| |||||||
Ameriprise Financial, Inc. | 41,721 | 10,840,785 | ||||||
Lasers-System/Components — 0.3% |
| |||||||
II-VI, Inc.†# | 43,156 | 2,907,420 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc. | 136,104 | 5,105,261 | ||||||
180 |
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery-Construction & Mining — 0.5% |
| |||||||
Oshkosh Corp. | 36,476 | $ | 4,794,405 | |||||
Machinery-Electrical — 0.6% |
| |||||||
BWX Technologies, Inc. | 55,771 | 3,487,919 | ||||||
Vertiv Holdings Co. | 100,765 | 2,500,987 | ||||||
5,988,906 | ||||||||
Machinery-General Industrial — 0.9% |
| |||||||
Altra Industrial Motion Corp. | 44,945 | 2,952,437 | ||||||
Middleby Corp.† | 32,940 | 5,411,383 | ||||||
8,363,820 | ||||||||
Machinery-Pumps — 2.3% |
| |||||||
Curtiss-Wright Corp. | 19,525 | 2,446,873 | ||||||
Dover Corp. | 52,438 | 7,891,919 | ||||||
Ingersoll Rand, Inc.† | 104,526 | 5,188,670 | ||||||
SPX FLOW, Inc. | 93,706 | 6,431,043 | ||||||
21,958,505 | ||||||||
Medical Instruments — 0.7% |
| |||||||
Boston Scientific Corp.† | 44,601 | 1,897,772 | ||||||
Integra LifeSciences Holdings Corp.† | 73,379 | 5,066,820 | ||||||
6,964,592 | ||||||||
Medical Labs & Testing Services — 1.8% |
| |||||||
ICON PLC†# | 19,401 | 4,341,168 | ||||||
IQVIA Holdings, Inc.† | 7,792 | 1,871,327 | ||||||
Laboratory Corp. of America Holdings† | 8,989 | 2,467,300 | ||||||
Syneos Health, Inc.† | 88,600 | 7,787,940 | ||||||
16,467,735 | ||||||||
Medical Products — 1.2% |
| |||||||
Haemonetics Corp.† | 32,744 | 1,848,726 | ||||||
Hill-Rom Holdings, Inc. | 36,053 | 4,011,978 | ||||||
Zimmer Biomet Holdings, Inc. | 30,436 | 5,123,292 | ||||||
10,983,996 | ||||||||
Medical-Drugs — 0.2% |
| |||||||
Jazz Pharmaceuticals PLC† | 9,946 | 1,771,681 | ||||||
Medical-HMO — 1.8% |
| |||||||
Centene Corp.† | 53,270 | 3,920,672 | ||||||
Humana, Inc. | 11,226 | 4,913,620 | ||||||
Molina Healthcare, Inc.† | 31,704 | 7,969,118 | ||||||
16,803,410 | ||||||||
Medical-Hospitals — 1.4% |
| |||||||
Acadia Healthcare Co., Inc.† | 62,498 | 4,022,371 | ||||||
HCA Healthcare, Inc. | 15,570 | 3,344,281 | ||||||
Universal Health Services, Inc., Class B | 35,321 | 5,638,291 | ||||||
13,004,943 | ||||||||
Medical-Wholesale Drug Distribution — 0.5% |
| |||||||
AmerisourceBergen Corp. | 38,810 | 4,453,059 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Rexnord Corp. | 116,312 | 5,812,111 | ||||||
Motorcycle/Motor Scooter — 0.5% |
| |||||||
Harley-Davidson, Inc. | 105,037 | 5,091,143 | ||||||
Office Automation & Equipment — 0.2% |
| |||||||
Xerox Holdings Corp. | 93,750 | 2,198,438 | ||||||
Office Supplies & Forms — 0.2% |
| |||||||
Avery Dennison Corp. | 9,710 | 2,141,346 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Helmerich & Payne, Inc. | 74,657 | 2,109,060 | ||||||
Security Description | Shares | Value | ||||||
Oil Companies-Exploration & Production — 1.9% |
| |||||||
ConocoPhillips | 88,217 | $ | 4,917,215 | |||||
Diamondback Energy, Inc. | 117,172 | 9,381,962 | ||||||
Pioneer Natural Resources Co. | 25,335 | 3,855,734 | ||||||
18,154,911 | ||||||||
Oil Refining & Marketing — 1.3% |
| |||||||
Delek US Holdings, Inc. | 114,661 | 2,555,794 | ||||||
HollyFrontier Corp. | 76,530 | 2,484,929 | ||||||
Marathon Petroleum Corp. | 73,203 | 4,523,945 | ||||||
Valero Energy Corp. | 30,957 | 2,488,943 | ||||||
12,053,611 | ||||||||
Oil-Field Services — 1.4% |
| |||||||
ChampionX Corp.† | 139,969 | 3,709,178 | ||||||
Halliburton Co. | 139,628 | 3,134,649 | ||||||
Schlumberger NV | 205,911 | 6,451,192 | ||||||
13,295,019 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.8% |
| |||||||
Encompass Health Corp. | 86,335 | 7,406,680 | ||||||
Publishing-Newspapers — 0.7% |
| |||||||
TEGNA, Inc. | 325,610 | 6,313,578 | ||||||
Real Estate Investment Trusts — 8.7% |
| |||||||
American Assets Trust, Inc. | 79,026 | 2,888,400 | ||||||
American Campus Communities, Inc. | 85,872 | 4,049,724 | ||||||
American Homes 4 Rent, Class A | 78,452 | 2,986,668 | ||||||
Americold Realty Trust# | 126,821 | 4,821,734 | ||||||
Cousins Properties, Inc. | 78,410 | 2,908,227 | ||||||
CyrusOne, Inc. | 33,044 | 2,436,995 | ||||||
Duke Realty Corp. | 95,937 | 4,457,233 | ||||||
Equity Residential | 59,392 | 4,599,910 | ||||||
Essential Properties Realty Trust, Inc. | 263,460 | 6,744,576 | ||||||
Essex Property Trust, Inc. | 11,270 | 3,327,918 | ||||||
First Industrial Realty Trust, Inc. | 55,755 | 2,823,433 | ||||||
Gaming and Leisure Properties, Inc. | 145,266 | 6,734,532 | ||||||
Healthpeak Properties, Inc. | 79,799 | 2,663,691 | ||||||
Host Hotels & Resorts, Inc.† | 290,640 | 4,990,289 | ||||||
Kilroy Realty Corp. | 39,056 | 2,742,122 | ||||||
Lamar Advertising Co., Class A | 22,293 | 2,336,752 | ||||||
Life Storage, Inc. | 48,534 | 4,826,221 | ||||||
Regency Centers Corp. | 67,031 | 4,330,203 | ||||||
Ryman Hospitality Properties, Inc.† | 89,429 | 6,699,126 | ||||||
Welltower, Inc. | 60,991 | 4,560,297 | ||||||
81,928,051 | ||||||||
Recreational Vehicles — 0.2% |
| |||||||
Polaris, Inc. | 14,745 | 1,934,839 | ||||||
Resort/Theme Parks — 0.5% |
| |||||||
Six Flags Entertainment Corp.† | 105,224 | 4,780,326 | ||||||
Retail-Apparel/Shoe — 0.7% |
| |||||||
Foot Locker, Inc. | 45,586 | 2,885,138 | ||||||
Ross Stores, Inc. | 28,841 | 3,645,214 | ||||||
6,530,352 | ||||||||
Retail-Auto Parts — 0.7% |
| |||||||
AutoZone, Inc.† | 4,748 | 6,678,537 | ||||||
Retail-Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 13,539 | 1,573,773 | ||||||
Retail-Discount — 0.1% |
| |||||||
Dollar Tree, Inc.† | 14,257 | 1,390,058 | ||||||
Retail-Perfume & Cosmetics — 0.3% |
| |||||||
Ulta Beauty, Inc.† | 8,396 | 2,899,643 | ||||||
181 |
Table of Contents
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail-Restaurants — 0.8% |
| |||||||
Bloomin’ Brands, Inc.† | 111,832 | $ | 3,304,636 | |||||
Darden Restaurants, Inc. | 16,900 | 2,420,587 | ||||||
Denny’s Corp.† | 124,974 | 2,197,043 | ||||||
7,922,266 | ||||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
Sterling Bancorp | 195,123 | 5,198,077 | ||||||
Semiconductor Components-Integrated Circuits — 0.7% |
| |||||||
NXP Semiconductors NV | 30,516 | 6,451,693 | ||||||
Semiconductor Equipment — 0.9% |
| |||||||
KLA Corp. | 7,719 | 2,446,074 | ||||||
MKS Instruments, Inc. | 32,422 | 6,102,793 | ||||||
8,548,867 | ||||||||
Shipbuilding — 0.3% |
| |||||||
Huntington Ingalls Industries, Inc. | 13,710 | 2,964,239 | ||||||
Steel-Producers — 1.0% |
| |||||||
Reliance Steel & Aluminum Co. | 37,521 | 6,306,154 | ||||||
Steel Dynamics, Inc. | 51,414 | 3,209,776 | ||||||
9,515,930 | ||||||||
Telecom Equipment-Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 55,101 | 2,913,190 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
CommScope Holding Co., Inc.† | 28,197 | 572,681 | ||||||
Textile-Home Furnishings — 0.5% |
| |||||||
Mohawk Industries, Inc.† | 22,584 | 4,757,997 | ||||||
Theaters — 0.3% |
| |||||||
Live Nation Entertainment, Inc.†# | 28,487 | 2,566,964 | ||||||
Toys — 0.3% |
| |||||||
Hasbro, Inc. | 26,245 | 2,518,733 | ||||||
Transport-Services — 0.3% |
| |||||||
Expeditors International of Washington, Inc. | 20,084 | 2,524,358 | ||||||
Transport-Truck — 0.4% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 76,076 | 3,631,107 | ||||||
Wireless Equipment — 0.2% |
| |||||||
Maxar Technologies, Inc. | 54,659 | 1,699,896 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $659,006,395) | 931,806,279 | |||||||
Security Description | Shares/ Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Institutional Liquid Reserves Fund, Administration Class | 5,145,055 | 5,146,084 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 435,276 | 435,276 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,580,862) | 5,581,360 | |||||||
REPURCHASE AGREEMENTS — 0.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $3,682,000 and collateralized by $3,502,000 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $3,755,724 | $ | 3,682,000 | $ | 3,682,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $668,269,257)(3) | 100.0 | % | 941,069,639 | |||||
Liabilities in excess of other assets | (0.0 | ) | (260,548 | ) | ||||
NET ASSETS | 100.0 | % | $ | 940,809,091 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $16,138,263. This was secured by collateral of $435,276, which was received in cash and subsequently invested in short-term investments currently valued at $435,276 as reported in the Portfolio of Investments. Additional collateral of $16,129,812 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 | $ | 6,513 | ||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 1,179,955 | |||||
United States Treasury Notes/Bonds | 0.06% to 4.38% | 06/30/2021 to 02/15/2051 | 14,943,344 |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 931,806,279 | $ | — | $ | — | $ | 931,806,279 | ||||||||
Short-Term Investment Securities | 5,581,360 | — | — | 5,581,360 | ||||||||||||
Repurchase Agreements | — | 3,682,000 | — | 3,682,000 | ||||||||||||
Total Investments at Value | $ | 937,387,639 | $ | 3,682,000 | $ | — | $ | 941,069,639 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
182 |
Table of Contents
VALIC Company I Moderate Growth Lifestyle Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
| ||||
Domestic Equity Investment Companies | 50.3 | % | ||
Domestic Fixed Income Investment Companies | 26.2 | |||
International Equity Investment Companies | 18.3 | |||
International Fixed Income Investment Companies | 2.6 | |||
Domestic Money Market Investment Companies | 2.6 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
183 |
Table of Contents
VALIC Company I Moderate Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0% |
| |||||||
Domestic Equity Investment Companies — 50.3% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 1,882 | $ | 47,356 | |||||
VALIC Co. I Capital Appreciation Fund | 1,884,018 | 40,845,519 | ||||||
VALIC Co. I Dividend Value Fund | 5,148,753 | 67,860,566 | ||||||
VALIC Co. I Large Capital Growth Fund | 1,442,753 | 30,326,673 | ||||||
VALIC Co. I Mid Cap Index Fund | 1,084,246 | 33,828,479 | ||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 1,465,493 | 33,940,816 | ||||||
VALIC Co. I Mid Cap Value Fund | 2,880,531 | 63,976,594 | ||||||
VALIC Co. I Nasdaq-100 Index Fund | 917,384 | 22,017,216 | ||||||
VALIC Co. I Science & Technology Fund | 376,700 | 14,830,669 | ||||||
VALIC Co. I Small Cap Growth Fund | 482,873 | 11,033,639 | ||||||
VALIC Co. I Small Cap Index Fund | 813,709 | 19,105,879 | ||||||
VALIC Co. I Small Cap Special Values Fund | 925,505 | 13,197,701 | ||||||
VALIC Co. I Small Cap Value Fund | 904,018 | 14,075,565 | ||||||
VALIC Co. I Stock Index Fund | 2,066,999 | 108,868,819 | ||||||
VALIC Co. I Systematic Core Fund | 573,991 | 15,273,906 | ||||||
VALIC Co. I Systematic Value Fund | 7,659,761 | 100,496,068 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $485,200,033) | 589,725,465 | |||||||
Domestic Fixed Income Investment Companies — 26.2% |
| |||||||
VALIC Co. I Core Bond Fund | 17,789,209 | 202,263,304 | ||||||
VALIC Co. I Government Securities Fund | 854,190 | 9,208,170 | ||||||
VALIC Co. I High Yield Bond Fund | 4,217,664 | 32,391,662 | ||||||
VALIC Co. I Inflation Protected Fund | 5,303,271 | 63,533,184 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $302,734,897) | 307,396,320 | |||||||
Domestic Money Market Investment Companies — 2.6% |
| |||||||
VALIC Co. I Government Money Market I Fund(2) | 30,145,254 | 30,145,254 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
International Equity Investment Companies — 18.3% |
| |||||||
VALIC Co. I Emerging Economies Fund | 4,476,146 | $ | 48,163,327 | |||||
VALIC Co. I Global Real Estate Fund | 3,178,053 | 25,901,131 | ||||||
VALIC Co. I International Equities Index Fund | 7,592,239 | 64,002,576 | ||||||
VALIC Co. I International Growth Fund | 485,722 | 9,301,585 | ||||||
VALIC Co. I International Opportunities Fund | 1,753,680 | 40,457,394 | ||||||
VALIC Co. I International Value Fund | 2,311,507 | 26,512,985 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $181,020,605) | 214,338,998 | |||||||
International Fixed Income Investment Companies — 2.6% |
| |||||||
VALIC Co. I International Government Bond Fund | 2,474,367 | 30,805,868 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,028,230,968)(3) | 100.0 | % | 1,172,411,905 | |||||
Liabilities in excess of other assets | (0.0 | ) | (179,764 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,172,232,141 | ||||
# | The Moderate Growth Lifestyle Fund invests in various VALIC Company I Funds, some of which are not presented in this report. Additional information of the underlying funds including such fund’s prospectuses and shareholder reports is available at our website, www.valic.com. |
(1) | See Note 3 |
(2) | The 7-day yield as of May 31, 2021 is 0.01%. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 1,172,411,905 | $ | — | $ | — | $ | 1,172,411,905 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
184 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation* | ||||
Computers | 10.3 | % | ||
Applications Software | 10.2 | |||
Electronic Components — Semiconductors | 10.0 | |||
E-Commerce/Products | 9.1 | |||
Web Portals/ISP | 7.8 | |||
Internet Content — Entertainment | 5.6 | |||
Medical — Biomedical/Gene | 4.4 | |||
Auto — Cars/Light Trucks | 3.7 | |||
Cable/Satellite TV | 3.2 | |||
Commercial Services — Finance | 2.9 | |||
Repurchase Agreements | 2.7 | |||
Semiconductor Equipment | 2.4 | |||
Beverages — Non-alcoholic | 2.3 | |||
Semiconductor Components — Integrated Circuits | 2.3 | |||
Electronic Forms | 1.8 | |||
E-Commerce/Services | 1.7 | |||
Networking Products | 1.7 | |||
Retail — Discount | 1.4 | |||
Cellular Telecom | 1.3 | |||
Computer Aided Design | 1.3 | |||
Entertainment Software | 1.1 | |||
Data Processing/Management | 1.1 | |||
Retail — Restaurants | 1.0 | |||
Electric — Integrated | 0.9 | |||
Medical Instruments | 0.7 | |||
Food — Confectionery | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Communications Software | 0.6 | |||
Transport — Rail | 0.6 | |||
U.S. Government Treasuries | 0.6 | |||
Enterprise Software/Service | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Food — Misc./Diversified | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Dental Supplies & Equipment | 0.4 | |||
Hotels/Motels | 0.4 | |||
Retail — Drug Store | 0.3 | |||
Computer Services | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Commercial Services | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Athletic Equipment | 0.2 | |||
Consulting Services | 0.2 | |||
Internet Application Software | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Medical Information Systems | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Computer Software | 0.2 | |||
Computer Data Security | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
185 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.7% |
| |||||||
Applications Software — 10.2% |
| |||||||
Intuit, Inc. | 17,181 | $ | 7,544,005 | |||||
Microsoft Corp. | 310,975 | 77,644,238 | ||||||
85,188,243 | ||||||||
Athletic Equipment — 0.2% |
| |||||||
Peloton Interactive, Inc., Class A† | 16,541 | 1,824,638 | ||||||
Auto - Cars/Light Trucks — 3.7% |
| |||||||
Tesla, Inc.† | 48,976 | 30,620,775 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
PACCAR, Inc. | 21,768 | 1,993,078 | ||||||
Beverages - Non-alcoholic — 2.3% |
| |||||||
Keurig Dr Pepper, Inc. | 88,295 | 3,263,383 | ||||||
Monster Beverage Corp.† | 33,123 | 3,122,505 | ||||||
PepsiCo, Inc. | 86,560 | 12,805,687 | ||||||
19,191,575 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Fox Corp., Class A | 20,978 | 783,528 | ||||||
Fox Corp., Class B | 16,074 | 583,165 | ||||||
1,366,693 | ||||||||
Cable/Satellite TV — 3.2% |
| |||||||
Charter Communications, Inc., Class A† | 12,155 | 8,442,012 | ||||||
Comcast Corp., Class A | 286,809 | 16,445,628 | ||||||
Sirius XM Holdings, Inc.# | 259,752 | 1,623,450 | ||||||
26,511,090 | ||||||||
Cellular Telecom — 1.3% |
| |||||||
T-Mobile US, Inc.† | 77,976 | 11,029,705 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 6,590 | 2,329,829 | ||||||
Commercial Services - Finance — 2.9% |
| |||||||
Automatic Data Processing, Inc. | 26,850 | 5,263,137 | ||||||
PayPal Holdings, Inc.† | 73,482 | 19,106,790 | ||||||
24,369,927 | ||||||||
Communications Software — 0.6% |
| |||||||
Zoom Video Communications, Inc., Class A† | 14,697 | 4,872,496 | ||||||
Computer Aided Design — 1.3% |
| |||||||
ANSYS, Inc.† | 5,443 | 1,839,407 | ||||||
Autodesk, Inc.† | 13,796 | 3,943,725 | ||||||
Cadence Design Systems, Inc.† | 17,503 | 2,222,706 | ||||||
Synopsys, Inc.† | 9,560 | 2,431,490 | ||||||
10,437,328 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Check Point Software Technologies, Ltd.† | 8,796 | 1,028,956 | ||||||
Computer Services — 0.3% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 33,292 | 2,382,376 | ||||||
Computer Software — 0.2% |
| |||||||
Splunk, Inc.† | 10,147 | 1,229,816 | ||||||
Computers — 10.3% |
| |||||||
Apple, Inc. | 692,193 | 86,254,170 | ||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc. | 10,214 | 1,765,286 | ||||||
Data Processing/Management — 1.1% |
| |||||||
DocuSign, Inc.† | 11,705 | 2,359,962 | ||||||
Fiserv, Inc.† | 42,003 | 4,838,745 | ||||||
Paychex, Inc. | 22,627 | 2,288,495 | ||||||
9,487,202 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
Align Technology, Inc.† | 4,965 | $ | 2,930,095 | |||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.† | 5,360 | 2,991,470 | ||||||
Distribution/Wholesale — 0.5% |
| |||||||
Copart, Inc.† | 14,827 | 1,912,831 | ||||||
Fastenal Co. | 36,036 | 1,911,350 | ||||||
3,824,181 | ||||||||
Drug Delivery Systems — 0.3% |
| |||||||
DexCom, Inc.† | 6,034 | 2,228,899 | ||||||
E-Commerce/Products — 9.1% |
| |||||||
Amazon.com, Inc.† | 20,763 | 66,920,602 | ||||||
eBay, Inc. | 42,693 | 2,599,150 | ||||||
JD.com, Inc. ADR† | 52,119 | 3,853,679 | ||||||
Pinduoduo, Inc. ADR† | 21,676 | 2,706,899 | ||||||
76,080,330 | ||||||||
E-Commerce/Services — 1.7% |
| |||||||
Booking Holdings, Inc.† | 2,570 | 6,069,184 | ||||||
Match Group, Inc.† | 16,876 | 2,419,681 | ||||||
MercadoLibre, Inc.† | 3,129 | 4,251,278 | ||||||
Trip.com Group, Ltd. ADR† | 33,055 | 1,383,352 | ||||||
14,123,495 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
CDW Corp. | 8,846 | 1,463,305 | ||||||
Electric - Integrated — 0.9% |
| |||||||
American Electric Power Co., Inc. | 31,158 | 2,679,588 | ||||||
Exelon Corp. | 61,258 | 2,763,961 | ||||||
Xcel Energy, Inc. | 33,733 | 2,390,995 | ||||||
7,834,544 | ||||||||
Electronic Components - Semiconductors — 10.0% |
| |||||||
Advanced Micro Devices, Inc.† | 76,001 | 6,086,160 | ||||||
Broadcom, Inc. | 25,613 | 12,097,788 | ||||||
Intel Corp. | 254,922 | 14,561,145 | ||||||
Marvell Technology, Inc. | 42,150 | 2,035,845 | ||||||
Microchip Technology, Inc. | 16,894 | 2,651,513 | ||||||
Micron Technology, Inc.† | 70,188 | 5,905,619 | ||||||
NVIDIA Corp. | 38,900 | 25,276,442 | ||||||
Skyworks Solutions, Inc. | 10,346 | 1,758,820 | ||||||
Texas Instruments, Inc. | 57,738 | 10,959,827 | ||||||
Xilinx, Inc. | 15,389 | 1,954,403 | ||||||
83,287,562 | ||||||||
Electronic Forms — 1.8% |
| |||||||
Adobe, Inc.† | 30,035 | 15,155,060 | ||||||
Enterprise Software/Service — 0.5% |
| |||||||
Atlassian Corp. PLC, Class A† | 8,346 | 1,946,955 | ||||||
Workday, Inc., Class A† | 11,294 | 2,583,164 | ||||||
4,530,119 | ||||||||
Entertainment Software — 1.1% |
| |||||||
Activision Blizzard, Inc. | 48,610 | 4,727,322 | ||||||
Electronic Arts, Inc. | 18,046 | 2,579,315 | ||||||
NetEase, Inc. ADR | 18,798 | 2,216,848 | ||||||
9,523,485 | ||||||||
Food - Confectionery — 0.7% |
| |||||||
Mondelez International, Inc., Class A | 88,599 | 5,628,694 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Kraft Heinz Co. | 76,745 | 3,345,315 | ||||||
186 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Hotels/Motels — 0.4% |
| |||||||
Marriott International, Inc., Class A† | 20,355 | $ | 2,922,571 | |||||
Internet Application Software — 0.2% |
| |||||||
Okta, Inc.† | 7,605 | 1,691,656 | ||||||
Internet Content - Entertainment — 5.6% |
| |||||||
Facebook, Inc., Class A† | 99,180 | 32,603,442 | ||||||
Netflix, Inc.† | 27,788 | 13,972,084 | ||||||
46,575,526 | ||||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp. | 19,218 | 1,503,809 | ||||||
Medical Instruments — 0.7% |
| |||||||
Intuitive Surgical, Inc.† | 7,386 | 6,220,341 | ||||||
Medical - Biomedical/Gene — 4.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 13,794 | 2,435,331 | ||||||
Amgen, Inc. | 36,238 | 8,622,470 | ||||||
Biogen, Inc.† | 9,558 | 2,556,574 | ||||||
Gilead Sciences, Inc. | 78,842 | 5,212,245 | ||||||
Illumina, Inc.† | 9,154 | 3,713,228 | ||||||
Incyte Corp.† | 13,793 | 1,155,577 | ||||||
Moderna, Inc.† | 25,082 | 4,640,421 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,606 | 3,319,053 | ||||||
Seagen, Inc.† | 11,367 | 1,765,863 | ||||||
Vertex Pharmaceuticals, Inc.† | 16,311 | 3,402,964 | ||||||
36,823,726 | ||||||||
Networking Products — 1.7% |
| |||||||
Cisco Systems, Inc. | 264,885 | 14,012,416 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Lululemon Athletica, Inc.† | 7,850 | 2,536,571 | ||||||
Ross Stores, Inc. | 22,365 | 2,826,712 | ||||||
5,363,283 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 4,405 | 2,357,204 | ||||||
Retail - Discount — 1.4% |
| |||||||
Costco Wholesale Corp. | 27,792 | 10,512,880 | ||||||
Dollar Tree, Inc.† | 14,757 | 1,438,807 | ||||||
11,951,687 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
Walgreens Boots Alliance, Inc. | 54,212 | 2,854,804 | ||||||
Retail - Restaurants — 1.0% |
| |||||||
Starbucks Corp. | 73,867 | 8,411,974 | ||||||
Semiconductor Components - Integrated Circuits — 2.3% |
| |||||||
Analog Devices, Inc. | 23,145 | 3,809,667 | ||||||
Maxim Integrated Products, Inc. | 16,818 | 1,715,604 | ||||||
NXP Semiconductors NV | 17,380 | 3,674,480 | ||||||
QUALCOMM, Inc. | 71,275 | 9,589,338 | ||||||
18,789,089 | ||||||||
Semiconductor Equipment — 2.4% |
| |||||||
Applied Materials, Inc. | 57,576 | 7,952,973 | ||||||
ASML Holding NV | 4,877 | 3,294,267 | ||||||
KLA Corp. | 9,667 | 3,063,376 | ||||||
Lam Research Corp. | 8,966 | 5,826,555 | ||||||
20,137,171 | ||||||||
Transport - Rail — 0.6% |
| |||||||
CSX Corp. | 47,841 | 4,789,841 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Hosting/Design — 0.2% |
| |||||||
VeriSign, Inc.† | 7,096 | $ | 1,560,552 | |||||
Web Portals/ISP — 7.8% |
| |||||||
Alphabet, Inc., Class A† | 12,400 | 29,224,940 | ||||||
Alphabet, Inc., Class C† | 13,506 | 32,570,529 | ||||||
Baidu, Inc. ADR† | 17,026 | 3,341,693 | ||||||
65,137,162 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $251,701,259) | 805,932,549 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 97,832 | 97,832 | ||||||
U.S. Government Treasuries — 0.6% |
| |||||||
United States Treasury Bills | ||||||||
0.04% due 05/19/2022(4) | $ | 1,200,000 | 1,199,501 | |||||
0.06% due 04/21/2022(4) | 3,500,000 | 3,498,966 | ||||||
4,698,467 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,795,601) | 4,796,299 | |||||||
REPURCHASE AGREEMENTS — 2.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $23,105,000 and collateralized by $21,975,000 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $23,567,112 | 23,105,000 | 23,105,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $279,601,860)(3) | 100.0 | % | 833,833,848 | |||||
Liabilities in excess of other assets | (0.0 | ) | (254,337 | ) | ||||
NET ASSETS | 100.0 | % | $ | 833,579,511 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $1,623,450. This was secured by collateral of $97,832, which was received in cash and subsequently invested in short-term investments currently valued at $97,832 as reported in the Portfolio of Investments. Additional collateral of $1,615,236 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
United States Treasury Bills | 0.00% | 06/10/2021 | $ 1,993 | |||
United States Treasury Notes/Bonds | 0.13% to 6.88% | 06/30/2021 to 08/15/2050 | 1,613,243 |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
ADR—American Depositary Receipt
187 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
103 | Long | NASDAQ 100 E-Mini Index | June 2021 | $ | 27,734,822 | $ | 28,194,190 | $ | 459,368 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 805,932,549 | $ | — | $ | — | $ | 805,932,549 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies. . . . . . . . . . | 97,832 | — | — | 97,832 | ||||||||||||
U.S. Government Treasuries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | — | 4,698,467 | — | 4,698,467 | ||||||||||||
Repurchase Agreements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | — | 23,105,000 | — | 23,105,000 | ||||||||||||
Total Investments at Value | $ | 806,030,381 | $ | 27,803,467 | $ | — | $ | 833,833,848 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 459,368 | $ | — | $ | — | $ | 459,368 | ||||||||
* | 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
188 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
E-Commerce/Products | 10.1 | % | ||
Electronic Components — Semiconductors | 10.0 | |||
Web Portals/ISP | 8.2 | |||
E-Commerce/Services | 8.0 | |||
Internet Content — Entertainment | 7.0 | |||
Enterprise Software/Service | 6.3 | |||
Applications Software | 6.2 | |||
Commercial Services — Finance | 5.9 | |||
Semiconductor Equipment | 5.5 | |||
Computer Software | 4.0 | |||
Computer Data Security | 3.3 | |||
Computers — Memory Devices | 2.4 | |||
Computers | 2.0 | |||
Semiconductor Components — Integrated Circuits | 1.8 | |||
Finance — Credit Card | 1.8 | |||
Retail — Apparel/Shoe | 1.5 | |||
Internet Application Software | 1.5 | |||
Communications Software | 1.2 | |||
Registered Investment Companies | 1.2 | |||
Electronic Components — Misc. | 1.1 | |||
Computer Services | 1.1 | |||
Wireless Equipment | 0.9 | |||
Internet Content — Information/News | 0.9 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Networking Products | 0.7 | |||
Internet Security | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Entertainment Software | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Web Hosting/Design | 0.4 | |||
Data Processing/Management | 0.4 | |||
Electronic Forms | 0.4 | |||
Medical Instruments | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Theaters | 0.3 | |||
Internet Infrastructure Software | 0.3 | |||
Medical Information Systems | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Electronic Measurement Instruments | 0.2 | |||
Computer Aided Design | 0.2 | |||
Commercial Services | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Computers-Other | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Health Care Providers & Services | 0.1 | |||
99.3 | % | |||
* | Calculated as a percentage of net assets |
189 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Apparel Manufacturers — 0.3% |
| |||||||
boohoo Group PLC† | 2,252,732 | $ | 10,207,910 | |||||
Applications Software — 6.2% |
| |||||||
Asana, Inc., Class A†# | 86,415 | 3,178,344 | ||||||
Intuit, Inc. | 18,263 | 8,019,101 | ||||||
Microsoft Corp. | 631,092 | 157,571,050 | ||||||
Procore Technologies, Inc.† | 5,740 | 496,051 | ||||||
Sansan, Inc.†# | 49,600 | 3,730,104 | ||||||
ServiceNow, Inc.† | 23,394 | 11,085,949 | ||||||
TeamViewer AG†* | 250,685 | 9,834,297 | ||||||
193,914,896 | ||||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Co.† | 312,780 | 4,544,693 | ||||||
General Motors Co.† | 226,305 | 13,422,150 | ||||||
Tesla, Inc.† | 2,030 | 1,269,197 | ||||||
19,236,040 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Aptiv PLC† | 28,325 | 4,260,646 | ||||||
Magna International, Inc. | 64,425 | 6,480,511 | ||||||
10,741,157 | ||||||||
Commercial Services - Finance — 5.9% |
| |||||||
Adyen NV†#* | 2,340 | 5,394,280 | ||||||
Avalara, Inc.† | 64,150 | 8,478,706 | ||||||
FleetCor Technologies, Inc.† | 50,505 | 13,860,592 | ||||||
Global Payments, Inc. | 205,759 | 39,857,576 | ||||||
PayPal Holdings, Inc.† | 272,165 | 70,768,343 | ||||||
Square, Inc., Class A† | 130,619 | 29,065,340 | ||||||
StoneCo, Ltd., Class A† | 70,329 | 4,639,604 | ||||||
WEX, Inc.† | 51,787 | 10,145,591 | ||||||
182,210,032 | ||||||||
Communications Software — 1.2% |
| |||||||
RingCentral, Inc., Class A† | 19,356 | 5,080,370 | ||||||
Zoom Video Communications, Inc., Class A† | 100,425 | 33,293,900 | ||||||
38,374,270 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Autodesk, Inc.† | 9,665 | 2,762,837 | ||||||
Cadence Design Systems, Inc.† | 19,725 | 2,504,878 | ||||||
5,267,715 | ||||||||
Computer Data Security — 3.3% |
| |||||||
Crowdstrike Holdings, Inc., Class A† | 172,605 | 38,344,201 | ||||||
Fortinet, Inc.† | 37,161 | 8,121,165 | ||||||
McAfee Corp., Class A | 372,849 | 9,369,695 | ||||||
Rapid7, Inc.† | 77,450 | 6,478,693 | ||||||
Varonis Systems, Inc.† | 225,684 | 10,900,537 | ||||||
Zscaler, Inc.† | 156,200 | 30,334,040 | ||||||
103,548,331 | ||||||||
Computer Services — 1.1% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 29,564 | 2,115,600 | ||||||
DXC Technology Co.† | 296,955 | 11,260,534 | ||||||
EPAM Systems, Inc.† | 7,565 | 3,613,044 | ||||||
Genpact, Ltd. | 353,375 | 16,163,372 | ||||||
33,152,550 | ||||||||
Computer Software — 4.0% |
| |||||||
Box, Inc., Class A† | 65,130 | 1,518,180 | ||||||
Citrix Systems, Inc. | 348,040 | 40,010,678 | ||||||
Cloudflare, Inc., Class A† | 15,745 | 1,292,035 | ||||||
Datadog, Inc., Class A† | 57,085 | 5,197,589 | ||||||
MongoDB, Inc.† | 78,475 | 22,909,992 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Software (continued) |
| |||||||
Slack Technologies, Inc., Class A† | 105,205 | $ | 4,633,228 | |||||
Snowflake, Inc., Class A† | 31,845 | 7,580,065 | ||||||
Twilio, Inc., Class A† | 107,265 | 36,041,040 | ||||||
ZoomInfo Technologies, Inc., Class A† | 130,750 | 5,730,773 | ||||||
124,913,580 | ||||||||
Computers — 2.0% |
| |||||||
Apple, Inc. | 358,460 | 44,667,701 | ||||||
Hewlett Packard Enterprise Co. | 418,795 | 6,683,968 | ||||||
HP, Inc. | 361,305 | 10,560,945 | ||||||
61,912,614 | ||||||||
Computers - Memory Devices — 2.4% |
| |||||||
NetApp, Inc. | 62,300 | 4,820,151 | ||||||
Pure Storage, Inc., Class A† | 1,443,987 | 27,507,952 | ||||||
Seagate Technology Holdings PLC | 184,090 | 17,626,617 | ||||||
Western Digital Corp.† | 307,220 | 23,112,161 | ||||||
73,066,881 | ||||||||
Computers - Other — 0.1% |
| |||||||
Lumentum Holdings, Inc.† | 36,376 | 2,959,915 | ||||||
Data Processing/Management — 0.4% |
| |||||||
Fidelity National Information Services, Inc. | 38,300 | 5,705,934 | ||||||
Fiserv, Inc.† | 54,115 | 6,234,048 | ||||||
11,939,982 | ||||||||
E-Commerce/Products — 10.1% |
| |||||||
Alibaba Group Holding, Ltd.† | 159,226 | 4,328,968 | ||||||
Alibaba Group Holding, Ltd. ADR† | 227,043 | 48,578,120 | ||||||
Amazon.com, Inc.† | 65,507 | 211,133,646 | ||||||
Coupang, Inc.†# | 220,578 | 8,997,377 | ||||||
Etsy, Inc.† | 169,898 | 27,987,298 | ||||||
Wayfair, Inc., Class A†# | 37,382 | 11,459,078 | ||||||
312,484,487 | ||||||||
E-Commerce/Services — 7.7% |
| |||||||
Airbnb, Inc., Class A† | 47,270 | 6,636,708 | ||||||
Auto1 Group SE†* | 78,300 | 4,192,655 | ||||||
Booking Holdings, Inc.† | 24,407 | 57,638,351 | ||||||
Delivery Hero SE†* | 154,281 | 20,930,344 | ||||||
DoorDash, Inc., Class A†# | 77,227 | 11,605,674 | ||||||
Expedia Group, Inc.† | 168,370 | 29,793,071 | ||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 85,869 | 2,106,418 | ||||||
Lyft, Inc., Class A† | 264,185 | 15,082,322 | ||||||
Maplebear, Inc. (dba Instacart) Non-Voting†(1)(2) | 523 | 65,375 | ||||||
Maplebear, Inc. (dba Instacart) Voting†(1)(2) | 10,016 | 1,252,000 | ||||||
Match Group, Inc.† | 41,642 | 5,970,630 | ||||||
Shutterstock, Inc. | 45,172 | 4,099,359 | ||||||
Tongcheng-Elong Holdings, Ltd.† | 3,462,600 | 9,302,427 | ||||||
Trainline PLC†* | 1,352,363 | 5,450,546 | ||||||
Trip.com Group, Ltd. ADR† | 1,374,279 | 57,513,576 | ||||||
Uber Technologies, Inc.† | 75,985 | 3,862,318 | ||||||
Zillow Group, Inc., Class A† | 19,565 | 2,314,344 | ||||||
237,816,118 | ||||||||
Electronic Components - Misc. — 1.1% |
| |||||||
Flex, Ltd.† | 1,017,291 | 18,585,906 | ||||||
Hoya Corp. | 54,100 | 7,068,193 | ||||||
Taiyo Yuden Co., Ltd. | 188,900 | 9,063,623 | ||||||
34,717,722 | ||||||||
Electronic Components - Semiconductors — 10.0% |
| |||||||
Advanced Micro Devices, Inc.† | 391,721 | 31,369,018 | ||||||
Cree, Inc.† | 25,720 | 2,572,257 | ||||||
Infineon Technologies AG | 277,355 | 11,250,904 |
190 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Electronic Components - Semiconductors (continued) |
| |||||||
IPG Photonics Corp.† | 17,755 | $ | 3,715,411 | |||||
Marvell Technology, Inc. | 669,327 | 32,328,494 | ||||||
Micron Technology, Inc.† | 907,819 | 76,383,891 | ||||||
NVIDIA Corp. | 24,255 | 15,760,414 | ||||||
ON Semiconductor Corp.† | 329,100 | 13,177,164 | ||||||
Qorvo, Inc.† | 43,790 | 8,001,309 | ||||||
Samsung Electronics Co., Ltd. | 596,711 | 43,069,340 | ||||||
SK Hynix, Inc. | 236,650 | 26,947,503 | ||||||
Skyworks Solutions, Inc. | 88,362 | 15,021,540 | ||||||
Texas Instruments, Inc. | 47,635 | 9,042,076 | ||||||
Xilinx, Inc. | 177,083 | 22,489,541 | ||||||
311,128,862 | ||||||||
Electronic Forms — 0.4% |
| |||||||
Adobe, Inc.† | 23,173 | 11,692,632 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Koh Young Technology, Inc. | 292,172 | 6,680,163 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Array Technologies, Inc.† | 211,392 | 3,445,690 | ||||||
Enterprise Software/Service — 6.3% |
| |||||||
Alteryx, Inc., Class A†# | 51,690 | 4,019,931 | ||||||
Ceridian HCM Holding, Inc.† | 69,234 | 6,193,674 | ||||||
Guidewire Software, Inc.† | 103,477 | 10,113,842 | ||||||
HubSpot, Inc.† | 47,480 | 23,947,962 | ||||||
Paycom Software, Inc.† | 56,355 | 18,574,608 | ||||||
salesforce.com, Inc.† | 406,712 | 96,838,127 | ||||||
UiPath, Inc., Class A†# | 12,664 | 1,010,841 | ||||||
Veeva Systems, Inc., Class A† | 15,330 | 4,466,242 | ||||||
Workday, Inc., Class A† | 140,240 | 32,075,693 | ||||||
197,240,920 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Electronic Arts, Inc. | 64,106 | 9,162,670 | ||||||
Epic Games, Inc.†(1)(2) | 3,904 | 3,455,040 | ||||||
Take-Two Interactive Software, Inc.† | 5,885 | 1,092,021 | ||||||
13,709,731 | ||||||||
Finance - Credit Card — 1.8% |
| |||||||
Mastercard, Inc., Class A | 33,815 | 12,193,013 | ||||||
Visa, Inc., Class A | 189,548 | 43,084,260 | ||||||
55,277,273 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Cognex Corp. | 16,310 | 1,294,851 | ||||||
Internet Application Software — 1.5% |
| |||||||
Okta, Inc.† | 72,395 | 16,103,544 | ||||||
Shopify, Inc., Class A† | 20,473 | 25,445,277 | ||||||
Wix.com, Ltd.† | 19,965 | 5,188,105 | ||||||
46,736,926 | ||||||||
�� | ||||||||
Internet Content - Entertainment — 7.0% |
| |||||||
Facebook, Inc., Class A† | 471,685 | 155,057,010 | ||||||
Mail.Ru Group, Ltd. GDR† | 1,043,732 | 24,068,460 | ||||||
Netflix, Inc.† | 5,610 | 2,820,764 | ||||||
Pinterest, Inc., Class A† | 210,180 | 13,724,754 | ||||||
Snap, Inc., Class A†# | 327,247 | 20,328,584 | ||||||
215,999,572 | ||||||||
Internet Content - Information/News — 0.9% |
| |||||||
Deliveroo PLC†* | 1,943,934 | 6,935,459 | ||||||
Kuaishou Technology†* | 20,200 | 521,599 | ||||||
Naspers, Ltd., Class N | 64,388 | 14,183,558 | ||||||
Tencent Holdings, Ltd. | 64,126 | 5,114,612 | ||||||
26,755,228 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Infrastructure Software — 0.3% |
| |||||||
F5 Networks, Inc.† | 44,650 | $ | 8,279,450 | |||||
Internet Security — 0.5% |
| |||||||
FireEye, Inc.† | 65,810 | 1,472,170 | ||||||
NortonLifeLock, Inc. | 401,217 | 11,097,662 | ||||||
Palo Alto Networks, Inc.† | 8,305 | 3,016,791 | ||||||
15,586,623 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Bloom Energy Corp., Class A† | 86,400 | 2,088,288 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Alignment Healthcare Partners†(2) | 131,698 | 3,156,613 | ||||||
Medical Instruments — 0.3% |
| |||||||
Intuitive Surgical, Inc.† | 12,920 | 10,880,966 | ||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Atea Pharmaceuticals, Inc.† | 71,191 | 1,453,720 | ||||||
C4 Therapeutics, Inc.† | 52,894 | 1,954,433 | ||||||
Cerevel Therapeutics Holdings, Inc.† | 75,141 | 985,850 | ||||||
Flame Biosciences, Inc.†(1)(2) | 48,560 | 318,068 | ||||||
Gemini Therapeutics, Inc.† | 35,933 | 441,976 | ||||||
Kronos Bio, Inc.† | 18,614 | 454,368 | ||||||
Longboard Pharmaceuticals, Inc.†(2) | 32,938 | 258,464 | ||||||
Seer, Inc., Class A†(2) | 123,624 | 3,473,958 | ||||||
Verily Life Sciences LLC†(1)(2) | 6,986 | 956,593 | ||||||
Zeneca, Inc. CVR†(1) | 23,110 | 14,213 | ||||||
10,311,643 | ||||||||
Medical - Drugs — 0.0% |
| |||||||
Progenics Pharmaceuticals, Inc. CVR†(1) | 54,000 | 0 | ||||||
Networking Products — 0.7% |
| |||||||
Arista Networks, Inc.† | 27,276 | 9,256,929 | ||||||
Cisco Systems, Inc. | 215,690 | 11,410,001 | ||||||
20,666,930 | ||||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Zalando SE†* | 447,539 | 47,884,220 | ||||||
Semiconductor Components - Integrated Circuits — 1.8% |
| |||||||
NXP Semiconductors NV | 75,920 | 16,051,006 | ||||||
QUALCOMM, Inc. | 111,166 | 14,956,274 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 218,170 | 25,604,431 | ||||||
56,611,711 | ||||||||
Semiconductor Equipment — 5.5% |
| |||||||
Advantest Corp. | 37,900 | 3,412,674 | ||||||
Applied Materials, Inc. | 317,899 | 43,911,389 | ||||||
ASML Holding NV | 14,777 | 9,860,439 | ||||||
BE Semiconductor Industries NV | 172,642 | 14,054,866 | ||||||
Globalwafers Co., Ltd. | 375,747 | 11,364,313 | ||||||
KLA Corp. | 63,053 | 19,980,865 | ||||||
Lam Research Corp. | 49,925 | 32,443,761 | ||||||
Teradyne, Inc. | 173,591 | 22,974,769 | ||||||
Tokyo Electron, Ltd. | 27,800 | 12,316,183 | ||||||
170,319,259 | ||||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 294,278 | 12,839,349 | ||||||
Theaters — 0.3% |
| |||||||
CTS Eventim AG & Co. KGaA† | 127,990 | 8,818,371 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
GoDaddy, Inc., Class A† | 69,776 | 5,649,065 | ||||||
VeriSign, Inc.† | 29,229 | 6,428,042 | ||||||
12,077,107 | ||||||||
191 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Web Portals/ISP — 8.2% |
| |||||||
Alphabet, Inc., Class A† | 40,765 | $ | 96,076,990 | |||||
Alphabet, Inc., Class C† | 62,475 | 150,662,211 | ||||||
Baidu, Inc. ADR† | 47,762 | 9,374,248 | ||||||
256,113,449 | ||||||||
Wireless Equipment — 0.9% |
| |||||||
Motorola Solutions, Inc. | 18,440 | 3,785,916 | ||||||
Samsung SDI Co., Ltd. | 42,266 | 23,306,366 | ||||||
27,092,282 | ||||||||
Total Common Stocks | ||||||||
(cost $2,507,604,868) | 3,009,152,309 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.2% |
| |||||||
Applications Software — 0.0% |
| |||||||
Color Health, Inc., Series D-1†(1)(2) | 26,210 | 986,901 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
GM Cruise Holdings, LLC, Class F†(1)(2) | 89,700 | 2,363,595 | ||||||
Waymo LLC Series A-2†(1)(2) | 21,059 | 1,931,574 | ||||||
4,295,169 | ||||||||
Commercial Services — 0.1% |
| |||||||
Ginkgo Bioworks Series E†(1)(2) | 8,722 | 3,835,137 | ||||||
E-Commerce/Services — 0.3% |
| |||||||
JAND, Inc. (dba Warby Parker) Series D†(1)(2) | 75,264 | 1,846,271 | ||||||
JAND, Inc. (dba Warby Parker) Series E†(1)(2) | 64,349 | 1,578,519 | ||||||
JAND, Inc. (dba Warby Parker) Series F†(1)(2) | 34,881 | 855,652 | ||||||
Maplebear, Inc. (dba Instacart) Series G†(1)(2) | 20,650 | 2,581,250 | ||||||
Rappi, Inc., Series E†(1)(2) | 39,184 | 2,341,089 | ||||||
9,202,781 | ||||||||
Health Care Providers & Services — 0.1% |
| |||||||
Bright Health, Inc. Series E†(1)(2) | 60,348 | 1,232,167 | ||||||
PrognomIQ, Inc. Series A-4†(1)(2) | 35,670 | 81,510 | ||||||
PrognomIQ, Inc. Series A-5†(1)(2) | 30,468 | 69,623 | ||||||
PrognomIQ, Inc. Series B†(1)(2) | 216,177 | 493,989 | ||||||
1,877,289 | ||||||||
IT Services — 0.0% |
| |||||||
Mesosphere, Inc. Series D†(1)(2) | 151,129 | 337,018 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Doximity, Inc. Series C†(1)(2) | 64,785 | 4,561,512 | ||||||
Medical Instruments — 0.0% |
| |||||||
RefleXion Medical, Inc. Series C†(1)(2) | 160,251 | 365,351 | ||||||
RefleXion Medical, Inc. Series D†(1)(2) | 67,040 | 152,842 | ||||||
518,193 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Freenome Holdings, Inc. Series B†(1)(2) | 94,602 | 625,631 | ||||||
Freenome Holdings, Inc. Series C†(1)(2) | 53,807 | 355,842 | ||||||
Tempus Labs, Inc. Series D†(1)(2) | 60,677 | 3,396,262 | ||||||
Tempus Labs, Inc. Series E†(1)(2) | 39,722 | 2,267,665 | ||||||
Tempus Labs, Inc. Series F†(1)(2) | 10,551 | 607,338 | ||||||
Tempus Labs, Inc. Series G†(1)(2) | 6,661 | 385,272 | ||||||
7,638,010 | ||||||||
Medical Products — 0.0% |
| |||||||
Kardium, Inc. Series D-5†(1)(2) | 542,402 | 550,994 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Caris Life Sciences, Inc. Series C†(1)(2) | 217,911 | 1,765,079 | ||||||
National Resilience, Inc. Series B†(1)(2) | 69,360 | 947,458 | ||||||
2,712,537 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Insitro, Inc. Series B†(1)(2) | 52,029 | $ | 951,668 | |||||
Retirement/Aged Care — 0.0% |
| |||||||
Honor Tech, Inc. Series D†(1)(2) | 180,527 | 434,723 | ||||||
Transport - Services — 0.0% |
| |||||||
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)…. | 11,731 | 592,415 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $21,122,930) | 38,494,347 | |||||||
Escrows and Litigation Trusts — 0.1% |
| |||||||
Acerta Pharma BV, Class B†(1) | 9,771,120 | 1,218,459 | ||||||
Exact Sciences CMO Milestone†(1) | 216,096 | 159,911 | ||||||
Exact Sciences Expense Fund†(1) | 220 | 209 | ||||||
Exact Sciences FDA Milestone†(1) | 108,048 | 79,956 | ||||||
Total Escrows and Litigation Trusts | ||||||||
(cost $249,853) | 1,458,535 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,528,977,651) | 3,049,105,191 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,462,396 | 3,462,396 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 14,439,921 | 14,439,921 | ||||||
T. Rowe Price Government Reserve Fund | 17,633,664 | 17,633,664 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $35,535,981) | 35,535,981 | |||||||
REPURCHASE AGREEMENTS — 0.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $150,000 and collateralized by $153,400 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $153,015 | $ | 150,000 | 150,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $2,564,663,632)(5) | 99.3 | % | 3,084,791,172 | |||||
Other assets less liabilities | 0.7 | 22,414,224 | ||||||
NET ASSETS | 100.0 | % | $ | 3,107,205,396 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $101,143,400 representing 3.3% 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 |
192 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, 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 | ||||||||||||||||||||||||
Alignment Healthcare Partners | 02/28/2021 | 131,698 | $ | 1,062,887 | $ | 3,156,613 | $ | 23.97 | 0.10 | % | ||||||||||||||
Epic Games, Inc. | 06/18/2020 | 2,883 | 1,657,725 | |||||||||||||||||||||
03/29/2021 | 1,021 | 903,585 | ||||||||||||||||||||||
3,904 | 2,561,310 | 3,455,040 | 885.00 | 0.11 | ||||||||||||||||||||
Flame Biosciences, Inc. | 09/28/2020 | 48,560 | 318,068 | 318,068 | 6.55 | 0.01 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), Class A | 04/23/2015 | 33,706 | 387,123 | |||||||||||||||||||||
03/09/2018 | 52,163 | 819,846 | ||||||||||||||||||||||
85,869 | 1,206,969 | 2,106,418 | 24.53 | 0.07 | ||||||||||||||||||||
Longboard Pharmaceuticals, Inc. | 10/27/2020 | 32,938 | 238,680 | 258,464 | 7.85 | 0.01 | ||||||||||||||||||
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 | 1,317,375 | 125.00 | 0.04 | ||||||||||||||||||||
Seer, Inc., Class A | 09/11/2019 | 66,674 | 382,208 | |||||||||||||||||||||
05/12/2020 | 56,950 | 387,400 | ||||||||||||||||||||||
123,624 | 769,608 | 3,473,958 | 28.10 | 0.11 | ||||||||||||||||||||
Verily Life Sciences LLC | 01/23/2019 | 6,986 | 861,094 | 956,593 | 136.93 | 0.03 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Bright Health, Inc. | ||||||||||||||||||||||||
Series E | 09/16/2020 | 60,348 | 1,232,167 | 1,232,167 | 20.42 | 0.04 | ||||||||||||||||||
Caris Life Sciences, Inc. | ||||||||||||||||||||||||
Series C | 08/14/2020 | 217,911 | 601,434 | 1,765,079 | 8.10 | 0.06 | ||||||||||||||||||
Color Health, Inc. | 01/13/2020 | 26,210 | 543,971 | 986,901 | 37.65 | 0.03 | ||||||||||||||||||
Doximity, Inc. | ||||||||||||||||||||||||
Series C | 04/10/2014 | 64,785 | 312,316 | 4,561,512 | 70.41 | 0.15 | ||||||||||||||||||
Freenome Holdings, Inc. | ||||||||||||||||||||||||
Series B | 06/24/2019 | 94,602 | 431,111 | 625,631 | 6.61 | 0.02 | ||||||||||||||||||
Freenome Holdings, Inc. | ||||||||||||||||||||||||
Series C | 08/14/2020 | 53,807 | 355,842 | 355,842 | 6.61 | 0.01 | ||||||||||||||||||
Ginkgo Bioworks | ||||||||||||||||||||||||
Series E | 09/09/2019 | 6,443 | 967,674 | |||||||||||||||||||||
09/30/2019 | 2,279 | 324,284 | ||||||||||||||||||||||
8,722 | 1,291,958 | 3,835,137 | 439.71 | 0.12 | ||||||||||||||||||||
GM Cruise Holdings, LLC | ||||||||||||||||||||||||
Class F | 05/07/2019 | 89,700 | 1,637,025 | 2,363,595 | 26.35 | 0.08 | ||||||||||||||||||
Honor Tech, Inc. | ||||||||||||||||||||||||
Series D | 10/16/2020 | 180,527 | 434,723 | 434,723 | 2.41 | 0.01 | ||||||||||||||||||
Insitro, Inc. | ||||||||||||||||||||||||
Series B | 05/21/2020 | 52,029 | 324,177 | 951,668 | 18.29 | 0.03 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | ||||||||||||||||||||||||
Series D | 04/23/2015 | 75,264 | 864,429 | 1,846,271 | 24.53 | 0.06 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | ||||||||||||||||||||||||
Series E | 03/09/2018 | 64,349 | 1,011,373 | 1,578,519 | 24.53 | 0.05 |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | ||||||||||||||||||||||||
Series F | 04/03/2020 | 34,881 | $ | 679,939 | $ | 855,652 | $ | 24.53 | 0.03 | % | ||||||||||||||
Kardium, Inc. | ||||||||||||||||||||||||
Series D-5 | 11/29/2018 | 542,402 | 525,533 | 550,994 | 1.02 | 0.02 | ||||||||||||||||||
Maplebear, Inc., (dba Instacart) | ||||||||||||||||||||||||
Series G | 07/02/2020 | 20,650 | 993,098 | 2,581,250 | 125.00 | 0.08 | ||||||||||||||||||
Mesophere, Inc., | ||||||||||||||||||||||||
Series D | 05/04/2018 | 151,129 | 1,670,656 | 337,018 | 2.23 | 0.01 | ||||||||||||||||||
National Resilience, Inc. | ||||||||||||||||||||||||
Series B | 10/23/2020 | 69,360 | 947,458 | 947,458 | 13.66 | 0.03 | ||||||||||||||||||
PrognomIQ, Inc. | ||||||||||||||||||||||||
Series A-4 | 11/05/2019 | 35,670 | 81,510 | 81,510 | 2.29 | 0.00 | ||||||||||||||||||
PrognomIQ, Inc. | ||||||||||||||||||||||||
Series A-5 | 05/12/2020 | 30,468 | 69,623 | 69,623 | 2.29 | 0.00 | ||||||||||||||||||
PrognomIQ, Inc. | ||||||||||||||||||||||||
Series B | 09/11/2020 | 216,177 | 493,989 | 493,989 | 2.29 | 0.02 | ||||||||||||||||||
Rappi, Inc., | ||||||||||||||||||||||||
Series E | 09/08/2020 | 39,184 | 2,341,089 | 2,341,089 | 59.75 | 0.08 | ||||||||||||||||||
RefleXion Medical, Inc. | ||||||||||||||||||||||||
Series C | 04/03/2018 | 160,251 | 271,145 | 365,351 | 2.28 | 0.01 | ||||||||||||||||||
RefleXion Medical, Inc. | ||||||||||||||||||||||||
Series D | 04/04/2020 | 67,040 | 127,808 | 152,842 | 2.28 | 0.01 | ||||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series D | 03/16/2018 | 60,677 | 568,780 | 3,396,262 | 55.97 | 0.11 | ||||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series E | 08/23/2018 | 39,722 | 665,058 | 2,267,665 | 57.09 | 0.07 | ||||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series F | 04/30/2019 | 10,551 | 261,239 | 607,338 | 57.56 | 0.02 | ||||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series G | 02/06/2020 | 6,661 | 255,465 | 385,272 | 57.84 | 0.01 | ||||||||||||||||||
Waymo LLC | ||||||||||||||||||||||||
Series A-2 | 05/08/2020 | 21,059 | 1,808,277 | 1,931,574 | 91.72 | 0.06 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc., | ||||||||||||||||||||||||
Series A-17 | 10/19/2015 | 11,731 | 321,737 | 592,415 | 50.50 | 0.02 | ||||||||||||||||||
$ | 53,536,876 | 1.72 | % | |||||||||||||||||||||
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(4) | At May 31, 2021, the Fund had loaned securities with a total value of $42,642,894. This was secured by collateral of $14,439,921 which was received in cash and subsequently invested in short-term investments currently valued at $14,439,921 as reported in the Portfolio of Investments. Additional collateral of $29,653,029 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 872,962 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 3,392,182 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 647,861 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 | 8,144 | |||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 1,919,767 | |||||
United States Treasury Notes/Bonds | 0.06% to 8.13% | 06/30/2021 to 02/15/2051 | 22,812,113 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
GDR—Global Depositary Receipt
193 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
E-Commerce/Services | $ | 234,392,325 | $ | — | $ | 3,423,793 | $ | 237,816,118 | ||||||||
Entertainment Software | 10,254,691 | — | 3,455,040 | 13,709,731 | ||||||||||||
Medical Information Systems | — | 3,156,613 | — | 3,156,613 | ||||||||||||
Medical-Biomedical/Gene | 5,290,347 | 3,732,422 | 1,288,874 | 10,311,643 | ||||||||||||
Medical-Drugs | — | — | 0 | 0 | ||||||||||||
Other Industries | 2,744,158,204 | — | — | 2,744,158,204 | ||||||||||||
Convertible Preferred Securities | — | — | 38,494,347 | 38,494,347 | ||||||||||||
Escrows and Litigation Trusts | — | — | 1,458,535 | 1,458,535 | ||||||||||||
Short-Term Investment Securities | 35,535,981 | — | — | 35,535,981 | ||||||||||||
Repurchase Agreements | — | 150,000 | — | 150,000 | ||||||||||||
Total Investments at Value | $ | 3,029,631,548 | $ | 7,039,035 | $ | 48,120,589 | $ | 3,084,791,172 | ||||||||
* | 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 | Escrow and Litigation Trusts | ||||||||||
Balance as of May 31, 2020 | $ | 970,250 | $ | 8,074,314 | $ | — | ||||||
Accrued Discounts | — | — | — | |||||||||
Accrued Premiums | — | — | — | |||||||||
Realized Gain | — | 1,967,868 | — | |||||||||
Realized Loss | — | — | — | |||||||||
Change in unrealized appreciation(1) | 2,544,000 | 21,905,071 | 1,208,682 | |||||||||
Change in unrealized depreciation(1) | — | (644,898 | ) | — | ||||||||
Net Purchases | 4,653,457 | 14,720,196 | 249,853 | |||||||||
Net Sales | — | (2,962,396 | ) | — | ||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3(2) | — | (4,565,808 | ) | — | ||||||||
Balance as of May 31, 2021 | $ | 8,167,707 | $ | 38,494,347 | $ | 1,458,535 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2021 includes: |
Common Stocks | Convertible Preferred Securities | Escrow and Litigation Trusts | ||||||||||
$ | 2,544,000 | $ | 17,707,899 | $ | 1,208,682 | |||||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2021.
(2) | Private Convertible Preferred Security was converted to Common Stock following the Company’s IPO listing. Security is now valued using Level 1 inputs. |
194 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at May 31, 2021 | Valuation Technique(s) | Unobservable Input (1) | Range (weighted average)# | ||||||
Common Stocks | $ | 8,153,494 | Market Approach | Market Transaction Price* | $6.55 - $885.00 ($417.87283) | |||||
$ | 14,213 | Income Approach | Estimated Future Cash Distribution* | $0.00 - $0.615 ($0.615) | ||||||
Preferred Securities | $ | 23,104,143 | Market Approach | Market Transaction Price* | $1.01584 - $125.00000 ($40.90983) | |||||
$ | 6,656,536 | Market Approach | Market Transaction Price* | $57.3069 | ||||||
Future Dividend Payout Adjustment | (2.3%) - 0.9% ((1.22%)) | |||||||||
$ | 3,835,138 | Market Approach | Last Sale of Acquiring Company* | $9.8700 | ||||||
Conversion Ratio* | 49.5000 | |||||||||
Discount for Lack of Marketability | 5.0% | |||||||||
Discount for Uncertainty | 5.0% | |||||||||
$ | 337,018 | Market Approach | Transaction Price* | $11.0500 | ||||||
Sales Multiple* | 3.6x | |||||||||
Gross Profit Multiple* | 4.6x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 4,561,512 | Market Approach | Transaction Price* | $11.6000 | ||||||
Gross Profit Multiple* | 38.0x | |||||||||
Revenue Multiple* | 21.75x | |||||||||
EBITDA Multiple* | 77.4x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Escrow and Litigation Trusts | $ | 1,458,535 | Income Approach | Estimated Future Cash Distribution* | $0.1247 - $0.9500 ($0.185307) |
(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
195 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 12.7 | % | ||
Enterprise Software/Service | 5.1 | |||
Applications Software | 5.0 | |||
Medical Products | 3.4 | |||
Semiconductor Equipment | 2.8 | |||
Building & Construction Products — Misc. | 2.8 | |||
Diversified Manufacturing Operations | 2.4 | |||
Retail — Pet Food & Supplies | 2.3 | |||
Retail — Automobile | 2.1 | |||
Computer Software | 2.0 | |||
Energy — Alternate Sources | 2.0 | |||
Electronic Components — Semiconductors | 1.8 | |||
Transport — Truck | 1.7 | |||
Steel Pipe & Tube | 1.6 | |||
Diagnostic Kits | 1.6 | |||
Banks — Commercial | 1.5 | |||
Electronic Measurement Instruments | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Casino Hotels | 1.4 | |||
Machinery — Electrical | 1.4 | |||
Food — Wholesale/Distribution | 1.4 | |||
E-Commerce/Services | 1.4 | |||
Miscellaneous Manufacturing | 1.3 | |||
Machinery — General Industrial | 1.3 | |||
Lasers — System/Components | 1.2 | |||
Consumer Products — Misc. | 1.2 | |||
Registered Investment Companies | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Medical Instruments | 1.1 | |||
Real Estate Investment Trusts | 1.1 | |||
Drug Delivery Systems | 1.1 | |||
Medical — Drugs | 1.1 | |||
Tools — Hand Held | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Computer Services | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Building — Mobile Home/Manufactured Housing | 1.1 | |||
Medical — Outpatient/Home Medical | 1.0 | |||
Medical — Hospitals | 0.9 | |||
Recreational Centers | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Disposable Medical Products | 0.9 | |||
Medical — Generic Drugs | 0.9 | |||
E-Commerce/Products | 0.9 | |||
Internet Application Software | 0.9 | |||
Audio/Video Products | 0.9 | |||
Machinery — Pumps | 0.8 | |||
Retail — Floor Coverings | 0.8 | |||
Web Hosting/Design | 0.8 | |||
Building — Residential/Commercial | 0.7 | |||
Food — Retail | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Software Tools | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Casino Services | 0.6 | |||
Publishing — Newspapers | 0.6 | |||
Physicians Practice Management | 0.6 | |||
Computer Data Security | 0.6 | |||
Retail — Vision Service Center | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.6 | |||
Commercial Services | 0.6 | |||
Finance — Credit Card | 0.6 | |||
Medical Information Systems | 0.5 | |||
Schools | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Chemicals — Specialty | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Therapeutics | 0.4 | |||
Racetracks | 0.3 |
Insurance — Property/Casualty | 0.2 | |||
Airlines | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Resorts/Theme Parks | 0.1 | |||
99.3 | % | |||
* | Calculated as a percentage of net assets |
196 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Airlines — 0.2% |
| |||||||
Frontier Group Holdings, Inc.† | 85,361 | $ | 1,819,897 | |||||
Apparel Manufacturers — 0.4% |
| |||||||
Figs, Inc., Class A† | 97,120 | 3,316,648 | ||||||
Applications Software — 4.8% |
| |||||||
DigitalOcean Holdings, Inc.† | 97,433 | 4,096,083 | ||||||
Duck Creek Technologies, Inc.† | 167,352 | 6,578,607 | ||||||
Elastic NV† | 63,096 | 7,458,578 | ||||||
JFrog, Ltd.†# | 95,625 | 3,992,344 | ||||||
Medallia, Inc.† | 142,615 | 3,660,927 | ||||||
Outset Medical, Inc.† | 84,871 | 4,096,723 | ||||||
ServiceTitan, Inc.†(1)(2) | 191 | 19,100 | ||||||
Smartsheet, Inc., Class A† | 124,515 | 7,356,346 | ||||||
Toast, Inc.†(1)(2) | 11 | 1,650 | ||||||
Viant Technology, Inc., Class A† | 80,866 | 2,360,479 | ||||||
39,620,837 | ||||||||
Audio/Video Products — 0.9% |
| |||||||
Sonos, Inc.† | 190,704 | 7,056,048 | ||||||
Auto/Truck Parts & Equipment - Original — 1.1% |
| |||||||
Fox Factory Holding Corp.† | 57,606 | 8,956,581 | ||||||
Banks - Commercial — 1.5% |
| |||||||
First Financial Bankshares, Inc. | 174,949 | 8,808,682 | ||||||
Grasshopper Bancorp, Inc.†(1)(2) | 5,208 | 23,697 | ||||||
Pinnacle Financial Partners, Inc. | 37,699 | 3,427,593 | ||||||
12,259,972 | ||||||||
Banks - Regional — 0.0% |
| |||||||
Dogwood State Bank (Non - Voting Shares)†(1)(2) | 3,056 | 36,672 | ||||||
Dogwood State Bank (Voting Shares)†(1)(2) | 1,501 | 18,012 | ||||||
54,684 | ||||||||
Building & Construction Products - Misc. — 2.8% |
| |||||||
AZEK Co., Inc.† | 238,811 | 10,395,443 | ||||||
Simpson Manufacturing Co., Inc. | 75,166 | 8,442,645 | ||||||
Trex Co., Inc.†# | 42,729 | 4,162,232 | ||||||
23,000,320 | ||||||||
Building - Mobile Home/Manufactured Housing — 1.1% |
| |||||||
Winnebago Industries, Inc. | 120,256 | 8,894,134 | ||||||
Building - Residential/Commercial — 0.7% |
| |||||||
Tri Pointe Homes, Inc.†# | 252,657 | 6,094,087 | ||||||
Casino Hotels — 1.4% |
| |||||||
Boyd Gaming Corp.† | 186,390 | 12,001,652 | ||||||
Casino Services — 0.6% |
| |||||||
Caesars Entertainment, Inc.† | 49,765 | 5,347,249 | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†(1) | 3,000 | 6,420 | ||||||
Chemicals - Specialty — 0.4% |
| |||||||
Zymergen, Inc.† | 108,110 | 3,500,602 | ||||||
Commercial Services — 0.6% |
| |||||||
LiveRamp Holdings, Inc.† | 92,998 | 4,672,220 | ||||||
Commercial Services - Finance — 0.7% |
| |||||||
Repay Holdings Corp.† | 241,788 | 5,491,005 | ||||||
Computer Data Security — 0.6% |
| |||||||
CyberArk Software, Ltd.† | 38,552 | 4,878,370 | ||||||
Computer Services — 1.1% |
| |||||||
Globant SA† | 41,643 | 9,072,760 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 2.0% |
| |||||||
Bandwidth, Inc., Class A† | 63,010 | $ | 7,453,453 | |||||
Checkr, Inc.†(1)(2) | 1,956 | 47,903 | ||||||
Envestnet, Inc.† | 123,753 | 8,906,503 | ||||||
16,407,859 | ||||||||
Consumer Products - Misc. — 1.2% |
| |||||||
Helen of Troy, Ltd.† | 47,182 | 9,930,867 | ||||||
Diagnostic Kits — 1.6% |
| |||||||
Natera, Inc.† | 140,824 | 13,257,171 | ||||||
Disposable Medical Products — 0.9% |
| |||||||
CONMED Corp. | 52,837 | 7,275,127 | ||||||
Distribution/Wholesale — 1.1% |
| |||||||
SiteOne Landscape Supply, Inc.† | 53,125 | 9,139,625 | ||||||
Diversified Manufacturing Operations — 2.4% |
| |||||||
Carlisle Cos., Inc. | 41,760 | 8,031,283 | ||||||
ITT, Inc. | 123,535 | 11,599,937 | ||||||
19,631,220 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Professional Holding Corp., Class A† | 4,893 | 89,542 | ||||||
Drug Delivery Systems — 1.1% |
| |||||||
Heron Therapeutics, Inc.†# | 235,621 | 3,126,691 | ||||||
Revance Therapeutics, Inc.† | 208,848 | 6,183,989 | ||||||
9,310,680 | ||||||||
E - Commerce/Products — 0.9% |
| |||||||
Leslie’s, Inc.† | 99,091 | 2,889,494 | ||||||
RealReal, Inc.† | �� | 242,068 | 4,228,928 | |||||
7,118,422 | ||||||||
E - Commerce/Services — 1.3% |
| |||||||
A Place For Rover, Inc.†(1)(2) | 513 | 5,002 | ||||||
Bumble, Inc., Class A† | 27,299 | 1,302,708 | ||||||
Eventbrite, Inc., Class A†# | 241,371 | 4,899,831 | ||||||
MediaAlpha, Inc., Class A† | 98,415 | 4,164,923 | ||||||
10,372,464 | ||||||||
Electric Products - Misc. — 1.2% |
| |||||||
Littelfuse, Inc. | 37,050 | 9,678,942 | ||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Cree, Inc.† | 87,536 | 8,754,475 | ||||||
Semtech Corp.† | 99,470 | 6,266,610 | ||||||
15,021,085 | ||||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
Itron, Inc.† | 127,307 | 12,138,722 | ||||||
Energy - Alternate Sources — 2.0% |
| |||||||
Array Technologies, Inc.† | 286,083 | 4,663,153 | ||||||
Shoals Technologies Group, Inc., Class A† | 141,302 | 3,899,935 | ||||||
SolarEdge Technologies, Inc.† | 30,682 | 7,916,263 | ||||||
16,479,351 | ||||||||
Enterprise Software/Service — 5.1% |
| |||||||
Bill.com Holdings, Inc.† | 21,210 | 3,158,593 | ||||||
Blackline, Inc.† | 81,188 | 8,441,117 | ||||||
Cardlytics, Inc.†# | 54,566 | 5,814,007 | ||||||
Everbridge, Inc.† | 67,877 | 7,975,548 | ||||||
Evolent Health, Inc., Class A† | 261,789 | 5,086,560 | ||||||
ManTech International Corp., Class A | 87,916 | 7,649,571 | ||||||
Vertex, Inc., Class A†# | 192,237 | 3,692,873 | ||||||
41,818,269 | ||||||||
197 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Credit Card — 0.6% |
| |||||||
I3 Verticals, Inc., Class A† | 149,102 | $ | 4,632,599 | |||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Evercore, Inc., Class A | 39,329 | 5,736,528 | ||||||
Food - Retail — 0.7% |
| |||||||
Deliveroo Holdings PLC† | 126,800 | 429,771 | ||||||
Grocery Outlet Holding Corp.† | 158,333 | 5,394,405 | ||||||
5,824,176 | ||||||||
Food - Wholesale/Distribution — 1.4% |
| |||||||
Performance Food Group Co.† | 225,867 | 11,322,713 | ||||||
Insurance Brokers — 0.0% |
| |||||||
Selectquote, Inc.† | 7,475 | 151,892 | ||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
Lemonade, Inc.†# | 20,308 | 1,837,265 | ||||||
Internet Application Software — 0.9% |
| |||||||
Anaplan, Inc.† | 139,247 | 7,172,613 | ||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Focus Financial Partners, Inc., Class A† | 144,525 | 7,325,972 | ||||||
Lasers - System/Components — 1.2% |
| |||||||
II-VI, Inc.† | 149,850 | 10,095,395 | ||||||
Machinery - Electrical — 1.4% |
| |||||||
Bloom Energy Corp., Class A†# | 203,354 | 4,915,066 | ||||||
Vertiv Holdings Co. | 258,838 | 6,424,359 | ||||||
11,339,425 | ||||||||
Machinery - General Industrial — 1.3% |
| |||||||
Applied Industrial Technologies, Inc. | 108,897 | 10,667,550 | ||||||
Machinery - Pumps — 0.8% |
| |||||||
Graco, Inc. | 91,565 | 6,933,302 | ||||||
Medical Information Systems — 0.5% |
| |||||||
1Life Healthcare, Inc.† | 87,973 | 3,255,001 | ||||||
Alignment Healthcare Partners† | 11,460 | 274,679 | ||||||
Signify Health, Inc., Class A† | 33,297 | 842,414 | ||||||
4,372,094 | ||||||||
Medical Instruments — 1.1% |
| |||||||
NuVasive, Inc.† | 138,961 | 9,477,140 | ||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Personalis, Inc.† | 170,965 | 3,845,003 | ||||||
Medical Products — 3.4% |
| |||||||
iRhythm Technologies, Inc.† | 68,058 | 5,135,657 | ||||||
Nevro Corp.†# | 58,296 | 8,785,207 | ||||||
Shockwave Medical, Inc.† | 77,059 | 13,862,914 | ||||||
27,783,778 | ||||||||
Medical - Biomedical/Gene — 12.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.† | 100,833 | 2,252,609 | ||||||
ADC Therapeutics SA† | 170,881 | 3,699,574 | ||||||
Allogene Therapeutics, Inc.† | 73,799 | 1,896,634 | ||||||
Amicus Therapeutics, Inc.† | 525,978 | 4,870,556 | ||||||
Arrowhead Pharmaceuticals, Inc.† | 116,837 | 8,482,366 | ||||||
Atara Biotherapeutics, Inc.† | 301,401 | 4,086,998 | ||||||
Avrobio, Inc.† | 220,319 | 1,980,668 | ||||||
Berkeley Lights, Inc.† | 48,795 | 2,122,583 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 92,656 | 8,061,072 | ||||||
Blueprint Medicines Corp.† | 80,543 | 7,357,603 | ||||||
Bridgebio Pharma, Inc.† | 100,449 | 5,946,581 | ||||||
Cerevel Therapeutics Holdings, Inc.† | 3,298 | 43,270 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Cogent Biosciences, Inc. CVR†(1) | 30,000 | $ | 0 | |||||
Contra Restorbio, Inc. CVR†(1) | 4,285 | 0 | ||||||
FibroGen, Inc.† | 117,556 | 2,498,065 | ||||||
Flame Biosciences, Inc.†(1)(2) | 3,800 | 24,890 | ||||||
Generation Bio Co.† | 62,181 | 2,130,321 | ||||||
Halozyme Therapeutics, Inc.† | 272,349 | 11,277,972 | ||||||
Intercept Pharmaceuticals, Inc.†# | 60,680 | 1,009,108 | ||||||
Kronos Bio, Inc.†# | 108,027 | 2,636,939 | ||||||
Mirati Therapeutics, Inc.† | 23,136 | 3,658,958 | ||||||
Orchard Therapeutics PLC ADR† | 215,398 | 1,126,532 | ||||||
Proteostasis Therapeutics, Inc. CVR†#(1) | 60,500 | 0 | ||||||
REGENXBIO, Inc.† | 129,413 | 4,564,397 | ||||||
Relay Therapeutics, Inc.† | 107,140 | 3,441,337 | ||||||
REVOLUTION Medicines, Inc.† | 92,032 | 2,752,677 | ||||||
Rubius Therapeutics, Inc.† | 143,715 | 3,510,957 | ||||||
Sage Therapeutics, Inc.† | 46,733 | 3,252,617 | ||||||
Sana Biotechnology, Inc.†# | 97,899 | 2,052,942 | ||||||
Seer, Inc.†# | 63,261 | 1,871,260 | ||||||
Seer, Inc., Class A† | 2,323 | 65,279 | ||||||
Twist Bioscience Corp.† | 79,062 | 8,484,143 | ||||||
105,158,908 | ||||||||
Medical - Drugs — 1.1% |
| |||||||
Alector, Inc.†# | 150,865 | 2,685,397 | ||||||
Clementia Pharmaceuticals, Inc. CVR†(1) | 70,624 | 0 | ||||||
Coherus Biosciences, Inc.† | 286,492 | 3,770,235 | ||||||
PMV Pharmaceuticals Inc† | 81,146 | 2,791,422 | ||||||
9,247,054 | ||||||||
Medical - Generic Drugs — 0.9% |
| |||||||
Arvinas, Inc.† | 99,711 | 7,252,978 | ||||||
Medical - Hospitals — 0.9% |
| |||||||
Acadia Healthcare Co., Inc.† | 119,772 | 7,708,526 | ||||||
Medical - Outpatient/Home Medical — 1.0% |
| |||||||
Amedisys, Inc.† | 32,959 | 8,515,617 | ||||||
Miscellaneous Manufacturing — 1.3% |
| |||||||
John Bean Technologies Corp. | 76,934 | 11,080,804 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Venture Global LNG, Inc., Series B†(1)(2) | 4 | 22,261 | ||||||
Venture Global LNG, Inc., Series C†(1)(2) | 59 | 328,352 | ||||||
350,613 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 4,462 | 109,456 | ||||||
Physicians Practice Management — 0.6% |
| |||||||
Accolade, Inc.† | 99,685 | 5,033,096 | ||||||
Publishing - Newspapers — 0.6% |
| |||||||
New York Times Co., Class A | 118,419 | 5,070,702 | ||||||
Racetracks — 0.3% |
| |||||||
Penn National Gaming, Inc.†# | 35,191 | 2,884,606 | ||||||
Real Estate Investment Trusts — 1.1% |
| |||||||
CubeSmart | 102,696 | 4,497,058 | ||||||
Terreno Realty Corp. | 76,041 | 4,837,728 | ||||||
9,334,786 | ||||||||
Recreational Centers — 0.9% |
| |||||||
Planet Fitness, Inc., Class A† | 96,437 | 7,596,342 | ||||||
Resort/Theme Parks — 0.1% |
| |||||||
Six Flags Entertainment Corp.† | 18,000 | 817,740 | ||||||
Retail - Apparel/Shoe — 0.0% |
| |||||||
Allbirds, Inc.†(1)(2) | 5,670 | 65,559 | ||||||
198 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Automobile — 2.1% |
| |||||||
Lithia Motors, Inc., Class A | 31,532 | $ | 11,098,949 | |||||
Rush Enterprises, Inc., Class A | 136,198 | 6,510,264 | ||||||
17,609,213 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Zagg, Inc.†(1) | 20,000 | 6,000 | ||||||
Retail - Floor Coverings — 0.8% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 69,100 | 6,793,221 | ||||||
Retail - Pet Food & Supplies — 2.3% |
| |||||||
Freshpet, Inc.† | 81,996 | 14,498,533 | ||||||
Petco Health & Wellness Co., Inc.†# | 214,304 | 4,853,985 | ||||||
19,352,518 | ||||||||
Retail - Restaurants — 1.4% |
| |||||||
Texas Roadhouse, Inc. | 116,609 | 11,743,692 | ||||||
Retail - Vision Service Center — 0.6% |
| |||||||
National Vision Holdings, Inc.† | 98,191 | 4,877,147 | ||||||
Schools — 0.5% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 28,429 | 3,929,741 | ||||||
Semiconductor Equipment — 2.8% |
| |||||||
Entegris, Inc. | 95,262 | 10,902,736 | ||||||
MKS Instruments, Inc. | 65,221 | 12,276,549 | ||||||
23,179,285 | ||||||||
Software Tools — 0.7% |
| |||||||
Digital Turbine, Inc.† | 83,061 | 5,496,146 | ||||||
Steel Pipe & Tube — 1.6% |
| |||||||
Advanced Drainage Systems, Inc. | 119,634 | 13,568,888 | ||||||
Telecom Equipment - Fiber Optics — 0.6% |
| |||||||
Ciena Corp.† | 88,545 | 4,681,374 | ||||||
Therapeutics — 0.4% |
| |||||||
G1 Therapeutics, Inc.†# | 141,427 | 3,071,794 | ||||||
Tools - Hand Held — 1.1% |
| |||||||
MSA Safety, Inc. | 54,404 | 9,143,136 | ||||||
Transport - Truck — 1.7% |
| |||||||
Saia, Inc.† | 62,459 | 14,375,563 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc. CVR†(1) | 3,000 | 0 | ||||||
Web Hosting/Design — 0.8% |
| |||||||
Q2 Holdings, Inc.† | 66,033 | 6,268,513 | ||||||
Total Common Stocks |
| |||||||
(cost $710,793,190) | 806,553,295 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.6% |
| |||||||
Applications Software — 0.2% |
| |||||||
Convoy, Inc., | 12,094 | 140,895 | ||||||
Convoy, Inc., Series D(1)(2) | 7,659 | 89,227 | ||||||
Haul Hub, Inc. | 2,168 | 31,610 | ||||||
ServiceTitan, Inc., | 4 | 429 | ||||||
ServiceTitan, Inc., | 1,942 | 208,422 | ||||||
Toast, Inc. | 594 | 89,100 | ||||||
Toast, Inc. | 7,194 | 1,079,100 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
Toast, Inc., | 98 | $ | 14,700 | |||||
1,653,483 | ||||||||
Auto Components — 0.0% |
| |||||||
Sila Nanotechnologies, Inc. | 2,608 | 107,640 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Rivian Automotive, Inc. | 8,328 | 306,887 | ||||||
Rivian Automotive, Inc. | 12,772 | 470,648 | ||||||
Rivian Automotive, Inc., | 12,194 | 449,349 | ||||||
1,226,884 | ||||||||
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 | 273,140 | ||||||
JAND, Inc. (dba Warby Parker) | 5,505 | 135,041 | ||||||
JAND, Inc. (dba Warby Parker) | 5,440 | 133,446 | ||||||
541,627 | ||||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems Holdings, Inc., | 50,422 | 182,023 | ||||||
Seismic Software, Inc. | 875 | 7,692 | ||||||
189,715 | ||||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Allbirds, Inc., Series A†(1)(2) | 1,850 | 21,390 | ||||||
Allbirds, Inc., Series B†(1)(2) | 325 | 3,758 | ||||||
Allbirds, Inc., Series C†(1)(2) | 3,110 | 35,959 | ||||||
Allbirds, Inc., Series SEED†(1)(2) | 995 | 11,505 | ||||||
72,612 | ||||||||
Health Care Providers & Services — 0.0% |
| |||||||
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 | 71,518 | ||||||
Medical Products — 0.0% |
| |||||||
Kardium, Inc. | 58,843 | 59,775 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Caris Life Sciences, Inc. | 17,921 | 145,160 |
199 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
National Resilience, Inc. | 5,496 | $ | 75,076 | |||||
220,236 | ||||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
Xometry, Inc. | 343 | 3,305 | ||||||
Xometry, Inc. | 962 | 9,271 | ||||||
Xometry, Inc. | 330 | 3,180 | ||||||
Xometry, Inc. | 1,927 | 26,250 | ||||||
Xometry, Inc. | 267 | 2,573 | ||||||
Xometry, Inc. | 1,820 | 14,560 | ||||||
Xometry, Inc. | 801 | 6,408 | ||||||
65,547 | ||||||||
Retail - Restaurants — 0.1% |
| |||||||
Cava Group, Inc. | 6,606 | 248,584 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Honor Tech, Inc. | 43,123 | 103,844 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Seismic Software, Inc., | 11,680 | 102,671 | ||||||
Storage/Warehousing — 0.0% |
| |||||||
Flexe, Inc. | 4,643 | 56,492 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $2,834,198) | 5,204,967 | |||||||
WARRANTS — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc.(1)(2) | 1,009 | 0 | ||||||
Banks - Regional — 0.0% |
| |||||||
Dogwood State Bank(1)(2) Expires 05/01/2024 | 456 | 1,810 | ||||||
Total Warrants |
| 1,810 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $713,627,388) | 811,760,072 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 9,781,439 | 9,781,439 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $723,408,827)(5) | 99.3 | % | 821,541,511 | |||||
Other assets less liabilities | 0.7 | 5,673,195 | ||||||
NET ASSETS | 100.0 | % | $ | 827,214,706 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2021, 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 | $ | 5,002 | $ | 9.75 | 0.00 | % | ||||||||||||||
Alignment Healthcare Partners, Class A | 02/28/2020 | 11,460 | 92,489 | 274,679 | 23.97 | 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 | 0.01 | ||||||||||||||||||||
Checkr, Inc. | 06/29/2018 | 700 | 8,603 | |||||||||||||||||||||
12/02/2019 | 1,256 | 36,085 | ||||||||||||||||||||||
1,956 | 44,688 | 47,903 | 24.49 | 0.01 | ||||||||||||||||||||
Deliveroo Holdings PLC | 09/12/2017 | 123,600 | 218,507 | |||||||||||||||||||||
05/16/2019 | 3,200 | 6,686 | ||||||||||||||||||||||
126,800 | 225,193 | 429,771 | 3.39 | 0.05 | ||||||||||||||||||||
Dogwood State Bank (Non-voting Shares) | 05/06/2019 | 3,056 | 30,560 | 36,672 | 12.00 | 0.00 | ||||||||||||||||||
Dogwood State Bank (Voting Shares) | 05/06/2019 | 1,501 | 15,010 | 18,012 | 12.00 | 0.00 | ||||||||||||||||||
Flame Biosciences, Inc. | 09/28/2020 | 3,800 | 24,890 | 24,890 | 6.55 | 0.00 | ||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 10,090 | |||||||||||||||||||||
05/02/2019 | 4,199 | 41,990 | ||||||||||||||||||||||
5,208 | 52,080 | 23,697 | 4.55 | 0.00 | ||||||||||||||||||||
JAND, Inc. (dba Warby Parker), Class A | 03/09/2018 | 4,462 | 70,129 | 109,456 | 24.53 | 0.01 | ||||||||||||||||||
Seer, Inc., Class A | 12/08/2020 | 2,323 | 44,137 | 65,279 | 28.10 | 0.01 | ||||||||||||||||||
ServiceTitan, Inc. | 11/09/2018 | 191 | 5,022 | 19,100 | 100.00 | 0.00 | ||||||||||||||||||
Toast, Inc. | 09/14/2018 | 11 | 190 | 1,650 | 150.00 | 0.00 | ||||||||||||||||||
Venture Global LNG, Inc., Series B | 03/08/2018 | 4 | 12,080 | 22,261 | 5,565 | 0.00 | ||||||||||||||||||
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 | 0.04 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
1stdibs.com, Inc., Series D | 02/07/2019 | 11,111 | 55,677 | 92,332 | 8.31 | 0.01 |
200 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
A Place For Rover, Inc., Series G | 05/11/2018 | 7,335 | $ | 55,221 | $ | 71,518 | $ | 9.75 | 0.01 | % | ||||||||||||||
Allbirds, Inc., Series A | 10/10/2018 | 1,850 | 20,289 | 21,390 | 11.56 | 0.00 | ||||||||||||||||||
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 | 0.00 | ||||||||||||||||||
Allbirds, Inc., Series SEED | 10/10/2018 | 995 | 10,912 | 11,505 | 11.56 | 0.00 | ||||||||||||||||||
Bright Health, Inc., Series E | 09/16/2020 | 6,719 | 137,187 | 137,187 | 20.42 | 0.02 | ||||||||||||||||||
Caris Life Sciences, Series C | 08/14/2020 | 17,921 | 49,462 | 145,160 | 8.10 | 0.02 | ||||||||||||||||||
Cava Group, Inc., Series E | 06/23/2020 | 6,606 | 149,692 | 248,584 | 37.63 | 0.03 | ||||||||||||||||||
Checkr, Inc., Series C | 04/10/2018 | 2,998 | 40,926 | 73,421 | 24.49 | 0.01 | ||||||||||||||||||
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 | 0.02 | ||||||||||||||||||
Convoy, Inc., Series D | 10/30/2019 | 7,659 | 103,703 | 89,227 | 11.65 | 0.01 | ||||||||||||||||||
Farmer’s Business Network, Inc., Series D | 11/03/2017 | 8,287 | 153,012 | 273,140 | 32.96 | 0.05 | ||||||||||||||||||
Flexe, Inc., Series C | 11/18/2020 | 4,643 | 56,492 | 56,492 | 12.17 | 0.05 | ||||||||||||||||||
Haul Hub, Inc., Series B | 02/14/2020 | 2,168 | 31,609 | 31,610 | 14.58 | 0.00 | ||||||||||||||||||
Honor Tech, Inc., Series D | 10/16/2020 | 43,123 | 103,844 | 103,844 | 2.41 | 0.01 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series E | 03/09/2018 | 5,505 | 86,522 | 135,041 | 24.53 | 0.02 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series F | 04/03/2020 | 5,440 | 106,042 | 133,446 | 24.53 | 0.02 | ||||||||||||||||||
Kardium, Inc., Series D-6 | 01/08/2021 | 58,843 | 59,775 | 59,775 | 1.02 | 0.01 | ||||||||||||||||||
National Resilience, Inc., Series B | 10/23/2020 | 5,946 | 75,075 | 75,076 | 13.66 | 0.01 | ||||||||||||||||||
Nuro, Inc., Series C | 10/30/2020 | 6,234 | 81,382 | 81,382 | 13.05 | 0.01 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 182,023 | 3.61 | 0.02 | ||||||||||||||||||
Rivian Automative, Inc. Series D | 12/23/2019 | 12,194 | 131,012 | 449,349 | 36.85 | 0.05 | ||||||||||||||||||
Rivian Automative, Inc. Series E | 07/13/2020 | 12,772 | 197,838 | 470,648 | 36.85 | 0.06 | ||||||||||||||||||
Rivian Automative, Inc. Series F | 01/19/2021 | 8,328 | 306,887 | 306,887 | 36.85 | 0.04 | ||||||||||||||||||
Seismic Software Holdings, Inc., Series E | 12/13/2018 | 11,680 | 73,632 | 102,671 | 8.79 | 0.01 | ||||||||||||||||||
Seismic Software Holdings, Inc., Series F | 09/25/2020 | 875 | 7,692 | 7,692 | 8.79 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc., Series A1 | 11/09/2018 | 4 | 105 | 429 | 107.32 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc., Series D | 11/09/2018 | 1,942 | 51,065 | 208,422 | 107.32 | 0.03 | ||||||||||||||||||
Sila Nanotechnologies, Inc., Series F | 01/07/2021 | 2,608 | 107,639 | 107,640 | 41.27 | 0.01 | ||||||||||||||||||
Toast, Inc., Series B | 09/14/2018 | 98 | 1,696 | 14,700 | 150.00 | 0.00 | ||||||||||||||||||
Toast, Inc., Series D | 06/27/2018 | 7,194 | 124,507 | 1,079,100 | 150.00 | 0.13 | ||||||||||||||||||
Toast, Inc., Series F | 02/14/2020 | 594 | 26,997 | 89,100 | 150.00 | 0.01 | ||||||||||||||||||
Xometry, Inc., Series A2 | 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 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series SEED1 | 09/04/2020 | 1,820 | 14,560 | 14,560 | 8.00 | 0.00 | ||||||||||||||||||
Xometry, Inc., Series SEED2 | 09/04/2020 | 801 | 6,408 | 6,408 | 8.00 | 0.00 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Dogwood State Bank | 05/06/2019 | 456 | 0 | 1,810 | 3.97 | — | ||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 0 | — | — | — | ||||||||||||||||||
$ | 6,679,060 | 0.86 | % | |||||||||||||||||||||
(3) | At May 31, 2021, the Fund had loaned securities with a total value of $25,799,446. This was secured by collateral of $9,781,439, which was received in cash and subsequently invested in short-term investments currently valued at $9,781,439 as reported in the Portfolio of Investments. Additional collateral of $16,669,094 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ 1,560,389 | |||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 6,063,407 | |||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 1,158,029 | |||
United States Cash Management Bills | zero coupon | 09/21/2021 | 16,791 | |||
United States Treasury Bills | 0.00% | 06/10/2021 to 07/29/2021 | 105,881 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 02/15/2051 | 7,764,597 |
(4) | The rate shown is the 7-day yield as of May 31, 2021. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
201 |
Table of Contents
VALIC Company I Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 39,600,087 | $ | — | $ | 20,750 | $ | 39,620,837 | ||||||||
Banks-Commercial | 12,236,275 | — | 23,697 | 12,259,972 | ||||||||||||
Banks-Regional | — | — | 54,684 | 54,684 | ||||||||||||
Cellular Telecom | — | — | 6,420 | 6,420 | ||||||||||||
Computer Software | 16,359,957 | — | 47,902 | 16,407,859 | ||||||||||||
E-Commerce\Services | 10,367,462 | — | 5,002 | 10,372,464 | ||||||||||||
Food-Retail | 5,394,405 | 429,771 | — | 5,824,176 | ||||||||||||
Medical-Biomedical/Gene | 105,068,739 | 65,279 | 24,890 | 105,158,908 | ||||||||||||
Medical-Drugs | 9,247,054 | — | 0 | 9,247,054 | ||||||||||||
Medical Information Systems | 4,097,415 | 274,679 | — | 4,372,094 | ||||||||||||
Oil Companies-Exploration & Production | — | — | 350,613 | 350,613 | ||||||||||||
Pharmacy Services | — | — | 109,456 | 109,456 | ||||||||||||
Retail-Apparel/Shoe | — | — | 65,559 | 65,559 | ||||||||||||
Retail-Consumer Electronics | — | — | 6,000 | 6,000 | ||||||||||||
Veterinary Diagnostics | — | — | 0 | 0 | ||||||||||||
Other Industries | 602,697,199 | — | — | 602,697,199 | ||||||||||||
Convertible Preferred Securities | — | — | 5,204,967 | 5,204,967 | ||||||||||||
Warrants | — | — | 1,810 | 1,810 | ||||||||||||
Short-Term Investment Securities | 9,781,439 | — | — | 9,781,439 | ||||||||||||
Total Investments at Value | $ | 814,850,032 | $ | 769,729 | $ | 5,921,750 | $ | 821,541,511 | ||||||||
* | 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.
See Notes to Financial Statements
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Banks — Commercial | 8.0 | % | ||
Medical — Biomedical/Gene | 7.4 | |||
Real Estate Investment Trusts | 6.0 | |||
Repurchase Agreements | 5.6 | |||
Registered Investment Companies | 3.8 | |||
Medical Products | 2.1 | |||
Enterprise Software/Service | 1.9 | |||
Medical — Drugs | 1.6 | |||
Retail — Restaurants | 1.5 | |||
Electronic Components — Semiconductors | 1.4 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Energy — Alternate Sources | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Building & Construction Products — Misc. | 1.1 | |||
Electric — Integrated | 1.1 | |||
Computer Software | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Insurance — Property/Casualty | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Casino Services | 0.9 | |||
Building & Construction — Misc. | 0.8 | |||
Human Resources | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Machinery — General Industrial | 0.8 | |||
Steel — Producers | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Metal Processors & Fabrication | 0.7 | |||
Gas — Distribution | 0.7 | |||
Retail — Automobile | 0.7 | |||
Computer Services | 0.7 | |||
Racetracks | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Computer Data Security | 0.6 | |||
Building — Heavy Construction | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Retail — Misc./Diversified | 0.6 | |||
Rental Auto/Equipment | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Oil — Field Services | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Applications Software | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Medical Information Systems | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Machinery — Pumps | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Metal — Aluminum | 0.5 | |||
Transport — Truck | 0.5 | |||
Footwear & Related Apparel | 0.4 | |||
Commercial Services | 0.4 | |||
Retail — Home Furnishings | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
Theaters | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Transport — Services | 0.4 | |||
Medical Instruments | 0.4 | |||
Pastoral & Agricultural | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Electronic Measurement Instruments | 0.4 |
Building — Mobile Home/Manufactured Housing | 0.4 | |||
Athletic Equipment | 0.4 | |||
Water | 0.3 | |||
Airlines | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Retail — Discount | 0.3 | |||
Consulting Services | 0.3 | |||
Home Furnishings | 0.3 | |||
Electric — Generation | 0.3 | |||
Gambling (Non-Hotel) | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Networking Products | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Schools | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Retail — Pet Food & Supplies | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Transport — Marine | 0.3 | |||
Rubber — Tires | 0.3 | |||
Environmental Consulting & Engineering | 0.2 | |||
Retail — Building Products | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Building Products — Wood | 0.2 | |||
Precious Metals | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Financial Guarantee Insurance | 0.2 | |||
Insurance Brokers | 0.2 | |||
Wireless Equipment | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Paper & Related Products | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Optical Supplies | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Data Processing/Management | 0.2 | |||
Telecom Services | 0.2 | |||
Satellite Telecom | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Audio/Video Products | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Casino Hotels | 0.2 | |||
Software Tools | 0.2 | |||
Protection/Safety | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Golf | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Television | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Communications Software | 0.2 | |||
Rubber/Plastic Products | 0.2 | |||
Computers — Other | 0.2 | |||
Containers — Metal/Glass | 0.2 |
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Hotels/Motels | 0.2 | % | ||
Web Hosting/Design | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Oil & Gas Drilling | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Printing — Commercial | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Medical — HMO | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Finance — Commercial | 0.1 | |||
Machinery — Farming | 0.1 | |||
Tobacco | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Therapeutics | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Agricultural Operations | 0.1 | |||
Security Services | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Retail — Bedding | 0.1 | |||
Coal | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Diversified Minerals | 0.1 | |||
Internet Security | 0.1 | |||
Poultry | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Steel — Specialty | 0.1 | |||
Independent Power Producers | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Computer Aided Design | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Appliances | 0.1 | |||
Gold Mining | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Publishing — Books | 0.1 | |||
Identification Systems | 0.1 | |||
Advanced Materials | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Insurance — Multi — line | 0.1 | |||
Quarrying | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Gas — Transportation | 0.1 | |||
Food — Catering | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Radio | 0.1 | |||
Food — Baking | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Finance — Other Services | 0.1 | |||
Retail — Gardening Products | 0.1 |
Retail — Drug Store | 0.1 | |||
Food — Retail | 0.1 | |||
Recycling | 0.1 | |||
Electronic Connectors | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Pharmacy Services | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Circuit Boards | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Multimedia | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Housewares | 0.1 | |||
103.8 | % | |||
* | Calculated as a percentage of net assets |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.0% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Haynes International, Inc. | 5,926 | $ | 206,225 | |||||
Lydall, Inc.† | 8,119 | 295,369 | ||||||
Materion Corp. | 9,636 | 759,799 | ||||||
1,261,393 | ||||||||
Advertising Sales — 0.0% |
| |||||||
Boston Omaha Corp., Class A† | 6,238 | 191,257 | ||||||
Advertising Services — 0.0% |
| |||||||
Fluent, Inc.† | 19,851 | 57,369 | ||||||
National CineMedia, Inc. | 29,551 | 143,027 | ||||||
200,396 | ||||||||
Aerospace/Defense — 0.2% |
| |||||||
AeroVironment, Inc.† | 10,279 | 1,126,887 | ||||||
Kratos Defense & Security Solutions, Inc.† | 57,628 | 1,441,276 | ||||||
National Presto Industries, Inc. | 2,421 | 245,538 | ||||||
2,813,701 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
AAR Corp.† | 15,906 | 664,076 | ||||||
Aerojet Rocketdyne Holdings, Inc. | 34,283 | 1,661,011 | ||||||
Astronics Corp.† | 11,265 | 191,054 | ||||||
Barnes Group, Inc. | 22,304 | 1,191,480 | ||||||
Ducommun, Inc.† | 5,111 | 274,819 | ||||||
Kaman Corp. | 13,104 | 705,257 | ||||||
Moog, Inc., Class A | 13,816 | 1,246,203 | ||||||
Park Aerospace Corp. | 9,340 | 144,023 | ||||||
Triumph Group, Inc.† | 24,450 | 469,929 | ||||||
6,547,852 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Agrify Corp.† | 2,976 | 27,885 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 4,568 | 130,736 | ||||||
Marrone Bio Innovations, Inc.† | 32,920 | 46,088 | ||||||
176,824 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,476 | 79,232 | ||||||
Andersons, Inc. | 14,797 | 459,891 | ||||||
Cadiz, Inc.†# | 9,669 | 133,045 | ||||||
Fresh Del Monte Produce, Inc. | 14,764 | 494,151 | ||||||
Limoneira Co. | 7,205 | 135,382 | ||||||
Mission Produce, Inc.† | 3,510 | 71,288 | ||||||
Tejon Ranch Co.† | 9,937 | 148,658 | ||||||
Vital Farms, Inc.† | 11,356 | 241,769 | ||||||
1,763,416 | ||||||||
Airlines — 0.3% |
| |||||||
Allegiant Travel Co.† | 6,208 | 1,374,824 | ||||||
Hawaiian Holdings, Inc.† | 22,765 | 587,337 | ||||||
Mesa Air Group, Inc.† | 16,221 | 157,668 | ||||||
SkyWest, Inc.† | 23,405 | 1,147,547 | ||||||
Spirit Airlines, Inc.† | 46,605 | 1,664,264 | ||||||
4,931,640 | ||||||||
Apparel Manufacturers — 0.6% |
| |||||||
Deckers Outdoor Corp.† | 13,287 | 4,456,991 | ||||||
Fossil Group, Inc.† | 22,265 | 314,382 | ||||||
Kontoor Brands, Inc.# | 24,459 | 1,565,865 | ||||||
Lakeland Industries, Inc.† | 3,633 | 91,624 | ||||||
Oxford Industries, Inc. | 7,784 | 745,318 | ||||||
Superior Group of Cos., Inc. | 5,101 | 130,229 | ||||||
Urban Outfitters, Inc.† | 32,752 | 1,282,568 | ||||||
8,586,977 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 3,243 | $ | 81,723 | |||||
iRobot Corp.† | 13,097 | 1,279,577 | ||||||
1,361,300 | ||||||||
Applications Software — 0.5% |
| |||||||
Agilysys, Inc.† | 9,051 | 459,700 | ||||||
Appfolio, Inc., Class A†# | 7,744 | 1,044,588 | ||||||
BM Technologies, Inc.† | 2,110 | 27,114 | ||||||
Brightcove, Inc.† | 18,733 | 271,628 | ||||||
Cerence, Inc.† | 18,050 | 1,717,096 | ||||||
Digi International, Inc.† | 13,928 | 264,075 | ||||||
Ebix, Inc. | 12,718 | 348,473 | ||||||
GTY Technology Holdings, Inc.†# | 21,810 | 130,860 | ||||||
IBEX Holdings, Ltd.† | 2,824 | 61,394 | ||||||
Immersion Corp.† | 8,132 | 69,529 | ||||||
Model N, Inc.† | 16,547 | 590,231 | ||||||
ON24, Inc.† | 4,102 | 132,002 | ||||||
Outset Medical, Inc.† | 4,728 | 228,221 | ||||||
Park City Group, Inc.†# | 5,857 | 35,083 | ||||||
PDF Solutions, Inc.† | 13,722 | 239,312 | ||||||
Phreesia, Inc.† | 15,970 | 790,515 | ||||||
Smith Micro Software, Inc.† | 16,254 | 87,609 | ||||||
Sprout Social, Inc., Class A† | 13,228 | 918,288 | ||||||
Viant Technology, Inc., Class A† | 5,098 | 148,811 | ||||||
7,564,529 | ||||||||
Athletic Equipment — 0.4% |
| |||||||
Clarus Corp. | 11,493 | 272,269 | ||||||
Nautilus, Inc.†# | 14,273 | 257,057 | ||||||
Vista Outdoor, Inc.† | 27,691 | 1,207,051 | ||||||
YETI Holdings, Inc.† | 37,976 | 3,326,697 | ||||||
5,063,074 | ||||||||
Audio/Video Products — 0.2% |
| |||||||
Daktronics, Inc.† | 17,352 | 117,300 | ||||||
Sonos, Inc.† | 57,106 | 2,112,922 | ||||||
Universal Electronics, Inc.† | 6,325 | 316,629 | ||||||
VOXX International Corp.† | 9,413 | 141,572 | ||||||
2,688,423 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc. | 15,657 | 976,057 | ||||||
Auto-Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.† | 7,379 | 193,035 | ||||||
Navistar International Corp.† | 23,695 | 1,048,030 | ||||||
REV Group, Inc.† | 13,038 | 244,071 | ||||||
Workhorse Group, Inc.†# | 44,749 | 419,298 | ||||||
1,904,434 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 25,107 | 400,457 | ||||||
Auto/Truck Parts & Equipment - Original — 1.1% |
| |||||||
Adient PLC† | 44,829 | 2,244,140 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 53,358 | 597,610 | ||||||
Cooper-Standard Holdings, Inc.† | 7,947 | 236,503 | ||||||
Dana, Inc. | 68,688 | 1,863,505 | ||||||
Dorman Products, Inc.† | 12,643 | 1,294,390 | ||||||
Fox Factory Holding Corp.† | 19,637 | 3,053,161 | ||||||
Gentherm, Inc.† | 15,548 | 1,127,696 | ||||||
Meritor, Inc.† | 32,930 | 856,180 | ||||||
Methode Electronics, Inc. | 17,424 | 842,973 | ||||||
Miller Industries, Inc. | 5,268 | 220,466 | ||||||
Modine Manufacturing Co.† | 23,797 | 418,589 | ||||||
Shyft Group, Inc. | 16,370 | 638,103 | ||||||
Tenneco, Inc., Class A† | 24,224 | 379,832 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Visteon Corp.† | 13,158 | $ | 1,611,329 | |||||
15,384,477 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Douglas Dynamics, Inc. | 10,702 | 469,283 | ||||||
Motorcar Parts of America, Inc.† | 8,915 | 208,343 | ||||||
Standard Motor Products, Inc. | 10,010 | 450,650 | ||||||
XPEL, Inc.†# | 7,919 | 649,358 | ||||||
1,777,634 | ||||||||
B2B/E - Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 6,308 | 596,548 | ||||||
Banks - Commercial — 8.0% |
| |||||||
1st Constitution Bancorp | 4,293 | 90,582 | ||||||
1st Source Corp. | 7,786 | 385,173 | ||||||
ACNB Corp. | 4,015 | 115,632 | ||||||
Alerus Financial Corp. | 7,021 | 231,342 | ||||||
Allegiance Bancshares, Inc. | 8,981 | 364,269 | ||||||
Altabancorp | 7,542 | 346,932 | ||||||
Amalgamated Financial Corp. | 6,277 | 102,127 | ||||||
American National Bankshares, Inc. | 5,056 | 175,342 | ||||||
Ameris Bancorp | 31,486 | 1,729,841 | ||||||
Ames National Corp. | 4,170 | 105,501 | ||||||
Arrow Financial Corp. | 6,290 | 233,359 | ||||||
Atlantic Capital Bancshares, Inc.† | 9,600 | 269,952 | ||||||
Atlantic Union Bankshares Corp. | 36,997 | 1,517,617 | ||||||
Auburn National BanCorp, Inc.# | 1,111 | 42,440 | ||||||
BancFirst Corp. | 8,908 | 614,385 | ||||||
Bancorp, Inc.† | 24,471 | 593,177 | ||||||
BancorpSouth Bank | 47,013 | 1,437,658 | ||||||
Bank First Corp. | 2,980 | 212,236 | ||||||
Bank of Commerce Holdings | 7,550 | 111,363 | ||||||
Bank of Marin Bancorp | 6,279 | 211,665 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 23,788 | 907,274 | ||||||
Bank of Princeton | 2,701 | 79,490 | ||||||
Bank7 Corp. | 1,315 | 23,972 | ||||||
BankUnited, Inc. | 43,574 | 2,082,401 | ||||||
Bankwell Financial Group, Inc. | 3,147 | 89,878 | ||||||
Banner Corp. | 16,498 | 965,628 | ||||||
Bar Harbor Bankshares | 7,016 | 213,567 | ||||||
BayCom Corp.† | 5,116 | 94,748 | ||||||
BCB Bancorp, Inc. | 6,823 | 99,684 | ||||||
Bogota Financial Corp.† | 2,746 | 27,597 | ||||||
Bridgewater Bancshares, Inc.† | 10,265 | 178,200 | ||||||
Bryn Mawr Bank Corp. | 9,353 | 447,073 | ||||||
Business First Bancshares, Inc. | 9,156 | 223,406 | ||||||
Byline Bancorp, Inc. | 11,521 | 265,905 | ||||||
C&F Financial Corp. | 1,648 | 81,543 | ||||||
Cadence BanCorp | 58,536 | 1,310,036 | ||||||
California Bancorp, Inc.†# | 3,593 | 67,944 | ||||||
Cambridge Bancorp | 3,022 | 259,137 | ||||||
Camden National Corp. | 7,007 | 333,673 | ||||||
Capital BanCorp, Inc.† | 3,772 | 82,946 | ||||||
Capital City Bank Group, Inc. | 6,365 | 170,582 | ||||||
Capstar Financial Holdings, Inc. | 7,583 | 165,992 | ||||||
Carter Bankshares, Inc.† | 10,759 | 167,518 | ||||||
Cathay General Bancorp | 36,050 | 1,502,564 | ||||||
CB Financial Services, Inc.# | 2,344 | 50,982 | ||||||
CBTX, Inc. | 8,272 | 244,851 | ||||||
Central Pacific Financial Corp. | 13,028 | 361,006 | ||||||
Central Valley Community Bancorp | 5,018 | 106,733 | ||||||
Century Bancorp, Inc., Class A | 1,327 | 151,411 | ||||||
Chemung Financial Corp.# | 1,648 | 76,797 | ||||||
ChoiceOne Financial Services, Inc.# | 3,477 | 89,533 | ||||||
CIT Group, Inc. | 46,835 | 2,481,318 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Citizens & Northern Corp. | 6,336 | $ | 156,436 | |||||
Citizens Holding Co.# | 2,222 | 41,996 | ||||||
City Holding Co. | 7,316 | 586,890 | ||||||
Civista Bancshares, Inc. | 7,422 | 176,198 | ||||||
CNB Financial Corp. | 7,026 | 170,802 | ||||||
Coastal Financial Corp.† | 4,315 | 134,197 | ||||||
Codorus Valley Bancorp, Inc. | 4,443 | 84,239 | ||||||
Colony Bankcorp, Inc. | 3,665 | 67,289 | ||||||
Columbia Banking System, Inc. | 34,085 | 1,471,109 | ||||||
Community Bank System, Inc. | 25,109 | 2,036,842 | ||||||
Community Financial Corp. | 2,470 | 87,611 | ||||||
Community Trust Bancorp, Inc. | 7,368 | 325,518 | ||||||
ConnectOne Bancorp, Inc. | 17,596 | 487,233 | ||||||
County Bancorp, Inc.# | 2,283 | 56,847 | ||||||
CrossFirst Bankshares, Inc.† | 22,753 | 334,697 | ||||||
Customers Bancorp, Inc.† | 13,616 | 515,366 | ||||||
CVB Financial Corp. | 61,361 | 1,360,987 | ||||||
Dime Community Bancshares, Inc. | 16,738 | 580,976 | ||||||
Eagle Bancorp, Inc. | 14,989 | 856,471 | ||||||
Eastern Bankshares, Inc. | 78,761 | 1,764,246 | ||||||
Enterprise Bancorp, Inc. | 4,264 | 146,937 | ||||||
Enterprise Financial Services Corp. | 11,417 | 564,114 | ||||||
Equity Bancshares, Inc., Class A† | 6,733 | 221,246 | ||||||
Esquire Financial Holdings, Inc.† | 3,250 | 80,048 | ||||||
Evans Bancorp, Inc. | 2,261 | 85,511 | ||||||
Farmers & Merchants Bancorp, Inc.# | 4,803 | 105,666 | ||||||
Farmers National Banc Corp. | 12,318 | 214,333 | ||||||
FB Financial Corp. | 14,998 | 627,666 | ||||||
Fidelity D&D Bancorp, Inc.# | 1,870 | 104,215 | ||||||
Financial Institutions, Inc. | 7,520 | 241,618 | ||||||
First Bancorp | 13,427 | 595,756 | ||||||
First Bancorp, Inc. | 4,802 | 151,263 | ||||||
First BanCorp/Puerto Rico | 102,184 | 1,306,933 | ||||||
First Bancshares, Inc. | 9,685 | 378,199 | ||||||
First Bank | 7,599 | 104,334 | ||||||
First Busey Corp. | 23,921 | 640,844 | ||||||
First Business Financial Services, Inc. | 3,866 | 105,967 | ||||||
First Choice Bancorp | 4,920 | 158,080 | ||||||
First Commonwealth Financial Corp. | 45,366 | 687,295 | ||||||
First Community Bankshares, Inc. | 8,226 | 256,322 | ||||||
First Community Corp. | 3,399 | 68,320 | ||||||
First Financial Bancorp | 46,030 | 1,172,384 | ||||||
First Financial Bankshares, Inc. | 61,279 | 3,085,398 | ||||||
First Financial Corp. | 6,312 | 286,439 | ||||||
First Foundation, Inc. | 18,719 | 469,847 | ||||||
First Guaranty Bancshares, Inc.# | 1,732 | 34,138 | ||||||
First Internet Bancorp | 4,487 | 152,199 | ||||||
First Interstate BancSystem, Inc., Class A | 19,232 | 905,250 | ||||||
First Merchants Corp. | 25,618 | 1,187,138 | ||||||
First Mid Bancshares, Inc. | 6,925 | 304,008 | ||||||
First Midwest Bancorp, Inc. | 54,121 | 1,132,753 | ||||||
First Northwest Bancorp | 4,121 | 73,395 | ||||||
First of Long Island Corp. | 10,812 | 243,270 | ||||||
First United Corp. | 3,254 | 59,158 | ||||||
Flagstar Bancorp, Inc. | 22,839 | 1,046,026 | ||||||
FNCB Bancorp, Inc.# | 8,117 | 59,822 | ||||||
Franklin Financial Services Corp.# | 1,981 | 60,559 | ||||||
Fulton Financial Corp. | 75,365 | 1,306,075 | ||||||
FVCBankcorp, Inc.†# | 5,605 | 99,489 | ||||||
German American Bancorp, Inc. | 11,691 | 488,684 | ||||||
Glacier Bancorp, Inc. | 45,476 | 2,648,977 | ||||||
Great Southern Bancorp, Inc. | 5,139 | 290,302 | ||||||
Great Western Bancorp, Inc. | 26,259 | 878,626 | ||||||
Guaranty Bancshares, Inc. | 3,646 | 139,788 | ||||||
Hancock Whitney Corp. | 40,943 | 2,027,088 | ||||||
Hanmi Financial Corp. | 14,506 | 304,336 |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
HarborOne Bancorp, Inc. | 24,606 | $ | 365,399 | |||||
Hawthorn Bancshares, Inc. | 2,775 | 67,016 | ||||||
HBT Financial, Inc. | 4,645 | 84,493 | ||||||
Heartland Financial USA, Inc. | 16,490 | 820,377 | ||||||
Heritage Commerce Corp. | 27,604 | 327,383 | ||||||
Heritage Financial Corp. | 17,098 | 496,013 | ||||||
Hilltop Holdings, Inc. | 31,168 | 1,157,891 | ||||||
Home BancShares, Inc. | 72,621 | 1,986,911 | ||||||
HomeStreet, Inc. | 10,132 | 456,143 | ||||||
Hope Bancorp, Inc. | 55,727 | 852,623 | ||||||
Horizon Bancorp, Inc. | 20,299 | 375,532 | ||||||
Howard Bancorp, Inc.† | 6,249 | 105,358 | ||||||
Independent Bank Corp. | 10,026 | 233,606 | ||||||
Independent Bank Corp. | 15,608 | 1,273,769 | ||||||
International Bancshares Corp. | 25,335 | 1,175,544 | ||||||
Investar Holding Corp. | 4,691 | 105,923 | ||||||
Kearny Financial Corp. | 35,674 | 467,686 | ||||||
Lakeland Bancorp, Inc. | 23,138 | 439,853 | ||||||
Lakeland Financial Corp. | 11,521 | 710,961 | ||||||
Landmark Bancorp, Inc. | 1,879 | 48,647 | ||||||
LCNB Corp. | 5,774 | 101,853 | ||||||
Level One Bancorp, Inc.# | 2,400 | 66,504 | ||||||
Limestone Bancorp, Inc.†# | 2,484 | 39,520 | ||||||
Live Oak Bancshares, Inc. | 13,451 | 814,862 | ||||||
Luther Burbank Corp. | 8,704 | 105,667 | ||||||
Macatawa Bank Corp. | 12,448 | 119,501 | ||||||
Mackinac Financial Corp. | 4,243 | 91,988 | ||||||
MainStreet Bancshares, Inc.† | 2,962 | 63,416 | ||||||
Mercantile Bank Corp. | 7,502 | 242,315 | ||||||
Merchants Bancorp | 4,143 | 177,942 | ||||||
Meridian Corp. | 2,550 | 69,029 | ||||||
Meta Financial Group, Inc. | 14,740 | 781,367 | ||||||
Metrocity Bankshares, Inc. | 8,218 | 141,432 | ||||||
Metropolitan Bank Holding Corp.† | 3,324 | 212,104 | ||||||
Mid Penn Bancorp, Inc. | 3,295 | 92,919 | ||||||
Middlefield Banc Corp. | 2,838 | 68,112 | ||||||
Midland States Bancorp, Inc. | 10,023 | 279,241 | ||||||
MidWestOne Financial Group, Inc. | 6,969 | 219,802 | ||||||
MVB Financial Corp. | 4,407 | 188,928 | ||||||
National Bankshares, Inc.# | 3,035 | 106,529 | ||||||
NBT Bancorp, Inc. | 20,187 | 787,091 | ||||||
Nicolet Bankshares, Inc.† | 4,295 | 340,594 | ||||||
Northeast Bank | 3,639 | 106,841 | ||||||
Northrim BanCorp, Inc. | 2,907 | 126,600 | ||||||
Norwood Financial Corp.# | 2,761 | 70,157 | ||||||
Oak Valley Bancorp# | 3,243 | 61,293 | ||||||
OFG Bancorp | 24,029 | 579,099 | ||||||
Ohio Valley Banc Corp.# | 2,038 | 47,771 | ||||||
Old National Bancorp | 77,848 | 1,483,004 | ||||||
Old Second Bancorp, Inc. | 13,496 | 187,055 | ||||||
OP Bancorp | 5,732 | 59,441 | ||||||
Origin Bancorp, Inc. | 10,435 | 460,705 | ||||||
Orrstown Financial Services, Inc. | 5,163 | 130,314 | ||||||
Park National Corp. | 6,806 | 861,095 | ||||||
Partners Bancorp# | 4,687 | 36,793 | ||||||
PCB Bancorp | 5,914 | 94,920 | ||||||
PCSB Financial Corp. | 6,668 | 122,558 | ||||||
Peapack-Gladstone Financial Corp. | 8,682 | 288,416 | ||||||
Penns Woods Bancorp, Inc. | 3,248 | 83,181 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,121 | 52,792 | ||||||
Peoples Bancorp, Inc. | 8,627 | 280,205 | ||||||
Peoples Financial Services Corp. | 3,262 | 140,755 | ||||||
Pioneer Bancorp, Inc.† | 5,507 | 67,240 | ||||||
Plumas Bancorp | 2,206 | 67,129 | ||||||
Preferred Bank | 6,541 | 446,685 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Premier Financial Bancorp, Inc. | 6,195 | $ | 115,537 | |||||
Premier Financial Corp. | 17,575 | 536,038 | ||||||
Primis Financial Corp. | 9,404 | 138,521 | ||||||
Provident Bancorp, Inc. | 7,862 | 132,711 | ||||||
QCR Holdings, Inc. | 7,028 | 336,009 | ||||||
RBB Bancorp | 7,883 | 192,345 | ||||||
Red River Bancshares, Inc. | 2,343 | 127,951 | ||||||
Reliant Bancorp, Inc. | 7,303 | 216,534 | ||||||
Renasant Corp. | 25,852 | 1,143,175 | ||||||
Republic Bancorp, Inc., Class A | 4,615 | 214,367 | ||||||
Republic First Bancorp, Inc.† | 21,578 | 88,901 | ||||||
Richmond Mutual BanCorp, Inc.# | 5,737 | 83,818 | ||||||
S&T Bancorp, Inc. | 18,342 | 622,344 | ||||||
Salisbury Bancorp, Inc. | 1,204 | 55,998 | ||||||
Sandy Spring Bancorp, Inc. | 21,867 | 1,015,941 | ||||||
SB Financial Group, Inc. | 3,225 | 63,855 | ||||||
Seacoast Banking Corp. of Florida† | 24,512 | 908,660 | ||||||
Select Bancorp, Inc.†# | 7,301 | 102,798 | ||||||
ServisFirst Bancshares, Inc. | 23,124 | 1,606,193 | ||||||
Shore Bancshares, Inc. | 5,542 | 95,267 | ||||||
Sierra Bancorp | 6,704 | 185,835 | ||||||
Silvergate Capital Corp., Class A† | 9,236 | 1,028,890 | ||||||
Simmons First National Corp., Class A | 51,384 | 1,567,212 | ||||||
SmartFinancial, Inc. | 6,650 | 161,263 | ||||||
South Plains Financial, Inc. | 5,028 | 117,957 | ||||||
South State Corp. | 33,221 | 2,950,357 | ||||||
Southern First Bancshares, Inc.† | 3,443 | 183,959 | ||||||
Southside Bancshares, Inc. | 15,013 | 643,157 | ||||||
Spirit of Texas Bancshares, Inc. | 6,123 | 141,319 | ||||||
Standard AVB Financial Corp.# | 1,877 | 61,941 | ||||||
Sterling Bancorp, Inc.† | 7,768 | 37,364 | ||||||
Stock Yards Bancorp, Inc. | 9,702 | 521,385 | ||||||
Summit Financial Group, Inc. | 5,393 | 128,515 | ||||||
Texas Capital Bancshares, Inc.† | 24,014 | 1,654,084 | ||||||
Tompkins Financial Corp. | 6,802 | 551,982 | ||||||
Towne Bank | 31,779 | 1,017,881 | ||||||
TriCo Bancshares | 12,550 | 601,772 | ||||||
TriState Capital Holdings, Inc.† | 13,090 | 300,939 | ||||||
Triumph Bancorp, Inc.† | 10,769 | 901,904 | ||||||
TrustCo Bank Corp. | 8,993 | 351,888 | ||||||
Trustmark Corp. | 29,908 | 1,003,413 | ||||||
UMB Financial Corp. | 20,707 | 2,002,574 | ||||||
United Bankshares, Inc. | 58,777 | 2,421,025 | ||||||
United Community Banks, Inc. | 37,078 | 1,282,157 | ||||||
United Security Bancshares | 6,391 | 54,324 | ||||||
Unity Bancorp, Inc. | 3,607 | 87,434 | ||||||
Univest Financial Corp. | 13,662 | 398,384 | ||||||
Valley National Bancorp | 189,154 | 2,708,685 | ||||||
Veritex Holdings, Inc. | 22,524 | 791,268 | ||||||
Washington Trust Bancorp, Inc. | 8,099 | 445,364 | ||||||
WesBanco, Inc. | 30,945 | 1,204,379 | ||||||
West BanCorp, Inc. | 7,605 | 212,332 | ||||||
Westamerica BanCorp | 12,400 | 777,852 | ||||||
Western New England Bancorp, Inc. | 10,679 | 90,878 | ||||||
115,792,277 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Parke Bancorp, Inc. | 5,016 | 107,844 | ||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc. | 13,428 | 1,363,479 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 17,578 | 1,384,267 | ||||||
National Bank Holdings Corp., Class A | 13,971 | 553,252 | ||||||
1,937,519 | ||||||||
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 20,185 | $ | 1,902,234 | |||||
Beverages - Non-alcoholic — 0.3% |
| |||||||
Celsius Holdings, Inc.† | 17,078 | 1,119,292 | ||||||
Coca-Cola Consolidated, Inc. | 2,233 | 904,186 | ||||||
National Beverage Corp. | 11,222 | 560,314 | ||||||
NewAge, Inc.† | 44,950 | 106,532 | ||||||
Primo Water Corp. | 74,174 | 1,283,952 | ||||||
3,974,276 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc.# | 6,123 | 426,712 | ||||||
Broadcast Services/Program — 0.0% |
| |||||||
Hemisphere Media Group, Inc.† | 7,783 | 96,276 | ||||||
MSG Networks, Inc., Class A† | 14,356 | 221,369 | ||||||
317,645 | ||||||||
Building & Construction Products-Misc. — 1.1% |
| |||||||
American Woodmark Corp.† | 8,033 | 698,228 | ||||||
Builders FirstSource, Inc.† | 96,797 | 4,311,338 | ||||||
Caesarstone, Ltd. | 10,562 | 174,273 | ||||||
Forterra, Inc.† | 13,808 | 322,831 | ||||||
Gibraltar Industries, Inc.† | 15,476 | 1,229,568 | ||||||
Louisiana-Pacific Corp. | 52,170 | 3,506,346 | ||||||
Patrick Industries, Inc. | 10,600 | 908,420 | ||||||
Simpson Manufacturing Co., Inc. | 20,687 | 2,323,564 | ||||||
Summit Materials, Inc., Class A† | 54,419 | 1,894,870 | ||||||
15,369,438 | ||||||||
Building & Construction - Misc. — 0.8% |
| |||||||
Comfort Systems USA, Inc. | 17,055 | 1,413,860 | ||||||
Concrete Pumping Holdings, Inc.†# | 12,331 | 98,895 | ||||||
EMCOR Group, Inc. | 25,808 | 3,254,647 | ||||||
IES Holdings, Inc.† | 3,806 | 201,946 | ||||||
MYR Group, Inc.† | 7,733 | 673,080 | ||||||
NV5 Global, Inc.† | 5,173 | 472,450 | ||||||
TopBuild Corp.† | 15,708 | 3,110,969 | ||||||
WillScot Mobile Mini Holdings Corp.† | 82,228 | 2,384,612 | ||||||
11,610,459 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
AAON, Inc. | 19,494 | 1,291,477 | ||||||
SPX Corp.† | 20,409 | 1,278,216 | ||||||
2,569,693 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
US Concrete, Inc.† | 7,579 | 431,927 | ||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 12,212 | 464,178 | ||||||
Cornerstone Building Brands, Inc.† | 20,756 | 352,022 | ||||||
Griffon Corp. | 21,854 | 574,542 | ||||||
JELD-WEN Holding, Inc.† | 36,660 | 1,026,846 | ||||||
Masonite International Corp.† | 11,567 | 1,382,835 | ||||||
PGT Innovations, Inc.† | 27,071 | 654,035 | ||||||
4,454,458 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 12,166 | 113,144 | ||||||
Research Frontiers, Inc.†# | 12,595 | 29,976 | ||||||
143,120 | ||||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co. | 18,559 | 1,224,708 | ||||||
UFP Industries, Inc. | 28,394 | 2,257,891 | ||||||
3,482,599 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction — 0.6% |
| |||||||
Arcosa, Inc. | 23,052 | $ | 1,463,802 | |||||
Construction Partners, Inc., Class A† | 13,332 | 429,424 | ||||||
Dycom Industries, Inc.† | 14,572 | 1,091,734 | ||||||
Granite Construction, Inc. | 22,248 | 897,929 | ||||||
Great Lakes Dredge & Dock Corp.† | 30,166 | 440,725 | ||||||
MasTec, Inc.† | 26,914 | 3,130,906 | ||||||
Primoris Services Corp. | 22,778 | 724,113 | ||||||
Sterling Construction Co., Inc.† | 13,125 | 295,313 | ||||||
Tutor Perini Corp.† | 19,361 | 299,708 | ||||||
8,773,654 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 31,822 | 1,587,599 | ||||||
BrightView Holdings, Inc.† | 19,414 | 336,833 | ||||||
1,924,432 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.4% |
| |||||||
Cavco Industries, Inc.† | 4,362 | 965,180 | ||||||
LCI Industries | 11,699 | 1,743,736 | ||||||
Skyline Champion Corp.† | 24,961 | 1,264,275 | ||||||
Winnebago Industries, Inc. | 14,786 | 1,093,572 | ||||||
5,066,763 | ||||||||
Building - Residential/Commercial — 1.0% |
| |||||||
Beazer Homes USA, Inc.† | 13,536 | 322,292 | ||||||
Century Communities, Inc. | 13,875 | 1,129,148 | ||||||
Forestar Group, Inc.† | 7,908 | 181,963 | ||||||
Green Brick Partners, Inc.† | 14,560 | 339,830 | ||||||
Installed Building Products, Inc. | 10,851 | 1,286,929 | ||||||
KB Home | 42,307 | 1,980,391 | ||||||
LGI Homes, Inc.† | 10,579 | 1,912,789 | ||||||
M/I Homes, Inc.† | 13,235 | 933,332 | ||||||
MDC Holdings, Inc. | 26,812 | 1,553,755 | ||||||
Meritage Homes Corp.† | 17,653 | 1,900,699 | ||||||
Taylor Morrison Home Corp.† | 59,926 | 1,775,008 | ||||||
Tri Pointe Homes, Inc.† | 59,908 | 1,444,981 | ||||||
14,761,117 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Liberty Latin America, Ltd., Class A† | 21,913 | 312,699 | ||||||
Liberty Latin America, Ltd., Class C† | 73,647 | 1,059,044 | ||||||
WideOpenWest, Inc.† | 24,835 | 413,999 | ||||||
1,785,742 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp.† | 38,590 | 2,484,810 | ||||||
Century Casinos, Inc.† | 12,857 | 179,870 | ||||||
2,664,680 | ||||||||
Casino Services — 0.9% |
| |||||||
Accel Entertainment, Inc.† | 23,894 | 313,489 | ||||||
Caesars Entertainment, Inc.† | 85,486 | 9,185,471 | ||||||
Everi Holdings, Inc.�� | 38,979 | 808,034 | ||||||
Scientific Games Corp.† | 27,120 | 1,967,285 | ||||||
12,274,279 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
IDT Corp., Class B† | 9,409 | 271,544 | ||||||
Chemicals - Diversified — 0.4% |
| |||||||
AdvanSix, Inc.† | 13,000 | 411,580 | ||||||
Codexis, Inc.† | 27,393 | 561,556 | ||||||
Innospec, Inc. | 11,616 | 1,174,494 | ||||||
Koppers Holdings, Inc.† | 9,771 | 338,761 | ||||||
Orion Engineered Carbons SA† | 28,613 | 579,127 | ||||||
Quaker Chemical Corp. | 6,310 | 1,530,490 | ||||||
Stepan Co. | 10,227 | 1,377,168 | ||||||
5,973,176 | ||||||||
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.† | 29,407 | $ | 227,022 | |||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 13,697 | 251,888 | ||||||
Chemicals - Specialty — 1.0% |
| |||||||
AgroFresh Solutions, Inc.† | 14,581 | 32,224 | ||||||
Amyris, Inc.† | 50,602 | 720,067 | ||||||
Balchem Corp. | 15,273 | 2,000,763 | ||||||
Ferro Corp.† | 38,863 | 839,441 | ||||||
GCP Applied Technologies, Inc.† | 23,198 | 565,567 | ||||||
H.B. Fuller Co. | 24,700 | 1,707,264 | ||||||
Hawkins, Inc. | 9,191 | 312,678 | ||||||
Ingevity Corp.† | 19,714 | 1,622,659 | ||||||
Kraton Corp.† | 14,812 | 502,867 | ||||||
Minerals Technologies, Inc. | 16,175 | 1,407,225 | ||||||
Oil-Dri Corp. of America | 2,451 | 89,584 | ||||||
PQ Group Holdings, Inc. | 18,218 | 297,682 | ||||||
Rogers Corp.† | 8,845 | 1,657,111 | ||||||
Sensient Technologies Corp. | 20,139 | 1,747,058 | ||||||
Tronox Holdings PLC, Class A | 51,642 | 1,212,554 | ||||||
14,714,744 | ||||||||
Circuit Boards — 0.1% |
| |||||||
TTM Technologies, Inc.† | 47,440 | 718,716 | ||||||
Coal — 0.1% |
| |||||||
Arch Resources, Inc.† | 7,170 | 409,192 | ||||||
CONSOL Energy, Inc.† | 14,208 | 217,951 | ||||||
NACCO Industries, Inc., Class A | 1,777 | 45,473 | ||||||
Peabody Energy Corp.† | 29,790 | 197,508 | ||||||
SunCoke Energy, Inc. | 39,415 | 296,795 | ||||||
Warrior Met Coal, Inc. | 24,411 | 446,721 | ||||||
1,613,640 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 10,620 | 172,469 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Brothers Co.† | 7,818 | 94,129 | ||||||
Commercial Services — 0.4% |
| |||||||
Emerald Holding, Inc.† | 11,601 | 65,546 | ||||||
Forrester Research, Inc.† | 5,250 | 225,278 | ||||||
LiveRamp Holdings, Inc.† | 30,922 | 1,553,521 | ||||||
Medifast, Inc. | 5,362 | 1,781,524 | ||||||
National Research Corp. | 6,471 | 309,508 | ||||||
PFSweb, Inc.† | 7,553 | 56,874 | ||||||
Progyny, Inc.† | 12,676 | 811,771 | ||||||
ServiceSource International, Inc.† | 41,876 | 51,926 | ||||||
SP Plus Corp.† | 10,926 | 357,171 | ||||||
Team, Inc.† | 14,242 | 121,057 | ||||||
Transcat, Inc.† | 3,300 | 174,372 | ||||||
WW International, Inc.† | 22,402 | 880,399 | ||||||
6,388,947 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics PLC, Class A† | 17,083 | 665,041 | ||||||
Cass Information Systems, Inc. | 6,756 | 308,276 | ||||||
CBIZ, Inc.† | 24,202 | 803,749 | ||||||
EVERTEC, Inc. | 28,581 | 1,244,131 | ||||||
Evo Payments, Inc., Class A† | 21,689 | 621,173 | ||||||
Green Dot Corp., Class A† | 24,436 | 991,857 | ||||||
GreenSky, Inc., Class A† | 29,984 | 175,706 | ||||||
MoneyGram International, Inc.† | 29,437 | 288,483 | ||||||
Priority Technology Holdings, Inc.† | 3,623 | 28,078 | ||||||
Repay Holdings Corp.† | 31,622 | 718,136 | ||||||
5,844,630 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Communications Software — 0.2% |
| |||||||
8x8, Inc.† | 50,606 | $ | 1,191,771 | |||||
Avaya Holdings Corp.† | 39,706 | 1,138,768 | ||||||
SeaChange International, Inc.† | 14,473 | 16,789 | ||||||
2,347,328 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Altair Engineering, Inc., Class A†# | 20,609 | 1,388,428 | ||||||
Computer Data Security — 0.6% |
| |||||||
Cognyte Software, Ltd.† | 30,824 | 793,410 | ||||||
OneSpan, Inc.† | 15,845 | 414,347 | ||||||
Ping Identity Holding Corp.†# | 17,614 | 424,673 | ||||||
Qualys, Inc.† | 16,159 | 1,562,252 | ||||||
Rapid7, Inc.† | 24,544 | 2,053,106 | ||||||
SecureWorks Corp., Class A† | 4,236 | 59,643 | ||||||
Tenable Holdings, Inc.† | 33,729 | 1,409,872 | ||||||
Varonis Systems, Inc.† | 48,152 | 2,325,741 | ||||||
9,043,044 | ||||||||
Computer Services — 0.7% |
| |||||||
Conduent, Inc.† | 78,322 | 593,681 | ||||||
ExlService Holdings, Inc.† | 15,709 | 1,602,004 | ||||||
Insight Enterprises, Inc.† | 16,448 | 1,718,487 | ||||||
Mastech Digital, Inc.† | 1,882 | 29,660 | ||||||
MAXIMUS, Inc. | 29,027 | 2,689,932 | ||||||
PAE, Inc.† | 28,039 | 227,676 | ||||||
Parsons Corp.†# | 10,703 | 423,946 | ||||||
Rimini Street, Inc.† | 10,905 | 70,991 | ||||||
StarTek, Inc.† | 8,284 | 52,438 | ||||||
Sykes Enterprises, Inc.† | 18,128 | 759,926 | ||||||
TTEC Holdings, Inc. | 8,612 | 933,627 | ||||||
Unisys Corp.† | 29,370 | 755,103 | ||||||
9,857,471 | ||||||||
Computer Software — 1.0% |
| |||||||
Avid Technology, Inc.† | 15,001 | 463,231 | ||||||
Bandwidth, Inc., Class A†# | 9,105 | 1,077,030 | ||||||
Box, Inc., Class A† | 68,063 | 1,586,549 | ||||||
Cloudera, Inc.† | 97,241 | 1,250,519 | ||||||
Cornerstone OnDemand, Inc.† | 29,159 | 1,282,121 | ||||||
Envestnet, Inc.† | 25,204 | 1,813,932 | ||||||
J2 Global, Inc.† | 20,586 | 2,563,575 | ||||||
Rackspace Technology, Inc.† | 16,369 | 330,326 | ||||||
Red Violet, Inc.†# | 3,219 | 70,754 | ||||||
Simulations Plus, Inc.# | 7,212 | 380,649 | ||||||
Sumo Logic, Inc.† | 6,841 | 128,611 | ||||||
Upland Software, Inc.† | 12,614 | 517,048 | ||||||
Veritone, Inc.† | 12,542 | 240,430 | ||||||
Verra Mobility Corp.†# | 63,478 | 904,561 | ||||||
Xperi Holding Corp. | 49,587 | 1,062,154 | ||||||
Yext, Inc.† | 49,962 | 722,950 | ||||||
Zuora, Inc., Class A† | 49,008 | 758,154 | ||||||
15,152,594 | ||||||||
Computers - Integrated Systems — 0.2% |
| |||||||
Diebold Nixdorf, Inc.† | 33,322 | 451,180 | ||||||
NetScout Systems, Inc.† | 33,509 | 985,165 | ||||||
PAR Technology Corp.†# | 9,042 | 605,452 | ||||||
Super Micro Computer, Inc.† | 20,560 | 714,254 | ||||||
Telos Corp.† | 7,824 | 257,253 | ||||||
3,013,304 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Quantum Corp.† | 19,744 | 148,277 | ||||||
Computers - Other — 0.2% |
| |||||||
3D Systems Corp.† | 57,392 | 1,687,899 | ||||||
Corsair Gaming, Inc.†# | 10,847 | 338,644 |
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Other (continued) |
| |||||||
ExOne Co.† | 6,826 | $ | 145,530 | |||||
PlayAGS, Inc.† | 12,629 | 128,563 | ||||||
2,300,636 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
iCAD, Inc.† | 9,543 | 156,982 | ||||||
Mitek Systems, Inc.† | 19,709 | 334,265 | ||||||
491,247 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.†# | 15,253 | 514,331 | ||||||
Consulting Services — 0.3% |
| |||||||
Acacia Research Corp.† | 22,585 | 120,830 | ||||||
CRA International, Inc. | 3,577 | 292,813 | ||||||
Franklin Covey Co.† | 6,017 | 186,527 | ||||||
GP Strategies Corp.† | 6,195 | 109,590 | ||||||
Hackett Group, Inc. | 11,873 | 211,458 | ||||||
Huron Consulting Group, Inc.† | 10,751 | 588,187 | ||||||
ICF International, Inc. | 8,638 | 759,280 | ||||||
Information Services Group, Inc. | 17,064 | 99,995 | ||||||
Kelly Services, Inc., Class A† | 15,968 | 409,899 | ||||||
R1 RCM, Inc.† | 51,516 | 1,192,595 | ||||||
Vectrus, Inc.† | 5,435 | 277,294 | ||||||
4,248,468 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Central Garden & Pet Co.† | 4,583 | 251,744 | ||||||
Central Garden & Pet Co., Class A† | 18,986 | 957,844 | ||||||
Helen of Troy, Ltd.† | 11,607 | 2,443,041 | ||||||
Quanex Building Products Corp. | 15,757 | 419,609 | ||||||
WD-40 Co. | 6,475 | 1,585,080 | ||||||
5,657,318 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A | 12,193 | 752,430 | ||||||
Greif, Inc., Class B | 2,839 | 169,715 | ||||||
O-I Glass, Inc.† | 74,401 | 1,371,211 | ||||||
2,293,356 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Matthews International Corp., Class A | 14,663 | 572,883 | ||||||
Pactiv Evergreen, Inc. | 18,775 | 278,621 | ||||||
TriMas Corp.† | 19,513 | 632,612 | ||||||
UFP Technologies, Inc.† | 3,260 | 177,474 | ||||||
1,661,590 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
e.l.f. Beauty, Inc.† | 21,687 | 607,236 | ||||||
Edgewell Personal Care Co. | 25,878 | 1,174,344 | ||||||
Inter Parfums, Inc. | 8,434 | 645,032 | ||||||
Revlon, Inc., Class A†# | 3,266 | 41,837 | ||||||
2,468,449 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.†# | 12,229 | 208,138 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Bottomline Technologies DE, Inc.† | 21,064 | 787,372 | ||||||
CommVault Systems, Inc.† | 20,061 | 1,528,047 | ||||||
CSG Systems International, Inc. | 15,355 | 676,234 | ||||||
2,991,653 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 40,270 | 1,310,386 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Equipment — 0.2% |
| |||||||
Accelerate Diagnostics, Inc.† | 15,579 | $ | 118,244 | |||||
Neogen Corp.† | 25,043 | 2,311,719 | ||||||
Nymox Pharmaceutical Corp.†# | 20,075 | 30,514 | ||||||
Quanterix Corp.† | 11,418 | 587,913 | ||||||
Quotient, Ltd.†# | 34,404 | 143,121 | ||||||
3,191,511 | ||||||||
Diagnostic Kits — 0.3% |
| |||||||
Aspira Women’s Health, Inc.†# | 40,428 | 225,993 | ||||||
Chembio Diagnostics, Inc.†# | 9,377 | 29,913 | ||||||
Co-Diagnostics, Inc.†# | 12,601 | 101,690 | ||||||
DermTech, Inc.†# | 4,857 | 198,748 | ||||||
Meridian Bioscience, Inc.† | 20,098 | 417,234 | ||||||
Natera, Inc.† | 35,908 | 3,380,379 | ||||||
OraSure Technologies, Inc.† | 33,743 | 324,270 | ||||||
Progenity, Inc.† | 8,479 | 21,961 | ||||||
4,700,188 | ||||||||
Direct Marketing — 0.0% |
| |||||||
Quotient Technology, Inc.† | 41,261 | 485,229 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
BioLife Solutions, Inc.† | 6,675 | 222,344 | ||||||
CONMED Corp. | 12,901 | 1,776,339 | ||||||
Merit Medical Systems, Inc.† | 25,717 | 1,551,764 | ||||||
Utah Medical Products, Inc. | 1,621 | 138,936 | ||||||
3,689,383 | ||||||||
Distribution/Wholesale — 1.1% |
| |||||||
A-Mark Precious Metals, Inc. | 2,382 | 127,008 | ||||||
Avient Corp. | 43,382 | 2,254,996 | ||||||
Core-Mark Holding Co., Inc. | 21,205 | 972,461 | ||||||
EVI Industries, Inc.† | 2,385 | 71,717 | ||||||
G-III Apparel Group, Ltd.† | 20,886 | 690,073 | ||||||
H&E Equipment Services, Inc. | 15,205 | 568,667 | ||||||
KAR Auction Services, Inc.† | 61,318 | 1,100,045 | ||||||
Resideo Technologies, Inc.† | 68,303 | 2,042,260 | ||||||
ScanSource, Inc.† | 12,008 | 366,604 | ||||||
SiteOne Landscape Supply, Inc.† | 20,853 | 3,587,550 | ||||||
Systemax, Inc. | 5,889 | 202,111 | ||||||
Titan Machinery, Inc.† | 9,136 | 280,293 | ||||||
Veritiv Corp.† | 6,788 | 416,919 | ||||||
VSE Corp. | 4,765 | 226,671 | ||||||
WESCO International, Inc.† | 23,298 | 2,482,868 | ||||||
15,390,243 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Chase Corp. | 3,502 | 371,212 | ||||||
Enerpac Tool Group Corp. | 28,517 | 781,366 | ||||||
EnPro Industries, Inc. | 9,826 | 903,894 | ||||||
Fabrinet† | 17,430 | 1,563,297 | ||||||
Federal Signal Corp. | 28,401 | 1,206,474 | ||||||
NL Industries, Inc. | 3,975 | 28,779 | ||||||
4,855,022 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Caledonia Mining Corp. PLC# | 5,576 | 82,079 | ||||||
Livent Corp.†# | 69,641 | 1,358,696 | ||||||
United States Lime & Minerals, Inc. | 953 | 132,610 | ||||||
1,573,385 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Professional Holding Corp., Class A† | 5,394 | 98,710 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp.† | 9,580 | 422,861 | ||||||
210 |
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PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Drug Delivery Systems — 0.1% |
| |||||||
Antares Pharma, Inc.† | 78,014 | $ | 309,716 | |||||
BioDelivery Sciences International, Inc.† | 42,596 | 150,364 | ||||||
Heron Therapeutics, Inc.†# | 41,596 | 551,979 | ||||||
Revance Therapeutics, Inc.† | 29,871 | 884,480 | ||||||
1,896,539 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-Flowers.com, Inc., Class A† | 12,123 | 369,388 | ||||||
CarParts.com, Inc.† | 16,211 | 264,888 | ||||||
Lands’ End, Inc.† | 5,519 | 141,342 | ||||||
Liquidity Services, Inc.† | 12,518 | 299,305 | ||||||
Overstock.com, Inc.† | 20,251 | 1,730,043 | ||||||
RealReal, Inc.†# | 30,177 | 527,192 | ||||||
Stitch Fix, Inc., Class A† | 28,059 | 1,500,034 | ||||||
4,832,192 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Cargurus, Inc.† | 41,659 | 1,175,617 | ||||||
Cars.com, Inc.† | 32,026 | 467,900 | ||||||
ChannelAdvisor Corp.† | 13,239 | 314,161 | ||||||
Eventbrite, Inc., Class A† | 30,520 | 619,556 | ||||||
EverQuote, Inc., Class A† | 6,658 | 209,927 | ||||||
Groupon, Inc.† | 11,042 | 521,735 | ||||||
MediaAlpha, Inc., Class A† | 8,453 | 357,731 | ||||||
Shutterstock, Inc. | 10,388 | 942,711 | ||||||
Stamps.com, Inc.† | 8,071 | 1,514,765 | ||||||
TrueCar, Inc.† | 48,846 | 288,680 | ||||||
Upwork, Inc.† | 44,034 | 2,072,680 | ||||||
8,485,463 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
comScore, Inc.† | 28,749 | 114,996 | ||||||
Magnite, Inc.† | 52,468 | 1,558,300 | ||||||
QuinStreet, Inc.† | 22,865 | 414,085 | ||||||
2,087,381 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Perficient, Inc.† | 15,463 | 1,106,996 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Graham Corp. | 4,578 | 67,251 | ||||||
nLight, Inc.† | 16,750 | 491,110 | ||||||
Novanta, Inc.† | 16,244 | 2,257,428 | ||||||
Ultralife Corp.† | 4,315 | 39,396 | ||||||
2,855,185 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B | 6,253 | 38,143 | ||||||
Spark Energy, Inc., Class A# | 5,686 | 59,078 | ||||||
Unitil Corp. | 7,006 | 384,279 | ||||||
481,500 | ||||||||
Electric - Generation — 0.3% |
| |||||||
Brookfield Renewable Corp., Class A | 61,087 | 2,609,637 | ||||||
Ormat Technologies, Inc. | 20,784 | 1,435,135 | ||||||
4,044,772 | ||||||||
Electric - Integrated — 1.1% |
| |||||||
ALLETE, Inc. | 24,736 | 1,704,063 | ||||||
Ameresco, Inc., Class A† | 11,706 | 629,314 | ||||||
Avista Corp. | 32,646 | 1,479,843 | ||||||
Black Hills Corp. | 29,862 | 1,964,621 | ||||||
Evoqua Water Technologies Corp.† | 54,773 | 1,704,536 | ||||||
MGE Energy, Inc. | 17,300 | 1,297,846 | ||||||
NorthWestern Corp. | 24,103 | 1,526,925 | ||||||
Otter Tail Corp. | 19,247 | 923,279 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
PNM Resources, Inc. | 40,645 | $ | 1,996,482 | |||||
Portland General Electric Co. | 42,722 | 2,048,093 | ||||||
15,275,002 | ||||||||
Electronic Components-Misc. — 0.8% |
| |||||||
Advanced Energy Industries, Inc. | 18,031 | 1,839,342 | ||||||
Applied Optoelectronics, Inc.†# | 10,268 | 84,506 | ||||||
Atkore, Inc.† | 22,207 | 1,714,380 | ||||||
Bel Fuse, Inc., Class B | 4,762 | 78,478 | ||||||
Benchmark Electronics, Inc. | 17,318 | 535,992 | ||||||
Comtech Telecommunications Corp. | 11,668 | 295,084 | ||||||
IntriCon Corp.† | 4,017 | 89,700 | ||||||
Kimball Electronics, Inc.† | 11,418 | 255,535 | ||||||
Knowles Corp.† | 42,043 | 863,563 | ||||||
NVE Corp. | 2,263 | 158,093 | ||||||
OSI Systems, Inc.† | 8,039 | 774,638 | ||||||
Plexus Corp.† | 13,455 | 1,329,489 | ||||||
Sanmina Corp.† | 30,420 | 1,280,986 | ||||||
Vishay Intertechnology, Inc. | 63,102 | 1,518,865 | ||||||
Vishay Precision Group, Inc.† | 5,900 | 192,340 | ||||||
11,010,991 | ||||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 10,020 | 322,744 | ||||||
Ambarella, Inc.† | 16,086 | 1,614,713 | ||||||
Amkor Technology, Inc. | 47,384 | 999,802 | ||||||
Atomera, Inc.†# | 8,599 | 150,912 | ||||||
AXT, Inc.† | 18,743 | 190,804 | ||||||
CEVA, Inc.† | 10,422 | 467,635 | ||||||
CTS Corp. | 15,114 | 578,111 | ||||||
Diodes, Inc.† | 20,339 | 1,539,052 | ||||||
DSP Group, Inc.† | 10,543 | 165,736 | ||||||
GSI Technology, Inc.† | 7,848 | 49,050 | ||||||
Impinj, Inc.†# | 8,138 | 423,583 | ||||||
Intellicheck, Inc.†# | 8,530 | 63,975 | ||||||
Lattice Semiconductor Corp.† | 64,552 | 3,425,775 | ||||||
MACOM Technology Solutions Holdings, Inc.† | 22,864 | 1,353,549 | ||||||
Photronics, Inc.† | 29,460 | 398,888 | ||||||
Pixelworks, Inc.† | 21,628 | 75,482 | ||||||
Rambus, Inc.† | 53,838 | 1,053,071 | ||||||
Semtech Corp.† | 30,655 | 1,931,265 | ||||||
Silicon Laboratories, Inc.† | 20,578 | 2,810,132 | ||||||
SiTime Corp.† | 5,560 | 546,715 | ||||||
SMART Global Holdings, Inc.† | 6,933 | 328,624 | ||||||
Synaptics, Inc.† | 16,588 | 2,095,562 | ||||||
20,585,180 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Vicor Corp.† | 9,155 | 824,682 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Badger Meter, Inc. | 13,839 | 1,322,593 | ||||||
CyberOptics Corp.† | 3,372 | 100,486 | ||||||
FARO Technologies, Inc.† | 8,425 | 637,351 | ||||||
Itron, Inc.† | 20,884 | 1,991,289 | ||||||
Luna Innovations, Inc.† | 13,886 | 140,943 | ||||||
Mesa Laboratories, Inc.# | 2,248 | 553,143 | ||||||
Stoneridge, Inc.† | 12,339 | 375,599 | ||||||
5,121,404 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
API Group Corp.†* | 66,474 | 1,405,925 | ||||||
Napco Security Technologies, Inc.† | 6,755 | 219,808 | ||||||
Wrap Technologies, Inc.†# | 5,424 | 48,599 | ||||||
1,674,332 | ||||||||
211 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Energy - Alternate Sources — 1.1% |
| |||||||
Eneti, Inc.# | 3,995 | $ | 80,340 | |||||
FuelCell Energy, Inc.† | 149,517 | 1,468,257 | ||||||
FutureFuel Corp. | 12,278 | 126,095 | ||||||
Green Plains, Inc.† | 16,221 | 517,288 | ||||||
Maxeon Solar Technologies, Ltd.† | 5,039 | 78,709 | ||||||
Plug Power, Inc.† | 195,645 | 6,006,302 | ||||||
Renewable Energy Group, Inc.† | 20,471 | 1,250,164 | ||||||
REX American Resources Corp.† | 2,544 | 244,300 | ||||||
Sunnova Energy International, Inc.† | 26,556 | 775,435 | ||||||
SunPower Corp.†# | 36,319 | 849,501 | ||||||
Sunrun, Inc.† | 75,378 | 3,370,904 | ||||||
TPI Composites, Inc.† | 14,590 | 704,697 | ||||||
15,471,992 | ||||||||
Engineering/R&D Services — 0.5% |
| |||||||
908 Devices, Inc.†# | 3,426 | 144,337 | ||||||
Exponent, Inc. | 24,380 | 2,224,187 | ||||||
Fluor Corp.† | 66,885 | 1,237,373 | ||||||
Iteris, Inc.† | 19,612 | 144,540 | ||||||
KBR, Inc. | 67,615 | 2,754,635 | ||||||
Mistras Group, Inc.† | 8,604 | 89,568 | ||||||
6,594,640 | ||||||||
Enterprise Software/Service — 1.9% |
| |||||||
ACI Worldwide, Inc.† | 54,372 | 2,080,273 | ||||||
Akerna Corp.†# | 9,432 | 41,312 | ||||||
American Software, Inc., Class A | 14,393 | 289,587 | ||||||
Appian Corp.†# | 16,891 | 1,528,298 | ||||||
Asure Software, Inc.† | 7,682 | 64,913 | ||||||
Benefitfocus, Inc.† | 13,768 | 203,629 | ||||||
Blackbaud, Inc.† | 23,098 | 1,632,798 | ||||||
Blackline, Inc.† | 24,186 | 2,514,618 | ||||||
Cardlytics, Inc.† | 14,176 | 1,510,453 | ||||||
Daily Journal Corp.† | 575 | 183,712 | ||||||
Digimarc Corp.†# | 5,673 | 197,250 | ||||||
Domo, Inc., Class B† | 12,641 | 840,626 | ||||||
Donnelley Financial Solutions, Inc.† | 14,105 | 420,470 | ||||||
eGain Corp.† | 10,026 | 100,661 | ||||||
Evolent Health, Inc., Class A† | 35,838 | 696,332 | ||||||
Intelligent Systems Corp.†# | 3,556 | 116,175 | ||||||
LivePerson, Inc.† | 29,594 | 1,626,190 | ||||||
ManTech International Corp., Class A | 12,891 | 1,121,646 | ||||||
MicroStrategy, Inc., Class A†# | 3,473 | 1,632,310 | ||||||
Progress Software Corp. | 21,028 | 937,218 | ||||||
PROS Holdings, Inc.† | 19,045 | 845,027 | ||||||
QAD, Inc., Class A | 5,569 | 397,961 | ||||||
SailPoint Technologies Holdings, Inc.† | 41,791 | 1,944,535 | ||||||
Sapiens International Corp. NV | 13,028 | 374,034 | ||||||
SPS Commerce, Inc.† | 16,860 | 1,582,480 | ||||||
SVMK, Inc.† | 58,302 | 1,133,974 | ||||||
Verint Systems, Inc.† | 30,824 | 1,421,295 | ||||||
Workiva, Inc.† | 18,855 | 1,789,339 | ||||||
27,227,116 | ||||||||
Environmental Consulting & Engineering — 0.2% |
| |||||||
Montrose Environmental Group, Inc.† | 10,189 | 510,876 | ||||||
Tetra Tech, Inc. | 25,587 | 3,056,879 | ||||||
3,567,755 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
ESCO Technologies, Inc. | 12,148 | 1,149,687 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 34,872 | 1,716,051 | ||||||
Marlin Business Services Corp. | 3,971 | 89,427 | ||||||
MMA Capital Holdings, Inc.†# | 2,253 | 60,966 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Commercial (continued) |
| |||||||
NewStar Financial, Inc. CVR†(1) | 17,919 | $ | 9,676 | |||||
1,876,120 | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Curo Group Holdings Corp. | 8,686 | 143,406 | ||||||
Encore Capital Group, Inc.† | 14,817 | 685,879 | ||||||
Enova International, Inc.† | 16,430 | 622,204 | ||||||
EZCORP, Inc., Class A† | 22,954 | 168,712 | ||||||
International Money Express, Inc.† | 13,581 | 207,382 | ||||||
LendingClub Corp.† | 33,496 | 511,819 | ||||||
Navient Corp. | 87,333 | 1,595,574 | ||||||
Nelnet, Inc., Class A | 8,176 | 617,451 | ||||||
Paysign, Inc.†# | 14,874 | 49,233 | ||||||
PRA Group, Inc.† | 21,421 | 833,919 | ||||||
Regional Management Corp. | 3,915 | 182,987 | ||||||
World Acceptance Corp.† | 2,073 | 332,945 | ||||||
5,951,511 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
Atlanticus Holdings Corp.† | 2,396 | 94,905 | ||||||
I3 Verticals, Inc., Class A† | 8,796 | 273,292 | ||||||
368,197 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Amerant Bancorp, Inc.† | 10,765 | 259,652 | ||||||
Arlington Asset Investment Corp., Class A†# | 15,728 | 64,013 | ||||||
B. Riley Financial, Inc. | 9,500 | 699,580 | ||||||
Cowen, Inc., Class A# | 12,170 | 478,646 | ||||||
Diamond Hill Investment Group, Inc. | 1,440 | 252,590 | ||||||
Greenhill & Co., Inc. | 6,796 | 118,318 | ||||||
Houlihan Lokey, Inc. | 24,572 | 1,840,197 | ||||||
Moelis & Co., Class A | 25,082 | 1,346,653 | ||||||
Oppenheimer Holdings, Inc., Class A | 4,405 | 220,118 | ||||||
Piper Sandler Cos. | 8,271 | 1,054,222 | ||||||
PJT Partners, Inc., Class A | 11,047 | 804,443 | ||||||
Siebert Financial Corp.†# | 5,486 | 22,712 | ||||||
StoneX Group, Inc.† | 7,916 | 535,913 | ||||||
7,697,057 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
PROG Holdings, Inc. | 32,010 | 1,687,567 | ||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Federal Agricultural Mtg. Corp., Class C | 4,316 | 437,901 | ||||||
Home Point Capital, Inc.† | 3,474 | 22,199 | ||||||
Mr. Cooper Group, Inc.† | 35,891 | 1,241,470 | ||||||
Oportun Financial Corp.† | 9,386 | 179,085 | ||||||
PennyMac Financial Services, Inc. | 19,735 | 1,235,608 | ||||||
3,116,263 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
BGC Partners, Inc., Class A | 147,049 | 867,589 | ||||||
SWK Holdings Corp.† | 1,685 | 27,112 | ||||||
894,701 | ||||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
MBIA, Inc.† | 23,566 | 235,425 | ||||||
NMI Holdings, Inc., Class A† | 39,038 | 944,329 | ||||||
Radian Group, Inc. | 90,877 | 2,121,978 | ||||||
3,301,732 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
American Outdoor Brands, Inc.† | 6,573 | 210,533 | ||||||
Smith & Wesson Brands, Inc. | 26,295 | 559,032 | ||||||
Sturm Ruger & Co., Inc.# | 8,005 | 631,915 | ||||||
1,401,480 | ||||||||
212 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Baking — 0.1% |
| |||||||
Hostess Brands, Inc.† | 59,495 | $ | 932,882 | |||||
Food-Canned — 0.0% |
| |||||||
Landec Corp.† | 12,302 | 147,255 | ||||||
Seneca Foods Corp., Class A† | 3,088 | 142,789 | ||||||
290,044 | ||||||||
Food - Catering — 0.1% |
| |||||||
Healthcare Services Group, Inc. | 35,449 | 1,063,116 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 7,775 | 243,280 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Nathan’s Famous, Inc. | 1,345 | 86,847 | ||||||
Food - Misc./Diversified — 0.5% |
| |||||||
B&G Foods, Inc. | 30,282 | 926,629 | ||||||
BellRing Brands, Inc., Class A† | 18,894 | 541,880 | ||||||
Bridgford Foods Corp.† | 800 | 14,136 | ||||||
Cal-Maine Foods, Inc. | 17,577 | 613,613 | ||||||
J&J Snack Foods Corp. | 7,108 | 1,248,023 | ||||||
John B. Sanfilippo & Son, Inc. | 4,123 | 384,717 | ||||||
Lancaster Colony Corp. | 8,997 | 1,679,470 | ||||||
Simply Good Foods Co.† | 40,439 | 1,396,359 | ||||||
6,804,827 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 6,779 | 419,891 | ||||||
Laird Superfood, Inc.†# | 1,477 | 48,268 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,330 | 51,917 | ||||||
Village Super Market, Inc., Class A | 4,071 | 98,152 | ||||||
Weis Markets, Inc. | 4,533 | 230,639 | ||||||
848,867 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 7,816 | 556,499 | ||||||
Chefs’ Warehouse, Inc.† | 14,334 | 440,914 | ||||||
HF Foods Group, Inc.† | 16,875 | 103,106 | ||||||
Performance Food Group Co.† | 62,198 | 3,117,986 | ||||||
SpartanNash Co. | 16,855 | 353,449 | ||||||
United Natural Foods, Inc.† | 26,572 | 1,008,673 | ||||||
5,580,627 | ||||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Crocs, Inc.† | 31,695 | 3,208,802 | ||||||
Rocky Brands, Inc. | 3,260 | 190,123 | ||||||
Steven Madden, Ltd. | 39,115 | 1,619,361 | ||||||
Weyco Group, Inc. | 2,861 | 58,880 | ||||||
Wolverine World Wide, Inc. | 38,318 | 1,397,074 | ||||||
6,474,240 | ||||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Carriage Services, Inc. | 7,820 | 299,975 | ||||||
Gambling (Non-Hotel) — 0.3% |
| |||||||
Bally’s Corp.† | 11,579 | 671,929 | ||||||
Golden Entertainment, Inc.† | 7,953 | 339,116 | ||||||
International Game Technology PLC† | 47,190 | 1,144,829 | ||||||
Monarch Casino & Resort, Inc.† | 5,988 | 427,304 | ||||||
Red Rock Resorts, Inc., Class A† | 31,249 | 1,398,393 | ||||||
3,981,571 | ||||||||
Gas - Distribution — 0.7% |
| |||||||
Chesapeake Utilities Corp. | 8,142 | 932,748 | ||||||
New Jersey Resources Corp. | 45,249 | 1,933,037 | ||||||
Northwest Natural Holding Co. | 14,461 | 764,698 | ||||||
ONE Gas, Inc. | 24,890 | 1,849,825 |
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution (continued) |
| |||||||
RGC Resources, Inc. | 3,617 | $ | 82,757 | |||||
South Jersey Industries, Inc.# | 47,881 | 1,276,507 | ||||||
Southwest Gas Holdings, Inc. | 27,032 | 1,784,382 | ||||||
Spire, Inc. | 23,836 | 1,708,088 | ||||||
10,332,042 | ||||||||
Gas - Transportation — 0.1% |
| |||||||
Brookfield Infrastructure Corp., Class A | 15,065 | 1,078,353 | ||||||
Gold Mining — 0.1% |
| |||||||
Fortitude Gold Corp. | 9,024 | 76,253 | ||||||
Gold Resource Corp. | 31,819 | 88,457 | ||||||
Novagold Resources, Inc.† | 112,821 | 1,157,543 | ||||||
1,322,253 | ||||||||
Golf — 0.2% |
| |||||||
Acushnet Holdings Corp. | 16,260 | 865,032 | ||||||
Callaway Golf Co. | 44,343 | 1,637,144 | ||||||
2,502,176 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,419 | 228,505 | ||||||
Sharps Compliance Corp.† | 6,777 | 92,303 | ||||||
US Ecology, Inc.† | 14,979 | 593,618 | ||||||
914,426 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
CorVel Corp.† | 4,163 | 518,710 | ||||||
HealthEquity, Inc.† | 38,101 | 3,166,955 | ||||||
3,685,665 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha Pro Tech, Ltd.†# | 5,806 | 47,841 | ||||||
Retractable Technologies, Inc.†# | 6,519 | 59,258 | ||||||
107,099 | ||||||||
Home Furnishings — 0.3% |
| |||||||
Casper Sleep, Inc.† | 12,013 | 109,679 | ||||||
Ethan Allen Interiors, Inc. | 10,746 | 310,237 | ||||||
Herman Miller, Inc. | 28,000 | 1,338,400 | ||||||
Hooker Furniture Corp. | 5,534 | 198,394 | ||||||
Lovesac Co.† | 4,722 | 392,020 | ||||||
Purple Innovation, Inc.† | 15,403 | 439,294 | ||||||
Sleep Number Corp.† | 12,855 | 1,433,204 | ||||||
4,221,228 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Bluegreen Vacations Holding Corp.†# | 7,173 | 150,561 | ||||||
Hilton Grand Vacations, Inc.† | 40,440 | 1,849,321 | ||||||
Marcus Corp.†# | 10,648 | 224,779 | ||||||
Target Hospitality Corp.†# | 13,903 | 53,527 | ||||||
2,278,188 | ||||||||
Housewares — 0.1% |
| |||||||
Lifetime Brands, Inc. | 5,740 | 86,100 | ||||||
Tupperware Brands Corp.† | 23,285 | 597,027 | ||||||
683,127 | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.† | 22,150 | 1,964,705 | ||||||
ASGN, Inc.† | 24,160 | 2,490,654 | ||||||
Barrett Business Services, Inc. | 3,599 | 268,018 | ||||||
BGSF, Inc. | 4,662 | 55,338 | ||||||
Cross Country Healthcare, Inc.† | 16,993 | 265,940 | ||||||
Heidrick & Struggles International, Inc. | 9,104 | 391,836 | ||||||
Insperity, Inc. | 17,040 | 1,570,918 | ||||||
Kforce, Inc. | 9,369 | 587,530 |
213 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources (continued) |
| |||||||
Korn Ferry | 25,517 | $ | 1,669,067 | |||||
Resources Connection, Inc. | 14,649 | 213,582 | ||||||
TriNet Group, Inc.† | 19,552 | 1,473,048 | ||||||
TrueBlue, Inc.† | 16,676 | 452,420 | ||||||
Willdan Group, Inc.† | 4,894 | 177,946 | ||||||
11,581,002 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 22,368 | 1,280,121 | ||||||
Independent Power Producers — 0.1% |
| |||||||
Clearway Energy, Inc., Class A | 16,556 | 416,052 | ||||||
Clearway Energy, Inc., Class C | 38,914 | 1,044,063 | ||||||
1,460,115 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Akoustis Technologies, Inc.† | 17,161 | 164,402 | ||||||
GoPro, Inc., Class A† | 58,095 | 651,826 | ||||||
Turtle Beach Corp.† | 6,662 | 220,512 | ||||||
1,036,740 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Ichor Holdings, Ltd.† | 12,840 | 722,378 | ||||||
Instruments - Controls — 0.0% |
| |||||||
Allied Motion Technologies, Inc. | 5,217 | 184,682 | ||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.†# | 35,119 | 203,690 | ||||||
Insurance Brokers — 0.2% |
| |||||||
BRP Group, Inc., Class A† | 20,146 | 495,189 | ||||||
Crawford & Co., Class A | 7,717 | 74,623 | ||||||
eHealth, Inc.† | 12,235 | 798,334 | ||||||
Goosehead Insurance, Inc., Class A | 6,261 | 562,676 | ||||||
Selectquote, Inc.† | 62,020 | 1,260,247 | ||||||
Trean Insurance Group, Inc.† | 5,583 | 93,794 | ||||||
3,284,863 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
American Equity Investment Life Holding Co. | 43,077 | 1,313,849 | ||||||
CNO Financial Group, Inc. | 64,077 | 1,701,885 | ||||||
GWG Holdings, Inc.†# | 1,519 | 10,405 | ||||||
Independence Holding Co. | 2,193 | 96,536 | ||||||
Midwest Holding, Inc.† | 455 | 18,901 | ||||||
National Western Life Group, Inc., Class A | 1,219 | 298,679 | ||||||
Security National Financial Corp., Class A† | 4,524 | 39,404 | ||||||
Trupanion, Inc.† | 14,302 | 1,289,611 | ||||||
4,769,270 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Citizens, Inc.†# | 23,530 | 122,827 | ||||||
Genworth Financial, Inc., Class A† | 239,482 | 1,005,824 | ||||||
Vericity, Inc.† | 882 | 7,991 | ||||||
1,136,642 | ||||||||
Insurance - Property/Casualty — 1.0% |
| |||||||
Ambac Financial Group, Inc.† | 21,523 | 324,782 | ||||||
AMERISAFE, Inc. | 9,093 | 595,864 | ||||||
Donegal Group, Inc., Class A | 5,354 | 81,863 | ||||||
Employers Holdings, Inc. | 13,662 | 576,536 | ||||||
Enstar Group, Ltd.† | 5,711 | 1,449,966 | ||||||
FedNat Holding Co. | 5,861 | 28,074 | ||||||
HCI Group, Inc.# | 2,966 | 238,941 | ||||||
Heritage Insurance Holdings, Inc. | 11,910 | 99,210 | ||||||
Horace Mann Educators Corp. | 19,677 | 784,522 | ||||||
Investors Title Co. | 616 | 109,549 | ||||||
James River Group Holdings, Ltd. | 14,181 | 495,201 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) |
| |||||||
Kinsale Capital Group, Inc. | 10,041 | $ | 1,671,425 | |||||
NI Holdings, Inc.† | 4,293 | 81,825 | ||||||
Palomar Holdings, Inc.† | 9,621 | 702,333 | ||||||
ProAssurance Corp. | 25,443 | 619,537 | ||||||
ProSight Global, Inc.† | 4,426 | 56,653 | ||||||
Protective Insurance Corp., Class B | 4,262 | 99,305 | ||||||
RLI Corp. | 18,790 | 1,981,969 | ||||||
Safety Insurance Group, Inc. | 6,783 | 577,301 | ||||||
Selective Insurance Group, Inc. | 28,067 | 2,112,603 | ||||||
State Auto Financial Corp. | 8,334 | 157,513 | ||||||
Stewart Information Services Corp. | 12,505 | 754,677 | ||||||
Tiptree, Inc. | 11,617 | 125,115 | ||||||
United Fire Group, Inc. | 9,951 | 304,998 | ||||||
United Insurance Holdings Corp. | 9,658 | 54,471 | ||||||
Universal Insurance Holdings, Inc. | 12,914 | 182,087 | ||||||
Watford Holdings, Ltd.† | 8,131 | 284,097 | ||||||
14,550,417 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 15,407 | 826,432 | ||||||
Essent Group, Ltd. | 52,355 | 2,504,663 | ||||||
Greenlight Capital Re, Ltd., Class A† | 12,851 | 118,872 | ||||||
SiriusPoint, Ltd.† | 39,956 | 420,337 | ||||||
3,870,304 | ||||||||
Internet Application Software — 0.0% |
| |||||||
Tucows, Inc., Class A†# | 4,444 | 347,076 | ||||||
VirnetX Holding Corp.†# | 30,049 | 137,625 | ||||||
484,701 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 20,797 | 290,742 | ||||||
Cogent Communications Holdings, Inc. | 20,175 | 1,525,230 | ||||||
1,815,972 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.†# | 57,155 | 177,181 | ||||||
Internet Content - Information/News — 0.2% |
| |||||||
DHI Group, Inc.† | 22,784 | 72,909 | ||||||
HealthStream, Inc.† | 12,243 | 320,522 | ||||||
LiveXLive Media, Inc.† | 23,651 | 116,836 | ||||||
TechTarget, Inc.† | 11,302 | 794,643 | ||||||
Yelp, Inc.† | 34,202 | 1,371,842 | ||||||
2,676,752 | ||||||||
Internet Gambling — 0.0% |
| |||||||
GAN, Ltd.†# | 15,188 | 262,752 | ||||||
NeoGames SA† | 2,649 | 169,801 | ||||||
432,553 | ||||||||
Internet Security — 0.1% |
| |||||||
Mimecast, Ltd.† | 27,590 | 1,379,224 | ||||||
Zix Corp.† | 25,941 | 180,809 | ||||||
1,560,033 | ||||||||
Investment Companies — 0.0% |
| |||||||
Grid Dynamics Holdings, Inc.† | 12,931 | 198,749 | ||||||
PDL Community Bancorp†# | 3,517 | 49,238 | ||||||
Rafael Holdings, Inc., Class B† | 4,534 | 234,408 | ||||||
482,395 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Altisource Portfolio Solutions SA†# | 2,174 | 14,848 | ||||||
Artisan Partners Asset Management, Inc., Class A | 26,846 | 1,371,294 | ||||||
AssetMark Financial Holdings, Inc.† | 7,766 | 202,382 | ||||||
Associated Capital Group, Inc., Class A | 850 | 31,152 |
214 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Investment Management/Advisor Services (continued) |
| |||||||
Blucora, Inc.† | 22,867 | $ | 396,514 | |||||
Boston Private Financial Holdings, Inc. | 38,893 | 596,230 | ||||||
BrightSphere Investment Group, Inc. | 29,125 | 648,614 | ||||||
Cohen & Steers, Inc. | 11,604 | 848,600 | ||||||
Columbia Financial, Inc.† | 22,334 | 396,875 | ||||||
Federated Hermes, Inc. | 45,126 | 1,435,007 | ||||||
First Western Financial, Inc.† | 2,966 | 82,306 | ||||||
Focus Financial Partners, Inc., Class A† | 18,255 | 925,346 | ||||||
GAMCO Investors, Inc., Class A | 2,539 | 65,024 | ||||||
Hamilton Lane, Inc., Class A | 15,234 | 1,376,697 | ||||||
Pzena Investment Management, Inc., Class A | 8,037 | 93,229 | ||||||
Sculptor Capital Management, Inc. | 8,779 | 229,395 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 4,531 | 72,134 | ||||||
StepStone Group, Inc., Class A | 9,225 | 292,432 | ||||||
Stifel Financial Corp. | 47,454 | 3,287,613 | ||||||
Virtus Investment Partners, Inc. | 3,461 | 973,337 | ||||||
Westwood Holdings Group, Inc. | 3,653 | 72,074 | ||||||
WisdomTree Investments, Inc. | 66,074 | 442,696 | ||||||
13,853,799 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
II-VI, Inc.†# | 48,724 | 3,282,536 | ||||||
LENSAR, Inc.† | 3,523 | 29,135 | ||||||
3,311,671 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 4,900 | 119,805 | ||||||
Johnson Outdoors, Inc., Class A | 2,478 | 302,787 | ||||||
422,592 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Orion Energy Systems, Inc.†# | 12,834 | 82,266 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 7,160 | 1,587,229 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Hurco Cos., Inc. | 2,954 | 101,588 | ||||||
Kennametal, Inc. | 39,428 | 1,478,944 | ||||||
Luxfer Holdings PLC | 13,057 | 298,483 | ||||||
1,879,015 | ||||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Astec Industries, Inc. | 10,656 | 730,256 | ||||||
Hyster-Yale Materials Handling, Inc. | 4,702 | 355,424 | ||||||
Manitowoc Co, Inc.† | 16,093 | 415,521 | ||||||
Terex Corp. | 31,960 | 1,673,745 | ||||||
3,174,946 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Argan, Inc. | 6,995 | 343,454 | ||||||
Bloom Energy Corp., Class A†# | 42,103 | 1,017,630 | ||||||
Franklin Electric Co., Inc. | 21,857 | 1,833,584 | ||||||
3,194,668 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,693 | 723,567 | ||||||
Hydrofarm Holdings Group, Inc.† | 4,568 | 284,540 | ||||||
Lindsay Corp. | 5,146 | 847,186 | ||||||
1,855,293 | ||||||||
Machinery - General Industrial — 0.8% |
| |||||||
Albany International Corp., Class A | 14,598 | 1,304,331 | ||||||
Altra Industrial Motion Corp. | 30,618 | 2,011,296 | ||||||
Applied Industrial Technologies, Inc. | 18,352 | 1,797,762 | ||||||
Chart Industries, Inc.† | 17,139 | 2,501,266 | ||||||
DXP Enterprises, Inc.† | 7,787 | 240,540 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Gencor Industries, Inc.† | 4,964 | $ | 62,348 | |||||
Intevac, Inc.† | 11,158 | 77,548 | ||||||
Kadant, Inc. | 5,426 | 911,677 | ||||||
Ranpak Holdings Corp.† | 13,747 | 303,534 | ||||||
Tennant Co. | 8,677 | 717,935 | ||||||
Welbilt, Inc.† | 61,895 | 1,529,425 | ||||||
11,457,662 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,125 | 564,038 | ||||||
Machinery - Print Trade — 0.0% |
| |||||||
Eastman Kodak Co.† | 7,454 | 53,072 | ||||||
Machinery - Pumps — 0.5% |
| |||||||
Cactus, Inc., Class A | 22,591 | 791,589 | ||||||
CIRCOR International, Inc.† | 9,472 | 356,431 | ||||||
CSW Industrials, Inc. | 6,498 | 791,586 | ||||||
Gorman-Rupp Co. | 8,356 | 300,649 | ||||||
Mueller Water Products, Inc., Class A | 74,413 | 1,076,756 | ||||||
NN, Inc.† | 19,924 | 149,629 | ||||||
SPX FLOW, Inc. | 20,202 | 1,386,463 | ||||||
Watts Water Technologies, Inc., Class A | 13,006 | 1,767,516 | ||||||
6,620,619 | ||||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Thermon Group Holdings, Inc.† | 15,543 | 270,914 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Lantheus Holdings, Inc.† | 31,507 | 764,045 | ||||||
Medical Information Systems — 0.5% |
| |||||||
1Life Healthcare, Inc.† | 37,320 | 1,380,840 | ||||||
Allscripts Healthcare Solutions, Inc.† | 74,632 | 1,297,850 | ||||||
Apollo Medical Holdings, Inc.† | 9,592 | 334,569 | ||||||
Computer Programs & Systems, Inc. | 6,101 | 197,489 | ||||||
Health Catalyst, Inc.†# | 15,967 | 857,268 | ||||||
Inovalon Holdings, Inc., Class A† | 35,449 | 1,111,681 | ||||||
NantHealth, Inc.† | 12,797 | 33,400 | ||||||
NextGen Healthcare, Inc.† | 26,490 | 434,966 | ||||||
Schrodinger, Inc.†# | 14,284 | 1,002,451 | ||||||
Tabula Rasa HealthCare, Inc.†# | 10,060 | 434,693 | ||||||
7,085,207 | ||||||||
Medical Instruments — 0.4% |
| |||||||
AngioDynamics, Inc.† | 17,414 | 402,612 | ||||||
Apyx Medical Corp.† | 15,869 | 155,357 | ||||||
Cantel Medical Corp.†# | 18,008 | 1,464,591 | ||||||
Milestone Scientific, Inc.†# | 21,844 | 45,435 | ||||||
Misonix Opco, Inc.†# | 5,704 | 109,460 | ||||||
Natus Medical, Inc.† | 15,970 | 427,996 | ||||||
NuVasive, Inc.† | 24,394 | 1,663,671 | ||||||
Pulmonx Corp.† | 5,511 | 236,532 | ||||||
Silk Road Medical, Inc.† | 12,959 | 629,548 | ||||||
Stereotaxis, Inc.† | 20,982 | 168,276 | ||||||
5,303,478 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Avalon GloboCare Corp.†# | 9,533 | 10,867 | ||||||
Centogene NV†# | 4,038 | 39,613 | ||||||
Dyadic International, Inc.†# | 9,153 | 34,507 | ||||||
Fulgent Genetics, Inc.†# | 6,434 | 476,566 | ||||||
Invitae Corp.†# | 57,560 | 1,656,577 | ||||||
MEDNAX, Inc.† | 35,396 | 1,131,964 | ||||||
Medpace Holdings, Inc.† | 13,107 | 2,189,655 | ||||||
OPKO Health, Inc.†# | 188,802 | 721,224 | ||||||
Ortho Clinical Diagnostics Holdings PLC† | 41,885 | 860,737 | ||||||
Personalis, Inc.† | 12,508 | 281,305 | ||||||
SI-BONE, Inc.† | 13,711 | 413,661 |
215 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Labs & Testing Services (continued) |
| |||||||
Vapotherm, Inc.†# | 9,312 | $ | 184,191 | |||||
Viemed Healthcare, Inc.† | 16,570 | 129,412 | ||||||
8,130,279 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.†# | 8,207 | 314,985 | ||||||
Medical Products — 2.1% |
| |||||||
Accuray, Inc.†# | 43,612 | 185,787 | ||||||
Acutus Medical, Inc.†# | 6,842 | 111,319 | ||||||
Alphatec Holdings, Inc.† | 26,138 | 379,001 | ||||||
Apria, Inc.† | 3,594 | 109,437 | ||||||
AtriCure, Inc.† | 20,755 | 1,551,021 | ||||||
Atrion Corp. | 670 | 416,070 | ||||||
Avanos Medical, Inc.† | 22,604 | 906,420 | ||||||
AxoGen, Inc.† | 17,647 | 358,234 | ||||||
Axonics, Inc.† | 14,361 | 828,486 | ||||||
Bellerophon Therapeutics, Inc.† | 2,129 | 8,814 | ||||||
BioSig Technologies, Inc.†# | 11,839 | 42,857 | ||||||
Bioventus, Inc., Class A† | 3,642 | 64,755 | ||||||
Cardiovascular Systems, Inc.† | 18,644 | 730,658 | ||||||
Castle Biosciences, Inc.† | 6,914 | 414,356 | ||||||
Cerus Corp.† | 77,938 | 451,261 | ||||||
CryoLife, Inc.† | 17,996 | 518,465 | ||||||
CytoSorbents Corp.†# | 19,499 | 157,747 | ||||||
Eargo, Inc.† | 3,864 | 131,453 | ||||||
Electromed, Inc.† | 3,350 | 33,031 | ||||||
FONAR Corp.† | 2,992 | 54,155 | ||||||
Glaukos Corp.† | 20,269 | 1,491,393 | ||||||
Hanger, Inc.† | 17,573 | 453,911 | ||||||
Inari Medical, Inc.†# | 7,862 | 683,601 | ||||||
InfuSystem Holdings, Inc.† | 6,943 | 128,446 | ||||||
Inogen, Inc.† | 8,745 | 540,528 | ||||||
Inspire Medical Systems, Inc.† | 12,426 | 2,414,372 | ||||||
Integer Holdings Corp.† | 15,529 | 1,404,909 | ||||||
Intersect ENT, Inc.† | 15,438 | 272,481 | ||||||
Invacare Corp.† | 16,033 | 128,264 | ||||||
iRadimed Corp.† | 2,794 | 77,701 | ||||||
iRhythm Technologies, Inc.† | 13,715 | 1,034,934 | ||||||
LeMaitre Vascular, Inc. | 7,885 | 403,791 | ||||||
LivaNova PLC† | 23,191 | 1,937,376 | ||||||
Lucira Health, Inc.†# | 4,959 | 24,497 | ||||||
Luminex Corp. | 20,411 | 752,962 | ||||||
NanoString Technologies, Inc.† | 20,952 | 1,162,627 | ||||||
Nemaura Medical, Inc.†# | 3,509 | 47,758 | ||||||
Nevro Corp.† | 16,141 | 2,432,449 | ||||||
Omnicell, Inc.† | 20,161 | 2,802,379 | ||||||
Orthofix Medical, Inc.† | 8,862 | 360,683 | ||||||
OrthoPediatrics Corp.† | 6,224 | 351,594 | ||||||
PAVmed, Inc.† | 29,632 | 157,050 | ||||||
Pulse Biosciences, Inc.†# | 6,739 | 121,572 | ||||||
Repro-Med Systems, Inc.†# | 12,796 | 54,639 | ||||||
SeaSpine Holdings Corp.† | 12,559 | 255,952 | ||||||
Shockwave Medical, Inc.† | 13,502 | 2,429,010 | ||||||
Sientra, Inc.†# | 24,590 | 171,146 | ||||||
Soleno Therapeutics, Inc.†# | 28,273 | 29,121 | ||||||
Soliton, Inc.† | 3,300 | 73,524 | ||||||
Surgalign Holdings, Inc.† | 47,123 | 92,361 | ||||||
Surmodics, Inc.† | 6,352 | 336,974 | ||||||
Tactile Systems Technology, Inc.† | 8,717 | 468,713 | ||||||
Talis Biomedical Corp.† | 6,283 | 61,196 | ||||||
Venus Concept, Inc.†# | 12,063 | 24,609 | ||||||
Zynex, Inc.† | 8,852 | 134,727 | ||||||
30,770,577 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene — 7.4% |
| |||||||
4D Molecular Therapeutics, Inc.† | 3,693 | $ | 98,086 | |||||
89bio, Inc.†# | 3,952 | 74,693 | ||||||
Abeona Therapeutics, Inc.†# | 28,665 | 47,297 | ||||||
ADMA Biologics, Inc.†# | 31,284 | 54,747 | ||||||
Adverum Biotechnologies, Inc.† | 42,252 | 146,192 | ||||||
Affimed NV† | 53,561 | 475,086 | ||||||
Agenus, Inc.† | 74,647 | 317,996 | ||||||
Akero Therapeutics, Inc.†# | 6,427 | 168,259 | ||||||
Akouos, Inc.†# | 11,625 | 151,823 | ||||||
Albireo Pharma, Inc.† | 8,040 | 268,938 | ||||||
Alder Biopharmaceuticals, Inc. CVR†(1) | 37,741 | 33,212 | ||||||
Aligos Therapeutics, Inc.† | 4,966 | 138,452 | ||||||
Allakos, Inc.† | 12,447 | 1,262,624 | ||||||
Allogene Therapeutics, Inc.† | 25,592 | 657,714 | ||||||
ALX Oncology Holdings, Inc.† | 8,281 | 468,373 | ||||||
Amicus Therapeutics, Inc.† | 122,063 | 1,130,303 | ||||||
AnaptysBio, Inc.† | 10,163 | 242,591 | ||||||
Anavex Life Sciences Corp.†# | 27,719 | 345,102 | ||||||
Angion Biomedica Corp.† | 2,756 | 42,553 | ||||||
ANI Pharmaceuticals, Inc.† | 4,466 | 153,407 | ||||||
Annexon, Inc.† | 12,659 | 267,358 | ||||||
Apellis Pharmaceuticals, Inc.† | 28,506 | 1,604,318 | ||||||
Applied Genetic Technologies Corp.† | 20,336 | 81,547 | ||||||
Applied Molecular Transport, Inc.†# | 10,538 | 505,192 | ||||||
Applied Therapeutics, Inc.†# | 7,349 | 141,321 | ||||||
Aprea Therapeutics, Inc.†# | 3,413 | 14,403 | ||||||
Aptinyx, Inc.†# | 16,195 | 41,135 | ||||||
Aravive, Inc.†# | 5,771 | 29,605 | ||||||
Arcturus Therapeutics Holdings, Inc.†# | 9,559 | 279,314 | ||||||
Arcus Biosciences, Inc.† | 20,008 | 496,599 | ||||||
Arcutis Biotherapeutics, Inc.† | 10,971 | 289,086 | ||||||
Ardelyx, Inc.† | 35,140 | 251,251 | ||||||
Arena Pharmaceuticals, Inc.† | 27,600 | 1,686,636 | ||||||
Arrowhead Pharmaceuticals, Inc.† | 48,592 | 3,527,779 | ||||||
Assembly Biosciences, Inc.†# | 14,567 | 57,831 | ||||||
Atara Biotherapeutics, Inc.† | 38,060 | 516,094 | ||||||
Atea Pharmaceuticals, Inc.† | 6,884 | 140,571 | ||||||
Athersys, Inc.†# | 82,326 | 137,484 | ||||||
Athira Pharma, Inc.† | 6,588 | 131,365 | ||||||
Atreca, Inc., Class A†# | 13,674 | 123,339 | ||||||
AVEO Pharmaceuticals, Inc.† | 10,364 | 75,657 | ||||||
Avid Bioservices, Inc.† | 28,686 | 610,438 | ||||||
Avidity Biosciences, Inc.†# | 14,472 | 343,565 | ||||||
Avrobio, Inc.† | 16,867 | 151,634 | ||||||
Axsome Therapeutics, Inc.†# | 13,151 | 798,397 | ||||||
Aziyo Biologics, Inc., Class A†# | 1,057 | 13,265 | ||||||
Beam Therapeutics, Inc.†# | 18,939 | 1,481,598 | ||||||
BioAtla, Inc.† | 5,497 | 236,646 | ||||||
BioCryst Pharmaceuticals, Inc.† | 83,847 | 1,322,267 | ||||||
Biodesix, Inc.† | 1,442 | 20,837 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 22,838 | 1,986,906 | ||||||
Black Diamond Therapeutics, Inc.† | 8,583 | 112,609 | ||||||
Blueprint Medicines Corp.† | 26,269 | 2,399,673 | ||||||
Bolt Biotherapeutics, Inc.† | 6,021 | 105,428 | ||||||
BrainStorm Cell Therapeutics, Inc.†# | 14,477 | 51,828 | ||||||
Bridgebio Pharma, Inc.†# | 44,658 | 2,643,754 | ||||||
C4 Therapeutics, Inc.† | 5,066 | 187,189 | ||||||
Cabaletta Bio, Inc.†# | 6,128 | 69,492 | ||||||
Calithera Biosciences, Inc.†# | 31,218 | 71,177 | ||||||
Cara Therapeutics, Inc.†# | 19,539 | 265,535 | ||||||
CASI Pharmaceuticals, Inc.†# | 31,379 | 50,206 | ||||||
Catabasis Pharmaceuticals, Inc.†# | 9,611 | 19,606 | ||||||
CEL-SCI Corp.†# | 16,804 | 361,454 | ||||||
Cerecor, Inc.†# | 20,421 | 53,911 | ||||||
Champions Oncology, Inc.† | 3,213 | 30,234 | ||||||
Checkmate Pharmaceuticals, Inc.†# | 4,249 | 28,723 |
216 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
ChemoCentryx, Inc.† | 23,538 | $ | 238,911 | |||||
Chinook Therapeutics, Inc.† | 6,302 | 103,983 | ||||||
ChromaDex Corp.†# | 19,571 | 162,439 | ||||||
Codiak Biosciences, Inc.† | 3,053 | 69,059 | ||||||
Cohbar, Inc.†# | 16,453 | 20,566 | ||||||
Constellation Pharmaceuticals, Inc.†# | 14,569 | 288,612 | ||||||
ContraFect Corp.† | 11,601 | 46,868 | ||||||
Cortexyme, Inc.†# | 7,466 | 308,868 | ||||||
Crinetics Pharmaceuticals, Inc.†# | 12,844 | 225,412 | ||||||
Cue Biopharma, Inc.†# | 14,020 | 201,047 | ||||||
Cullinan Oncology, Inc.† | 6,230 | 185,218 | ||||||
Cymabay Therapeutics, Inc.†# | 32,880 | 139,082 | ||||||
CytomX Therapeutics, Inc.† | 29,237 | 209,337 | ||||||
Decibel Therapeutics, Inc.† | 3,384 | 30,287 | ||||||
Deciphera Pharmaceuticals, Inc.† | 18,321 | 618,151 | ||||||
Denali Therapeutics, Inc.† | 29,850 | 1,898,161 | ||||||
Dicerna Pharmaceuticals, Inc.† | 31,307 | 1,020,608 | ||||||
Dynavax Technologies Corp.†# | 50,435 | 413,567 | ||||||
Dyne Therapeutics, Inc.† | 7,647 | 146,134 | ||||||
Editas Medicine, Inc.† | 31,688 | 1,075,808 | ||||||
Eiger BioPharmaceuticals, Inc.†# | 14,520 | 114,127 | ||||||
Emergent BioSolutions, Inc.† | 21,422 | 1,299,244 | ||||||
Enochian Biosciences, Inc.†# | 6,547 | 26,646 | ||||||
Enzo Biochem, Inc.† | 21,086 | 64,945 | ||||||
Epizyme, Inc.† | 42,340 | 348,458 | ||||||
Esperion Therapeutics, Inc.† | 12,289 | 244,674 | ||||||
Evelo Biosciences, Inc.†# | 10,931 | 146,694 | ||||||
Evolus, Inc.† | 10,334 | 111,814 | ||||||
Exagen, Inc.† | 2,267 | 32,305 | ||||||
Exicure, Inc.†# | 28,150 | 47,011 | ||||||
Fate Therapeutics, Inc.† | 36,147 | 2,768,860 | ||||||
FibroGen, Inc.† | 39,990 | 849,788 | ||||||
Forma Therapeutics Holdings, Inc.† | 14,346 | 402,692 | ||||||
Frequency Therapeutics, Inc.† | 11,921 | 105,501 | ||||||
Galera Therapeutics, Inc.†# | 4,150 | 35,566 | ||||||
Generation Bio Co.† | 19,125 | 655,223 | ||||||
Genprex, Inc.†# | 13,802 | 51,619 | ||||||
Geron Corp.†# | 136,372 | 188,193 | ||||||
GlycoMimetics, Inc.†# | 17,588 | 44,849 | ||||||
Gossamer Bio, Inc.†# | 26,895 | 227,801 | ||||||
Halozyme Therapeutics, Inc.† | 63,122 | 2,613,882 | ||||||
Harvard Bioscience, Inc.† | 18,171 | 127,197 | ||||||
Homology Medicines, Inc.† | 16,134 | 107,130 | ||||||
iBio, Inc.† | 101,599 | 147,319 | ||||||
IGM Biosciences, Inc.† | 3,554 | 265,306 | ||||||
Immunic, Inc.† | 2,643 | 35,707 | ||||||
ImmunityBio, Inc.† | 14,962 | 262,583 | ||||||
ImmunoGen, Inc.† | 91,049 | 562,683 | ||||||
Immunome, Inc.† | 992 | 20,753 | ||||||
Immunovant, Inc.† | 17,798 | 269,818 | ||||||
Inhibrx, Inc.† | 3,858 | 81,635 | ||||||
Innoviva, Inc.† | 30,114 | 405,033 | ||||||
Inovio Pharmaceuticals, Inc.†# | 87,913 | 663,743 | ||||||
Inozyme Pharma, Inc.† | 5,710 | 93,416 | ||||||
Insmed, Inc.† | 48,058 | 1,182,227 | ||||||
Intercept Pharmaceuticals, Inc.†# | 12,307 | 204,665 | ||||||
Intra-Cellular Therapies, Inc.† | 31,494 | 1,241,179 | ||||||
iTeos Therapeutics, Inc.† | 9,368 | 192,419 | ||||||
IVERIC bio, Inc.† | 38,132 | 269,593 | ||||||
Kadmon Holdings, Inc.†# | 81,887 | 314,446 | ||||||
Kaleido Biosciences, Inc.† | 6,484 | 46,555 | ||||||
Karuna Therapeutics, Inc.† | 7,499 | 838,538 | ||||||
Karyopharm Therapeutics, Inc.† | 33,648 | 312,253 | ||||||
Keros Therapeutics, Inc.† | 6,296 | 343,510 | ||||||
Kezar Life Sciences, Inc.† | 14,858 | 84,988 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Kindred Biosciences, Inc.†# | 17,684 | $ | 85,414 | |||||
Kiniksa Pharmaceuticals, Ltd., Class A† | 12,689 | 172,951 | ||||||
Kinnate Biopharma, Inc.† | 6,415 | 150,624 | ||||||
Kodiak Sciences, Inc.†# | 15,630 | 1,306,981 | ||||||
Kronos Bio, Inc.†# | 7,064 | 172,432 | ||||||
Krystal Biotech, Inc.† | 7,154 | 466,727 | ||||||
Kymera Therapeutics, Inc.† | 4,786 | 230,159 | ||||||
Lexicon Pharmaceuticals, Inc.† | 23,605 | 103,626 | ||||||
Ligand Pharmaceuticals, Inc.† | 6,848 | 806,010 | ||||||
Liquidia Corp.†# | 12,859 | 38,706 | ||||||
LogicBio Therapeutics, Inc.†# | 7,785 | 34,020 | ||||||
Lyra Therapeutics, Inc.† | 3,229 | 23,184 | ||||||
MacroGenics, Inc.† | 26,027 | 837,809 | ||||||
Magenta Therapeutics, Inc.† | 9,826 | 121,351 | ||||||
Marker Therapeutics, Inc.† | 14,457 | 42,070 | ||||||
MEI Pharma, Inc.† | 52,059 | 149,930 | ||||||
MeiraGTx Holdings PLC† | 11,324 | 156,158 | ||||||
Mersana Therapeutics, Inc.† | 25,268 | 361,838 | ||||||
Metacrine, Inc.† | 3,138 | 12,929 | ||||||
Mirati Therapeutics, Inc.† | 20,309 | 3,211,868 | ||||||
Molecular Templates, Inc.†# | 12,568 | 112,358 | ||||||
Mustang Bio, Inc.† | 23,899 | 80,062 | ||||||
Myriad Genetics, Inc.† | 33,792 | 968,141 | ||||||
NeoGenomics, Inc.† | 51,578 | 2,116,245 | ||||||
NextCure, Inc.†# | 7,822 | 61,403 | ||||||
NGM Biopharmaceuticals, Inc.† | 12,212 | 183,913 | ||||||
Nkarta, Inc.† | 9,664 | 235,318 | ||||||
Novavax, Inc.† | 29,260 | 4,319,361 | ||||||
Nurix Therapeutics, Inc.† | 11,364 | 317,056 | ||||||
Olema Pharmaceuticals, Inc.† | 5,758 | 160,994 | ||||||
Omeros Corp.†# | 28,053 | 426,125 | ||||||
Oncocyte Corp.†# | 33,832 | 149,537 | ||||||
Oncorus, Inc.† | 3,562 | 61,266 | ||||||
Oncternal Therapeutics, Inc. CVR†#(1) | 368 | 754 | ||||||
Organogenesis Holdings, Inc.† | 11,615 | 207,095 | ||||||
Orgenesis, Inc.†# | 8,945 | 43,204 | ||||||
Osmotica Pharmaceuticals PLC†# | 6,027 | 17,539 | ||||||
Ovid therapeutics, Inc.† | 22,583 | 93,719 | ||||||
Oyster Point Pharma, Inc.†# | 2,874 | 51,502 | ||||||
Pacific Biosciences of California, Inc.† | 86,569 | 2,341,691 | ||||||
Phathom Pharmaceuticals, Inc.† | 5,495 | 194,248 | ||||||
Pieris Pharmaceuticals, Inc.†# | 25,192 | 86,660 | ||||||
Pliant Therapeutics Inc†# | 11,401 | 342,714 | ||||||
Poseida Therapeutics, Inc.†# | 15,716 | 132,800 | ||||||
Praxis Precision Medicines, Inc.† | 5,235 | 102,554 | ||||||
Precigen, Inc.† | 33,216 | 219,226 | ||||||
Precision BioSciences, Inc.†# | 22,068 | 232,376 | ||||||
Prelude Therapeutics Inc†# | 4,704 | 163,511 | ||||||
Protara Therapeutics, Inc.† | 1,836 | 17,405 | ||||||
Prothena Corp. PLC† | 14,604 | 425,999 | ||||||
Provention Bio, Inc.†# | 25,187 | 191,673 | ||||||
PTC Therapeutics, Inc.† | 29,334 | 1,151,946 | ||||||
Puma Biotechnology, Inc.† | 14,645 | 154,505 | ||||||
Radius Health, Inc.†# | 21,578 | 416,240 | ||||||
RAPT Therapeutics, Inc.†# | 5,208 | 100,514 | ||||||
REGENXBIO, Inc.† | 18,360 | 647,557 | ||||||
Relay Therapeutics, Inc.† | 21,766 | 699,124 | ||||||
Replimune Group, Inc.† | 11,424 | 445,193 | ||||||
REVOLUTION Medicines, Inc.† | 20,275 | 606,425 | ||||||
Rigel Pharmaceuticals, Inc.†# | 80,659 | 300,051 | ||||||
Rocket Pharmaceuticals, Inc.†# | 17,748 | 754,290 | ||||||
Rubius Therapeutics, Inc.† | 17,013 | 415,628 | ||||||
Sangamo Therapeutics, Inc.† | 54,658 | 589,213 | ||||||
Satsuma Pharmaceuticals, Inc.† | 4,363 | 22,775 | ||||||
Savara, Inc.† | 22,856 | 41,141 | ||||||
Scholar Rock Holding Corp.† | 12,141 | 326,229 |
217 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Scopus Biopharma, Inc.†# | 2,632 | $ | 18,635 | |||||
Seer, Inc.† | 6,873 | 203,303 | ||||||
Selecta Biosciences, Inc.† | 32,189 | 139,700 | ||||||
Sensei Biotherapeutics, Inc.† | 3,617 | 44,959 | ||||||
Shattuck Labs, Inc.† | 6,220 | 168,811 | ||||||
Sigilon Therapeutics, Inc.† | 3,665 | 42,771 | ||||||
Silverback Therapeutics, Inc.† | 6,021 | 165,758 | ||||||
Solid Biosciences, Inc.† | 13,346 | 50,715 | ||||||
Sorrento Therapeutics, Inc.†# | 118,808 | 893,436 | ||||||
SpringWorks Therapeutics, Inc.† | 11,406 | 930,045 | ||||||
Spruce Biosciences, Inc.†# | 3,307 | 46,728 | ||||||
SQZ Biotechnologies Co.†# | 2,454 | 33,301 | ||||||
Stoke Therapeutics, Inc.† | 6,439 | 255,371 | ||||||
Strongbridge Biopharma PLC†# | 20,897 | 52,660 | ||||||
Sutro Biopharma, Inc.† | 15,428 | 287,115 | ||||||
Syndax Pharmaceuticals, Inc.† | 14,762 | 271,178 | ||||||
Tarsus Pharmaceuticals, Inc.† | 2,953 | 98,394 | ||||||
Taysha Gene Therapies, Inc.† | 4,120 | 92,700 | ||||||
TCR2 Therapeutics, Inc.† | 13,739 | 263,102 | ||||||
Tela Bio, Inc.†# | 3,257 | 44,751 | ||||||
Terns Pharmaceuticals, Inc.† | 4,133 | 70,716 | ||||||
TG Therapeutics, Inc.† | 57,747 | 2,013,638 | ||||||
Theravance Biopharma, Inc.†# | 22,143 | 382,631 | ||||||
Tobira Therapeutics, Inc. CVR†(1) | 4,989 | 0 | ||||||
Translate Bio, Inc.†# | 32,355 | 582,714 | ||||||
TransMedics Group, Inc.† | 11,935 | 306,013 | ||||||
Travere Therapeutics, Inc.† | 26,264 | 398,425 | ||||||
Turning Point Therapeutics, Inc.† | 17,723 | 1,172,908 | ||||||
Twist Bioscience Corp.† | 22,292 | 2,392,155 | ||||||
Tyme Technologies, Inc.†# | 32,976 | 50,783 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 30,169 | 3,068,489 | ||||||
UNITY Biotechnology, Inc.†# | 16,819 | 75,349 | ||||||
UroGen Pharma, Ltd.†# | 9,200 | 162,104 | ||||||
Vaxart, Inc.†# | 24,870 | 164,639 | ||||||
VBI Vaccines, Inc.†# | 85,539 | 276,291 | ||||||
Veracyte, Inc.† | 31,458 | 1,228,435 | ||||||
Verastem, Inc.† | 80,981 | 313,396 | ||||||
Vericel Corp.† | 21,585 | 1,219,552 | ||||||
Veru, Inc.† | 25,955 | 229,183 | ||||||
Viking Therapeutics, Inc.†# | 31,123 | 163,085 | ||||||
Vir Biotechnology, Inc.†# | 25,432 | 1,065,855 | ||||||
VolitionRX, Ltd.†# | 14,046 | 49,021 | ||||||
Vor BioPharma, Inc.† | 5,416 | 114,278 | ||||||
VYNE Therapeutics, Inc.†# | 17,231 | 68,062 | ||||||
WaVe Life Sciences, Ltd.† | 15,559 | 106,424 | ||||||
X4 Pharmaceuticals, Inc.†# | 7,631 | 72,495 | ||||||
XBiotech, Inc.† | 6,870 | 118,508 | ||||||
Xencor, Inc.† | 26,321 | 1,012,306 | ||||||
XOMA Corp.†# | 2,887 | 85,080 | ||||||
Y-mAbs Therapeutics, Inc.† | 14,483 | 518,926 | ||||||
Zeneca, Inc. CVR†(1) | 3,950 | 2,429 | ||||||
Zentalis Pharmaceuticals, Inc.† | 13,646 | 762,129 | ||||||
ZIOPHARM Oncology, Inc.†# | 101,191 | 307,621 | ||||||
107,815,551 | ||||||||
Medical - Drugs — 1.6% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 47,654 | 66,239 | ||||||
Aduro Biotech Holding, Inc. CVR†(1) | 6,346 | 0 | ||||||
Aeglea BioTherapeutics, Inc.† | 21,428 | 141,639 | ||||||
Aerie Pharmaceuticals, Inc.†# | 17,413 | 283,658 | ||||||
Agile Therapeutics, Inc.†# | 32,235 | 51,898 | ||||||
Alector, Inc.† | 21,972 | 391,102 | ||||||
Allovir, Inc.† | 14,052 | 329,379 | ||||||
Amphastar Pharmaceuticals, Inc.† | 17,296 | 327,240 | ||||||
Aquestive Therapeutics, Inc.† | 9,432 | 34,993 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Athenex, Inc.† | 33,643 | $ | 157,786 | |||||
Avenue Therapeutics, Inc.†# | 3,163 | 15,688 | ||||||
Axcella Health, Inc.† | 7,350 | 23,446 | ||||||
Aytu BioPharma, Inc.†# | 10,388 | 52,771 | ||||||
Beyond Air, Inc.†# | 7,849 | 38,853 | ||||||
Beyondspring, Inc.† | 9,025 | 93,589 | ||||||
Bioxcel Therapeutics, Inc.†# | 6,066 | 200,360 | ||||||
Cassava Sciences, Inc.†# | 15,518 | 836,731 | ||||||
Catalyst Biosciences, Inc.† | 14,608 | 62,376 | ||||||
Catalyst Pharmaceuticals, Inc.† | 46,072 | 254,778 | ||||||
Checkpoint Therapeutics, Inc.†# | 24,567 | 65,840 | ||||||
Chiasma, Inc.†# | 23,784 | 100,606 | ||||||
Chimerix, Inc.† | 28,247 | 220,892 | ||||||
Cidara Therapeutics, Inc.†# | 17,102 | 34,546 | ||||||
Clovis Oncology, Inc.†# | 39,365 | 201,942 | ||||||
Coherus Biosciences, Inc.† | 27,924 | 367,480 | ||||||
Collegium Pharmaceutical, Inc.†# | 16,295 | 389,288 | ||||||
Concert Pharmaceuticals, Inc.† | 14,032 | 56,409 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 36,459 | 79,116 | ||||||
Corcept Therapeutics, Inc.† | 46,192 | 997,747 | ||||||
Cyclerion Therapeutics, Inc.†# | 10,513 | 34,062 | ||||||
Cytokinetics, Inc.† | 31,499 | 687,623 | ||||||
Durect Corp.†# | 105,855 | 174,661 | ||||||
Eagle Pharmaceuticals, Inc.† | 4,928 | 195,247 | ||||||
Eloxx Pharmaceuticals, Inc.†# | 12,648 | 19,731 | ||||||
Enanta Pharmaceuticals, Inc.† | 9,139 | 444,704 | ||||||
Eton Pharmaceuticals, Inc.†# | 8,106 | 57,228 | ||||||
Foghorn Therapeutics, Inc.† | 3,414 | 35,540 | ||||||
Fortress Biotech, Inc.†# | 31,729 | 127,868 | ||||||
Fulcrum Therapeutics, Inc.†# | 8,084 | 72,190 | ||||||
Galectin Therapeutics, Inc.†# | 17,654 | 70,086 | ||||||
Graybug Vision, Inc.†# | 3,100 | 12,338 | ||||||
Gritstone bio, Inc.†# | 14,289 | 131,459 | ||||||
Harmony Biosciences Holdings, Inc.† | 2,948 | 94,218 | ||||||
Harpoon Therapeutics, Inc.† | 6,431 | 132,607 | ||||||
Harrow Health, Inc.†# | 10,623 | 97,732 | ||||||
Hookipa Pharma, Inc.† | 6,824 | 113,893 | ||||||
Ideaya Biosciences, Inc.† | 8,379 | 168,837 | ||||||
IMARA, Inc.†# | 3,634 | 26,419 | ||||||
Intellia Therapeutics, Inc.† | 26,040 | 1,951,438 | ||||||
Ironwood Pharmaceuticals, Inc.† | 75,746 | 876,381 | ||||||
Jounce Therapeutics, Inc.† | 8,191 | 64,299 | ||||||
Kala Pharmaceuticals, Inc.†# | 18,788 | 106,152 | ||||||
KalVista Pharmaceuticals, Inc.† | 9,044 | 244,188 | ||||||
Kura Oncology, Inc.† | 29,712 | 661,092 | ||||||
Landos Biopharma, Inc.† | 2,995 | 32,885 | ||||||
Lannett Co., Inc.†# | 15,584 | 67,011 | ||||||
Madrigal Pharmaceuticals, Inc.† | 4,153 | 466,382 | ||||||
Marinus Pharmaceuticals, Inc.†# | 13,827 | 232,570 | ||||||
MediciNova, Inc.†# | 20,389 | 86,042 | ||||||
Minerva Neurosciences, Inc.† | 16,820 | 49,619 | ||||||
Mirum Pharmaceuticals, Inc.†# | 2,842 | 47,007 | ||||||
Morphic Holding, Inc.† | 6,612 | 326,368 | ||||||
Neoleukin Therapeutics, Inc.† | 15,291 | 153,369 | ||||||
NeuBase Therapeutics, Inc.†# | 7,970 | 41,205 | ||||||
NeuroBo Pharmaceuticals, Inc.†# | 3,197 | 9,016 | ||||||
NexImmune, Inc.† | 3,039 | 56,465 | ||||||
Ocular Therapeutix, Inc.† | 34,596 | 503,718 | ||||||
Odonate Therapeutics, Inc.†# | 7,451 | 25,780 | ||||||
Optinose, Inc.†# | 16,591 | 52,925 | ||||||
ORIC Pharmaceuticals, Inc.† | 10,756 | 245,775 | ||||||
Pacira BioSciences, Inc.† | 20,240 | 1,227,961 | ||||||
Paratek Pharmaceuticals, Inc.†# | 20,702 | 170,170 | ||||||
Passage Bio, Inc.† | 13,650 | 180,862 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 7,241 | 24,475 | ||||||
Phibro Animal Health Corp., Class A | 9,684 | 272,992 |
218 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
PMV Pharmaceuticals Inc† | 6,485 | $ | 223,084 | |||||
Prestige Consumer Healthcare, Inc.† | 23,887 | 1,191,245 | ||||||
Progenics Pharmaceuticals, Inc. CVR†(1) | 41,888 | 0 | ||||||
Protagonist Therapeutics, Inc.† | 16,718 | 586,969 | ||||||
Relmada Therapeutics, Inc.†# | 6,958 | 240,677 | ||||||
Rhythm Pharmaceuticals, Inc.† | 18,090 | 354,745 | ||||||
Rockwell Medical, Inc.†# | 33,078 | 28,781 | ||||||
scPharmaceuticals, Inc.†# | 3,322 | 18,803 | ||||||
Seres Therapeutics, Inc.† | 26,217 | 553,441 | ||||||
SIGA Technologies, Inc.† | 24,743 | 174,438 | ||||||
Spectrum Pharmaceuticals, Inc.† | 68,470 | 236,221 | ||||||
Spero Therapeutics, Inc.†# | 9,705 | 140,722 | ||||||
Supernus Pharmaceuticals, Inc.† | 23,157 | 691,236 | ||||||
Syros Pharmaceuticals, Inc.† | 22,398 | 144,467 | ||||||
TherapeuticsMD, Inc.†# | 160,086 | 193,704 | ||||||
Tricida, Inc.†# | 13,421 | 61,871 | ||||||
Vanda Pharmaceuticals, Inc.† | 25,510 | 451,272 | ||||||
Vaxcyte, Inc.† | 13,752 | 289,755 | ||||||
Verrica Pharmaceuticals, Inc.†# | 5,905 | 66,490 | ||||||
Voyager Therapeutics, Inc.†# | 12,267 | 52,257 | ||||||
vTv Therapeutics, Inc., Class A† | 5,625 | 13,837 | ||||||
Xeris Pharmaceuticals, Inc.†# | 21,817 | 68,069 | ||||||
Zogenix, Inc.† | 26,384 | 463,039 | ||||||
22,994,105 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Amneal Pharmaceuticals, Inc.† | 47,079 | 266,467 | ||||||
Arvinas, Inc.† | 17,169 | 1,248,873 | ||||||
Endo International PLC† | 107,522 | 631,154 | ||||||
2,146,494 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Magellan Health, Inc.† | 11,513 | 1,084,410 | ||||||
Ontrak, Inc.† | 3,785 | 114,988 | ||||||
Tivity Health, Inc.† | 20,571 | 538,960 | ||||||
Triple-S Management Corp., Class B† | 10,762 | 272,279 | ||||||
2,010,637 | ||||||||
Medical - Hospitals — 0.5% |
| |||||||
Community Health Systems, Inc.† | 40,450 | 577,221 | ||||||
Select Medical Holdings Corp. | 51,559 | 2,065,969 | ||||||
Surgery Partners, Inc.† | 12,269 | 718,105 | ||||||
Tenet Healthcare Corp.† | 49,604 | 3,319,004 | ||||||
6,680,299 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 24,540 | 2,041,728 | ||||||
National HealthCare Corp. | 5,955 | 435,966 | ||||||
2,477,694 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Addus HomeCare Corp.† | 7,042 | 677,229 | ||||||
Joint Corp.† | 6,298 | 447,662 | ||||||
LHC Group, Inc.† | 14,411 | 2,836,805 | ||||||
ModivCare, Inc.† | 5,739 | 844,953 | ||||||
Pennant Group, Inc.† | 12,100 | 414,667 | ||||||
5,221,316 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
AdaptHealth Corp.† | 35,644 | 933,516 | ||||||
Covetrus, Inc.† | 55,166 | 1,530,305 | ||||||
Evofem Biosciences, Inc.†# | 36,400 | 31,304 | ||||||
Owens & Minor, Inc. | 34,474 | 1,541,333 | ||||||
PetIQ, Inc.†# | 10,148 | 417,083 | ||||||
4,453,541 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
AZZ, Inc. | 11,993 | $ | 641,506 | |||||
Helios Technologies, Inc. | 14,751 | 1,048,059 | ||||||
Lawson Products, Inc.† | 2,099 | 126,990 | ||||||
LB Foster Co., Class A† | 4,790 | 86,172 | ||||||
Mayville Engineering Co., Inc.† | 3,492 | 67,884 | ||||||
Mueller Industries, Inc. | 26,541 | 1,232,299 | ||||||
Park-Ohio Holdings Corp. | 4,143 | 152,835 | ||||||
Proto Labs, Inc.† | 12,693 | 1,134,627 | ||||||
RBC Bearings, Inc.† | 11,698 | 2,290,351 | ||||||
Rexnord Corp. | 57,172 | 2,856,885 | ||||||
Standex International Corp. | 5,836 | 581,499 | ||||||
Tredegar Corp. | 12,413 | 189,174 | ||||||
10,408,281 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Olympic Steel, Inc. | 4,335 | 154,976 | ||||||
Ryerson Holding Corp.† | 7,599 | 125,839 | ||||||
Worthington Industries, Inc. | 16,567 | 1,099,552 | ||||||
1,380,367 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
Eastern Co. | 2,559 | 81,581 | ||||||
Metal - Aluminum — 0.5% |
| |||||||
Alcoa Corp.† | 88,928 | 3,527,774 | ||||||
Arconic Corp.† | 47,247 | 1,708,924 | ||||||
Century Aluminum Co.† | 23,976 | 326,313 | ||||||
Kaiser Aluminum Corp. | 7,462 | 965,508 | ||||||
6,528,519 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1) | 36,833 | 0 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
Hillenbrand, Inc. | 35,175 | 1,603,980 | ||||||
John Bean Technologies Corp. | 14,867 | 2,141,294 | ||||||
3,745,274 | ||||||||
Motion Pictures & Services — 0.0% |
| |||||||
Eros STX Global Corp.†# | 77,017 | 92,421 | ||||||
IMAX Corp.† | 23,489 | 507,597 | ||||||
600,018 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 20,657 | 546,791 | ||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 26,609 | 564,377 | ||||||
Entravision Communications Corp., Class A | 27,924 | 130,405 | ||||||
Media General, Inc. CVR†#(1) | 61,443 | 0 | ||||||
694,782 | ||||||||
Networking Products — 0.3% |
| |||||||
A10 Networks, Inc.† | 28,442 | 276,741 | ||||||
Calix, Inc.† | 24,984 | 1,107,041 | ||||||
Extreme Networks, Inc.† | 57,422 | 656,908 | ||||||
Infinera Corp.† | 77,884 | 747,686 | ||||||
Inseego Corp.†# | 33,253 | 285,976 | ||||||
NeoPhotonics Corp.† | 23,563 | 240,578 | ||||||
NETGEAR, Inc.† | 14,230 | 553,262 | ||||||
3,868,192 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 3,972 | 307,830 | ||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Energy Fuels, Inc.†# | 63,264 | 410,583 | ||||||
Uranium Energy Corp.†# | 92,551 | 289,685 | ||||||
700,268 | ||||||||
219 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Casella Waste Systems, Inc., Class A† | 23,144 | $ | 1,560,600 | |||||
Covanta Holding Corp. | 56,283 | 833,551 | ||||||
2,394,151 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 82,258 | 689,322 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
CompX International, Inc. | 785 | 17,411 | ||||||
HNI Corp. | 20,243 | 923,486 | ||||||
Interface, Inc. | 27,683 | 452,340 | ||||||
Kimball International, Inc., Class B | 17,110 | 227,905 | ||||||
Knoll, Inc. | 23,778 | 618,228 | ||||||
Steelcase, Inc., Class A | 40,956 | 592,634 | ||||||
2,832,004 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 43,846 | 399,437 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Nabors Industries, Ltd.† | 3,336 | 312,316 | ||||||
Patterson-UTI Energy, Inc. | 86,944 | 727,721 | ||||||
Transocean, Ltd.†# | 277,597 | 1,049,317 | ||||||
2,089,354 | ||||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Antero Resources Corp.† | 115,236 | 1,487,697 | ||||||
Berry Corp. | 32,145 | 204,442 | ||||||
Bonanza Creek Energy, Inc.† | 9,999 | 429,557 | ||||||
Brigham Minerals, Inc., Class A | 20,131 | 365,176 | ||||||
CNX Resources Corp.† | 103,540 | 1,410,215 | ||||||
Comstock Resources, Inc.† | 11,594 | 65,274 | ||||||
Contango Oil & Gas Co.†# | 54,453 | 237,415 | ||||||
DLB Oil & Gas, Inc.†(1) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A† | 11,179 | 107,430 | ||||||
Evolution Petroleum Corp. | 14,731 | 54,357 | ||||||
Falcon Minerals Corp. | 18,127 | 84,472 | ||||||
Goodrich Petroleum Corp.† | 4,382 | 48,509 | ||||||
Kosmos Energy, Ltd.† | 191,372 | 608,563 | ||||||
Magnolia Oil & Gas Corp., Class A† | 58,848 | 760,316 | ||||||
Matador Resources Co. | 52,378 | 1,604,862 | ||||||
Ovintiv, Inc. | 124,287 | 3,309,763 | ||||||
PDC Energy, Inc.† | 47,368 | 1,999,877 | ||||||
Penn Virginia Corp.† | 7,253 | 139,838 | ||||||
PrimeEnergy Resources Corp.†# | 247 | 10,196 | ||||||
Range Resources Corp.† | 101,657 | 1,378,469 | ||||||
SM Energy Co. | 54,178 | 1,078,142 | ||||||
Southwestern Energy Co.† | 307,256 | 1,588,514 | ||||||
Talos Energy, Inc.† | 6,514 | 92,369 | ||||||
Tellurian, Inc.† | 79,793 | 347,898 | ||||||
W&T Offshore, Inc.† | 44,753 | 167,376 | ||||||
Whiting Petroleum Corp.† | 570 | 26,100 | ||||||
17,606,827 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.† | 16,586 | 556,129 | ||||||
Exterran Corp.† | 12,370 | 58,386 | ||||||
US Silica Holdings, Inc.† | 35,000 | 359,100 | ||||||
973,615 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Adams Resources & Energy, Inc. | 1,042 | 28,259 | ||||||
CVR Energy, Inc. | 14,053 | 291,600 | ||||||
Delek US Holdings, Inc. | 29,659 | 661,099 | ||||||
Par Pacific Holdings, Inc.† | 18,995 | 264,410 | ||||||
PBF Energy, Inc., Class A† | 45,837 | 739,809 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Refining & Marketing (continued) |
| |||||||
Trecora Resources† | 11,468 | $ | 93,923 | |||||
2,079,100 | ||||||||
Oil-Field Services — 0.5% |
| |||||||
Archrock, Inc. | 61,598 | 566,702 | ||||||
Bristow Group, Inc.† | 3,075 | 83,886 | ||||||
ChampionX Corp.† | 88,201 | 2,337,326 | ||||||
DMC Global, Inc.† | 6,904 | 365,705 | ||||||
Frank’s International NV† | 73,557 | 247,152 | ||||||
Helix Energy Solutions Group, Inc.† | 67,726 | 354,207 | ||||||
Liberty Oilfield Services, Inc., Class A† | 39,325 | 588,302 | ||||||
Matrix Service Co.† | 12,456 | 135,770 | ||||||
MRC Global, Inc.† | 37,298 | 400,580 | ||||||
National Energy Services Reunited Corp.†# | 9,807 | 125,824 | ||||||
Newpark Resources, Inc.† | 42,621 | 142,354 | ||||||
NexTier Oilfield Solutions, Inc.† | 76,813 | 326,455 | ||||||
NOW, Inc.† | 51,999 | 544,430 | ||||||
Oceaneering International, Inc.† | 47,118 | 672,374 | ||||||
Oil States International, Inc.† | 28,581 | 183,776 | ||||||
ProPetro Holding Corp.† | 38,046 | 378,177 | ||||||
RPC, Inc.† | 27,279 | 133,940 | ||||||
Select Energy Services, Inc., Class A† | 27,972 | 158,881 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 13,674 | 136,603 | ||||||
7,882,444 | ||||||||
Optical Supplies — 0.2% |
| |||||||
STAAR Surgical Co.†# | 21,745 | 3,175,422 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 7,636 | 217,855 | ||||||
Domtar Corp.† | 26,088 | 1,414,752 | ||||||
Glatfelter Corp. | 20,799 | 306,993 | ||||||
Neenah, Inc. | 7,962 | 421,429 | ||||||
Schweitzer-Mauduit International, Inc. | 14,739 | 602,972 | ||||||
Verso Corp., Class A | 14,867 | 252,888 | ||||||
3,216,889 | ||||||||
Pastoral & Agricultural — 0.4% |
| |||||||
Darling Ingredients, Inc.† | 76,382 | 5,229,112 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
CareDx, Inc.† | 23,833 | 1,916,173 | ||||||
Pharmacy Services — 0.1% |
| |||||||
Option Care Health, Inc.† | 40,646 | 745,448 | ||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
U.S. Physical Therapy, Inc. | 6,020 | 700,487 | ||||||
Physicians Practice Management — 0.1% |
| |||||||
Accolade, Inc.† | 15,201 | 767,498 | ||||||
Pipelines — 0.0% |
| |||||||
Golar LNG, Ltd.† | 48,577 | 616,928 | ||||||
NextDecade Corp.† | 9,976 | 19,254 | ||||||
636,182 | ||||||||
Pollution Control — 0.0% |
| |||||||
Advanced Emissions Solutions, Inc.† | 7,523 | 59,732 | ||||||
CECO Environmental Corp.† | 14,701 | 112,169 | ||||||
171,901 | ||||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc. | 9,568 | 1,557,192 | ||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Powell Industries, Inc. | 4,257 | 146,271 | ||||||
Precious Metals — 0.2% |
| |||||||
Coeur Mining, Inc.† | 114,952 | 1,195,501 | ||||||
Hecla Mining Co. | 247,750 | 2,229,750 | ||||||
3,425,251 | ||||||||
220 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Printing - Commercial — 0.1% |
| |||||||
Cimpress PLC† | 8,442 | $ | 838,375 | |||||
Deluxe Corp. | 19,820 | 902,999 | ||||||
Ennis, Inc. | 12,163 | 254,937 | ||||||
Quad/Graphics, Inc.† | 15,775 | 52,215 | ||||||
2,048,526 | ||||||||
Private Corrections — 0.0% |
| |||||||
CoreCivic, Inc.† | 56,783 | 444,611 | ||||||
Professional Sports — 0.0% |
| |||||||
Liberty Media Corp.—Liberty Braves, Series A†# | 4,756 | 132,788 | ||||||
Liberty Media Corp.—Liberty Braves, Series C† | 17,238 | 471,459 | ||||||
604,247 | ||||||||
Protection/Safety — 0.2% |
| |||||||
Alarm.com Holdings, Inc.† | 22,558 | 1,847,049 | ||||||
Genasys, Inc.† | 15,795 | 86,083 | ||||||
ShotSpotter, Inc.†# | 3,819 | 155,471 | ||||||
Vivint Smart Home, Inc.† | 37,938 | 527,718 | ||||||
2,616,321 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Gannett Co, Inc.† | 63,175 | 324,088 | ||||||
Houghton Mifflin Harcourt Co.† | 50,103 | 498,024 | ||||||
Scholastic Corp. | 13,790 | 464,447 | ||||||
1,286,559 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
TEGNA, Inc. | 104,139 | 2,019,255 | ||||||
Publishing - Periodicals — 0.0% |
| |||||||
Meredith Corp.† | 18,825 | 634,026 | ||||||
Value Line, Inc. | 488 | 15,079 | ||||||
649,105 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 16,215 | 1,133,428 | ||||||
Racetracks — 0.7% |
| |||||||
Churchill Downs, Inc. | 18,044 | 3,600,319 | ||||||
Penn National Gaming, Inc.†# | 73,966 | 6,062,993 | ||||||
9,663,312 | ||||||||
Radio — 0.1% |
| |||||||
Entercom Communications Corp.† | 55,670 | 242,164 | ||||||
iHeartMedia, Inc., Class A† | 29,008 | 673,276 | ||||||
Saga Communications, Inc., Class A† | 1,800 | 42,498 | ||||||
957,938 | ||||||||
Real Estate Investment Trusts — 6.0% |
| |||||||
Acadia Realty Trust | 40,269 | 873,837 | ||||||
Agree Realty Corp. | 29,568 | 2,078,039 | ||||||
Alexander & Baldwin, Inc. | 34,220 | 657,366 | ||||||
Alexander’s, Inc. | 1,017 | 275,770 | ||||||
Alpine Income Property Trust, Inc. | 3,176 | 57,899 | ||||||
American Assets Trust, Inc. | 23,891 | 873,216 | ||||||
American Finance Trust, Inc. | 51,836 | 471,708 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 66,923 | 1,047,345 | ||||||
Arbor Realty Trust, Inc. | 54,788 | 999,333 | ||||||
Ares Commercial Real Estate Corp. | 14,601 | 221,497 | ||||||
Armada Hoffler Properties, Inc. | 27,309 | 362,390 | ||||||
ARMOUR Residential REIT, Inc.# | 30,385 | 364,316 | ||||||
Blackstone Mtg. Trust, Inc., Class A | 66,141 | 2,118,496 | ||||||
Bluerock Residential Growth REIT, Inc.# | 10,501 | 101,965 | ||||||
Broadmark Realty Capital, Inc. | 61,077 | 628,482 | ||||||
Broadstone Net Lease, Inc. | 16,845 | 367,895 | ||||||
BRT Apartments Corp.# | 4,999 | 89,632 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Capstead Mtg. Corp. | 45,254 | $ | 291,888 | |||||
CareTrust REIT, Inc. | 45,357 | 1,055,911 | ||||||
CatchMark Timber Trust, Inc., Class A | 23,136 | 276,475 | ||||||
Centerspace | 6,175 | 439,598 | ||||||
Chatham Lodging Trust† | 22,003 | 289,780 | ||||||
Cherry Hill Mtg. Investment Corp.# | 7,214 | 70,842 | ||||||
Chimera Investment Corp. | 91,122 | 1,287,554 | ||||||
CIM Commercial Trust Corp.# | 5,343 | 64,009 | ||||||
City Office REIT, Inc. | 20,324 | 234,946 | ||||||
Clipper Realty, Inc. | 7,054 | 57,137 | ||||||
Colony Capital, Inc.†# | 228,002 | 1,566,374 | ||||||
Colony Credit Real Estate, Inc. | 39,909 | 377,140 | ||||||
Columbia Property Trust, Inc. | 54,367 | 950,879 | ||||||
Community Healthcare Trust, Inc. | 10,576 | 500,033 | ||||||
CorEnergy Infrastructure Trust, Inc.# | 6,515 | 39,676 | ||||||
CorePoint Lodging, Inc.† | 18,637 | 195,502 | ||||||
CTO Realty Growth, Inc. | 2,831 | 149,533 | ||||||
DiamondRock Hospitality Co.† | 94,821 | 917,867 | ||||||
Diversified Healthcare Trust | 112,591 | 408,705 | ||||||
Dynex Capital, Inc. | 12,092 | 236,399 | ||||||
Easterly Government Properties, Inc. | 38,728 | 802,832 | ||||||
EastGroup Properties, Inc. | 18,583 | 2,937,601 | ||||||
Ellington Financial, Inc. | 19,591 | 369,878 | ||||||
Ellington Residential Mtg. REIT# | 4,279 | 52,503 | ||||||
Essential Properties Realty Trust, Inc. | 49,361 | 1,263,642 | ||||||
Farmland Partners, Inc.# | 12,183 | 151,435 | ||||||
Four Corners Property Trust, Inc. | 34,891 | 968,574 | ||||||
Franklin Street Properties Corp. | 49,314 | 253,474 | ||||||
GEO Group, Inc.# | 55,926 | 290,256 | ||||||
Getty Realty Corp. | 16,570 | 515,824 | ||||||
Gladstone Commercial Corp. | 15,970 | 346,070 | ||||||
Gladstone Land Corp. | 10,167 | 235,163 | ||||||
Global Medical REIT, Inc. | 20,863 | 300,427 | ||||||
Global Net Lease, Inc. | 42,802 | 836,351 | ||||||
Granite Point Mtg. Trust, Inc. | 25,923 | 372,773 | ||||||
Great Ajax Corp. | 9,822 | 123,757 | ||||||
Healthcare Realty Trust, Inc. | 66,440 | 2,015,790 | ||||||
Hersha Hospitality Trust† | 16,160 | 173,720 | ||||||
Independence Realty Trust, Inc. | 48,363 | 826,040 | ||||||
INDUS Realty Trust, Inc. | 1,567 | 103,203 | ||||||
Industrial Logistics Properties Trust | 30,821 | 772,374 | ||||||
Innovative Industrial Properties, Inc.# | 11,129 | 2,005,780 | ||||||
Invesco Mtg. Capital, Inc.# | 110,371 | 375,261 | ||||||
iStar, Inc.# | 34,076 | 572,818 | ||||||
Kite Realty Group Trust | 39,428 | 835,874 | ||||||
KKR Real Estate Finance Trust, Inc. | 13,562 | 289,956 | ||||||
Ladder Capital Corp. | 50,182 | 587,129 | ||||||
Lexington Realty Trust | 129,852 | 1,607,568 | ||||||
LTC Properties, Inc.# | 18,460 | 723,263 | ||||||
Macerich Co. | 71,145 | 1,131,917 | ||||||
Mack-Cali Realty Corp. | 41,216 | 703,557 | ||||||
MFA Financial, Inc. | 215,448 | 941,508 | ||||||
Monmouth Real Estate Investment Corp. | 45,071 | 849,138 | ||||||
National Health Investors, Inc. | 20,673 | 1,362,557 | ||||||
National Storage Affiliates Trust | 29,735 | 1,370,784 | ||||||
NETSTREIT Corp. | 10,531 | 235,052 | ||||||
New Senior Investment Group, Inc. | 38,905 | 257,940 | ||||||
New York Mtg. Trust, Inc. | 179,846 | 812,904 | ||||||
NexPoint Residential Trust, Inc. | 10,505 | 544,579 | ||||||
Office Properties Income Trust | 22,708 | 663,755 | ||||||
One Liberty Properties, Inc. | 7,606 | 194,333 | ||||||
Orchid Island Capital, Inc.# | 40,590 | 222,027 | ||||||
Pebblebrook Hotel Trust | 61,792 | 1,381,051 | ||||||
PennyMac Mtg. Investment Trust | 46,570 | 912,772 | ||||||
Physicians Realty Trust | 99,090 | 1,796,502 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 58,925 | 1,089,523 |
221 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Plymouth Industrial REIT, Inc. | 11,645 | $ | 222,885 | |||||
PotlatchDeltic Corp. | 31,111 | 1,872,882 | ||||||
Preferred Apartment Communities, Inc., Class A | 22,581 | 221,520 | ||||||
PS Business Parks, Inc. | 9,543 | 1,478,783 | ||||||
QTS Realty Trust, Inc., Class A# | 30,429 | 1,928,590 | ||||||
Ready Capital Corp. | 28,209 | 429,341 | ||||||
Redwood Trust, Inc. | 53,194 | 592,049 | ||||||
Retail Opportunity Investments Corp. | 54,926 | 980,978 | ||||||
Retail Properties of America, Inc., Class A | 101,816 | 1,226,883 | ||||||
Retail Value, Inc. | 7,790 | 136,792 | ||||||
RLJ Lodging Trust | 77,930 | 1,197,784 | ||||||
RPT Realty | 38,304 | 488,376 | ||||||
Ryman Hospitality Properties, Inc.† | 23,956 | 1,794,544 | ||||||
Sabra Health Care REIT, Inc. | 97,531 | 1,703,867 | ||||||
Safehold, Inc.# | 8,538 | 598,514 | ||||||
Saul Centers, Inc. | 5,664 | 251,765 | ||||||
Seritage Growth Properties, Class A† | 16,160 | 272,781 | ||||||
Service Properties Trust | 77,841 | 977,683 | ||||||
SITE Centers Corp. | 72,707 | 1,088,424 | ||||||
STAG Industrial, Inc.# | 75,797 | 2,706,711 | ||||||
Summit Hotel Properties, Inc.† | 49,087 | 471,726 | ||||||
Sunstone Hotel Investors, Inc.† | 102,054 | 1,281,798 | ||||||
Tanger Factory Outlet Centers, Inc. | 42,993 | 753,667 | ||||||
Terreno Realty Corp. | 32,102 | 2,042,329 | ||||||
TPG RE Finance Trust, Inc. | 28,485 | 371,444 | ||||||
Two Harbors Investment Corp.# | 130,035 | 934,952 | ||||||
UMH Properties, Inc. | 17,628 | 373,890 | ||||||
Uniti Group, Inc. | 91,748 | 996,383 | ||||||
Universal Health Realty Income Trust | 6,093 | 421,636 | ||||||
Urban Edge Properties | 55,098 | 1,066,146 | ||||||
Urstadt Biddle Properties, Inc., Class A | 14,117 | 258,059 | ||||||
Washington Real Estate Investment Trust | 40,165 | 949,902 | ||||||
Western Asset Mtg. Capital Corp.# | 28,256 | 93,527 | ||||||
Whitestone REIT | 18,912 | 156,591 | ||||||
Xenia Hotels & Resorts, Inc.† | 53,788 | 1,044,025 | ||||||
87,565,896 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Cushman & Wakefield PLC†# | 52,467 | 997,398 | ||||||
eXp World Holdings, Inc.†# | 23,606 | 761,530 | ||||||
Fathom Holdings, Inc.†# | 2,269 | 74,922 | ||||||
Marcus & Millichap, Inc.† | 11,056 | 434,501 | ||||||
Newmark Group, Inc., Class A | 68,787 | 887,352 | ||||||
RE/MAX Holdings, Inc., Class A | 8,655 | 303,011 | ||||||
Realogy Holdings Corp.†# | 54,425 | 963,867 | ||||||
Redfin Corp.†# | 47,337 | 2,794,303 | ||||||
RMR Group, Inc., Class A | 7,218 | 282,368 | ||||||
7,499,252 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alset EHome International, Inc.†# | 1,035 | 4,212 | ||||||
American Realty Investors, Inc.†# | 518 | 5,517 | ||||||
FRP Holdings, Inc.† | 3,080 | 176,576 | ||||||
Kennedy-Wilson Holdings, Inc. | 57,329 | 1,137,407 | ||||||
Legacy Housing Corp.†# | 3,845 | 73,209 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,198 | 34,091 | ||||||
McGrath RentCorp | 11,452 | 981,780 | ||||||
St. Joe Co. | 15,601 | 729,659 | ||||||
Stratus Properties, Inc.† | 2,792 | 75,859 | ||||||
Transcontinental Realty Investors, Inc.†# | 643 | 18,711 | ||||||
3,237,021 | ||||||||
Recreational Centers — 0.0% |
| |||||||
OneSpaWorld Holdings, Ltd.† | 21,448 | 240,432 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Recreational Vehicles — 0.1% |
| |||||||
Camping World Holdings, Inc., Class A# | 15,575 | $ | 691,374 | |||||
Malibu Boats, Inc., Class A† | 9,854 | 772,751 | ||||||
Marine Products Corp. | 3,405 | 55,297 | ||||||
MasterCraft Boat Holdings, Inc.† | 8,796 | 244,177 | ||||||
OneWater Marine, Inc., Class A† | 4,828 | 237,731 | ||||||
2,001,330 | ||||||||
Recycling — 0.1% |
| |||||||
Harsco Corp.† | 37,118 | 832,186 | ||||||
Rental Auto/Equipment — 0.6% |
| |||||||
Aaron’s Co., Inc. | 16,005 | 575,700 | ||||||
Alta Equipment Group, Inc.† | 8,224 | 120,564 | ||||||
Avis Budget Group, Inc.† | 24,994 | 2,194,973 | ||||||
CAI International, Inc. | 7,899 | 339,025 | ||||||
Custom Truck One Source, Inc.†# | 6,294 | 66,780 | ||||||
Herc Holdings, Inc.† | 11,549 | 1,328,366 | ||||||
Rent-A-Center, Inc. | 23,010 | 1,422,248 | ||||||
Textainer Group Holdings, Ltd.† | 23,439 | 789,894 | ||||||
Triton International, Ltd. | 28,688 | 1,556,324 | ||||||
8,393,874 | ||||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp.† | 19,223 | 3,311,931 | ||||||
SeaWorld Entertainment, Inc.† | 24,126 | 1,313,178 | ||||||
4,625,109 | ||||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Abercrombie & Fitch Co., Class A† | 29,584 | 1,263,237 | ||||||
American Eagle Outfitters, Inc.# | 71,595 | 2,536,611 | ||||||
Boot Barn Holdings, Inc.† | 13,553 | 1,035,314 | ||||||
Buckle, Inc. | 13,758 | 579,487 | ||||||
Caleres, Inc. | 17,163 | 430,448 | ||||||
Cato Corp., Class A† | 9,607 | 148,524 | ||||||
Chico’s FAS, Inc.† | 56,418 | 262,344 | ||||||
Children’s Place, Inc.† | 6,713 | 624,242 | ||||||
Designer Brands, Inc., Class A† | 29,267 | 511,880 | ||||||
Duluth Holdings, Inc., Class B† | 5,253 | 84,573 | ||||||
Express, Inc.†# | 30,182 | 129,481 | ||||||
Genesco, Inc.† | 6,866 | 377,630 | ||||||
Guess?, Inc. | 18,871 | 554,241 | ||||||
Shoe Carnival, Inc. | 4,414 | 297,989 | ||||||
Tilly’s, Inc., Class A† | 10,532 | 143,867 | ||||||
Vera Bradley, Inc.† | 9,732 | 111,723 | ||||||
Winmark Corp. | 1,426 | 279,239 | ||||||
9,370,830 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.† | 8,288 | 192,199 | ||||||
Retail - Automobile — 0.7% |
| |||||||
America’s Car-Mart, Inc.† | 2,908 | 478,046 | ||||||
Asbury Automotive Group, Inc.† | 9,145 | 1,813,362 | ||||||
Group 1 Automotive, Inc. | 8,268 | 1,318,581 | ||||||
Lithia Motors, Inc., Class A | 13,810 | 4,860,982 | ||||||
Rush Enterprises, Inc., Class A | 19,672 | 940,321 | ||||||
Rush Enterprises, Inc., Class B | 3,117 | 135,153 | ||||||
Sonic Automotive, Inc., Class A# | 11,086 | 534,678 | ||||||
10,081,123 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 57,670 | 1,614,183 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Aspen Aerogels, Inc.† | 9,805 | 198,845 | ||||||
At Home Group, Inc.† | 25,753 | 966,768 | ||||||
Beacon Roofing Supply, Inc.† | 25,925 | 1,468,392 | ||||||
GMS, Inc.† | 19,767 | 905,131 | ||||||
3,539,136 | ||||||||
222 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 5,238 | $ | 255,562 | |||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 17,627 | 1,074,189 | ||||||
BJ’s Wholesale Club Holdings, Inc.† | 65,012 | 2,911,888 | ||||||
Citi Trends, Inc.† | 4,508 | 375,697 | ||||||
4,361,774 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
OptimizeRx Corp.† | 7,746 | 380,484 | ||||||
Rite Aid Corp.† | 25,989 | 474,819 | ||||||
855,303 | ||||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.† | 13,558 | 308,851 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
GrowGeneration Corp.† | 19,314 | 857,735 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.†# | 11,176 | 102,149 | ||||||
Retail - Home Furnishings — 0.4% |
| |||||||
Haverty Furniture Cos., Inc. | 7,770 | 356,954 | ||||||
La-Z-Boy, Inc. | 21,152 | 872,097 | ||||||
RH† | 7,488 | 4,800,182 | ||||||
6,029,233 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Envela Corp.†# | 3,667 | 15,695 | ||||||
Movado Group, Inc. | 7,459 | 206,838 | ||||||
Signet Jewelers, Ltd.† | 24,763 | 1,500,142 | ||||||
1,722,675 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 10,094 | 519,134 | ||||||
Retail - Misc./Diversified — 0.6% |
| |||||||
Container Store Group, Inc.† | 15,059 | 204,200 | ||||||
Gaia, Inc.†# | 5,745 | 66,700 | ||||||
GameStop Corp., Class A† | 27,151 | 6,027,522 | ||||||
PriceSmart, Inc. | 10,797 | 953,375 | ||||||
Sally Beauty Holdings, Inc.† | 53,552 | 1,167,969 | ||||||
8,419,766 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
ODP Corp.† | 25,206 | 1,102,510 | ||||||
Retail - Pawn Shops — 0.1% |
| |||||||
FirstCash, Inc. | 19,312 | 1,539,553 | ||||||
Retail-Pet Food & Supplies — 0.3% |
| |||||||
Freshpet, Inc.† | 19,344 | 3,420,406 | ||||||
PetMed Express, Inc.# | 9,279 | 268,163 | ||||||
3,688,569 | ||||||||
Retail - Petroleum Products — 0.2% |
| |||||||
Clean Energy Fuels Corp.† | 61,688 | 488,569 | ||||||
Murphy USA, Inc. | 12,228 | 1,648,457 | ||||||
World Fuel Services Corp. | 29,665 | 911,605 | ||||||
3,048,631 | ||||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Dillard’s, Inc., Class A | 3,358 | 442,954 | ||||||
Macy’s, Inc.† | 148,253 | 2,710,065 | ||||||
3,153,019 | ||||||||
Retail - Restaurants — 1.5% |
| |||||||
Biglari Holdings, Inc., Class A† | 35 | 28,691 | ||||||
Biglari Holdings, Inc., Class B† | 438 | 70,154 | ||||||
BJ’s Restaurants, Inc.† | 10,473 | 578,947 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Bloomin’ Brands, Inc.† | 41,558 | $ | 1,228,039 | |||||
Brinker International, Inc.† | 21,524 | 1,322,650 | ||||||
Cannae Holdings, Inc.† | 40,939 | 1,467,663 | ||||||
Carrols Restaurant Group, Inc.† | 16,559 | 97,864 | ||||||
Cheesecake Factory, Inc.† | 20,122 | 1,183,576 | ||||||
Chuy’s Holdings, Inc.† | 9,308 | 385,817 | ||||||
Cracker Barrel Old Country Store, Inc. | 11,255 | 1,775,139 | ||||||
Dave & Buster’s Entertainment, Inc.† | 20,975 | 886,823 | ||||||
Del Taco Restaurants, Inc. | 14,157 | 143,835 | ||||||
Denny’s Corp.† | 29,484 | 518,329 | ||||||
Dine Brands Global, Inc.† | 7,388 | 701,491 | ||||||
El Pollo Loco Holdings, Inc.† | 8,833 | 148,924 | ||||||
Fiesta Restaurant Group, Inc.† | 8,545 | 116,126 | ||||||
Jack in the Box, Inc. | 10,896 | 1,237,786 | ||||||
Kura Sushi USA, Inc., Class A†# | 1,599 | 68,725 | ||||||
Noodles & Co.† | 14,831 | 191,023 | ||||||
Papa John’s International, Inc. | 15,534 | 1,459,419 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,342 | 263,284 | ||||||
Ruth’s Hospitality Group, Inc.† | 15,384 | 371,370 | ||||||
Shake Shack, Inc., Class A† | 16,656 | 1,565,331 | ||||||
Texas Roadhouse, Inc. | 31,187 | 3,140,843 | ||||||
Waitr Holdings, Inc.†# | 39,730 | 80,652 | ||||||
Wingstop, Inc. | 14,067 | 2,007,079 | ||||||
21,039,580 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Academy Sports & Outdoors, Inc.† | 20,229 | 738,965 | ||||||
Hibbett Sports, Inc.† | 7,831 | 663,756 | ||||||
Sportsman’s Warehouse Holdings, Inc.† | 20,307 | 361,465 | ||||||
Zumiez, Inc.† | 9,932 | 435,220 | ||||||
2,199,406 | ||||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.†# | 38,192 | 1,896,997 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Franchise Group, Inc. | 10,363 | 382,809 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Brookdale Senior Living, Inc.† | 87,178 | 587,580 | ||||||
Five Star Senior Living, Inc.† | 8,966 | 53,885 | ||||||
641,465 | ||||||||
Rubber - Tires — 0.3% |
| |||||||
Cooper Tire & Rubber Co. | 23,928 | 1,420,844 | ||||||
Goodyear Tire & Rubber Co.† | 109,749 | 2,176,323 | ||||||
3,597,167 | ||||||||
Rubber/Plastic Products — 0.2% |
| |||||||
Myers Industries, Inc. | 17,014 | 374,818 | ||||||
Raven Industries, Inc. | 16,922 | 746,768 | ||||||
Trinseo SA | 18,166 | 1,179,700 | ||||||
2,301,286 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.† | 26,192 | 356,735 | ||||||
Iridium Communications, Inc.† | 56,695 | 2,166,316 | ||||||
KVH Industries, Inc.† | 7,836 | 111,977 | ||||||
Loral Space & Communications, Inc.# | 6,098 | 230,809 | ||||||
2,865,837 | ||||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
Axos Financial, Inc.† | 27,159 | 1,287,608 | ||||||
Banc of California, Inc. | 21,194 | 371,107 | ||||||
BankFinancial Corp. | 6,282 | 69,416 | ||||||
Berkshire Hills Bancorp, Inc. | 21,491 | 596,375 | ||||||
Brookline Bancorp, Inc. | 36,807 | 620,566 | ||||||
Capitol Federal Financial, Inc. | 61,850 | 800,339 |
223 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Community Bankers Trust Corp. | 10,335 | $ | 91,361 | |||||
Eagle Bancorp Montana, Inc. | 2,989 | 74,755 | ||||||
ESSA Bancorp, Inc. | 4,265 | 67,600 | ||||||
First Capital, Inc.# | 1,546 | 68,952 | ||||||
First Savings Financial Group, Inc. | 886 | 63,827 | ||||||
Flushing Financial Corp. | 13,963 | 326,315 | ||||||
FS Bancorp, Inc. | 1,781 | 126,772 | ||||||
Greene County Bancorp, Inc.# | 1,446 | 41,442 | ||||||
Hingham Institution for Savings | 670 | 194,468 | ||||||
Home Bancorp, Inc. | 3,548 | 137,840 | ||||||
HomeTrust Bancshares, Inc. | 7,276 | 206,420 | ||||||
Investors Bancorp, Inc. | 109,496 | 1,629,300 | ||||||
Meridian Bancorp, Inc. | 22,210 | 489,731 | ||||||
Northfield Bancorp, Inc. | 22,250 | 376,693 | ||||||
Northwest Bancshares, Inc. | 55,647 | 787,962 | ||||||
OceanFirst Financial Corp. | 28,159 | 622,595 | ||||||
Oconee Federal Financial Corp.# | 486 | 12,301 | ||||||
Pacific Premier Bancorp, Inc. | 37,959 | 1,744,975 | ||||||
Provident Financial Holdings, Inc. | 2,843 | 49,468 | ||||||
Provident Financial Services, Inc. | 33,680 | 850,757 | ||||||
Prudential Bancorp, Inc. | 3,279 | 45,480 | ||||||
Riverview Bancorp, Inc. | 10,028 | 68,892 | ||||||
Southern Missouri Bancorp, Inc. | 3,600 | 159,120 | ||||||
Territorial Bancorp, Inc. | 3,722 | 97,219 | ||||||
Timberland Bancorp, Inc. | 3,534 | 103,051 | ||||||
Washington Federal, Inc. | 35,841 | 1,194,939 | ||||||
Waterstone Financial, Inc. | 10,323 | 204,189 | ||||||
WSFS Financial Corp. | 22,462 | 1,195,203 | ||||||
14,777,038 | ||||||||
Schools — 0.3% |
| |||||||
Adtalem Global Education, Inc.† | 23,920 | 870,209 | ||||||
American Public Education, Inc.† | 6,848 | 191,744 | ||||||
Aspen Group, Inc.† | 10,571 | 61,523 | ||||||
Laureate Education, Inc., Class A† | 51,056 | 745,928 | ||||||
Perdoceo Education Corp.† | 32,862 | 400,588 | ||||||
Strategic Education, Inc. | 11,457 | 811,614 | ||||||
Stride, Inc.† | 19,203 | 516,177 | ||||||
Universal Technical Institute, Inc.† | 15,258 | 92,311 | ||||||
3,690,094 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 23,360 | 1,761,578 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
MaxLinear, Inc.† | 32,542 | 1,237,247 | ||||||
Power Integrations, Inc. | 27,985 | 2,300,087 | ||||||
3,537,334 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Axcelis Technologies, Inc.† | 15,797 | 654,628 | ||||||
Brooks Automation, Inc. | 34,482 | 3,520,267 | ||||||
CMC Materials, Inc. | 13,782 | 2,126,976 | ||||||
Cohu, Inc.† | 19,987 | 743,916 | ||||||
FormFactor, Inc.† | 36,653 | 1,292,018 | ||||||
Onto Innovation, Inc.† | 22,519 | 1,616,189 | ||||||
Ultra Clean Holdings, Inc.† | 19,041 | 1,072,580 | ||||||
Veeco Instruments, Inc.† | 23,095 | 550,123 | ||||||
11,576,697 | ||||||||
Silver Mining — 0.0% |
| |||||||
Gatos Silver, Inc.† | 11,220 | 191,189 | ||||||
Pan American Silver Corp. CVR† | 171,891 | 158,140 | ||||||
349,329 | ||||||||
Software Tools — 0.2% |
| |||||||
Digital Turbine, Inc.† | 39,979 | 2,645,410 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
Advanced Drainage Systems, Inc. | 26,741 | $ | 3,032,964 | |||||
Northwest Pipe Co.† | 4,566 | 144,559 | ||||||
Omega Flex, Inc. | 1,379 | 202,782 | ||||||
TimkenSteel Corp.† | 21,344 | 323,362 | ||||||
3,703,667 | ||||||||
Steel - Producers — 0.8% |
| |||||||
Carpenter Technology Corp. | 22,541 | 1,080,165 | ||||||
Cleveland-Cliffs, Inc.†# | 213,165 | 4,288,880 | ||||||
Commercial Metals Co. | 56,461 | 1,776,828 | ||||||
Schnitzer Steel Industries, Inc., Class A | 12,411 | 676,151 | ||||||
United States Steel Corp. | 123,850 | 3,211,430 | ||||||
11,033,454 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.† | 60,238 | 1,475,229 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.† | 12,777 | 191,272 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 14,695 | 224,393 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Clearfield, Inc.† | 5,304 | 200,597 | ||||||
Telecom Services — 0.2% |
| |||||||
ATN International, Inc. | 5,313 | 251,146 | ||||||
Consolidated Communications Holdings, Inc.† | 34,536 | 323,257 | ||||||
GTT Communications, Inc.† | 15,121 | 22,530 | ||||||
HC2 Holdings, Inc.† | 23,495 | 93,980 | ||||||
Ooma, Inc.† | 10,136 | 196,740 | ||||||
ORBCOMM, Inc.† | 35,139 | 393,205 | ||||||
Spok Holdings, Inc. | 8,400 | 98,028 | ||||||
Vonage Holdings Corp.† | 111,274 | 1,533,356 | ||||||
2,912,242 | ||||||||
Telecommunication Equipment — 0.3% |
| |||||||
ADTRAN, Inc. | 22,704 | 449,766 | ||||||
Cambium Networks Corp.† | 3,846 | 221,953 | ||||||
DZS, Inc.† | 6,892 | 114,063 | ||||||
Harmonic, Inc.† | 45,601 | 317,839 | ||||||
PCTEL, Inc. | 8,481 | 55,890 | ||||||
Plantronics, Inc.† | 16,437 | 539,133 | ||||||
Preformed Line Products Co. | 1,429 | 106,346 | ||||||
Viavi Solutions, Inc.† | 108,482 | 1,901,689 | ||||||
3,706,679 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc.† | 24,876 | 82,588 | ||||||
Cincinnati Bell, Inc.† | 23,798 | 366,489 | ||||||
Shenandoah Telecommunications Co. | 22,876 | 1,141,284 | ||||||
1,590,361 | ||||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A† | 13,493 | 724,304 | ||||||
Gray Television, Inc. | 41,217 | 958,708 | ||||||
Sinclair Broadcast Group, Inc., Class A | 20,968 | 706,412 | ||||||
2,389,424 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Unifi, Inc.† | 6,517 | 179,413 | ||||||
Theaters — 0.4% |
| |||||||
AMC Entertainment Holdings, Inc., Class A†# | 179,927 | 4,699,693 | ||||||
Cinemark Holdings, Inc.† | 50,746 | 1,149,905 | ||||||
5,849,598 | ||||||||
224 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Therapeutics — 0.1% |
| |||||||
Akebia Therapeutics, Inc.† | 67,982 | $ | 238,617 | |||||
Anika Therapeutics, Inc.† | 6,629 | 309,243 | ||||||
CorMedix, Inc.†# | 15,456 | 111,747 | ||||||
Fennec Pharmaceuticals, Inc.† | 10,331 | 76,139 | ||||||
Flexion Therapeutics, Inc.† | 20,780 | 173,929 | ||||||
G1 Therapeutics, Inc.†# | 16,192 | 351,690 | ||||||
La Jolla Pharmaceutical Co.†# | 8,555 | 36,786 | ||||||
MannKind Corp.†# | 107,530 | 475,283 | ||||||
Recro Pharma, Inc.†# | 9,199 | 21,066 | ||||||
1,794,500 | ||||||||
Tobacco — 0.1% |
| |||||||
Greenlane Holdings, Inc., Class A†# | 4,878 | 18,927 | ||||||
Turning Point Brands, Inc. | 5,633 | 240,923 | ||||||
Universal Corp. | 11,533 | 646,309 | ||||||
Vector Group, Ltd. | 66,296 | 911,570 | ||||||
1,817,729 | ||||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 11,575 | 303,844 | ||||||
Traffic Management Sys — 0.0% |
| |||||||
Arlo Technologies, Inc.† | 37,596 | 252,269 | ||||||
Transactional Software — 0.0% |
| |||||||
Synchronoss Technologies, Inc.† | 18,742 | 54,539 | ||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 27,909 | 693,259 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 12,219 | 915,570 | ||||||
1,608,829 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 16,531 | 1,630,949 | ||||||
Greenbrier Cos., Inc. | 15,301 | 679,517 | ||||||
Willis Lease Finance Corp.† | 1,392 | 61,735 | ||||||
2,372,201 | ||||||||
Transport - Marine — 0.3% |
| |||||||
Ardmore Shipping Corp.† | 15,923 | 71,494 | ||||||
Costamare, Inc. | 23,996 | 257,477 | ||||||
DHT Holdings, Inc. | 52,922 | 338,701 | ||||||
Diamond S Shipping, Inc.† | 12,989 | 138,852 | ||||||
Dorian LPG, Ltd.† | 17,503 | 248,718 | ||||||
Eagle Bulk Shipping, Inc.† | 3,069 | 145,256 | ||||||
Frontline, Ltd.# | 55,994 | 477,069 | ||||||
Genco Shipping & Trading, Ltd. | 8,122 | 128,328 | ||||||
International Seaways, Inc. | 11,399 | 228,436 | ||||||
Nordic American Tankers, Ltd. | 69,961 | 243,464 | ||||||
Overseas Shipholding Group, Inc., Class A† | 31,337 | 72,388 | ||||||
Pangaea Logistics Solutions, Ltd.# | 5,019 | 20,327 | ||||||
Safe Bulkers, Inc.†# | 24,630 | 90,885 | ||||||
Scorpio Tankers, Inc. | 24,012 | 537,388 | ||||||
SFL Corp., Ltd. | 44,895 | 388,791 | ||||||
Tidewater, Inc.† | 19,181 | 263,931 | ||||||
3,651,505 | ||||||||
Transport - Services — 0.4% |
| |||||||
CryoPort, Inc.† | 18,942 | 1,059,236 | ||||||
Echo Global Logistics, Inc.† | 12,436 | 424,814 | ||||||
Forward Air Corp. | 12,984 | 1,258,020 | ||||||
Hub Group, Inc., Class A† | 15,549 | 1,085,476 | ||||||
Matson, Inc. | 20,309 | 1,312,977 | ||||||
Radiant Logistics, Inc.† | 18,569 | 142,795 | ||||||
Universal Logistics Holdings, Inc. | 3,643 | 91,075 | ||||||
5,374,393 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck — 0.5% |
| |||||||
ArcBest Corp. | 11,960 | $ | 930,966 | |||||
Covenant Logistics Group, Inc.† | 5,530 | 124,480 | ||||||
Daseke, Inc.† | 21,624 | 156,558 | ||||||
Heartland Express, Inc. | 23,114 | 419,519 | ||||||
Marten Transport, Ltd. | 28,097 | 479,335 | ||||||
P.A.M. Transportation Services, Inc.† | 858 | 49,798 | ||||||
Saia, Inc.† | 12,476 | 2,871,476 | ||||||
US Xpress Enterprises, Inc., Class A† | 10,516 | 118,200 | ||||||
Werner Enterprises, Inc. | 28,444 | 1,365,028 | ||||||
6,515,360 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 34,504 | 164,239 | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.†# | 9,377 | 65,545 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Heska Corp.† | 3,304 | 654,688 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Calyxt, Inc.†# | 4,907 | 21,149 | ||||||
LifeVantage Corp.† | 6,439 | 51,319 | ||||||
Nature’s Sunshine Products, Inc. | 4,210 | 86,263 | ||||||
USANA Health Sciences, Inc.† | 5,489 | 580,407 | ||||||
739,138 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 17,508 | 1,389,610 | ||||||
Artesian Resources Corp., Class A | 3,820 | 157,537 | ||||||
California Water Service Group | 23,462 | 1,333,580 | ||||||
Consolidated Water Co., Ltd. | 6,879 | 84,680 | ||||||
Global Water Resources, Inc. | 6,072 | 103,710 | ||||||
Middlesex Water Co. | 8,096 | 695,932 | ||||||
SJW Group | 12,526 | 807,301 | ||||||
Vidler Water Resouces, Inc.† | 7,915 | 83,108 | ||||||
York Water Co. | 6,165 | 310,284 | ||||||
4,965,742 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.† | 19,055 | 362,236 | ||||||
Pure Cycle Corp.† | 9,217 | 130,328 | ||||||
492,564 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Q2 Holdings, Inc.† | 23,899 | 2,268,732 | ||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 20,953 | 1,060,222 | ||||||
Encore Wire Corp. | 9,674 | 795,203 | ||||||
Insteel Industries, Inc. | 8,806 | 307,857 | ||||||
2,163,282 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Anterix, Inc.† | 5,287 | 261,495 | ||||||
CalAmp Corp.† | 16,229 | 225,096 | ||||||
Casa Systems, Inc.† | 15,047 | 130,608 | ||||||
InterDigital, Inc. | 14,615 | 1,180,600 | ||||||
Maxar Technologies, Inc. | 33,779 | 1,050,527 | ||||||
Powerfleet, Inc.†# | 15,421 | 103,938 | ||||||
Resonant, Inc.† | 24,154 | 78,742 | ||||||
Ribbon Communications, Inc.† | 32,355 | 240,721 | ||||||
3,271,727 | ||||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 18,116 | 454,531 |
225 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
X-Ray Equipment (continued) |
| |||||||
ViewRay, Inc.† | 57,357 | $ | 337,259 | |||||
791,790 | ||||||||
Total Common Stocks | ||||||||
(cost $830,386,755) | 1,361,767,441 | |||||||
WARRANTS† — 0.0% |
| |||||||
Oil Companies-Exploration & Production — 0.0% |
| |||||||
Whiting Petroleum Corp., Series A | 2,303 | 11,607 | ||||||
Whiting Petroleum Corp., Series B | 1,151 | 4,616 | ||||||
Total Warrants | ||||||||
(cost $0) | 16,223 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $830,386,755) | 1,361,783,664 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.2% |
| |||||||
Registered Investment Companies — 3.8% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 55,011,039 | 55,011,039 | ||||||
U.S. Government Treasuries — 0.4% |
| |||||||
United States Treasury Bills | $ | 3,000,000 | 2,998,753 | |||||
0.12% due 08/12/2021(4) | 2,000,000 | 1,999,945 | ||||||
0.12% due 10/07/2021(4) | 300,000 | 299,983 | ||||||
0.15% due 06/17/2021(4) | 600,000 | 599,999 | ||||||
5,898,680 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $60,909,273) | 60,909,719 | |||||||
REPURCHASE AGREEMENTS — 5.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $80,606,000 and collateralized by $82,425,000 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of 82,218,134 | 80,606,000 | 80,606,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $971,902,028)(5) | 103.8 | % | 1,503,299,383 | |||||
Liabilities in excess of other assets | (3.8 | ) | (54,756,250 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,448,543,133 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $1,405,925 representing 0.1% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $91,870,301. This was secured by collateral of $55,011,039 which was received in cash and subsequently invested in short-term investments currently valued at $55,011,039 as reported in the Portfolio of Investments. Additional collateral of $40,119,358 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 February 28, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 1,296,520 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 5,038,056 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 962,200 | |||||
United States Cash Management Bills | 0.00% | 09/14/2021 to 09/21/2021 | 93,656 | |||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 1,139,303 | |||||
United States Treasury Notes/Bonds | 0.05% to 8.13% | 06/30/2021 to 02/15/2051 | 31,589,623 |
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(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) | ||||||||||||||||
765 | Long | E-mini Russell 2000 Index | June 2021 | $ | 88,197,351 | $ | 86,773,950 | $ | (1,423,401 | ) | ||||||||||||
* | 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. |
226 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 1,866,444 | $ | — | $ | 9,676 | $ | 1,876,120 | ||||||||
Medical-Biomedical/Gene | 107,779,156 | — | 36,395 | 107,815,551 | ||||||||||||
Medical-Drugs | 22,994,105 | — | 0 | 22,994,105 | ||||||||||||
Metal-Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 694,782 | — | 0 | 694,782 | ||||||||||||
Oil Companies-Exploration & Production | 17,606,827 | — | 0 | 17,606,827 | ||||||||||||
Other Industries | 1,210,780,056 | — | — | 1,210,780,056 | ||||||||||||
Warrants | 16,223 | — | — | 16,223 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 55,011,039 | — | — | 55,011,039 | ||||||||||||
U.S Government Treasuries | — | 5,898,680 | — | 5,898,680 | ||||||||||||
Repurchase Agreements | — | 80,606,000 | — | 80,606,000 | ||||||||||||
Total Investments at Value | $ | 1,416,748,632 | $ | 86,504,680 | $ | 46,071 | $ | 1,503,299,383 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,423,401 | $ | — | $ | — | $ | 1,423,401 | ||||||||
* | 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
227 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Banks — Commercial | 9.9 | % | ||
Consumer Products — Misc. | 5.9 | |||
Food — Misc./Diversified | 4.6 | |||
Insurance — Property/Casualty | 4.2 | |||
Retail — Restaurants | 3.9 | |||
Specified Purpose Acquisitions | 3.2 | |||
Building Products — Cement | 3.1 | |||
Oil Companies — Exploration & Production | 3.0 | |||
Chemicals — Specialty | 2.8 | |||
Metal Processors & Fabrication | 2.7 | |||
Chemicals — Diversified | 2.6 | |||
Machinery — Electrical | 2.5 | |||
Real Estate Investment Trusts | 2.4 | |||
Distribution/Wholesale | 2.3 | |||
Paper & Related Products | 2.2 | |||
Computer Services | 2.0 | |||
Electric — Integrated | 2.0 | |||
Medical — Wholesale Drug Distribution | 1.8 | |||
Machinery — Pumps | 1.8 | |||
Containers — Metal/Glass | 1.7 | |||
Electronic Components — Misc. | 1.7 | |||
Electronic Security Devices | 1.2 | |||
Containers — Paper/Plastic | 1.2 | |||
Auto/Truck Parts & Equipment — Replacement | 1.1 | |||
Human Resources | 1.1 | |||
Food — Catering | 1.0 | |||
Retail — Discount | 1.0 | |||
Investment Companies | 1.0 | |||
Building Products — Doors & Windows | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Transport — Truck | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Diversified Operations/Commercial Services | 0.8 | |||
Applications Software | 0.8 | |||
Food — Baking | 0.8 | |||
Beverages — Non-alcoholic | 0.8 | |||
Food — Confectionery | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Housewares | 0.7 | |||
Medical — Drugs | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Wire & Cable Products | 0.7 | |||
Dental Supplies & Equipment | 0.7 | |||
Footwear & Related Apparel | 0.6 | |||
Quarrying | 0.6 | |||
Printing — Commercial | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Rubber/Plastic Products | 0.6 | |||
Recycling | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Machinery — Farming | 0.6 | |||
Oil & Gas Drilling | 0.6 | |||
Office Supplies & Forms | 0.5 | |||
Retail — Vitamins & Nutrition Supplements | 0.5 | |||
X-Ray Equipment | 0.5 | |||
Medical Instruments | 0.5 | |||
Networking Products | 0.4 | |||
Finance — Leasing Companies | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Machinery — Material Handling | 0.4 | |||
Medical Labs & Testing Services | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Gambling (Non-Hotel) | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Oil — Field Services | 0.3 | |||
Electronic Components — Semiconductors | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Transport — Marine | 0.2 |
Oil Field Machinery & Equipment | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
97.1 | % | |||
* | Calculated as a percentage of net assets |
228 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 91.1% |
| |||||||
Apparel Manufacturers — 0.3% |
| |||||||
Delta Apparel, Inc.† | 27,588 | $ | 862,953 | |||||
Applications Software — 0.8% |
| |||||||
Concentrix Corp.† | 14,920 | 2,278,582 | ||||||
Auto/Truck Parts & Equipment - Replacement — 1.1% |
| |||||||
Douglas Dynamics, Inc. | 72,410 | 3,175,179 | ||||||
Banks - Commercial — 9.9% |
| |||||||
Associated Banc-Corp | 116,088 | 2,668,863 | ||||||
CVB Financial Corp. | 81,098 | 1,798,754 | ||||||
First Citizens BancShares, Inc., Class A | 8,211 | 7,066,386 | ||||||
First Hawaiian, Inc. | 57,774 | 1,626,916 | ||||||
Hancock Whitney Corp. | 51,697 | 2,559,518 | ||||||
Renasant Corp. | 60,628 | 2,680,970 | ||||||
South State Corp. | 30,396 | 2,699,469 | ||||||
UMB Financial Corp. | 67,811 | 6,558,002 | ||||||
27,658,878 | ||||||||
Beverages - Non-alcoholic — 0.8% |
| |||||||
Primo Water Corp.# | 124,548 | 2,155,926 | ||||||
Building & Construction Products - Misc. — 0.7% |
| |||||||
Simpson Manufacturing Co., Inc. | 17,846 | 2,004,463 | ||||||
Building Products - Cement — 3.1% |
| |||||||
Eagle Materials, Inc. | 59,145 | 8,680,120 | ||||||
Building Products - Doors & Windows — 0.9% |
| |||||||
Griffon Corp. | 81,724 | 2,148,524 | ||||||
JELD - WEN Holding, Inc.† | 15,340 | 429,673 | ||||||
2,578,197 | ||||||||
Chemicals - Diversified — 2.6% |
| |||||||
Innospec, Inc. | 72,902 | 7,371,121 | ||||||
Chemicals - Specialty — 2.8% |
| |||||||
Atotech, Ltd.† | 37,517 | 904,910 | ||||||
Element Solutions, Inc. | 51,485 | 1,204,234 | ||||||
Minerals Technologies, Inc. | 9,227 | 802,749 | ||||||
NewMarket Corp. | 8,951 | 3,072,252 | ||||||
PQ Group Holdings, Inc. | 116,038 | 1,896,061 | ||||||
7,880,206 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
CBIZ, Inc.† | 71,789 | 2,384,113 | ||||||
Computer Services — 2.0% |
| |||||||
MAXIMUS, Inc. | 25,494 | 2,362,529 | ||||||
Parsons Corp.†# | 57,275 | 2,268,663 | ||||||
Sykes Enterprises, Inc.† | 23,622 | 990,234 | ||||||
5,621,426 | ||||||||
Computers - Integrated Systems — 0.2% |
| |||||||
Telos Corp.† | 16,515 | 543,013 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
GlassBridge Enterprises, Inc.† | 292 | 21,900 | ||||||
Consumer Products - Misc. — 5.9% |
| |||||||
Central Garden & Pet Co.† | 38,014 | 2,088,109 | ||||||
Central Garden & Pet Co., Class A† | 39,672 | 2,001,452 | ||||||
Helen of Troy, Ltd.† | 23,470 | 4,939,966 | ||||||
Quanex Building Products Corp. | 105,298 | 2,804,086 | ||||||
Spectrum Brands Holdings, Inc. | 54,063 | 4,805,660 | ||||||
16,639,273 | ||||||||
Containers - Metal/Glass — 1.7% |
| |||||||
Silgan Holdings, Inc. | 111,934 | 4,715,779 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers - Paper/Plastic — 1.2% |
| |||||||
Matthews International Corp., Class A | 16,388 | $ | 640,279 | |||||
TriMas Corp.† | 85,258 | 2,764,065 | ||||||
3,404,344 | ||||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Edgewell Personal Care Co. | 23,837 | 1,081,723 | ||||||
Dental Supplies & Equipment — 0.7% |
| |||||||
Patterson Cos., Inc. | 55,927 | 1,819,865 | ||||||
Distribution/Wholesale — 2.3% |
| |||||||
Avient Corp. | 126,379 | 6,569,180 | ||||||
Diversified Operations/Commercial Services — 0.8% |
| |||||||
Viad Corp.† | 52,498 | 2,317,262 | ||||||
Electric - Integrated — 2.0% |
| |||||||
ALLETE, Inc. | 28,645 | 1,973,354 | ||||||
Hawaiian Electric Industries, Inc. | 82,245 | 3,540,647 | ||||||
5,514,001 | ||||||||
Electronic Components - Misc. — 1.7% |
| |||||||
Atkore, Inc.† | 60,843 | 4,697,080 | ||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
DSP Group, Inc.† | 38,828 | 610,376 | ||||||
Electronic Security Devices — 1.2% |
| |||||||
API Group Corp.†* | 164,150 | 3,471,773 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
Alto Ingredients, Inc.† | 107,996 | 720,333 | ||||||
Finance - Leasing Companies — 0.4% |
| |||||||
Air Lease Corp. | 24,542 | 1,154,947 | ||||||
Food - Baking — 0.8% |
| |||||||
Hostess Brands, Inc.† | 142,137 | 2,228,708 | ||||||
Food - Catering — 1.0% |
| |||||||
Healthcare Services Group, Inc. | 96,076 | 2,881,319 | ||||||
Food - Confectionery — 0.7% |
| |||||||
Tootsie Roll Industries, Inc.# | 31,272 | 978,501 | ||||||
Utz Brands, Inc. | 45,870 | 1,059,597 | ||||||
2,038,098 | ||||||||
Food - Misc./Diversified — 4.6% |
| |||||||
J&J Snack Foods Corp. | 41,738 | 7,328,358 | ||||||
Nomad Foods, Ltd.† | 176,542 | 5,414,543 | ||||||
12,742,901 | ||||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Steven Madden, Ltd. | 43,250 | 1,790,550 | ||||||
Gambling (Non-Hotel) — 0.3% |
| |||||||
Bally’s Corp.† | 13,307 | 772,205 | ||||||
Housewares — 0.7% |
| |||||||
Tupperware Brands Corp.† | 78,133 | 2,003,330 | ||||||
Human Resources — 1.1% |
| |||||||
Korn Ferry | 47,191 | 3,086,763 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
CNO Financial Group, Inc. | 34,171 | 907,582 | ||||||
National Western Life Group, Inc., Class A | 3,132 | 767,402 | ||||||
1,674,984 | ||||||||
Insurance - Property/Casualty — 4.2% |
| |||||||
Enstar Group, Ltd.† | 13,008 | 3,302,601 | ||||||
Hanover Insurance Group, Inc. | 26,585 | 3,708,342 | ||||||
ProAssurance Corp. | 58,635 | 1,427,762 |
229 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Stewart Information Services Corp. | 55,662 | $ | 3,359,202 | |||||
11,797,907 | ||||||||
Investment Companies — 1.0% |
| |||||||
Apollo Investment Corp. | 84,839 | 1,208,108 | ||||||
New Mountain Finance Corp. | 120,161 | 1,595,738 | ||||||
2,803,846 | ||||||||
Investment Management/Advisor Services — 0.2% |
| |||||||
Westwood Holdings Group, Inc. | 27,461 | 541,806 | ||||||
Machinery - Electrical — 2.5% |
| |||||||
Babcock & Wilcox Enterprises, Inc.† | 93,489 | 805,875 | ||||||
Franklin Electric Co., Inc. | 74,658 | 6,263,060 | ||||||
7,068,935 | ||||||||
Machinery - Farming — 0.6% |
| |||||||
Alamo Group, Inc. | 10,638 | 1,640,167 | ||||||
Machinery - General Industrial — 0.9% |
| |||||||
Kadant, Inc. | 15,110 | 2,538,782 | ||||||
Machinery - Material Handling — 0.4% |
| |||||||
Columbus McKinnon Corp. | 20,976 | 1,063,483 | ||||||
Machinery - Pumps — 1.8% |
| |||||||
CSW Industrials, Inc. | 37,435 | 4,560,332 | ||||||
NN, Inc.† | 52,709 | 395,844 | ||||||
4,956,176 | ||||||||
Medical Instruments — 0.5% |
| |||||||
Natus Medical, Inc.† | 48,313 | 1,294,788 | ||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Ortho Clinical Diagnostics Holdings PLC† | 47,059 | 967,063 | ||||||
Medical - Drugs — 0.7% |
| |||||||
Prestige Consumer Healthcare, Inc.† | 39,244 | 1,957,098 | ||||||
Medical - Wholesale Drug Distribution — 1.8% |
| |||||||
Owens & Minor, Inc. | 88,494 | 3,956,567 | ||||||
Premier, Inc., Class A | 31,079 | 1,025,607 | ||||||
4,982,174 | ||||||||
Metal Processors & Fabrication — 2.7% |
| |||||||
Mayville Engineering Co., Inc.† | 35,854 | 697,002 | ||||||
Mueller Industries, Inc. | 148,546 | 6,896,991 | ||||||
7,593,993 | ||||||||
Networking Products — 0.4% |
| |||||||
NETGEAR, Inc.† | 30,563 | 1,188,289 | ||||||
Office Supplies & Forms — 0.5% |
| |||||||
ACCO Brands Corp. | 148,185 | 1,349,965 | ||||||
Oil & Gas Drilling — 0.6% |
| |||||||
Patterson-UTI Energy, Inc. | 189,492 | 1,586,048 | ||||||
Oil Companies - Exploration & Production — 3.0% |
| |||||||
Berry Corp. | 88,712 | 564,208 | ||||||
Denbury, Inc.† | 34,449 | 2,308,772 | ||||||
Magnolia Oil & Gas Corp., Class A† | 192,236 | 2,483,689 | ||||||
Oasis Petroleum, Inc. | 285 | 25,254 | ||||||
Southwestern Energy Co.† | 267,766 | 1,384,350 | ||||||
Whiting Petroleum Corp.† | 34,344 | 1,572,612 | ||||||
8,338,885 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Forum Energy Technologies, Inc.†# | 11,287 | 288,270 | ||||||
Oil - Field Services — 0.3% |
| |||||||
TechnipFMC PLC | 83,368 | 716,131 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Paper & Related Products — 2.2% |
| |||||||
Neenah, Inc. | 67,531 | $ | 3,574,416 | |||||
Schweitzer-Mauduit International, Inc. | 59,668 | 2,441,018 | ||||||
6,015,434 | ||||||||
Printing - Commercial — 0.6% |
| |||||||
Deluxe Corp. | 12,240 | 557,655 | ||||||
Ennis, Inc. | 57,197 | 1,198,849 | ||||||
1,756,504 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
A.H. Belo Corp., Class A | 76,280 | 138,067 | ||||||
Quarrying — 0.6% |
| |||||||
Compass Minerals International, Inc. | 25,348 | 1,771,825 | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 98,770 | 1,545,751 | ||||||
New York Mtg. Trust, Inc. | 261,179 | 1,180,529 | ||||||
Two Harbors Investment Corp. | 329,686 | 2,370,442 | ||||||
Washington Real Estate Investment Trust | 70,061 | 1,656,943 | ||||||
6,753,665 | ||||||||
Recycling — 0.6% |
| |||||||
Harsco Corp.† | 76,677 | 1,719,098 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Custom Truck One Source, Inc.†# | 14,000 | 148,540 | ||||||
Retail - Discount — 1.0% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 63,218 | 2,831,534 | ||||||
Retail - Restaurants — 3.9% |
| |||||||
Denny’s Corp.† | 207,661 | 3,650,680 | ||||||
Dine Brands Global, Inc.† | 41,616 | 3,951,439 | ||||||
Jack in the Box, Inc. | 29,243 | 3,322,005 | ||||||
10,924,124 | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.5% |
| |||||||
Franchise Group, Inc. | 36,086 | 1,333,017 | ||||||
Rubber/Plastic Products — 0.6% |
| |||||||
Myers Industries, Inc. | 78,479 | 1,728,892 | ||||||
Semiconductor Equipment — 0.7% |
| |||||||
Brooks Automation, Inc. | 18,438 | 1,882,335 | ||||||
Specified Purpose Acquisitions — 3.2% |
| |||||||
Ajax I†(1) | 47,068 | 483,388 | ||||||
Capitol Investment Corp. V†(1) | 32,900 | 342,127 | ||||||
Empower, Ltd. | 232,965 | 2,343,628 | ||||||
Juniper Industrial Holdings, Inc., Class A†# | 110,899 | 1,467,194 | ||||||
Landcadia Holdings III, Inc., Class A†# | 34,061 | 359,343 | ||||||
Mason Industrial Technology, Inc.†(1) | 60,500 | 600,765 | ||||||
Pershing Square Tontine Holdings, Ltd.† | 91,360 | 2,294,963 | ||||||
Pine Island Acquisition Corp.†(1) | 52,662 | 530,833 | ||||||
SVF Investment Corp.†(1) | 24,727 | 254,194 | ||||||
SVF Investment Corp. 2, Class A†# | 19,314 | 193,140 | ||||||
8,869,575 | ||||||||
Transport - Marine — 0.2% |
| |||||||
Nordic American Tankers, Ltd. | 154,473 | 537,566 | ||||||
Transport - Truck — 0.9% |
| |||||||
Werner Enterprises, Inc. | 49,803 | 2,390,046 | ||||||
Wire & Cable Products — 0.7% |
| |||||||
Belden, Inc. | 36,815 | 1,862,839 | ||||||
230 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
X-Ray Equipment — 0.5% |
| |||||||
Varex Imaging Corp.† | $ | 53,116 | $ | 1,332,681 | ||||
Total Long-Term Investment Securities | ||||||||
(cost $199,492,313) | 269,820,419 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,738,925 | 1,738,925 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $201,231,238)(4) | 97.1 | % | 271,559,344 | |||||
Other assets less liabilities | 2.9 | 8,200,242 | ||||||
NET ASSETS | 100.0 | % | $ | 279,759,586 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $3,471,773 representing 1.2% of net assets. |
(1) | Consists of more than one type of securities traded together as a unit. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $6,128,673. This was secured by collateral of $1,738,925, which was received in cash and subsequently invested in short-term investments currently valued at $1,738,925 as reported in the Portfolio of Investments. Additional collateral of $4,559,603 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | 397,781 | |||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 1,545,712 | |||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 295,210 | |||
United States Cash Management Bills | zero coupon | 09/21/2021 | 18,899 | |||
United States Treasury Bills | 0.00% | 07/15/201 to 08/05/2021 | 31,042 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 02/15/2051 | 2,270,959 |
(3) | The rate shown is the 7-day yield as of May 31, 2021. |
(4) | See Note 5 for cost of investments on a tax basis. |
Unfunded Commitments | ||||||||||||||||
Description | Shares | Acquisition Cost | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
Landcadia Holdings III, Inc., Class A | 183,000 | $ | 1,830,000 | $ | 1,830,000 | $ | — | |||||||||
The following is a summary of the inputs used to value the Funds’s net assets as of May 31, 2021 (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 | $ | 269,820,419 | $ | — | $ | — | $ | 269,820,419 | ||||||||
Short-Term Investment Securities | 1,738,925 | — | — | 1,738,925 | ||||||||||||
Total Investments at Value | $ | 271,559,344 | $ | — | $ | — | $ | 271,559,344 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Unfunded Commitments | $ | — | $ | — | $ | — | $ | — | ||||||||
* | 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
231 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Banks — Commercial | 14.6 | % | ||
Real Estate Investment Trusts | 8.8 | |||
Repurchase Agreements | 2.6 | |||
Savings & Loans/Thrifts | 2.6 | |||
Oil Companies — Exploration & Production | 2.5 | |||
Distribution/Wholesale | 2.2 | |||
Building — Heavy Construction | 1.9 | |||
Oil — Field Services | 1.8 | |||
Human Resources | 1.8 | |||
Medical — Biomedical/Gene | 1.8 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Electronic Components — Misc. | 1.5 | |||
Investment Management/Advisor Services | 1.4 | |||
Metal — Aluminum | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Rental Auto/Equipment | 1.2 | |||
Electric — Integrated | 1.2 | |||
Steel — Producers | 1.1 | |||
Registered Investment Companies | 1.0 | |||
Paper & Related Products | 1.0 | |||
Medical — Drugs | 0.9 | |||
Medical — Hospitals | 0.9 | |||
Pastoral & Agricultural | 0.9 | |||
Retail — Regional Department Stores | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Television | 0.9 | |||
Energy — Alternate Sources | 0.9 | |||
Machinery — Construction & Mining | 0.9 | |||
Airlines | 0.9 | |||
Electronic Components — Semiconductors | 0.8 | |||
Gas — Distribution | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Transport — Truck | 0.8 | |||
Home Furnishings | 0.8 | |||
Financial Guarantee Insurance | 0.8 | |||
Building — Residential/Commercial | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Finance — Consumer Loans | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Coal | 0.7 | |||
Medical Information Systems | 0.7 | |||
Retail — Building Products | 0.7 | |||
Transport — Services | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Theaters | 0.6 | |||
Retail — Automobile | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Independent Power Producers | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Building — Maintenance & Services | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Resorts/Theme Parks | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Consumer Products — Misc. | 0.5 | |||
Finance — Mortgage Loan/Banker | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Consulting Services | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Office Furnishings — Original | 0.5 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Rubber — Tires | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Applications Software | 0.4 |
Telecom Services | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Cable/Satellite TV | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Finance — Commercial | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Computer Services | 0.3 | |||
Office Supplies & Forms | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Racetracks | 0.3 | |||
Transport — Marine | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Publishing — Books | 0.3 | |||
Steel — Specialty | 0.3 | |||
Building Products — Wood | 0.3 | |||
Casino Services | 0.3 | |||
Machinery — Farming | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Retail — Bedding | 0.3 | |||
Commercial Services | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Satellite Telecom | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Auto — Truck Trailers | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Retail — Discount | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Casino Hotels | 0.2 | |||
Housewares | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Printing — Commercial | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Internet Content — Information/News | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Precious Metals | 0.1 | |||
Medical Products | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Travel Services | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Computer Software | 0.1 | |||
Circuit Boards | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Multimedia | 0.1 | |||
Electric — Distribution | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Agricultural Operations | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Networking Products | 0.1 | |||
Electric — Generation | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Medical Instruments | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Audio/Video Products | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Night Clubs | 0.1 | |||
Transactional Software | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Food — Canned | 0.1 | |||
Advanced Materials | 0.1 | |||
Lasers — System/Components | 0.1 |
232 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Metal Products — Distribution | 0.1 | % | ||
E-Commerce/Products | 0.1 | |||
Computers — Other | 0.1 | |||
Superconductor Product & Systems | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Machinery — Thermal Process | 0.1 | |||
Computer Data Security | 0.1 | |||
101.1% | ||||
* | Calculated as a percentage of net assets |
233 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Materion Corp. | 4,200 | $ | 331,170 | |||||
Aerospace/Defense - Equipment — 0.7% | ||||||||
AAR Corp.† | 20,300 | 847,525 | ||||||
Astronics Corp.† | 59,700 | 1,012,512 | ||||||
Barnes Group, Inc. | 14,600 | 779,932 | ||||||
Ducommun, Inc.† | 2,500 | 134,425 | ||||||
Moog, Inc., Class A | 6,000 | 541,200 | ||||||
Triumph Group, Inc.† | 19,400 | 372,868 | ||||||
3,688,462 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Andersons, Inc. | 5,400 | 167,832 | ||||||
Bunge, Ltd. | 2,400 | 208,368 | ||||||
Fresh Del Monte Produce, Inc. | 7,200 | 240,984 | ||||||
617,184 | ||||||||
Airlines — 0.9% |
| |||||||
Allegiant Travel Co.† | 6,200 | 1,373,052 | ||||||
Hawaiian Holdings, Inc.† | 35,000 | 903,000 | ||||||
SkyWest, Inc.† | 28,800 | 1,412,064 | ||||||
Spirit Airlines, Inc.† | 18,300 | 653,493 | ||||||
4,341,609 | ||||||||
Apparel Manufacturers — 0.7% |
| |||||||
Deckers Outdoor Corp.† | 2,700 | 905,688 | ||||||
Kontoor Brands, Inc.# | 31,900 | 2,042,238 | ||||||
Lakeland Industries, Inc.† | 15,463 | 389,977 | ||||||
3,337,903 | ||||||||
Applications Software — 0.4% |
| |||||||
BM Technologies, Inc.† | 8,494 | 109,148 | ||||||
Cerence, Inc.† | 12,700 | 1,208,151 | ||||||
IBEX Holdings, Ltd.† | 28,133 | 611,611 | ||||||
1,928,910 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Universal Electronics, Inc.† | 7,600 | 380,456 | ||||||
Auto - Heavy Duty Trucks — 0.1% | ||||||||
Navistar International Corp.† | 5,600 | 247,688 | ||||||
REV Group, Inc.† | 15,800 | 295,776 | ||||||
543,464 | ||||||||
Auto - Truck Trailers — 0.2% |
| |||||||
Wabash National Corp. | 62,500 | 996,875 | ||||||
Auto/Truck Parts & Equipment - Original — 1.6% | ||||||||
Adient PLC† | 47,400 | 2,372,844 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 47,000 | 526,400 | ||||||
Dana, Inc. | 110,800 | 3,006,004 | ||||||
Gentherm, Inc.† | 12,700 | 921,131 | ||||||
Meritor, Inc.† | 34,100 | 886,600 | ||||||
Methode Electronics, Inc. | 3,300 | 159,654 | ||||||
7,872,633 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Douglas Dynamics, Inc. | 3,900 | 171,015 | ||||||
Banks - Commercial — 14.6% | ||||||||
1st Source Corp. | 12,320 | 609,470 | ||||||
Amalgamated Financial Corp. | 16,600 | 270,082 | ||||||
American National Bankshares, Inc. | 600 | 20,808 | ||||||
Ameris Bancorp | 18,700 | 1,027,378 | ||||||
Atlantic Capital Bancshares, Inc.† | 7,700 | 216,524 | ||||||
Atlantic Union Bankshares Corp. | 900 | 36,918 | ||||||
BancFirst Corp. | 4,980 | 343,471 | ||||||
Bancorp, Inc.† | 58,200 | 1,410,768 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
BancorpSouth Bank | 7,800 | $ | 238,524 | |||||
Bank of Commerce Holdings | 3,800 | 56,050 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 14,300 | 545,402 | ||||||
Banner Corp. | 8,200 | 479,946 | ||||||
Bar Harbor Bankshares | 15,400 | 468,776 | ||||||
Bridgewater Bancshares, Inc.† | 18,700 | 324,632 | ||||||
Bryn Mawr Bank Corp. | 3,100 | 148,180 | ||||||
Business First Bancshares, Inc.# | 10,100 | 246,440 | ||||||
Byline Bancorp, Inc. | 6,200 | 143,096 | ||||||
Cadence BanCorp | 121,400 | 2,716,932 | ||||||
California Bancorp, Inc.†# | 6,100 | 115,351 | ||||||
Capital Bancorp, Inc.† | 3,900 | 85,761 | ||||||
Capstar Financial Holdings, Inc. | 9,600 | 210,144 | ||||||
Cathay General Bancorp | 63,690 | 2,654,599 | ||||||
Central Pacific Financial Corp. | 44,800 | 1,241,408 | ||||||
Central Valley Community Bancorp | 5,300 | 112,731 | ||||||
Century Bancorp, Inc., Class A | 318 | 36,284 | ||||||
Chemung Financial Corp.# | 900 | 41,940 | ||||||
CIT Group, Inc. | 68,200 | 3,613,236 | ||||||
Citizens & Northern Corp. | 1,400 | 34,566 | ||||||
City Holding Co. | 6,400 | 513,408 | ||||||
Columbia Banking System, Inc. | 22,600 | 975,416 | ||||||
Community Bank System, Inc. | 12,580 | 1,020,490 | ||||||
Community Trust Bancorp, Inc. | 16,418 | 725,347 | ||||||
ConnectOne Bancorp, Inc. | 39,900 | 1,104,831 | ||||||
Customers Bancorp, Inc.† | 53,100 | 2,009,835 | ||||||
Dime Community Bancshares, Inc. | 9,272 | 321,831 | ||||||
Eastern Bankshares, Inc. | 52,500 | 1,176,000 | ||||||
Enterprise Financial Services Corp. | 21,200 | 1,047,492 | ||||||
Equity Bancshares, Inc., Class A† | 9,700 | 318,742 | ||||||
Evans Bancorp, Inc. | 2,500 | 94,550 | ||||||
Farmers National Banc Corp. | 11,000 | 191,400 | ||||||
FB Financial Corp. | 1,726 | 72,233 | ||||||
Financial Institutions, Inc. | 20,600 | 661,878 | ||||||
First Bancorp | 7,200 | 319,464 | ||||||
First BanCorp/Puerto Rico | 215,100 | 2,751,129 | ||||||
First Business Financial Services, Inc. | 5,700 | 156,237 | ||||||
First Choice Bancorp | 6,600 | 212,058 | ||||||
First Citizens BancShares, Inc., Class A | 690 | 593,814 | ||||||
First Commonwealth Financial Corp. | 96,500 | 1,461,975 | ||||||
First Community Bankshares, Inc. | 6,000 | 186,960 | ||||||
First Community Corp. | 3,000 | 60,300 | ||||||
First Financial Corp. | 4,400 | 199,672 | ||||||
First Hawaiian, Inc. | 9,500 | 267,520 | ||||||
First Horizon Corp. | 60,608 | 1,155,795 | ||||||
First Internet Bancorp | 5,800 | 196,736 | ||||||
First Interstate BancSystem, Inc., Class A | 6,770 | 318,664 | ||||||
First Merchants Corp. | 19,300 | 894,362 | ||||||
First Midwest Bancorp, Inc. | 93,300 | 1,952,769 | ||||||
First Northwest Bancorp | 2,200 | 39,182 | ||||||
Flagstar Bancorp, Inc. | 33,500 | 1,534,300 | ||||||
Fulton Financial Corp. | 37,500 | 649,875 | ||||||
Glacier Bancorp, Inc. | 5,900 | 343,675 | ||||||
Great Southern Bancorp, Inc. | 16,800 | 949,032 | ||||||
Great Western Bancorp, Inc. | 45,800 | 1,532,468 | ||||||
Hancock Whitney Corp. | 51,721 | 2,560,707 | ||||||
Hanmi Financial Corp. | 40,200 | 843,396 | ||||||
HBT Financial, Inc. | 9,500 | 172,805 | ||||||
Heritage Commerce Corp. | 6,400 | 75,904 | ||||||
Hilltop Holdings, Inc. | 46,400 | 1,723,760 | ||||||
Home BancShares, Inc. | 38,500 | 1,053,360 | ||||||
HomeStreet, Inc. | 20,700 | 931,914 | ||||||
Hope Bancorp, Inc. | 155,527 | 2,379,563 | ||||||
Independent Bank Corp. | 19,200 | 447,360 | ||||||
Investar Holding Corp. | 11,400 | 257,412 |
234 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) | ||||||||
Kearny Financial Corp. | 57,200 | $ | 749,892 | |||||
LCNB Corp. | 5,400 | 95,256 | ||||||
Luther Burbank Corp. | 24,700 | 299,858 | ||||||
Mercantile Bank Corp. | 1,900 | 61,370 | ||||||
Meridian Corp. | 2,700 | 73,089 | ||||||
Meta Financial Group, Inc. | 13,300 | 705,033 | ||||||
Metropolitan Bank Holding Corp.† | 1,300 | 82,953 | ||||||
Midland States Bancorp, Inc. | 3,200 | 89,152 | ||||||
Northrim BanCorp, Inc. | 2,500 | 108,875 | ||||||
OFG Bancorp | 14,800 | 356,680 | ||||||
Old National Bancorp | 48,900 | 931,545 | ||||||
Old Second Bancorp, Inc. | 10,600 | 146,916 | ||||||
OP Bancorp# | 12,500 | 129,625 | ||||||
Orrstown Financial Services, Inc. | 5,400 | 136,296 | ||||||
PacWest Bancorp | 4,735 | 213,880 | ||||||
Peapack-Gladstone Financial Corp. | 12,800 | 425,216 | ||||||
Pinnacle Financial Partners, Inc. | 5,000 | 454,600 | ||||||
Preferred Bank | 1,800 | 122,922 | ||||||
Premier Financial Bancorp, Inc. | 2,325 | 43,361 | ||||||
Premier Financial Corp. | 12,520 | 381,860 | ||||||
Provident Bancorp, Inc. | 17,800 | 300,464 | ||||||
RBB Bancorp | 7,200 | 175,680 | ||||||
Renasant Corp. | 1,500 | 66,330 | ||||||
Republic Bancorp, Inc., Class A | 2,200 | 102,190 | ||||||
S&T Bancorp, Inc. | 2,280 | 77,360 | ||||||
Sandy Spring Bancorp, Inc. | 15,700 | 729,422 | ||||||
Select Bancorp, Inc.† | 54,773 | 771,204 | ||||||
Shore Bancshares, Inc. | 3,000 | 51,570 | ||||||
Sierra Bancorp | 3,800 | 105,336 | ||||||
Simmons First National Corp., Class A | 37,600 | 1,146,800 | ||||||
Tompkins Financial Corp. | 2,248 | 182,425 | ||||||
TriCo Bancshares | 4,600 | 220,570 | ||||||
TriState Capital Holdings, Inc.† | 5,300 | 121,847 | ||||||
Trustmark Corp. | 51,700 | 1,734,535 | ||||||
UMB Financial Corp. | 22,360 | 2,162,436 | ||||||
Umpqua Holdings Corp. | 29,800 | 568,584 | ||||||
United Community Banks, Inc. | 42,200 | 1,459,276 | ||||||
Valley National Bancorp | 4,620 | 66,158 | ||||||
Veritex Holdings, Inc. | 26,922 | 945,770 | ||||||
Washington Trust Bancorp, Inc. | 3,780 | 207,862 | ||||||
Webster Financial Corp. | 11,200 | 634,816 | ||||||
West BanCorp, Inc. | 1,330 | 37,134 | ||||||
Westamerica BanCorp | 16,424 | 1,030,277 | ||||||
Western Alliance Bancorp | 3,400 | 340,034 | ||||||
Western New England Bancorp, Inc. | 6,500 | 55,315 | ||||||
Wintrust Financial Corp. | 7,100 | 570,982 | ||||||
73,377,794 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc. | 7,300 | 741,242 | ||||||
Broadcast Services/Program — 0.1% | ||||||||
Hemisphere Media Group, Inc.† | 28,000 | 346,360 | ||||||
Building & Construction Products - Misc. — 0.9% | ||||||||
Builders FirstSource, Inc.† | 70,150 | 3,124,481 | ||||||
Gibraltar Industries, Inc.† | 5,500 | 436,975 | ||||||
Louisiana-Pacific Corp. | 6,900 | 463,749 | ||||||
Summit Materials, Inc., Class A† | 14,500 | 504,890 | ||||||
4,530,095 | ||||||||
Building & Construction - Misc. — 0.9% |
| |||||||
Comfort Systems USA, Inc. | 8,700 | 721,230 | ||||||
EMCOR Group, Inc. | 26,698 | 3,366,885 | ||||||
MYR Group, Inc.† | 4,700 | 409,088 | ||||||
4,497,203 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Cornerstone Building Brands, Inc.† | 25,000 | $ | 424,000 | |||||
Building Products - Wood — 0.3% | ||||||||
Boise Cascade Co. | 13,400 | 884,266 | ||||||
UFP Industries, Inc. | 6,300 | 500,976 | ||||||
1,385,242 | ||||||||
Building - Heavy Construction — 1.9% |
| |||||||
Arcosa, Inc. | 17,500 | 1,111,250 | ||||||
Dycom Industries, Inc.† | 2,700 | 202,284 | ||||||
Great Lakes Dredge & Dock Corp.† | 27,500 | 401,775 | ||||||
MasTec, Inc.† | 34,750 | 4,042,468 | ||||||
Primoris Services Corp. | 67,200 | 2,136,288 | ||||||
Sterling Construction Co., Inc.† | 19,800 | 445,500 | ||||||
Tutor Perini Corp.† | 65,800 | 1,018,584 | ||||||
9,358,149 | ||||||||
Building - Maintenance & Services — 0.6% |
| |||||||
ABM Industries, Inc. | 60,300 | 3,008,367 | ||||||
Building - Residential/Commercial — 0.7% | ||||||||
KB Home | 8,100 | 379,161 | ||||||
Meritage Homes Corp.† | 6,200 | 667,554 | ||||||
Taylor Morrison Home Corp.† | 16,100 | 476,882 | ||||||
Tri Pointe Homes, Inc.†# | 91,900 | 2,216,628 | ||||||
3,740,225 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Liberty Latin America, Ltd., Class A† | 55,700 | 794,839 | ||||||
Liberty Latin America, Ltd., Class C† | 65,950 | 948,361 | ||||||
1,743,200 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp.† | 13,500 | 869,265 | ||||||
Casino Services — 0.3% | ||||||||
Caesars Entertainment, Inc.† | 9,400 | 1,010,030 | ||||||
Scientific Games Corp.† | 5,100 | 369,954 | ||||||
1,379,984 | ||||||||
Chemicals - Diversified — 0.3% |
| |||||||
AdvanSix, Inc.† | 4,900 | 155,134 | ||||||
Koppers Holdings, Inc.† | 29,900 | 1,036,633 | ||||||
Orion Engineered Carbons SA† | 23,000 | 465,520 | ||||||
1,657,287 | ||||||||
Chemicals - Specialty — 0.9% |
| |||||||
H.B. Fuller Co. | 12,100 | 836,352 | ||||||
Kraton Corp.† | 2,700 | 91,665 | ||||||
Minerals Technologies, Inc. | 10,760 | 936,120 | ||||||
PQ Group Holdings, Inc. | 19,200 | 313,728 | ||||||
Tronox Holdings PLC, Class A | 100,700 | 2,364,436 | ||||||
4,542,301 | ||||||||
Circuit Boards — 0.1% |
| |||||||
TTM Technologies, Inc.† | 45,109 | 683,401 | ||||||
Coal — 0.7% | ||||||||
Arch Resources, Inc.,† | 23,000 | 1,312,610 | ||||||
SunCoke Energy, Inc. | 153,400 | 1,155,102 | ||||||
Warrior Met Coal, Inc. | 62,700 | 1,147,410 | ||||||
3,615,122 | ||||||||
Commercial Services — 0.2% |
| |||||||
SP Plus Corp.† | 15,600 | 509,964 | ||||||
Team, Inc.† | 25,800 | 219,300 | ||||||
WW International, Inc.† | 13,100 | 514,830 | ||||||
1,244,094 | ||||||||
235 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Data Security — 0.1% |
| |||||||
Cognyte Software, Ltd.† | 5,200 | $ | 133,848 | |||||
SecureWorks Corp., Class A† | 8,411 | 118,427 | ||||||
252,275 | ||||||||
Computer Services — 0.3% |
| |||||||
StarTek, Inc.† | 48,300 | 305,739 | ||||||
Sykes Enterprises, Inc.† | 18,800 | 788,096 | ||||||
Unisys Corp.† | 20,600 | 529,626 | ||||||
1,623,461 | ||||||||
Computer Software — 0.1% |
| |||||||
Xperi Holding Corp. | 33,100 | 709,002 | ||||||
Computers - Integrated Systems — 0.4% | ||||||||
Diebold Nixdorf, Inc.† | 86,300 | 1,168,502 | ||||||
NetScout Systems, Inc.† | 8,561 | 251,693 | ||||||
Super Micro Computer, Inc.† | 11,513 | 399,962 | ||||||
1,820,157 | ||||||||
Computers - Other — 0.1% |
| |||||||
3D Systems Corp.† | 10,900 | 320,569 | ||||||
Consulting Services — 0.5% | ||||||||
GP Strategies Corp.† | 22,229 | 393,231 | ||||||
Huron Consulting Group, Inc.† | 12,500 | 683,875 | ||||||
Kelly Services, Inc., Class A† | 53,800 | 1,381,046 | ||||||
2,458,152 | ||||||||
Consumer Products - Misc. — 0.5% |
| |||||||
Central Garden & Pet Co., Class A† | 37,500 | 1,891,875 | ||||||
Quanex Building Products Corp. | 23,700 | 631,131 | ||||||
Spectrum Brands Holdings, Inc. | 2,600 | 231,114 | ||||||
2,754,120 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 4,000 | 246,840 | ||||||
O-I Glass, Inc.† | 27,800 | 512,354 | ||||||
759,194 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Pactiv Evergreen, Inc, | 11,700 | 173,628 | ||||||
TriMas Corp.† | 3,500 | 113,470 | ||||||
287,098 | ||||||||
Cosmetics & Toiletries — 0.3% |
| |||||||
Edgewell Personal Care Co. | 22,600 | 1,025,588 | ||||||
Honest Co., Inc.† | 32,505 | 512,929 | ||||||
1,538,517 | ||||||||
Disposable Medical Products — 0.1% |
| |||||||
Utah Medical Products, Inc. | 3,400 | 291,414 | ||||||
Distribution/Wholesale — 2.2% | ||||||||
Avient Corp. | 38,700 | 2,011,626 | ||||||
Core-Mark Holding Co., Inc. | 21,700 | 995,162 | ||||||
G-III Apparel Group, Ltd.† | 51,400 | 1,698,256 | ||||||
H&E Equipment Services, Inc. | 3,500 | 130,900 | ||||||
KAR Auction Services, Inc.† | 3,200 | 57,408 | ||||||
Resideo Technologies, Inc.† | 5,200 | 155,480 | ||||||
ScanSource, Inc.† | 62,925 | 1,921,100 | ||||||
ThredUp, Inc., Class A†# | 19,543 | 461,019 | ||||||
Veritiv Corp.† | 15,500 | 952,010 | ||||||
WESCO International, Inc.† | 26,657 | 2,840,837 | ||||||
11,223,798 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
EnPro Industries, Inc. | 9,400 | $ | 864,706 | |||||
Fabrinet† | 4,900 | 439,481 | ||||||
1,304,187 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Revance Therapeutics, Inc.† | 9,700 | 287,217 | ||||||
E-Commerce/Products — 0.1% | ||||||||
Overstock.com, Inc.† | 3,800 | 324,634 | ||||||
E-Commerce/Services — 0.4% | ||||||||
Cars.com, Inc.† | 111,300 | 1,626,093 | ||||||
Groupon, Inc.† | 3,163 | 149,452 | ||||||
1,775,545 | ||||||||
E-Marketing/Info — 0.2% | ||||||||
comScore, Inc.† | 93,137 | 372,548 | ||||||
Magnite, Inc.† | 7,000 | 207,900 | ||||||
QuinStreet, Inc.† | 20,575 | 372,613 | ||||||
953,061 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Spark Energy, Inc., Class A# | 29,300 | 304,427 | ||||||
Unitil Corp. | 6,300 | 345,555 | ||||||
649,982 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Brookfield Renewable Corp., Class A | 13,100 | 559,632 | ||||||
Electric - Integrated — 1.2% | ||||||||
ALLETE, Inc. | 12,300 | 847,347 | ||||||
Avista Corp. | 22,180 | 1,005,420 | ||||||
Black Hills Corp. | 18,200 | 1,197,378 | ||||||
IDACORP, Inc. | 7,400 | 724,830 | ||||||
NorthWestern Corp. | 3,900 | 247,065 | ||||||
Portland General Electric Co. | 45,500 | 2,181,270 | ||||||
6,203,310 | ||||||||
Electronic Components - Misc. — 1.5% |
| |||||||
Bel Fuse, Inc., Class B | 17,700 | 291,696 | ||||||
Benchmark Electronics, Inc. | 69,221 | 2,142,390 | ||||||
Comtech Telecommunications Corp. | 3,500 | 88,515 | ||||||
Knowles Corp.† | 42,278 | 868,390 | ||||||
Sanmina Corp.† | 53,200 | 2,240,252 | ||||||
Vishay Intertechnology, Inc. | 76,600 | 1,843,762 | ||||||
7,475,005 | ||||||||
Electronic Components - Semiconductors — 0.8% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 7,000 | 225,470 | ||||||
Amkor Technology, Inc. | 15,113 | 318,885 | ||||||
GSI Technology, Inc.† | 7,100 | 44,375 | ||||||
Photronics, Inc.† | 27,500 | 372,350 | ||||||
SMART Global Holdings, Inc.† | 68,883 | 3,265,054 | ||||||
4,226,134 | ||||||||
Electronic Security Devices — 0.2% |
| |||||||
API Group Corp.†* | 47,800 | 1,010,970 | ||||||
Energy - Alternate Sources — 0.9% | ||||||||
FutureFuel Corp. | 33,200 | 340,964 | ||||||
Green Plains, Inc.† | 48,500 | 1,546,665 | ||||||
Maxeon Solar Technologies, Ltd.†# | 18,625 | 290,923 | ||||||
Renewable Energy Group, Inc.† | 15,600 | 952,692 | ||||||
REX American Resources Corp.† | 5,200 | 499,356 | ||||||
Sunnova Energy International, Inc.† | 7,900 | 230,680 | ||||||
SunPower Corp.† | 23,000 | 537,970 | ||||||
4,399,250 | ||||||||
236 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Engineering/R&D Services — 0.6% |
| |||||||
Fluor Corp.† | 17,900 | $ | 331,150 | |||||
KBR, Inc. | 60,100 | 2,448,474 | ||||||
2,779,624 | ||||||||
Enterprise Software/Service — 0.8% |
| |||||||
ACI Worldwide, Inc.† | 11,200 | 428,512 | ||||||
Asure Software, Inc.† | 29,859 | 252,309 | ||||||
Donnelley Financial Solutions, Inc.† | 40,577 | 1,209,600 | ||||||
Evolent Health, Inc., Class A† | 23,600 | 458,548 | ||||||
ManTech International Corp., Class A | 16,320 | 1,420,003 | ||||||
Verint Systems, Inc.† | 5,400 | 248,994 | ||||||
4,017,966 | ||||||||
Finance - Commercial — 0.3% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 27,800 | 1,368,038 | ||||||
Marlin Business Services Corp. | 11,200 | 252,224 | ||||||
MMA Capital Holdings, Inc.†# | 1,800 | 48,708 | ||||||
1,668,970 | ||||||||
Finance - Consumer Loans — 0.7% | ||||||||
EZCORP, Inc., Class A† | 26,600 | 195,510 | ||||||
Navient Corp. | 132,600 | 2,422,602 | ||||||
Nelnet, Inc., Class A | 11,700 | 883,584 | ||||||
Regional Management Corp. | 3,300 | 154,242 | ||||||
3,655,938 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Cowen, Inc., Class A# | 34,655 | 1,362,981 | ||||||
Piper Sandler Cos. | 6,500 | 828,490 | ||||||
2,191,471 | ||||||||
Finance - Leasing Companies — 0.5% |
| |||||||
PROG Holdings, Inc. | 44,400 | 2,340,768 | ||||||
Finance - Mortgage Loan/Banker — 0.5% | ||||||||
Mr. Cooper Group, Inc.† | 49,600 | 1,715,664 | ||||||
Oportun Financial Corp.† | 13,200 | 251,856 | ||||||
PennyMac Financial Services, Inc. | 10,600 | 663,666 | ||||||
2,631,186 | ||||||||
Financial Guarantee Insurance — 0.8% | ||||||||
MBIA, Inc.† | 9,400 | 93,906 | ||||||
MGIC Investment Corp. | 53,100 | 781,632 | ||||||
NMI Holdings, Inc., Class A† | 26,700 | 645,873 | ||||||
Radian Group, Inc. | 97,700 | 2,281,295 | ||||||
3,802,706 | ||||||||
Food - Canned — 0.1% |
| |||||||
Seneca Foods Corp., Class A† | 7,200 | 332,928 | ||||||
Food - Misc./Diversified — 0.6% | ||||||||
BellRing Brands, Inc., Class A† | 99,100 | 2,842,188 | ||||||
Food - Wholesale/Distribution — 0.4% | ||||||||
Performance Food Group Co.† | 15,400 | 772,002 | ||||||
SpartanNash Co. | 30,200 | 633,294 | ||||||
United Natural Foods, Inc.† | 16,700 | 633,932 | ||||||
2,039,228 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Wolverine World Wide, Inc. | 17,100 | 623,466 | ||||||
Gas - Distribution — 0.8% | ||||||||
New Jersey Resources Corp. | 16,300 | 696,336 | ||||||
Northwest Natural Holding Co. | 3,100 | 163,928 | ||||||
ONE Gas, Inc. | 10,000 | 743,200 | ||||||
Southwest Gas Holdings, Inc. | 22,040 | 1,454,860 | ||||||
Spire, Inc. | 14,600 | 1,046,236 | ||||||
4,104,560 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage - Crystal Clean, Inc.† | 9,600 | $ | 295,680 | |||||
Home Furnishings — 0.8% | ||||||||
Ethan Allen Interiors, Inc. | 14,800 | 427,276 | ||||||
Herman Miller, Inc. | 40,200 | 1,921,560 | ||||||
Hooker Furniture Corp. | 8,000 | 286,800 | ||||||
Purple Innovation, Inc.† | 18,400 | 524,768 | ||||||
Sleep Number Corp.† | 6,300 | 702,387 | ||||||
3,862,791 | ||||||||
Housewares — 0.2% |
| |||||||
Lifetime Brands, Inc. | 29,800 | 447,000 | ||||||
Tupperware Brands Corp.† | 16,400 | 420,496 | ||||||
867,496 | ||||||||
Human Resources — 1.8% |
| |||||||
Barrett Business Services, Inc. | 12,800 | 953,216 | ||||||
Cross Country Healthcare, Inc.† | 84,200 | 1,317,730 | ||||||
Heidrick & Struggles International, Inc. | 46,300 | 1,992,752 | ||||||
Insperity, Inc. | 1,100 | 101,409 | ||||||
Korn Ferry | 37,300 | 2,439,793 | ||||||
TrueBlue, Inc.† | 84,700 | 2,297,911 | ||||||
9,102,811 | ||||||||
Independent Power Producers — 0.6% |
| |||||||
Clearway Energy, Inc., Class A | 51,200 | 1,286,656 | ||||||
Clearway Energy, Inc., Class C | 41,200 | 1,105,396 | ||||||
Vistra Corp. | 40,229 | 650,503 | ||||||
3,042,555 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
American Equity Investment Life Holding Co. | 39,500 | 1,204,750 | ||||||
CNO Financial Group, Inc. | 69,020 | 1,833,171 | ||||||
Security National Financial Corp., Class A† | 5,762 | 50,187 | ||||||
3,088,108 | ||||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
Ambac Financial Group, Inc.† | 14,000 | 211,260 | ||||||
First American Financial Corp. | 7,775 | 500,010 | ||||||
Heritage Insurance Holdings, Inc. | 26,000 | 216,580 | ||||||
Horace Mann Educators Corp. | 8,180 | 326,137 | ||||||
ProAssurance Corp. | 16,800 | 409,080 | ||||||
Selective Insurance Group, Inc. | 5,300 | 398,931 | ||||||
Stewart Information Services Corp. | 19,150 | 1,155,702 | ||||||
United Insurance Holdings Corp. | 19,700 | 111,108 | ||||||
3,328,808 | ||||||||
Insurance - Reinsurance — 0.7% |
| |||||||
Argo Group International Holdings, Ltd. | 16,275 | 872,991 | ||||||
Essent Group, Ltd. | 57,600 | 2,755,584 | ||||||
3,628,575 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 19,000 | 762,090 | ||||||
Investment Management/Advisor Services — 1.4% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 5,700 | 291,156 | ||||||
Blucora, Inc.† | 13,500 | 234,090 | ||||||
Boston Private Financial Holdings, Inc. | 46,400 | 711,312 | ||||||
Federated Hermes, Inc. | 26,100 | 829,980 | ||||||
Stifel Financial Corp. | 45,950 | 3,183,416 | ||||||
Virtus Investment Partners, Inc. | 5,700 | 1,603,011 | ||||||
6,852,965 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
II-VI, Inc.†# | 4,900 | 330,113 | ||||||
237 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Construction & Mining — 0.9% | ||||||||
Astec Industries, Inc. | 13,400 | $ | 918,302 | |||||
Manitowoc Co, Inc.† | 31,200 | 805,584 | ||||||
Terex Corp. | 50,700 | 2,655,159 | ||||||
4,379,045 | ||||||||
Machinery - Electrical — 0.5% |
| |||||||
Argan, Inc. | 45,100 | 2,214,410 | ||||||
Bloom Energy Corp., Class A†# | 16,100 | 389,137 | ||||||
2,603,547 | ||||||||
Machinery - Farming — 0.3% |
| |||||||
AGCO Corp. | 9,560 | 1,322,817 | ||||||
Machinery - General Industrial — 0.6% |
| |||||||
Altra Industrial Motion Corp. | 32,600 | 2,141,494 | ||||||
Applied Industrial Technologies, Inc. | 4,500 | 440,820 | ||||||
Chart Industries, Inc.† | 1,400 | 204,316 | ||||||
DXP Enterprises, Inc.† | 5,200 | 160,628 | ||||||
Gencor Industries, Inc.† | 6,200 | 77,872 | ||||||
3,025,130 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Columbus McKinnon Corp. | 7,500 | 380,250 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
CIRCOR International, Inc.† | 3,000 | 112,890 | ||||||
Machinery - Thermal Process — 0.1% |
| |||||||
Thermon Group Holdings, Inc.† | 15,000 | 261,450 | ||||||
Medical Information Systems — 0.7% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 198,300 | 3,448,437 | ||||||
Computer Programs & Systems, Inc. | 3,100 | 100,347 | ||||||
3,548,784 | ||||||||
Medical Instruments — 0.1% |
| |||||||
Natus Medical, Inc.† | 17,300 | 463,640 | ||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
MEDNAX, Inc.† | 27,500 | 879,450 | ||||||
Medical Products — 0.1% |
| |||||||
Bioventus, Inc., Class A† | 10,304 | 183,205 | ||||||
FONAR Corp.† | 2,000 | 36,200 | ||||||
Integer Holdings Corp.† | 3,500 | 316,645 | ||||||
Invacare Corp.† | 1,494 | 11,952 | ||||||
Orthofix Medical, Inc.† | 4,000 | 162,800 | ||||||
Talis Biomedical Corp.† | 3,400 | 33,116 | ||||||
743,918 | ||||||||
Medical - Biomedical/Gene — 1.8% |
| |||||||
89bio, Inc.†# | 13,400 | 253,260 | ||||||
Acceleron Pharma, Inc.† | 4,400 | 575,916 | ||||||
Akero Therapeutics, Inc.†# | 9,500 | 248,710 | ||||||
ANI Pharmaceuticals, Inc.† | 9,100 | 312,585 | ||||||
Arcus Biosciences, Inc.† | 27,130 | 673,367 | ||||||
BioCryst Pharmaceuticals, Inc.† | 23,100 | 364,287 | ||||||
Epizyme, Inc.† | 19,300 | 158,839 | ||||||
Fate Therapeutics, Inc.† | 14,200 | 1,087,720 | ||||||
FibroGen, Inc.† | 23,200 | 493,000 | ||||||
Intra-Cellular Therapies, Inc.† | 10,900 | 429,569 | ||||||
Iovance Biotherapeutics, Inc.† | 19,600 | 363,972 | ||||||
Karyopharm Therapeutics, Inc.†# | 12,300 | 114,144 | ||||||
Myriad Genetics, Inc.† | 34,100 | 976,965 | ||||||
Novavax, Inc.†# | 13,700 | 2,022,394 | ||||||
Scholar Rock Holding Corp.† | 11,800 | 317,066 | ||||||
Taysha Gene Therapies, Inc.†# | 17,400 | 391,500 | ||||||
WaVe Life Sciences, Ltd.† | 31,200 | 213,408 | ||||||
8,996,702 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 0.9% |
| |||||||
Allovir, Inc.† | 29,800 | $ | 698,512 | |||||
Enanta Pharmaceuticals, Inc.† | 2,900 | 141,114 | ||||||
Kala Pharmaceuticals, Inc.†# | 14,900 | 84,185 | ||||||
Lannett Co., Inc.† | 210,138 | 903,593 | ||||||
Minerva Neurosciences, Inc.†# | 20,000 | 59,000 | ||||||
NexImmune, Inc.† | 29,700 | 551,826 | ||||||
Protagonist Therapeutics, Inc.† | 46,700 | 1,639,637 | ||||||
Spectrum Pharmaceuticals, Inc.† | 114,900 | 396,405 | ||||||
Spero Therapeutics, Inc.†# | 15,962 | 231,449 | ||||||
Zogenix, Inc.† | 2,800 | 49,140 | ||||||
4,754,861 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Endo International PLC† | 290,700 | 1,706,409 | ||||||
Medical - HMO — 0.0% |
| |||||||
Tivity Health, Inc.† | 7,100 | 186,020 | ||||||
Medical - Hospitals — 0.9% |
| |||||||
Surgery Partners, Inc.† | 23,600 | 1,381,308 | ||||||
Tenet Healthcare Corp.† | 48,700 | 3,258,517 | ||||||
4,639,825 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
National HealthCare Corp. | 6,400 | 468,544 | ||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
Covetrus, Inc.† | 27,700 | 768,398 | ||||||
Owens & Minor, Inc. | 26,700 | 1,193,757 | ||||||
1,962,155 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
AZZ, Inc. | 6,700 | 358,383 | ||||||
LB Foster Co., Class A† | 4,900 | 88,151 | ||||||
Mueller Industries, Inc. | 1,200 | 55,716 | ||||||
Rexnord Corp. | 11,000 | 549,670 | ||||||
1,051,920 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 4,940 | 327,868 | ||||||
Metal - Aluminum — 1.3% |
| |||||||
Alcoa Corp.† | 78,200 | 3,102,194 | ||||||
Arconic Corp.† | 56,800 | 2,054,456 | ||||||
Kaiser Aluminum Corp. | 10,275 | 1,329,482 | ||||||
6,486,132 | ||||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 30,700 | 651,147 | ||||||
Networking Products — 0.1% |
| |||||||
Infinera Corp.† | 15,064 | 144,614 | ||||||
NeoPhotonics Corp.† | 44,308 | 452,385 | ||||||
596,999 | ||||||||
Night Clubs — 0.1% |
| |||||||
RCI Hospitality Holdings, Inc. | 4,900 | 379,750 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
Pitney Bowes, Inc. | 22,100 | 185,198 | ||||||
Office Furnishings - Original — 0.5% |
| |||||||
HNI Corp. | 10,500 | 479,010 | ||||||
Knoll, Inc. | 22,700 | 590,200 | ||||||
Steelcase, Inc., Class A | 85,000 | 1,229,950 | ||||||
2,299,160 | ||||||||
Office Supplies & Forms — 0.3% |
| |||||||
ACCO Brands Corp. | 178,100 | 1,622,491 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Patterson-UTI Energy, Inc. | 79,400 | 664,578 | ||||||
238 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production — 2.5% |
| |||||||
Antero Resources Corp.† | 134,200 | $ | 1,732,522 | |||||
Berry Corp. | 145,200 | 923,472 | ||||||
CNX Resources Corp.† | 32,900 | 448,098 | ||||||
Evolution Petroleum Corp. | 18,300 | 67,527 | ||||||
Falcon Minerals Corp. | 87,700 | 408,682 | ||||||
Kosmos Energy, Ltd.† | 33,900 | 107,802 | ||||||
Magnolia Oil & Gas Corp., Class A† | 96,600 | 1,248,072 | ||||||
Matador Resources Co. | 10,100 | 309,464 | ||||||
Ovintiv, Inc. | 126,300 | 3,363,369 | ||||||
PDC Energy, Inc. | 54,200 | 2,288,324 | ||||||
Range Resources Corp.† | 72,600 | 984,456 | ||||||
Southwestern Energy Co.† | 64,500 | 333,465 | ||||||
Talos Energy, Inc.† | 9,200 | 130,456 | ||||||
W&T Offshore, Inc.†# | 40,500 | 151,470 | ||||||
12,497,179 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
CVR Energy, Inc. | 30,100 | 624,575 | ||||||
Delek US Holdings, Inc. | 35,000 | 780,150 | ||||||
Par Pacific Holdings, Inc.† | 6,700 | 93,264 | ||||||
PBF Energy, Inc., Class A† | 6,400 | 103,296 | ||||||
1,601,285 | ||||||||
Oil - Field Services — 1.8% |
| |||||||
Bristow Group, Inc.† | 2,833 | 77,284 | ||||||
ChampionX Corp.† | 58,000 | 1,537,000 | ||||||
Liberty Oilfield Services, Inc., Class A† | 10,400 | 155,584 | ||||||
Matrix Service Co.† | 87,800 | 957,020 | ||||||
MRC Global, Inc.† | 85,800 | 921,492 | ||||||
National Energy Services Reunited Corp.†# | 10,500 | 134,715 | ||||||
NexTier Oilfield Solutions, Inc.† | 131,766 | 560,006 | ||||||
NOW, Inc.† | 213,200 | 2,232,204 | ||||||
Oceaneering International, Inc.† | 59,700 | 851,919 | ||||||
Oil States International, Inc.† | 40,800 | 262,344 | ||||||
ProPetro Holding Corp.† | 61,000 | 606,340 | ||||||
Select Energy Services, Inc., Class A† | 124,600 | 707,728 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 15,000 | 149,850 | ||||||
9,153,486 | ||||||||
Paper & Related Products — 1.0% |
| |||||||
Domtar Corp.† | 35,040 | 1,900,219 | ||||||
Glatfelter Corp. | 38,800 | 572,688 | ||||||
Neenah, Inc. | 8,600 | 455,198 | ||||||
Schweitzer-Mauduit International, Inc. | 30,300 | 1,239,573 | ||||||
Verso Corp., Class A | 39,400 | 670,194 | ||||||
4,837,872 | ||||||||
Pastoral & Agricultural — 0.9% |
| |||||||
Darling Ingredients, Inc.† | 67,700 | 4,634,742 | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Powell Industries, Inc. | 26,800 | 920,848 | ||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.† | 25,400 | 264,160 | ||||||
Hecla Mining Co. | 54,200 | 487,800 | ||||||
751,960 | ||||||||
Printing - Commercial — 0.2% |
| |||||||
Cimpress PLC† | 1,000 | 99,310 | ||||||
Deluxe Corp. | 8,400 | 382,704 | ||||||
Quad/Graphics, Inc.† | 95,200 | 315,112 | ||||||
797,126 | ||||||||
Publishing - Books — 0.3% |
| |||||||
Houghton Mifflin Harcourt Co.† | 151,300 | 1,503,922 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
TEGNA, Inc. | 37,800 | $ | 732,942 | |||||
Publishing - Periodicals — 0.0% |
| |||||||
Meredith Corp.† | 4,600 | 154,928 | ||||||
Racetracks — 0.3% |
| |||||||
Penn National Gaming, Inc.†# | 19,400 | 1,590,218 | ||||||
Real Estate Investment Trusts — 8.8% |
| |||||||
Acadia Realty Trust | 16,100 | 349,370 | ||||||
Agree Realty Corp. | 11,850 | 832,818 | ||||||
Alexander & Baldwin, Inc. | 57,075 | 1,096,411 | ||||||
American Assets Trust, Inc. | 16,600 | 606,730 | ||||||
American Finance Trust, Inc. | 32,300 | 293,930 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 35,100 | 549,315 | ||||||
Ares Commercial Real Estate Corp. | 53,900 | 817,663 | ||||||
Armada Hoffler Properties, Inc. | 21,700 | 287,959 | ||||||
Blackstone Mtg. Trust, Inc., Class A | 33,800 | 1,082,614 | ||||||
Broadstone Net Lease, Inc. | 42,800 | 934,752 | ||||||
CareTrust REIT, Inc. | 25,900 | 602,952 | ||||||
CatchMark Timber Trust, Inc., Class A | 17,700 | 211,515 | ||||||
Centerspace | 4,900 | 348,831 | ||||||
Chatham Lodging Trust† | 14,600 | 192,282 | ||||||
Cherry Hill Mtg. Investment Corp.# | 2,887 | 28,350 | ||||||
City Office REIT, Inc. | 86,200 | 996,472 | ||||||
Colony Capital, Inc.†# | 110,400 | 758,448 | ||||||
Colony Credit Real Estate, Inc. | 4,800 | 45,360 | ||||||
Columbia Property Trust, Inc. | 9,500 | 166,155 | ||||||
CorePoint Lodging, Inc.† | 10,300 | 108,047 | ||||||
Cousins Properties, Inc. | 12,549 | 465,443 | ||||||
DiamondRock Hospitality Co.† | 154,834 | 1,498,793 | ||||||
Easterly Government Properties, Inc. | 5,400 | 111,942 | ||||||
Ellington Financial, Inc. | 57,200 | 1,079,936 | ||||||
Essential Properties Realty Trust, Inc. | 21,800 | 558,080 | ||||||
First Industrial Realty Trust, Inc. | 14,900 | 754,536 | ||||||
Getty Realty Corp. | 33,346 | 1,038,061 | ||||||
Gladstone Commercial Corp. | 34,800 | 754,116 | ||||||
Global Medical REIT, Inc. | 9,800 | 141,120 | ||||||
Global Net Lease, Inc. | 42,800 | 836,312 | ||||||
Granite Point Mtg. Trust, Inc. | 16,200 | 232,956 | ||||||
Great Ajax Corp. | 5,900 | 74,340 | ||||||
Healthcare Realty Trust, Inc. | 20,400 | 618,936 | ||||||
Highwoods Properties, Inc. | 9,800 | 447,664 | ||||||
Innovative Industrial Properties, Inc.# | 2,400 | 432,552 | ||||||
Kite Realty Group Trust | 39,100 | 828,920 | ||||||
KKR Real Estate Finance Trust, Inc. | 46,000 | 983,480 | ||||||
Ladder Capital Corp. | 92,300 | 1,079,910 | ||||||
Lexington Realty Trust | 29,200 | 361,496 | ||||||
MFA Financial, Inc. | 85,600 | 374,072 | ||||||
New Senior Investment Group, Inc. | 132,500 | 878,475 | ||||||
New York Mtg. Trust, Inc. | 62,400 | 282,048 | ||||||
NexPoint Residential Trust, Inc. | 1,125 | 58,320 | ||||||
PennyMac Mtg. Investment Trust | 47,100 | 923,160 | ||||||
Physicians Realty Trust | 48,400 | 877,492 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 41,200 | 761,788 | ||||||
Plymouth Industrial REIT, Inc. | 5,100 | 97,614 | ||||||
PotlatchDeltic Corp. | 24,800 | 1,492,960 | ||||||
QTS Realty Trust, Inc., Class A# | 5,300 | 335,914 | ||||||
Ready Capital Corp. | 34,000 | 517,480 | ||||||
Redwood Trust, Inc. | 164,400 | 1,829,772 | ||||||
Retail Opportunity Investments Corp. | 48,700 | 869,782 | ||||||
Retail Properties of America, Inc., Class A | 80,900 | 974,845 | ||||||
Retail Value, Inc. | 6,121 | 107,485 | ||||||
RLJ Lodging Trust | 22,326 | 343,151 | ||||||
Ryman Hospitality Properties, Inc.† | 2,100 | 157,311 | ||||||
Sabra Health Care REIT, Inc. | 91,500 | 1,598,505 | ||||||
Service Properties Trust | 28,440 | 357,206 |
239 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
SITE Centers Corp. | 62,900 | $ | 941,613 | |||||
STAG Industrial, Inc.# | 48,400 | 1,728,364 | ||||||
Summit Hotel Properties, Inc.† | 12,400 | 119,164 | ||||||
Sunstone Hotel Investors, Inc.† | 191,072 | 2,399,864 | ||||||
TPG RE Finance Trust, Inc. | 60,000 | 782,400 | ||||||
Two Harbors Investment Corp. | 34,705 | 249,529 | ||||||
UMH Properties, Inc. | 10,800 | 229,068 | ||||||
Urban Edge Properties | 38,600 | 746,910 | ||||||
Urstadt Biddle Properties, Inc., Class A | 13,700 | 250,436 | ||||||
Xenia Hotels & Resorts, Inc.† | 77,500 | 1,504,275 | ||||||
44,397,570 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Newmark Group, Inc., Class A | 62,129 | 801,464 | ||||||
Realogy Holdings Corp.†# | 99,000 | 1,753,290 | ||||||
2,554,754 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 43,600 | 865,024 | ||||||
Rental Auto/Equipment — 1.2% |
| |||||||
Aaron’s Co., Inc. | 6,600 | 237,402 | ||||||
CAI International, Inc. | 8,500 | 364,820 | ||||||
Herc Holdings, Inc.† | 43,400 | 4,991,868 | ||||||
Rent-A-Center, Inc. | 10,400 | 642,824 | ||||||
6,236,914 | ||||||||
Resort/Theme Parks — 0.6% |
| |||||||
Marriott Vacations Worldwide Corp.† | 16,300 | 2,808,327 | ||||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
Abercrombie & Fitch Co., Class A† | 38,300 | 1,635,410 | ||||||
American Eagle Outfitters, Inc. | 28,900 | 1,023,927 | ||||||
Caleres, Inc. | 30,900 | 774,972 | ||||||
Children’s Place, Inc.† | 4,500 | 418,455 | ||||||
Genesco, Inc.† | 26,700 | 1,468,500 | ||||||
Guess?, Inc. | 34,200 | 1,004,454 | ||||||
6,325,718 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.† | 5,200 | 120,588 | ||||||
Retail - Automobile — 0.6% |
| |||||||
Group 1 Automotive, Inc. | 5,500 | 877,140 | ||||||
Lithia Motors, Inc., Class A | 2,300 | 809,577 | ||||||
Rush Enterprises, Inc., Class A | 11,100 | 530,580 | ||||||
Sonic Automotive, Inc., Class A | 18,200 | 877,786 | ||||||
3,095,083 | ||||||||
Retail - Bedding — 0.3% |
| |||||||
Bed Bath & Beyond, Inc.† | 45,600 | 1,276,344 | ||||||
Retail - Building Products — 0.7% |
| |||||||
Beacon Roofing Supply, Inc.† | 14,600 | 826,944 | ||||||
GMS, Inc.† | 58,500 | 2,678,715 | ||||||
3,505,659 | ||||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc. | 8,500 | 517,990 | ||||||
Citi Trends, Inc.† | 4,400 | 366,696 | ||||||
884,686 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
Rite Aid Corp.† | 89,704 | 1,638,892 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Haverty Furniture Cos., Inc. | 13,300 | 611,002 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Jewelry — 0.4% |
| |||||||
Movado Group, Inc. | 2,700 | $ | 74,871 | |||||
Signet Jewelers, Ltd.† | 29,300 | 1,774,994 | ||||||
1,849,865 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 2,300 | 118,289 | ||||||
Retail - Office Supplies — 0.3% |
| |||||||
ODP Corp.† | 37,500 | 1,640,250 | ||||||
Retail - Petroleum Products — 0.0% |
| |||||||
Murphy USA, Inc. | 1,700 | 229,177 | ||||||
Retail - Regional Department Stores — 0.9% |
| |||||||
Dillard’s, Inc., Class A | 13,200 | 1,741,212 | ||||||
Macy’s, Inc.† | 155,700 | 2,846,196 | ||||||
4,587,408 | ||||||||
Retail - Restaurants — 0.5% |
| |||||||
Brinker International, Inc.† | 14,400 | 884,880 | ||||||
Cheesecake Factory, Inc.† | 8,800 | 517,616 | ||||||
Del Taco Restaurants, Inc. | 39,500 | 401,320 | ||||||
Dine Brands Global, Inc.† | 4,400 | 417,780 | ||||||
Fiesta Restaurant Group, Inc.† | 9,700 | 131,823 | ||||||
2,353,419 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Zumiez, Inc.† | 16,300 | 714,266 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 5,658 | 124,646 | ||||||
Trinseo SA | 18,245 | 1,184,830 | ||||||
1,309,476 | ||||||||
Rubber - Tires — 0.4% |
| |||||||
Cooper Tire & Rubber Co. | 19,500 | 1,157,910 | ||||||
Goodyear Tire & Rubber Co.† | 45,300 | 898,299 | ||||||
2,056,209 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.†# | 70,100 | 954,762 | ||||||
KVH Industries, Inc.† | 5,400 | 77,166 | ||||||
1,031,928 | ||||||||
Savings & Loans/Thrifts — 2.6% |
| |||||||
Axos Financial, Inc.† | 22,700 | 1,076,207 | ||||||
Banc of California, Inc. | 4,700 | 82,297 | ||||||
Berkshire Hills Bancorp, Inc. | 42,000 | 1,165,500 | ||||||
Brookline Bancorp, Inc. | 31,600 | 532,776 | ||||||
ESSA Bancorp, Inc. | 4,100 | 64,985 | ||||||
Flushing Financial Corp. | 19,200 | 448,704 | ||||||
FS Bancorp, Inc. | 1,600 | 113,888 | ||||||
HomeTrust Bancshares, Inc. | 19,500 | 553,215 | ||||||
Investors Bancorp, Inc. | 167,500 | 2,492,400 | ||||||
Meridian Bancorp, Inc. | 31,000 | 683,550 | ||||||
Northfield Bancorp, Inc. | 62,200 | 1,053,046 | ||||||
OceanFirst Financial Corp. | 47,600 | 1,052,436 | ||||||
Pacific Premier Bancorp, Inc. | 10,100 | 464,297 | ||||||
Provident Financial Holdings, Inc. | 1,600 | 27,840 | ||||||
Provident Financial Services, Inc. | 58,177 | 1,469,551 | ||||||
Territorial Bancorp, Inc. | 1,600 | 41,792 | ||||||
Washington Federal, Inc. | 34,700 | 1,156,898 | ||||||
WSFS Financial Corp. | 9,856 | 524,438 | ||||||
13,003,820 | ||||||||
Schools — 0.0% |
| |||||||
American Public Education, Inc.† | 2,800 | 78,400 | ||||||
240 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment — 0.3% |
| |||||||
Cohu, Inc.† | 9,173 | $ | 341,419 | |||||
Veeco Instruments, Inc.† | 49,300 | 1,174,326 | ||||||
1,515,745 | ||||||||
Steel - Producers — 1.1% |
| |||||||
Cleveland-Cliffs, Inc.†# | 169,900 | 3,418,388 | ||||||
Commercial Metals Co. | 53,400 | 1,680,498 | ||||||
United States Steel Corp. | 13,100 | 339,683 | ||||||
5,438,569 | ||||||||
Steel - Specialty — 0.3% |
| |||||||
Allegheny Technologies, Inc.† | 59,500 | 1,457,155 | ||||||
Superconductor Product & Systems — 0.1% |
| |||||||
American Superconductor Corp.† | 20,600 | 308,382 | ||||||
Telecom Services — 0.4% |
| |||||||
ATN International, Inc. | 5,300 | 250,531 | ||||||
Consolidated Communications Holdings, Inc.† | 67,756 | 634,196 | ||||||
Spok Holdings, Inc. | 27,000 | 315,090 | ||||||
Vonage Holdings Corp.† | 50,300 | 693,134 | ||||||
1,892,951 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 28,214 | 558,919 | ||||||
Harmonic, Inc.† | 29,738 | 207,274 | ||||||
766,193 | ||||||||
Television — 0.9% |
| |||||||
AMC Networks, Inc., Class A† | 35,640 | 1,913,155 | ||||||
Gray Television, Inc. | 52,556 | 1,222,453 | ||||||
Sinclair Broadcast Group, Inc., Class A | 40,200 | 1,354,338 | ||||||
4,489,946 | ||||||||
Theaters — 0.6% |
| |||||||
AMC Entertainment Holdings, Inc., Class A†# | 92,700 | 2,421,324 | ||||||
Cinemark Holdings, Inc.†# | 30,700 | 695,662 | ||||||
3,116,986 | ||||||||
Transactional Software — 0.1% |
| |||||||
Synchronoss Technologies, Inc.† | 123,500 | 359,385 | ||||||
Transport - Air Freight — 0.0% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 1,000 | 74,930 | ||||||
Transport - Marine — 0.3% |
| |||||||
Costamare, Inc. | 89,600 | 961,408 | ||||||
DHT Holdings, Inc. | 20,900 | 133,760 | ||||||
Dorian LPG, Ltd.† | 23,100 | 328,251 | ||||||
International Seaways, Inc. | 8,000 | 160,320 | ||||||
1,583,739 | ||||||||
Transport - Services — 0.7% |
| |||||||
Echo Global Logistics, Inc.† | 62,200 | 2,124,752 | ||||||
Forward Air Corp. | 1,100 | 106,579 | ||||||
Hub Group, Inc., Class A† | 16,000 | 1,116,960 | ||||||
3,348,291 | ||||||||
Transport - Truck — 0.8% |
| |||||||
ArcBest Corp. | 47,320 | 3,683,389 | ||||||
Covenant Logistics Group, Inc.† | 4,300 | 96,793 | ||||||
Werner Enterprises, Inc. | 4,500 | 215,955 | ||||||
3,996,137 | ||||||||
Travel Services — 0.1% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 150,400 | 715,904 | ||||||
Water — 0.0% |
| |||||||
Consolidated Water Co., Ltd. | 10,800 | 132,948 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 11,200 | $ | 281,008 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $351,942,814) | 489,401,212 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.0% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,994,590 | 4,994,590 | ||||||
REPURCHASE AGREEMENTS — 2.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $13,078,000 and collateralized by $12,438,400 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $13,339,575 | $ | 13,078,000 | 13,078,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $370,015,404)(3) | 101.1 | % | 507,473,802 | |||||
Liabilities in excess of other assets | (1.1 | ) | (5,715,927 | ) | ||||
NET ASSETS | 100.0 | % | $ | 501,757,875 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2021, the aggregate value of these securities was $1,010,970 representing 0.2% of net assets. |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $19,170,634. This was secured by collateral of $4,994,590, which was received in cash and subsequently invested in short-term investments currently valued at $4,994,590 as reported in the Portfolio of Investments. Additional collateral of $14,935,073 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 559,731 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 2,175,022 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 415,400 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 to 09/21/2021 | 28,660 | |||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 273,708 | |||||
United States Treasury Notes/Bonds | 0.06% to 8.13% | 06/30/2021 to 02/15/2051 | 11,482,552 |
(3) | See Note 5 for cost of investments on a tax basis. |
241 |
Table of Contents
VALIC Company I Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
103 | Long | Russell 2000 E-Mini Index | June 2021 | $ | 11,411,049 | $ | 11,683,290 | $ | 272,241 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 489,401,212 | $ | — | $ | — | $ | 489,401,212 | ||||||||
Short-Term Investment Securities | 4,994,590 | — | — | 4,994,590 | ||||||||||||
Repurchase Agreements | — | 13,078,000 | — | 13,078,000 | ||||||||||||
Total Investments at Value | $ | 494,395,802 | $ | 13,078,000 | $ | — | $ | 507,473,802 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 272,241 | $ | — | $ | — | $ | 272,241 | ||||||||
* | 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
242 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Applications Software | 6.0 | % | ||
Computers | 5.6 | |||
Medical — Drugs | 4.0 | |||
E-Commerce/Products | 4.0 | |||
Web Portals/ISP | 3.9 | |||
Electronic Components — Semiconductors | 3.7 | |||
Diversified Banking Institutions | 3.5 | |||
Internet Content — Entertainment | 3.0 | |||
Finance — Credit Card | 2.6 | |||
Real Estate Investment Trusts | 2.4 | |||
Electric — Integrated | 2.2 | |||
Commercial Services — Finance | 1.9 | |||
Insurance — Property/Casualty | 1.9 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Medical — HMO | 1.6 | |||
Retail — Discount | 1.5 | |||
Aerospace/Defense | 1.4 | |||
Medical — Biomedical/Gene | 1.4 | |||
Retail — Building Products | 1.4 | |||
Diversified Manufacturing Operations | 1.3 | |||
Cosmetics & Toiletries | 1.3 | |||
Telephone — Integrated | 1.3 | |||
Medical Products | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Oil Companies — Integrated | 1.2 | |||
Banks — Super Regional | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Enterprise Software/Service | 1.1 | |||
Medical Instruments | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Computer Services | 1.0 | |||
Diagnostic Equipment | 1.0 | |||
Multimedia | 1.0 | |||
Transport — Rail | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Insurance — Multi-line | 0.7 | |||
Transport — Services | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Repurchase Agreements | 0.7 | |||
Networking Products | 0.7 | |||
Electronic Forms | 0.7 | |||
Tobacco | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Data Processing/Management | 0.6 | |||
Industrial Gases | 0.6 | |||
Banks — Commercial | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Pharmacy Services | 0.6 | |||
Insurance Brokers | 0.5 | |||
Instruments — Controls | 0.5 | |||
Athletic Footwear | 0.5 | |||
Finance — Other Services | 0.5 | |||
Computer Aided Design | 0.5 | |||
Food — Misc./Diversified | 0.4 | |||
Entertainment Software | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Food — Confectionery | 0.4 | |||
Medical Labs & Testing Services | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Machinery — Farming | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Airlines | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Drug Delivery Systems | 0.3 |
Retail — Auto Parts | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Pipelines | 0.3 | |||
Electric Products — Misc. | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Electronic Connectors | 0.2 | |||
Cellular Telecom | 0.2 | |||
Oil — Field Services | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Hotels/Motels | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Electric — Distribution | 0.2 | |||
Coatings/Paint | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Metal — Copper | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Gold Mining | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Cruise Lines | 0.2 | |||
Commercial Services | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Brewery | 0.1 | |||
Casino Hotels | 0.1 | |||
Consulting Services | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Building Products — Cement | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Transport — Truck | 0.1 | |||
Decision Support Software | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Agricultural Operations | 0.1 | |||
Food — Meat Products | 0.1 | |||
Wireless Equipment | 0.1 | |||
Agricultural Biotech | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Computer Software | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Advertising Agencies | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Steel — Producers | 0.1 | |||
Respiratory Products | 0.1 | |||
Computer Data Security | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Food — Retail | 0.1 | |||
Water | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Paper & Related Products | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Medical Information Systems | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Gas — Distribution | 0.1 | |||
Casino Services | 0.1 |
243 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Web Hosting/Design | 0.1 | % | ||
Electronic Components — Misc. | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Retail — Automobile | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
244 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 65,651 | $ | 2,211,782 | |||||
Omnicom Group, Inc. | 36,132 | 2,971,496 | ||||||
5,183,278 | ||||||||
Aerospace/Defense — 1.4% |
| |||||||
Boeing Co.† | 92,194 | 22,773,762 | ||||||
General Dynamics Corp. | 38,965 | 7,399,843 | ||||||
Lockheed Martin Corp. | 41,422 | 15,831,488 | ||||||
Northrop Grumman Corp. | 26,055 | 9,532,743 | ||||||
Raytheon Technologies Corp. | 255,341 | 22,651,300 | ||||||
Teledyne Technologies, Inc.† | 7,804 | 3,273,544 | ||||||
TransDigm Group, Inc.† | 9,190 | 5,962,840 | ||||||
87,425,520 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Howmet Aerospace, Inc.† | 65,580 | 2,326,778 | ||||||
L3Harris Technologies, Inc. | 34,545 | 7,532,883 | ||||||
9,859,661 | ||||||||
Agricultural Biotech — 0.1% |
| |||||||
Corteva, Inc. | 125,036 | 5,689,138 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 35,961 | 1,912,046 | ||||||
Mosaic Co. | 57,971 | 2,095,072 | ||||||
4,007,118 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 93,839 | 6,243,109 | ||||||
Airlines — 0.3% |
| |||||||
Alaska Air Group, Inc.† | 20,876 | 1,444,619 | ||||||
American Airlines Group, Inc.† | 107,494 | 2,605,655 | ||||||
Delta Air Lines, Inc.† | 107,237 | 5,113,060 | ||||||
Southwest Airlines Co.† | 99,261 | 6,100,581 | ||||||
United Airlines Holdings, Inc.† | 53,518 | 3,122,775 | ||||||
18,386,690 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Hanesbrands, Inc. | 58,615 | 1,145,337 | ||||||
PVH Corp.† | 11,948 | 1,371,869 | ||||||
Ralph Lauren Corp. | 8,106 | 1,005,793 | ||||||
Tapestry, Inc.† | 46,690 | 2,095,914 | ||||||
Under Armour, Inc., Class A† | 31,696 | 715,696 | ||||||
Under Armour, Inc., Class C† | 32,746 | 624,139 | ||||||
VF Corp. | 53,977 | 4,303,046 | ||||||
11,261,794 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp. | 10,548 | 2,500,825 | ||||||
Applications Software — 6.0% |
| |||||||
Intuit, Inc. | 46,017 | 20,205,605 | ||||||
Microsoft Corp. | 1,267,433 | 316,452,671 | ||||||
PTC, Inc.† | 17,667 | 2,369,851 | ||||||
Roper Technologies, Inc. | 17,635 | 7,935,926 | ||||||
ServiceNow, Inc.† | 32,954 | 15,616,242 | ||||||
362,580,295 | ||||||||
Athletic Footwear — 0.5% |
| |||||||
NIKE, Inc., Class B | 213,666 | 29,156,862 | ||||||
Auto - Cars/Light Trucks — 1.7% |
| |||||||
Ford Motor Co.† | 656,694 | 9,541,764 | ||||||
General Motors Co.† | 213,082 | 12,637,893 | ||||||
Tesla, Inc.† | 129,039 | 80,677,764 | ||||||
102,857,421 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto-Heavy Duty Trucks — 0.2% |
| |||||||
Cummins, Inc. | 24,872 | $ | 6,399,068 | |||||
PACCAR, Inc. | 58,302 | 5,338,131 | ||||||
11,737,199 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Aptiv PLC† | 45,377 | 6,825,609 | ||||||
BorgWarner, Inc. | 40,166 | 2,060,114 | ||||||
8,885,723 | ||||||||
Banks - Commercial — 0.6% |
| |||||||
Citizens Financial Group, Inc. | 71,437 | 3,564,706 | ||||||
First Republic Bank | 29,572 | 5,661,264 | ||||||
M&T Bank Corp. | 21,617 | 3,473,636 | ||||||
Regions Financial Corp. | 161,437 | 3,779,240 | ||||||
SVB Financial Group† | 9,070 | 5,286,812 | ||||||
Truist Financial Corp. | 226,390 | 13,986,374 | ||||||
Zions Bancorp NA | 27,595 | 1,597,199 | ||||||
37,349,231 | ||||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 135,578 | 7,060,902 | ||||||
Northern Trust Corp. | 35,006 | 4,242,377 | ||||||
State Street Corp. | 59,116 | 5,141,910 | ||||||
16,445,189 | ||||||||
Banks - Super Regional — 1.2% |
| |||||||
Comerica, Inc. | 23,386 | 1,835,567 | ||||||
Fifth Third Bancorp | 119,487 | 5,035,182 | ||||||
Huntington Bancshares, Inc. | 170,943 | 2,711,156 | ||||||
KeyCorp | 162,804 | 3,751,004 | ||||||
PNC Financial Services Group, Inc. | 71,254 | 13,871,729 | ||||||
US Bancorp | 229,708 | 13,961,652 | ||||||
Wells Fargo & Co. | 694,716 | 32,457,132 | ||||||
73,623,422 | ||||||||
Beverages - Non-alcoholic — 1.3% |
| |||||||
Coca-Cola Co. | 651,743 | 36,034,870 | ||||||
Monster Beverage Corp.† | 62,126 | 5,856,618 | ||||||
PepsiCo, Inc. | 231,837 | 34,297,966 | ||||||
76,189,454 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Brown-Forman Corp., Class B | 30,695 | 2,466,650 | ||||||
Brewery — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 28,573 | 6,849,520 | ||||||
Molson Coors Beverage Co., Class B† | 31,632 | 1,844,778 | ||||||
8,694,298 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class A†# | 27,305 | 876,763 | ||||||
Discovery, Inc., Class C† | 48,680 | 1,462,834 | ||||||
Fox Corp., Class A | 56,186 | 2,098,547 | ||||||
Fox Corp., Class B | 25,831 | 937,149 | ||||||
5,375,293 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 23,302 | 2,403,834 | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Carrier Global Corp. | 137,314 | 6,306,832 | ||||||
Johnson Controls International PLC | 121,038 | 8,053,869 | ||||||
14,360,701 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 10,467 | 3,806,324 |
245 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Cement (continued) |
| |||||||
Vulcan Materials Co. | 22,274 | $ | 4,083,270 | |||||
7,889,594 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 43,211 | 2,606,055 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 37,215 | 1,268,659 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
D.R. Horton, Inc. | 55,617 | 5,299,744 | ||||||
Lennar Corp., Class A | 46,128 | 4,567,133 | ||||||
NVR, Inc.† | 588 | 2,873,691 | ||||||
PulteGroup, Inc. | 44,682 | 2,582,173 | ||||||
15,322,741 | ||||||||
Cable/Satellite TV — 1.0% |
| |||||||
Charter Communications, Inc., Class A† | 23,766 | 16,506,200 | ||||||
Comcast Corp., Class A | 768,170 | 44,046,868 | ||||||
DISH Network Corp., Class A† | 41,583 | 1,809,692 | ||||||
62,362,760 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Las Vegas Sands Corp.† | 55,195 | 3,187,511 | ||||||
MGM Resorts International | 69,021 | 2,958,930 | ||||||
Wynn Resorts, Ltd.† | 17,680 | 2,331,462 | ||||||
8,477,903 | ||||||||
Casino Services — 0.1% |
| |||||||
Caesars Entertainment, Inc.† | 35,000 | 3,760,750 | ||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 98,158 | 13,884,449 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
Celanese Corp. | 19,186 | 3,174,324 | ||||||
Dow, Inc. | 125,231 | 8,568,305 | ||||||
DuPont de Nemours, Inc. | 90,472 | 7,653,026 | ||||||
Eastman Chemical Co. | 22,831 | 2,863,007 | ||||||
FMC Corp. | 21,737 | 2,536,491 | ||||||
LyondellBasell Industries NV, Class A | 43,235 | 4,869,126 | ||||||
PPG Industries, Inc. | 39,817 | 7,155,911 | ||||||
36,820,190 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Albemarle Corp. | 19,600 | 3,274,768 | ||||||
Ecolab, Inc. | 41,791 | 8,988,408 | ||||||
International Flavors & Fragrances, Inc. | 41,798 | 5,921,523 | ||||||
18,184,699 | ||||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 40,656 | 11,527,196 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 14,826 | 5,241,584 | ||||||
Nielsen Holdings PLC | 60,126 | 1,636,029 | ||||||
Quanta Services, Inc. | 23,252 | 2,217,078 | ||||||
9,094,691 | ||||||||
Commercial Services - Finance — 1.9% |
| |||||||
Automatic Data Processing, Inc. | 71,913 | 14,096,386 | ||||||
Equifax, Inc. | 20,468 | 4,810,799 | ||||||
FleetCor Technologies, Inc.† | 14,018 | 3,847,100 | ||||||
Global Payments, Inc. | 49,614 | 9,610,728 | ||||||
IHS Markit, Ltd. | 62,647 | 6,597,355 | ||||||
MarketAxess Holdings, Inc. | 6,385 | 2,978,858 | ||||||
Moody’s Corp. | 27,039 | 9,067,529 | ||||||
PayPal Holdings, Inc.† | 196,811 | 51,174,796 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance (continued) |
| |||||||
S&P Global, Inc. | 40,449 | $ | 15,349,182 | |||||
117,532,733 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 14,578 | 4,926,489 | ||||||
Autodesk, Inc.† | 36,951 | 10,562,813 | ||||||
Cadence Design Systems, Inc.† | 46,880 | 5,953,291 | ||||||
Synopsys, Inc.† | 25,606 | 6,512,630 | ||||||
27,955,223 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 22,761 | 4,974,189 | ||||||
Computer Services — 1.0% |
| |||||||
Accenture PLC, Class A | 106,582 | 30,073,177 | ||||||
Cognizant Technology Solutions Corp., Class A | 89,167 | 6,380,791 | ||||||
DXC Technology Co.† | 42,783 | 1,622,331 | ||||||
International Business Machines Corp. | 150,164 | 21,584,573 | ||||||
Leidos Holdings, Inc. | 22,414 | 2,303,039 | ||||||
61,963,911 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 27,428 | 3,132,552 | ||||||
Citrix Systems, Inc. | 20,663 | 2,375,418 | ||||||
5,507,970 | ||||||||
Computers — 5.6% |
| |||||||
Apple, Inc. | 2,651,888 | 330,451,764 | ||||||
Hewlett Packard Enterprise Co. | 218,651 | 3,489,670 | ||||||
HP, Inc. | 210,482 | 6,152,389 | ||||||
340,093,823 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 37,407 | 2,894,180 | ||||||
Seagate Technology Holdings PLC | 33,755 | 3,232,041 | ||||||
Western Digital Corp.† | 51,438 | 3,869,681 | ||||||
9,995,902 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 14,909 | 3,456,503 | ||||||
Verisk Analytics, Inc. | 27,357 | 4,728,110 | ||||||
8,184,613 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Clorox Co. | 21,139 | 3,735,895 | ||||||
Kimberly-Clark Corp. | 56,801 | 7,419,915 | ||||||
11,155,810 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 55,106 | 4,527,509 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Amcor PLC | 262,483 | 3,097,300 | ||||||
Packaging Corp. of America | 15,936 | 2,368,886 | ||||||
Sealed Air Corp. | 26,033 | 1,480,236 | ||||||
WestRock Co. | 44,283 | 2,582,585 | ||||||
9,529,007 | ||||||||
Cosmetics & Toiletries — 1.3% |
| |||||||
Colgate-Palmolive Co. | 142,597 | 11,946,777 | ||||||
Estee Lauder Cos., Inc., Class A | 38,606 | 11,833,511 | ||||||
Procter & Gamble Co. | 413,807 | 55,801,874 | ||||||
79,582,162 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp.† | 134,067 | 3,963,021 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 61,036 | 1,947,048 |
246 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Cruise Lines (continued) |
| |||||||
Royal Caribbean Cruises, Ltd.† | 36,789 | $ | 3,431,310 | |||||
9,341,379 | ||||||||
Data Processing/Management — 0.6% |
| |||||||
Broadridge Financial Solutions, Inc. | 19,459 | 3,103,321 | ||||||
Fidelity National Information Services, Inc. | 104,378 | 15,550,235 | ||||||
Fiserv, Inc.† | 100,086 | 11,529,907 | ||||||
Jack Henry & Associates, Inc. | 12,785 | 1,970,808 | ||||||
Paychex, Inc. | 53,936 | 5,455,087 | ||||||
37,609,358 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 13,876 | 6,495,772 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 12,101 | 7,141,405 | ||||||
DENTSPLY SIRONA, Inc. | 36,811 | 2,463,392 | ||||||
9,604,797 | ||||||||
Diagnostic Equipment — 1.0% |
| |||||||
Danaher Corp. | 106,518 | 27,283,521 | ||||||
PerkinElmer, Inc. | 18,831 | 2,731,813 | ||||||
Thermo Fisher Scientific, Inc. | 66,175 | 31,069,162 | ||||||
61,084,496 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 14,356 | 8,012,227 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 12,133 | 1,456,809 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
Teleflex, Inc. | 7,846 | 3,155,583 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Copart, Inc.† | 34,947 | 4,508,512 | ||||||
Fastenal Co. | 96,515 | 5,119,156 | ||||||
LKQ Corp.† | 46,892 | 2,389,616 | ||||||
Pool Corp. | 6,761 | 2,951,515 | ||||||
WW Grainger, Inc. | 7,393 | 3,416,749 | ||||||
18,385,548 | ||||||||
Diversified Banking Institutions — 3.5% |
| |||||||
Bank of America Corp. | 1,276,673 | 54,118,169 | ||||||
Citigroup, Inc. | 350,763 | 27,608,556 | ||||||
Goldman Sachs Group, Inc. | 57,819 | 21,509,824 | ||||||
JPMorgan Chase & Co. | 512,791 | 84,220,794 | ||||||
Morgan Stanley | 252,176 | 22,935,407 | ||||||
210,392,750 | ||||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
3M Co. | 97,315 | 19,758,837 | ||||||
A.O. Smith Corp. | 22,758 | 1,617,411 | ||||||
Eaton Corp. PLC | 66,899 | 9,717,080 | ||||||
General Electric Co. | 1,473,411 | 20,716,159 | ||||||
Illinois Tool Works, Inc. | 48,425 | 11,222,978 | ||||||
Parker-Hannifin Corp. | 21,692 | 6,684,390 | ||||||
Textron, Inc. | 38,133 | 2,610,966 | ||||||
Trane Technologies PLC | 40,067 | 7,468,489 | ||||||
79,796,310 | ||||||||
Drug Delivery Systems — 0.3% |
| |||||||
Becton Dickinson & Co. | 48,827 | 11,810,763 | ||||||
DexCom, Inc.† | 16,162 | 5,970,081 | ||||||
17,780,844 | ||||||||
E-Commerce/Products — 4.0% |
| |||||||
Amazon.com, Inc.† | 71,929 | 231,832,202 |
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products (continued) |
| |||||||
eBay, Inc. | 108,628 | $ | 6,613,273 | |||||
Etsy, Inc.† | 21,182 | 3,489,311 | ||||||
241,934,786 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Booking Holdings, Inc.† | 6,883 | 16,254,549 | ||||||
Cars.com, Inc.† | 1 | 15 | ||||||
Expedia Group, Inc.† | 23,248 | 4,113,733 | ||||||
20,368,297 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 23,693 | 3,919,296 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 38,745 | 5,234,450 | ||||||
Emerson Electric Co. | 100,832 | 9,648,614 | ||||||
14,883,064 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
Consolidated Edison, Inc. | 57,542 | 4,444,544 | ||||||
Sempra Energy | 52,917 | 7,169,724 | ||||||
11,614,268 | ||||||||
Electric - Integrated — 2.2% |
| |||||||
AES Corp. | 112,273 | 2,852,857 | ||||||
Alliant Energy Corp. | 41,991 | 2,399,786 | ||||||
Ameren Corp. | 42,575 | 3,584,815 | ||||||
American Electric Power Co., Inc. | 83,452 | 7,176,872 | ||||||
CenterPoint Energy, Inc. | 92,690 | 2,345,057 | ||||||
CMS Energy Corp. | 48,555 | 3,046,341 | ||||||
Dominion Energy, Inc. | 135,385 | 10,308,214 | ||||||
DTE Energy Co. | 32,563 | 4,493,368 | ||||||
Duke Energy Corp. | 129,170 | 12,945,417 | ||||||
Edison International | 63,736 | 3,560,930 | ||||||
Entergy Corp. | 33,689 | 3,546,104 | ||||||
Evergy, Inc. | 38,137 | 2,364,113 | ||||||
Eversource Energy | 57,640 | 4,679,792 | ||||||
Exelon Corp. | 164,069 | 7,402,793 | ||||||
FirstEnergy Corp. | 91,285 | 3,460,614 | ||||||
NextEra Energy, Inc. | 329,348 | 24,114,861 | ||||||
Pinnacle West Capital Corp. | 18,937 | 1,601,692 | ||||||
PPL Corp. | 129,225 | 3,761,740 | ||||||
Public Service Enterprise Group, Inc. | 84,878 | 5,272,621 | ||||||
Southern Co. | 177,558 | 11,349,507 | ||||||
WEC Energy Group, Inc. | 53,007 | 4,977,887 | ||||||
Xcel Energy, Inc. | 90,350 | 6,404,008 | ||||||
131,649,389 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Garmin, Ltd. | 25,111 | 3,571,789 | ||||||
Electronic Components - Semiconductors — 3.7% |
| |||||||
Advanced Micro Devices, Inc.† | 203,638 | 16,307,331 | ||||||
Broadcom, Inc. | 68,601 | 32,402,310 | ||||||
Intel Corp. | 682,768 | 38,999,708 | ||||||
IPG Photonics Corp.† | 6,027 | 1,261,210 | ||||||
Microchip Technology, Inc. | 45,248 | 7,101,674 | ||||||
Micron Technology, Inc.† | 187,987 | 15,817,226 | ||||||
Monolithic Power Systems, Inc. | 7,207 | 2,472,866 | ||||||
NVIDIA Corp. | 104,188 | 67,699,279 | ||||||
Qorvo, Inc.† | 19,033 | 3,477,710 | ||||||
Skyworks Solutions, Inc. | 27,711 | 4,710,870 | ||||||
Texas Instruments, Inc. | 154,642 | 29,354,144 | ||||||
Xilinx, Inc. | 41,300 | 5,245,100 | ||||||
224,849,428 | ||||||||
247 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A | 100,684 | $ | 6,772,006 | |||||
TE Connectivity, Ltd. | 55,604 | 7,544,351 | ||||||
14,316,357 | ||||||||
Electronic Forms — 0.7% |
| |||||||
Adobe, Inc.† | 80,549 | 40,643,414 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 51,203 | 7,072,671 | ||||||
Fortive Corp. | 56,812 | 4,120,006 | ||||||
Keysight Technologies, Inc.† | 31,271 | 4,452,365 | ||||||
Trimble, Inc.† | 42,175 | 3,280,793 | ||||||
18,925,835 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 15,247 | 2,141,899 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Enphase Energy, Inc.† | 21,682 | 3,101,610 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Jacobs Engineering Group, Inc. | 21,861 | 3,106,011 | ||||||
Enterprise Software/Service — 1.1% |
| |||||||
Oracle Corp. | 311,680 | 24,541,683 | ||||||
Paycom Software, Inc.† | 8,248 | 2,718,541 | ||||||
salesforce.com, Inc.† | 154,220 | 36,719,782 | ||||||
Tyler Technologies, Inc.† | 6,819 | 2,749,148 | ||||||
66,729,154 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Activision Blizzard, Inc. | 130,194 | 12,661,366 | ||||||
Electronic Arts, Inc. | 48,334 | 6,908,379 | ||||||
Take-Two Interactive Software, Inc.† | 19,355 | 3,591,514 | ||||||
23,161,259 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 91,269 | 4,327,063 | ||||||
Finance - Credit Card — 2.6% |
| |||||||
American Express Co. | 109,654 | 17,558,895 | ||||||
Capital One Financial Corp. | 77,173 | 12,407,875 | ||||||
Discover Financial Services | 51,538 | 6,043,346 | ||||||
Mastercard, Inc., Class A | 147,338 | 53,127,136 | ||||||
Visa, Inc., Class A | 285,024 | 64,785,955 | ||||||
Western Union Co. | 69,053 | 1,689,727 | ||||||
155,612,934 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 251,485 | 18,572,167 | ||||||
Finance - Other Services — 0.5% |
| |||||||
Cboe Global Markets, Inc. | 18,016 | 2,005,181 | ||||||
CME Group, Inc. | 60,328 | 13,197,353 | ||||||
Intercontinental Exchange, Inc. | 94,392 | 10,654,969 | ||||||
Nasdaq, Inc. | 19,385 | 3,246,212 | ||||||
29,103,715 | ||||||||
Food - Confectionery — 0.4% |
| |||||||
Hershey Co. | 24,627 | 4,261,702 | ||||||
J.M. Smucker Co. | 18,415 | 2,454,535 | ||||||
Mondelez International, Inc., Class A | 237,299 | 15,075,606 | ||||||
21,791,843 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 47,200 | 2,291,088 | ||||||
Tyson Foods, Inc., Class A | 49,527 | 3,937,397 | ||||||
6,228,485 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Campbell Soup Co. | 34,109 | $ | 1,660,085 | |||||
Conagra Brands, Inc. | 82,103 | 3,128,125 | ||||||
General Mills, Inc. | 102,749 | 6,458,802 | ||||||
Kellogg Co. | 42,771 | 2,801,073 | ||||||
Kraft Heinz Co. | 108,941 | 4,748,738 | ||||||
Lamb Weston Holdings, Inc. | 24,594 | 2,028,759 | ||||||
McCormick & Co., Inc. | 41,834 | 3,725,736 | ||||||
24,551,318 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 127,940 | 4,731,221 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 85,772 | 6,947,532 | ||||||
Gas - Distribution — 0.1% |
| |||||||
Atmos Energy Corp. | 21,536 | 2,135,725 | ||||||
NiSource, Inc. | 65,850 | 1,679,175 | ||||||
3,814,900 | ||||||||
Gold Mining — 0.2% |
| |||||||
Newmont Corp. | 134,488 | 9,882,178 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 63,503 | 1,821,901 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 22,348 | 1,229,810 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 46,651 | 5,843,971 | ||||||
Marriott International, Inc., Class A† | 44,703 | 6,418,457 | ||||||
12,262,428 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 19,010 | 1,687,898 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 41,118 | 1,321,944 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 19,520 | 5,147,814 | ||||||
Industrial Gases — 0.6% |
| |||||||
Air Products & Chemicals, Inc. | 37,184 | 11,142,557 | ||||||
Linde PLC | 87,860 | 26,410,716 | ||||||
37,553,273 | ||||||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 116,876 | 26,987,837 | ||||||
Mettler-Toledo International, Inc.† | 3,934 | 5,117,937 | ||||||
32,105,774 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
Waters Corp.† | 10,450 | 3,367,513 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC, Class A | 37,975 | 9,621,726 | ||||||
Arthur J. Gallagher & Co. | 34,430 | 5,047,782 | ||||||
Marsh & McLennan Cos., Inc. | 85,398 | 11,814,814 | ||||||
Willis Towers Watson PLC | 21,673 | 5,664,455 | ||||||
32,148,777 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
Aflac, Inc. | 107,614 | 6,099,561 | ||||||
Globe Life, Inc. | 15,968 | 1,683,347 | ||||||
Lincoln National Corp. | 30,322 | 2,116,172 | ||||||
Principal Financial Group, Inc. | 42,604 | 2,785,876 | ||||||
Prudential Financial, Inc. | 66,714 | 7,136,397 |
248 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Life/Health (continued) |
| |||||||
Unum Group | 34,236 | $ | 1,060,289 | |||||
20,881,642 | ||||||||
Insurance - Multi-line — 0.7% |
| |||||||
Allstate Corp. | 50,896 | 6,952,903 | ||||||
American International Group, Inc.(1) | 145,324 | 7,678,920 | ||||||
Chubb, Ltd. | 75,658 | 12,861,104 | ||||||
Cincinnati Financial Corp. | 25,193 | 3,066,240 | ||||||
Hartford Financial Services Group, Inc. | 60,078 | 3,926,097 | ||||||
Loews Corp. | 38,144 | 2,226,847 | ||||||
MetLife, Inc. | 126,326 | 8,256,667 | ||||||
44,968,778 | ||||||||
Insurance - Property/Casualty — 1.9% |
| |||||||
Assurant, Inc. | 9,731 | 1,568,151 | ||||||
Berkshire Hathaway, Inc., Class B† | 320,412 | 92,740,049 | ||||||
Progressive Corp. | 98,432 | 9,752,643 | ||||||
Travelers Cos., Inc. | 42,384 | 6,768,725 | ||||||
WR Berkley Corp. | 23,545 | 1,836,274 | ||||||
112,665,842 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 6,720 | 1,746,931 | ||||||
Internet Content - Entertainment — 3.0% |
| |||||||
Facebook, Inc., Class A† | 404,223 | 132,880,227 | ||||||
Netflix, Inc.† | 74,426 | 37,422,137 | ||||||
Twitter, Inc.† | 134,126 | 7,779,308 | ||||||
178,081,672 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 10,360 | 1,921,055 | ||||||
Internet Security — 0.0% |
| |||||||
NortonLifeLock, Inc. | 97,786 | 2,704,761 | ||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Ameriprise Financial, Inc. | 19,619 | 5,097,801 | ||||||
BlackRock, Inc. | 23,854 | 20,920,912 | ||||||
Franklin Resources, Inc. | 45,863 | 1,568,973 | ||||||
Invesco, Ltd. | 63,259 | 1,804,779 | ||||||
Raymond James Financial, Inc. | 20,596 | 2,730,824 | ||||||
T. Rowe Price Group, Inc. | 38,305 | 7,329,662 | ||||||
39,452,951 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Caterpillar, Inc. | 91,636 | 22,091,607 | ||||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 52,672 | 19,019,859 | ||||||
Machinery - General Industrial — 0.2% |
| |||||||
IDEX Corp. | 12,753 | 2,839,583 | ||||||
Otis Worldwide Corp. | 68,504 | 5,365,918 | ||||||
Westinghouse Air Brake Technologies Corp. | 29,838 | 2,469,393 | ||||||
10,674,894 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Dover Corp. | 24,140 | 3,633,070 | ||||||
Ingersoll Rand, Inc.† | 62,631 | 3,109,003 | ||||||
Xylem, Inc. | 30,308 | 3,579,981 | ||||||
10,322,054 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 51,471 | 4,027,606 | ||||||
Medical Instruments — 1.1% |
| |||||||
Boston Scientific Corp.† | 238,148 | 10,133,197 | ||||||
Edwards Lifesciences Corp.† | 104,948 | 10,064,513 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments (continued) |
| |||||||
Intuitive Surgical, Inc.† | 19,782 | $ | 16,660,005 | |||||
Medtronic PLC | 226,537 | 28,677,319 | ||||||
65,535,034 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Catalent, Inc.† | 28,606 | 2,998,767 | ||||||
Charles River Laboratories International, Inc.† | 8,363 | 2,826,610 | ||||||
IQVIA Holdings, Inc.† | 32,144 | 7,719,703 | ||||||
Laboratory Corp. of America Holdings† | 16,401 | 4,501,747 | ||||||
Quest Diagnostics, Inc. | 22,426 | 2,952,831 | ||||||
20,999,658 | ||||||||
Medical Products — 1.3% |
| |||||||
Abbott Laboratories | 297,697 | 34,726,355 | ||||||
ABIOMED, Inc.† | 7,601 | 2,163,093 | ||||||
Baxter International, Inc. | 84,880 | 6,970,346 | ||||||
Cooper Cos., Inc. | 8,259 | 3,249,503 | ||||||
Hologic, Inc.† | 43,299 | 2,730,435 | ||||||
STERIS PLC | 14,343 | 2,737,505 | ||||||
Stryker Corp. | 55,000 | 14,039,850 | ||||||
West Pharmaceutical Services, Inc. | 12,452 | 4,327,194 | ||||||
Zimmer Biomet Holdings, Inc. | 34,929 | 5,879,599 | ||||||
76,823,880 | ||||||||
Medical - Biomedical/Gene — 1.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 36,944 | 6,522,463 | ||||||
Amgen, Inc. | 97,057 | 23,093,743 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 3,622 | 2,181,784 | ||||||
Biogen, Inc.† | 25,599 | 6,847,220 | ||||||
Gilead Sciences, Inc. | 211,165 | 13,960,118 | ||||||
Illumina, Inc.† | 24,517 | 9,945,076 | ||||||
Incyte Corp.† | 31,403 | 2,630,943 | ||||||
Regeneron Pharmaceuticals, Inc.† | 17,692 | 8,888,992 | ||||||
Vertex Pharmaceuticals, Inc.† | 43,685 | 9,114,002 | ||||||
83,184,341 | ||||||||
Medical - Drugs — 4.0% |
| |||||||
AbbVie, Inc. | 296,748 | 33,591,874 | ||||||
Bristol-Myers Squibb Co. | 376,501 | 24,743,646 | ||||||
Eli Lilly & Co. | 133,679 | 26,701,043 | ||||||
Johnson & Johnson | 441,737 | 74,763,987 | ||||||
Merck & Co., Inc. | 425,207 | 32,268,959 | ||||||
Pfizer, Inc. | 937,293 | 36,301,358 | ||||||
Zoetis, Inc. | 79,849 | 14,107,721 | ||||||
242,478,588 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Perrigo Co. PLC | 22,366 | 1,031,967 | ||||||
Viatris, Inc. | 202,845 | 3,091,358 | ||||||
4,123,325 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Anthem, Inc. | 41,155 | 16,388,744 | ||||||
Centene Corp.† | 97,734 | 7,193,222 | ||||||
Humana, Inc. | 21,655 | 9,478,394 | ||||||
UnitedHealth Group, Inc. | 158,856 | 65,435,964 | ||||||
98,496,324 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 44,555 | 9,569,969 | ||||||
Universal Health Services, Inc., Class B | 13,080 | 2,087,960 | ||||||
11,657,929 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 24,767 | 2,841,766 | ||||||
Cardinal Health, Inc. | 49,349 | 2,766,998 |
249 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Wholesale Drug Distribution (continued) |
| |||||||
Henry Schein, Inc.† | 23,940 | $ | 1,820,398 | |||||
McKesson Corp. | 26,719 | 5,140,468 | ||||||
12,569,630 | ||||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 245,090 | 10,470,245 | ||||||
Multimedia — 1.0% |
| |||||||
ViacomCBS, Inc., Class B | 98,733 | 4,188,254 | ||||||
Walt Disney Co.† | 305,046 | 54,496,468 | ||||||
58,684,722 | ||||||||
Networking Products — 0.7% |
| |||||||
Arista Networks, Inc.† | 9,235 | 3,134,174 | ||||||
Cisco Systems, Inc. | 709,450 | 37,529,905 | ||||||
40,664,079 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 35,369 | 3,861,587 | ||||||
Waste Management, Inc. | 65,420 | 9,203,286 | ||||||
13,064,873 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 8,985 | 4,465,994 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 13,951 | 3,076,614 | ||||||
Oil Companies-Exploration & Production — 0.7% |
| |||||||
APA Corp.† | 63,498 | 1,320,758 | ||||||
Cabot Oil & Gas Corp. | 67,121 | 1,100,784 | ||||||
ConocoPhillips | 227,657 | 12,689,601 | ||||||
Devon Energy Corp. | 99,536 | 2,643,676 | ||||||
Diamondback Energy, Inc. | 30,383 | 2,432,767 | ||||||
EOG Resources, Inc. | 98,065 | 7,878,542 | ||||||
Hess Corp. | 45,913 | 3,848,428 | ||||||
Marathon Oil Corp. | 132,653 | 1,606,428 | ||||||
Occidental Petroleum Corp. | 140,889 | 3,657,479 | ||||||
Pioneer Natural Resources Co. | 34,575 | 5,261,969 | ||||||
42,440,432 | ||||||||
Oil Companies - Integrated — 1.2% |
| |||||||
Chevron Corp. | 324,500 | 33,679,855 | ||||||
Exxon Mobil Corp. | 711,416 | 41,525,352 | ||||||
75,205,207 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
NOV, Inc.† | 65,237 | 1,051,620 | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
HollyFrontier Corp. | 25,110 | 815,322 | ||||||
Marathon Petroleum Corp. | 109,443 | 6,763,577 | ||||||
Phillips 66 | 73,402 | 6,181,916 | ||||||
Valero Energy Corp. | 68,657 | 5,520,023 | ||||||
19,280,838 | ||||||||
Oil - Field Services — 0.2% |
| |||||||
Baker Hughes Co. | 122,499 | 2,988,976 | ||||||
Halliburton Co. | 149,330 | 3,352,458 | ||||||
Schlumberger NV | 234,972 | 7,361,673 | ||||||
13,703,107 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 66,058 | 4,168,260 | ||||||
Pharmacy Services — 0.6% |
| |||||||
Cigna Corp. | 59,126 | 15,304,765 | ||||||
CVS Health Corp. | 220,367 | 19,048,524 | ||||||
34,353,289 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pipelines — 0.3% |
| |||||||
Kinder Morgan, Inc. | 327,161 | $ | 6,000,133 | |||||
ONEOK, Inc. | 74,777 | 3,943,739 | ||||||
Williams Cos., Inc. | 203,972 | 5,372,622 | ||||||
15,316,494 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Generac Holdings, Inc.† | 10,563 | 3,472,269 | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 65,722 | 1,773,837 | ||||||
News Corp., Class B | 20,464 | 525,720 | ||||||
2,299,557 | ||||||||
Racetracks — 0.0% |
| |||||||
Penn National Gaming, Inc.†# | 24,982 | 2,047,775 | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
Alexandria Real Estate Equities, Inc. | 21,362 | 3,807,990 | ||||||
American Tower Corp. | 76,258 | 19,480,869 | ||||||
AvalonBay Communities, Inc. | 23,447 | 4,852,122 | ||||||
Boston Properties, Inc. | 23,826 | 2,800,984 | ||||||
Crown Castle International Corp. | 72,480 | 13,734,960 | ||||||
Digital Realty Trust, Inc. | 47,241 | 7,159,846 | ||||||
Duke Realty Corp. | 62,810 | 2,918,153 | ||||||
Equinix, Inc. | 15,004 | 11,053,747 | ||||||
Equity Residential | 57,614 | 4,462,204 | ||||||
Essex Property Trust, Inc. | 10,922 | 3,225,157 | ||||||
Extra Space Storage, Inc. | 22,188 | 3,323,984 | ||||||
Federal Realty Investment Trust | 11,737 | 1,342,009 | ||||||
Healthpeak Properties, Inc. | 90,524 | 3,021,691 | ||||||
Host Hotels & Resorts, Inc.† | 118,533 | 2,035,212 | ||||||
Iron Mountain, Inc.# | 48,468 | 2,110,297 | ||||||
Kimco Realty Corp. | 72,669 | 1,548,576 | ||||||
Mid-America Apartment Communities, Inc. | 19,223 | 3,089,136 | ||||||
Prologis, Inc. | 124,269 | 14,643,859 | ||||||
Public Storage | 25,554 | 7,218,494 | ||||||
Realty Income Corp. | 62,747 | 4,291,895 | ||||||
Regency Centers Corp. | 26,541 | 1,714,549 | ||||||
SBA Communications Corp. | 18,372 | 5,477,061 | ||||||
Simon Property Group, Inc. | 55,203 | 7,093,033 | ||||||
UDR, Inc. | 49,879 | 2,375,737 | ||||||
Ventas, Inc. | 62,959 | 3,491,076 | ||||||
Vornado Realty Trust | 26,368 | 1,246,679 | ||||||
Welltower, Inc. | 70,139 | 5,244,293 | ||||||
Weyerhaeuser Co. | 125,658 | 4,769,978 | ||||||
147,533,591 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 56,395 | 4,950,353 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.† | 12,133 | 4,051,937 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 24,452 | 5,033,444 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Gap, Inc. | 34,569 | 1,156,333 | ||||||
L Brands, Inc. | 39,258 | 2,742,956 | ||||||
Ross Stores, Inc. | 59,825 | 7,561,282 | ||||||
11,460,571 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 11,011 | 2,089,117 | ||||||
AutoZone, Inc.† | 3,727 | 5,242,398 | ||||||
Genuine Parts Co. | 24,266 | 3,181,758 | ||||||
O’Reilly Automotive, Inc.† | 11,798 | 6,313,346 | ||||||
16,826,619 | ||||||||
250 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.† | 27,314 | $ | 3,146,300 | |||||
Retail - Building Products — 1.4% |
| |||||||
Home Depot, Inc. | 180,918 | 57,696,559 | ||||||
Lowe’s Cos., Inc. | 122,841 | 23,933,112 | ||||||
81,629,671 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 38,728 | 4,501,743 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 74,385 | 28,137,614 | ||||||
Dollar General Corp. | 41,172 | 8,356,269 | ||||||
Dollar Tree, Inc.† | 39,523 | 3,853,493 | ||||||
Target Corp. | 84,170 | 19,099,856 | ||||||
Walmart, Inc. | 232,969 | 33,088,587 | ||||||
92,535,819 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 120,514 | 6,346,267 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 19,544 | 3,551,145 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
TJX Cos., Inc. | 201,760 | 13,626,870 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 9,468 | 3,269,868 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,730 | 6,489,466 | ||||||
Darden Restaurants, Inc. | 21,901 | 3,136,880 | ||||||
Domino’s Pizza, Inc. | 6,520 | 2,783,193 | ||||||
McDonald’s Corp. | 125,290 | 29,304,078 | ||||||
Starbucks Corp. | 197,839 | 22,529,905 | ||||||
Yum! Brands, Inc. | 50,423 | 6,049,247 | ||||||
70,292,769 | ||||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 71,507 | 1,352,197 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 61,991 | 10,203,719 | ||||||
Maxim Integrated Products, Inc. | 45,043 | 4,594,836 | ||||||
NXP Semiconductors NV | 46,550 | 9,841,601 | ||||||
QUALCOMM, Inc. | 190,900 | 25,683,686 | ||||||
50,323,842 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc. | 154,209 | 21,300,889 | ||||||
KLA Corp. | 25,892 | 8,204,916 | ||||||
Lam Research Corp. | 24,015 | 15,606,148 | ||||||
Teradyne, Inc. | 28,012 | 3,707,388 | ||||||
48,819,341 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 6,765 | 1,462,661 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 41,186 | 3,530,876 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 50,086 | 5,135,818 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 129,121 | 5,633,549 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 55,148 | 1,452,047 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telephone - Integrated — 1.3% |
| |||||||
AT&T, Inc. | 1,198,458 | $ | 35,270,619 | |||||
Lumen Technologies, Inc. | 165,888 | 2,295,890 | ||||||
Verizon Communications, Inc. | 695,395 | 39,282,863 | ||||||
76,849,372 | ||||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 9,913 | 2,088,471 | ||||||
Theaters — 0.0% |
| |||||||
Live Nation Entertainment, Inc.† | 24,117 | 2,173,183 | ||||||
Tobacco — 0.7% |
| |||||||
Altria Group, Inc. | 312,344 | 15,373,572 | ||||||
Philip Morris International, Inc. | 261,699 | 25,235,634 | ||||||
40,609,206 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 9,109 | 2,319,333 | ||||||
Stanley Black & Decker, Inc. | 27,037 | 5,861,622 | ||||||
8,180,955 | ||||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc. | 21,465 | 2,059,996 | ||||||
Transport - Rail — 0.9% |
| |||||||
CSX Corp. | 128,135 | 12,828,876 | ||||||
Kansas City Southern | 15,266 | 4,544,383 | ||||||
Norfolk Southern Corp. | 42,332 | 11,891,059 | ||||||
Union Pacific Corp. | 112,561 | 25,295,833 | ||||||
54,560,151 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc. | 22,487 | 2,181,689 | ||||||
Expeditors International of Washington, Inc. | 28,462 | 3,577,389 | ||||||
FedEx Corp. | 40,981 | 12,901,228 | ||||||
United Parcel Service, Inc., Class B | 120,910 | 25,947,286 | ||||||
44,607,592 | ||||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 14,033 | 2,407,221 | ||||||
Old Dominion Freight Line, Inc. | 16,114 | 4,277,461 | ||||||
6,684,682 | ||||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 30,490 | 4,726,560 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 27,907 | 1,924,746 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 16,725 | 3,678,162 | ||||||
Web Portals/ISP — 3.9% |
| |||||||
Alphabet, Inc., Class A† | 50,537 | 119,108,129 | ||||||
Alphabet, Inc., Class C† | 48,438 | 116,811,143 | ||||||
235,919,272 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 28,405 | 5,831,831 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,130,778,942) | 5,981,682,674 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 907,891 | 907,891 | ||||||
251 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills |
| |||||||
0.12% due 10/07/2021(5) | $ | 1,700,000 | $ | 1,699,902 | ||||
0.15% due 06/17/2021(5) | 5,000,000 | 4,999,994 | ||||||
6,699,896 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $7,606,834) | 7,607,787 | |||||||
REPURCHASE AGREEMENTS — 0.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $41,681,000 and collateralized by $42,621,600 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $42,514,630. | 41,681,000 | 41,681,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,180,066,776)(4) | 99.9 | % | 6,030,971,461 | |||||
Other assets less liabilities | 0.1 | 4,081,106 | ||||||
NET ASSETS | 100.0 | % | $ | 6,035,052,567 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security represents an investment in an affiliated company (see Note 3). |
(2) | The rate shown is the 7-day yield as of May 31, 2021. |
(3) | At May 31, 2021, the Fund had loaned securities with a total value of $7,325,923. This was secured by collateral of $907,891, which was received in cash and subsequently invested in short-term investments currently valued at $907,891 as reported in the Portfolio of Investments. Additional collateral of $6,635,202 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 760,765 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 2,956,203 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 564,595 | |||||
United States Treasury Bills | 0.00% | 06/10/2021 to 07/15/2021 | 24,134 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 08/15/2050 | 2,329,505 |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
267 | Long | S&P 500 E-Mini Index | June 2021 | $ | 54,735,287 | $ | 56,102,040 | $ | 1,366,753 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 5,981,682,674 | $ | — | $ | — | $ | 5,981,682,674 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 907,891 | — | — | 907,891 | ||||||||||||
U.S. Government Treasuries | — | 6,699,896 | — | 6,699,896 | ||||||||||||
Repurchase Agreements | — | 41,681,000 | — | 41,681,000 | ||||||||||||
Total Investments at Value | $ | 5,982,590,565 | $ | 48,380,896 | $ | — | $ | 6,030,971,461 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,366,753 | $ | — | $ | — | $ | 1,366,753 | ||||||||
* | 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
252 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Applications Software | 4.9 | % | ||
Computers | 4.5 | |||
E-Commerce/Products | 3.5 | |||
Web Portals/ISP | 3.0 | |||
Electronic Components — Semiconductors | 2.9 | |||
Medical — Drugs | 2.9 | |||
Internet Content — Entertainment | 2.3 | |||
Diversified Banking Institutions | 2.0 | |||
Insurance — Property/Casualty | 1.9 | |||
Real Estate Investment Trusts | 1.9 | |||
Exchange — Traded Funds | 1.7 | |||
Medical — Biomedical/Gene | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Computer Services | 1.7 | |||
Enterprise Software/Service | 1.6 | |||
Medical — HMO | 1.6 | |||
Retail — Discount | 1.5 | |||
Finance — Credit Card | 1.4 | |||
Medical Products | 1.2 | |||
Retail — Building Products | 1.2 | |||
Electric — Integrated | 1.1 | |||
Auto — Cars/Light Trucks | 1.1 | |||
Cosmetics & Toiletries | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Distribution/Wholesale | 1.0 | |||
Banks — Commercial | 0.9 | |||
Transport — Services | 0.9 | |||
Semiconductor Equipment | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Computer Software | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Diagnostic Equipment | 0.8 | |||
Data Processing/Management | 0.8 | |||
Telephone — Integrated | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Food — Retail | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Retail — Auto Parts | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Multimedia | 0.6 | |||
Retail — Apparel/Shoe | 0.5 | |||
Pharmacy Services | 0.5 | |||
Transport — Truck | 0.5 | |||
Computer Aided Design | 0.5 | |||
Entertainment Software | 0.5 | |||
Registered Investment Companies | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Commercial Services | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Electronic Forms | 0.5 | |||
Diagnostic Kits | 0.5 | |||
Electronic Measurement Instruments | 0.4 | |||
Machinery — Farming | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Pipelines | 0.4 | |||
Networking Products | 0.4 | |||
Insurance Brokers | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Medical Instruments | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Oil Companies — Integrated | 0.4 | |||
Insurance — Life/Health | 0.4 |
Retail — Automobile | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Transport — Rail | 0.4 | |||
Tobacco | 0.4 | |||
Athletic Footwear | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Banks — Super Regional | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Motion Pictures & Services | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Retail — Catalog Shopping | 0.3 | |||
Schools | 0.3 | |||
Coatings/Paint | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Computer Data Security | 0.3 | |||
Food — Confectionery | 0.3 | |||
Brewery | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Instruments — Controls | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Publishing — Newspapers | 0.3 | |||
Building & Construction Products — Misc. | �� | 0.3 | ||
Independent Power Producers | 0.3 | |||
Steel — Producers | 0.3 | |||
Electronic Components — Misc. | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Finance — Other Services | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Finance — Auto Loans | 0.2 | |||
Multilevel Direct Selling | 0.2 | |||
Consulting Services | 0.2 | |||
Human Resources | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Wireless Equipment | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Internet Security | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Gas — Distribution | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Internet Application Software | 0.2 | |||
Communications Software | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Medical Information Systems | 0.2 | |||
Radio | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Food — Meat Products | 0.2 | |||
Advertising Agencies | 0.2 | |||
Metal — Copper | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Agricultural Operations | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Television | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Industrial Gases | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Cellular Telecom | 0.2 | |||
Toys | 0.1 | |||
Computers — Memory Devices | 0.1 |
253 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
Aerospace/Defense — Equipment | 0.1 | % | ||
Private Equity | 0.1 | |||
Building Products — Cement | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Hotels/Motels | 0.1 | |||
Home Furnishings | 0.1 | |||
Paper & Related Products | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Food — Baking | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Software Tools | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Audio/Video Products | 0.1 | |||
Oil — Field Services | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Building Products — Wood | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Respiratory Products | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Athletic Equipment | 0.1 | |||
Shipbuilding | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Textile — Home Furnishings | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Satellite Telecom | 0.1 | |||
Agricultural Biotech | 0.1 | |||
Garden Products | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Electric — Distribution | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Poultry | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Machinery — Thermal Process | 0.1 | |||
Retail — Floor Coverings | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Gold Mining | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Water | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Dialysis Centers | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Home Decoration Products | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Appliances | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 |
Soap & Cleaning Preparation | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
254 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.9% | ||||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 23,884 | $ | 804,652 | |||||
Omnicom Group, Inc. | 5,034 | 413,996 | ||||||
1,218,648 | ||||||||
Advertising Services — 0.0% |
| |||||||
Trade Desk, Inc., Class A† | 572 | 336,416 | ||||||
Aerospace/Defense — 0.4% |
| |||||||
Boeing Co.† | 981 | 242,327 | ||||||
General Dynamics Corp. | 2,756 | 523,392 | ||||||
Lockheed Martin Corp. | 1,662 | 635,216 | ||||||
Northrop Grumman Corp. | 1,655 | 605,515 | ||||||
Raytheon Technologies Corp. | 3,302 | 292,920 | ||||||
Teledyne Technologies, Inc.† | 432 | 181,211 | ||||||
2,480,581 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
HEICO Corp., Class A | 1,169 | 154,846 | ||||||
Howmet Aerospace, Inc.† | 4,285 | 152,032 | ||||||
L3Harris Technologies, Inc. | 3,142 | 685,144 | ||||||
992,022 | ||||||||
Agricultural Biotech — 0.1% |
| |||||||
Corteva, Inc. | 13,075 | 594,913 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 4,812 | 255,854 | ||||||
Mosaic Co. | 11,381 | 411,309 | ||||||
667,163 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Archer-Daniels-Midland Co. | 9,921 | 660,044 | ||||||
Bunge, Ltd. | 5,976 | 518,836 | ||||||
1,178,880 | ||||||||
Airlines — 0.0% |
| |||||||
Copa Holdings SA, Class A† | 1,684 | 138,526 | ||||||
Delta Air Lines, Inc.† | 3,125 | 149,000 | ||||||
287,526 | ||||||||
Apparel Manufacturers — 0.6% |
| |||||||
Capri Holdings, Ltd.† | 6,871 | 389,654 | ||||||
Carter’s, Inc. | 4,707 | 481,244 | ||||||
Columbia Sportswear Co. | 3,330 | 342,091 | ||||||
Hanesbrands, Inc. | 17,335 | 338,726 | ||||||
PVH Corp.† | 2,866 | 329,074 | ||||||
Ralph Lauren Corp.† | 1,167 | 144,801 | ||||||
Tapestry, Inc.† | 16,354 | 734,131 | ||||||
Under Armour, Inc., Class A† | 29,725 | 671,191 | ||||||
Under Armour, Inc., Class C† | 34,802 | 663,326 | ||||||
VF Corp. | 4,024 | 320,793 | ||||||
4,415,031 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp. | 1,802 | 427,236 | ||||||
Applications Software — 4.9% |
| |||||||
CDK Global, Inc. | 5,186 | 271,435 | ||||||
Concentrix Corp.† | 5,016 | 766,044 | ||||||
Datto Holding Corp.† | 5,799 | 156,225 | ||||||
Elastic NV† | 5,753 | 680,062 | ||||||
Five9, Inc.† | 2,074 | 367,305 | ||||||
Intuit, Inc. | 3,083 | 1,353,714 | ||||||
Microsoft Corp. | 110,879 | 27,684,269 | ||||||
Nuance Communications, Inc.† | 11,303 | 597,929 | ||||||
PTC, Inc.† | 2,359 | 316,436 | ||||||
Roper Technologies, Inc. | 717 | 322,657 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
ServiceNow, Inc.† | 2,870 | $ | 1,360,036 | |||||
Smartsheet, Inc., Class A† | 3,056 | 180,549 | ||||||
34,056,661 | ||||||||
Athletic Equipment — 0.1% |
| |||||||
Peloton Interactive, Inc., Class A† | 5,875 | 648,071 | ||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 19,418 | 2,649,780 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Dolby Laboratories, Inc., Class A | 7,657 | 746,864 | ||||||
Auto Repair Centers — 0.0% |
| |||||||
Driven Brands Holdings, Inc.† | 5,328 | 157,815 | ||||||
Auto - Cars/Light Trucks — 1.1% |
| |||||||
Ford Motor Co.† | 129,693 | 1,884,439 | ||||||
General Motors Co.† | 11,309 | 670,737 | ||||||
Tesla, Inc.† | 7,624 | 4,766,677 | ||||||
7,321,853 | ||||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Cummins, Inc. | 3,124 | 803,743 | ||||||
PACCAR, Inc. | 2,853 | 261,220 | ||||||
1,064,963 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Allison Transmission Holdings, Inc. | 6,590 | 278,823 | ||||||
Aptiv PLC† | 3,571 | 537,150 | ||||||
BorgWarner, Inc. | 20,331 | 1,042,777 | ||||||
Gentex Corp. | 8,154 | 289,467 | ||||||
Lear Corp. | 1,427 | 275,924 | ||||||
2,424,141 | ||||||||
Banks - Commercial — 0.9% |
| |||||||
Associated Banc-Corp | 14,504 | 333,447 | ||||||
Bank OZK | 6,836 | 291,965 | ||||||
BOK Financial Corp. | 1,640 | 149,306 | ||||||
Citizens Financial Group, Inc. | 8,160 | 407,184 | ||||||
Cullen/Frost Bankers, Inc. | 1,253 | 151,250 | ||||||
East West Bancorp, Inc. | 3,898 | 291,492 | ||||||
First Citizens BancShares, Inc., Class A | 307 | 264,204 | ||||||
First Horizon Corp. | 13,743 | 262,079 | ||||||
FNB Corp. | 14,502 | 194,472 | ||||||
M&T Bank Corp. | 1,071 | 172,099 | ||||||
Pinnacle Financial Partners, Inc. | 1,931 | 175,566 | ||||||
Popular, Inc. | 5,631 | 459,546 | ||||||
Regions Financial Corp. | 10,439 | 244,377 | ||||||
Signature Bank | 1,386 | 346,153 | ||||||
SVB Financial Group† | 855 | 498,371 | ||||||
Synovus Financial Corp. | 4,174 | 205,027 | ||||||
Truist Financial Corp. | 11,429 | 706,084 | ||||||
Webster Financial Corp. | 3,194 | 181,036 | ||||||
Western Alliance Bancorp | 2,935 | 293,529 | ||||||
Wintrust Financial Corp. | 3,630 | 291,925 | ||||||
Zions Bancorp NA | 4,908 | 284,075 | ||||||
6,203,187 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Bank of New York Mellon Corp. | 15,339 | 798,855 | ||||||
Northern Trust Corp. | 1,304 | 158,032 | ||||||
State Street Corp. | 6,285 | 546,669 | ||||||
1,503,556 | ||||||||
Banks - Super Regional — 0.4% |
| |||||||
Comerica, Inc. | 1,894 | 148,660 | ||||||
Fifth Third Bancorp | 8,333 | 351,153 |
255 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Super Regional (continued) |
| |||||||
KeyCorp | 11,620 | $ | 267,725 | |||||
PNC Financial Services Group, Inc. | 3,560 | 693,061 | ||||||
US Bancorp | 6,362 | 386,682 | ||||||
Wells Fargo & Co. | 13,885 | 648,707 | ||||||
2,495,988 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
Energizer Holdings, Inc. | 5,724 | 263,533 | ||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Coca-Cola Co. | 21,125 | 1,168,001 | ||||||
Keurig Dr Pepper, Inc. | 9,664 | 357,182 | ||||||
Monster Beverage Corp.† | 9,040 | 852,201 | ||||||
PepsiCo, Inc. | 13,644 | 2,018,493 | ||||||
4,395,877 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Brown-Forman Corp., Class A | 3,573 | 267,975 | ||||||
Brown-Forman Corp., Class B | 4,466 | 358,888 | ||||||
626,863 | ||||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A† | 792 | 838,063 | ||||||
Constellation Brands, Inc., Class A | 1,088 | 260,815 | ||||||
Molson Coors Beverage Co., Class B† | 14,938 | 871,184 | ||||||
1,970,062 | ||||||||
Broadcast Services/Program — 0.4% |
| |||||||
Discovery, Inc., Class C† | 17,985 | 540,449 | ||||||
Fox Corp., Class A | 20,639 | 770,867 | ||||||
Fox Corp., Class B | 18,427 | 668,531 | ||||||
Liberty Media Corp. - Liberty Formula One, Series A† | 6,950 | 278,278 | ||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 9,280 | 414,352 | ||||||
2,672,477 | ||||||||
Building & Construction Products - Misc. — 0.3% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,996 | 205,907 | ||||||
Owens Corning | 7,543 | 804,461 | ||||||
Trex Co., Inc.† | 8,582 | 835,973 | ||||||
1,846,341 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Frontdoor, Inc.† | 16,701 | 896,844 | ||||||
Building Products - Air & Heating — 0.4% |
| |||||||
Carrier Global Corp. | 14,232 | 653,676 | ||||||
Johnson Controls International PLC | 15,255 | 1,015,067 | ||||||
Lennox International, Inc. | 2,316 | 810,438 | ||||||
2,479,181 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Eagle Materials, Inc.† | 1,531 | 224,690 | ||||||
Martin Marietta Materials, Inc. | 487 | 177,097 | ||||||
MDU Resources Group, Inc. | 13,064 | 439,734 | ||||||
Vulcan Materials Co. | 802 | 147,023 | ||||||
988,544 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 11,900 | 717,689 | ||||||
Building - Maintenance & Services — 0.2% |
| |||||||
Rollins, Inc. | 22,823 | 778,036 | ||||||
Terminix Global Holdings, Inc.† | 6,205 | 306,155 | ||||||
1,084,191 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Thor Industries, Inc.# | 3,557 | 437,511 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial — 0.4% |
| |||||||
D.R. Horton, Inc. | 3,812 | $ | 363,246 | |||||
Lennar Corp., Class A | 6,744 | 667,724 | ||||||
Lennar Corp., Class B | 5,953 | 466,179 | ||||||
NVR, Inc.† | 32 | 156,391 | ||||||
PulteGroup, Inc. | 7,717 | 445,965 | ||||||
Toll Brothers, Inc. | 11,791 | 769,245 | ||||||
2,868,750 | ||||||||
Cable/Satellite TV — 0.8% |
| |||||||
Cable One, Inc. | 138 | 250,547 | ||||||
Charter Communications, Inc., Class A† | 1,770 | 1,229,318 | ||||||
Comcast Corp., Class A | 50,371 | 2,888,273 | ||||||
Liberty Broadband Corp., Class A† | 2,244 | 363,663 | ||||||
Liberty Broadband Corp., Class C† | 2,464 | 409,738 | ||||||
Sirius XM Holdings, Inc.# | 95,215 | 595,094 | ||||||
5,736,633 | ||||||||
Casino Hotels — 0.0% |
| |||||||
MGM Resorts International | 5,141 | 220,395 | ||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 4,274 | 604,557 | ||||||
United States Cellular Corp.† | 11,340 | 428,085 | ||||||
1,032,642 | ||||||||
Chemicals - Diversified — 0.7% |
| |||||||
Celanese Corp. | 2,137 | 353,567 | ||||||
Dow, Inc. | 11,749 | 803,867 | ||||||
DuPont de Nemours, Inc. | 13,378 | 1,131,645 | ||||||
Eastman Chemical Co. | 5,316 | 666,626 | ||||||
FMC Corp. | 1,603 | 187,054 | ||||||
LyondellBasell Industries NV, Class A | 2,294 | 258,350 | ||||||
Olin Corp. | 5,586 | 273,100 | ||||||
PPG Industries, Inc. | 3,215 | 577,800 | ||||||
Westlake Chemical Corp. | 5,320 | 536,628 | ||||||
4,788,637 | ||||||||
Chemicals - Specialty — 0.4% |
| |||||||
Albemarle Corp. | 2,039 | 340,676 | ||||||
Ashland Global Holdings, Inc. | 1,531 | 145,200 | ||||||
Cabot Corp. | 2,601 | 165,371 | ||||||
Chemours Co. | 15,373 | 552,352 | ||||||
Ecolab, Inc. | 1,578 | 339,396 | ||||||
Element Solutions, Inc. | 21,697 | 507,493 | ||||||
International Flavors & Fragrances, Inc. | 1,246 | 176,521 | ||||||
NewMarket Corp. | 726 | 249,185 | ||||||
Valvoline, Inc. | 12,903 | 425,799 | ||||||
2,901,993 | ||||||||
Coatings/Paint — 0.3% |
| |||||||
Axalta Coating Systems, Ltd.† | 9,228 | 299,356 | ||||||
RPM International, Inc. | 6,328 | 591,858 | ||||||
Sherwin-Williams Co. | 4,982 | 1,412,547 | ||||||
2,303,761 | ||||||||
Commercial Services — 0.5% |
| |||||||
Cintas Corp. | 1,542 | 545,159 | ||||||
CoStar Group, Inc.† | 192 | 163,968 | ||||||
John Wiley & Sons, Inc., Class A | 11,585 | 734,257 | ||||||
Macquarie Infrastructure Corp. | 12,037 | 419,851 | ||||||
Nielsen Holdings PLC | 12,343 | 335,853 | ||||||
Quanta Services, Inc. | 11,513 | 1,097,764 | ||||||
3,296,852 | ||||||||
Commercial Services - Finance — 1.7% |
| |||||||
Automatic Data Processing, Inc. | 2,300 | 450,846 |
256 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Commercial Services - Finance (continued) |
| |||||||
Avalara, Inc.† | 1,512 | $ | 199,841 | |||||
Equifax, Inc. | 1,024 | 240,681 | ||||||
Euronet Worldwide, Inc.† | 1,267 | 189,594 | ||||||
FleetCor Technologies, Inc.† | 1,809 | 496,462 | ||||||
Global Payments, Inc. | 3,619 | 701,037 | ||||||
H&R Block, Inc. | 41,748 | 1,036,185 | ||||||
IHS Markit, Ltd. | 3,539 | 372,692 | ||||||
MarketAxess Holdings, Inc. | 1,190 | 555,183 | ||||||
Moody’s Corp. | 3,663 | 1,228,387 | ||||||
Morningstar, Inc. | 2,370 | 559,296 | ||||||
PayPal Holdings, Inc.† | 11,076 | 2,879,982 | ||||||
S&P Global, Inc. | 3,886 | 1,474,620 | ||||||
Square, Inc., Class A† | 3,515 | 782,158 | ||||||
StoneCo, Ltd., Class A† | 2,526 | 166,640 | ||||||
TransUnion | 1,580 | 169,060 | ||||||
WEX, Inc.† | 2,413 | 472,731 | ||||||
11,975,395 | ||||||||
Communications Software — 0.2% |
| |||||||
RingCentral, Inc., Class A† | 1,914 | 502,368 | ||||||
Zoom Video Communications, Inc., Class A† | 2,623 | 869,603 | ||||||
1,371,971 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 671 | 226,758 | ||||||
Aspen Technology, Inc.† | 3,741 | 510,534 | ||||||
Autodesk, Inc.† | 3,547 | 1,013,946 | ||||||
Cadence Design Systems, Inc.† | 8,207 | 1,042,207 | ||||||
Synopsys, Inc.† | 2,583 | 656,960 | ||||||
3,450,405 | ||||||||
Computer Data Security — 0.3% |
| |||||||
Crowdstrike Holdings, Inc., Class A† | 2,301 | 511,167 | ||||||
Fortinet, Inc.† | 3,570 | 780,188 | ||||||
McAfee Corp., Class A | 19,092 | 479,782 | ||||||
Zscaler, Inc.† | 1,629 | 316,352 | ||||||
2,087,489 | ||||||||
Computer Services — 1.7% |
| |||||||
Accenture PLC, Class A | 10,511 | 2,965,784 | ||||||
Amdocs, Ltd. | 16,280 | 1,271,468 | ||||||
CACI International, Inc., Class A† | 2,604 | 663,916 | ||||||
Cognizant Technology Solutions Corp., Class A | 17,885 | 1,279,850 | ||||||
DXC Technology Co.† | 23,239 | 881,223 | ||||||
EPAM Systems, Inc.† | 1,548 | 739,325 | ||||||
Genpact, Ltd. | 19,906 | 910,500 | ||||||
Globant SA† | 641 | 139,655 | ||||||
International Business Machines Corp. | 14,181 | 2,038,377 | ||||||
Leidos Holdings, Inc. | 3,080 | 316,470 | ||||||
Science Applications International Corp. | 5,245 | 471,316 | ||||||
11,677,884 | ||||||||
Computer Software — 0.8% |
| |||||||
Akamai Technologies, Inc.† | 4,818 | 550,264 | ||||||
Citrix Systems, Inc. | 6,366 | 731,835 | ||||||
Cloudflare, Inc., Class A† | 4,181 | 343,093 | ||||||
Datadog, Inc., Class A† | 2,095 | 190,750 | ||||||
Dropbox, Inc., Class A† | 30,409 | 831,686 | ||||||
Dynatrace, Inc.† | 2,919 | 151,029 | ||||||
Fastly, Inc., Class A†# | 4,178 | 197,160 | ||||||
MongoDB, Inc.† | 1,076 | 314,127 | ||||||
Nutanix, Inc., Class A† | 17,308 | 545,375 | ||||||
Slack Technologies, Inc., Class A† | 6,927 | 305,065 | ||||||
Teradata Corp.† | 25,032 | 1,198,282 | ||||||
Twilio, Inc., Class A† | 1,467 | 492,912 | ||||||
5,851,578 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 4.5% |
| |||||||
Apple, Inc. | 235,294 | $ | 29,319,986 | |||||
Dell Technologies, Inc., Class C† | 8,527 | 841,103 | ||||||
HP, Inc. | 25,149 | 735,105 | ||||||
30,896,194 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
NCR Corp.† | 8,595 | 414,279 | ||||||
Computers - Memory Devices — 0.1% |
| |||||||
NetApp, Inc. | 8,897 | 688,361 | ||||||
Pure Storage, Inc., Class A† | 16,385 | 312,134 | ||||||
1,000,495 | ||||||||
Consulting Services — 0.2% |
| |||||||
Booz Allen Hamilton Holding Corp. | 4,215 | 357,980 | ||||||
Gartner, Inc.† | 4,004 | 928,287 | ||||||
Verisk Analytics, Inc. | 1,521 | 262,875 | ||||||
1,549,142 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Clorox Co. | 6,027 | 1,065,152 | ||||||
Kimberly-Clark Corp. | 7,024 | 917,545 | ||||||
Reynolds Consumer Products, Inc. | 7,431 | 223,970 | ||||||
Spectrum Brands Holdings, Inc. | 9,024 | 802,144 | ||||||
3,008,811 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Ardagh Group SA | 10,044 | 248,187 | ||||||
Ball Corp. | 2,924 | 240,236 | ||||||
Crown Holdings, Inc. | 2,710 | 279,780 | ||||||
Silgan Holdings, Inc. | 13,820 | 582,237 | ||||||
1,350,440 | ||||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Amcor PLC | 15,603 | 184,115 | ||||||
AptarGroup, Inc. | 1,807 | 266,189 | ||||||
Berry Global Group, Inc.† | 12,453 | 849,419 | ||||||
Graphic Packaging Holding Co. | 9,181 | 162,320 | ||||||
Packaging Corp. of America | 2,188 | 325,246 | ||||||
Sealed Air Corp. | 4,345 | 247,057 | ||||||
Sonoco Products Co. | 4,900 | 330,848 | ||||||
WestRock Co. | 16,399 | 956,390 | ||||||
3,321,584 | ||||||||
Cosmetics & Toiletries — 1.0% |
| |||||||
Colgate-Palmolive Co. | 16,341 | 1,369,049 | ||||||
Estee Lauder Cos., Inc., Class A | 5,224 | 1,601,260 | ||||||
Procter & Gamble Co. | 30,261 | 4,080,696 | ||||||
7,051,005 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
Broadridge Financial Solutions, Inc. | 2,260 | 360,425 | ||||||
DocuSign, Inc.† | 4,919 | 991,769 | ||||||
Fair Isaac Corp.† | 1,588 | 803,623 | ||||||
Fidelity National Information Services, Inc. | 8,517 | 1,268,863 | ||||||
Fiserv, Inc.† | 8,901 | 1,025,395 | ||||||
Jack Henry & Associates, Inc. | 3,021 | 465,687 | ||||||
Paychex, Inc. | 3,559 | 359,957 | ||||||
5,275,719 | ||||||||
Decision Support Software — 0.0% |
| |||||||
MSCI, Inc. | 434 | 203,168 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 1,237 | 730,016 | ||||||
DENTSPLY SIRONA, Inc. | 2,363 | 158,132 | ||||||
888,148 | ||||||||
257 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diagnostic Equipment — 0.8% |
| |||||||
10X Genomics, Inc., Class A† | 1,749 | $ | 314,820 | |||||
Danaher Corp. | 6,196 | 1,587,043 | ||||||
PerkinElmer, Inc. | 5,114 | 741,888 | ||||||
Repligen Corp.† | 1,232 | 224,976 | ||||||
Thermo Fisher Scientific, Inc. | 5,200 | 2,441,400 | ||||||
5,310,127 | ||||||||
Diagnostic Kits — 0.5% |
| |||||||
IDEXX Laboratories, Inc.† | 3,152 | 1,759,163 | ||||||
QIAGEN NV†# | 8,738 | 431,307 | ||||||
Quidel Corp.† | 8,080 | 954,329 | ||||||
3,144,799 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 4,206 | 505,014 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 881 | 183,301 | ||||||
Teleflex, Inc. | 562 | 226,031 | ||||||
409,332 | ||||||||
Distribution/Wholesale — 1.0% |
| |||||||
Copart, Inc.† | 1,828 | 235,830 | ||||||
Fastenal Co. | 21,258 | 1,127,524 | ||||||
IAA, Inc.† | 4,484 | 255,454 | ||||||
LKQ Corp.† | 21,009 | 1,070,619 | ||||||
Pool Corp. | 3,167 | 1,382,554 | ||||||
Univar Solutions, Inc.† | 13,870 | 375,738 | ||||||
Watsco, Inc. | 3,078 | 896,929 | ||||||
WW Grainger, Inc. | 2,727 | 1,260,310 | ||||||
6,604,958 | ||||||||
Diversified Banking Institutions — 2.0% |
| |||||||
Bank of America Corp. | 79,934 | 3,388,402 | ||||||
Citigroup, Inc. | 23,956 | 1,885,577 | ||||||
JPMorgan Chase & Co. | 41,744 | 6,856,035 | ||||||
Morgan Stanley | 22,478 | 2,044,374 | ||||||
14,174,388 | ||||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
3M Co. | 7,114 | 1,444,427 | ||||||
A.O. Smith Corp. | 7,074 | 502,749 | ||||||
Carlisle Cos., Inc. | 2,191 | 421,373 | ||||||
Eaton Corp. PLC | 5,182 | 752,685 | ||||||
General Electric Co. | 59,742 | 839,973 | ||||||
Illinois Tool Works, Inc. | 3,411 | 790,533 | ||||||
ITT, Inc. | 4,475 | 420,202 | ||||||
Parker-Hannifin Corp. | 2,018 | 621,847 | ||||||
Textron, Inc. | 4,748 | 325,096 | ||||||
Trane Technologies PLC | 3,591 | 669,362 | ||||||
6,788,247 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Becton Dickinson & Co. | 1,908 | 461,526 | ||||||
DexCom, Inc.† | 431 | 159,207 | ||||||
620,733 | ||||||||
E-Commerce/Products — 3.5% |
| |||||||
Amazon.com, Inc.† | 6,221 | 20,050,718 | ||||||
eBay, Inc. | 19,043 | 1,159,338 | ||||||
Etsy, Inc.† | 5,590 | 920,841 | ||||||
Leslie’s, Inc.† | 36,082 | 1,052,151 | ||||||
Wayfair, Inc., Class A†# | 3,746 | 1,148,299 | ||||||
24,331,347 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services — 0.4% |
| |||||||
Booking Holdings, Inc.† | 230 | $ | 543,157 | |||||
Expedia Group, Inc.† | 1,582 | 279,935 | ||||||
Match Group, Inc.† | 8,205 | 1,176,433 | ||||||
Uber Technologies, Inc.† | 6,362 | 323,380 | ||||||
Zillow Group, Inc., Class A† | 2,193 | 259,410 | ||||||
Zillow Group, Inc., Class C†# | 2,542 | 298,227 | ||||||
2,880,542 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 3,138 | 519,088 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 3,018 | 407,732 | ||||||
Emerson Electric Co. | 9,458 | 905,036 | ||||||
Littelfuse, Inc. | 882 | 230,413 | ||||||
1,543,181 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Consolidated Edison, Inc. | 4,000 | 308,960 | ||||||
Sempra Energy | 1,898 | 257,160 | ||||||
566,120 | ||||||||
Electric - Integrated — 1.1% |
| |||||||
AES Corp. | 19,372 | 492,242 | ||||||
Alliant Energy Corp. | 4,577 | 261,576 | ||||||
Ameren Corp. | 3,279 | 276,092 | ||||||
American Electric Power Co., Inc. | 3,684 | 316,824 | ||||||
Avangrid, Inc.# | 4,071 | 214,460 | ||||||
CenterPoint Energy, Inc. | 5,834 | 147,600 | ||||||
CMS Energy Corp. | 4,381 | 274,864 | ||||||
Dominion Energy, Inc. | 4,657 | 354,584 | ||||||
DTE Energy Co. | 1,827 | 252,108 | ||||||
Duke Energy Corp. | 5,013 | 502,403 | ||||||
Edison International | 3,356 | 187,500 | ||||||
Entergy Corp. | 2,252 | 237,046 | ||||||
Evergy, Inc. | 3,477 | 215,539 | ||||||
Eversource Energy | 3,103 | 251,933 | ||||||
Exelon Corp. | 9,626 | 434,325 | ||||||
FirstEnergy Corp. | 3,857 | 146,219 | ||||||
Hawaiian Electric Industries, Inc. | 4,422 | 190,367 | ||||||
IDACORP, Inc. | 2,125 | 208,144 | ||||||
NextEra Energy, Inc. | 10,196 | 746,551 | ||||||
OGE Energy Corp. | 4,771 | 164,599 | ||||||
Pinnacle West Capital Corp. | 2,643 | 223,545 | ||||||
PPL Corp. | 7,185 | 209,155 | ||||||
Public Service Enterprise Group, Inc. | 3,843 | 238,727 | ||||||
Southern Co. | 5,841 | 373,357 | ||||||
WEC Energy Group, Inc. | 3,111 | 292,154 | ||||||
Xcel Energy, Inc. | 4,382 | 310,596 | ||||||
7,522,510 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd. | 5,255 | 747,471 | ||||||
Hubbell, Inc. | 1,522 | 290,154 | ||||||
Jabil, Inc. | 2,549 | 143,891 | ||||||
nVent Electric PLC | 7,973 | 259,442 | ||||||
Sensata Technologies Holding PLC† | 4,742 | 281,817 | ||||||
1,722,775 | ||||||||
Electronic Components - Semiconductors — 2.9% |
| |||||||
Advanced Micro Devices, Inc.† | 14,808 | 1,185,824 | ||||||
Broadcom, Inc. | 5,497 | 2,596,398 | ||||||
Cree, Inc.† | 1,672 | 167,217 | ||||||
Intel Corp. | 70,198 | 4,009,710 | ||||||
Marvell Technology, Inc. | 4,841 | 233,820 | ||||||
Microchip Technology, Inc. | 3,003 | 471,321 |
258 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Semiconductors (continued) | ||||||||
Micron Technology, Inc.† | 9,335 | $ | 785,447 | |||||
Monolithic Power Systems, Inc. | 956 | 328,023 | ||||||
NVIDIA Corp. | 8,372 | 5,439,958 | ||||||
ON Semiconductor Corp.† | 18,197 | 728,608 | ||||||
Qorvo, Inc.† | 3,734 | 682,276 | ||||||
Skyworks Solutions, Inc. | 3,097 | 526,490 | ||||||
Texas Instruments, Inc. | 12,446 | 2,362,500 | ||||||
Xilinx, Inc. | 3,665 | 465,455 | ||||||
19,983,047 | ||||||||
Electronic Connectors — 0.0% |
| |||||||
Amphenol Corp., Class A | 4,845 | 325,875 | ||||||
Electronic Forms — 0.5% |
| |||||||
Adobe, Inc.† | 6,332 | 3,195,001 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 5,655 | 781,125 | ||||||
Fortive Corp. | 3,978 | 288,485 | ||||||
Keysight Technologies, Inc.† | 5,029 | 716,029 | ||||||
National Instruments Corp. | 18,271 | 745,457 | ||||||
Trimble, Inc.† | 4,758 | 370,125 | ||||||
Vontier Corp. | 4,727 | 165,823 | ||||||
3,067,044 | ||||||||
Electronic Parts Distribution — 0.4% |
| |||||||
Arrow Electronics, Inc.† | 9,263 | 1,114,616 | ||||||
Avnet, Inc. | 20,580 | 906,755 | ||||||
SYNNEX Corp. | 7,673 | 971,402 | ||||||
2,992,773 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 3,598 | 505,447 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Enphase Energy, Inc.† | 2,303 | 329,444 | ||||||
First Solar, Inc.† | 3,350 | 254,969 | ||||||
SolarEdge Technologies, Inc.† | 1,001 | 258,268 | ||||||
842,681 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
AECOM† | 8,638 | 561,556 | ||||||
Jacobs Engineering Group, Inc. | 2,172 | 308,598 | ||||||
870,154 | ||||||||
Enterprise Software/Service — 1.6% |
| |||||||
Atlassian Corp. PLC, Class A† | 3,831 | 893,696 | ||||||
Bill.com Holdings, Inc.† | 2,037 | 303,350 | ||||||
Black Knight, Inc.† | 5,816 | 426,836 | ||||||
Coupa Software, Inc.† | 855 | 203,661 | ||||||
Guidewire Software, Inc.† | 2,103 | 205,547 | ||||||
HubSpot, Inc.† | 1,371 | 691,505 | ||||||
Manhattan Associates, Inc.† | 6,914 | 940,166 | ||||||
New Relic, Inc.† | 4,569 | 286,385 | ||||||
Oracle Corp. | 31,001 | 2,441,019 | ||||||
PagerDuty, Inc.†# | 4,291 | 174,429 | ||||||
Pegasystems, Inc. | 4,890 | 577,704 | ||||||
salesforce.com, Inc.† | 7,620 | 1,814,322 | ||||||
SS&C Technologies Holdings, Inc. | 12,937 | 955,656 | ||||||
Tyler Technologies, Inc.† | 624 | 251,572 | ||||||
Veeva Systems, Inc., Class A† | 2,079 | 605,696 | ||||||
Workday, Inc., Class A† | 2,185 | 499,753 | ||||||
11,271,297 | ||||||||
Entertainment Software — 0.5% |
| |||||||
Activision Blizzard, Inc. | 8,731 | 849,090 | ||||||
Electronic Arts, Inc. | 4,681 | 669,055 |
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software (continued) |
| |||||||
Playtika Holding Corp.† | 37,995 | $ | 1,042,203 | |||||
Take-Two Interactive Software, Inc.† | 2,383 | 442,190 | ||||||
Zynga, Inc., Class A† | 33,097 | 358,771 | ||||||
3,361,309 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Donaldson Co., Inc. | 8,896 | 547,905 | ||||||
Finance - Auto Loans — 0.2% |
| |||||||
Ally Financial, Inc. | 15,569 | 851,780 | ||||||
Credit Acceptance Corp.†# | 376 | 168,245 | ||||||
Santander Consumer USA Holdings, Inc. | 16,372 | 620,499 | ||||||
1,640,524 | ||||||||
Finance - Consumer Loans — 0.2% |
| |||||||
OneMain Holdings, Inc. | 14,182 | 820,287 | ||||||
Synchrony Financial | 13,459 | 638,091 | ||||||
Upstart Holdings, Inc.†# | 1,380 | 204,544 | ||||||
1,662,922 | ||||||||
Finance - Credit Card — 1.4% |
| |||||||
Alliance Data Systems Corp. | 11,077 | 1,340,871 | ||||||
American Express Co. | 2,030 | 325,064 | ||||||
Capital One Financial Corp. | 6,185 | 994,424 | ||||||
Discover Financial Services | 3,313 | 388,482 | ||||||
Mastercard, Inc., Class A | 8,565 | 3,088,368 | ||||||
Visa, Inc., Class A | 13,833 | 3,144,241 | ||||||
Western Union Co. | 6,278 | 153,623 | ||||||
9,435,073 | ||||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Charles Schwab Corp. | 11,787 | 870,470 | ||||||
Evercore, Inc., Class A | 4,663 | 680,145 | ||||||
Interactive Brokers Group, Inc., Class A | 4,298 | 289,084 | ||||||
Jefferies Financial Group, Inc. | 30,687 | 985,973 | ||||||
Lazard, Ltd., Class A | 12,212 | 576,162 | ||||||
Tradeweb Markets, Inc., Class A | 3,352 | 280,831 | ||||||
Virtu Financial, Inc., Class A | 27,009 | 822,424 | ||||||
4,505,089 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Rocket Cos., Inc., Class A# | 20,717 | 366,898 | ||||||
Finance - Other Services — 0.2% |
| |||||||
Cboe Global Markets, Inc. | 1,639 | 182,421 | ||||||
CME Group, Inc. | 1,675 | 366,423 | ||||||
Intercontinental Exchange, Inc. | 3,519 | 397,225 | ||||||
Nasdaq, Inc. | 1,777 | 297,576 | ||||||
SEI Investments Co. | 7,031 | 446,046 | ||||||
1,689,691 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
Assured Guaranty, Ltd. | 3,132 | 149,177 | ||||||
MGIC Investment Corp. | 11,437 | 168,353 | ||||||
317,530 | ||||||||
Food - Baking — 0.1% |
| |||||||
Flowers Foods, Inc. | 36,954 | 890,222 | ||||||
Food - Confectionery — 0.3% |
| |||||||
Hershey Co. | 4,814 | 833,063 | ||||||
J.M. Smucker Co. | 5,718 | 762,152 | ||||||
Mondelez International, Inc., Class A | 7,577 | 481,367 | ||||||
2,076,582 | ||||||||
Food - Flour & Grain — 0.0% |
| |||||||
Seaboard Corp. | 44 | 161,260 | ||||||
259 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Food - Meat Products — 0.2% |
| |||||||
Hormel Foods Corp. | 6,242 | $ | 302,987 | |||||
Tyson Foods, Inc., Class A | 11,951 | 950,104 | ||||||
1,253,091 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Campbell Soup Co. | 5,454 | 265,446 | ||||||
Conagra Brands, Inc. | 18,533 | 706,107 | ||||||
General Mills, Inc. | 7,709 | 484,588 | ||||||
Hain Celestial Group, Inc.† | 11,060 | 450,806 | ||||||
Ingredion, Inc. | 7,846 | 744,821 | ||||||
Kellogg Co. | 4,766 | 312,125 | ||||||
Kraft Heinz Co. | 23,340 | 1,017,391 | ||||||
McCormick & Co., Inc. | 3,526 | 314,025 | ||||||
Post Holdings, Inc.† | 5,621 | 649,394 | ||||||
TreeHouse Foods, Inc.† | 15,160 | 738,444 | ||||||
5,683,147 | ||||||||
Food - Retail — 0.7% |
| |||||||
Albertsons Cos., Inc., Class A# | 49,755 | 954,798 | ||||||
Grocery Outlet Holding Corp.† | 9,442 | 321,689 | ||||||
Kroger Co. | 52,450 | 1,939,601 | ||||||
Sprouts Farmers Market, Inc.† | 54,758 | 1,456,563 | ||||||
4,672,651 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 5,966 | 483,246 | ||||||
US Foods Holding Corp.† | 4,749 | 184,926 | ||||||
668,172 | ||||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Skechers U.S.A., Inc., Class A† | 6,356 | 301,910 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Service Corp. International | 15,605 | 827,377 | ||||||
Garden Products — 0.1% |
| |||||||
Scotts Miracle-Gro Co. | 2,735 | 594,507 | ||||||
Gas - Distribution — 0.2% |
| |||||||
Atmos Energy Corp. | 2,375 | 235,529 | ||||||
National Fuel Gas Co. | 3,650 | 189,399 | ||||||
NiSource, Inc. | 8,506 | 216,903 | ||||||
UGI Corp. | 16,750 | 771,337 | ||||||
1,413,168 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Corp. | 5,352 | 393,265 | ||||||
Royal Gold, Inc. | 1,234 | 152,732 | ||||||
545,997 | ||||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Stericycle, Inc.† | 4,011 | 315,104 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Tandem Diabetes Care, Inc.† | 2,347 | 200,410 | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Brands, Inc. | 15,736 | 451,466 | ||||||
Home Furnishings — 0.1% |
| |||||||
Tempur Sealy International, Inc. | 23,820 | 917,070 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Choice Hotels International, Inc.† | 1,223 | 147,873 | ||||||
Hilton Worldwide Holdings, Inc.† | 2,440 | 305,659 | ||||||
Travel + Leisure Co. | 4,408 | 287,181 | ||||||
Wyndham Hotels & Resorts, Inc. | 2,438 | 182,996 | ||||||
923,709 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Human Resources — 0.2% |
| |||||||
ManpowerGroup, Inc. | 4,600 | $ | 556,554 | |||||
Robert Half International, Inc. | 11,142 | 989,298 | ||||||
1,545,852 | ||||||||
Independent Power Producers — 0.3% |
| |||||||
NRG Energy, Inc. | 31,249 | 1,004,655 | ||||||
Vistra Corp. | 48,759 | 788,433 | ||||||
1,793,088 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 4,077 | 323,673 | ||||||
Colfax Corp.† | 5,939 | 262,504 | ||||||
Rockwell Automation, Inc. | 2,057 | 542,472 | ||||||
1,128,649 | ||||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 1,015 | 304,155 | ||||||
Linde PLC | 2,614 | 785,768 | ||||||
1,089,923 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Honeywell International, Inc. | 3,707 | 855,984 | ||||||
Mettler-Toledo International, Inc.† | 796 | 1,035,556 | ||||||
1,891,540 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
Waters Corp.† | 2,674 | 861,697 | ||||||
Insurance Brokers — 0.4% |
| |||||||
Aon PLC, Class A | 4,551 | 1,153,087 | ||||||
Arthur J. Gallagher & Co. | 3,861 | 566,061 | ||||||
Brown & Brown, Inc. | 5,466 | 287,075 | ||||||
Marsh & McLennan Cos., Inc. | 6,495 | 898,583 | ||||||
2,904,806 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
Aflac, Inc. | 9,153 | 518,792 | ||||||
American National Group, Inc. | 3,246 | 486,965 | ||||||
Athene Holding, Ltd., Class A† | 5,576 | 349,225 | ||||||
Equitable Holdings, Inc. | 5,965 | 189,389 | ||||||
Globe Life, Inc. | 1,378 | 145,269 | ||||||
Primerica, Inc. | 1,666 | 270,242 | ||||||
Principal Financial Group, Inc. | 4,995 | 326,623 | ||||||
Unum Group | 11,560 | 358,013 | ||||||
Voya Financial, Inc. | 2,430 | 159,213 | ||||||
2,803,731 | ||||||||
Insurance - Multi-line — 0.5% |
| |||||||
Allstate Corp. | 7,578 | 1,035,230 | ||||||
American Financial Group, Inc. | 1,171 | 155,813 | ||||||
Chubb, Ltd. | 3,780 | 642,562 | ||||||
Hartford Financial Services Group, Inc. | 2,211 | 144,489 | ||||||
Kemper Corp. | 3,223 | 241,306 | ||||||
Loews Corp. | 2,555 | 149,161 | ||||||
MetLife, Inc. | 12,699 | 830,007 | ||||||
3,198,568 | ||||||||
Insurance - Property/Casualty — 1.9% |
| |||||||
Alleghany Corp.† | 206 | 147,613 | ||||||
Arch Capital Group, Ltd.† | 4,295 | 171,327 | ||||||
Assurant, Inc. | 1,041 | 167,757 | ||||||
Berkshire Hathaway, Inc., Class B† | 26,874 | 7,778,411 | ||||||
Erie Indemnity Co., Class A | 2,823 | 567,790 | ||||||
Fidelity National Financial, Inc. | 6,182 | 290,492 | ||||||
First American Financial Corp. | 4,646 | 298,784 | ||||||
Hanover Insurance Group, Inc. | 1,845 | 257,359 |
260 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Markel Corp.† | 155 | $ | 189,951 | |||||
Mercury General Corp. | 9,595 | 610,242 | ||||||
Old Republic International Corp. | 11,349 | 298,025 | ||||||
Progressive Corp. | 11,365 | 1,126,044 | ||||||
Travelers Cos., Inc. | 3,861 | 616,602 | ||||||
White Mountains Insurance Group, Ltd. | 196 | 233,899 | ||||||
WR Berkley Corp. | 1,924 | 150,053 | ||||||
12,904,349 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Axis Capital Holdings, Ltd. | 2,640 | 141,610 | ||||||
RenaissanceRe Holdings, Ltd. | 1,634 | 251,832 | ||||||
393,442 | ||||||||
Internet Application Software — 0.2% |
| |||||||
Anaplan, Inc.† | 8,989 | 463,023 | ||||||
Okta, Inc.† | 1,540 | 342,558 | ||||||
Zendesk, Inc.† | 4,221 | 576,842 | ||||||
1,382,423 | ||||||||
Internet Content - Entertainment — 2.3% |
| |||||||
Facebook, Inc., Class A† | 34,799 | 11,439,475 | ||||||
Netflix, Inc.† | 3,410 | 1,714,582 | ||||||
Pinterest, Inc., Class A† | 11,825 | 772,173 | ||||||
Roku, Inc.† | 2,254 | 781,485 | ||||||
Spotify Technology SA† | 1,969 | 475,651 | ||||||
Twitter, Inc.† | 8,375 | 485,750 | ||||||
15,669,116 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
IAC/InterActiveCorp† | 1,664 | 265,358 | ||||||
Vimeo, Inc.† | 1 | 21 | ||||||
265,379 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 3,242 | 601,164 | ||||||
Internet Security — 0.2% |
| |||||||
NortonLifeLock, Inc. | 16,224 | 448,756 | ||||||
Palo Alto Networks, Inc.† | 1,862 | 676,371 | ||||||
Proofpoint, Inc.† | 1,923 | 332,314 | ||||||
1,457,441 | ||||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Affiliated Managers Group, Inc. | 1,137 | 186,468 | ||||||
Ameriprise Financial, Inc. | 2,740 | 711,961 | ||||||
Apollo Global Management, Inc.# | 2,896 | 166,057 | ||||||
BlackRock, Inc. | 1,608 | 1,410,280 | ||||||
Franklin Resources, Inc. | 4,446 | 152,098 | ||||||
Invesco, Ltd. | 25,528 | 728,314 | ||||||
LPL Financial Holdings, Inc. | 6,009 | 888,611 | ||||||
Raymond James Financial, Inc. | 1,513 | 200,609 | ||||||
T. Rowe Price Group, Inc. | 5,726 | 1,095,670 | ||||||
5,540,068 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Acuity Brands, Inc. | 4,700 | 873,025 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Lincoln Electric Holdings, Inc. | 4,553 | 585,425 | ||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 4,878 | 1,175,988 | ||||||
Oshkosh Corp. | 5,653 | 743,031 | ||||||
1,919,019 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Electrical — 0.2% |
| |||||||
BWX Technologies, Inc. | 2,463 | $ | 154,036 | |||||
Regal Beloit Corp. | 5,458 | 776,291 | ||||||
Vertiv Holdings Co. | 19,912 | 494,216 | ||||||
1,424,543 | ||||||||
Machinery - Farming — 0.4% |
| |||||||
AGCO Corp. | 5,091 | 704,442 | ||||||
Deere & Co. | 3,821 | 1,379,763 | ||||||
Toro Co. | 8,751 | 972,148 | ||||||
3,056,353 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Crane Co. | 1,444 | 137,888 | ||||||
Gates Industrial Corp. PLC† | 30,664 | 556,858 | ||||||
IDEX Corp. | 1,124 | 250,270 | ||||||
Middleby Corp.† | 1,979 | 325,110 | ||||||
Nordson Corp. | 1,533 | 339,851 | ||||||
Otis Worldwide Corp. | 7,320 | 573,376 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,002 | 413,965 | ||||||
2,597,318 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Dover Corp. | 1,712 | 257,656 | ||||||
Flowserve Corp. | 3,429 | 145,355 | ||||||
Graco, Inc. | 9,552 | 723,278 | ||||||
Ingersoll Rand, Inc.† | 7,675 | 380,987 | ||||||
Xylem, Inc. | 1,743 | 205,883 | ||||||
1,713,159 | ||||||||
Machinery - Thermal Process — 0.1% |
| |||||||
GrafTech International, Ltd. | 41,515 | 551,319 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp. | 13,562 | 1,061,227 | ||||||
Change Healthcare, Inc.† | 6,119 | 143,429 | ||||||
Signify Health, Inc., Class A† | 5,639 | 142,667 | ||||||
1,347,323 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Bio-Techne Corp. | 736 | 304,579 | ||||||
Boston Scientific Corp.† | 6,851 | 291,510 | ||||||
Bruker Corp. | 3,378 | 234,568 | ||||||
Edwards Lifesciences Corp.† | 11,171 | 1,071,299 | ||||||
Intuitive Surgical, Inc.† | 467 | 393,298 | ||||||
Medtronic PLC | 4,596 | 581,808 | ||||||
2,877,062 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Catalent, Inc.† | 3,848 | 403,386 | ||||||
Charles River Laboratories International, Inc.† | 1,552 | 524,561 | ||||||
IQVIA Holdings, Inc.† | 2,005 | 481,521 | ||||||
Laboratory Corp. of America Holdings† | 3,942 | 1,082,000 | ||||||
PPD, Inc.† | 6,536 | 301,440 | ||||||
Quest Diagnostics, Inc. | 6,548 | 862,175 | ||||||
Syneos Health, Inc.† | 7,457 | 655,470 | ||||||
4,310,553 | ||||||||
Medical Products — 1.2% |
| |||||||
Abbott Laboratories | 18,389 | 2,145,077 | ||||||
ABIOMED, Inc.† | 2,701 | 768,650 | ||||||
Baxter International, Inc. | 4,167 | 342,194 | ||||||
Cooper Cos., Inc. | 683 | 268,726 | ||||||
Envista Holdings Corp.† | 6,689 | 291,908 | ||||||
Globus Medical, Inc., Class A† | 3,891 | 280,385 | ||||||
Hill-Rom Holdings, Inc. | 2,104 | 234,133 | ||||||
Hologic, Inc.† | 12,848 | 810,195 |
261 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products (continued) |
| |||||||
Masimo Corp.† | 2,661 | $ | 573,712 | |||||
Novocure, Ltd.† | 3,311 | 675,444 | ||||||
Penumbra, Inc.† | 2,216 | 552,028 | ||||||
STERIS PLC | 1,380 | 263,387 | ||||||
Stryker Corp. | 1,603 | 409,198 | ||||||
West Pharmaceutical Services, Inc. | 1,764 | 613,008 | ||||||
Zimmer Biomet Holdings, Inc. | 1,167 | 196,441 | ||||||
8,424,486 | ||||||||
Medical - Biomedical/Gene — 1.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.† | 14,171 | 316,580 | ||||||
Alexion Pharmaceuticals, Inc.† | 3,887 | 686,250 | ||||||
Amgen, Inc. | 6,919 | 1,646,307 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 509 | 306,606 | ||||||
Biogen, Inc.† | 4,568 | 1,221,849 | ||||||
Certara, Inc.† | 5,574 | 146,652 | ||||||
Exelixis, Inc.† | 17,733 | 399,879 | ||||||
Gilead Sciences, Inc. | 18,145 | 1,199,566 | ||||||
Guardant Health, Inc.† | 1,757 | 218,079 | ||||||
Illumina, Inc.† | 998 | 404,829 | ||||||
Incyte Corp.† | 10,830 | 907,337 | ||||||
Maravai LifeSciences Holdings, Inc., Class A† | 4,181 | 156,955 | ||||||
Moderna, Inc.† | 3,608 | 667,516 | ||||||
Regeneron Pharmaceuticals, Inc.† | 754 | 378,832 | ||||||
Royalty Pharma PLC, Class A# | 3,521 | 141,262 | ||||||
Sage Therapeutics, Inc.† | 12,031 | 837,358 | ||||||
Seagen, Inc.† | 4,050 | 629,167 | ||||||
United Therapeutics Corp.† | 4,221 | 784,684 | ||||||
Vertex Pharmaceuticals, Inc.† | 5,098 | 1,063,596 | ||||||
12,113,304 | ||||||||
Medical - Drugs — 2.9% |
| |||||||
AbbVie, Inc. | 25,205 | 2,853,206 | ||||||
Alkermes PLC† | 23,577 | 534,491 | ||||||
Bristol-Myers Squibb Co. | 30,906 | 2,031,142 | ||||||
Eli Lilly & Co. | 10,730 | 2,143,210 | ||||||
Horizon Therapeutics PLC† | 3,552 | 325,576 | ||||||
Jazz Pharmaceuticals PLC† | 5,177 | 922,179 | ||||||
Johnson & Johnson | 36,578 | 6,190,827 | ||||||
Merck & Co., Inc. | 23,698 | 1,798,441 | ||||||
Pfizer, Inc. | 46,378 | 1,796,220 | ||||||
PRA Health Sciences, Inc.† | 1,969 | 336,541 | ||||||
Zoetis, Inc. | 5,367 | 948,242 | ||||||
19,880,075 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Perrigo Co. PLC | 22,032 | 1,016,557 | ||||||
Viatris, Inc. | 77,967 | 1,188,217 | ||||||
2,204,774 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Anthem, Inc. | 4,457 | 1,774,867 | ||||||
Centene Corp.† | 17,247 | 1,269,379 | ||||||
Humana, Inc. | 3,710 | 1,623,867 | ||||||
Molina Healthcare, Inc.† | 2,481 | 623,624 | ||||||
UnitedHealth Group, Inc. | 14,162 | 5,833,611 | ||||||
11,125,348 | ||||||||
Medical - Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc.† | 7,659 | 492,933 | ||||||
HCA Healthcare, Inc. | 2,779 | 596,902 | ||||||
Universal Health Services, Inc., Class B | 5,430 | 866,791 | ||||||
1,956,626 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Amedisys, Inc.† | 2,951 | $ | 762,450 | |||||
Chemed Corp. | 1,548 | 760,594 | ||||||
Oak Street Health, Inc.†# | 2,652 | 160,154 | ||||||
1,683,198 | ||||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
AmerisourceBergen Corp. | 3,098 | 355,464 | ||||||
Cardinal Health, Inc. | 9,632 | 540,066 | ||||||
Henry Schein, Inc.† | 10,640 | 809,066 | ||||||
McKesson Corp. | 2,856 | 549,466 | ||||||
Premier, Inc., Class A | 5,730 | 189,090 | ||||||
2,443,152 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Timken Co. | 8,892 | 786,497 | ||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 18,066 | 771,780 | ||||||
Southern Copper Corp. | 6,122 | 426,948 | ||||||
1,198,728 | ||||||||
Motion Pictures & Services — 0.4% |
| |||||||
Lions Gate Entertainment Corp., Class A†# | 62,577 | 1,219,000 | ||||||
Lions Gate Entertainment Corp., Class B† | 72,440 | 1,259,007 | ||||||
2,478,007 | ||||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley-Davidson, Inc. | 14,710 | 712,994 | ||||||
Multilevel Direct Selling — 0.2% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 27,089 | 1,629,674 | ||||||
Multimedia — 0.6% |
| |||||||
FactSet Research Systems, Inc. | 2,200 | 735,592 | ||||||
ViacomCBS, Inc., Class A | 15,862 | 738,217 | ||||||
Walt Disney Co.† | 15,303 | 2,733,881 | ||||||
4,207,690 | ||||||||
Networking Products — 0.4% |
| |||||||
Arista Networks, Inc.† | 765 | 259,626 | ||||||
Cisco Systems, Inc. | 51,164 | 2,706,575 | ||||||
2,966,201 | ||||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 2,705 | 295,332 | ||||||
Waste Management, Inc. | 2,630 | 369,988 | ||||||
665,320 | ||||||||
Office Automation & Equipment — 0.2% |
| |||||||
Xerox Holdings Corp. | 19,780 | 463,841 | ||||||
Zebra Technologies Corp., Class A† | 1,882 | 935,448 | ||||||
1,399,289 | ||||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 2,456 | 541,622 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 10,491 | 296,371 | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
APA Corp.† | 10,081 | 209,685 | ||||||
Cimarex Energy Co. | 5,259 | 356,297 | ||||||
ConocoPhillips | 2,602 | 145,035 | ||||||
Continental Resources, Inc. | 5,273 | 171,742 | ||||||
EQT Corp.† | 56,092 | 1,171,201 | ||||||
Marathon Oil Corp. | 22,003 | 266,456 | ||||||
Pioneer Natural Resources Co. | 1,267 | 192,825 | ||||||
2,513,241 | ||||||||
262 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 0.4% |
| |||||||
Chevron Corp. | 10,728 | $ | 1,113,459 | |||||
Exxon Mobil Corp. | 30,052 | 1,754,135 | ||||||
2,867,594 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
NOV, Inc.† | 70,309 | 1,133,381 | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Marathon Petroleum Corp. | 3,557 | 219,823 | ||||||
Oil - Field Services — 0.1% |
| |||||||
Baker Hughes Co. | 6,827 | 166,579 | ||||||
Halliburton Co. | 24,925 | 559,566 | ||||||
726,145 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 14,344 | 905,106 | ||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp.† | 598 | 161,263 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Cigna Corp. | 5,635 | 1,458,620 | ||||||
CVS Health Corp. | 24,055 | 2,079,314 | ||||||
3,537,934 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
Encompass Health Corp. | 2,379 | 204,094 | ||||||
Pipelines — 0.4% |
| |||||||
Antero Midstream Corp. | 37,908 | 363,917 | ||||||
Cheniere Energy, Inc.† | 5,863 | 497,769 | ||||||
Equitrans Midstream Corp. | 94,019 | 774,716 | ||||||
Kinder Morgan, Inc. | 11,302 | 207,279 | ||||||
Targa Resources Corp. | 21,938 | 852,510 | ||||||
Williams Cos., Inc. | 11,241 | 296,088 | ||||||
2,992,279 | ||||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.† | 23,083 | 554,915 | ||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Generac Holdings, Inc.† | 1,242 | 408,270 | ||||||
Private Equity — 0.1% |
| |||||||
Ares Management Corp., Class A | 5,031 | 277,611 | ||||||
Carlyle Group, Inc. | 3,587 | 156,537 | ||||||
KKR & Co., Inc., Class A | 9,979 | 555,730 | ||||||
989,878 | ||||||||
Professional Sports — 0.0% |
| |||||||
Madison Square Garden Sports Corp.† | 1,303 | 241,107 | ||||||
Protection/Safety — 0.0% |
| |||||||
ADT, Inc. | 31,662 | 327,385 | ||||||
Publishing - Newspapers — 0.3% |
| |||||||
New York Times Co., Class A | 13,148 | 562,997 | ||||||
News Corp., Class A | 25,911 | 699,338 | ||||||
News Corp., Class B | 24,248 | 622,931 | ||||||
1,885,266 | ||||||||
Radio — 0.2% |
| |||||||
Liberty Media Corp. - Liberty SiriusXM, Series A† | 15,012 | 655,424 | ||||||
Liberty Media Corp. - Liberty SiriusXM, Series C† | 15,662 | 681,454 | ||||||
1,336,878 | ||||||||
Real Estate Investment Trusts — 1.9% |
| |||||||
AGNC Investment Corp. | 29,752 | 551,602 | ||||||
Alexandria Real Estate Equities, Inc. | 1,373 | 244,751 | ||||||
American Homes 4 Rent, Class A | 5,902 | 224,689 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
American Tower Corp. | 1,591 | $ | 406,437 | |||||
Americold Realty Trust# | 4,104 | 156,034 | ||||||
Annaly Capital Management, Inc. | 30,059 | 278,647 | ||||||
Apartment Investment & Management Co., Class A | 40,819 | 287,774 | ||||||
AvalonBay Communities, Inc. | 790 | 163,483 | ||||||
Brandywine Realty Trust | 25,456 | 357,911 | ||||||
Brixmor Property Group, Inc. | 8,790 | 199,621 | ||||||
Camden Property Trust | 1,803 | 226,060 | ||||||
CoreSite Realty Corp. | 1,676 | 203,215 | ||||||
Corporate Office Properties Trust | 10,075 | 278,070 | ||||||
Cousins Properties, Inc. | 3,840 | 142,426 | ||||||
Crown Castle International Corp. | 1,862 | 352,849 | ||||||
CubeSmart | 6,653 | 291,335 | ||||||
CyrusOne, Inc. | 2,323 | 171,321 | ||||||
Digital Realty Trust, Inc. | 2,977 | 451,194 | ||||||
Douglas Emmett, Inc. | 4,198 | 145,755 | ||||||
Duke Realty Corp. | 4,731 | 219,802 | ||||||
Empire State Realty Trust, Inc., Class A | 52,400 | 619,892 | ||||||
Equinix, Inc. | 431 | 317,526 | ||||||
Equity Commonwealth | 8,796 | 241,362 | ||||||
Equity Residential | 1,873 | 145,064 | ||||||
Essex Property Trust, Inc. | 479 | 141,444 | ||||||
Extra Space Storage, Inc. | 1,182 | 177,075 | ||||||
First Industrial Realty Trust, Inc. | 3,633 | 183,975 | ||||||
Gaming and Leisure Properties, Inc. | 4,746 | 220,025 | ||||||
Healthpeak Properties, Inc. | 4,177 | 139,428 | ||||||
Highwoods Properties, Inc. | 3,146 | 143,709 | ||||||
Hudson Pacific Properties, Inc. | 7,054 | 204,495 | ||||||
Invitation Homes, Inc. | 4,825 | 175,003 | ||||||
Iron Mountain, Inc. | 5,596 | 243,650 | ||||||
Kilroy Realty Corp. | 4,058 | 284,912 | ||||||
Lamar Advertising Co., Class A | 1,391 | 145,805 | ||||||
Life Storage, Inc. | 2,007 | 199,576 | ||||||
Mid-America Apartment Communities, Inc. | 1,315 | 211,320 | ||||||
Paramount Group, Inc. | 64,782 | 711,306 | ||||||
Prologis, Inc. | 3,007 | 354,345 | ||||||
Public Storage | 1,128 | 318,637 | ||||||
Rayonier, Inc. | 4,068 | 155,357 | ||||||
Realty Income Corp. | 2,345 | 160,398 | ||||||
SBA Communications Corp. | 719 | 214,348 | ||||||
SL Green Realty Corp.# | 5,754 | 455,832 | ||||||
Starwood Property Trust, Inc. | 6,258 | 158,891 | ||||||
STORE Capital Corp. | 4,095 | 140,868 | ||||||
Sun Communities, Inc. | 941 | 157,542 | ||||||
UDR, Inc. | 3,055 | 145,510 | ||||||
Ventas, Inc. | 2,488 | 137,960 | ||||||
VICI Properties, Inc.# | 9,731 | 302,926 | ||||||
Weyerhaeuser Co. | 4,082 | 154,953 | ||||||
WP Carey, Inc. | 1,919 | 144,789 | ||||||
12,860,899 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
CBRE Group, Inc., Class A† | 8,393 | 736,737 | ||||||
Jones Lang LaSalle, Inc.† | 5,707 | 1,154,241 | ||||||
1,890,978 | ||||||||
Recreational Vehicles — 0.2% |
| |||||||
Brunswick Corp. | 4,863 | 497,144 | ||||||
Polaris, Inc. | 4,699 | 616,603 | ||||||
1,113,747 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
AMERCO | 843 | 484,759 | ||||||
United Rentals, Inc.† | 1,820 | 607,807 | ||||||
1,092,566 | ||||||||
263 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Resort/Theme Parks — 0.0% |
| |||||||
Vail Resorts, Inc.† | 958 | $ | 313,151 | |||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 3,400 | 699,890 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Burlington Stores, Inc.† | 1,088 | 351,826 | ||||||
Foot Locker, Inc. | 14,575 | 922,452 | ||||||
Gap, Inc. | 16,299 | 545,201 | ||||||
L Brands, Inc. | 12,179 | 850,947 | ||||||
Lululemon Athletica, Inc.† | 2,930 | 946,771 | ||||||
Ross Stores, Inc. | 1,317 | 166,456 | ||||||
3,783,653 | ||||||||
Retail - Auto Parts — 0.6% |
| |||||||
Advance Auto Parts, Inc. | 5,023 | 953,014 | ||||||
AutoZone, Inc.† | 806 | 1,133,720 | ||||||
Genuine Parts Co. | 8,049 | 1,055,385 | ||||||
O’Reilly Automotive, Inc.† | 2,478 | 1,326,027 | ||||||
4,468,146 | ||||||||
Retail - Automobile — 0.4% |
| |||||||
AutoNation, Inc.† | 11,602 | 1,184,912 | ||||||
CarMax, Inc.† | 3,075 | 354,209 | ||||||
Carvana Co.†# | 1,112 | 294,780 | ||||||
Penske Automotive Group, Inc. | 10,864 | 929,850 | ||||||
2,763,751 | ||||||||
Retail - Building Products — 1.2% |
| |||||||
Home Depot, Inc. | 15,903 | 5,071,626 | ||||||
Lowe’s Cos., Inc. | 14,933 | 2,909,396 | ||||||
7,981,022 | ||||||||
Retail - Catalog Shopping — 0.3% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 11,954 | 1,128,458 | ||||||
Qurate Retail, Inc., Series A | 88,265 | 1,203,052 | ||||||
2,331,510 | ||||||||
Retail - Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 11,790 | 1,370,470 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Casey’s General Stores, Inc. | 3,951 | 872,539 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 4,748 | 1,796,026 | ||||||
Dollar General Corp. | 4,797 | 973,599 | ||||||
Dollar Tree, Inc.† | 7,817 | 762,157 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 4,259 | 368,148 | ||||||
Target Corp. | 12,513 | 2,839,450 | ||||||
Walmart, Inc. | 23,787 | 3,378,468 | ||||||
10,117,848 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 13,747 | 723,917 | ||||||
Retail - Floor Coverings — 0.1% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 5,604 | 550,929 | ||||||
Retail - Gardening Products — 0.2% |
| |||||||
Tractor Supply Co. | 7,060 | 1,282,802 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Williams-Sonoma, Inc. | 5,638 | 955,867 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Nordstrom, Inc.† | 7,326 | 245,714 | ||||||
TJX Cos., Inc. | 6,003 | 405,443 | ||||||
651,157 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Five Below, Inc.† | 2,130 | $ | 392,176 | |||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 1,545 | 533,581 | ||||||
Retail - Pet Food & Supplies — 0.1% |
| |||||||
Petco Health & Wellness Co., Inc.†# | 24,457 | 553,951 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 16,956 | 940,888 | ||||||
Retail - Restaurants — 0.8% |
| |||||||
Chipotle Mexican Grill, Inc.† | 402 | 551,536 | ||||||
Darden Restaurants, Inc. | 1,737 | 248,791 | ||||||
Domino’s Pizza, Inc. | 2,709 | 1,156,391 | ||||||
McDonald’s Corp. | 3,447 | 806,219 | ||||||
Starbucks Corp. | 8,957 | 1,020,023 | ||||||
Wendy’s Co. | 19,038 | 442,062 | ||||||
Yum China Holdings, Inc. | 10,069 | 681,067 | ||||||
Yum! Brands, Inc. | 8,100 | 971,757 | ||||||
5,877,846 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Dick’s Sporting Goods, Inc. | 13,585 | 1,324,945 | ||||||
Satellite Telecom — 0.1% |
| |||||||
EchoStar Corp., Class A† | 22,513 | 596,369 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
New York Community Bancorp, Inc. | 17,008 | 203,586 | ||||||
TFS Financial Corp. | 16,059 | 355,867 | ||||||
559,453 | ||||||||
Schools — 0.3% |
| |||||||
2U, Inc.† | 7,595 | 276,610 | ||||||
Chegg, Inc.† | 2,926 | 225,038 | ||||||
Graham Holdings Co., Class B | 1,905 | 1,262,139 | ||||||
Grand Canyon Education, Inc.† | 5,949 | 541,002 | ||||||
2,304,789 | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc. | 2,648 | 435,861 | ||||||
Cirrus Logic, Inc.† | 13,057 | 1,019,360 | ||||||
Maxim Integrated Products, Inc. | 7,316 | 746,305 | ||||||
QUALCOMM, Inc. | 16,553 | 2,227,041 | ||||||
4,428,567 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Allegro MicroSystems, Inc.† | 16,445 | 431,023 | ||||||
Applied Materials, Inc. | 15,315 | 2,115,461 | ||||||
Entegris, Inc. | 2,333 | 267,012 | ||||||
KLA Corp. | 2,046 | 648,357 | ||||||
Lam Research Corp. | 1,531 | 994,920 | ||||||
MKS Instruments, Inc. | 3,100 | 583,513 | ||||||
Teradyne, Inc. | 6,362 | 842,011 | ||||||
5,882,297 | ||||||||
Shipbuilding — 0.1% |
| |||||||
Huntington Ingalls Industries, Inc. | 2,996 | 647,765 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 4,268 | 365,896 | ||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc., Class A† | 5,511 | 870,132 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 1,902 | 471,696 | ||||||
Steel - Producers — 0.3% |
| |||||||
Nucor Corp. | 4,198 | 430,463 |
264 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Steel - Producers (continued) |
| |||||||
Reliance Steel & Aluminum Co. | 5,995 | $ | 1,007,580 | |||||
Steel Dynamics, Inc. | 4,833 | 301,724 | ||||||
1,739,767 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Ciena Corp.† | 8,199 | 433,481 | ||||||
Corning, Inc. | 11,306 | 493,281 | ||||||
926,762 | ||||||||
Telecom Services — 0.0% |
| |||||||
Switch, Inc., Class A# | 9,918 | 187,153 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
CommScope Holding Co., Inc.† | 12,597 | 255,845 | ||||||
Juniper Networks, Inc. | 10,290 | 270,936 | ||||||
526,781 | ||||||||
Telephone - Integrated — 0.7% |
| |||||||
AT&T, Inc. | 65,592 | 1,930,373 | ||||||
Lumen Technologies, Inc. | 38,482 | 532,591 | ||||||
Telephone & Data Systems, Inc. | 6,864 | 176,542 | ||||||
Verizon Communications, Inc. | 39,776 | 2,246,946 | ||||||
4,886,452 | ||||||||
Television — 0.2% |
| |||||||
Nexstar Media Group, Inc., Class A | 5,386 | 818,187 | ||||||
World Wrestling Entertainment, Inc., Class A | 5,282 | 294,947 | ||||||
1,113,134 | ||||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 2,923 | 615,818 | ||||||
Theaters — 0.0% |
| |||||||
Live Nation Entertainment, Inc.† | 2,006 | 180,761 | ||||||
Tobacco — 0.4% |
| |||||||
Altria Group, Inc. | 13,711 | 674,856 | ||||||
Philip Morris International, Inc. | 20,524 | 1,979,129 | ||||||
2,653,985 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
MSA Safety, Inc. | 1,538 | 258,476 | ||||||
Snap-on, Inc. | 2,227 | 567,039 | ||||||
Stanley Black & Decker, Inc. | 1,642 | 355,986 | ||||||
1,181,501 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 1,647 | 158,063 | ||||||
Mattel, Inc.† | 40,273 | 854,190 | ||||||
1,012,253 | ||||||||
Transport - Rail — 0.4% |
| |||||||
CSX Corp. | 4,398 | 440,328 | ||||||
Kansas City Southern | 1,217 | 362,277 | ||||||
Norfolk Southern Corp. | 2,681 | 753,093 | ||||||
Union Pacific Corp. | 4,891 | 1,099,154 | ||||||
2,654,852 | ||||||||
Transport - Services — 0.9% |
| |||||||
C.H. Robinson Worldwide, Inc. | 8,948 | 868,135 | ||||||
Expeditors International of Washington, Inc. | 4,273 | 537,073 | ||||||
FedEx Corp. | 5,361 | 1,687,696 | ||||||
Ryder System, Inc. | 18,697 | 1,529,228 | ||||||
United Parcel Service, Inc., Class B | 6,371 | 1,367,217 | ||||||
5,989,349 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck — 0.5% |
| |||||||
JB Hunt Transport Services, Inc. | 2,970 | $ | 509,474 | |||||
Knight-Swift Transportation Holdings, Inc. | 18,546 | 885,200 | ||||||
Landstar System, Inc. | 5,872 | 1,001,176 | ||||||
Old Dominion Freight Line, Inc. | 1,568 | 416,226 | ||||||
Schneider National, Inc., Class B | 10,400 | 254,696 | ||||||
XPO Logistics, Inc.† | 2,930 | 430,505 | ||||||
3,497,277 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Herbalife Nutrition, Ltd.† | 18,002 | 946,365 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 1,828 | 283,377 | ||||||
Essential Utilities, Inc. | 4,808 | 229,822 | ||||||
513,199 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
Pentair PLC | 6,924 | 477,548 | ||||||
Web Hosting/Design — 0.2% |
| |||||||
GoDaddy, Inc., Class A† | 4,961 | 401,643 | ||||||
VeriSign, Inc.† | 4,961 | 1,091,023 | ||||||
1,492,666 | ||||||||
Web Portals/ISP — 3.0% |
| |||||||
Alphabet, Inc., Class A† | 4,356 | 10,266,438 | ||||||
Alphabet, Inc., Class C† | 4,230 | 10,200,899 | ||||||
20,467,337 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Motorola Solutions, Inc. | 2,807 | 576,305 | ||||||
Ubiquiti, Inc. | 3,051 | 919,938 | ||||||
1,496,243 | ||||||||
Total Common Stocks | ||||||||
(cost $543,778,363) | 678,431,688 | |||||||
EXCHANGE-TRADED FUNDS — 1.7% |
| |||||||
Vanguard Russell 1000 ETF | ||||||||
(cost $12,150,651) | 62,094 | 12,169,182 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $555,929,014) | 690,600,870 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.5% |
| |||||||
Registered Investment Companies — 0.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,325,068 | 3,325,068 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $559,254,082)(3) | 100.1 | % | 693,925,938 | |||||
Liabilities in excess of other assets | (0.1 | ) | (740,782 | ) | ||||
NET ASSETS | 100.0 | % | $ | 693,185,156 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2021. |
(2) | At May 31, 2021, the Fund had loaned securities with a total value of $7,692,940. This was secured by collateral of $3,325,068, which was received in cash and subsequently invested in short-term investments currently valued at $3,325,068 as reported in the Portfolio of Investments. Additional collateral of $4,603,425 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. |
265 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $ | 222,506 | ||||
Federal National Mtg. Assoc. | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 864,620 | |||||
Government National Mtg. Assoc. | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 165,131 | |||||
United States Cash Management Bills | zero coupon | 09/14/2021 to 09/21/2021 | 6,471 | |||||
United States Treasury Bills | 0.00% | 06/03/2021 to 12/30/2021 | 160,019 | |||||
United States Treasury Notes/Bonds | 0.06% to 8.13% | 06/30/2021 to 02/15/2051 | 3,184,678 |
(3) | See Note 5 for cost of investments on a tax basis. |
ETF—Exchange-Traded Funds
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 678,431,688 | $ | — | $ | — | $ | 678,431,688 | ||||||||
Exchange-Traded Funds | 12,169,182 | — | — | 12,169,182 | ||||||||||||
Short-Term Investment Securities | 3,325,068 | — | — | 3,325,068 | ||||||||||||
Total Investments at Value | $ | 693,925,938 | $ | — | $ | — | $ | 693,925,938 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
266 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 4.9 | % | ||
Diagnostic Equipment | 4.7 | |||
Medical — Drugs | 4.0 | |||
Data Processing/Management | 3.7 | |||
Insurance Brokers | 3.3 | |||
Tobacco | 3.3 | |||
Computer Services | 3.2 | |||
Electronic Components — Semiconductors | 3.2 | |||
Investment Management/Advisor Services | 2.9 | |||
Commercial Services — Finance | 2.6 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Aerospace/Defense | 2.5 | |||
Insurance — Life/Health | 2.5 | |||
Medical Products | 2.5 | |||
Insurance — Multi-line | 2.2 | |||
Transport — Services | 2.1 | |||
Electric Products — Misc. | 2.1 | |||
Advertising Agencies | 2.0 | |||
Medical — HMO | 1.8 | |||
Finance — Credit Card | 1.8 | |||
Real Estate Investment Trusts | 1.7 | |||
Retail — Discount | 1.7 | |||
Beverages — Non — alcoholic | 1.6 | |||
Cosmetics & Toiletries | 1.5 | |||
Finance — Other Services | 1.5 | |||
Machinery — Pumps | 1.5 | |||
Auto/Truck Parts & Equipment — Original | 1.5 | |||
Tools — Hand Held | 1.3 | |||
Steel — Producers | 1.3 | |||
Diversified Manufacturing Operations | 1.3 | |||
Insurance — Property/Casualty | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Web Portals/ISP | 1.2 | |||
Real Estate Management/Services | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Building — Residential/Commercial | 1.0 | |||
Medical — Wholesale Drug Distribution | 1.0 | |||
Medical Labs & Testing Services | 1.0 | |||
Banks — Super Regional | 0.9 | |||
Telephone — Integrated | 0.9 | |||
Private Equity | 0.9 | |||
Food — Confectionery | 0.8 | |||
Consumer Products — Misc. | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Computers | 0.8 | |||
Machinery — General Industrial | 0.8 | |||
Finance — Consumer Loans | 0.6 | |||
Electric — Integrated | 0.6 | |||
Electronic Parts Distribution | 0.6 | |||
Consulting Services | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Independent Power Producers | 0.6 | |||
Gas — Distribution | 0.6 | |||
Exchange — Traded Funds | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Multimedia | 0.5 | |||
Oil Companies — Integrated | 0.5 | |||
Entertainment Software | 0.4 | |||
Computer Software | 0.4 | |||
Coatings/Paint | 0.4 | |||
Home Furnishings | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Enterprise Software/Service | 0.3 | |||
Transport — Truck | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Medical Information Systems | 0.3 | |||
Savings & Loans/Thrifts | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Finance — Auto Loans | 0.2 |
Finance — Mortgage Loan/Banker | 0.2 | |||
Cellular Telecom | 0.2 | |||
Applications Software | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Recreational Vehicles | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
100.0% | ||||
* | Calculated as a percentage of net assets |
267 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Advertising Agencies — 2.0% |
| |||||||
Omnicom Group, Inc. | 138,665 | $ | 11,403,810 | |||||
Aerospace/Defense — 2.5% |
| |||||||
General Dynamics Corp. | 19,425 | 3,689,002 | ||||||
Raytheon Technologies Corp. | 70,090 | 6,217,684 | ||||||
TransDigm Group, Inc.† | 6,741 | 4,373,830 | ||||||
14,280,516 | ||||||||
Aerospace/Defense-Equipment — 0.2% |
| |||||||
L3Harris Technologies, Inc. | 5,633 | 1,228,332 | ||||||
Applications Software — 0.2% |
| |||||||
Jamf Holding Corp.† | 30,776 | 1,067,312 | ||||||
Auto Repair Centers — 0.1% |
| |||||||
Driven Brands Holdings, Inc.† | 13,565 | 401,795 | ||||||
Auto-Cars/Light Trucks — 0.1% |
| |||||||
Ford Motor Co.† | 23,986 | 348,517 | ||||||
Auto/Truck Parts & Equipment-Original — 1.5% |
| |||||||
Autoliv, Inc. | 20,913 | 2,217,406 | ||||||
BorgWarner, Inc. | 73,404 | 3,764,891 | ||||||
Lear Corp. | 11,917 | 2,304,271 | ||||||
8,286,568 | ||||||||
Banks-Fiduciary — 0.6% |
| |||||||
Bank of New York Mellon Corp. | 62,963 | 3,279,113 | ||||||
Banks-Super Regional — 0.9% |
| |||||||
KeyCorp | 223,916 | 5,159,025 | ||||||
Beverages-Non-alcoholic — 1.6% |
| |||||||
Coca-Cola Co. | 1,752 | 96,868 | ||||||
Keurig Dr Pepper, Inc. | 95,457 | 3,528,091 | ||||||
PepsiCo, Inc. | 34,857 | 5,156,744 | ||||||
8,781,703 | ||||||||
Building & Construction-Misc. — 0.2% |
| |||||||
Frontdoor, Inc.† | 19,841 | 1,065,462 | ||||||
Building-Maintenance & Services — 0.1% |
| |||||||
Rollins, Inc. | 11,786 | 401,785 | ||||||
Building-Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Thor Industries, Inc. | 5,290 | 650,670 | ||||||
Building-Residential/Commercial — 1.0% |
| |||||||
D.R. Horton, Inc. | 48,034 | 4,577,160 | ||||||
NVR, Inc.† | �� | 257 | 1,256,018 | |||||
5,833,178 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
United States Cellular Corp.† | 28,900 | 1,090,975 | ||||||
Coatings/Paint — 0.4% |
| |||||||
Axalta Coating Systems, Ltd.† | 55,611 | 1,804,021 | ||||||
RPM International, Inc. | 6,155 | 575,677 | ||||||
2,379,698 | ||||||||
Commercial Services-Finance — 2.6% |
| |||||||
Equifax, Inc. | 16,449 | 3,866,173 | ||||||
Global Payments, Inc. | 23,004 | 4,456,105 | ||||||
S&P Global, Inc. | 16,983 | 6,444,539 | ||||||
14,766,817 | ||||||||
Computer Services — 3.2% |
| |||||||
Accenture PLC, Class A | 27,107 | 7,648,511 | ||||||
International Business Machines Corp. | 34,441 | 4,950,549 | ||||||
Leidos Holdings, Inc. | 6,828 | 701,577 | ||||||
Science Applications International Corp. | 53,071 | 4,768,960 | ||||||
18,069,597 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 0.4% |
| |||||||
SolarWinds Corp.† | 146,160 | $ | 2,418,948 | |||||
Computers — 0.8% |
| |||||||
Dell Technologies, Inc., Class C† | 43,769 | 4,317,374 | ||||||
Consulting Services — 0.6% |
| |||||||
Booz Allen Hamilton Holding Corp. | 11,232 | 953,934 | ||||||
Verisk Analytics, Inc. | 13,696 | 2,367,079 | ||||||
3,321,013 | ||||||||
Consumer Products-Misc. — 0.8% |
| |||||||
Kimberly-Clark Corp. | 22,202 | 2,900,247 | ||||||
Reynolds Consumer Products, Inc. | 52,352 | 1,577,889 | ||||||
4,478,136 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Procter & Gamble Co. | 62,511 | 8,429,608 | ||||||
Data Processing/Management — 3.7% |
| |||||||
Fidelity National Information Services, Inc. | 76,914 | 11,458,648 | ||||||
Fiserv, Inc.† | 81,897 | 9,434,534 | ||||||
20,893,182 | ||||||||
Diagnostic Equipment — 4.7% |
| |||||||
Danaher Corp. | 56,117 | 14,373,808 | ||||||
PerkinElmer, Inc. | 18,352 | 2,662,325 | ||||||
Thermo Fisher Scientific, Inc. | 19,670 | 9,235,065 | ||||||
26,271,198 | ||||||||
Diversified Banking Institutions — 4.9% |
| |||||||
Citigroup, Inc. | 157,800 | 12,420,438 | ||||||
JPMorgan Chase & Co. | 93,400 | 15,340,016 | ||||||
27,760,454 | ||||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
3M Co. | 26,374 | 5,354,977 | ||||||
Illinois Tool Works, Inc. | 7,518 | 1,742,372 | ||||||
7,097,349 | ||||||||
Electric Products-Misc. — 2.1% |
| |||||||
Emerson Electric Co. | 123,082 | 11,777,717 | ||||||
Electric-Integrated — 0.6% |
| |||||||
CenterPoint Energy, Inc. | 137,379 | 3,475,689 | ||||||
Electronic Components-Semiconductors — 3.2% |
| |||||||
Advanced Micro Devices, Inc.† | 6,618 | 529,969 | ||||||
Micron Technology, Inc.† | 24,330 | 2,047,126 | ||||||
Skyworks Solutions, Inc. | 31,418 | 5,341,060 | ||||||
Texas Instruments, Inc. | 53,064 | 10,072,609 | ||||||
17,990,764 | ||||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Arrow Electronics, Inc.† | 28,415 | 3,419,177 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Oracle Corp. | 24,702 | 1,945,035 | ||||||
Entertainment Software — 0.4% |
| |||||||
Activision Blizzard, Inc. | 25,896 | 2,518,386 | ||||||
Finance-Auto Loans — 0.2% |
| |||||||
Santander Consumer USA Holdings, Inc. | 30,449 | 1,154,017 | ||||||
Finance-Consumer Loans — 0.6% |
| |||||||
SLM Corp. | 58,925 | 1,193,231 | ||||||
Synchrony Financial | 50,340 | 2,386,620 | ||||||
3,579,851 | ||||||||
268 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Finance-Credit Card — 1.8% |
| |||||||
American Express Co. | 16,136 | $ | 2,583,858 | |||||
Capital One Financial Corp. | 37,289 | 5,995,325 | ||||||
Discover Financial Services | 11,919 | 1,397,622 | ||||||
9,976,805 | ||||||||
Finance-Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 37,138 | 2,742,641 | ||||||
Finance-Mortgage Loan/Banker — 0.2% |
| |||||||
Rocket Cos., Inc., Class A# | 63,834 | 1,130,500 | ||||||
Finance-Other Services — 1.5% |
| |||||||
Intercontinental Exchange, Inc. | 74,312 | 8,388,339 | ||||||
Food-Confectionery — 0.8% |
| |||||||
Mondelez International, Inc., Class A | 73,739 | 4,684,639 | ||||||
Food-Misc./Diversified — 1.1% |
| |||||||
Campbell Soup Co. | 31,715 | 1,543,569 | ||||||
General Mills, Inc. | 45,646 | 2,869,308 | ||||||
Kellogg Co. | 25,849 | 1,692,851 | ||||||
6,105,728 | ||||||||
Gas-Distribution — 0.6% |
| |||||||
National Fuel Gas Co. | 60,781 | 3,153,926 | ||||||
Home Furnishings — 0.4% |
| |||||||
Tempur Sealy International, Inc. | 61,338 | 2,361,513 | ||||||
Independent Power Producers — 0.6% |
| |||||||
NRG Energy, Inc. | 100,882 | 3,243,356 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Colfax Corp.† | 2,257 | 99,759 | ||||||
Insurance Brokers — 3.3% |
| |||||||
Arthur J. Gallagher & Co. | 51,827 | 7,598,357 | ||||||
Brown & Brown, Inc. | 83,062 | 4,362,416 | ||||||
Marsh & McLennan Cos., Inc. | 48,467 | 6,705,409 | ||||||
18,666,182 | ||||||||
Insurance-Life/Health — 2.5% |
| |||||||
Aflac, Inc. | 111,659 | 6,328,832 | ||||||
Athene Holding, Ltd., Class A† | 40,307 | 2,524,427 | ||||||
Equitable Holdings, Inc. | 84,214 | 2,673,795 | ||||||
Lincoln National Corp. | 17,772 | 1,240,308 | ||||||
Voya Financial, Inc. | 21,686 | 1,420,867 | ||||||
14,188,229 | ||||||||
Insurance-Multi-line — 2.2% |
| |||||||
Allstate Corp. | 25,270 | 3,452,135 | ||||||
Loews Corp. | 58,176 | 3,396,315 | ||||||
MetLife, Inc. | 84,648 | 5,532,593 | ||||||
12,381,043 | ||||||||
Insurance-Property/Casualty — 1.2% |
| |||||||
Fidelity National Financial, Inc. | 86,226 | 4,051,760 | ||||||
Progressive Corp. | 28,937 | 2,867,078 | ||||||
6,918,838 | ||||||||
Insurance-Reinsurance — 0.4% |
| |||||||
Reinsurance Group of America, Inc. | 18,247 | 2,299,669 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 1,281 | 237,536 | ||||||
Investment Management/Advisor Services — 2.9% |
| |||||||
BlackRock, Inc. | 12,030 | 10,550,791 | ||||||
Invesco, Ltd. | 23,957 | 683,493 | ||||||
T. Rowe Price Group, Inc. | 26,226 | 5,018,345 | ||||||
16,252,629 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery-General Industrial — 0.8% |
| |||||||
Westinghouse Air Brake Technologies Corp. | 51,920 | $ | 4,296,899 | |||||
Machinery-Pumps — 1.5% |
| |||||||
Dover Corp. | 17,926 | 2,697,863 | ||||||
Ingersoll Rand, Inc.† | 113,345 | 5,626,446 | ||||||
8,324,309 | ||||||||
Medical Information Systems — 0.3% |
| |||||||
Change Healthcare, Inc.† | 67,870 | 1,590,873 | ||||||
Medical Labs & Testing Services — 1.0% |
| |||||||
Laboratory Corp. of America Holdings† | 12,897 | 3,539,968 | ||||||
Quest Diagnostics, Inc. | 14,704 | 1,936,076 | ||||||
5,476,044 | ||||||||
Medical Products — 2.5% |
| |||||||
Abbott Laboratories | 70,628 | 8,238,756 | ||||||
Hologic, Inc.† | 88,154 | 5,558,991 | ||||||
13,797,747 | ||||||||
Medical-Biomedical/Gene — 0.8% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 25,164 | 4,442,704 | ||||||
Medical-Drugs — 4.0% |
| |||||||
AbbVie, Inc. | 19,306 | 2,185,439 | ||||||
Bristol-Myers Squibb Co. | 195,008 | 12,815,926 | ||||||
Jazz Pharmaceuticals PLC† | 18,098 | 3,223,797 | ||||||
Pfizer, Inc. | 116,433 | 4,509,450 | ||||||
22,734,612 | ||||||||
Medical-HMO — 1.8% |
| |||||||
Anthem, Inc. | 7,832 | 3,118,859 | ||||||
Centene Corp.† | 4,570 | 336,352 | ||||||
UnitedHealth Group, Inc. | 16,357 | 6,737,775 | ||||||
10,192,986 | ||||||||
Medical-Wholesale Drug Distribution — 1.0% |
| |||||||
AmerisourceBergen Corp. | 47,886 | 5,494,440 | ||||||
Multimedia — 0.5% |
| |||||||
ViacomCBS, Inc., Class B | 64,194 | 2,723,109 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Helmerich & Payne, Inc. | 42,060 | 1,188,195 | ||||||
Oil Companies-Exploration & Production — 2.6% |
| |||||||
APA Corp.† | 58,652 | 1,219,962 | ||||||
Cimarex Energy Co. | 14,406 | 976,006 | ||||||
Devon Energy Corp. | 312,012 | 8,287,039 | ||||||
Marathon Oil Corp. | 331,075 | 4,009,318 | ||||||
14,492,325 | ||||||||
Oil Companies-Integrated — 0.5% |
| |||||||
Murphy Oil Corp. | 124,749 | 2,705,806 | ||||||
Private Equity — 0.9% |
| |||||||
Blackstone Group, Inc., Class A | 53,110 | 4,921,704 | ||||||
Real Estate Investment Trusts — 1.7% |
| |||||||
Healthcare Trust of America, Inc., Class A | 103,513 | 2,837,291 | ||||||
Omega Healthcare Investors, Inc. | 38,888 | 1,424,079 | ||||||
Simon Property Group, Inc. | 672 | 86,345 | ||||||
STORE Capital Corp. | 17,490 | 601,656 | ||||||
VEREIT, Inc. | 22,782 | 1,083,740 | ||||||
VICI Properties, Inc.# | 45,783 | 1,425,225 | ||||||
Vornado Realty Trust | 31,896 | 1,508,043 | ||||||
WP Carey, Inc. | 11,769 | 887,971 | ||||||
9,854,350 | ||||||||
Real Estate Management/Services — 1.1% |
| |||||||
CBRE Group, Inc., Class A† | 72,539 | 6,367,473 | ||||||
269 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Recreational Vehicles — 0.1% |
| |||||||
Polaris, Inc. | 5,951 | $ | 780,890 | |||||
Retail-Catalog Shopping — 0.1% |
| |||||||
Qurate Retail, Inc., Series A | 41,972 | 572,078 | ||||||
Retail-Discount — 1.7% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 21,287 | 1,840,048 | ||||||
Walmart, Inc. | 55,315 | 7,856,390 | ||||||
9,696,438 | ||||||||
Retail-Restaurants — 1.2% |
| |||||||
McDonald’s Corp. | 22,232 | 5,199,843 | ||||||
Yum! Brands, Inc. | 14,020 | 1,681,979 | ||||||
6,881,822 | ||||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
New York Community Bancorp, Inc. | 102,840 | 1,230,995 | ||||||
Steel-Producers — 1.3% |
| |||||||
Nucor Corp. | 16,522 | 1,694,166 | ||||||
Steel Dynamics, Inc. | 86,928 | 5,426,915 | ||||||
7,121,081 | ||||||||
Telephone-Integrated — 0.9% |
| |||||||
Lumen Technologies, Inc. | 278,478 | 3,854,136 | ||||||
Telephone & Data Systems, Inc. | 44,996 | 1,157,297 | ||||||
5,011,433 | ||||||||
Tobacco — 3.3% |
| |||||||
Altria Group, Inc. | 238,908 | 11,759,052 | ||||||
Philip Morris International, Inc. | 69,347 | 6,687,131 | ||||||
18,446,183 | ||||||||
Tools-Hand Held — 1.3% |
| |||||||
Stanley Black & Decker, Inc. | 33,549 | 7,273,423 | ||||||
Transport-Services — 2.1% |
| |||||||
C.H. Robinson Worldwide, Inc. | 29,458 | 2,858,015 | ||||||
Expeditors International of Washington, Inc. | 22,506 | 2,828,779 | ||||||
Ryder System, Inc. | 10,201 | 834,340 | ||||||
United Parcel Service, Inc., Class B | 24,843 | 5,331,308 | ||||||
11,852,442 | ||||||||
Transport-Truck — 0.3% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 34,810 | 1,661,481 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Herbalife Nutrition, Ltd.† | 11,221 | 589,888 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Portals/ISP — 1.2% |
| |||||||
Alphabet, Inc., Class A† | 1,779 | $ | 4,192,836 | |||||
Alphabet, Inc., Class C† | 1,092 | 2,633,424 | ||||||
6,826,260 | ||||||||
Total Common Stocks | ||||||||
(cost $528,035,201) | 558,722,093 | |||||||
EXCHANGE-TRADED FUNDS — 0.5% |
| |||||||
iShares Russell 1000 Value ETF | ||||||||
(cost $2,565,228) | 16,598 | 2,674,436 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $530,600,429) | 561,396,529 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $1,649,000 and collateralized by $1,568,400 of United States Treasury Notes, bearing interest at 2.63% due 12/31/2023 and having an approximate value of $1,682,032 | $ | 1,649,000 | 1,649,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $532,249,429)(1) | 100.0 | % | 563,045,529 | |||||
Other assets less liabilities | 0.0 | 139,851 | ||||||
NET ASSETS | 100.0 | % | $ | 563,185,380 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2021, the Fund had loaned securities with a total value of $1,486,820. This was secured by collateral of $1,522,118 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||||
United States Cash Management Bills | zero coupon | 09/21/2021 | $ | 23,701 | ||||
United States Treasury Bills | 0.00% | 08/05/2021 | 4,526 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.13% | 07/31/2021 to 02/15/2051 | 1,493,891 |
(1) | See Note 5 for cost of investments on a tax basis. |
ETF—Exchange-Traded Funds
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 558,722,093 | $ | — | | $ | — | | $ | 558,722,093 | ||||||
Exchange-Traded Funds | 2,674,436 | — | — | 2,674,436 | ||||||||||||
Repurchase Agreements | — | 1,649,000 | — | 1,649,000 | ||||||||||||
Total Investments at Value | $ | 561,396,529 | $ | 1,649,000 | $ | — | | $ | 563,045,529 | |||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
270 |
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO PROFILE — May 31, 2021 (unaudited)
Industry Allocation*
Web Portals/ISP | 5.5 | % | ||
Finance — Credit Card | 5.0 | |||
Electronic Components — Semiconductors | 4.5 | |||
Commercial Services — Finance | 4.0 | |||
Telephone — Integrated | 2.6 | |||
Diagnostic Equipment | 2.5 | |||
Electronic Forms | 2.4 | |||
Beverages — Non — alcoholic | 2.4 | |||
Medical — Biomedical/Gene | 2.3 | |||
Retail — Building Products | 2.2 | |||
Real Estate Investment Trusts | 2.2 | |||
Applications Software | 1.9 | |||
Computer Aided Design | 1.8 | |||
Banks — Super Regional | 1.8 | |||
Networking Products | 1.7 | |||
Investment Management/Advisor Services | 1.6 | |||
Diversified Manufacturing Operations | 1.6 | |||
Retail — Restaurants | 1.5 | |||
Transport — Rail | 1.5 | |||
Computers | 1.5 | |||
Medical — Drugs | 1.5 | |||
Data Processing/Management | 1.4 | |||
Electric — Integrated | 1.4 | |||
Multimedia | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
Auto — Cars/Light Trucks | 1.4 | |||
Entertainment Software | 1.4 | |||
Medical — HMO | 1.3 | |||
Finance — Other Services | 1.3 | |||
Medical Products | 1.3 | |||
Industrial Gases | 1.3 | |||
Cosmetics & Toiletries | 1.3 | |||
Cable/Satellite TV | 1.1 | |||
Insurance — Multi — line | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Internet Content — Entertainment | 1.0 | |||
Repurchase Agreements | 1.0 | |||
Computers — Memory Devices | 1.0 | |||
Airlines | 1.0 | |||
Banks — Fiduciary | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Transport — Services | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Diversified Banking Institutions | 0.9 | |||
Machinery — Construction & Mining | 0.9 | |||
Retail — Discount | 0.9 | |||
Banks — Commercial | 0.9 | |||
Insurance Brokers | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Machinery — Farming | 0.8 | |||
Pipelines | 0.8 | |||
Finance — Investment Banker/Broker | 0.7 | |||
E — Commerce/Products | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Electric — Distribution | 0.6 | |||
Electric Products — Misc. | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Water | 0.5 | |||
Oil — Field Services | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
E — Commerce/Services | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Auto — Heavy Duty Trucks | 0.4 | |||
Non — Hazardous Waste Disposal | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Medical Instruments | 0.3 |
Decision Support Software | 0.3 | |||
Gold Mining | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Computer Data Security | 0.3 | |||
Consulting Services | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Coatings/Paint | 0.3 | |||
Containers — Paper/Plastic | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Steel — Producers | 0.2 | |||
Electronic Connectors | 0.2 | |||
Respiratory Products | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Food — Retail | 0.2 | |||
Food — Meat Products | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Food — Confectionery | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Medical Information Systems | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Wireless Equipment | 0.1 | |||
Computer Software | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Instruments — Controls | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Commercial Services | 0.1 | |||
Paper & Related Products | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
100.1% | ||||
* | Calculated as a percentage of net assets |
271 |
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Airlines — 1.0% |
| |||||||
Delta Air Lines, Inc.† | 81,106 | $ | 3,867,134 | |||||
Southwest Airlines Co.† | 66,486 | 4,086,230 | ||||||
7,953,364 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
VF Corp. | 14,939 | 1,190,937 | ||||||
Applications Software — 1.9% |
| |||||||
Intuit, Inc. | 19,584 | 8,599,138 | ||||||
PTC, Inc.† | 1,983 | 266,000 | ||||||
Roper Technologies, Inc. | 1,709 | 769,067 | ||||||
ServiceNow, Inc.† | 12,586 | 5,964,254 | ||||||
15,598,459 | ||||||||
Auto-Cars/Light Trucks — 1.4% |
| |||||||
Tesla, Inc.† | 18,692 | 11,686,612 | ||||||
Auto-Heavy Duty Trucks — 0.4% |
| |||||||
Cummins, Inc. | 7,969 | 2,050,265 | ||||||
PACCAR, Inc. | 15,063 | 1,379,168 | ||||||
3,429,433 | ||||||||
Banks-Commercial — 0.9% |
| |||||||
First Republic Bank | 4,598 | 880,241 | ||||||
Truist Financial Corp. | 101,247 | 6,255,040 | ||||||
7,135,281 | ||||||||
Banks-Fiduciary — 1.0% |
| |||||||
Bank of New York Mellon Corp. | 74,641 | 3,887,303 | ||||||
Northern Trust Corp. | 14,624 | 1,772,283 | ||||||
State Street Corp. | 26,354 | 2,292,271 | ||||||
7,951,857 | ||||||||
Banks-Super Regional — 1.8% |
| |||||||
PNC Financial Services Group, Inc. | 36,215 | 7,050,336 | ||||||
US Bancorp | 128,981 | 7,839,465 | ||||||
14,889,801 | ||||||||
Beverages-Non-alcoholic — 2.4% |
| |||||||
Monster Beverage Corp.† | 27,721 | 2,613,259 | ||||||
PepsiCo, Inc. | 114,741 | 16,974,783 | ||||||
19,588,042 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 164,910 | 9,455,939 | ||||||
Chemicals-Diversified — 0.3% |
| |||||||
LyondellBasell Industries NV, Class A | 2,411 | 271,527 | ||||||
PPG Industries, Inc. | 10,519 | 1,890,474 | ||||||
2,162,001 | ||||||||
Chemicals-Specialty — 0.5% |
| |||||||
Ecolab, Inc. | 15,410 | 3,314,383 | ||||||
International Flavors & Fragrances, Inc. | 3,197 | 452,919 | ||||||
3,767,302 | ||||||||
Coatings/Paint — 0.3% |
| |||||||
Sherwin-Williams Co. | 7,497 | 2,125,624 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 1,245 | 440,157 | ||||||
Commercial Services-Finance — 4.0% |
| |||||||
Automatic Data Processing, Inc. | 24,431 | 4,788,965 | ||||||
IHS Markit, Ltd. | 20,187 | 2,125,893 | ||||||
MarketAxess Holdings, Inc. | 1,522 | 710,074 | ||||||
Moody’s Corp. | 16,715 | 5,605,375 | ||||||
PayPal Holdings, Inc.† | 45,511 | 11,833,770 |
Security Description | Shares | Value | ||||||
Commercial Services-Finance (continued) |
| |||||||
S&P Global, Inc. | 20,664 | $ | 7,841,368 | |||||
32,905,445 | ||||||||
Computer Aided Design — 1.8% |
| |||||||
ANSYS, Inc.† | 8,015 | 2,708,589 | ||||||
Autodesk, Inc.† | 16,641 | 4,756,996 | ||||||
Cadence Design Systems, Inc.† | 26,535 | 3,369,680 | ||||||
Synopsys, Inc.† | 16,146 | 4,106,574 | ||||||
14,941,839 | ||||||||
Computer Data Security — 0.3% |
| |||||||
Fortinet, Inc.† | 11,537 | 2,521,296 | ||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 3,973 | 453,756 | ||||||
Citrix Systems, Inc. | 4,116 | 473,176 | ||||||
926,932 | ||||||||
Computers — 1.5% |
| |||||||
Hewlett Packard Enterprise Co. | 320,783 | 5,119,697 | ||||||
HP, Inc. | 240,436 | 7,027,944 | ||||||
12,147,641 | ||||||||
Computers-Memory Devices — 1.0% |
| |||||||
NetApp, Inc. | 40,749 | 3,152,750 | ||||||
Seagate Technology Holdings PLC | 34,902 | 3,341,867 | ||||||
Western Digital Corp.† | 22,000 | 1,655,060 | ||||||
8,149,677 | ||||||||
Consulting Services — 0.3% |
| |||||||
Verisk Analytics, Inc. | 13,574 | 2,345,994 | ||||||
Consumer Products-Misc. — 0.4% |
| |||||||
Clorox Co. | 5,539 | 978,908 | ||||||
Kimberly-Clark Corp. | 14,540 | 1,899,360 | ||||||
2,878,268 | ||||||||
Containers-Metal/Glass — 0.2% |
| |||||||
Ball Corp. | 16,092 | 1,322,119 | ||||||
Containers-Paper/Plastic — 0.2% |
| |||||||
Amcor PLC | 17,193 | 202,877 | ||||||
Packaging Corp. of America | 3,551 | 527,856 | ||||||
WestRock Co. | 21,536 | 1,255,980 | ||||||
1,986,713 | ||||||||
Cosmetics & Toiletries — 1.3% |
| |||||||
Colgate-Palmolive Co. | 58,776 | 4,924,253 | ||||||
Estee Lauder Cos., Inc., Class A | 18,555 | 5,687,479 | ||||||
10,611,732 | ||||||||
Data Processing/Management — 1.4% |
| |||||||
Fidelity National Information Services, Inc. | 39,161 | 5,834,206 | ||||||
Fiserv, Inc.† | 38,735 | 4,462,272 | ||||||
Paychex, Inc. | 16,552 | 1,674,069 | ||||||
11,970,547 | ||||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc. | 5,971 | 2,795,204 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 1,972 | 1,163,776 | ||||||
DENTSPLY SIRONA, Inc. | 11,597 | 776,071 | ||||||
1,939,847 | ||||||||
Diagnostic Equipment — 2.5% |
| |||||||
Danaher Corp. | 41,154 | 10,541,186 | ||||||
Thermo Fisher Scientific, Inc. | 22,030 | 10,343,085 | ||||||
20,884,271 | ||||||||
272 |
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.† | 3,138 | $ | 1,751,349 | |||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 719 | 86,330 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
Teleflex, Inc. | 2,425 | 975,311 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
Fastenal Co. | 19,922 | 1,056,663 | ||||||
Diversified Banking Institutions — 0.9% |
| |||||||
Morgan Stanley | 83,872 | 7,628,158 | ||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
Eaton Corp. PLC | 27,402 | 3,980,141 | ||||||
Illinois Tool Works, Inc. | 26,504 | 6,142,567 | ||||||
Parker-Hannifin Corp. | 7,474 | 2,303,113 | ||||||
Trane Technologies PLC | 4,905 | 914,292 | ||||||
13,340,113 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
DexCom, Inc.† | 4,317 | 1,594,657 | ||||||
E-Commerce/Products — 0.7% |
| |||||||
eBay, Inc. | 73,230 | 4,458,242 | ||||||
Etsy, Inc.† | 7,463 | 1,229,380 | ||||||
5,687,622 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Booking Holdings, Inc.† | 1,533 | 3,620,256 | ||||||
Expedia Group, Inc.† | 321 | 56,801 | ||||||
3,677,057 | ||||||||
Electric Products-Misc. — 0.5% |
| |||||||
AMETEK, Inc. | 7,831 | 1,057,968 | ||||||
Emerson Electric Co. | 33,703 | 3,225,040 | ||||||
4,283,008 | ||||||||
Electric-Distribution — 0.6% |
| |||||||
Consolidated Edison, Inc. | 63,006 | 4,866,583 | ||||||
Electric-Integrated — 1.4% |
| |||||||
Alliant Energy Corp. | 17,853 | 1,020,299 | ||||||
CMS Energy Corp. | 28,391 | 1,781,252 | ||||||
Eversource Energy | 40,506 | 3,288,682 | ||||||
PPL Corp. | 28,556 | 831,265 | ||||||
WEC Energy Group, Inc. | 52,686 | 4,947,742 | ||||||
11,869,240 | ||||||||
Electronic Components-Semiconductors — 4.5% |
| |||||||
Advanced Micro Devices, Inc.† | 39,812 | 3,188,145 | ||||||
Broadcom, Inc. | 15,598 | 7,367,403 | ||||||
Microchip Technology, Inc. | 829 | 130,112 | ||||||
Micron Technology, Inc.† | 39,607 | 3,332,533 | ||||||
NVIDIA Corp. | 20,571 | 13,366,624 | ||||||
Texas Instruments, Inc. | 53,901 | 10,231,488 | ||||||
37,616,305 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A | 9,110 | 612,739 | ||||||
TE Connectivity, Ltd. | 6,511 | 883,412 | ||||||
1,496,151 | ||||||||
Electronic Forms — 2.4% |
| |||||||
Adobe, Inc.† | 39,819 | 20,091,871 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 15,557 | 2,148,888 | ||||||
Fortive Corp. | 9,132 | 662,253 | ||||||
Keysight Technologies, Inc.† | 4,419 | 629,177 | ||||||
3,440,318 | ||||||||
Security Description | Shares | Value | ||||||
Enterprise Software/Service — 1.4% |
| |||||||
Paycom Software, Inc.† | 2,405 | $ | 792,688 | |||||
salesforce.com, Inc.† | 44,293 | 10,546,163 | ||||||
Tyler Technologies, Inc.† | 1,030 | 415,255 | ||||||
11,754,106 | ||||||||
Entertainment Software — 1.4% |
| |||||||
Activision Blizzard, Inc. | 66,501 | 6,467,222 | ||||||
Electronic Arts, Inc. | 22,324 | 3,190,769 | ||||||
Take-Two Interactive Software, Inc.† | 8,780 | 1,629,217 | ||||||
11,287,208 | ||||||||
Finance-Credit Card — 5.0% |
| |||||||
American Express Co. | 44,035 | 7,051,325 | ||||||
Mastercard, Inc., Class A | 40,663 | 14,662,264 | ||||||
Visa, Inc., Class A | 87,621 | 19,916,253 | ||||||
41,629,842 | ||||||||
Finance-Investment Banker/Broker — 0.7% |
| |||||||
Charles Schwab Corp. | 82,159 | 6,067,442 | ||||||
Finance-Other Services — 1.3% |
| |||||||
Cboe Global Markets, Inc. | 5,059 | 563,067 | ||||||
CME Group, Inc. | 17,909 | 3,917,773 | ||||||
Intercontinental Exchange, Inc. | 46,778 | 5,280,300 | ||||||
Nasdaq, Inc. | 7,806 | 1,307,193 | ||||||
11,068,333 | ||||||||
Food-Confectionery — 0.1% |
| |||||||
J.M. Smucker Co. | 7,979 | 1,063,521 | ||||||
Food-Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 24,929 | 1,210,054 | ||||||
Food-Misc./Diversified — 1.0% |
| |||||||
Campbell Soup Co. | 8,974 | 436,765 | ||||||
General Mills, Inc. | 40,330 | 2,535,144 | ||||||
Kellogg Co. | 2,173 | 142,310 | ||||||
Kraft Heinz Co. | 77,319 | 3,370,335 | ||||||
Lamb Weston Holdings, Inc. | 274 | 22,602 | ||||||
McCormick & Co., Inc. | 15,256 | 1,358,699 | ||||||
7,865,855 | ||||||||
Food-Retail — 0.2% |
| |||||||
Kroger Co. | 34,461 | 1,274,368 | ||||||
Gas-Distribution — 0.0% |
| |||||||
NiSource, Inc. | 10,728 | 273,564 | ||||||
Gold Mining — 0.3% |
| |||||||
Newmont Corp. | 37,310 | 2,741,539 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 2,532 | 667,739 | ||||||
Industrial Gases — 1.3% |
| |||||||
Air Products & Chemicals, Inc. | 11,222 | 3,362,785 | ||||||
Linde PLC | 24,575 | 7,387,245 | ||||||
10,750,030 | ||||||||
Instruments-Controls — 0.1% |
| |||||||
Mettler-Toledo International, Inc.† | 620 | 806,589 | ||||||
Instruments-Scientific — 0.0% |
| |||||||
Waters Corp.† | 287 | 92,486 | ||||||
Insurance Brokers — 0.8% |
| |||||||
Aon PLC, Class A | 9,116 | 2,309,721 | ||||||
Marsh & McLennan Cos., Inc. | 25,365 | 3,509,248 | ||||||
Willis Towers Watson PLC | 3,797 | 992,384 | ||||||
6,811,353 | ||||||||
273 |
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance-Life/Health — 0.8% |
| |||||||
Aflac, Inc. | 51,882 | $ | 2,940,672 | |||||
Prudential Financial, Inc. | 34,496 | 3,690,037 | ||||||
6,630,709 | ||||||||
Insurance-Multi-line — 1.1% |
| |||||||
Allstate Corp. | 18,124 | 2,475,920 | ||||||
Chubb, Ltd. | 32,403 | 5,508,186 | ||||||
Hartford Financial Services Group, Inc. | 4,628 | 302,440 | ||||||
Loews Corp. | 12,251 | 715,213 | ||||||
9,001,759 | ||||||||
Insurance-Property/Casualty — 0.7% |
| |||||||
Progressive Corp. | 24,142 | 2,391,989 | ||||||
Travelers Cos., Inc. | 20,398 | 3,257,561 | ||||||
5,649,550 | ||||||||
Internet Content-Entertainment — 1.0% |
| |||||||
Netflix, Inc.† | 13,899 | 6,988,556 | ||||||
Twitter, Inc.† | 20,735 | 1,202,630 | ||||||
8,191,186 | ||||||||
Internet Security — 0.0% |
| |||||||
NortonLifeLock, Inc. | 11,033 | 305,173 | ||||||
Investment Management/Advisor Services — 1.6% |
| |||||||
BlackRock, Inc. | 11,224 | 9,843,897 | ||||||
Franklin Resources, Inc. | 20,269 | 693,402 | ||||||
Invesco, Ltd. | 14,151 | 403,728 | ||||||
T. Rowe Price Group, Inc. | 13,879 | 2,655,747 | ||||||
13,596,774 | ||||||||
Machinery-Construction & Mining — 0.9% |
| |||||||
Caterpillar, Inc. | 29,985 | 7,228,784 | ||||||
Machinery-Farming — 0.8% |
| |||||||
Deere & Co. | 17,690 | 6,387,859 | ||||||
Machinery-General Industrial — 0.1% |
| |||||||
Otis Worldwide Corp. | 12,853 | 1,006,776 | ||||||
Westinghouse Air Brake Technologies Corp. | 716 | 59,256 | ||||||
1,066,032 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 13,310 | 1,041,507 | ||||||
Medical Instruments — 0.3% |
| |||||||
Edwards Lifesciences Corp.† | 29,208 | 2,801,047 | ||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
IQVIA Holdings, Inc.† | 9,279 | 2,228,445 | ||||||
Laboratory Corp. of America Holdings† | 4,659 | 1,278,802 | ||||||
Quest Diagnostics, Inc. | 4,347 | 572,369 | ||||||
4,079,616 | ||||||||
Medical Products — 1.3% |
| |||||||
ABIOMED, Inc.† | 808 | 229,941 | ||||||
Baxter International, Inc. | 36,034 | 2,959,112 | ||||||
Cooper Cos., Inc. | 2,757 | 1,084,742 | ||||||
Hologic, Inc.† | 7,813 | 492,688 | ||||||
STERIS PLC | 4,206 | 802,757 | ||||||
Stryker Corp. | 21,013 | 5,363,988 | ||||||
10,933,228 | ||||||||
Medical-Biomedical/Gene — 2.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 8,720 | 1,539,516 | ||||||
Amgen, Inc. | 26,289 | 6,255,205 | ||||||
Biogen, Inc.† | 6,940 | 1,856,311 | ||||||
Illumina, Inc.† | 5,064 | 2,054,161 | ||||||
Incyte Corp.† | 8,072 | 676,272 |
Security Description | Shares | Value | ||||||
Medical-Biomedical/Gene (continued) |
| |||||||
Regeneron Pharmaceuticals, Inc.† | 6,254 | $ | 3,142,197 | |||||
Vertex Pharmaceuticals, Inc.† | 16,927 | 3,531,480 | ||||||
19,055,142 | ||||||||
Medical-Drugs — 1.5% |
| |||||||
Eli Lilly & Co. | 27,392 | 5,471,278 | ||||||
Zoetis, Inc. | 37,636 | 6,649,529 | ||||||
12,120,807 | ||||||||
Medical-Generic Drugs — 0.0% |
| |||||||
Perrigo Co. PLC | 310 | 14,303 | ||||||
Medical-HMO — 1.3% |
| |||||||
Anthem, Inc. | 10,332 | 4,114,409 | ||||||
Centene Corp.† | 32,143 | 2,365,725 | ||||||
Humana, Inc. | 10,687 | 4,677,700 | ||||||
11,157,834 | ||||||||
Medical-Hospitals — 0.5% |
| |||||||
HCA Healthcare, Inc. | 17,674 | 3,796,198 | ||||||
Medical-Wholesale Drug Distribution — 0.0% |
| |||||||
Henry Schein, Inc.† | 4,488 | 341,268 | ||||||
Multimedia — 1.4% |
| |||||||
Walt Disney Co.† | 65,884 | 11,770,177 | ||||||
Networking Products — 1.7% |
| |||||||
Cisco Systems, Inc. | 267,236 | 14,136,784 | ||||||
Non-Hazardous Waste Disposal — 0.4% |
| |||||||
Waste Management, Inc. | 24,233 | 3,409,098 | ||||||
Oil Companies-Exploration & Production — 0.9% |
| |||||||
Cabot Oil & Gas Corp. | 4,780 | 78,392 | ||||||
Devon Energy Corp. | 15,232 | 404,562 | ||||||
EOG Resources, Inc. | 35,285 | 2,834,797 | ||||||
Hess Corp. | 18,685 | 1,566,176 | ||||||
Occidental Petroleum Corp. | 51,331 | 1,332,553 | ||||||
Pioneer Natural Resources Co. | 10,389 | 1,581,102 | ||||||
7,797,582 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Valero Energy Corp. | 23,622 | 1,899,209 | ||||||
Oil-Field Services — 0.5% |
| |||||||
Baker Hughes Co. | 29,011 | 707,868 | ||||||
Schlumberger NV | 102,265 | 3,203,963 | ||||||
3,911,831 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 6,917 | 436,463 | ||||||
Pipelines — 0.8% |
| |||||||
Kinder Morgan, Inc. | 186,084 | 3,412,780 | ||||||
ONEOK, Inc. | 15,080 | 795,319 | ||||||
Williams Cos., Inc. | 82,311 | 2,168,072 | ||||||
6,376,171 | ||||||||
Real Estate Investment Trusts — 2.2% |
| |||||||
American Tower Corp. | 19,192 | 4,902,788 | ||||||
Crown Castle International Corp. | 20,444 | 3,874,138 | ||||||
Digital Realty Trust, Inc. | 5,613 | 850,706 | ||||||
Equinix, Inc. | 2,565 | 1,889,687 | ||||||
Equity Residential | 3,951 | 306,005 | ||||||
Prologis, Inc. | 36,294 | 4,276,885 | ||||||
Public Storage | 4,868 | 1,375,113 | ||||||
SBA Communications Corp. | 1,677 | 499,947 | ||||||
17,975,269 | ||||||||
274 |
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 639 | $ | 213,400 | |||||
Respiratory Products — 0.2% |
| |||||||
ResMed, Inc. | 6,875 | 1,415,219 | ||||||
Retail-Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 8,325 | 1,052,197 | ||||||
Retail-Auto Parts — 0.1% |
| |||||||
Genuine Parts Co. | 5,495 | 720,504 | ||||||
Retail-Building Products — 2.2% |
| |||||||
Home Depot, Inc. | 39,524 | 12,604,599 | ||||||
Lowe’s Cos., Inc. | 28,772 | 5,605,649 | ||||||
18,210,248 | ||||||||
Retail-Discount — 0.9% |
| |||||||
Dollar General Corp. | 11,746 | 2,383,968 | ||||||
Target Corp. | 21,327 | 4,839,523 | ||||||
7,223,491 | ||||||||
Retail-Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 34,569 | 1,820,404 | ||||||
Retail-Major Department Stores — 0.4% |
| |||||||
TJX Cos., Inc. | 46,479 | 3,139,192 | ||||||
Retail-Restaurants — 1.5% |
| |||||||
McDonald’s Corp. | 25,781 | 6,029,918 | ||||||
Starbucks Corp. | 57,296 | 6,524,869 | ||||||
12,554,787 | ||||||||
Semiconductor Components-Integrated Circuits — 0.9% |
| |||||||
Analog Devices, Inc. | 13,425 | 2,209,755 | ||||||
QUALCOMM, Inc. | 40,531 | 5,453,041 | ||||||
7,662,796 | ||||||||
Semiconductor Equipment — 1.0% |
| |||||||
Applied Materials, Inc. | 33,619 | 4,643,792 | ||||||
KLA Corp. | 2,710 | 858,772 | ||||||
Lam Research Corp. | 4,522 | 2,938,622 | ||||||
8,441,186 | ||||||||
Steel-Producers — 0.2% |
| |||||||
Nucor Corp. | 15,439 | 1,583,115 | ||||||
Telecom Equipment-Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 9,983 | 435,558 | ||||||
Telephone-Integrated — 2.6% |
| |||||||
AT&T, Inc. | 226,275 | 6,659,273 | ||||||
Verizon Communications, Inc. | 256,545 | 14,492,227 | ||||||
21,151,500 | ||||||||
Tools-Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 3,966 | 859,829 | ||||||
Transport-Rail — 1.5% |
| |||||||
CSX Corp. | 34,770 | 3,481,173 | ||||||
Norfolk Southern Corp. | 11,267 | 3,164,900 | ||||||
Union Pacific Corp. | 24,540 | 5,514,874 | ||||||
12,160,947 | ||||||||
Transport-Services — 0.9% |
| |||||||
United Parcel Service, Inc., Class B | 36,307 | 7,791,482 | ||||||
Water — 0.5% |
| |||||||
American Water Works Co., Inc. | 25,567 | 3,963,396 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 4,751 | 1,044,840 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Portals/ISP — 5.5% |
| |||||||
Alphabet, Inc., Class A† | 19,191 | $ | 45,230,308 | |||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 4,720 | 969,063 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $496,812,462) | 819,281,921 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | ||||||||
0.12% due 11/04/2021(2) | $ | 1,000,000 | 999,913 | |||||
0.13% due 10/07/2021(2) | 1,700,000 | 1,699,902 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,698,731) | 2,699,815 | |||||||
REPURCHASE AGREEMENTS — 1.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 05/28/2021, to be repurchased 06/01/2021 in the amount of $8,189,000 and collateralized by $8,373,800 of United States Treasury Notes, bearing interest at 0.13% due 01/15/2024 and having an approximate value of $8,352,784 | 8,189,000 | 8,189,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $507,700,193)(1) | 100.1 | % | 830,170,736 | |||||
Liabilities in excess of other assets | (0.1 | ) | (917,786 | ) | ||||
NET ASSETS | 100.0 | % | $ | 829,252,950 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31 ,2021, the Fund had loaned securities with a total value of $855,615. This was secured by collateral of $883,681, received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2021 | |||
Federal Home Loan Mtg. Corp. | 1.25% to 3.50% | 02/01/2048 to 10/25/2050 | $150,021 | |||
Federal National Mtg. Assoc | 1.24% to 3.50% | 07/25/2030 to 09/01/2050 | 582,957 | |||
Government National Mtg. Assoc | 1.00% to 2.70% | 12/20/2050 to 05/16/2053 | 111,337 | |||
United States Treasury Bills | 0.00% | 07/15/2021 | 1,786 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2021 to 01/31/2027 | 37,580 |
275 |
Table of Contents
VALIC Company I U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2021 — (continued)
(1) | See Note 5 for cost of investments on a tax basis. |
(2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis# | Notional Value# | Unrealized Appreciation (Depreciation) | ||||||||||||||||
67 | Long | S&P 500 E-Mini Index | June 2021 | $ | 13,860,367 | $ | 14,078,040 | $ | 217,673 | |||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2021 (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 | $ | 819,281,921 | $ | — | $ | — | $ | 819,281,921 | ||||||||
Short Term Investment Securities | — | 2,699,815 | — | 2,699,815 | ||||||||||||
Repurchase Agreements | — | 8,189,000 | — | 8,189,000 | ||||||||||||
Total Investments at Value | $ | 819,281,921 | $ | 10,888,815 | $ | — | $ | 830,170,736 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 217,673 | $ | — | $ | — | $ | 217,673 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
276 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2021
AGGRESSIVE GROWTH LIFESTYLE FUND | ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL APPRECIATION FUND | CONSERVATIVE GROWTH LIFESTYLE FUND | CORE BOND FUND | DIVIDEND VALUE FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | – | $ | 151,793,560 | $ | 1,006,327,628 | $ | 139,068,006 | $ | – | $ | 2,932,758,285 | $ | 1,352,442,433 | ||||||||||||||
Investment securities, at value (affiliated)*† | 732,945,456 | – | – | – | 371,694,980 | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 4,554,000 | – | – | – | – | 6,515,000 | |||||||||||||||||||||
Cash | – | 2,610 | – | 2,114,482 | 155 | 6,896,347 | 780 | |||||||||||||||||||||
Foreign cash* | – | 121,385 | 1,325,668 | – | – | – | 31,486 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | 31,989 | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 159,648 | 38,057 | 198,532 | 7,347 | 165,239 | 1,414,573 | 367,553 | |||||||||||||||||||||
Dividends and interest | – | 325,668 | 372,160 | 112,371 | – | 15,422,570 | 3,522,646 | |||||||||||||||||||||
Investments sold | – | 574,961 | 396,156 | – | – | 1,799,658 | 1,044,650 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | 2,932,082 | – | – | – | 6,047,929 | – | |||||||||||||||||||||
Securities lending income | – | 17 | 1,149 | – | – | – | 1,634 | |||||||||||||||||||||
Prepaid expenses and other assets | 25,725 | 10,082 | 23,098 | 9,850 | 18,802 | 101,550 | 24,555 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 34,165 | 6,524 | – | 29,536 | 19,609 | 8,641 | 126,630 | |||||||||||||||||||||
Variation margin on futures contracts | – | 340 | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on unfunded commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 733,164,994 | 160,391,275 | 1,008,644,391 | 141,341,592 | 371,898,785 | 2,964,449,553 | 1,364,077,367 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 21 | 4,795 | 212,197 | 4,541 | 44 | 418,971 | 130,348 | |||||||||||||||||||||
Investments purchased | 159,453 | 520,702 | 4,345,934 | – | 165,113 | 434,014 | 3,839 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | 5,074,557 | – | – | – | 129,859,179 | 1,218,193 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 61,251 | 65,245 | 608,630 | 64,979 | 31,194 | 673,584 | 783,803 | |||||||||||||||||||||
Administrative service fee | – | 8,704 | 56,476 | 7,880 | – | 107,364 | 76,784 | |||||||||||||||||||||
Shareholder services | – | – | – | 21,822 | – | 256,542 | – | |||||||||||||||||||||
Transfer agent fees and expenses | 237 | 151 | 353 | 473 | 237 | 472 | 354 | |||||||||||||||||||||
Directors’ fees and expenses | 27,675 | 6,432 | 14,641 | 8,454 | 16,048 | 103,901 | 13,457 | |||||||||||||||||||||
Other accrued expenses | 87,514 | 214,305 | 129,817 | 70,367 | 69,125 | 1,001,965 | 147,940 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 472,928 | 1,758,446 | – | – | 21,916,484 | – | |||||||||||||||||||||
Due to custodian | 148 | – | 12 | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 336,299 | 6,367,819 | 7,126,506 | 178,516 | 281,761 | 154,772,476 | 2,374,718 | |||||||||||||||||||||
NET ASSETS | $ | 732,828,695 | $ | 154,023,456 | $ | 1,001,517,885 | $ | 141,163,076 | $ | 371,617,024 | $ | 2,809,677,077 | $ | 1,361,702,649 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 605,312 | $ | 124,508 | $ | 397,825 | $ | 65,125 | $ | 277,609 | $ | 2,470,694 | $ | 1,034,204 | ||||||||||||||
Additional paid-in capital | 575,537,814 | 124,107,970 | 361,584,781 | 79,214,378 | 317,630,129 | 2,695,676,103 | 1,134,334,753 | |||||||||||||||||||||
Total accumulated earnings (loss) | 156,685,569 | 29,790,978 | 639,535,279 | 61,883,573 | 53,709,286 | 111,530,280 | 226,333,692 | |||||||||||||||||||||
NET ASSETS | $ | 732,828,695 | $ | 154,023,456 | $ | 1,001,517,885 | $ | 141,163,076 | $ | 371,617,024 | $ | 2,809,677,077 | $ | 1,361,702,649 | ||||||||||||||
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 | 60,531,231 | 12,450,807 | 39,782,490 | 6,512,549 | 27,760,866 | 247,069,354 | 103,420,397 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.11 | $ | 12.37 | $ | 25.17 | $ | 21.68 | $ | 13.39 | $ | 11.37 | $ | 13.17 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | – | $ | 142,822,771 | $ | 495,639,737 | $ | 84,560,186 | $ | – | $ | 2,876,137,774 | $ | 1,108,492,056 | ||||||||||||||
Investment securities (affiliated) | $ | 626,176,458 | $ | – | $ | – | $ | – | $ | 343,216,667 | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 121,097 | $ | 1,325,574 | $ | – | $ | – | $ | – | $ | 31,474 | ||||||||||||||
† Including securities on loan | $ | – | $ | 462,022 | $ | 6,344,077 | $ | – | $ | – | $ | 23,552,542 | $ | – | ||||||||||||||
See Notes To Financial Statements
277 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2021 — (continued)
DYNAMIC | EMERGING | GLOBAL | GLOBAL | GOVERNMENT | GOVERNMENT | GROWTH | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 38,068,939 | $ | 1,056,918,087 | $ | 434,286,929 | $ | 272,317,848 | $ | 530,168,429 | $ | 135,943,251 | $ | 1,436,767,212 | ||||||||||||||
Investment securities, at value (affiliated)*† | 162,432,283 | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 11,527,000 | 44,770,000 | 6,639,000 | 1,597,000 | |||||||||||||||||||||
Cash | – | 3,779,890 | 1,486,542 | 64,836 | 652 | 381 | – | |||||||||||||||||||||
Foreign cash* | – | 3,567,738 | 73,234 | 2,447,122 | – | – | 1,702 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | 627,591 | – | – | 6 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 4,335 | 598,867 | 61,244 | 18,127 | 379,535 | 505,486 | 121,184 | |||||||||||||||||||||
Dividends and interest | 60,279 | 3,469,897 | 1,144,266 | 1,613,815 | – | 448,193 | 888,437 | |||||||||||||||||||||
Investments sold | 51,840 | – | 53,419 | – | – | – | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | 2,277,097 | – | – | 863 | – | – | 652,120 | |||||||||||||||||||||
Securities lending income | – | 6,578 | 2,613 | 771 | – | 1,205 | 4,394 | |||||||||||||||||||||
Prepaid expenses and other assets | 9,994 | 23,465 | 16,357 | 19,871 | 49,039 | 22,650 | 15,722 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 260 | – | – | 4,867 | 269,707 | – | 192,608 | |||||||||||||||||||||
Variation margin on futures contracts | 12,575 | – | – | – | – | – | 680 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 836,681 | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on unfunded commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 202,917,602 | 1,068,364,522 | 437,124,604 | 289,479,392 | 575,637,362 | 143,560,166 | 1,440,241,065 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 46,957 | 1,239 | 1,320 | 51,696 | 1,267,023 | 12,934 | 706,738 | |||||||||||||||||||||
Investments purchased | 67,660 | 15,112 | 914,710 | – | – | – | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 2,360,044 | – | – | 489 | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 1,813,537 | – | 130,906 | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 42,284 | 654,308 | 265,289 | 121,667 | 162,720 | 59,510 | 821,392 | |||||||||||||||||||||
Administrative service fee | 2,093 | 58,614 | 24,267 | 16,230 | 27,133 | 7,938 | 80,293 | |||||||||||||||||||||
Shareholder services | – | – | – | – | – | – | – | |||||||||||||||||||||
Transfer agent fees and expenses | 12 | 504 | 352 | 151 | 162 | 453 | 252 | |||||||||||||||||||||
Directors’ fees and expenses | 2,885 | 12,957 | 7,868 | 11,865 | 34,223 | 5,954 | 32,295 | |||||||||||||||||||||
Other accrued expenses | 69,441 | 327,741 | 136,912 | 199,100 | 261,384 | 72,795 | 473,974 | |||||||||||||||||||||
Variation margin on futures contracts | 1,700 | – | – | – | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | 9,570 | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 75,038 | 740,651 | 217,648 | – | 446,625 | 7,148,311 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | 650,471 | |||||||||||||||||||||
Due to broker | 1,798,476 | 21 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 1,317,905 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 4,401,122 | 2,959,071 | 2,091,369 | 2,067,657 | 1,752,645 | 606,209 | 9,913,726 | |||||||||||||||||||||
NET ASSETS | $ | 198,516,480 | $ | 1,065,405,451 | $ | 435,033,235 | $ | 287,411,735 | $ | 573,884,717 | $ | 142,953,957 | $ | 1,430,327,339 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 157,506 | $ | 980,283 | $ | 535,223 | $ | 283,751 | $ | 5,738,950 | $ | 132,597 | $ | 644,597 | ||||||||||||||
Additional paid-in capital | 162,154,704 | 734,117,668 | 398,847,614 | 279,593,928 | 568,168,038 | 136,974,839 | 647,037,756 | |||||||||||||||||||||
Total accumulated earnings (loss) | 36,204,270 | 330,307,500 | 35,650,398 | 7,534,056 | (22,271 | ) | 5,846,521 | 782,644,986 | ||||||||||||||||||||
NET ASSETS | $ | 198,516,480 | $ | 1,065,405,451 | $ | 435,033,235 | $ | 287,411,735 | $ | 573,884,717 | $ | 142,953,957 | $ | 1,430,327,339 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 15,750,585 | 98,028,296 | 53,522,253 | 28,375,051 | 573,894,986 | 13,259,731 | 64,459,663 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.60 | $ | 10.87 | $ | 8.13 | $ | 10.13 | $ | 1.00 | $ | 10.78 | $ | 22.19 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 39,119,569 | $ | 823,797,725 | $ | 372,419,153 | $ | 244,888,135 | $ | 530,168,429 | $ | 129,449,453 | $ | 949,279,065 | ||||||||||||||
Investment securities (affiliated) | $ | 139,404,045 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 3,577,420 | $ | 73,427 | $ | 2,458,742 | $ | – | $ | – | $ | 2,152 | ||||||||||||||
† Including securities on loan | $ | – | $ | 5,238,192 | $ | 10,226,685 | $ | 1,695,486 | $ | – | $ | 7,146,868 | $ | 18,904,953 | ||||||||||||||
See Notes To Financial Statements
278 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2021 — (continued)
HIGH YIELD | INFLATION | INTERNATIONAL | INTERNATIONAL | INTERNATIONAL | INTERNATIONAL | INTERNATIONAL | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 582,515,770 | $ | 811,466,464 | $ | 1,682,437,554 | $ | 191,776,990 | $ | 636,089,357 | $ | 730,381,856 | $ | 356,579,853 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 22,454,000 | 19,458,000 | 231,725,000 | – | – | 9,148,000 | 25,681,000 | |||||||||||||||||||||
Cash | 457,052 | 43,116 | 430 | – | 25,690,971 | 971,529 | 897 | |||||||||||||||||||||
Foreign cash* | 59,995 | 142,014 | 13,982,085 | 1,071,875 | 1,198,788 | 1,741,133 | 2,873,801 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | 26 | |||||||||||||||||||||
Receivable for: | �� | |||||||||||||||||||||||||||
Fund shares sold | 98,348 | 153,640 | 1,599,915 | 1,678,494 | 91,639 | 56,473 | 98,361 | |||||||||||||||||||||
Dividends and interest | 8,137,756 | 2,733,435 | 8,949,013 | 1,443,512 | 1,031,821 | 2,361,910 | 1,789,711 | |||||||||||||||||||||
Investments sold | 22,700 | – | – | – | – | 12,979 | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | 596,846 | – | – | – | 25,274 | – | |||||||||||||||||||||
Securities lending income | – | 2,463 | 22,934 | 1,136 | 4,105 | – | – | |||||||||||||||||||||
Prepaid expenses and other assets | 34,661 | 62,721 | 37,725 | 15,647 | 28,496 | 67,250 | 24,791 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 20,927 | 20,293 | – | – | 106,419 | 71,387 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | 40,462 | 431,680 | – | – | – | 53,580 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | 160,546 | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | 3,297,691 | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on unfunded commitments | – | – | – | – | 292,561 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 613,801,209 | 838,177,691 | 1,939,186,336 | 195,987,654 | 664,534,157 | 744,837,791 | 387,102,020 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 151,291 | 63,219 | 1,022,475 | 307 | 43,059 | 865,173 | 895,022 | |||||||||||||||||||||
Investments purchased | 141,081 | 6,230,362 | – | – | – | 393,988 | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 10,530,182 | 13,502,797 | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | 1,407,708 | 118,425 | – | |||||||||||||||||||||
Investment advisory and management fees | 305,860 | 302,423 | 430,407 | 81,169 | 484,131 | 494,447 | 162,297 | |||||||||||||||||||||
Administrative service fee | 33,745 | 45,118 | 105,455 | 10,828 | 35,491 | 40,517 | 21,650 | |||||||||||||||||||||
Shareholder services | 93,717 | – | – | – | – | 112,201 | – | |||||||||||||||||||||
Transfer agent fees and expenses | 473 | 353 | 760 | 352 | 352 | 414 | 64 | |||||||||||||||||||||
Directors’ fees and expenses | 27,524 | 12,045 | 28,644 | 6,818 | 19,309 | 50,352 | 14,722 | |||||||||||||||||||||
Other accrued expenses | 104,243 | 142,716 | 354,564 | 87,628 | 172,575 | 267,921 | 117,399 | |||||||||||||||||||||
Variation margin on futures contracts | – | 121,766 | – | – | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 3,777,698 | 7,805,658 | 37,957,813 | 2,304,600 | 19,456,041 | 15,530,056 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | 3,256,831 | 15 | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 38,667 | 6,508,287 | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 15,204,481 | 37,991,575 | 39,900,133 | 2,491,702 | 21,618,666 | 17,873,494 | 1,211,154 | |||||||||||||||||||||
NET ASSETS | $ | 598,596,728 | $ | 800,186,116 | $ | 1,899,286,203 | $ | 193,495,952 | $ | 642,915,491 | $ | 726,964,297 | $ | 385,890,866 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 779,823 | $ | 668,263 | $ | 2,267,026 | $ | 155,426 | $ | 336,157 | $ | 315,744 | $ | 145,253 | ||||||||||||||
Additional paid-in capital | 572,627,814 | 707,432,949 | 1,508,800,904 | 185,162,912 | 332,110,261 | 498,748,899 | 277,993,679 | |||||||||||||||||||||
Total accumulated earnings (loss) | 25,189,091 | 92,084,904 | 388,218,273 | 8,177,614 | 310,469,073 | 227,899,654 | 107,751,934 | |||||||||||||||||||||
NET ASSETS | $ | 598,596,728 | $ | 800,186,116 | $ | 1,899,286,203 | $ | 193,495,952 | $ | 642,915,491 | $ | 726,964,297 | $ | 385,890,866 | ||||||||||||||
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 | 77,982,289 | 66,826,257 | 226,702,555 | 15,542,555 | 33,615,728 | 31,574,439 | 14,525,260 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.68 | $ | 11.97 | $ | 8.38 | $ | 12.45 | $ | 19.13 | $ | 23.02 | $ | 26.57 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | 555,912,321 | $ | 756,296,695 | $ | 1,302,277,193 | $ | 187,184,881 | $ | 387,958,576 | $ | 580,482,524 | $ | 267,056,761 | |||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 59,995 | $ | 144,501 | $ | 13,833,566 | $ | 1,067,683 | $ | 1,194,614 | $ | 1,745,062 | $ | 2,878,612 | ||||||||||||||
† Including securities on loan | $ | 6,176,017 | $ | 8,209,446 | $ | 47,596,814 | $ | 10,698,042 | $ | 24,501,052 | $ | 26,253,580 | $ | – | ||||||||||||||
See Notes To Financial Statements
279 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2021 — (continued)
INTERNATIONAL | LARGE CAPITAL | MID CAP | MID CAP | MID CAP | MODERATE | NASDAQ-100® | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 738,098,816 | $ | 661,313,125 | $ | 3,920,363,246 | $ | 870,132,629 | $ | 937,387,639 | $ | – | $ | 810,728,848 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | 1,172,411,905 | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 473,000 | – | 3,682,000 | 23,105,000 | ||||||||||||||||||||||
Cash | – | 1,665,336 | 364 | 23,615,618 | 3,796 | 31 | 445 | |||||||||||||||||||||
Foreign cash* | 746,788 | – | – | 9 | 26,523 | – | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | 15,802 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 103,710 | 16,819 | 604,305 | 78,794 | 35,789 | 417,508 | 102,602 | |||||||||||||||||||||
Dividends and interest | 3,973,032 | 634,062 | 3,180,717 | 609,818 | 995,198 | – | 516,642 | |||||||||||||||||||||
Investments sold | 3,356,055 | – | – | 6,074,858 | 2,360,803 | – | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | 21,326 | – | – | |||||||||||||||||||||
Securities lending income | 64,840 | 284 | 6,009 | 1,083 | – | – | 160 | |||||||||||||||||||||
Prepaid expenses and other assets | 32,506 | 19,821 | 124,254 | 29,264 | 62,740 | 36,543 | 16,520 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 43,302 | – | – | – | 30,173 | 34,879 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 7,920 | – | – | – | 43,260 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on unfunded commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 746,419,049 | 663,649,447 | 3,924,759,815 | 900,542,073 | 944,605,987 | 1,172,900,866 | 834,529,279 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 3,375,737 | 85,540 | 1,124,862 | 150,494 | 323,394 | 37 | 479,457 | |||||||||||||||||||||
Investments purchased | 3,463,296 | – | 570,523 | 5,772,180 | 2,088,912 | 417,222 | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | 47,336 | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 421,567 | 359,806 | 823,929 | 481,259 | 553,163 | 98,259 | 266,972 | |||||||||||||||||||||
Administrative service fee | 41,261 | 37,498 | 218,132 | 49,959 | 53,277 | – | 47,103 | |||||||||||||||||||||
Shareholder services | – | – | – | – | 148,341 | – | – | |||||||||||||||||||||
Transfer agent fees and expenses | 403 | 403 | 660 | 353 | 531 | 237 | 408 | |||||||||||||||||||||
Directors’ fees and expenses | 22,703 | 11,469 | 88,618 | 21,289 | 59,706 | 43,002 | 7,925 | |||||||||||||||||||||
Other accrued expenses | 204,010 | 109,995 | 272,152 | 216,671 | 134,296 | 109,968 | 50,071 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | ||||||||||||||||||||||
Collateral upon return of securities loaned | 601,633 | 201,088 | 57,021,561 | 3,093,183 | 435,276 | – | 97,832 | |||||||||||||||||||||
Due to custodian | 237 | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | 26,531 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 8,157,378 | 805,799 | 60,120,437 | 9,832,724 | 3,796,896 | 668,725 | 949,768 | |||||||||||||||||||||
NET ASSETS | $ | 738,261,671 | $ | 662,843,648 | $ | 3,864,639,378 | $ | 890,709,349 | $ | 940,809,091 | $ | 1,172,232,141 | $ | 833,579,511 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 644,116 | $ | 315,168 | $ | 1,238,619 | $ | 384,726 | $ | 423,461 | $ | 726,560 | $ | 347,314 | ||||||||||||||
Additional paid-in capital | 617,168,732 | 317,497,727 | 2,105,762,552 | 641,648,816 | 620,905,874 | 948,079,728 | 202,172,038 | |||||||||||||||||||||
Total accumulated earnings (loss) | 120,448,823 | 345,030,753 | 1,757,638,207 | 248,675,807 | 319,479,756 | 223,425,853 | 631,060,159 | |||||||||||||||||||||
NET ASSETS | $ | 738,261,671 | $ | 662,843,648 | $ | 3,864,639,378 | $ | 890,709,349 | $ | 940,809,091 | $ | 1,172,232,141 | $ | 833,579,511 | ||||||||||||||
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 | 64,411,600 | 31,516,794 | 123,861,904 | 38,472,642 | 42,346,117 | 72,656,007 | 34,731,395 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.46 | $ | 21.03 | $ | 31.20 | $ | 23.15 | $ | 22.22 | $ | 16.13 | $ | 24.00 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 577,790,056 | $ | 393,810,289 | $ | 2,468,341,243 | $ | 702,547,755 | $ | 664,587,257 | $ | – | $ | 256,496,860 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,028,230,968 | $ | – | ||||||||||||||
Foreign cash | $ | 726,639 | $ | – | $ | – | $ | 9 | $ | 26,597 | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 938,341 | $ | 2,834,144 | $ | 98,672,722 | $ | 15,849,939 | $ | 16,138,263 | $ | – | $ | 1,623,450 | ||||||||||||||
See Notes To Financial Statements
280 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2021 — (continued)
SCIENCE & | SMALL CAP | SMALL CAP | SMALL CAP | SMALL CAP | STOCK | SYSTEMATIC | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 3,084,641,172 | $ | 821,541,511 | $ | 1,422,693,383 | $ | 271,559,344 | 494,395,802 | $ | 5,981,611,541 | $ | 693,925,938 | |||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | 7,678,920 | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 150,000 | 80,606,000 | – | 13,078,000 | 41,681,000 | – | ||||||||||||||||||||||
Cash | 30,301,980 | 13,882,252 | 91 | 10,581,226 | 1,353 | 915 | 1,165,862 | |||||||||||||||||||||
Foreign cash* | 1,073,200 | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | 794,000 | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 434,664 | 71,530 | 366,967 | 206,628 | 44,372 | 763,165 | 157,795 | |||||||||||||||||||||
Dividends and interest | 1,427,857 | 391,633 | 816,186 | 243,143 | 536,918 | 7,758,177 | 728,335 | |||||||||||||||||||||
Investments sold | 17,172,822 | 11,399,936 | – | 215,348 | 2,667,829 | – | 12,526,377 | |||||||||||||||||||||
Investments sold on an extended settlement basis | 3,010,805 | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 11,827 | – | 35,158 | 1,271 | – | 1,062 | 2,982 | |||||||||||||||||||||
Prepaid expenses and other assets | 81,124 | 41,637 | 43,556 | 9,974 | 55,560 | 166,348 | 37,841 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 27,501 | – | – | 24,180 | 31,856 | 128,926 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | 45,390 | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on unfunded commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 3,138,305,451 | 847,356,000 | 1,504, 561,341 | 282,816,934 | 511,598,014 | 6,039,738,374 | 708,674,056 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 629,583 | 341,297 | 185,466 | 46,606 | 491,937 | 1,439,769 | 69,913 | |||||||||||||||||||||
Investments purchased | 12,930,431 | 9,164,202 | – | 883,843 | 3,739,000 | 279,821 | 11,479,892 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | 26,375 | 107,221 | 22,500 | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 2,228,938 | 268,537 | 344,758 | 176,003 | 277,413 | 1,146,678 | 435,484 | |||||||||||||||||||||
Administrative service fee | 173,240 | 22,035 | 80,652 | 15,653 | 28,031 | 339,942 | 39,088 | |||||||||||||||||||||
Shareholder services | – | 41,406 | – | – | 77,784 | – | – | |||||||||||||||||||||
Transfer agent fees and expenses | 758 | 473 | 622 | 360 | 179 | 1,058 | 355 | |||||||||||||||||||||
Directors’ fees and expenses | 55,376 | 31,118 | 30,396 | 5,864 | 29,594 | 162,260 | 23,128 | |||||||||||||||||||||
Other accrued expenses | 641,808 | 490,787 | 247,074 | 82,873 | 165,166 | 408,367 | 115,972 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 91,800 | – | 12,360 | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | ||||||||||||||||||||||
Collateral upon return of securities loaned | 14,439,921 | 9,781,439 | 55,011,039 | 1,738,925 | 4,994,590 | 907,891 | 3,325,068 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | 26 | – | 1,585 | 21 | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 31,100,055 | 20,141,294 | 56,018,208 | 3,057,348 | 9,840,139 | 4,685,807 | 15,488,900 | |||||||||||||||||||||
NET ASSETS | $ | 3,107,205,396 | $ | 827,214,706 | $ | 1,448,543,133 | $ | 279,759,586 | $ | 501,757,875 | $ | 6,035,052,567 | $ | 693,185,156 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 789,099 | $ | 362,043 | $ | 616,970 | $ | 196,136 | $ | 322,203 | $ | 1,145,937 | $ | 260,490 | ||||||||||||||
Additional paid-in capital | 2,016,597,781 | 689,448,939 | 808,048,407 | 197,279,078 | 338,138,245 | 1,667,816,822 | 554,515,535 | |||||||||||||||||||||
Total accumulated earnings (loss) | 1,089,818,516 | 137,403,724 | 639,877,756 | 82,284,372 | 163,297,427 | 4,366,089,808 | 138,409,131 | |||||||||||||||||||||
NET ASSETS | $ | 3,107,205,396 | $ | 827,214,706 | $ | 1,448,543,133 | $ | 279,759,586 | $ | 501,757,875 | $ | 6,035,052,567 | $ | 693,185,156 | ||||||||||||||
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 | 78,909,943 | 36,204,269 | 61,696,996 | 19,613,636 | 32,220,273 | 114,593,701 | 26,049,012 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 39.38 | $ | 22.85 | $ | 23.48 | $ | 14.26 | $ | 15.57 | $ | 52.66 | $ | 26.61 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 2,564,513,632 | $ | 723,408,827 | $ | 891,296,028 | $ | 201,231,238 | $ | 356,937,404 | $ | 2,133,167,710 | $ | 559,254,082 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 5,218,066 | $ | – | ||||||||||||||
Foreign cash | $ | 955,033 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 42,642,894 | $ | 25,799,446 | $ | 91,870,301 | $ | 6,128,673 | $ | 19,170,634 | $ | 7,325,923 | $ | 7,692,940 | ||||||||||||||
See Notes To Financial Statements
281 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2021 — (continued)
SYSTEMATIC | U.S. SOCIALLY | |||||||
ASSETS: | ||||||||
Investment securities, at value (unaffiliated)*† | $ | 561,396,529 | $ | 821,981,736 | ||||
Investment securities, at value (affiliated)*† | – | – | ||||||
Repurchase agreements (cost approximates value) | 1,649,000 | 8,189,000 | ||||||
Cash | 1,228,043 | 217 | ||||||
Foreign cash* | – | – | ||||||
Cash collateral for futures contracts | – | – | ||||||
Due from broker | – | – | ||||||
Receivable for: | ||||||||
Fund shares sold | 16,424 | 51,069 | ||||||
Dividends and interest | 732,662 | 757,657 | ||||||
Investments sold | – | – | ||||||
Investments sold on an extended settlement basis | – | – | ||||||
Securities lending income | 52 | – | ||||||
Prepaid expenses and other assets | 34,228 | 54,484 | ||||||
Due from investment adviser for expense reimbursements/fee waivers | 170,244 | – | ||||||
Variation margin on futures contracts | – | 11,390 | ||||||
Unrealized appreciation on forward foreign currency contracts | – | – | ||||||
Unrealized appreciation on swap contracts | – | – | ||||||
Unrealized appreciation on unfunded commitments | – | – | ||||||
TOTAL ASSETS | 565,227,182 | 831,045,553 | ||||||
LIABILITIES: | ||||||||
Payable for: | ||||||||
Fund shares reacquired | 238,186 | 1,273,179 | ||||||
Investments purchased | – | – | ||||||
Investments purchased on an extended settlement basis | 1,227,833 | – | ||||||
Accrued foreign tax on capital gains | – | – | ||||||
Investment advisory and management fees | 317,149 | 176,918 | ||||||
Administrative service fee | 31,716 | 47,202 | ||||||
Shareholder services | – | 131,413 | ||||||
Transfer agent fees and expenses | 202 | 296 | ||||||
Directors’ fees and expenses | 19,845 | 53,574 | ||||||
Other accrued expenses | 206,871 | 110,001 | ||||||
Variation margin on futures contracts | – | – | ||||||
Due to investment advisor for expense recoupment | – | – | ||||||
Collateral upon return of securities loaned | – | – | ||||||
Due to custodian | – | – | ||||||
Due to broker | – | 20 | ||||||
Unrealized depreciation on forward foreign currency contracts | – | – | ||||||
TOTAL LIABILITIES | 2,041,802 | 1,792,603 | ||||||
NET ASSETS | $ | 563,185,380 | $ | 829,252,950 | ||||
NET ASSETS REPRESENTED BY: | ||||||||
Capital shares at par value of $0.01 per share | $ | 429,094 | $ | 333,704 | ||||
Additional paid-in capital | 511,365,764 | 398,370,535 | ||||||
Total accumulated earnings (loss) | 51,390,522 | 430,548,711 | ||||||
NET ASSETS | $ | 563,185,380 | $ | 829,252,950 | ||||
CAPITAL SHARES: | ||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | ||||||
Outstanding | 42,909,407 | 33,370,378 | ||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 13.12 | $ | 24.85 | ||||
* Cost | ||||||||
Investment securities (unaffiliated) | $ | 530,600,429 | $ | 499,511,193 | ||||
Investment securities (affiliated) | $ | – | $ | – | ||||
Foreign cash | $ | – | $ | – | ||||
† Including securities on loan | $ | 1,486,820 | $ | 855,615 | ||||
See Notes To Financial Statements
282 |
Table of Contents
STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2021@
AGGRESSIVE GROWTH LIFESTYLE FUND | ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL APPRECIATION FUND | CONSERVATIVE GROWTH LIFESTYLE FUND | CORE BOND FUND | DIVIDEND VALUE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | – | $ | 1,440,021 | $ | 3,473,952 | $ | 723,050 | $ | – | $ | 7,745 | $ | 29,202,941 | ||||||||||||||
Dividends (affiliated) | 10,410,876 | – | – | – | 8,579,079 | – | – | |||||||||||||||||||||
Securities lending income | – | 19,514 | 9,224 | 117 | – | 34,738 | 74,537 | |||||||||||||||||||||
Interest (unaffiliated) | – | 814,342 | 2,594 | – | – | 30,797,511 | – | |||||||||||||||||||||
Total investment income* | 10,410,876 | 2,273,877 | 3,485,770 | 723,167 | 8,579,079 | 30,839,994 | 29,277,478 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 499,782 | 716,329 | 6,878,182 | 529,723 | 265,282 | 5,223,995 | 7,113,813 | |||||||||||||||||||||
Administrative service fee | – | 95,559 | 637,538 | 64,234 | – | 827,319 | 680,000 | |||||||||||||||||||||
Shareholder services fee | – | – | – | 233,069 | – | 2,955,515 | – | |||||||||||||||||||||
Transfer agent fees and expenses | 834 | 816 | 1,905 | 1,667 | 834 | 1,637 | 1,901 | |||||||||||||||||||||
Custodian fees | 9,000 | 114,334 | 38,231 | 18,203 | 9,000 | 124,433 | 46,366 | |||||||||||||||||||||
Reports to shareholders | 23,519 | 53,545 | 74,089 | 4,127 | 12,691 | 62,881 | 54,119 | |||||||||||||||||||||
Audit and tax fees | 31,974 | 55,156 | 34,732 | 35,566 | 31,974 | 49,744 | 34,827 | |||||||||||||||||||||
Legal fees | 50,448 | 125,876 | 46,057 | 22,395 | 34,538 | 101,283 | 46,598 | |||||||||||||||||||||
Directors’ fees and expenses | 49,737 | 6,071 | 41,082 | 10,043 | 25,705 | 123,184 | 42,541 | |||||||||||||||||||||
Interest expense | – | – | – | – | – | – | 13,602 | |||||||||||||||||||||
License fee | – | 1,343 | 1,340 | – | – | – | 37,542 | |||||||||||||||||||||
Other expenses | 29,537 | 80,333 | 54,459 | 36,642 | 23,563 | 43,686 | 57,334 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 694,831 | 1,249,362 | 7,807,615 | 955,669 | 403,587 | 9,513,677 | 8,128,643 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (196,649 | ) | (29,254 | ) | – | (144,719 | ) | (135,871 | ) | (107,285 | ) | (1,121,469 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | – | (501 | ) | – | – | – | – | – | ||||||||||||||||||||
Net expenses | 498,182 | 1,219,607 | 7,807,615 | 810,950 | 267,716 | 9,406,392 | 7,007,174 | |||||||||||||||||||||
Net investment income (loss) | 9,912,694 | 1,054,270 | (4,321,845 | ) | (87,783 | ) | 8,311,363 | 21,433,602 | 22,270,304 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | – | 32,379,773 | 141,656,797 | 10,299,708 | – | 33,815,317 | 20,019,334 | |||||||||||||||||||||
Investments (affiliated) | 6,807,299 | – | – | – | 7,119,609 | – | – | |||||||||||||||||||||
Futures contracts | – | 421,271 | – | – | – | – | – | |||||||||||||||||||||
Forward contracts | – | 366,898 | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | 42,423,675 | – | – | – | 13,804,996 | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | 1,239,805 | 173 | – | – | – | 61,545 | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 49,230,974 | 34,407,747 | 141,656,970 | 10,299,708 | 20,924,605 | 33,815,317 | 20,080,879 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | – | 3,703,742 | 131,777,668 | 12,483,533 | – | (45,810,148 | ) | 295,629,023 | ||||||||||||||||||||
Investments (affiliated) | 87,160,395 | – | – | – | 14,197,540 | – | – | |||||||||||||||||||||
Futures contracts | – | 200,370 | – | – | – | – | – | |||||||||||||||||||||
Forward contracts | – | 359,758 | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unfunded Commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (159,969 | ) | (15 | ) | – | – | – | 32,739 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 87,160,395 | 4,103,901 | 131,777,653 | 12,483,533 | 14,197,540 | (45,810,148 | ) | 295,661,762 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 136,391,369 | 38,511,648 | 273,434,623 | 22,783,241 | 35,122,145 | (11,994,831 | ) | 315,742,641 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 146,304,063 | $ | 39,565,918 | $ | 269,112,778 | $ | 22,695,458 | $ | 43,433,508 | $ | 9,438,771 | $ | 338,012,945 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | 70,890 | 3,792 | $ | – | $ | – | $ | 3,129 | 512,900 | |||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ | Period presented is for the year ended May 31, 2021 for all funds except the Predecessor Funds. For those Funds, the period is for the nine months ended May 31, 2021. See Note 1 |
See Notes To Financial Statements
283 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2021@ — (continued)
DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | GLOBAL REAL ESTATE FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | – | $ | 23,591,021 | $ | 9,770,394 | $ | 5,289,451 | $ | – | $ | – | $ | 7,936,970 | ||||||||||||||
Dividends (affiliated) | 3,242,370 | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | – | 286,791 | 48,384 | 10,049 | – | 15,263 | 181,477 | |||||||||||||||||||||
Interest (unaffiliated) | 452,553 | 247 | 19,822 | 2,847,325 | 333,730 | 3,514,737 | 48,298 | |||||||||||||||||||||
Total investment income* | 3,694,923 | 23,878,059 | 9,838,600 | 8,146,825 | 333,730 | 3,530,000 | 8,166,745 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 488,229 | 6,971,722 | 2,680,638 | 1,458,032 | 1,687,929 | 725,199 | 10,360,070 | |||||||||||||||||||||
Administrative service fee | 22,054 | 620,712 | 243,508 | 194,500 | 281,457 | 96,739 | 1,018,994 | |||||||||||||||||||||
Shareholder services fee | – | – | – | – | – | – | – | |||||||||||||||||||||
Transfer agent fees and expenses | 544 | 2,720 | 1,903 | 816 | 3,347 | 2,449 | 1,360 | |||||||||||||||||||||
Custodian fees | 23,226 | 324,840 | 50,303 | 194,693 | 22,442 | 15,573 | 60,775 | |||||||||||||||||||||
Reports to shareholders | 4,233 | 64,177 | 35,382 | 60,096 | 187,915 | 11,458 | 344,107 | |||||||||||||||||||||
Audit and tax fees | 35,389 | 50,251 | 36,915 | 50,690 | 41,203 | 41,184 | 35,571 | |||||||||||||||||||||
Legal fees | 21,702 | 53,925 | 26,800 | 56,513 | 28,762 | 24,805 | 133,791 | |||||||||||||||||||||
Directors’ fees and expenses | 8,618 | 36,884 | 15,207 | 12,767 | 20,019 | 6,830 | 68,516 | |||||||||||||||||||||
Interest expense | – | 13,286 | 16 | 230 | – | – | 12,804 | |||||||||||||||||||||
License fee | 1,341 | 1,340 | 1,340 | 1,340 | 1,340 | 1,343 | 29,174 | |||||||||||||||||||||
Other expenses | 29,111 | 64,801 | 59,364 | 79,168 | 19,159 | 34,941 | 87,449 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 634,447 | 8,204,658 | 3,151,376 | 2,108,845 | 2,293,573 | 960,521 | 12,152,611 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (12,805 | ) | – | – | (58,321 | ) | (2,002,053 | ) | – | (2,444,308 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | – | (1,431 | ) | (13 | ) | (376 | ) | – | – | – | ||||||||||||||||||
Net expenses | 621,642 | 8,203,227 | 3,151,363 | 2,050,148 | 291,520 | 960,521 | 9,708,303 | |||||||||||||||||||||
Net investment income (loss) | 3,073,281 | 15,674,832 | 6,687,237 | 6,096,677 | 42,210 | 2,569,479 | (1,541,558 | ) | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (5,323,878 | ) | 138,900,846 | 11,262,627 | (2,677,944 | ) | 18 | 299,545 | 299,021,425 | |||||||||||||||||||
Investments (affiliated) | 9,751,237 | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (3,385,514 | ) | 446,023 | – | – | – | – | 283,917 | ||||||||||||||||||||
Forward contracts | – | – | – | (6,736,832 | ) | – | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | 14,903,804 | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (1,428,485 | ) | 69,322 | (110,936 | ) | – | – | (12,511 | ) | ||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 15,945,649 | 137,918,384 | 11,331,949 | (9,525,712 | ) | 18 | 299,545 | 299,292,831 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | (3,206,418 | ) | 225,571,027 | 74,350,078 | 55,939,606 | – | (5,314,058 | ) | 175,332,137 | |||||||||||||||||||
Investments (affiliated) | 16,826,657 | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 447,379 | – | – | – | – | – | (40,951 | ) | ||||||||||||||||||||
Forward contracts | – | – | – | (767,778 | ) | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unfunded Commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 28,861 | 18,340 | 40,128 | – | – | 7,053 | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | (1,781,244 | ) | – | (94,404 | ) | – | – | – | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 14,067,618 | 223,818,644 | 74,368,418 | 55,117,552 | – | (5,314,058 | ) | 175,298,239 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 30,013,267 | 361,737,028 | 85,700,367 | 45,591,840 | 18 | (5,014,513 | ) | 474,591,070 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 33,086,548 | $ | 377,411,860 | $ | 92,387,604 | $ | 51,688,517 | $ | 42,228 | $ | (2,445,034 | ) | $ | 473,049,512 | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | – | 3,686,397 | 432,540 | 433,324 | – | – | 39,297 | |||||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | 114,580 | $ | – | $ | 31,342 | $ | – | $ | – | $ | – | ||||||||||||||
@ | Period presented is for the year ended May 31, 2021 for all funds except the Predecessor Funds. For those Funds, the period is for the nine months ended May 31, 2021. See Note 1 |
See Notes To Financial Statements
284 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2021@ — (continued)
HIGH YIELD BOND FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL OPPORTUNITIES FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | – | $ | 5,113 | $ | 39,211,205 | $ | – | $ | 4,037,920 | $ | 7,280,279 | $ | 9,098,719 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 23,960 | 15,067 | 197,762 | 15,114 | 97,130 | 147,840 | 1 | |||||||||||||||||||||
Interest (unaffiliated) | 21,266,252 | 18,057,073 | 16,550 | 4,939,007 | – | – | 3,302 | |||||||||||||||||||||
Total investment income* | 21,290,212 | 18,077,253 | 39,425,517 | 4,954,121 | 4,135,050 | 7,428,119 | 9,102,022 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,504,254 | 3,844,052 | 4,344,365 | 974,861 | 5,178,575 | 4,245,484 | 1,792,356 | |||||||||||||||||||||
Administrative service fee | 274,180 | 578,480 | 1,040,651 | 130,048 | 377,036 | 347,703 | 239,101 | |||||||||||||||||||||
Shareholder services fee | 995,042 | – | – | – | – | 1,263,710 | – | |||||||||||||||||||||
Transfer agent fees and expenses | 1,667 | 1,904 | 4,057 | 1,903 | 1,903 | 1,458 | 1,540 | |||||||||||||||||||||
Custodian fees | 26,465 | 63,202 | 230,840 | 32,487 | 78,520 | 250,887 | 53,459 | |||||||||||||||||||||
Reports to shareholders | 17,146 | 81,392 | 86,680 | 15,181 | 32,897 | 65,784 | 76,781 | |||||||||||||||||||||
Audit and tax fees | 44,329 | 43,339 | 34,589 | 49,185 | 45,311 | 44,854 | 38,981 | |||||||||||||||||||||
Legal fees | 44,242 | 126,248 | 64,520 | 22,466 | 38,649 | 53,864 | 26,731 | |||||||||||||||||||||
Directors’ fees and expenses | 38,110 | 40,220 | 64,551 | 8,795 | 23,788 | 54,863 | �� | 15,266 | ||||||||||||||||||||
Interest expense | – | 2,109 | 84,041 | – | 1,786 | 252 | 14,609 | |||||||||||||||||||||
License fee | – | 1,340 | 476,707 | 1,343 | 1,340 | – | 1,343 | |||||||||||||||||||||
Other expenses | 31,151 | 42,976 | 113,561 | 35,438 | 61,661 | 83,705 | 58,991 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,976,586 | 4,825,262 | 6,544,562 | 1,271,707 | 5,841,466 | 6,412,564 | 2,319,158 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (185,654 | ) | (174,159 | ) | – | – | (1,130,519 | ) | (191,981 | ) | – | |||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | – | – | (6,813 | ) | – | ||||||||||||||||||||
Net expenses | 3,790,932 | 4,651,103 | 6,544,562 | 1,271,707 | 4,710,947 | 6,213,770 | 2,319,158 | |||||||||||||||||||||
Net investment income (loss) | 17,499,280 | 13,426,150 | 32,880,955 | 3,682,414 | (575,897 | ) | 1,214,349 | 6,782,864 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 7,529,600 | 40,648,553 | (410,594 | ) | 6,757,133 | 69,016,923 | 89,991,539 | 14,655,706 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 3,744,952 | 39,046,381 | – | – | – | 8,386,993 | |||||||||||||||||||||
Forward contracts | (401,905 | ) | (16,563,736 | ) | – | | – | | – | 3,624 | – | |||||||||||||||||
Written options contracts | – | 124,246 | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 18,603 | 249,062 | 520,201 | 23,790 | (22,288 | ) | (495,438 | ) | 239,033 | |||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 7,146,298 | 28,203,077 | 39,155,988 | 6,780,923 | 68,994,635 | 89,499,725 | 23,281,732 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 11,059,436 | 23,979,318 | 411,195,952 | 949,816 | 168,942,897 | 35,984,867 | 87,895,503 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 16,061 | 7,832,550 | – | – | – | (3,591,378 | ) | ||||||||||||||||||||
Forward contracts | 63,007 | (6,347,741 | ) | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | 3,297,691 | – | – | – | – | – | |||||||||||||||||||||
Unfunded Commitments | – | – | – | | – | | 292,561 | – | – | |||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 224 | 36,051 | 370,273 | (20,502 | ) | 31,877 | 6,750 | (6,909 | ) | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | (1,350,971 | ) | (2,764 | ) | – | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 11,122,667 | 20,981,380 | 419,398,775 | 929,314 | 167,916,364 | 35,988,853 | 84,297,216 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 18,268,965 | 49,184,457 | 458,554,763 | 7,710,237 | 236,910,999 | 125,488,578 | 107,578,948 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 35,768,245 | $ | 62,610,607 | $ | 491,435,718 | $ | 11,392,651 | $ | 236,335,102 | $ | 126,702,927 | $ | 114,361,812 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | 2,479 | 3,435,985 | (1,685 | ) | 446,930 | $ | 707,503 | 844,056 | ||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | 102,338 | $ | 32,189 | $ | – | ||||||||||||||
@ | Period presented is for the year ended May 31, 2021 for all funds except the Predecessor Funds. For those Funds, the period is for the nine months ended May 31, 2021. See Note 1 |
See Notes To Financial Statements
285 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2021@ — (continued)
INTERNATIONAL VALUE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MID CAP VALUE FUND | MODERATE GROWTH LIFESTYLE FUND | NASDAQ-100® INDEX FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 18,436,053 | $ | 5,897,613 | $ | 54,197,886 | $ | 2,800,228 | $ | 8,531,082 | $ | – | $ | 5,827,082 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | 20,285,041 | – | |||||||||||||||||||||
Securities lending income | 244,466 | 1,980 | 218,194 | 15,501 | 8,246 | – | 4,937 | |||||||||||||||||||||
Interest (unaffiliated) | 7,888 | 400 | 15,769 | 8,109 | – | – | 8,151 | |||||||||||||||||||||
Total investment income* | 18,688,407 | 5,899,993 | 54,431,849 | 2,823,838 | 8,539,328 | 20,285,041 | 5,840,170 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 4,753,093 | 3,828,389 | 8,449,422 | 2,920,249 | 4,402,146 | 814,404 | 2,909,571 | |||||||||||||||||||||
Administrative service fee | 463,530 | 398,996 | 2,163,489 | 289,149 | 421,143 | – | 511,305 | |||||||||||||||||||||
Shareholder services fee | – | – | – | – | 1,527,305 | – | – | |||||||||||||||||||||
Transfer agent fees and expenses | 2,176 | 2,177 | 4,667 | 1,904 | 1,874 | 834 | 3,275 | |||||||||||||||||||||
Custodian fees | 130,681 | 26,144 | 88,979 | 23,857 | 48,934 | 9,166 | 19,410 | |||||||||||||||||||||
Reports to shareholders | 77,150 | 49,105 | 137,174 | 31,864 | 69,898 | 38,878 | 31,990 | |||||||||||||||||||||
Audit and tax fees | 45,313 | 34,751 | 36,638 | 34,908 | 35,404 | 31,974 | 36,574 | |||||||||||||||||||||
Legal fees | 40,484 | 35,094 | 109,724 | 27,167 | 59,405 | 72,640 | 39,647 | |||||||||||||||||||||
Directors’ fees and expenses | 29,006 | 25,532 | 129,179 | 15,616 | 63,138 | 79,764 | 32,895 | |||||||||||||||||||||
Interest expense | 132 | 73 | 24,998 | 205 | 44 | – | 14,515 | |||||||||||||||||||||
License fee | 1,340 | 9,961 | 31,631 | 5,853 | – | – | 299,460 | |||||||||||||||||||||
Other expenses | 61,889 | 46,765 | 101,205 | 44,146 | 50,109 | 35,273 | 44,636 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 5,604,794 | 4,456,987 | 11,277,106 | 3,394,918 | 6,679,400 | 1,082,933 | 3,943,278 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (486,455 | ) | – | – | – | (100,360 | ) | (260,851 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | (7,815 | ) | (8,259 | ) | – | – | |||||||||||||||||||
Net expenses | 5,118,339 | 4,456,987 | 11,277,106 | 3,387,103 | 6,570,781 | 822,082 | 3,943,278 | |||||||||||||||||||||
Net investment income (loss) | 13,570,068 | 1,443,006 | 43,154,743 | (563,265 | ) | 1,968,547 | 19,462,959 | 1,896,892 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 25,784,376 | 79,198,244 | 279,686,306 | 84,694,670 | 63,117,282 | – | 61,386,009 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 13,654,495 | – | |||||||||||||||||||||
Futures contracts | – | – | 15,606,258 | – | – | – | 18,012,331 | |||||||||||||||||||||
Forward contracts | (1,702,957 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | 61,196,602 | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (56,764 | ) | 7,422 | – | 1,578 | (800 | ) | – | – | |||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | 104,168 | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 24,024,655 | 79,205,666 | 295,292,564 | 84,696,248 | 63,116,482 | 74,851,097 | 79,502,508 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 240,498,529 | 111,218,064 | 1,109,512,811 | 52,074,922 | 252,882,089 | – | 187,148,347 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 102,183,759 | – | |||||||||||||||||||||
Futures contracts | – | – | (2,769,768 | ) | – | – | – | (3,919,620 | ) | |||||||||||||||||||
Forward contracts | (333,546 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unfunded Commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 108,434 | 6,385 | – | (154 | ) | 75 | – | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 240,273,417 | 111,224,449 | 1,106,743,043 | 52,074,768 | 252,882,164 | 102,183,759 | 183,228,727 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 264,298,072 | 190,430,115 | 1,402,035,607 | 136,771,016 | 315,998,646 | 177,034,856 | 262,731,235 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 277,868,140 | $ | 191,873,121 | $ | 1,445,190,350 | $ | 136,207,751 | $ | 317,967,193 | $ | 196,497,815 | $ | 264,628,127 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | 1,861,996 | 74,923 | – | 42,984 | $ | 22,843 | $ | – | 6,623 | |||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ | Period presented is for the year ended May 31, 2021 for all funds except the Predecessor Funds. For those Funds, the period is for the nine months ended May 31, 2021. See Note 1 |
See Notes To Financial Statements
286 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2021@ — (continued)
SCIENCE & TECHNOLOGY FUND | SMALL CAP GROWTH FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL CAP VALUE FUND | STOCK INDEX FUND | SYSTEMATIC CORE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 7,815,981 | $ | 443,294 | $ | 11,251,438 | $ | 3,268,293 | $ | 4,391,137 | $ | 84,309,462 | $ | 2,762,440 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | 199,081 | – | |||||||||||||||||||||
Securities lending income | 125,350 | 122,400 | 974,827 | 15,434 | 185,641 | 72,117 | 35,102 | |||||||||||||||||||||
Interest (unaffiliated) | 30,781 | – | 15,123 | – | 14,470 | 7,722 | ||||||||||||||||||||||
Total investment income* | 7,972,112 | 565,694 | 12,241,388 | 3,283,727 | 4,576,778 | 84,595,130 | 2,805,264 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 18,321,257 | 1,706,013 | 3,479,967 | 1,681,887 | 1,965,957 | 12,647,749 | 1,550,836 | |||||||||||||||||||||
Administrative service fee | 1,418,105 | 139,113 | 795,081 | 149,578 | 197,884 | 3,626,300 | 138,413 | |||||||||||||||||||||
Shareholder services fee | – | 480,257 | – | – | 714,473 | – | – | |||||||||||||||||||||
Transfer agent fees and expenses | 4,071 | 1,667 | 4,540 | 2,101 | 1,224 | 5,712 | 1,895 | |||||||||||||||||||||
Custodian fees | 155,472 | 26,300 | 79,870 | 18,845 | 130,198 | 138,306 | 21,755 | |||||||||||||||||||||
Reports to shareholders | 367,317 | 10,965 | 94,789 | 23,327 | 8,522 | 228,301 | 22,438 | |||||||||||||||||||||
Audit and tax fees | 35,674 | 35,536 | 38,548 | 34,767 | 36,603 | 36,623 | 36,541 | |||||||||||||||||||||
Legal fees | 153,023 | 29,626 | 54,992 | 23,781 | 34,652 | 186,908 | 53,439 | |||||||||||||||||||||
Directors’ fees and expenses | 85,096 | 20,758 | 45,190 | 8,589 | 27,984 | 229,106 | 6,073 | |||||||||||||||||||||
Interest expense | 1,424 | 75 | 33,601 | 4 | 350 | 39,243 | 59 | |||||||||||||||||||||
License fee | 1,340 | – | 266,951 | 9,179 | – | 53,080 | 1,340 | |||||||||||||||||||||
Other expenses | 92,805 | 31,940 | 84,952 | 40,126 | 36,017 | 238,138 | 41,288 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 20,635,584 | 2,482,250 | 4,978,481 | 1,992,184 | 3,153,864 | 17,429,466 | 1,874,077 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | (163,584 | ) | – | – | (154,439 | ) | (1,596,320 | ) | (456,528 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | (87,404 | ) | (6,449 | ) | – | (6,992 | ) | (32,476 | ) | – | (4,778 | ) | ||||||||||||||||
Net expenses | 20,548,180 | 2,312,217 | 4,978,481 | 1,985,192 | 2,966,949 | 15,833,146 | 1,412,771 | |||||||||||||||||||||
Net investment income (loss) | (12,576,068 | ) | (1,746,523 | ) | 7,262,907 | 1,298,535 | 1,609,829 | 68,761,984 | 1,392,493 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 623,609,930 | 45,726,869 | 63,678,264 | 20,783,485 | 42,047,833 | 465,394,026 | 4,782,277 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 75,187 | – | |||||||||||||||||||||
Futures contracts | – | – | 50,023,025 | – | 1,532,485 | 26,985,433 | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (156,150 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 623,453,780 | 45,726,869 | 113,701,289 | 20,783,485 | 43,580,318 | 492,454,646 | 4,782,277 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 114,948,832 | 24,303,351 | 458,275,485 | 94,384,968 | 143,196,950 | 1,257,000,235 | 49,608,616 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 3,369,747 | – | |||||||||||||||||||||
Futures contracts | – | – | (8,393,240 | ) | – | 225,316 | (4,221,218 | ) | – | |||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unfunded Commitments | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 140,456 | – | – | – | – | – | – | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 115,089,288 | 24,303,351 | 449,882,245 | 94,384,968 | 143,422,266 | 1,256,148,764 | 49,608,616 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 738,543,068 | 70,030,220 | 563,583,534 | 115,168,453 | 187,002,584 | 1,748,603,410 | 54,390,893 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 725,967,000 | $ | 68,283,697 | $ | 570,846,441 | $ | 116,466,988 | $ | 188,612,413 | $ | 1,817,365,394 | $ | 55,783,386 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | 623,210 | $ | – | 24,677 | 4,935 | $ | 8,401 | – | 58,987 | |||||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ | Period presented is for the year ended May 31, 2021 for all funds except the Predecessor Funds. For those Funds, the period is for the nine months ended May 31, 2021. See Note 1 |
See Notes To Financial Statements
287 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended May 31, 2021@ — (continued)
SYSTEMATIC VALUE FUND | U.S. SOCIALLY RESPONSIBLE FUND | |||||||
INVESTMENT INCOME: | ||||||||
Dividends (unaffiliated) | $ | 2,044,602 | $ | 7,948,558 | ||||
Dividends (affiliated) | – | – | ||||||
Securities lending income | 577 | 6,629 | ||||||
Interest (unaffiliated) | 4,253 | 2,359 | ||||||
Total investment income* | 2,049,432 | 7,957,546 | ||||||
EXPENSES: | ||||||||
Investment advisory and management fees | 711,998 | 1,454,085 | ||||||
Administrative service fee | 69,842 | 387,901 | ||||||
Shareholder services fee | – | 1,408,580 | ||||||
Transfer agent fees and expenses | 1,088 | 983 | ||||||
Custodian fees | 22,238 | 22,122 | ||||||
Reports to shareholders | 7,551 | 24,790 | ||||||
Audit and tax fees | 34,751 | 37,113 | ||||||
Legal fees | 18,427 | 55,875 | ||||||
Directors’ fees and expenses | 1,918 | 57,557 | ||||||
Interest expense | 5 | 3,107 | ||||||
License fee | 3,259 | – | ||||||
Other expenses | 41,089 | 50,638 | ||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 912,166 | 3,502,751 | ||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (314,133 | ) | – | |||||
Fees paid indirectly (Note 7) | (2,469 | ) | – | |||||
Net expenses | 595,564 | 3,502,751 | ||||||
Net investment income (loss) | 1,453,868 | 4,454,795 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments (unaffiliated)** | 23,082,467 | 100,740,035 | ||||||
Investments (affiliated) | – | – | ||||||
Futures contracts | – | 5,242,929 | ||||||
Forward contracts | – | – | ||||||
Written options contracts | – | – | ||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | ||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | – | ||||||
Net increase from payment by affiliates (Note 3) | – | – | ||||||
Net realized gain (loss) on investments and foreign currencies | 23,082,467 | 105,982,964 | ||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||
Investments (unaffiliated) | 13,255,487 | 55,202,891 | ||||||
Investments (affiliated) | – | – | ||||||
Futures contracts | – | (486,458 | ) | |||||
Forward contracts | – | – | ||||||
Swap contracts | – | – | ||||||
Unfunded Commitments | – | – | ||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 326 | – | ||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | ||||||
Net unrealized gain (loss) on investments and foreign currencies | 13,255,813 | 54,716,433 | ||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 36,338,280 | 160,699,397 | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 37,792,148 | $ | 165,154,192 | ||||
* Net of foreign withholding taxes on interest and dividends of | 36,127 | $ | – | |||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | ||||
@ | Period presented is for the year ended May 31, 2021 for all funds except the Predecessor Funds. For those Funds, the period is for the nine months ended May 31, 2021. See Note 1 |
See Notes To Financial Statements
288 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2020@
AGGRESSIVE GROWTH LIFESTYLE FUND | CAPITAL APPRECIATION FUND | CONSERVATIVE GROWTH LIFESTYLE FUND | CORE BOND FUND | HIGH YIELD BOND FUND | INTERNATIONAL OPPORTUNITIES FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | – | $ | 1,027,752 | $ | – | $ | 26,636 | $ | – | $ | 8,661,132 | ||||||||||||
Dividends (affiliated) | 11,385,363 | – | 9,100,412 | – | – | – | ||||||||||||||||||
Securities lending income | – | 214 | – | 50,383 | 89,623 | 531,369 | ||||||||||||||||||
Interest (unaffiliated) | – | – | – | 49,639,677 | 31,153,331 | 40,137 | ||||||||||||||||||
Total investment income* | 11,385,363 | 1,027,966 | 9,100,412 | 49,716,696 | 31,242,954 | 9,232,638 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 576,306 | 581,475 | 327,839 | 6,652,458 | 3,319,681 | 4,777,918 | ||||||||||||||||||
Administrative service fee | – | 70,559 | – | 1,051,555 | 363,864 | 390,250 | ||||||||||||||||||
Shareholder services fee | – | 264,307 | – | 3,939,036 | 1,362,984 | 1,461,849 | ||||||||||||||||||
Transfer agent fees and expenses | 1,397 | 2,794 | 1,397 | 2,794 | 2,794 | 2,445 | ||||||||||||||||||
Custodian and accounting fees | 7,875 | 18,062 | 7,875 | 97,512 | 53,329 | 187,747 | ||||||||||||||||||
Reports to shareholders | 89,732 | 18,886 | 51,723 | 235,906 | 91,593 | 89,586 | ||||||||||||||||||
Audit and tax fees | 35,640 | 39,590 | 35,640 | 53,748 | 48,230 | 55,367 | ||||||||||||||||||
Legal fees | 26,905 | 12,379 | 19,263 | 58,894 | 25,963 | 37,928 | ||||||||||||||||||
Trustees’ fees and expenses | 49,025 | 8,134 | 28,147 | 140,472 | 48,967 | 48,299 | ||||||||||||||||||
Interest expense | – | – | – | – | – | 31 | ||||||||||||||||||
Other expenses | 41,306 | 42,140 | 30,148 | 68,337 | 38,365 | 66,738 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, fees paid indirectly | 828,186 | 1,058,326 | 502,032 | 12,300,712 | 5,355,770 | 7,118,158 | ||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (251,880 | ) | (159,685 | ) | (174,191 | ) | (168,481 | ) | (223,812 | ) | (501,211 | ) | ||||||||||||
Fees paid indirectly (Note 7) | – | (150 | ) | – | – | – | (5,462 | ) | ||||||||||||||||
Net expenses | 576,306 | 898,491 | 327,841 | 12,132,231 | 5,131,958 | 6,611,485 | ||||||||||||||||||
Net investment income (loss) | 10,809,057 | 129,475 | 8,772,571 | 37,584,465 | 26,110,996 | 2,621,153 | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | – | 825,860 | – | 50,886,281 | (8,984,477 | ) | 44,569,278 | |||||||||||||||||
Investments (affiliated) | 104,252 | – | (218,408 | ) | – | – | – | |||||||||||||||||
Futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Forward contracts | – | – | – | – | (359,360 | ) | – | |||||||||||||||||
Swap contracts | – | – | – | – | (425,072 | ) | – | |||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | (26,353 | ) | (315,508 | ) | ||||||||||||||||
Net realized gain on capital gain distributions received from underlying funds (affliliated) | 20,959,859 | – | 6,022,497 | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 21,064,111 | 825,860 | 5,804,089 | 50,886,281 | (9,795,262 | ) | 44,253,770 | |||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments (unaffiliated) | – | 27,664,564 | – | 17,926,616 | 8,947,192 | 38,470,559 | ||||||||||||||||||
Investments (affiliated) | 24,144,105 | – | 10,453,344 | – | – | – | ||||||||||||||||||
Futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Forward contracts | – | – | – | – | (211,933 | ) | – | |||||||||||||||||
Swap contracts | – | – | – | – | 59,214 | – | ||||||||||||||||||
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 3,447 | 63,009 | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | (44,543 | ) | |||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 24,144,105 | 27,664,564 | 10,453,344 | 17,926,616 | 8,797,920 | 38,489,025 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 45,208,216 | 28,490,424 | 16,257,433 | 68,812,897 | (997,342 | ) | 82,742,795 | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 56,017,273 | $ | 28,619,899 | $ | 25,030,004 | $ | 106,397,362 | $ | 25,113,654 | $ | 85,363,948 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | $ | – | $ | – | $ | (2,798 | ) | $ | – | $ | 801,705 | |||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 353 | ||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
289 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2020@— (continued)
MID CAP VALUE FUND | MODERATE GROWTH LIFESTYLE FUND | SMALL CAP GROWTH FUND | SMALL CAP VALUE FUND | U.S. SOCIALLY RESPONSIBLE FUND | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends (unaffiliated) | $ | 13,408,359 | $ | – | $ | 819,928 | $ | 5,818,808 | $ | 12,703,879 | ||||||||||
Dividends (affiliated) | – | 22,543,163 | – | – | – | |||||||||||||||
Securities lending income | 49,467 | – | 172,526 | 68,787 | 9,332 | |||||||||||||||
Interest (unaffiliated) | 12,645 | – | 1,917 | 17,246 | 54,860 | |||||||||||||||
Total investment income* | 13,470,471 | 22,543,163 | 994,371 | 5,904,841 | 12,768,071 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory and management fees | 5,066,864 | 962,340 | 1,544,723 | 2,008,154 | 1,774,630 | |||||||||||||||
Administrative service fee | 480,496 | – | 124,697 | 201,061 | 473,747 | |||||||||||||||
Shareholder services fee | 1,799,899 | – | 467,101 | 753,136 | 1,774,630 | |||||||||||||||
Transfer agent fees and expenses | 3,143 | 1,397 | 2,794 | 2,444 | 1,688 | |||||||||||||||
Custodian and accounting fees | 30,368 | 7,875 | 6,839 | 128,557 | 28,431 | |||||||||||||||
Reports to shareholders | 113,472 | 145,787 | 40,848 | 50,665 | 110,020 | |||||||||||||||
Audit and tax fees | 39,923 | 35,640 | 39,452 | 42,035 | 41,485 | |||||||||||||||
Legal fees | 31,142 | 38,859 | 21,682 | 18,303 | 32,427 | |||||||||||||||
Trustees’ fees and expenses | 60,323 | 83,386 | 14,968 | 23,748 | 60,475 | |||||||||||||||
Interest expense | – | – | 368 | – | 1,106 | |||||||||||||||
Other expenses | 92,309 | 50,085 | 46,670 | 61,219 | 61,099 | |||||||||||||||
Total expenses before fee waivers, expense reimbursements, fees paid indirectly | 7,717,939 | 1,325,369 | 2,310,142 | 3,289,322 | 4,359,738 | |||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (158,365 | ) | (363,029 | ) | (179,439 | ) | (294,795 | ) | (113,168 | ) | ||||||||||
Fees paid indirectly (Note 7) | (11,417 | ) | – | (14,808 | ) | (32,520 | ) | – | ||||||||||||
Net expenses | 7,548,157 | 962,340 | 2,115,895 | 2,962,007 | 4,246,570 | |||||||||||||||
Net investment income (loss) | 5,922,314 | 21,580,823 | (1,121,524 | ) | 2,942,834 | 8,521,501 | ||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments (unaffiliated)** | (950,163 | ) | – | 27,635,795 | (14,070,686 | ) | 16,369,947 | |||||||||||||
Investments (affiliated) | – | 979,971 | – | – | – | |||||||||||||||
Futures contracts | – | – | – | 133,641 | 4,321,017 | |||||||||||||||
Forward contracts | – | – | – | – | – | |||||||||||||||
Swap contracts | – | – | – | – | – | |||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (3,494 | ) | – | – | – | – | ||||||||||||||
Net realized gain on capital gain distributions received from underlying funds (affliliated) | – | 29,387,217 | – | – | – | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (953,657 | ) | 30,367,188 | 27,635,795 | (13,937,045 | ) | 20,690,964 | |||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments (unaffiliated) | (27,616,947 | ) | – | 34,691,004 | (7,582,544 | ) | 82,227,973 | |||||||||||||
Investments (affiliated) | – | 32,611,982 | – | – | – | |||||||||||||||
Futures contracts | – | – | – | 186,140 | 366,907 | |||||||||||||||
Forward contracts | – | – | – | – | – | |||||||||||||||
Swap contracts | – | – | – | – | – | |||||||||||||||
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities | 303 | – | – | – | – | |||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,616,644 | ) | 32,611,982 | 34,691,004 | (7,396,404 | ) | 82,594,880 | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (28,570,301 | ) | 62,979,170 | 62,326,799 | (21,333,449 | ) | 103,285,844 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (22,647,987 | ) | $ | 84,559,993 | $ | 61,205,275 | $ | (18,390,615 | ) | $ | 111,807,345 | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 45,644 | $ | – | $ | – | $ | 10,239 | $ | – | ||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
@ | See Note 1 |
See Notes to Financial Statements
290 |
Table of Contents
STATEMENT OF CHANGES IN NET ASSETS
AGGRESSIVE GROWTH LIFESTYLE FUND | ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL APPRECIATION FUND | |||||||||||||||||||||||||||||
For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 9,912,694 | $ | 10,809,057 | $ | 1,054,270 | $ | 1,995,418 | $ | (4,321,845) | $ | (1,950,124 | ) | $ | (87,783 | ) | $ | 129,475 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 49,230,974 | 21,064,111 | 34,407,747 | (11,951,627 | ) | 141,656,970 | 91,746,811 | 10,299,708 | 825,860 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies |
| 87,160,395 |
|
| 24,144,105 |
| 4,103,901 | 8,261,742 | 131,777,653 | 68,509,442 | 12,483,533 | 27,664,564 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
| 146,304,063 |
|
| 56,017,273 |
| 39,565,918 | (1,694,467 | ) | 269,112,778 | 158,306,129 | 22,695,458 | 28,619,899 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings |
| (34,692,046 | ) |
| (45,983,658 | ) | (1,622,543 | ) | (4,210,644 | ) | (92,536,381 | ) | (86,238,340 | ) | (2,905,626 | ) | (3,756,144 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) |
| 8,604,138 |
|
| 23,530,314 |
| (12,549,415 | ) | (13,008,489 | ) | (6,064,614 | ) | (22,297,824 | ) | (1,081,172 | ) | (5,489,650 | ) | ||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 120,216,155 | 33,563,929 | 25,393,960 | (18,913,600 | ) | 170,511,783 | 49,769,965 | 18,708,660 | 19,374,105 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period |
| 612,612,540 |
|
| 579,048,611 |
| 128,629,496 | 147,543,096 | 831,006,102 | 781,236,137 | 122,454,416 | 103,080,311 | ||||||||||||||||||||
End of period | $ | 732,828,695 | $ | 612,612,540 | $ | 154,023,456 | $ | 128,629,496 | $ | 1,001,517,885 | $ | 831,006,102 | $ | 141,163,076 | $ | 122,454,416 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
291 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
CONSERVATIVE GROWTH LIFESTYLE FUND | CORE BOND FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | |||||||||||||||||||||||||||||
For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 8,311,363 | $ | 8,772,571 | $ | 21,433,602 | $ | 37,584,465 | $ | 22,270,304 | $ | 26,653,508 | $ | 3,073,281 | $ | 2,923,580 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 20,924,605 | 5,804,089 | 33,815,317 | 50,886,281 | 20,080,879 | (21,192,407 | ) | 15,945,649 | 17,948,031 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 14,197,540 | 10,453,344 | (45,810,148 | ) | 17,926,616 | 295,661,762 | (32,651,046 | ) | 14,067,618 | (550,870 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 43,433,508 | 25,030,004 | 9,438,771 | 106,397,362 | 338,012,945 | (27,189,945 | ) | 33,086,548 | 20,320,741 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (13,817,242 | ) | (12,913,300 | ) | (82,312,300 | ) | (52,196,618 | ) | (57,224,160 | ) | (74,967,965 | ) | (21,230,366 | ) | (11,267,357 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 2,130,500 | 3,317,197 | 1,098,371,793 | 140,760,517 | 68,896,998 | 154,460,809 | (4,080,499 | ) | (22,155,638 | ) | ||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 31,746,766 | 15,433,901 | 1,025,498,264 | 194,961,261 | 349,685,783 | 52,302,899 | 7,775,683 | (13,102,254 | ) | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 339,870,258 | 324,436,357 | 1,784,178,813 | 1,589,217,552 | 1,012,016,866 | 959,713,967 | 190,740,797 | 203,843,051 | ||||||||||||||||||||||||
End of period | $ | 371,617,024 | $ | 339,870,258 | $ | 2,809,677,077 | $ | 1,784,178,813 | $ | 1,361,702,649 | $ | 1,012,016,866 | $ | 198,516,480 | $ | 190,740,797 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
292 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
EMERGING ECONOMIES FUND | GLOBAL REAL ESTATE FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 15,674,832 | $ | 18,452,780 | $ | 6,687,237 | $ | 8,556,157 | $ | 6,096,677 | $ | 9,152,587 | $ | 42,210 | $ | 3,947,837 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 137,918,384 | 9,080,370 | 11,331,949 | (12,786,006 | ) | (9,525,712 | ) | (14,116,065 | ) | 18 | 1,466 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 223,818,644 | (41,786,861 | ) | 74,368,418 | (45,533,504 | ) | 55,117,552 | 2,757,644 | — | – | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 377,411,860 | (14,253,711 | ) | 92,387,604 | (49,763,353 | ) | 51,688,517 | (2,205,834 | ) | 42,228 | 3,949,303 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (17,072,815 | ) | (17,777,259 | ) | (27,089,956 | ) | (20,813,547 | ) | (12,172,403 | ) | (36,956,013 | ) | (42,211 | ) | (3,947,837 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 3,595,220 | (89,568,587 | ) | 10,293,222 | (28,601,167 | ) | (34,812,316 | ) | (1,832,479 | ) | 158,683,720 | 20,016,091 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 363,934,265 | (121,599,557 | ) | 75,590,870 | (99,178,067 | ) | 4,703,798 | (40,994,326 | ) | 158,683,737 | 20,017,557 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 701,471,186 | 823,070,743 | 359,442,365 | 458,620,432 | 282,707,937 | 323,702,263 | 415,200,980 | 395,183,423 | ||||||||||||||||||||||||
End of period | $ | 1,065,405,451 | $ | 701,471,186 | $ | 435,033,235 | $ | 359,442,365 | $ | 287,411,735 | $ | 282,707,937 | $ | 573,884,717 | $ | 415,200,980 | ||||||||||||||||
See Notes to Financial Statements
293 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
GOVERNMENT SECURITIES FUND | GROWTH FUND | HIGH YIELD BOND FUND | INFLATION PROTECTED FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,569,479 | $ | 3,027,861 | $ | (1,541,558 | ) | $ | 2,029,655 | $ | 17,499,280 | $ | 26,110,996 | $ | 13,426,150 | $ | 13,398,808 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 299,545 | 234,572 | 299,292,831 | 208,062,507 | 7,146,298 | (9,795,262 | ) | 28,203,077 | 2,889,476 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (5,314,058 | ) | 8,643,191 | 175,298,239 | 98,551,716 | 11,122,667 | 8,797,920 | 20,981,380 | 18,002,918 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,445,034 | ) | 11,905,624 | 473,049,512 | 308,643,878 | 35,768,245 | 25,113,654 | 62,610,607 | 34,291,202 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (3,192,689 | ) | (3,464,038 | ) | (199,666,696 | ) | (121,995,009 | ) | (23,077,972 | ) | (35,881,009 | ) | (15,788,898 | ) | (16,140,417 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 253,465 | (3,475,349 | ) | (201,748,964 | ) | 122,864,010 | 47,190,646 | (107,881,248 | ) | (11,242,432 | ) | 45,882,284 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (5,384,258 | ) | 4,966,237 | 71,633,852 | 309,512,879 | 59,880,919 | (118,648,603 | ) | 35,579,277 | 64,033,069 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 148,338,215 | 143,371,978 | 1,358,693,487 | 1,049,180,608 | 538,715,809 | 657,364,412 | 764,606,839 | 700,573,770 | ||||||||||||||||||||||||
End of period | $ | 142,953,957 | $ | 148,338,215 | $ | 1,430,327,339 | $ | 1,358,693,487 | $ | 598,596,728 | $ | 538,715,809 | $ | 800,186,116 | $ | 764,606,839 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
294 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL OPPORTUNITIES FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 32,880,955 | $ | 22,343,146 | $ | 3,682,414 | $ | 4,221,126 | $ | (575,897) | $ | (128,229 | ) | $ | 1,214,349 | $ | 2,621,153 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 39,155,988 | (56,514,353 | ) | 6,780,923 | 2,202,989 | 68,994,635 | 237,766 | 89,499,725 | 44,253,770 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 419,398,775 | (12,960 | ) | 929,314 | 1,731,653 | 167,916,364 | 43,668,282 | 35,988,853 | 38,489,025 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 491,435,718 | (34,184,167 | ) | 11,392,651 | 8,155,768 | 236,335,102 | 43,777,819 | 126,702,927 | 85,363,948 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (29,695,084 | ) | (54,035,196 | ) | (7,263,492 | ) | (2,974,089 | ) | (2,222,153 | ) | (530,816 | ) | (51,993,903 | ) | (13,556,100 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 190,741,171 | 293,296,266 | 17,922,710 | (36,921,147 | ) | (52,971,566 | ) | (47,834,963 | ) | 41,830,804 | (37,580,434 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 652,481,805 | 205,076,903 | 22,051,869 | (31,739,468 | ) | 181,141,383 | (4,587,960 | ) | 116,539,828 | 34,227,414 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,246,804,398 | 1,041,727,495 | 171,444,083 | 203,183,551 | 461,774,108 | 466,362,068 | 610,424,469 | 576,197,055 | ||||||||||||||||||||||||
End of period | $ | 1,899,286,203 | $ | 1,246,804,398 | $ | 193,495,952 | $ | 171,444,083 | $ | 642,915,491 | $ | 461,774,108 | $ | 726,964,297 | $ | 610,424,469 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
295 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
INTERNATIONAL SOCIALLY RESPONSIBLE FUND | INTERNATIONAL VALUE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 6,782,864 | $ | 5,698,515 | $ | 13,570,068 | $ | 13,487,740 | $ | 1,443,006 | $ | 2,316,146 | $ | 43,154,743 | $ | 38,940,738 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 23,281,732 | 56,878,712 | 24,024,655 | (69,069,557 | ) | 79,205,666 | 55,418,774 | 295,292,564 | 90,453,329 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 84,297,216 | (69,666,052 | ) | 240,273,417 | (3,037,198 | ) | 111,224,449 | 23,050,451 | 1,106,743,043 | (183,709,038 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 114,361,812 | (7,088,825 | ) | 277,868,140 | (58,619,015 | ) | 191,873,121 | 80,785,371 | 1,445,190,350 | (54,314,971 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (73,142,754 | ) | (18,692,073 | ) | (11,649,172 | ) | (17,228,045 | ) | (59,984,517 | ) | (41,748,045 | ) | (142,083,444 | ) | (296,387,150 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 18,001,223 | (11,366,171 | ) | (132,079,947 | ) | (8,515,305 | ) | 6,324,933 | 8,291,452 | (172,581,561 | ) | 187,502,822 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 59,220,281 | (37,147,069 | ) | 134,139,021 | (84,362,365 | ) | 138,213,537 | 47,328,778 | 1,130,525,345 | (163,199,299 | ) | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 326,670,585 | 363,817,654 | 604,122,650 | 688,485,015 | 524,630,111 | 477,301,333 | 2,734,114,033 | 2,897,313,332 | ||||||||||||||||||||||||
End of period | $ | 385,890,866 | $ | 326,670,585 | $ | 738,261,671 | $ | 604,122,650 | $ | 662,843,648 | $ | 524,630,111 | $ | 3,864,639,378 | $ | 2,734,114,033 | ||||||||||||||||
See Notes to Financial Statements
296 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
MID CAP STRATEGIC GROWTH FUND | MID CAP VALUE FUND | MODERATE GROWTH LIFESTYLE FUND | NASDAQ-100® INDEX FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (563,265 | ) | $ | (88,202 | ) | $ | 1,968,547 | $ | 5,922,314 | $ | 19,462,959 | $ | 21,580,823 | $ | 1,896,892 | $ | 2,698,873 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 84,696,248 | 20,667,275 | 63,116,482 | (953,657 | ) | 74,851,097 | 30,367,188 | 79,502,508 | 58,963,135 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 52,074,768 | 16,186,881 | 252,882,164 | (27,616,644 | ) | 102,183,759 | 32,611,982 | 183,228,727 | 101,360,693 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 136,207,751 | 36,765,954 | 317,967,193 | (22,647,987 | ) | 196,497,815 | 84,559,993 | 264,628,127 | 163,022,701 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (20,252,897 | ) | (16,210,213 | ) | (9,455,991 | ) | (49,023,543 | ) | (55,134,723 | ) | (64,466,953 | ) | (66,572,910 | ) | (18,718,005 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 459,909,810 | (8,998,996 | ) | (91,801,695 | ) | 52,310,920 | 16,517,877 | 50,946,826 | 13,005,454 | (21,055,069 | ) | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 575,864,664 | 11,556,745 | 216,709,507 | (19,360,610 | ) | 157,880,969 | 71,039,866 | 211,060,671 | 123,249,627 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 314,844,685 | 303,287,940 | 724,099,584 | 743,460,194 | 1,014,351,172 | 943,311,306 | 622,518,840 | 499,269,213 | ||||||||||||||||||||||||
End of period | $ | 890,709,349 | $ | 314,844,685 | $ | 940,809,091 | $ | 724,099,584 | $ | 1,172,232,141 | $ | 1,014,351,172 | $ | 833,579,511 | $ | 622,518,840 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
297 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SCIENCE & TECHNOLOGY FUND | SMALL CAP GROWTH FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (12,576,068) | $ | 2,824,205 | $ | (1,746,523 | ) | $ | (1,121,524 | ) | $ | 7,262,907 | $ | 9,632,473 | $ | 1,298,535 | $ | 2,367,558 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 623,453,780 | 218,482,412 | 45,726,869 | 27,635,795 | 113,701,289 | 55,928,555 | 20,783,485 | (1,093,541 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 115,089,288 | 175,582,908 | 24,303,351 | 34,691,004 | 449,882,245 | (88,784,386 | ) | 94,384,968 | (23,302,140 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 725,967,000 | 396,889,525 | 68,283,697 | 61,205,275 | 570,846,441 | (23,223,358 | ) | 116,466,988 | (22,028,123 | ) | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (237,312,045 | ) | (167,892,734 | ) | (28,624,065 | ) | (23,166,804 | ) | (73,789,611 | ) | (140,525,121 | ) | (7,991,303 | ) | (21,290,802 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 995,467,391 | 1,252,545 | 577,058,389 | (19,883,009 | ) | 52,929,392 | 50,265,660 | (5,825,878 | ) | (3,147,232 | ) | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 1,484,122,346 | 230,249,336 | 616,718,021 | 18,155,462 | 549,986,222 | (113,482,819 | ) | 102,649,807 | (46,466,157 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,623,083,050 | 1,392,833,714 | 210,496,685 | 192,341,223 | 898,556,911 | 1,012,039,730 | 177,109,779 | 223,575,936 | ||||||||||||||||||||||||
End of period | $ | 3,107,205,396 | $ | 1,623,083,050 | $ | 827,214,706 | $ | 210,496,685 | $ | 1,448,543,133 | $ | 898,556,911 | $ | 279,759,586 | $ | 177,109,779 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
298 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SMALL CAP VALUE FUND | STOCK INDEX FUND | SYSTEMATIC CORE FUND | SYSTEMATIC VALUE FUND | |||||||||||||||||||||||||||||
For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2021 | For the Year Ended May 31, 2020 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,609,829 | $ | 2,942,834 | $ | 68,761,984 | $ | 93,349,452 | $ | 1,392,493 | $ | 1,051,419 | $ | 1,453,868 | $ | 815,174 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 43,580,318 | (13,937,045 | ) | 492,454,646 | 283,015,679 | 4,782,277 | 13,868,273 | 23,082,467 | 4,656,886 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 143,422,266 | (7,396,404 | ) | 1,256,148,764 | 187,950,002 | 49,608,616 | 2,379,254 | 13,255,813 | (6,083,372 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 188,612,413 | (18,390,615 | ) | 1,817,365,394 | 564,315,133 | 55,783,386 | 17,298,946 | 37,792,148 | (611,312 | ) | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (3,185,408 | ) | (13,323,759 | ) | (377,883,882 | ) | (402,859,884 | ) | (16,195,680 | ) | (14,147,413 | ) | (9,345,498 | ) | (6,042,555 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 14,210,858 | 17,792,516 | (229,618,808 | ) | 26,189,039 | 530,958,219 | 1,986,684 | 490,505,800 | (325,456 | ) | ||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 199,637,863 | (13,921,858 | ) | 1,209,862,704 | 187,644,288 | 570,545,925 | 5,138,217 | 518,952,450 | (6,979,323 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 302,120,012 | 316,041,870 | 4,825,189,863 | 4,637,545,575 | 122,639,231 | 117,501,014 | 44,232,930 | 51,212,253 | ||||||||||||||||||||||||
End of period | $ | 501,757,875 | $ | 302,120,012 | $ | 6,035,052,567 | $ | 4,825,189,863 | $ | 693,185,156 | $ | 122,639,231 | $ | 563,185,380 | $ | 44,232,930 | ||||||||||||||||
@ | See Note 1 |
See Notes to Financial Statements
299 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
U.S. SOCIALLY RESPONSIBLE FUND | ||||||||
For the Nine Months Ended May 31, 2021@ | For the Year Ended August 31, 2020 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 4,454,795 | $ | 8,521,501 | ||||
Net realized gain (loss) on investments and foreign currencies | 105,982,964 | 20,690,964 | ||||||
Net unrealized gain (loss) on investments and foreign currencies | 54,716,433 | 82,594,880 | ||||||
Net increase (decrease) in net assets resulting from operations | 165,154,192 | 111,807,345 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Distributable earnings | (30,375,406 | ) | (134,438,913 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (50,965,538 | ) | 48,286,997 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 83,813,248 | 25,655,429 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 745,439,702 | 719,784,273 | ||||||
End of period | $ | 829,252,950 | $ | 745,439,702 | ||||
@ | See Note 1 |
See Notes to Financial Statements
300 |
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS
AGGRESSIVE GROWTH LIFESTYLE FUND | CAPITAL APPRECIATION FUND | CONSERVATIVE GROWTH LIFESTYLE FUND | CORE BOND FUND | |||||||||||||
For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 9,005,521 | $ | 391,658 | $ | 6,664,782 | $ | 45,640,119 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 32,839,874 | 2,487,981 | 2,901,278 | 12,493,622 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (45,659,943 | ) | (3,423,426 | ) | 1,160,266 | 92,159,031 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (3,814,548 | ) | (543,787 | ) | 10,726,326 | 150,292,772 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Distributable earnings | (61,562,142 | ) | (26,547,942 | ) | (22,740,565 | ) | (36,081,103 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 35,716,300 | 20,475,333 | (2,342,303 | ) | 192,420,128 | |||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (29,660,390 | ) | (6,616,396 | ) | (14,356,542 | ) | 306,631,797 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 608,709,001 | 109,696,707 | 338,792,899 | 1,282,585,755 | ||||||||||||
End of period | $ | 579,048,611 | $ | 103,080,311 | $ | 324,436,357 | $ | 1,589,217,552 | ||||||||
See Notes to Financial Statements
301 |
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
HIGH YIELD BOND FUND | INTERNATIONAL OPPORTUNITIES FUND | MID CAP VALUE FUND | MODERATE GROWTH LIFESTYLE FUND | |||||||||||||
For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 31,897,325 | $ | 4,960,161 | $ | 5,556,166 | $ | 15,665,123 | ||||||||
Net realized gain (loss) on investments and foreign currencies | (3,687,817 | ) | 5,101,277 | 35,118,528 | 41,222,152 | |||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 11,460,683 | (75,002,115 | ) | (81,851,249 | ) | (42,101,179 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 39,670,191 | (64,940,677 | ) | (41,176,555 | ) | 14,786,096 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Distributable earnings | (29,483,669 | ) | (28,408,612 | ) | (142,088,963 | ) | (84,768,759 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 70,624,814 | (54,481,040 | ) | 10,441,435 | 48,686,494 | |||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 80,811,336 | (147,830,329 | ) | (172,824,083 | ) | (21,296,169 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 576,553,076 | 724,027,384 | 916,284,277 | 964,607,475 | ||||||||||||
End of period | $ | 657,364,412 | $ | 576,197,055 | $ | 743,460,194 | $ | 943,311,306 | ||||||||
See Notes to Financial Statements
302 |
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
SMALL CAP GROWTH FUND | SMALL CAP VALUE FUND | U.S. SOCIALLY RESPONSIBLE FUND | ||||||||||
For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | For the Year Ended August 31, 2019 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS OPERATIONS: | ||||||||||||
Net investment income (loss) | $ | (1,032,672 | ) | $ | 4,248,674 | $ | 8,690,921 | |||||
Net realized gain (loss) on investments and foreign currencies | 23,908,552 | 7,467,945 | 125,854,486 | |||||||||
Net unrealized gain (loss) on investments and foreign currencies | (35,001,546 | ) | (94,914,658 | ) | (105,358,614 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | (12,125,666 | ) | (83,198,039 | ) | 29,186,793 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||
Distributable earnings | (45,173,634 | ) | (58,976,644 | ) | (62,490,729 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 34,256,786 | (76,331,392 | ) | (36,029,931 | ) | |||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (23,042,514 | ) | (218,506,075 | ) | (69,333,867 | ) | ||||||
NET ASSETS: | ||||||||||||
Beginning of period | 215,383,737 | 534,547,945 | 789,118,140 | |||||||||
End of period | $ | 192,341,223 | $ | 316,041,870 | $ | 719,784,273 | ||||||
See Notes to Financial Statements
303 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
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 37 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:
Aggressive Growth Lifestyle Fund(1)(3) | International Opportunities Fund(3) | |
Asset Allocation Fund | International Socially Responsible Fund | |
Blue Chip Growth Fund | International Value Fund | |
Capital Appreciation Fund(3) | Large Capital Growth Fund | |
Conservative Growth Lifestyle Fund(1)(3) | Mid Cap Index Fund | |
Core Bond Fund(3) | Mid Cap Strategic Growth Fund | |
Dividend Value Fund | Mid Cap Value Fund(3) | |
Dynamic Allocation Fund(2) | Moderate Growth Lifestyle Fund(1)(3) | |
Emerging Economies Fund | Nasdaq-100® Index Fund | |
Global Real Estate Fund | Science & Technology Fund | |
Global Strategy Fund | Small Cap Growth Fund(3) | |
Government Money Market I Fund | Small Cap Index Fund | |
Government Securities Fund | Small Cap Special Values Fund | |
Growth Fund | Small Cap Value Fund(3) | |
High Yield Bond Fund(3) | Stock Index Fund | |
Inflation Protected Fund | Systematic Core Fund | |
International Equities Index Fund | Systematic Value Fund | |
International Government Bond Fund | U.S. Socially Responsible Fund(3) | |
International Growth Fund |
(1) | The Lifestyle Funds represent “Fund of Funds” which invest in VCI mutual funds. |
(2) | The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of VC I mutual 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”). |
(3) | Prior to May 24, 2021, the funds listed below operated as a series of VALIC Company II (the “Predecessor Funds”). The Predecessor Funds were reorganized on May 24, 2021 through the transfer of each of the Predecessor Fund’s assets and liabilities to a shell series of VCI (the Acquiring Fund). Shareholders of the Predecessor Funds received equivalent shares of the Acquiring Fund. Although the Acquiring Funds listed below commenced operations on May 24, 2021, they inherited the performance and financial history of the Predecessor Funds. The Predecessor Funds changed their fiscal year end from August 31st to May 31st. |
Fund |
Aggressive Growth Lifestyle Fund |
Capital Appreciation Fund |
Conservative Growth Lifestyle Fund |
Core Bond Fund |
High Yield Bond Fund |
International Opportunities Fund |
Mid Cap Value Fund |
Moderate Growth Lifestyle Fund |
Small Cap Growth Fund |
Small Cap Value Fund |
U.S. Socially Responsible Fund |
Each Fund is diversified with the exception of Growth Fund, International Government Bond Fund, Nasdaq-100® Index Fund and Science & Technology 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:
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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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of May 31, 2021, 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.
Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.
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
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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.
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 High Yield Bond Fund, International Opportunities Fund and 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, Small Cap Value Fund and U.S. Socially Responsible 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
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be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.
Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Options: During the period, the Dynamic Allocation Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased. The International Growth Fund used options to hedge against the decline in value of a currency.
An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.
Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.
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.
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Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of May 31, 2021, 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 period ended May 31, 2021. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2021, please refer to the Portfolio of Investments.
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Inflation Protected | 40,462 | 3,297,691 | — | — | 121,766 | — | — | — | ||||||||||||||||||||||||||||
Equity Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | 340 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Dynamic Allocation | 12,575 | — | 1,560,527 | — | 1,700 | — | — | — | ||||||||||||||||||||||||||||
Emerging Economies | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Growth | 680 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Equities Index | 431,680 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Socially Responsible | 53,580 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Mid Cap Index | 7,920 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Nasdaq-100® Index | 43,260 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Small Cap Index | — | — | — | — | 91,800 | — | — | — | ||||||||||||||||||||||||||||
Small Cap Value | — | — | — | — | 12,360 | — | — | — | ||||||||||||||||||||||||||||
Stock Index | 45,390 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
U.S. Socially Responsible | 11,390 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Global Strategy | — | — | — | 836,681 | — | — | — | 1,317,905 | ||||||||||||||||||||||||||||
High Yield Bond | — | — | — | — | | — | | — | — | | 38,667 | | ||||||||||||||||||||||||
Inflation Protected | — | — | — | 160,546 | — | — | — | 6,508,287 | ||||||||||||||||||||||||||||
International Growth | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Opportunities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Value | — | — | — | — | — | — | — | — |
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 |
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(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 | $ | 2,273 | ||
Dynamic Allocation | 2,974 | |||
Emerging Economies | — | |||
Growth | 50,043 | |||
Inflation Protected | 16,061 | |||
International Equities Index | 12,281,913 | |||
International Socially Responsible | 1,028,638 | |||
Mid Cap Index | 165,976 | |||
Nasdaq-100® Index | 459,368 | |||
Small Cap Index | (1,423,401 | ) | ||
Small Cap Value | 272,241 | |||
Stock Index | 1,366,753 | |||
U.S. Socially Responsible | 217,673 |
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 | $ | (112,304 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Inflation Protected | 3,744,952 | 124,246 | — | — | — | |||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | 533,575 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | (3,385,514 | ) | — | — | (7,168,056 | ) | — | |||||||||||||
Emerging Economies | 446,023 | — | — | — | — | |||||||||||||||
Growth | 283,917 | — | — | — | — | |||||||||||||||
International Equities Index | 39,046,381 | — | — | — | — | |||||||||||||||
International Socially Responsible | 8,386,993 | — | — | — | — | |||||||||||||||
Mid Cap Index | 15,606,258 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | 18,012,331 | — | — | — | — | |||||||||||||||
Small Cap Index | 50,023,025 | — | — | — | — | |||||||||||||||
Small Cap Value | 1,532,485 | — | — | — | — | |||||||||||||||
Stock Index | 26,985,433 | — | — | — | — | |||||||||||||||
U.S. Socially Responsible | 5,242,929 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | 366,898 | ||||||||||
Global Strategy | — | — | — | — | (6,736,832 | ) | ||||||||||||||
High Yield Bond | — | — | — | — | (401,905 | ) | ||||||||||||||
Inflation Protected | — | — | — | — | (16,563,736 | ) | ||||||||||||||
International Growth | — | — | — | (952,686 | ) | — | ||||||||||||||
International Opportunities | — | — | — | — | 3,624 | |||||||||||||||
International Value | — | — | — | — | (1,702,957 | ) | ||||||||||||||
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 | $ | 113,008 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Inflation Protected | 16,061 | 3,297,691 | — | — | — |
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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) | |||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | 87,362 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 447,379 | — | — | 427,447 | — | |||||||||||||||
Emerging Economies | — | — | — | — | — | |||||||||||||||
Growth | (40,951 | ) | — | — | — | — | ||||||||||||||
International Equities Index | 7,832,550 | — | — | — | — | |||||||||||||||
International Socially Responsible | (3,591,378 | ) | — | — | — | — | ||||||||||||||
Mid Cap Index | (2,769,768 | ) | — | — | — | — | ||||||||||||||
Nasdaq-100® Index | (3,919,620 | ) | — | — | — | — | ||||||||||||||
Small Cap Index | (8,393,240 | ) | — | — | — | — | ||||||||||||||
Small Cap Value | 225,316 | — | — | — | — | |||||||||||||||
Stock Index | (4,221,218 | ) | — | — | — | — | ||||||||||||||
U.S. Socially Responsible | (486,458 | ) | — | — | — | — | ||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | 359,758 | ||||||||||
Global Strategy | — | — | — | — | (767,778 | ) | ||||||||||||||
High Yield Bond | — | — | — | — | 63,007 | |||||||||||||||
Inflation Protected | — | — | — | — | (6,347,741 | ) | ||||||||||||||
International Growth | — | — | — | 784,774 | — | |||||||||||||||
International Opportunities | — | — | — | — | — | |||||||||||||||
International Value | — | — | — | — | (333,546 | ) |
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 period ended May 31, 2021.
Average Amount Outstanding During the Period | ||||||||||||||||||||||||
Futures Contracts(2) | Foreign Forward Exchange Contracts(2) | Purchased Call Options Contracts(1) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(2) | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
Asset Allocation | $ | 13,856,118 | $ | 32,357,568 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Dynamic Allocation | 15,916,025 | — | — | 1,790,995 | — | — | ||||||||||||||||||
Emerging Economies | 1,653,731 | — | — | — | — | — | ||||||||||||||||||
Global Strategy | — | 117,276,601 | — | — | — | — | ||||||||||||||||||
Growth | 728,332 | — | — | — | — | — | ||||||||||||||||||
High Yield Bond | — | 13,796,170 | — | — | — | — | ||||||||||||||||||
Inflation Protected | 87,230,623 | 207,837,892 | — | — | — | 68,250,000 | ||||||||||||||||||
International Equities Index | 159,986,320 | — | — | — | — | — | ||||||||||||||||||
International Growth | — | — | 834 | — | — | — | ||||||||||||||||||
International Opportunities | — | 115,258 | — | — | — | — | ||||||||||||||||||
International Socially Responsible | 15,886,366 | — | — | — | — | — | ||||||||||||||||||
International Value | — | 21,934,360 | — | — | — | — | ||||||||||||||||||
Mid Cap Index | 41,454,099 | — | — | — | — | — | ||||||||||||||||||
Nasdaq-100® Index | 33,683,738 | — | — | — | — | — | ||||||||||||||||||
Small Cap Index | 80,812,745 | — | — | — | — | — | ||||||||||||||||||
Small Cap Value | 9,203,784 | — | — | — | — | — | ||||||||||||||||||
Stock Index | 61,772,168 | — | — | — | — | — | ||||||||||||||||||
U.S. Socially Responsible | 16,145,954 | — | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2021. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2021, 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.
Dynamic Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | Derivative Liabilities(1) | |||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received)(2) | Net Amount(3) | |||||||||||||||||||||||||||||||||||
Citibank,N.A. | $— | $ | — | $ | 599,004 | $ | 599,004 | $ | — | $ | — | $ | — | $ | — | $ | 599,004 | $ | (599,004 | ) | $ | — | ||||||||||||||||||||||||
Goldman Sachs International | — | — | 203,162 | 203,162 | — | — | — | — | 203,162 | (203,162 | ) | — | ||||||||||||||||||||||||||||||||||
JP Morgan Chase Bank, N.A. | — | — | 61,493 | 61,493 | — | — | — | — | 61,493 | (61,493 | ) | — | ||||||||||||||||||||||||||||||||||
UBS AG | — | — | 696,868 | 696,868 | — | — | — | — | 696,868 | (670,500 | ) | 26,368 | ||||||||||||||||||||||||||||||||||
Total | $— | $ | — | $1,560,527 | $ | 1,560,527 | $ | — | $ | — | $ | — | $ | — | $ | 1,560,527 | $ | (1,534,159 | ) | $ | 26,368 | |||||||||||||||||||||||||
(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. | $ | 87,677 | $ | — | $ | — | $ | 87,677 | $ | 11,429 | $ | — | $ | — | $ | 11,429 | $ | 76,248 | $ | — | $ | 76,248 | ||||||||||||||||||||||||||
Citibank N.A. | 139,322 | — | — | 139,322 | 588,383 | — | — | 588,383 | (449,061 | ) | 440,000 | (9,061 | ) | |||||||||||||||||||||||||||||||||||
Deutsch Bank AG | 163,832 | — | — | 163,832 | 22,647 | — | — | 22,647 | 141,185 | — | 141,185 | |||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 6,757 | — | — | 6,757 | 25,479 | — | — | 25,479 | (18,722 | ) | — | (18,722 | ) | |||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 295,928 | — | — | 295,928 | 260,678 | — | — | 260,678 | 35,250 | — | 35,250 | |||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 137,638 | — | — | 137,638 | 346,932 | — | — | 346,932 | (209,294 | ) | 190,000 | (19,294 | ) | |||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 318 | — | — | 318 | — | — | — | — | 318 | — | 318 | |||||||||||||||||||||||||||||||||||||
Standard Chartered Bank | — | — | — | — | 45,439 | — | — | 45,439 | (45,439 | ) | — | (45,439 | ) | |||||||||||||||||||||||||||||||||||
UBS AG | 5,209 | — | — | 5,209 | 16,918 | — | — | 16,918 | (11,709 | ) | — | (11,709 | ) | |||||||||||||||||||||||||||||||||||
Total | $836,681 | $ | — | $— | $ | 836,681 | $ | 1,317,905 | $ | — | $ | — | $ | 1,317,905 | $ | (481,224 | ) | $ | 630,000 | $ | 148,776 | |||||||||||||||||||||||||||
(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. |
High Yield Bond 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) | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | $ | — | $ | — | $ | — | $ | — | $ | 38,667 | $ | — | $ | — | $ | 38,667 | $ | (38,667 | ) | $ | — | $ | (38,667 | ) | ||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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NOTES TO FINANCIAL STATEMENTS — (continued)
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) | |||||||||||||||||||||||||||||||||||||
Barclays Bank PLC | $ | — | $ | 3,297,691 | $ | — | $ | 3,297,691 | $ | — | $ | — | $ | — | $ | — | $ | 3,297,691 | $ | (3,260,000 | ) | $ | 37,691 | |||||||||||||||||||||||||
Barclays Bank Plc Wholesale | 111,304 | — | — | 111,304 | — | — | — | 111,304 | — | 111,304 | ||||||||||||||||||||||||||||||||||||||
BNP Paribas SA | — | — | — | — | 509,991 | — | — | 509,991 | (509,991 | ) | — | (509,991 | ) | |||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A | — | — | — | — | 2,339 | — | — | 2,339 | (2,339 | ) | — | (2,339 | ) | |||||||||||||||||||||||||||||||||||
Morgan Stanley and Co. International Plc | — | — | — | — | 5,848,319 | — | — | 5,848,319 | (5,848,319 | ) | — | (5,848,319 | ) | |||||||||||||||||||||||||||||||||||
Toronto Dominion Bank | 49,242 | — | — | 49,242 | 147,638 | — | — | 147,638 | (98,396 | ) | — | (98,396 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 160,546 | $ | 3,297,691 | $ | — | $ | 3,458,237 | $ | 6,508,287 | $ | — | $ | — | $ | 6,508,287 | $ | (3,050,050 | ) | $ | (3,260,000 | ) | $ | (6,310,050 | ) | |||||||||||||||||||||||
(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-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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.
The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.
Investment Securities Loaned: To realize additional income, each Fund, except for the Dynamic Allocation Fund and the Government Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
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 Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund and Moderate Growth Lifestyle 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 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. On March 5, 2021, the FCA and LIBOR’s administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Fund or its investments.
Regulators and market participants are working together to identify or develop successor Reference Rates. 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, and these changes 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 net asset value.
Recent Accounting and Regulatory Developments
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.
In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides, optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and IBORbased reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is evaluating the potential impact of ASU 2020-04 to the financial statements.
On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective on March 8, 2021 and has a compliance date of September 8, 2022 (eighteen months following the effective date). Management is currently evaluating the Rule and its impact to 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 | ||
Systematic Core Fund(1) | 0.75% on the first $500 million | |
0.725% on assets over $500 million |
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Science & Technology Fund | 0.90% on first $500 million | |
0.85% on assets over $500 million | ||
Inflation Protected Fund(2) | 0.50% on the first $250 million | |
0.45% on the next $250 million | ||
0.40% on assets over $500 million | ||
International Growth Fund(3) | 0.95% on the first $250 million | |
0.90% on the next $250 million | ||
0.85% on the next $500 million | ||
0.80% on assets over $1 billion | ||
Large Capital Growth Fund | 0.64% on the first $750 million | |
0.59% on assets over $750 million | ||
Mid Cap Strategic Growth Fund | 0.70% on the first $250 million | |
0.65% on the next $250 million | ||
0.60% on assets over $500 million | ||
Asset Allocation Fund(4) | 0.50% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million | ||
International Socially Responsible Fund | 0.50% on first $500 million | |
0.475% on next $500 million | ||
0.45% on assets over $1 billion | ||
Global Strategy Fund(5) | 0.50% on the first $500 million | |
0.46% on assets over $500 million | ||
Government Securities Fund | 0.50% on the first $250 million | |
International Government Bond Fund | 0.45% on the next $250 million | |
0.40% on the next $500 million | ||
0.35% on assets over $1 billion | ||
Government Money Market I Fund | 0.40% | |
Nasdaq-100® Index Fund | 0.40% on the first $250 million | |
0.38% on the next $250 million | ||
0.36% on assets over $500 million | ||
Dividend Value Fund(6) | 0.75% on the first $250 million | |
0.72% on the next $250 million | ||
0.67% on the next $500 million | ||
0.62% on assets over $1 billion | ||
Systematic Value Fund(7) | 0.70% on the first $250 million | |
0.65% on the next $250 million | ||
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
International Value Fund(8) | 0.73% on the first $250 million | |
0.68% on the next $250 million | ||
0.63% on the next $500 million | ||
0.58% on assets over $1 billion | ||
Emerging Economies Fund | 0.81% on the first $250 million | |
0.76% on the next $250 million | ||
0.71% on the next $500 million | ||
0.66% on assets over $1 billion | ||
Small Cap Special Values Fund | 0.75% on the first $500 million | |
0.70% on assets over $500 million | ||
Growth Fund(9) | 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 |
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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(10) | 0.25% on the first $1 billion | |
0.22% on the next $1 billion | ||
0.20% on assets over $2 billion | ||
Aggressive Growth Lifestyle Fund | 0.10% | |
Conservative Growth Lifestyle Fund | ||
Moderate Growth Lifestyle Fund | ||
Capital Appreciation Fund | 0.55% on first $1 billion | |
0.525% on assets over $1 billion | ||
Core Bond Fund | 0.50% on the first $200 million | |
0.45% on the next $300 million | ||
0.40% on assets over $500 million | ||
High Yield Bond Fund | 0.65% on the first $150 million | |
0.60% on the next $350 million | ||
0.55% on assets over $500 million | ||
International Opportunities Fund | 0.90% on the first $100 million | |
0.80% on the next $650 million | ||
0.75% on assets over $750 million | ||
Mid Cap Value Fund | 0.75% on the first $100 million | |
0.725% on the next $150 million | ||
0.70% on the next $250 million | ||
0.675% on the next $250 million | ||
0.65% on assets over $750 million | ||
Small Cap Growth Fund(11) | 0.85% on the first $100 million | |
0.80% on assets over $100 million | ||
Small Cap Value Fund | 0.75% on the first $50 million | |
0.65% on assets over $50 million | ||
U.S. Socially Responsible Fund | 0.25% on the first $1 billion | |
0.24% on assets over $1 billion |
(1) | 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. |
(2) | 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. |
(3) | Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter. |
(4) | Pursuant to an Advisory Fee Waiver Agreement effective January 11, 2021, VALIC has contractually agreed to waive the Asset Allocation Fund’s advisory fees in order that such fees equal: 0.45% on the first $300 million of the Fund’s average monthly net assets, 0.425% on the next $200 million of the Fund’s average monthly net assets and 0.40% on average monthly net assets over $500 million. |
(5) | 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. |
(6) | 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. |
(7) | 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. |
(8) | Pursuant to an Advisory Fee Wavier Agreement, VALIC has agreed to waive International Value Fund’s advisory fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion. |
(9) | 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. |
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NOTES TO FINANCIAL STATEMENTS — (continued)
(10) | 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. |
(11) | Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Small Cap Growth Fund’s advisory fees in order that such fees equal: 0.82% of the Fund’s average daily net assets on Fund’s first $100 million and 0.77% of the Fund’s net average daily net assets when the Fund’s assets exceed $100 million. |
For the period ended May 31, 2021, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Asset Allocation | $ | 29,254 | ||
Dividend Value | 1,121,469 | |||
Dynamic Allocation | 3,290 | |||
Global Strategy | 58,321 | |||
Growth | 2,444,308 | |||
Inflation Protected | 174,159 | |||
International Growth | 1,130,519 | |||
International Value | 486,455 | |||
Small Cap Growth | 62,573 | |||
Systematic Core | 456,528 | |||
Systematic Value | 314,133 |
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 a portion of the Growth Fund and a portion of the Dividend Value Fund.
BMO Asset Management Corp. (“BMO AM”)—subadviser for the Capital Appreciation Fund.
Boston Partners Global Investors, Inc. d/b/a Boston Partners (“Boston Partners”)—subadviser for a portion of the Mid Cap Value Fund.
Delaware Investments Fund Advisers (“DIFA”)—subadviser for a portion of the International Opportunities Fund.
Franklin Advisers, Inc.—subadviser for the Global Strategy Fund.
Goldman Sachs Asset Management, L.P.—subadviser for the 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 Asset Allocation Fund, Emerging Economies Fund, Government Securities Fund, Small Cap Value Fund and a portion of the Small Cap Growth Fund.
Janus Capital Management LLC—subadviser for a portion of the Mid Cap Strategic Growth Fund.
Massachusetts Financial Services Company (“MFS”)—subadviser for the Large Capital Growth Fund and a portion of the International Opportunities Fund.
Morgan Stanley Investment Management, Inc. (“MSIM”)—subadviser for the International Growth Fund.
PineBridge Investments, LLC (“PineBridge”)—subadviser for the Core Bond Fund, International Government Bond Fund, Aggressive, Moderate and Conservative Growth Lifestyle Funds.
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, U.S. Socially Responsible 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, a portion of the Science & Technology Fund and a portion of the Small Cap Growth Fund.
Wellington Management Company LLP (“Wellington Management”)***—subadviser for the High Yield Bond Fund, Inflation Protected Fund, Systematic Value Fund, a portion of the Mid Cap 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 January 11, 2021, JPMIM replaced PineBridge as subadviser for the Asset Allocation Fund. |
** | Effective May 24, 2021, T. Rowe Price Associates, Inc. became subadviser for a portion of the Small Cap Growth 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 all funds except the Predecessor Funds, Systematic Core Fund and Government Money Market I Fund. For those funds, the expense limitation agreement is in effect until September 30, 2022. 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 or 2022, as applicable, 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”).
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Maximum Expense Limitation | |||
Aggressive Growth Lifestyle* | 0.09 | % | ||
Blue Chip Growth | 0.85 | % | ||
Capital Appreciation* | 0.60 | % | ||
Conservative Growth Lifestyle* | 0.13 | % | ||
Core Bond* | 0.52 | % | ||
Dynamic Allocation | 0.32 | % | ||
Government Money Market I* | 0.30 | % | ||
High Yield Bond* | 0.68 | % | ||
International Opportunities* | 0.95 | % | ||
Mid Cap Value* | 0.80 | % | ||
Moderate Growth Lifestyle* | 0.13 | % | ||
Nasdaq-100® Index | 0.53 | % | ||
Small Cap Growth*. . . . . | 0.88 | % | ||
Small Cap Value* | 0.77 | % | ||
Stock Index | 0.29 | % | ||
Systematic Core | 0.85 | % |
* | Prior to May 24, 2021, the maximum expense limitation for the following funds was as follows: |
Fund | Maximum Expense Limitation | |||
Aggressive Growth Lifestyle | 0.10 | % | ||
Capital Appreciation | 0.85 | % | ||
Conservative Growth Lifestyle | 0.10 | % | ||
Core Bond | 0.77 | % | ||
Government Money Market I | 0.55 | % | ||
High Yield Bond | 0.93 | % | ||
International Opportunities | 1.20 | % | ||
Mid Cap Value | 1.05 | % | ||
Moderate Growth Lifestyle | 0.10 | % | ||
Small Cap Growth | 1.13 | % | ||
Small Cap Value | 1.02 | % |
For the period ended May 31, 2021, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Aggressive Growth Lifestyle | $ | 196,649 | ||
Capital Appreciation | 144,719 | |||
Conservative Growth Lifestyle | 135,871 | |||
Core Bond | 107,285 | |||
Dynamic Allocation | 25,800 | |||
High Yield Bond | 185,654 | |||
International Opportunities | 191,981 | |||
Mid Cap Value | 100,360 | |||
Moderate Growth Lifestyle | 260,851 | |||
Small Cap Growth | 101,011 | |||
Small Cap Value | 154,439 | |||
Stock Index | 1,596,320 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the year ended May 31, 2021, VALIC voluntarily reimbursed $2,002,053 of expenses for the Government Money Market I Fund.
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NOTES TO FINANCIAL STATEMENTS — (continued)
Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended May 31, 2021, the amount was recouped by VALIC for the Dynamic Allocation Fund was $16,285.
At May 31, 2021, 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, 2022 | May 31, 2023 | ||||||
Dynamic Allocation | $ | 11,738 | $ | 25,800 |
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, and the Lifestyle Funds 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 period ended May 31, 2021, 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 an annual fee of $132,510, which is allocated to each Fund in the Series 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 period ended May 31, 2021, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.
Prior to May 24, 2021, each of the Predecessor Funds other than the Lifestyle Funds, entered into a Shareholder Services Agreement with VALIC. Under the agreement, VALIC provided record keeping, account maintenance, and other administrative and shareholder services for contract owners and participants. VALIC received from each Predecessor Fund, other than the Lifestyle Funds, an annual fee of 0.25% based on average daily net assets of the Predecessor Fund. The shareholder service fee was discontinued when the Predecessor Funds’ assets and liabilities were transferred to a shell series of VCI. For the period ended May 31, 2021, VALIC earned fees as reflected in the Statements 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 period ended May 31, 2021, certain Directors of VC I have deferred $31,987 of director compensation.
@ | The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component. |
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NOTES TO FINANCIAL STATEMENTS — (continued)
At May 31, 2021, 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 I Aggressive Growth Lifestyle | VC I Conservative Growth Lifestyle | VC I Moderate Growth Lifestyle | |||||||||||||||||||||
Aggressive Growth Lifestyle | — | % | — | % | 100.00 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Asset Allocation | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Blue Chip Growth | 0.01 | — | 99.25 | 0.74 | 0.00 | — | 0.00 | |||||||||||||||||||||
Capital Appreciation | — | — | 38.90 | 4.29 | 21.92 | 5.89 | 29.00 | |||||||||||||||||||||
Conservative Growth Lifestyle | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Core Bond | 0.02 | 0.00 | 86.04 | 0.89 | 1.33 | 4.52 | 7.20 | |||||||||||||||||||||
Dividend Value | — | — | 90.16 | 0.60 | 3.04 | 1.22 | 4.98 | |||||||||||||||||||||
Dynamic Allocation | 4.06 | — | 95.94 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.05 | 0.01 | 89.95 | 0.13 | 4.25 | 1.04 | 4.57 | |||||||||||||||||||||
Global Real Estate | — | — | 86.28 | 0.29 | 5.28 | 2.21 | 5.94 | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 3.13 | 0.00 | 87.76 | — | 2.50 | 1.36 | 5.25 | |||||||||||||||||||||
Government Securities | 0.38 | — | 80.14 | 5.98 | 1.47 | 5.59 | 6.44 | |||||||||||||||||||||
Growth | — | — | 99.46 | 0.54 | — | — | — | |||||||||||||||||||||
High Yield Bond | 0.01 | — | 87.53 | 0.26 | 2.51 | 4.28 | 5.41 | |||||||||||||||||||||
Inflation Protected | — | — | 84.48 | 0.29 | 4.32 | 2.97 | 7.94 | |||||||||||||||||||||
International Equities Index | 2.74 | 0.02 | 89.75 | 0.29 | 2.99 | 0.86 | 3.35 | |||||||||||||||||||||
International Government Bond | — | — | 68.47 | 0.39 | 6.93 | 8.29 | 15.92 | |||||||||||||||||||||
International Growth | — | — | 95.03 | 0.86 | 2.30 | 0.37 | 1.44 | |||||||||||||||||||||
International Opportunities | — | — | 86.93 | 0.01 | 5.57 | 1.93 | 5.56 | |||||||||||||||||||||
International Socially Responsible | 0.30 | — | 99.49 | 0.21 | — | — | — | |||||||||||||||||||||
International Value | 0.03 | — | 90.83 | 0.71 | 3.94 | 0.90 | 3.59 | |||||||||||||||||||||
Large Capital Growth | — | — | 91.89 | 0.94 | 2.22 | 0.37 | 4.58 | |||||||||||||||||||||
Mid Cap Index | 0.68 | 0.04 | 97.46 | 0.08 | 0.67 | 0.19 | 0.88 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 92.37 | 0.21 | 2.85 | 0.76 | 3.81 | |||||||||||||||||||||
Mid Cap Value | 0.26 | — | 86.69 | 0.23 | 4.59 | 1.42 | 6.81 | |||||||||||||||||||||
Moderate Growth Lifestyle | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Nasdaq-100® Index | 1.93 | 0.06 | 94.34 | — | 0.76 | 0.27 | 2.64 | |||||||||||||||||||||
Science & Technology | 0.40 | 0.00 | 98.24 | — | 0.68 | 0.20 | 0.48 | |||||||||||||||||||||
Small Cap Growth | — | — | 97.20 | 0.12 | 1.06 | 0.28 | 1.34 | |||||||||||||||||||||
Small Cap Index | 1.85 | 0.11 | 95.10 | 0.08 | 1.27 | 0.27 | 1.32 | |||||||||||||||||||||
Small Cap Special Values | — | — | 89.63 | 0.46 | 3.82 | 1.37 | 4.72 | |||||||||||||||||||||
Small Cap Value | — | — | 93.71 | 0.09 | 3.00 | 0.40 | 2.80 | |||||||||||||||||||||
Stock Index | 2.49 | 0.04 | 92.04 | 0.39 | 1.03 | 0.11 | 1.80 | |||||||||||||||||||||
Systematic Core | 0.48 | — | 92.93 | 1.73 | 2.09 | 0.57 | 2.20 | |||||||||||||||||||||
Systematic Value | — | — | 63.23 | 3.70 | 12.14 | 3.08 | 17.85 | |||||||||||||||||||||
U.S. Socially Responsible | 0.02 | — | 99.78 | 0.20 | — | — | — |
The VC I Dynamic Allocation Fund and the VC I 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 I Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
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NOTES TO FINANCIAL STATEMENTS — (continued)
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I Funds and securities issued by AIG or an affiliate thereof. During the period ended May 31, 2021, transactions in these securities were as follows:
Aggressive Growth Lifestyle Fund
Security | Income | Capital Gain Distribution Received | Value at 08/31/2020 | Cost of Purchases† | Proceeds from Sales | Realized Gain/(Loss) | Value at Merger Date | Change in Unrealized Gain/(Loss) | Value at 05/31/2021 | |||||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | — | $ | 1,199 | $ | 12,299 | $ | 1,199 | $ | — | $ | — | $ | — | $ | (75 | ) | $ | 13,423 | |||||||||||||||||
VALIC Co. I Capital Appreciation Fund | 27,885 | 607,731 | 25,948,620 | 635,615 | — | — | — | 4,285,903 | 30,870,138 | |||||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 137,338 | 72,695 | 5,000,770 | 2,136,255 | 4,199,960 | 292,174 | (2,672,335 | ) | (556,904 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Core Bond Fund | 208,833 | 226,499 | 13,086,407 | 13,923,056 | 18,109,287 | 454,390 | 28,601,749 | (718,215 | ) | 37,238,100 | ||||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 1,112,969 | 1,437,863 | 39,574,288 | 7,399,738 | 16,233,120 | (555,871 | ) | — | 11,210,127 | 41,395,162 | ||||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 725,744 | — | 21,713,054 | 15,169,038 | — | — | — | 7,980,246 | 44,862,338 | |||||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 882,462 | 659,835 | 19,468,392 | 1,542,297 | — | — | — | 2,014,185 | 23,024,874 | |||||||||||||||||||||||||||
VALIC Co. I Government Money Market I Fund | 207 | — | 253,686 | 15,488,764 | 1,421,061 | — | — | — | 14,321,389 | |||||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 47,302 | — | 2,736,338 | 946,205 | 1,485,655 | 150,413 | — | (252,084 | ) | 2,095,217 | ||||||||||||||||||||||||||
VALIC Co. I High Yield Bond Fund | 577,538 | — | 17,153,504 | 577,539 | 3,229,685 | 116,162 | — | 382,161 | 14,999,681 | |||||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 493,802 | 167,564 | 34,132,728 | 661,366 | — | — | — | (240,991 | ) | 34,553,103 | ||||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 696,066 | 223,301 | 37,898,432 | 17,123,427 | 7,250,418 | 224,542 | — | 9,200,227 | 57,196,210 | |||||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 328,884 | 218,460 | 16,491,391 | 547,344 | 3,158,777 | 271,099 | — | (750,042 | ) | 13,401,015 | ||||||||||||||||||||||||||
VALIC Co. I International Growth Fund | — | 50,222 | 11,589,734 | 50,223 | — | — | — | 3,171,907 | 14,811,864 | |||||||||||||||||||||||||||
VALIC Co. I International Opportunities Fund | 181,148 | 2,678,075 | 27,751,474 | 8,945,382 | — | — | — | 3,912,690 | 40,609,546 | |||||||||||||||||||||||||||
VALIC Co. I International Value Fund | 433,326 | — | 22,626,059 | 433,326 | — | — | — | 6,078,876 | 29,138,261 | |||||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 159,986 | 5,485,550 | 11,678,348 | 5,645,536 | — | — | (14,469,011 | ) | (2,854,873 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 50,995 | 1,265,190 | 12,266,661 | 1,316,184 | — | — | — | 1,166,380 | 14,749,225 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 239,078 | 655,160 | 24,989,678 | 4,042,985 | 10,552,003 | (582,842 | ) | — | 8,016,632 | 25,914,450 | ||||||||||||||||||||||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 9,957 | 634,020 | 10,572,500 | 643,977 | — | — | 11,889,463 | 2,264,666 | 25,370,606 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Value Fund | 247,017 | 183,174 | 31,056,403 | 430,192 | 2,154,646 | 99,180 | — | 13,700,475 | 43,131,604 | |||||||||||||||||||||||||||
VALIC Co. I Nasdaq-100® Index Fund | 8,750 | 216,072 | 8,554,193 | 3,815,899 | 6,046,114 | 1,686,313 | — | (1,661,897 | ) | 6,348,394 | ||||||||||||||||||||||||||
VALIC Co. I Science & Technology Fund | 9,268 | 2,241,148 | 23,610,360 | 2,250,415 | 6,046,114 | 932,941 | — | 543,373 | 21,290,975 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Growth Fund | — | 939,060 | 7,017,945 | 939,060 | — | — | — | 854,718 | 8,811,723 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Index Fund | 109,466 | 620,110 | 16,145,359 | 5,682,475 | 7,791,298 | 587,705 | — | 3,751,407 | 18,375,648 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Special Values Fund | 121,869 | 224,911 | 6,996,429 | 1,297,102 | 1,580,074 | 63,872 | — | 3,902,172 | 10,679,501 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Value Fund | 95,074 | — | 9,411,936 | 1,579,216 | 2,872,861 | 46,751 | — | 6,861,969 | 15,027,011 | |||||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 902,737 | 2,809,586 | 65,528,961 | 14,515,281 | 25,579,370 | 2,205,106 | — | 5,176,998 | 61,846,976 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Core Fund | — | — | — | — | — | — | 14,469,011 | 77,241 | 14,546,252 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | — | — | — | — | — | — | 65,313,340 | 3,009,430 | 68,322,770 | |||||||||||||||||||||||||||
VALIC Co. I Value Fund | 412,928 | 5,654,546 | 14,127,519 | 6,067,474 | — | — | (18,282,611 | ) | (1,912,382 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 742,776 | 10,372,634 | 34,424,450 | 11,115,411 | — | — | (47,030,729 | ) | 1,490,868 | — | ||||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | — | 4,631,846 | 8,985,023 | 4,631,845 | — | — | (11,889,463 | ) | (1,727,405 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 1,447,471 | 147,224 | 31,743,048 | 10,863,209 | 16,274,819 | 815,364 | (25,929,414 | ) | (1,217,388 | ) | — | |||||||||||||||||||||||||
$ | 10,410,876 | $ | 42,423,675 | $ | 612,545,989 | $ | 160,417,035 | $ | 133,985,262 | $ | 6,807,299 | $ | — | $ | 87,160,395 | $ | 732,945,456 | |||||||||||||||||||
† | Includes reinvestment of distributions paid. |
321 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Conservative Growth Lifestyle Fund
Security | Income | Capital Gain Distribution Received | Value at 08/31/2020 | Cost of Purchases† | Proceeds from Sales | Realized Gain/(Loss) | Value at Merger Date | Change in Unrealized Gain/(Loss) | Value at 05/31/2021 | |||||||||||||||||||||||||||
VALIC Co. I Capital Appreciation Fund | $ | 7,493 | $ | 163,313 | $ | 6,973,066 | $ | 170,806 | $ | — | $ | — | $ | — | $ | 1,151,734 | $ | 8,295,606 | ||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 625,812 | 345,794 | 16,175,501 | 2,017,737 | 989,385 | 38,592 | (16,010,611 | ) | (1,231,834 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Core Bond Fund | 1,531,150 | 1,660,677 | 54,300,125 | 17,243,302 | 3,491,264 | 366,312 | 61,755,421 | (3,308,034 | ) | 126,865,862 | ||||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 376,239 | 486,070 | 12,988,253 | 2,888,844 | 2,931,512 | 137,983 | — | 3,623,240 | 16,706,808 | |||||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 177,654 | — | 6,149,394 | 2,733,811 | — | — | — | 2,098,563 | 10,981,768 | |||||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 369,959 | 276,626 | 8,161,824 | 646,585 | — | — | — | 844,415 | 9,652,824 | |||||||||||||||||||||||||||
VALIC Co. I Government Money Market I Fund | 177 | — | 702,202 | 7,073,053 | — | — | — | — | 7,775,255 | |||||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 180,514 | — | 7,702,750 | 668,710 | — | — | — | (375,689 | ) | 7,995,771 | ||||||||||||||||||||||||||
VALIC Co. I High Yield Bond Fund | 986,363 | — | 25,671,217 | 986,363 | 1,750,538 | (21,566 | ) | — | 732,106 | 25,617,582 | ||||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 339,501 | 115,204 | 23,467,073 | 454,705 | — | — | — | (165,686 | ) | 23,756,092 | ||||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 195,250 | 62,637 | 12,841,805 | 1,437,763 | 794,548 | (55,998 | ) | — | 2,996,958 | 16,425,980 | ||||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 374,603 | 248,829 | 16,636,537 | 623,431 | 622,946 | 32,681 | — | (634,318 | ) | 16,035,385 | ||||||||||||||||||||||||||
VALIC Co. I International Growth Fund | — | 8,005 | 1,847,300 | 8,004 | — | — | — | 505,575 | 2,360,879 | |||||||||||||||||||||||||||
VALIC Co. I International Opportunities Fund | 62,614 | 925,683 | 11,674,963 | 988,298 | — | — | — | 1,373,527 | 14,036,788 | |||||||||||||||||||||||||||
VALIC Co. I International Value Fund | 98,635 | — | 5,150,182 | 98,634 | — | — | — | 1,383,685 | 6,632,501 | |||||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 43,267 | 1,483,533 | 3,158,338 | 1,526,800 | — | — | (147,782 | ) | (4,537,356 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,421 | 208,918 | 2,025,563 | 217,338 | — | — | — | 192,601 | 2,435,502 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 61,917 | 169,676 | 7,066,354 | 1,523,889 | 3,119,841 | (137,794 | ) | — | 2,112,022 | 7,444,630 | ||||||||||||||||||||||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 2,169 | 138,134 | 2,303,439 | 140,304 | — | — | 163,351 | 4,155,168 | 6,762,262 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Value Fund | 76,679 | 56,861 | 10,793,002 | 133,541 | 2,175,075 | (124,024 | ) | — | 4,761,532 | 13,388,976 | ||||||||||||||||||||||||||
VALIC Co. I Nasdaq-100® Index Fund | 6,979 | 172,333 | 6,291,109 | 179,311 | 4,264,884 | 1,152,545 | — | (1,103,906 | ) | 2,254,175 | ||||||||||||||||||||||||||
VALIC Co. I Science & Technology Fund | 2,681 | 648,359 | 7,577,936 | 651,041 | 2,521,332 | 484,156 | — | (32,368 | ) | 6,159,433 | ||||||||||||||||||||||||||
VALIC Co. I Small Cap Growth Fund | — | 245,757 | 1,836,633 | 245,757 | — | — | — | 223,683 | 2,306,073 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Index Fund | 19,114 | 108,276 | 4,714,759 | 1,685,141 | 3,331,421 | 512,835 | — | 372,346 | 3,953,660 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Special Values Fund | 46,268 | 85,387 | 2,484,245 | 661,507 | 806,166 | 31,626 | — | 1,473,442 | 3,844,654 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Value Fund | 12,593 | — | 1,287,013 | 840,076 | 1,465,756 | 555,209 | — | 773,907 | 1,990,449 | |||||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 128,382 | 399,562 | 20,980,178 | 7,506,688 | 23,652,765 | 3,925,866 | — | (2,018,780 | ) | 6,741,187 | ||||||||||||||||||||||||||
VALIC Co. I Systematic Core Fund | — | — | — | — | — | — | 147,782 | 3,786,163 | 3,933,945 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | — | — | — | — | — | — | 16,577,112 | 763,821 | 17,340,933 | |||||||||||||||||||||||||||
VALIC Co. I Value Fund | 97,094 | 1,329,584 | 3,321,880 | 1,426,678 | — | — | (4,298,889 | ) | (449,669 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 193,915 | 2,707,964 | 8,987,126 | 2,901,880 | — | — | (12,278,223 | ) | 389,217 | — | ||||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | — | 1,498,081 | 2,906,031 | 1,498,080 | — | — | (163,351 | ) | (4,240,760 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 2,553,636 | 259,733 | 43,713,449 | 9,257,751 | 6,029,811 | 221,186 | (45,744,810 | ) | (1,417,765 | ) | — | |||||||||||||||||||||||||
$ | 8,579,079 | $ | 13,804,996 | $ | 339,889,247 | $ | 68,435,828 | $ | 57,947,244 | $ | 7,119,609 | $ | — | $ | 14,197,540 | $ | 371,694,980 | |||||||||||||||||||
Dynamic Allocation Fund
Security | Income | Capital Gain Distribution Received | Value at 05/31/2020 | Cost of Purchases† | Proceeds from Sales | Realized Gain/(Loss) | Value at Merger Date | Change in Unrealized Gain/(Loss) | Value at 5/31/2021 | |||||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | — | $ | 679,604 | $ | 7,206,817 | $ | 1,327,019 | $ | 2,688,059 | $ | 1,131,628 | $ | — | $ | 412,774 | $ | 7,390,179 | ||||||||||||||||||
VALIC Co. I Capital Appreciation Fund | 26,578 | 300,509 | 5,729,263 | 842,336 | 2,305,730 | 439,447 | — | 1,399,717 | 6,105,033 | |||||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 474,907 | 263,623 | 12,647,556 | 3,236,470 | 2,963,865 | 155,082 | (12,237,284 | ) | (837,959 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Core Bond Fund | 551,831 | 254,940 | 9,741,217 | 2,678,260 | 2,237,373 | 133,363 | 15,409,280 | (620,993 | ) | 25,103,754 | ||||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 159,672 | 206,282 | 7,151,356 | 1,004,979 | 2,137,772 | 55,503 | — | 2,067,841 | 8,141,907 | |||||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 22,361 | — | 1,115,590 | 139,343 | 437,317 | 163,758 | — | 358,408 | 1,339,782 | |||||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 50,357 | 37,653 | 1,262,539 | 204,065 | 418,091 | (57,754 | ) | — | 287,142 | 1,277,901 | ||||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 198,868 | — | 8,706,982 | 2,117,425 | 1,928,130 | 35,881 | — | (382,058 | ) | 8,550,100 |
† | Includes reinvestment of distributions paid. |
322 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Dynamic Allocation Fund (continued)
Security | Income | Capital Gain Distribution Received | Value at 05/31/2020 | Cost of Purchases† | Proceeds from Sales | Realized Gain/(Loss) | Value at Merger Date | Change in Unrealized Gain/(Loss) | Value at 5/31/2021 | |||||||||||||||||||||||||||
VALIC Co. I Growth Fund | $ | 9,466 | $ | 1,002,464 | $ | 7,784,470 | $ | 1,693,656 | $ | 3,274,136 | $ | 1,275,153 | $ | — | $ | 255,153 | $ | 7,734,296 | ||||||||||||||||||
VALIC Co. I High Yield Bond Fund | 169,271 | — | 1,419,698 | 431,514 | 344,309 | 12,511 | — | 29,616 | 1,549,030 | |||||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 34,743 | 11,790 | 2,674,604 | 272,005 | 734,147 | 57,895 | — | 90,565 | 2,360,922 | |||||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 67,922 | 21,790 | 4,628,283 | 1,006,335 | 1,770,650 | 241,846 | — | 1,446,170 | 5,551,984 | |||||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 17,591 | 11,685 | 715,369 | 197,897 | 172,154 | 6,373 | — | 11,714 | 759,199 | |||||||||||||||||||||||||||
VALIC Co. I International Growth Fund | — | 19,369 | 5,402,085 | 505,414 | 2,875,906 | 846,946 | — | 1,662,527 | 5,541,066 | |||||||||||||||||||||||||||
VALIC Co. I International Opportunities Fund | 1,018 | 6,517 | 101,424 | 14,397 | 67,216 | 14,471 | — | 9,774 | 72,850 | |||||||||||||||||||||||||||
VALIC Co. I International Socially Responsible Fund | 13,516 | 142,657 | 705,171 | 224,795 | 197,154 | (13,921 | ) | — | 110,416 | 829,307 | ||||||||||||||||||||||||||
VALIC Co. I International Value Fund | 80,474 | — | 4,068,187 | 1,112,788 | 1,934,573 | 150,263 | — | 1,864,268 | 5,260,933 | |||||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 93,650 | 3,190,513 | 7,601,545 | 3,759,910 | 2,594,560 | 526,011 | (8,398,673 | ) | (894,233 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 22,058 | 547,256 | 6,026,657 | 1,100,314 | 2,447,562 | 924,365 | — | 600,010 | 6,203,784 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 29,171 | 79,940 | 3,079,082 | 365,626 | 1,958,944 | 308,310 | — | 1,119,563 | 2,913,637 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Strategic Growth Fund | — | — | — | 52,617 | 81,746 | (15,687 | ) | 1,975,016 | (17,053 | ) | 1,913,147 | |||||||||||||||||||||||||
VALIC Co. I Mid Cap Value Fund | 30,570 | 130,297 | 1,915,516 | 332,419 | 880,386 | (87,978 | ) | — | 896,642 | 2,176,213 | ||||||||||||||||||||||||||
VALIC Co. I Small Cap Aggressive Growth Fund | — | 252,768 | 781,838 | 321,389 | 469,617 | 54,055 | (650,903 | ) | (36,762 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Small Cap Growth Fund | — | 94,136 | 458,849 | 128,447 | 413,615 | 154,463 | 650,903 | 16,655 | 995,702 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Index Fund | 9,150 | 51,832 | 1,345,538 | 163,913 | 1,008,232 | 1,515 | — | 662,780 | 1,165,514 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Special Values Fund | 13,108 | 24,191 | 1,233,324 | 140,231 | 783,232 | (2,357 | ) | — | 698,378 | 1,286,344 | ||||||||||||||||||||||||||
VALIC Co. I Small Cap Value Fund | 7,712 | 10,301 | 324,180 | 52,324 | 161,077 | 21,426 | — | 195,672 | 432,525 | |||||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 352,819 | 1,098,078 | 22,276,531 | 3,372,290 | 8,620,325 | 2,333,216 | — | 3,939,524 | 23,301,236 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Core Fund | 21,753 | 324,188 | 3,443,623 | 858,339 | 1,759,464 | 537,473 | 8,398,673 | 484,892 | 11,963,536 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | 113,973 | 1,212,165 | 6,469,814 | 2,581,706 | 2,504,468 | (319,985 | ) | 12,849,008 | 1,762,304 | 20,838,379 | ||||||||||||||||||||||||||
VALIC Co. I U.S. Socially Responsible Fund | 37,036 | 313,539 | 1,480,689 | 487,817 | 469,309 | (45,936 | ) | — | 220,762 | 1,674,023 | ||||||||||||||||||||||||||
VALIC Co. I Value Fund | 185,136 | 2,520,141 | 7,199,448 | 3,511,722 | 2,222,240 | 511,307 | (8,134,313 | ) | (865,924 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 142,257 | 1,224,222 | 3,404,596 | 1,800,216 | 668,147 | (103,948 | ) | (4,714,695 | ) | 281,978 | — | |||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | — | 853,012 | 2,175,166 | 971,949 | 1,173,640 | 313,362 | (1,975,016 | ) | (311,821 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 305,402 | 18,342 | 2,537,863 | 1,360,482 | 627,744 | (6,820 | ) | (3,171,996 | ) | (91,785 | ) | — | ||||||||||||||||||||||||
$ | 3,242,370 | $ | 14,903,804 | $ | 152,814,870 | $ | 38,370,409 | $ | 55,330,890 | $ | 9,751,237 | $ | — | $ | 16,826,657 | $ | 162,432,283 | |||||||||||||||||||
† | Includes reinvestment of distributions paid. |
Moderate Growth Lifestyle Fund
Income | Capital Gain Distribution Received | Value at 08/31/2020 | Cost of Purchases† | Proceeds from Sales | Realized Gain/(Loss) | Value at Merger Date | Change in Unrealized Gain/(Loss) | Value at 05/31/2021 | ||||||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | — | $ | 4,229 | $ | 43,393 | 4,229 | — | $ | — | $ | — | $ | (266 | ) | $ | 47,356 | |||||||||||||||||||
VALIC Co. I Capital Appreciation Fund | 36,896 | 804,113 | 34,333,662 | 841,009 | — | — | — | 5,670,848 | 40,845,519 | |||||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 890,463 | 488,864 | 25,918,890 | 4,556,388 | 6,836,793 | 427,049 | (21,947,386 | ) | (2,118,148 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Core Bond Fund | 2,565,289 | 2,782,300 | 105,733,986 | 26,088,125 | 20,781,143 | 1,193,526 | 95,975,910 | (5,947,100 | ) | 202,263,304 | ||||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 1,770,012 | 2,286,708 | 60,565,105 | 14,130,543 | 23,910,376 | (11,668 | ) | — | 17,086,962 | 67,860,566 | ||||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 779,145 | — | 19,068,908 | 21,068,295 | — | — | — | 8,026,124 | 48,163,327 | |||||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 992,698 | 742,261 | 21,900,375 | 1,734,960 | — | — | — | 2,265,796 | 25,901,131 | |||||||||||||||||||||||||||
VALIC Co. I Government Money Market I Fund | 435 | — | 915,885 | 31,568,852 | 2,339,483 | — | — | — | 30,145,254 | |||||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 207,886 | — | 9,441,911 | 1,690,515 | 1,488,762 | 150,726 | — | (586,220 | ) | 9,208,170 | ||||||||||||||||||||||||||
VALIC Co. I High Yield Bond Fund | 1,247,187 | — | 35,447,217 | 1,247,187 | 5,317,007 | 11,810 | — | 1,002,455 | 32,391,662 | |||||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 907,960 | 308,101 | 62,760,235 | 1,216,061 | — | — | — | (443,112 | ) | 63,533,184 | ||||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 780,683 | 250,447 | 41,949,073 | 18,176,083 | 6,865,801 | 309,007 | — | 10,434,214 | 64,002,576 | |||||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 736,927 | 489,502 | 34,693,474 | 1,226,429 | 3,981,688 | 314,437 | — | (1,446,784 | ) | 30,805,868 | ||||||||||||||||||||||||||
VALIC Co. I International Growth Fund | — | 31,539 | 7,278,145 | 31,539 | — | — | — | 1,991,901 | 9,301,585 |
323 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Moderate Growth Lifestyle Fund (continued)
Income | Capital Gain Distribution Received | Value at 08/31/2020 | Cost of Purchases† | Proceeds from Sales | Realized Gain/(Loss) | Value at Merger Date | Change in Unrealized Gain/(Loss) | Value at 05/31/2021 | ||||||||||||||||||||||||||||
VALIC Co. I International Opportunities Fund | $ | 180,469 | $ | 2,668,041 | $ | 33,650,046 | 2,848,510 | — | $ | — | $ | — | $ | 3,958,838 | $ | 40,457,394 | ||||||||||||||||||||
VALIC Co. I International Value Fund | 394,285 | — | 20,587,514 | 394,285 | — | — | — | 5,531,186 | 26,512,985 | |||||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 167,990 | 5,759,955 | 12,262,538 | 5,927,945 | — | — | (15,192,801 | ) | (2,997,682 | ) | — | |||||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 104,853 | 2,601,424 | 19,244,090 | 9,289,857 | — | — | — | 1,792,726 | 30,326,673 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 309,412 | 847,901 | 31,479,683 | 6,422,714 | 13,634,259 | (78,156 | ) | — | 9,638,497 | 33,828,479 | ||||||||||||||||||||||||||
VALIC Co. I Mid Cap Strategic Growth Fund | 13,328 | 848,627 | 14,151,149 | 861,954 | — | — | 15,896,201 | 3,031,512 | 33,940,816 | |||||||||||||||||||||||||||
VALIC Co. I Mid Cap Value Fund | 366,397 | 271,701 | 46,705,472 | 2,660,071 | 6,865,575 | 233,849 | — | 21,242,777 | 63,976,594 | |||||||||||||||||||||||||||
VALIC Co. I Nasdaq-100® Index Fund | 50,649 | 1,250,709 | 27,384,305 | 7,069,670 | 12,823,433 | 3,112,537 | — | (2,725,863 | ) | 22,017,216 | ||||||||||||||||||||||||||
VALIC Co. I Science & Technology Fund | 6,456 | 1,561,118 | 19,657,005 | 1,567,574 | 7,528,335 | 2,139,239 | — | (1,004,814 | ) | 14,830,669 | ||||||||||||||||||||||||||
VALIC Co. I Small Cap Growth Fund | — | 1,175,848 | 8,787,552 | 1,175,847 | — | — | — | 1,070,240 | 11,033,639 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Index Fund | 150,763 | 854,051 | 22,229,486 | 1,950,761 | 11,246,496 | 716,293 | — | 5,455,835 | 19,105,879 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Special Values Fund | 156,512 | 288,844 | 9,451,322 | 2,023,958 | 3,635,321 | 223,572 | — | 5,134,170 | 13,197,701 | |||||||||||||||||||||||||||
VALIC Co. I Small Cap Value Fund | 89,054 | — | 9,714,207 | 2,554,399 | 5,711,913 | 422,749 | — | 7,096,123 | 14,075,565 | |||||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 1,559,031 | 4,852,167 | 109,295,461 | 21,281,735 | 34,820,278 | 3,133,864 | — | 9,978,037 | 108,868,819 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Core Fund | — | — | — | — | — | — | 15,192,801 | 81,105 | 15,273,906 | |||||||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | — | — | — | — | — | — | 96,069,492 | 4,426,576 | 100,496,068 | |||||||||||||||||||||||||||
VALIC Co. I Value Fund | 566,817 | 7,761,871 | 19,392,535 | 8,328,688 | — | — | (25,096,139 | ) | (2,625,084 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 1,120,912 | 15,653,184 | 51,949,412 | 16,774,096 | — | — | (70,973,353 | ) | 2,249,845 | — | ||||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | — | 6,192,773 | 12,012,967 | 6,192,773 | — | — | (15,896,201 | ) | (2,309,539 | ) | — | |||||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 4,132,532 | 420,324 | 86,536,769 | 19,990,131 | 31,076,641 | 1,355,661 | (74,028,524 | ) | (2,777,396 | ) | — | |||||||||||||||||||||||||
$ | 20,285,041 | $ | 61,196,602 | $ | 1,014,541,772 | $ | 240,895,183 | $ | 198,863,304 | $ | 13,654,495 | $ | — | $ | 102,183,759 | $ | 1,172,411,905 | |||||||||||||||||||
† | Includes reinvestment of distributions paid. |
Stock Index Fund
Security | Income | Capital Gain Distribution Received | Value at 05/31/2020 | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized Gain/(Loss) | Value at 05/31/2021 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 199,081 | $ | — | $ | 4,931,704 | $ | 14,052 | $ | 711,770 | $ | 75,187 | $ | 3,369,747 | $ | 7,678,920 | ||||||||||||||||
During the year ended May 31, 2021, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Global Real Estate Fund | |||
Goldman Sachs & Co. | $ | 507 |
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.
On December 3, 2020, the Emerging Economies Fund purchased additional shares of Taiwan Semiconductor Manufacturing Co., Ltd., causing the Fund to breach its registration statement limitation of investing more than 5% of the value of the Fund’s assets in any one issuer as applied to 75% of the value of the Fund’s total assets. The error was corrected on December 4, 2020, when the Fund sold shares of Samsung Electronics Co. Ltd., resulting in a gain of $17,929 to the Fund. The gain is included in the Statement of Operations under the caption Net realized gain (loss) on investments.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended May 31, 2021 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 | ||||||||||||
Aggressive Growth Lifestyle | $ | 107,582,484 | $ | 133,985,262 | $ | — | $ | — | ||||||||
Asset Allocation | 196,897,992 | 208,987,761 | 60,067,382 | 34,907,094 |
324 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Purchases of Investment Securities (Excluding U.S. Government Securities) | Sales of Investment Securities (Excluding U.S. Government Securities) | Purchase of U.S. Government Securities | Sales of U.S. Government Securities | ||||||||||||
Blue Chip Growth | $ | 263,503,051 | $ | 365,661,625 | $ | — | $ | — | ||||||||
Capital Appreciation | 34,375,824 | 39,579,343 | — | — | ||||||||||||
Conservative Growth Lifestyle | 46,051,753 | 57,947,244 | — | — | ||||||||||||
Core Bond | 470,754,122 | 548,904,579 | 193,796,875 | 263,621,715 | ||||||||||||
Dividend Value | 648,524,082 | 619,183,108 | — | — | ||||||||||||
Dynamic Allocation | 20,224,236 | 55,330,891 | 25,105,853 | 26,664,729 | ||||||||||||
Emerging Economies | 751,769,678 | 742,648,603 | — | — | ||||||||||||
Global Real Estate | 270,799,992 | 276,501,038 | — | — | ||||||||||||
Global Strategy | 93,436,906 | 123,614,084 | — | 4,852,797 | ||||||||||||
Government Securities | 2,596,455 | 2,189,778 | 15,688,953 | 19,363,252 | ||||||||||||
Growth | 604,088,984 | 1,007,551,169 | — | — | ||||||||||||
High Yield Bond | 229,198,373 | 173,058,435 | — | — | ||||||||||||
Inflation Protected | 261,692,512 | 294,326,577 | 329,106,170 | 319,343,996 | ||||||||||||
International Equities Index | 67,058,747 | 34,467,514 | — | — | ||||||||||||
International Government Bond | 113,233,352 | 115,442,633 | 34,837,551 | 17,304,853 | ||||||||||||
International Growth | 96,715,790 | 148,259,908 | — | — | ||||||||||||
International Opportunities | 323,994,885 | 333,088,889 | — | — | ||||||||||||
International Socially Responsible | 29,711,197 | 79,530,624 | — | — | ||||||||||||
International Value | 412,787,216 | 550,010,966 | — | — | ||||||||||||
Large Capital Growth | 129,193,753 | 178,127,439 | — | — | ||||||||||||
Mid Cap Index | 575,439,204 | 725,344,165 | — | — | ||||||||||||
Mid Cap Strategic Growth | 215,450,695 | 244,761,445 | — | — | ||||||||||||
Mid Cap Value | 252,565,908 | 349,988,331 | — | — | ||||||||||||
Moderate Growth Lifestyle | 159,413,540 | 198,863,306 | — | — | ||||||||||||
Nasdaq-100® Index | 60,329,206 | 81,206,162 | — | — | ||||||||||||
Science & Technology | 1,831,862,871 | 1,939,118,167 | — | — | ||||||||||||
Small Cap Growth | 148,574,399 | 124,775,909 | — | — | ||||||||||||
Small Cap Index | 193,028,260 | 156,519,365 | — | — | ||||||||||||
Small Cap Special Values | 79,580,939 | 93,194,454 | — | — | ||||||||||||
Small Cap Value | 220,386,145 | 209,523,857 | — | — | ||||||||||||
Stock Index | 210,539,850 | 721,821,812 | — | — | ||||||||||||
Systematic Core | 45,398,916 | 47,679,736 | — | — | ||||||||||||
Systematic Value | 242,616,712 | 243,341,281 | — | — | ||||||||||||
U.S. Socially Responsible | 135,315,738 | 211,303,471 | — | — |
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, late year ordinary losses, inflation securities, investments in partnerships, corporate actions and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2021.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Aggressive Growth Lifestyle | $ | 632,425,612 | $ | 109,307,746 | ($ | 8,787,902 | ) | $ | 100,519,844 | |||||||
Asset Allocation | 147,452,004 | 10,492,672 | (1,597,116 | ) | 8,895,556 | |||||||||||
Blue Chip Growth | 496,688,500 | 514,500,849 | (4,861,721 | ) | 509,639,128 | |||||||||||
Capital Appreciation | 84,607,392 | 54,924,142 | (463,528 | ) | 54,460,614 | |||||||||||
Conservative Growth Lifestyle | 345,613,420 | 29,821,708 | (3,740,148 | ) | 26,081,560 | |||||||||||
Core Bond | 2,877,938,232 | 72,168,606 | (17,348,553 | ) | 54,820,053 | |||||||||||
Dividend Value | 1,127,484,119 | 250,105,182 | (18,631,868 | ) | 231,473,314 | |||||||||||
Dynamic Allocation | 180,823,680 | 23,713,275 | (4,035,732 | ) | 19,677,543 | |||||||||||
Emerging Economies | 827,643,745 | 253,842,520 | (24,568,178 | ) | 229,274,342 |
325 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Global Real Estate | $ | 385,056,418 | $ | 66,679,077 | $ | (17,448,566 | ) | $ | 49,230,511 | |||||||
Global Strategy | 257,021,268 | 43,505,898 | (16,682,318 | ) | 26,823,580 | |||||||||||
Government Money Market I | 574,938,429 | — | — | — | ||||||||||||
Government Securities | 136,088,453 | 8,010,655 | (1,516,857 | ) | 6,493,798 | |||||||||||
Growth | 952,328,309 | 491,401,997 | (5,366,094 | ) | 486,035,903 | |||||||||||
High Yield Bond | 578,305,291 | 30,023,757 | (3,359,278 | ) | 26,664,479 | |||||||||||
Inflation Protected | 776,356,254 | 70,342,867 | | (12,685,900 | ) | 57,656,967 | ||||||||||
International Equities Index | 1,559,470,885 | 475,085,220 | (120,393,551 | ) | 354,691,669 | |||||||||||
International Government Bond* | 187,263,568 | 8,130,176 | (3,616,754 | ) | 4,513,422 | |||||||||||
International Growth | 389,306,385 | 258,323,338 | (11,540,366 | ) | 246,782,972 | |||||||||||
International Opportunities | 593,895,785 | 165,707,637 | (20,073,570 | ) | 145,634,067 | |||||||||||
International Socially Responsible | 296,588,508 | 99,030,477 | (13,358,132 | ) | 85,672,345 | |||||||||||
International Value | 579,825,006 | 173,056,951 | (14,783,141 | ) | 158,273,810 | |||||||||||
Large Capital Growth | 393,939,936 | 267,887,571 | (514,382 | ) | 267,373,189 | |||||||||||
Mid Cap Index | 2,482,796,317 | 1,543,778,167 | (105,738,239 | ) | 1,438,039,928 | |||||||||||
Mid Cap Strategic Growth | 704,339,663 | 174,995,824 | (9,202,858 | ) | 165,792,966 | |||||||||||
Mid Cap Value# | 681,884,766 | 274,917,943 | (15,733,070 | ) | 259,184,873 | |||||||||||
Moderate Growth Lifestyle | 1,040,258,386 | 148,298,176 | (16,144,657 | ) | 132,153,519 | |||||||||||
Nasdaq-100® Index | 280,038,398 | 559,205,133 | (5,409,683 | ) | 553,795,450 | |||||||||||
Science & Technology | 2,586,833,444 | 551,561,268 | (53,603,540 | ) | 497,957,728 | |||||||||||
Small Cap Growth | 727,855,846 | 109,376,255 | (15,690,590 | ) | 93,685,665 | |||||||||||
Small Cap Index | 975,160,114 | 614,323,109 | (86,183,839 | ) | 528,139,270 | |||||||||||
Small Cap Special Values | 204,148,661 | 80,345,000 | (12,934,317 | ) | 67,410,683 | |||||||||||
Small Cap Value | 379,598,551 | 144,778,295 | (16,903,045 | ) | 127,875,250 | |||||||||||
Stock Index | 2,212,244,018 | 3,940,103,515 | (121,376,072 | ) | 3,818,727,443 | |||||||||||
Systematic Core | 559,935,445 | 138,298,798 | (4,308,305 | ) | 133,990,493 | |||||||||||
Systematic Value | 532,298,895 | 33,861,039 | (3,114,405 | ) | 30,746,634 | |||||||||||
U.S. Socially Responsible | 508,193,438 | 331,602,951 | (9,625,653 | ) | 321,977,298 |
@ | 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, 2021 and the tax character of distributions paid during the period ended May 31, 2021 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2021 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Aggressive Growth Lifestyle# | $ | 20,649,820 | $ | 35,525,418 | $ | 100,519,844 | $ | 11,396,513 | $ | 23,295,533 | ||||||||||
Asset Allocation | 17,785,278 | 3,111,609 | 8,897,327 | 1,622,543 | — | |||||||||||||||
Blue Chip Growth | 1,557,281 | 130,201,251 | 509,639,117 | — | 92,536,381 | |||||||||||||||
Capital Appreciation# | 387,095 | 7,075,856 | 54,460,614 | 127,473 | 2,778,153 | |||||||||||||||
Conservative Growth Lifestyle | 16,427,674 | 11,205,899 | 26,081,559 | 8,959,670 | 4,857,572 | |||||||||||||||
Core Bond | 42,814,624 | 13,945,029 | 54,820,053 | 75,089,181 | 7,223,119 | |||||||||||||||
Dividend Value | 20,256,658 | (25,418,569 | ) | 231,509,631 | 36,887,328 | 20,336,832 | ||||||||||||||
Dynamic Allocation | 5,673,829 | 17,786,840 | 19,677,542 | 13,297,447 | 7,932,919 | |||||||||||||||
Emerging Economies | 21,634,802 | 81,856,666 | 227,418,621 | 17,072,815 | — | |||||||||||||||
Global Real Estate | 8,334,723 | (21,879,404 | ) | 49,247,582 | 17,524,255 | 9,565,701 | ||||||||||||||
Global Strategy | 8,463 | (11,493,455 | ) | 26,709,319 | 12,172,403 | — | ||||||||||||||
Government Money Market I | 10,452 | (20,173 | ) | — | 42,211 | — | ||||||||||||||
Government Securities | 2,904,886 | (3,197,626 | ) | 6,493,798 | 3,192,689 | — | ||||||||||||||
Growth | 82,705,150 | 214,321,560 | 486,042,755 | 9,361,725 | 190,304,971 | |||||||||||||||
High Yield Bond# | 16,958,932 | (17,203,197 | ) | 26,666,711 | 23,077,972 | — | ||||||||||||||
Inflation Protected | 31,108,804 | 28,825,667 | 57,693,960 | 12,601,849 | 3,187,049 | |||||||||||||||
International Equities Index | 38,040,587 | (4,539,710 | ) | 355,073,503 | 25,242,317 | 4,452,767 | ||||||||||||||
International Government Bond* | 7,263,492 | — | 7,436,293 | 7,263,492 | — | |||||||||||||||
International Growth | 3,352,220 | 61,433,360 | 245,708,002 | — | 2,222,153 |
326 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2021 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
International Opportunities# | $ | 14,191,696 | $ | 68,301,788 | $ | 145,568,771 | $ | 3,294,104 | $ | 48,699,799 | ||||||||||
International Socially Responsible | 9,960,997 | 12,161,996 | 85,715,223 | 6,330,229 | 66,812,525 | |||||||||||||||
International Value | 10,492,620 | (47,778,283 | ) | 158,389,228 | 11,649,172 | — | ||||||||||||||
Large Capital Growth | 5,010,757 | 72,643,794 | 267,381,324 | 2,324,064 | 57,660,453 | |||||||||||||||
Mid Cap Index | 83,319,136 | 236,317,819 | 1,438,039,926 | 37,986,511 | 104,096,933 | |||||||||||||||
Mid Cap Strategic Growth | 13,540,684 | 69,410,630 | 165,793,336 | 313,152 | 19,939,745 | |||||||||||||||
Mid Cap Value# | 25,281,873 | 35,033,346 | 259,185,270 | 5,429,653 | 4,026,338 | |||||||||||||||
Moderate Growth Lifestyle# | 37,702,204 | 53,585,267 | 132,153,519 | 22,479,421 | 32,655,302 | |||||||||||||||
Nasdaq-100® Index | 7,876,917 | 69,393,508 | 553,795,450 | 4,096,619 | 62,476,291 | |||||||||||||||
Science & Technology | 249,545,091 | 347,677,088 | 498,112,607 | 50,152,981 | 187,159,064 | |||||||||||||||
Small Cap Growth# | 14,074,880 | 30,950,737 | 93,685,665 | 2,519,536 | 26,104,529 | |||||||||||||||
Small Cap Index | 26,765,903 | 84,996,196 | 528,139,270 | 16,017,072 | 57,772,539 | |||||||||||||||
Small Cap Special Values | 9,424,771 | 5,451,704 | 67,410,683 | 2,808,393 | 5,182,910 | |||||||||||||||
Small Cap Value# | 22,203,815 | 13,229,327 | 127,875,250 | 3,185,408 | — | |||||||||||||||
Stock Index | 74,087,876 | 474,618,440 | 3,818,727,443 | 95,516,359 | 282,367,523 | |||||||||||||||
Systematic Core | 3,598,562 | 846,313 | 133,990,493 | 1,018,412 | 15,177,268 | |||||||||||||||
Systematic Value | 13,022,584 | 7,629,230 | 30,746,960 | 1,328,372 | 8,017,126 | |||||||||||||||
U.S. Socially Responsible# | 9,371,188 | 99,217,479 | 321,977,298 | 8,362,698 | 22,012,708 |
* | 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. |
# | Amounts are for the 9 months ended May 31, 2021. |
The tax character of distributions paid during the period ended May 31, 2020, unless otherwise noted, were as follows:
Tax Distributions | ||||||||
Fund | Ordinary Income | Long-Term Capital Gains | ||||||
Aggressive Growth Lifestyle# | $ | 14,400,846 | $ | 31,582,812 | ||||
Asset Allocation | 1,696,450 | 2,514,194 | ||||||
Blue Chip Growth | — | 86,238,340 | ||||||
Capital Appreciation# | 394,062 | 3,362,082 | ||||||
Conservative Growth Lifestyle# | 8,185,705 | 4,727,595 | ||||||
Core Bond# | 52,196,618 | — | ||||||
Dividend Value | 28,172,594 | 46,795,371 | ||||||
Dynamic Allocation | 7,211,167 | 4,056,190 | ||||||
Emerging Economies | 17,777,259 | — | ||||||
Global Real Estate | 14,651,606 | 6,161,941 | ||||||
Global Strategy | 20,806,640 | 16,149,373 | ||||||
Government Money Market I | 3,947,837 | — | ||||||
Government Securities | 3,464,038 | — | ||||||
Growth | 4,808,271 | 117,186,738 | ||||||
High Yield Bond# | 35,881,009 | — | ||||||
Inflation Protected | 16,140,417 | — | ||||||
International Equities Index | 32,087,309 | 21,947,887 | ||||||
International Government Bond | 2,974,089 | — | ||||||
International Growth | 530,816 | — | ||||||
International Opportunities# | 3,966,791 | 9,589,309 | ||||||
International Socially Responsible | 6,806,200 | 11,885,873 | ||||||
International Value | 16,269,086 | 958,959 | ||||||
Large Capital Growth | 4,060,549 | 37,687,496 | ||||||
Mid Cap Index | 45,054,408 | 251,332,742 | ||||||
Mid Cap Strategic Growth | — | 16,210,213 | ||||||
Mid Cap Value# | 6,350,802 | 42,672,741 | ||||||
Moderate Growth Lifestyle# | 22,793,531 | 41,673,422 |
327 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Tax Distributions | ||||||||
Fund | Ordinary Income | Long-Term Capital Gains | ||||||
Nasdaq-100® Index | $ | 4,516,004 | $ | 14,202,001 | ||||
Science & Technology | 3,797,952 | 164,094,782 | ||||||
Small Cap Growth# | 1,684,305 | 21,482,499 | ||||||
Small Cap Index | 23,339,516 | 117,185,605 | ||||||
Small Cap Special Values | 2,791,430 | 18,499,372 | ||||||
Small Cap Value# | 4,325,951 | 8,997,808 | ||||||
Stock Index | 97,498,391 | 305,361,493 | ||||||
Systematic Core | 1,584,227 | 12,563,186 | ||||||
Systematic Value | 1,266,752 | 4,775,803 | ||||||
U.S. Socially Responsible# | 12,375,586 | 122,063,327 |
# | Distributions paid during the 12 month period ended August 31, 2020. |
As of May 31, 2021, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:
Capital Loss Carryforward Unlimited | ||||||||
Fund | ST | LT | ||||||
Aggressive Growth Lifestyle | $ | — | $ | — | ||||
Asset Allocation | — | — | ||||||
Blue Chip Growth | — | — | ||||||
Capital Appreciation | — | — | ||||||
Conservative Growth Lifestyle | — | — | ||||||
Core Bond | — | — | ||||||
Dividend Value | 2,562,866 | 22,855,703 | ||||||
Dynamic Allocation | — | — | ||||||
Emerging Economies | — | — | ||||||
Global Real Estate | 14,155,498 | 7,723,906 | ||||||
Global Strategy | 9,788,060 | 1,705,395 | ||||||
Government Money Market I | 20,173 | — | ||||||
Government Securities | 1,206,923 | 1,990,703 | ||||||
Growth | — | — | ||||||
High Yield Bond | — | 17,203,197 | ||||||
Inflation Protected | — | — | ||||||
International Equities Index | — | 4,539,710 | ||||||
International Government Bond* | — | — | ||||||
International Growth | — | — | ||||||
International Opportunities | — | — | ||||||
International Socially Responsible | — | — | ||||||
International Value | 10,665,872 | 37,112,411 | ||||||
Large Capital Growth | — | — | ||||||
Mid Cap Index | — | — | ||||||
Mid Cap Strategic Growth | — | — | ||||||
Mid Cap Value | — | — | ||||||
Moderate Growth Lifestyle | — | — | ||||||
Nasdaq-100® Index | — | — | ||||||
Science & Technology | — | — | ||||||
Small Cap Growth | — | — | ||||||
Small Cap Index | — | — | ||||||
Small Cap Special Values | — | — | ||||||
Small Cap Value | — | — | ||||||
Stock Index | — | — | ||||||
Systematic Core | — | — | ||||||
Systematic Value | — | — | ||||||
U.S. Socially Responsible | — | — |
* | The Capital Loss Carryforward is for the tax period ended September 30, 2020. |
328 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.
Fund | Capital Loss Carryforward Utilized | |||
Aggressive Growth Lifestyle | $ | — | ||
Asset Allocation | 2,490,072 | |||
Blue Chip Growth | — | |||
Capital Appreciation | — | |||
Conservative Growth Lifestyle | — | |||
Core Bond | — | |||
Dividend Value | — | |||
Dynamic Allocation | — | |||
Emerging Economies | 38,605,372 | |||
Global Real Estate | — | |||
Global Strategy | — | |||
Government Money Market I | 18 | |||
Government Securities | 181,909 | |||
Growth | — | |||
High Yield Bond | — | |||
Inflation Protected | — | |||
International Equities Index | — | |||
International Government Bond* | 323,641 | |||
International Growth | — | |||
International Opportunities | — | |||
International Socially Responsible | — | |||
International Value | — | |||
Large Capital Growth | — | |||
Mid Cap Index | — | |||
Mid Cap Strategic Growth | — | |||
Mid Cap Value | — | |||
Moderate Growth Lifestyle | — | |||
Nasdaq-100® Index | — | |||
Science & Technology | — | |||
Small Cap Growth | — | |||
Small Cap Index | — | |||
Small Cap Special Values | — | |||
Small Cap Value | 1,001,343 | |||
Stock Index | — | |||
Systematic Core | — | |||
Systematic Value | — | |||
U.S. Socially Responsible | — |
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 period ended May 31, 2021, 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 | |||||||||
Aggressive Growth Lifestyle | $ | — | $ | — | $ | — | ||||||
Asset Allocation | — | — | — | |||||||||
Blue Chip Growth | 1,855,537 | — | — | |||||||||
Capital Appreciation | 37,330 | — | — | |||||||||
Conservative Growth Lifestyle | — | — | — | |||||||||
Core Bond | — | — | — | |||||||||
Dividend Value | — | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | — | — | — | |||||||||
Global Real Estate | — | — | — | |||||||||
Global Strategy | 6,571,964 | — | — |
329 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Government Money Market I | $ | — | $ | — | $ | — | ||||||
Government Securities | — | 151,908 | 194,645 | |||||||||
Growth | 408,606 | — | — | |||||||||
High Yield Bond | 603,735 | — | 619,233 | |||||||||
Inflation Protected | — | — | — | |||||||||
International Equities Index | — | — | — | |||||||||
International Government Bond* | 1,352,200 | — | — | |||||||||
International Growth | — | — | — | |||||||||
International Opportunities | — | — | — | |||||||||
International Socially Responsible | — | — | — | |||||||||
International Value | 336,633 | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | 59,300 | — | — | |||||||||
Mid Cap Value | 444 | — | — | |||||||||
Moderate Growth Lifestyle | — | — | — | |||||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | 5,492,509 | — | — | |||||||||
Small Cap Growth | 1,278,004 | — | — | |||||||||
Small Cap Index | 9,962 | — | — | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small Cap Value | — | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Systematic Core | — | — | — | |||||||||
Systematic Value | — | — | — | |||||||||
U.S. Socially Responsible | — | — | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2020. |
For the period ended May 31, 2021, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, capital gain distributions from underlying funds, partnership investments, derivatives, principal paydown adjustments, disposition of passive foreign investment companies securities, and foreign currency transactions to the components of net assets as follows:
Fund | Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | |||||||||
Aggressive Growth Lifestyle | $ | 10,461,999 | $ | (10,461,999 | ) | $ | — | |||||
Asset Allocation | 2,061,513 | (2,061,513 | ) | — | ||||||||
Blue Chip Growth | 2,793,613 | (2,793,613 | ) | — | ||||||||
Capital Appreciation | 51,863 | (51,863 | ) | — | ||||||||
Conservative Growth Lifestyle | 4,843,424 | (4,843,424 | ) | — | ||||||||
Core Bond | 7,928,316 | (7,831,520 | ) | (96,796 | ) | |||||||
Dividend Value | (815,520 | ) | 815,520 | — | ||||||||
Dynamic Allocation | 2,705,857 | (2,705,857 | ) | — | ||||||||
Emerging Economies | 5,012,114 | (5,012,114 | ) | — | ||||||||
Global Real Estate | 2,940,046 | (2,940,046 | ) | — | ||||||||
Global Strategy | (4,988,865 | ) | 8,729,813 | (3,740,948 | ) | |||||||
Government Money Market I | (5,681 | ) | (7,015 | ) | 12,696 | |||||||
Government Securities | 464,189 | (464,189 | ) | — | ||||||||
Growth | 1,251,924 | (1,251,924 | ) | — | ||||||||
High Yield Bond | (437,931 | ) | 437,931 | — | ||||||||
Inflation Protected | (13,781,393 | ) | 13,781,393 | — | ||||||||
International Equities Index | 792,490 | (792,490 | ) | — | ||||||||
International Government Bond* | (1,288,156 | ) | 1,288,156 | — | ||||||||
International Growth | 820,448 | (820,448 | ) | — | ||||||||
International Opportunities | 579,877 | (579,877 | ) | — | ||||||||
International Socially Responsible | 1,142,247 | (1,142,247 | ) | — |
330 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | |||||||||
International Value | $ | (1,759,721 | ) | $ | 1,759,721 | $ | — | |||||
Large Capital Growth | 80,480 | (80,480 | ) | — | ||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | 642,130 | (956,984 | ) | 314,854 | ||||||||
Mid Cap Value | (800 | ) | 800 | — | ||||||||
Moderate Growth Lifestyle | 17,108,234 | (17,108,234 | ) | — | ||||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | 5,293,192 | (7,307,546 | ) | 2,014,354 | ||||||||
Small Cap Growth | 1,981,390 | (2,262,280 | ) | 280,890 | ||||||||
Small Cap Index | 67,583 | (67,583 | ) | — | ||||||||
Small Cap Special Values | 236,356 | (236,356 | ) | — | ||||||||
Small Cap Value | — | — | — | |||||||||
Stock Index | 1,757,451 | (1,757,451 | ) | — | ||||||||
Systematic Core | (12,837 | ) | (51,747 | ) | 64,584 | |||||||
Systematic Value | (5,878 | ) | 115,968 | (110,090 | ) | |||||||
U.S. Socially Responsible | — | — | — |
* | The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year ended September 30, 2020. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Aggressive Growth Lifestyle | Asset Allocation | |||||||||||||||||||||||||||||||
For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | For the year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,336,476 | $ | 15,244,107 | 2,915,146 | $ | 29,423,066 | 369,238 | $ | 4,035,748 | 732,880 | $ | 7,343,423 | ||||||||||||||||||||
Reinvested dividends | 2,942,497 | 34,692,046 | 4,750,378 | 45,983,658 | 137,504 | 1,622,543 | 454,223 | 4,210,644 | ||||||||||||||||||||||||
Shares redeemed | (3,668,424 | ) | (41,332,015 | ) | (5,122,206 | ) | (51,876,410 | ) | (1,670,196 | ) | (18,207,706 | ) | (2,464,630 | ) | (24,562,556 | ) | ||||||||||||||||
Net increase (decrease) | 610,549 | $ | 8,604,138 | 2,543,318 | $ | 23,530,314 | (1,163,454 | ) | $ | (12,549,415 | ) | (1,277,527 | ) | $ | (13,008,489 | ) | ||||||||||||||||
Blue Chip Growth | Capital Appreciation | |||||||||||||||||||||||||||||||
For the year ended May 31, 2021 | For the year ended May 31, 2020 | For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,337,238 | $ | 33,191,252 | 1,129,814 | $ | 22,660,527 | 179,215 | $ | 3,618,158 | 190,469 | $ | 2,953,433 | ||||||||||||||||||||
Reinvested dividends | 3,921,033 | 92,536,381 | 4,679,237 | 86,238,340 | 138,561 | 2,905,626 | 230,438 | 3,756,144 | ||||||||||||||||||||||||
Shares redeemed | (5,425,318 | ) | (131,792,247 | ) | (6,586,064 | ) | (131,196,691 | ) | (381,302 | ) | (7,604,956 | ) | (767,916 | ) | (12,199,227 | ) | ||||||||||||||||
Net increase (decrease) | (167,047 | ) | $ | (6,064,614 | ) | (777,013 | ) | $ | (22,297,824 | ) | (63,526 | ) | $ | (1,081,172 | ) | (347,009 | ) | $ | (5,489,650 | ) | ||||||||||||
Conservative Growth Lifestyle | Core Bond | |||||||||||||||||||||||||||||||
For the nine months ended May 31, 2021 | For the year ended May 31, 2020 | For the nine months ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,138,631 | $ | 14,871,790 | 2,510,732 | $ | 30,063,091 | 19,807,296 | $ | 236,794,958 | 44,459,509 | $ | 523,558,703 | ||||||||||||||||||||
Shares issued in merger@ | — | — | — | — | 102,001,987 | 1,156,702,529 | — | — | ||||||||||||||||||||||||
Reinvested dividends | 1,049,145 | 13,817,242 | 1,096,205 | 12,913,300 | 7,277,834 | 82,312,300 | 4,453,636 | 52,196,618 | ||||||||||||||||||||||||
Shares redeemed | (2,041,839 | ) | (26,558,532 | ) | (3,360,650 | ) | (39,659,194 | ) | (31,418,749 | ) | (377,437,994 | ) | (37,321,003 | ) | (434,994,804 | ) | ||||||||||||||||
Net increase (decrease) | 145,937 | $ | 2,130,500 | 246,287 | $ | 3,317,197 | 97,668,368 | $ | 1,098,371,793 | 11,592,142 | $ | 140,760,517 | ||||||||||||||||||||
@ | See Note 13 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Dividend Value | Dynamic Allocation | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 34,310,344 | $ | 412,047,255 | 24,350,179 | $ | 293,482,588 | 1,553,312 | $ | 19,334,195 | 704,958 | $ | 8,248,882 | ||||||||||||||||||||
Reinvested dividends | 4,656,156 |
| 57,224,160 |
| 7,704,827 |
| 74,967,965 |
| 1,751,680 | 21,230,366 | 971,324 | 11,267,357 | ||||||||||||||||||||
Shares redeemed | (36,957,612 | ) | (400,374,417 | ) | (19,493,241 | ) | (213,989,744 | ) | (3,548,957 | ) | (44,645,060 | ) | (3,426,958 | ) | (41,671,877 | ) | ||||||||||||||||
Net increase (decrease) | 2,008,888 | $ | 68,896,998 | 12,561,765 | $ | 154,460,809 | (243,965 | ) | $ | (4,080,499 | ) | (1,750,676 | ) | $ | (22,155,638 | ) | ||||||||||||||||
Emerging Economies | Global Real Estate | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 23,566,712 | $ | 216,627,536 | 17,993,592 | $ | 135,451,261 | 8,028,322 | $ | 61,431,183 | 10,156,537 | $ | 82,619,260 | ||||||||||||||||||||
Reinvested dividends | 1,644,780 |
| 17,072,815 |
| 2,348,383 | 17,777,259 | 3,660,805 |
| 27,089,956 |
| 2,703,058 | 20,813,547 | ||||||||||||||||||||
Shares redeemed | (24,208,609 | ) | (230,105,131 | ) | (30,014,162 | ) | (242,797,107 | ) | (10,603,558 | ) | (78,227,917 | ) | (17,781,244 | ) | (132,033,974 | ) | ||||||||||||||||
Net increase (decrease) | 1,002,883 | $ | 3,595,220 | (9,672,187 | ) | $ | (89,568,587 | ) | 1,085,569 | $ | 10,293,222 | (4,921,649 | ) | $ | (28,601,167 | ) | ||||||||||||||||
Global Strategy | Government Money Market I | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,200,650 | $ | 21,154,003 | 1,036,103 | $ | 10,533,979 | 259,192,874 | $ | 259,192,874 | 307,254,160 | $ | 307,254,160 | ||||||||||||||||||||
Shares issued in merger@ | — | — | — | — | 124,203,715 | 124,203,715 | — | — | ||||||||||||||||||||||||
Reinvested dividends | 1,269,281 |
| 12,172,403 |
| 4,175,821 | 36,956,013 | 42,211 |
| 42,211 |
| 3,947,837 | 3,947,837 | ||||||||||||||||||||
Shares redeemed | (7,029,516 | ) | (68,138,722 | ) | (4,892,385 | ) | (49,322,471 | ) | (224,755,525 | ) | (224,755,080 | ) | (291,185,906 | ) | (291,185,906 | ) | ||||||||||||||||
Net increase (decrease) | (3,559,585 | ) | $ | (34,812,316 | ) | 319,539 | $ | (1,832,479 | ) | 158,683,275 | $ | 158,683,720 | 20,016,091 | $ | 20,016,091 | |||||||||||||||||
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,296,928 | $ | 47,974,138 | 3,638,635 | $ | 39,971,278 | 3,475,761 | $ | 79,038,800 | 15,219,498 | $ | 268,746,925 | ||||||||||||||||||||
Reinvested dividends | 296,168 |
| 3,192,689 |
| 310,676 | 3,464,038 | 9,683,157 |
| 199,666,696 |
| 7,335,839 | 121,995,009 | ||||||||||||||||||||
Shares redeemed | (4,558,369 | ) | (50,913,362 | ) | (4,283,537 | ) | (46,910,665 | ) | (20,875,377 | ) | (480,454,460 | ) | (14,564,181 | ) | (267,877,924 | ) | ||||||||||||||||
Net increase (decrease) | 34,727 | $ | 253,465 | (334,226 | ) | $ | (3,475,349 | ) | (7,716,459 | ) | $ | (201,748,964 | ) | 7,991,156 | $ | 122,864,010 | ||||||||||||||||
High Yield Bond | Inflation Protected | |||||||||||||||||||||||||||||||
For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 12,501,984 | $ | 98,257,085 | 7,221,194 | $ | 53,813,459 | 16,238,627 | $ | 190,990,962 | 17,835,117 | $ | 200,510,341 | ||||||||||||||||||||
Reinvested dividends | 3,016,728 |
| 23,077,972 |
| 4,997,355 | 35,881,009 | 1,344,881 |
| 15,788,898 |
| 1,435,980 | 16,140,417 | ||||||||||||||||||||
Shares redeemed | (9,624,584 | ) | (74,144,411 | ) | (25,971,664 | ) | (197,575,716 | ) | (18,173,441 | ) | (218,022,292 | ) | (15,163,606 | ) | (170,768,474 | ) | ||||||||||||||||
Net increase (decrease) | 5,894,128 | $ | 47,190,646 | (13,753,115 | ) | $ | (107,881,248 | ) | (589,933 | ) | $ | (11,242,432 | ) | 4,107,491 | $ | 45,882,284 | ||||||||||||||||
International Equities Index | International Government Bond | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 52,950,059 | $ | 388,341,688 | 76,704,620 | $ | 504,353,589 | 4,938,236 | $ | 63,410,370 | 1,970,627 | $ | 23,897,567 | ||||||||||||||||||||
Reinvested dividends | 3,773,200 | 29,695,084 | 8,829,280 | 54,035,196 | 589,569 | 7,263,492 | 241,012 | 2,974,089 | ||||||||||||||||||||||||
Shares redeemed | (31,450,110 | ) | (227,295,601 | ) | (38,766,612 | ) | (265,092,519 | ) | (4,110,493 | ) | (52,751,152 | ) | (5,272,898 | ) | (63,792,803 | ) | ||||||||||||||||
Net increase (decrease) | 25,273,149 | $ | 190,741,171 | 46,767,288 | $ | 293,296,266 | 1,417,312 | $ | 17,922,710 | (3,061,259 | ) | $ | (36,921,147 | ) | ||||||||||||||||||
@ | See Note 13 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
International Growth | International Opportunities | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,633,679 | $ | 43,333,743 | 2,250,308 | $ | 26,438,652 | 4,193,190 | $ | 92,527,199 | 3,212,375 | $ | 59,553,208 | ||||||||||||||||||||
Reinvested dividends | 127,053 | 2,222,153 | 45,447 | 530,816 | 2,380,673 | 51,993,903 | 714,984 | 13,556,100 | ||||||||||||||||||||||||
Shares redeemed | (6,174,098 | ) | (98,527,462 | ) | (6,359,485 | ) | (74,804,431 | ) | (4,446,866 | ) | (102,690,298 | ) | (5,732,849 | ) | (110,689,742 | ) | ||||||||||||||||
Net increase (decrease) | (3,413,366 | ) | $ | (52,971,566 | ) | (4,063,730 | ) | $ | (47,834,963 | ) | 2,126,997 | $ | 41,830,804 | (1,805,490 | ) | $ | (37,580,434 | ) | ||||||||||||||
International Socially Responsible | International Value | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,475,624 | $ | 39,470,408 | 867,471 | $ | 21,879,209 | 4,437,925 | $ | 42,417,561 | 9,717,933 | $ | 78,218,887 | ||||||||||||||||||||
Reinvested dividends | 2,926,881 | 73,142,754 | 788,362 | 18,692,073 | 1,082,637 | 11,649,172 | 2,197,455 | 17,228,045 | ||||||||||||||||||||||||
Shares redeemed | (3,506,472 | ) | (94,611,939 | ) | (2,070,852 | ) | (51,937,453 | ) | (18,775,585 | ) | (186,146,680 | ) | (11,332,021 | ) | (103,962,237 | ) | ||||||||||||||||
Net increase (decrease) | 896,033 | $ | 18,001,223 | (415,019 | ) | $ | (11,366,171 | ) | (13,255,023 | ) | $ | (132,079,947 | ) | 583,367 | $ | (8,515,305 | ) | |||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 883,705 | $ | 17,931,705 | 1,739,071 | $ | 29,242,688 | 9,679,666 | $ | 261,512,321 | 14,509,443 | $ | 357,166,957 | ||||||||||||||||||||
Reinvested dividends | 3,087,211 | 59,984,517 | 2,652,354 | 41,748,045 | 4,818,021 | 142,083,444 | 14,908,810 | 296,387,150 | ||||||||||||||||||||||||
Shares redeemed | (3,639,418 | ) | (71,591,289 | ) | (3,654,400 | ) | (62,699,281 | ) | (22,375,451 | ) | (576,177,326 | ) | (20,878,267 | ) | (466,051,285 | ) | ||||||||||||||||
Net increase (decrease) | 331,498 | $ | 6,324,933 | 737,025 | $ | 8,291,452 | (7,877,764 | ) | $ | (172,581,561 | ) | 8,539,986 | $ | 187,502,822 | ||||||||||||||||||
Mid Cap Strategic Growth | Mid Cap Value | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 527,863 | $ | 10,892,665 | 675,120 | $ | 11,057,914 | 843,387 | $ | 15,897,228 | 6,124,128 | $ | 94,129,950 | ||||||||||||||||||||
Shares issued in merger@ | 20,612,099 | 485,225,303 | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvested dividends | 918,915 | 20,252,897 | 1,083,570 | 16,210,213 | 431,780 | 9,455,991 | 3,132,495 | 49,023,543 | ||||||||||||||||||||||||
Shares redeemed | (2,665,476 | ) | (56,461,055 | ) | (2,260,777 | ) | (36,267,123 | ) | (5,995,845 | ) | (117,154,914 | ) | (5,446,144 | ) | (90,842,573 | ) | ||||||||||||||||
Net increase (decrease) | 19,393,401 | $ | 459,909,810 | (502,087 | ) | $ | (8,998,996 | ) | (4,720,678 | ) | $ | (91,801,695 | ) | 3,810,479 | $ | 52,310,920 | ||||||||||||||||
Moderate Growth Lifestyle | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,901,350 | $ | 29,425,336 | 4,748,351 | $ | 66,688,707 | 3,168,424 | $ | 71,941,296 | 3,869,480 | $ | 65,857,433 | ||||||||||||||||||||
Reinvested dividends | 3,489,539 | 55,134,723 | 4,785,965 | 64,466,953 | 2,978,654 | 66,572,910 | 1,169,875 | 18,718,005 | ||||||||||||||||||||||||
Shares redeemed | (4,390,728 | ) | (68,042,182 | ) | (5,843,056 | ) | (80,208,834 | ) | (5,460,589 | ) | (125,508,752 | ) | (6,441,639 | ) | (105,630,507 | ) | ||||||||||||||||
Net increase (decrease) | 1,000,161 | $ | 16,517,877 | 3,691,260 | $ | 50,946,826 | 686,489 | $ | 13,005,454 | (1,402,284 | ) | $ | (21,055,069 | ) | ||||||||||||||||||
Science & Technology | Small Cap Growth | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 943,073 | $ | 35,631,432 | 779,369 | $ | 21,834,470 | 1,556,604 | $ | 38,177,713 | 660,174 | $ | 11,896,856 | ||||||||||||||||||||
Shares issued in merger@ | 23,763,778 | 964,141,638 | — | — | 24,537,120 | 547,994,858 | — | — | ||||||||||||||||||||||||
Reinvested dividends | 6,321,578 | 237,312,045 | 6,576,292 | 167,892,734 | 1,319,689 | 28,624,065 | 1,309,599 | 23,166,804 | ||||||||||||||||||||||||
Shares redeemed | (6,432,070 | ) | (241,617,724 | ) | (6,708,135 | ) | (188,474,659 | ) | (1,480,597 | ) | (37,738,247 | ) | (3,084,269 | ) | (54,946,669 | ) | ||||||||||||||||
Net increase (decrease) | 24,596,359 | $ | 995,467,391 | 647,526 | $ | 1,252,545 | 25,932,816 | $ | 577,058,389 | (1,114,496 | ) | $ | (19,883,009 | ) | ||||||||||||||||||
@ | See Note 13 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Small Cap Index | Small Cap Special Values | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 8,875,865 | $ | 169,536,007 | 7,636,178 | $ | 136,247,038 | 2,725,417 | $ | 29,798,729 | 1,174,145 | $ | 12,960,090 | ||||||||||||||||||||
Reinvested dividends | 3,124,031 | 73,789,611 | 9,644,826 | 140,525,121 | 579,920 | 7,991,303 | 2,363,019 | 21,290,802 | ||||||||||||||||||||||||
Shares redeemed | (9,879,258 | ) | (190,396,226 | ) | (11,649,067 | ) | (226,506,499 | ) | (3,825,990 | ) | (43,615,910 | ) | (3,479,119 | ) | (37,398,124 | ) | ||||||||||||||||
Net increase (decrease) | 2,120,638 | $ | 52,929,392 | 5,631,937 | $ | 50,265,660 | (520,653 | ) | $ | (5,825,878) | 58,045 | $ | (3,147,232 | ) | ||||||||||||||||||
Small Cap Value | Stock Index | |||||||||||||||||||||||||||||||
For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,660,870 | $ | 94,266,411 | 5,058,552 | $ | 45,307,520 | 7,352,769 | $ | 343,466,025 | 9,659,336 | $ | 406,955,320 | ||||||||||||||||||||
Reinvested dividends | 210,536 | 3,185,408 | 1,365,139 | 13,323,759 | 7,757,830 | 377,883,882 | 10,607,159 | 402,859,884 | ||||||||||||||||||||||||
Shares redeemed | (6,429,036 | ) | (83,240,961 | ) | (4,026,321 | ) | (40,838,763 | ) | (20,324,045 | ) | (950,968,715 | ) | (18,632,641 | ) | (783,626,165 | ) | ||||||||||||||||
Net increase (decrease) | 442,370 | $ | 14,210,858 | 2,397,370 | $ | 17,792,516 | (5,213,446 | ) | $ | (229,618,808) | 1,633,854 | $ | 26,189,039 | |||||||||||||||||||
Systematic Core | Systematic Value | |||||||||||||||||||||||||||||||
For the Year ended May 31, 2021 | For the year ended May 31, 2020 | For the Year ended May 31, 2021 | For the year ended May 31, 2020 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,142,444 | $ | 28,376,565 | 944,605 | $ | 20,089,047 | 745,425 | $ | 9,553,055 | 270,326 | $ | 3,347,990 | ||||||||||||||||||||
Shares issued in merger@ | 19,752,605 | 522,825,787 | — | — | 39,712,602 | 498,079,427 | — | — | ||||||||||||||||||||||||
Reinvested dividends | 657,026 | 16,195,680 | 741,867 | 14,147,413 | 782,050 | 9,345,498 | 503,966 | 6,042,555 | ||||||||||||||||||||||||
Shares redeemed | (1,466,232 | ) | (36,439,813 | ) | (1,497,315 | ) | (32,249,776 | ) | (2,081,386 | ) | (26,472,180 | ) | (699,103 | ) | (9,716,001 | ) | ||||||||||||||||
Net increase (decrease) | 20,085,843 | $ | 530,958,219 | 189,157 | $ | 1,986,684 | 39,158,691 | $ | 490,505,800 | 75,189 | $ | (325,456 | ) | |||||||||||||||||||
U.S. Socially Responsible | ||||||||||||||||||||||||||||||||
For the nine months ended May 31, 2021 | For the year ended August 31, 2020 | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold | 1,472,166 | $ | 33,960,819 | 1,763,899 | $ | 39,577,158 | ||||||||||||||||||||||||||
Reinvested dividends | 1,252,594 | 30,375,406 | 6,919,141 | 134,438,913 | ||||||||||||||||||||||||||||
Shares redeemed | (4,997,221 | ) | (115,301,763 | ) | (5,715,684 | ) | (125,729,074 | ) | ||||||||||||||||||||||||
Net increase (decrease) | (2,272,461 | ) | $ | (50,965,538 | ) | 2,967,356 | $ | 48,286,997 | ||||||||||||||||||||||||
Aggressive Growth Lifestyle | Capital Appreciation | Conservative Growth Lifestyle | Core Bond | |||||||||||||||||||||||||||||
For the year ended August 31, 2019 | For the year ended August 31, 2019 | For the year ended August 31, 2019 | For the year ended August 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,109,924 | $ | 22,475,544 | 394,188 | $ | 7,322,698 | 1,120,264 | $ | 13,470,335 | 57,112,744 | $ | 625,559,507 | ||||||||||||||||||||
Reinvested dividends | 6,137,801 | 61,562,142 | 1,825,856 | 26,547,942 | 1,953,657 | 22,740,565 | 3,247,624 | 36,081,103 | ||||||||||||||||||||||||
Shares redeemed | (4,530,285 | ) | (48,321,386 | ) | (746,236 | ) | (13,395,307 | ) | (3,221,687 | ) | (38,553,203 | ) | (41,982,996 | ) | (469,220,482 | ) | ||||||||||||||||
Net increase (decrease) | 3,717,440 | $ | 35,716,300 | 1,473,808 | $ | 20,475,333 | (147,766 | ) | $ | (2,342,303 | ) | 18,377,372 | $ | 192,420,128 | ||||||||||||||||||
High Yield Bond | International Opportunities | Mid Cap Value | Moderate Growth Lifestyle | |||||||||||||||||||||||||||||
For the year ended August 31, 2019 | For the year ended August 31, 2019 | For the year ended August 31, 2019 | For the year ended August 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 21,616,604 | $ | 164,112,365 | 2,535,467 | $ | 47,560,772 | 1,579,237 | $ | 31,875,533 | 2,811,567 | $ | 40,461,449 | ||||||||||||||||||||
Reinvested dividends | 3,936,404 | 29,483,669 | 1,510,293 | 28,408,612 | 8,372,950 | 142,088,963 | 6,196,547 | 84,768,759 | ||||||||||||||||||||||||
Shares redeemed | (16,236,613 | ) | (122,971,220 | ) | (6,776,358 | ) | (130,450,424 | ) | (8,107,140 | ) | (163,523,061 | ) | (5,340,558 | ) | (76,543,714 | ) | ||||||||||||||||
Net increase (decrease) | 9,316,395 | $ | 70,624,814 | (2,730,598 | ) | $ | (54,481,040 | ) | 1,845,047 | $ | 10,441,435 | 3,667,556 | $ | 48,686,494 | ||||||||||||||||||
@ | See Note 13 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Small Cap Growth | Small Cap Value | U.S. Socially Responsible | ||||||||||||||||||||||||||||||
For the year ended August 31, 2019 | For the year ended August 31, 2019 | For the year ended August 31, 2019 | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
Shares sold | 1,942,186 | $ | 39,526,464 | 2,328,171 | $ | 31,448,250 | 664,063 | $ | 14,332,859 | |||||||||||||||||||||||
Reinvested dividends | 2,705,008 | 45,173,634 | 5,337,253 | 58,976,644 | 2,899,802 | 62,490,729 | ||||||||||||||||||||||||||
Shares redeemed | (2,500,467 | ) | (50,443,312 | ) | (12,255,616 | ) | (166,756,286 | ) | (5,062,961 | ) | (112,853,519 | ) | ||||||||||||||||||||
Net increase (decrease) | 2,146,727 | $ | 34,256,786 | (4,590,192 | ) | $ | (76,331,392 | ) | (1,499,096 | ) | $ | (36,029,931 | ) | |||||||||||||||||||
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 period ended May 31, 2021, 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
The High Yield Bond Fund’s investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.
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, the International Opportunities Fund, the 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 Core Bond 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 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
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NOTES TO FINANCIAL STATEMENTS — (continued)
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 period ended May 31, 2021, 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 | 28 | 12,728 | 9,653,571 | 1.44 | ||||||||||||
Global Real Estate | 1 | 16 | 400,000 | 1.41 | ||||||||||||
Global Strategy | 11 | 230 | 522,727 | 1.44 | ||||||||||||
Growth | 91 | 12,804 | 3,189,250 | 1.44 | ||||||||||||
Inflation Protected | 1 | 2,109 | 52,350,000 | 1.45 | ||||||||||||
International Opportunities | 6 | 252 | 1,058,333 | 1.43 | ||||||||||||
International Socially Responsible | 14 | 335 | 596,429 | 1.45 | ||||||||||||
International Value | 4 | 132 | 818,750 | 1.45 | ||||||||||||
Large Capital Growth | 5 | 73 | 360,000 | 1.45 | ||||||||||||
Mid Cap Index | 15 | 4,050 | 6,785,000 | 1.43 | ||||||||||||
Mid Cap Strategic Growth | 11 | 205 | 346,667 | 1.42 | ||||||||||||
Mid Cap Value | 4 | 44 | 272,000 | 1.45 | ||||||||||||
Nasdaq-100® Index | 6 | 61 | 254,167 | 1.45 | ||||||||||||
Science & Technology | 43 | 1,424 | 827,907 | 1.44 | ||||||||||||
Small Cap Growth | 2 | 75 | 937,500 | 1.45 | ||||||||||||
Small Cap Special Values | 1 | 4 | 100,000 | 1.45 | ||||||||||||
Stock Index | 15 | 11,096 | 18,405,000 | 1.44 | ||||||||||||
Systematic Core | 10 | 59 | 150,000 | 1.42 | ||||||||||||
Systematic Value | 1 | 5 | 125,000 | 1.44 | ||||||||||||
U.S. Socially Responsible | 20 | 3,125 | 3,882,500 | 1.43 |
As of May 31, 2021, 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 period ended May 31, 2021, none of the Funds participated in this program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the period ended May 31, 2021, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain(Loss) | |||||||||
International Opportunities | $ | 510,998 | $ | — | $ | — | ||||||
Large Capital Growth | 895,543 | — | — | |||||||||
Mid Cap Value | 1,379,552 | — | — |
Note 12 — Other Matters
The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Funds invest. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Note 13 — Fund Mergers
Pursuant to an Agreement and Plan of Reorganization, all of the assets and liabilities of the VALIC Company I and VALIC Company II Target Funds (each, a “Target Fund”) listed below were transferred in a tax-free exchange to a VALIC Company I Acquiring Fund (each, an “Acquiring Fund”), in exchange for shares of the Acquiring Fund. Each transaction is referred to as a “Reorganization”. The Target Funds and the Acquiring Fund for each Reorganization are shown in the tables below. The Reorganizations were consummated on April 19, 2021 for the Phase I Mergers and May 24, 2021 for the Phase II Mergers (the “Reorganization Dates”).
Phase I Mergers
Target Funds | Acquiring Funds | |
Large Cap Value Fund, a series of VC II | Systematic Value Fund | |
Value Fund, a series of VC I | Systematic Value Fund | |
Core Equity Fund, a series of VC I | Systematic Core Fund | |
Large Cap Core Fund, a series of VC I | Systematic Core Fund | |
Mid Cap Growth Fund, a series of VC II | Mid Cap Strategic Growth Fund | |
Small-Mid Growth Fund, a series of VC I | Mid Cap Strategic Growth Fund | |
Health Sciences Fund, a series of VC I | Science & Technology Fund |
Phase II Mergers
Target Funds | Acquiring Funds | |
Capital Conservation Fund, a series of VC I | Core Bond Fund | |
Strategic Bond Fund, a series of VC II | Core Bond Fund | |
Small Cap Fund, a series of VC I | Small Cap Growth Fund | |
Small Cap Aggressive Growth Fund, a series of VC I | Small Cap Growth Fund | |
Government Money Market II Fund, a series of VC II | Government Money Market I Fund |
The table below shows the following information for each of the Reorganizations:
• | The exchange ratio of shares of each Target Fund that were exchanged tax-free for shares of the Acquiring Fund. |
• | The number and value of shares of the Acquiring Fund issued in connection with the acquisition of each Target Fund. |
• | The value and identified cost as of the respective Reorganization Date of the assets in the investment portfolio of each Target Fund. These were the principal assets acquired by the Acquiring Fund. |
Acquiring Fund | Target Fund | Exchange Ratio | Number of Shares Issued by Acquiring Fund | Value of Shares Issued by Acquiring Fund | Value of Assets in the Investment Portfolio of the Target Fund | Cost of Assets in the Investment Portfolio of the Target Fund | ||||||||||||||||
VCI Core Bond | VCI Capital Conservation | 0.8766 | 26,126,529 | $ | 296,274,836 | $ | 285,100,537 | $ | 278,982,433 | |||||||||||||
VCI Core Bond | VCII Strategic Bond | 0.9795 | 75,875,458 | 860,427,693 | 787,580,468 | 777,299,736 | ||||||||||||||||
VCI Government Money Market I | VCII Government Money Market II | 1.0001 | 124,203,715 | 124,203,715 | 124,267,629 | 124,267,629 | ||||||||||||||||
VCI Mid Cap Strategic Growth | VCI Small-Mid Growth | 0.4764 | 8,077,144 | 190,142,439 | 180,586,332 | 170,950,482 | ||||||||||||||||
VCI Mid Cap Strategic Growth | VCII Mid Cap Growth | 0.3779 | 12,534,955 | 295,082,864 | 279,472,034 | 267,488,561 | ||||||||||||||||
VCI Science & Technology | VCI Health Sciences | 0.3651 | 23,763,778 | 964,141,638 | 883,417,733 | 849,154,302 | ||||||||||||||||
VCI Small Cap Growth | VCI Small Cap Aggressive Growth | 0.5103 | 8,176,209 | 182,601,733 | 174,627,984 | 164,981,253 | ||||||||||||||||
VCI Small Cap Growth | VCI Small Cap | 0.3810 | 16,360,911 | 365,393,125 | 339,316,736 | 321,831,038 | ||||||||||||||||
VCI Systematic Core | VCI Core Equity | 0.6926 | 11,310,048 | 299,362,271 | 295,957,138 | 259,360,806 | ||||||||||||||||
VCI Systematic Core | VCI Large Cap Core | 0.3884 | 8,442,557 | 223,463,516 | 220,424,151 | 191,595,662 | ||||||||||||||||
VCI Systematic Value | VCI Value | 1.1449 | 12,131,298 | 152,151,957 | 145,756,716 | 139,417,483 | ||||||||||||||||
VCI Systematic Value | VCII Large Cap Value | 1.5345 | 27,581,304 | 345,927,470 | 336,695,358 | 325,486,247 |
For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
The following is a summary of the shares outstanding, net assets, net asset value per share and net unrealized appreciation depreciation) immediately before and after the Reorganization:
Core Bond Fund | ||||||||||||||||
Target Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Capital Conservation Fund | 29,804,522 | $ | 296,274,836 | $ | 9.94 | $ | 6,118,104 | |||||||||
VALIC Company II Strategic Bond Fund | 77,465,760 | $ | 860,427,693 | $ | 11.11 | $ | 10,280,732 | |||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Core Bond Fund | 145,029,817 | $ | 1,644,642,150 | $ | 11.34 | $ | 33,725,288 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Core Bond Fund | 247,031,804 | $ | 2,801,344,679 | $ | 11.34 | $ | 50,124,124 |
Government Money Market I Fund | ||||||||||||||||
Target Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company II Government Money Market II Fund | 124,191,296 | $ | 124,203,715 | $ | 1.00 | $ | 0 | |||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Government Money Market I Fund | 451,026,122 | $ | 451,015,853 | $ | 1.00 | $ | 0 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Government Money Market I Fund | 575,229,837 | $ | 575,219,568 | $ | 1.00 | $ | 0 |
Mid Cap Strategic Growth Fund | ||||||||||||||||
Target Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Small-Mid Growth Fund | 16,952,785 | $ | 190,142,439 | $ | 11.22 | $ | 9,635,850 | |||||||||
VALIC Company II Mid Cap Growth Fund | 33,170,659 | $ | 295,082,864 | $ | 8.90 | $ | 11,983,473 | |||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Mid Cap Strategic Growth Fund | 18,390,951 | $ | 432,938,551 | $ | 23.54 | $ | 178,112,391 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Mid Cap Strategic Growth Fund | 39,003,050 | $ | 918,163,854 | $ | 23.54 | $ | 199,731,714 |
Science & Technology Fund | ||||||||||||||||
Target Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Health Sciences Fund | 65,083,140 | $ | 964,141,638 | $ | 14.81 | $ | 34,263,431 | |||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Science & Technology Fund | 56,680,648 | $ | 2,299,643,130 | $ | 40.57 | $ | 645,877,650 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Science & Technology Fund | 80,444,426 | $ | 3,263,784,768 | $ | 40.57 | $ | 680,141,081 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Small Cap Growth Fund | ||||||||||||||||
Target Funds | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Small Cap Aggressive Growth Fund | 16,022,474 | $ | 182,601,733 | $ | 11.40 | $ | 9,646,731 | |||||||||
VALIC Company I Small Cap Fund | 42,936,913 | 365,393,125 | 8.51 | 17,485,698 | ||||||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Small Cap Growth Fund | 11,693,526 | $ | 261,156,958 | $ | 22.33 | $ | 59,118,159 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Small Cap Growth Fund | 36,230,646 | $ | 809,151,816 | $ | 22.33 | $ | 86,250,588 |
Systematic Core Fund | ||||||||||||||||
Target Funds | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Core Equity Fund | 16,329,682 | $ | 299,362,271 | $ | 18.33 | $ | 36,596,332 | |||||||||
VALIC Company I Large Cap Core Fund | 21,736,216 | 223,463,516 | 10.28 | 28,828,489 | ||||||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Systematic Core Fund | 6,633,054 | $ | 175,567,285 | $ | 26.47 | $ | 66,711,056 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Systematic Core Fund | �� | 26,385,659 | $ | 698,393,072 | $ | 26.47 | $ | 132,135,877 |
Systematic Value Fund | ||||||||||||||||
Target Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Value Fund | 10,595,835 | $ | 152,151,957 | $ | 14.36 | $ | 6,339,233 | |||||||||
VALIC Company II Large Cap Value Fund | 17,973,806 | $ | 345,927,470 | $ | 19.25 | $ | 11,209,111 | |||||||||
Acquiring Fund | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Systematic Value Fund | 4,143,135 | $ | 51,963,937 | $ | 12.54 | $ | 6,926,832 | |||||||||
Post Reorganization | Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | ||||||||||||
VALIC Company I Systematic Value Fund | 43,855,737 | $ | 550,043,364 | $ | 12.54 | $ | 24,475,176 |
Assuming the Reorganizations had been completed at beginning of the reporting period for the Acquiring Fund (June 1, 2020 for the Phase I Mergers and September 1, 2020 for the Phase II Mergers except the Government Money Market Fund I whose reporting period began on June 1, 2020), the unaudited pro forma results of operations for the period ended May 31, 2021, are as follows:
Acquiring Fund | Net Investment Income (loss) | Net Realized/unrealized gains (losses) | Change in Net Assets Resulting from Operations | |||||||||
VCI Core Bond | $ | 19,939,883 | $ | (1,968,773 | ) | $ | 17,971,110 | |||||
VCI Government Money Market I | 55,442 | (345 | ) | 55,097 | ||||||||
VCI Mid Cap Strategic Growth | (2,180,301 | ) | 324,696,300 | 322,515,999 | ||||||||
VCI Science & Technology | (15,682,412 | ) | 922,784,165 | 907,101,753 | ||||||||
VCI Small Cap Growth | (2,402,820 | ) | 202,478,507 | 200,075,687 | ||||||||
VCI Systematic Core | 3,676,290 | 221,440,696 | 225,116,986 | |||||||||
VCI Systematic Value | 5,919,141 | 188,695,906 | 194,615,047 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations since the Reorganization Dates.
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FINANCIAL HIGHLIGHTS
Aggressive Growth Lifestyle Fund | Asset Allocation Fund | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2021(f) | Year Ended August 31, | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.22 | $ | 10.09 | $ | 11.34 | $ | 10.68 | $ | 10.41 | $ | 10.67 | $ | 9.45 | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.17 | 0.19 | 0.17 | 0.17 | 0.16 | 0.19 | 0.08 | 0.14 | 0.18 | 0.16 | 0.16 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.32 | 0.77 | (0.24 | ) | 1.04 | 0.93 | 0.56 | 2.97 | (0.30 | ) | (0.55 | ) | 0.83 | 0.71 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.49 | 0.96 | (0.07 | ) | 1.21 | 1.09 | 0.75 | 3.05 | (0.16 | ) | (0.37 | ) | 0.99 | 0.87 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.26 | ) | (0.21 | ) | (0.16 | ) | (0.21 | ) | (0.23 | ) | (0.13 | ) | (0.12 | ) | (0.17 | ) | (0.18 | ) | (0.26 | ) | ||||||||||||||||||||||
Net realized gain on securities | (0.40 | ) | (0.57 | ) | (0.97 | ) | (0.39 | ) | (0.61 | ) | (0.78 | ) | – | (0.18 | ) | (0.88 | ) | (0.48 | ) | – | ||||||||||||||||||||||||
Total distributions | (0.60 | ) | (0.83 | ) | (1.18 | ) | (0.55 | ) | (0.82 | ) | (1.01 | ) | (0.13 | ) | (0.30 | ) | (1.05 | ) | (0.66 | ) | (0.26 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 12.11 | $ | 10.22 | $ | 10.09 | $ | 11.34 | $ | 10.68 | $ | 10.41 | $ | 12.37 | $ | 9.45 | $ | 9.91 | $ | 11.33 | $ | 11.00 | ||||||||||||||||||||||
TOTAL RETURN(a) | 24.54 | % | 9.91 | % | (0.52 | )% | 11.39 | % | 10.61 | % | 7.53 | % | 32.34 | % | (1.46 | )% | (3.42 | )% | 8.91 | % | 8.35 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.10 | %@(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.85 | % | 0.77 | % | 0.76 | % | 0.72 | % | 0.70 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.14 | %@(e) | 0.14 | %(e) | 0.14 | %(e) | 0.14 | %(e) | 0.14 | %(e) | 0.15 | %(e) | 0.87 | % | 0.77 | % | 0.76 | % | 0.72 | % | 0.70 | % | ||||||||||||||||||||||
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 | 1.98 | %@(e) | 1.88 | %(e) | 1.56 | %(e) | 1.49 | %(e) | 1.47 | %(e) | 1.78 | %(e) | 0.74 | % | 1.39 | % | 1.69 | % | 1.40 | % | 1.51 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.94 | %@(e) | 1.83 | %(e) | 1.52 | %(e) | 1.45 | %(e) | 1.44 | %(e) | 1.73 | %(e) | 0.72 | % | 1.39 | % | 1.69 | % | 1.40 | % | 1.51 | % | ||||||||||||||||||||||
Portfolio turnover rate | 16 | % | 48 | % | 37 | % | 49 | % | 36 | % | 24 | % | 199 | % | 177 | % | 113 | % | 84 | % | 161 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 60,531 | 59,921 | 57,377 | 53,660 | 53,168 | 51,410 | 12,451 | 13,614 | 14,892 | 14,624 | 14,705 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 732,829 | $ | 612,613 | $ | 579,049 | $ | 608,709 | $ | 567,843 | $ | 535,245 | $ | 154,023 | $ | 128,629 | $ | 147,543 | $ | 165,665 | $ | 161,767 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Does not include underlying fund expenses that the Fund bears indirectly. |
(f) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Blue Chip Growth Fund | Capital Appreciation Fund | |||||||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Nine Months Ended May 31, 2021(e) | Year Ended August 31, | ||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.80 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 18.62 | $ | 14.89 | $ | 20.13 | $ | 16.55 | $ | 15.99 | $ | 16.35 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.11 | ) | (0.05 | ) | (0.01 | ) | (0.01 | ) | 0.01 | (0.01 | ) | 0.02 | 0.07 | 0.04 | 0.08 | 0.09 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 6.96 | 3.93 | 0.86 | 4.82 | 3.46 | 3.53 | 4.28 | (0.26 | ) | 4.51 | 2.12 | 1.20 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 6.85 | 3.88 | 0.85 | 4.81 | 3.47 | 3.52 | 4.30 | (0.19 | ) | 4.55 | 2.20 | 1.29 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (0.01 | ) | – | (0.02 | ) | (0.06 | ) | (0.05 | ) | (0.08 | ) | (0.08 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | (2.48 | ) | (2.26 | ) | (2.51 | ) | (1.23 | ) | (1.68 | ) | (0.44 | ) | (0.51 | ) | (5.00 | ) | (0.89 | ) | (1.56 | ) | (1.59 | ) | ||||||||||||||||||||||
Total distributions | (2.48 | ) | (2.26 | ) | (2.51 | ) | (1.24 | ) | (1.68 | ) | (0.46 | ) | (0.57 | ) | (5.05 | ) | (0.97 | ) | (1.64 | ) | (1.65 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 25.17 | $ | 20.80 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 21.68 | $ | 18.62 | $ | 14.89 | $ | 20.13 | $ | 16.55 | $ | 15.99 | ||||||||||||||||||||||
TOTAL RETURN(a) | 33.74 | % | 21.77 | % | 4.22 | % | 27.87 | % | 23.49 | % | 18.97 | % | 29.44 | % | (0.35 | )% | 27.94 | % | 14.13 | % | 8.33 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.82 | % | 0.83 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.82 | % | 0.83 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.99 | %@ | 1.00 | % | 1.00 | % | 0.99 | % | 0.99 | % | 1.00 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.45 | %) | (0.24 | )% | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )%@ | 0.12 | % | 0.38 | % | 0.22 | % | 0.50 | % | 0.52 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.45 | %) | (0.24 | )% | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.24 | )%@ | (0.03 | )% | 0.23 | % | 0.08 | % | 0.36 | % | 0.37 | % | ||||||||||||||||||||||
Portfolio turnover rate | 28 | % | 27 | % | 30 | % | 24 | % | 27 | % | 27 | % | 62 | % | 60 | % | 124 | % | 66 | % | 54 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 39,782 | 39,950 | 40,727 | 37,397 | 39,343 | 6,513 | 6,576 | 6,923 | 5,449 | 5,535 | 5,313 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,001,518 | $ | 831,006 | $ | 781,236 | $ | 779,336 | $ | 679,516 | $ | 141,163 | $ | 122,454 | $ | 103,080 | $ | 109,697 | $ | 91,579 | $ | 84,946 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Conservative Growth Lifestyle Fund | Core Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2021(f) | Year Ended August 31, | Nine Months Ended May 31, 2021(f) | Year Ended August 31, | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.31 | $ | 11.85 | $ | 12.31 | $ | 12.07 | $ | 11.82 | $ | 11.95 | $ | 11.94 | $ | 11.53 | $ | 10.74 | $ | 11.15 | $ | 11.30 | $ | 10.93 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.31 | 0.32 | 0.25 | 0.31 | 0.28 | 0.30 | 0.15 | 0.28 | 0.33 | 0.30 | 0.27 | 0.24 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.29 | 0.63 | 0.17 | 0.28 | 0.39 | 0.41 | (0.12 | ) | 0.52 | 0.70 | (0.45 | ) | (0.12 | ) | 0.38 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.60 | 0.95 | 0.42 | 0.59 | 0.67 | 0.71 | 0.03 | 0.80 | 1.03 | (0.15 | ) | 0.15 | 0.62 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.34 | ) | (0.31 | ) | (0.36 | ) | (0.28 | ) | (0.32 | ) | (0.34 | ) | (0.29 | ) | (0.39 | ) | (0.24 | ) | (0.26 | ) | (0.30 | ) | (0.22 | ) | ||||||||||||||||||||||||
Net realized gain on securities | (0.18 | ) | (0.18 | ) | (0.52 | ) | (0.07 | ) | (0.10 | ) | (0.50 | ) | (0.31 | ) | – | – | (0.00 | ) | – | (0.03 | ) | |||||||||||||||||||||||||||
Total distributions | (0.52 | ) | (0.49 | ) | (0.88 | ) | (0.35 | ) | (0.42 | ) | (0.84 | ) | (0.60 | ) | (0.39 | ) | (0.24 | ) | (0.26 | ) | (0.30 | ) | (0.25 | ) | ||||||||||||||||||||||||
Net asset value at end of period | $ | 13.39 | $ | 12.31 | $ | 11.85 | $ | 12.31 | $ | 12.07 | $ | 11.82 | $ | 11.37 | $ | 11.94 | $ | 11.53 | $ | 10.74 | $ | 11.15 | $ | 11.30 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.05 | % | 8.14 | % | 3.52 | % | 4.94 | % | 5.76 | % | 6.19 | % | 0.27 | % | 7.05 | % | 9.64 | % | (1.32 | )% | 1.37 | % | 5.78 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.10 | %@(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.76 | %@ | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.15 | %@(e) | 0.15 | %(e) | 0.15 | %(e) | 0.15 | %(e) | 0.15 | %(e) | 0.15 | %(e) | 0.77 | %@ | 0.78 | % | 0.78 | % | 0.78 | % | 0.80 | % | 0.79 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 3.13 | %@(e) | 2.68 | %(e) | 2.06 | %(e) | 2.47 | %(e) | 2.31 | %(e) | 2.51 | %(e) | 1.73 | %@ | 2.39 | % | 2.99 | % | 2.80 | % | 2.40 | % | 2.16 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.08 | %@(e) | 2.62 | %(e) | 2.01 | %(e) | 2.43 | %(e) | 2.27 | %(e) | 2.46 | %(e) | 1.72 | %@ | 2.37 | % | 2.99 | % | 2.78 | % | 2.37 | % | 2.15 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 13 | % | 38 | % | 45 | % | 44 | % | 38 | % | 27 | % | 39 | % | 93 | % | 97 | % | 73 | % | 76 | % | 139 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 27,761 | 27,615 | 27,369 | 27,516 | 27,674 | 27,779 | 247,069 | 149,401 | 137,809 | 119,431 | 100,052 | 106,434 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 371,617 | $ | 339,870 | $ | 324,436 | $ | 338,793 | $ | 333,907 | $ | 328,390 | $ | 2,809,677 | $ | 1,784,179 | $ | 1,589,218 | $ | 1,282,586 | $ | 1,115,936 | $ | 1,202,915 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Does not include underlying fund expenses that the Fund bears indirectly. |
(f) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
342 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dividend Value Fund | Dynamic Allocation Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.98 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 11.93 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.25 | 0.29 | 0.29 | 0.26 | 0.25 | 0.20 | 0.18 | 0.17 | 0.12 | 0.15 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.54 | (0.34 | ) | (0.27 | ) | 0.74 | 1.62 | 1.94 | 1.00 | 0.00 | 1.00 | 1.13 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.79 | (0.05 | ) | 0.02 | 1.00 | 1.87 | 2.14 | 1.18 | 0.17 | 1.12 | 1.28 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.24 | ) | (0.26 | ) | (0.15 | ) | (0.16 | ) | (0.22 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.34 | ) | (0.53 | ) | (1.37 | ) | (0.46 | ) | (1.07 | ) | (1.23 | ) | (0.48 | ) | (0.73 | ) | (0.50 | ) | (0.08 | ) | ||||||||||||||||||||
Total distributions | (0.60 | ) | (0.77 | ) | (1.61 | ) | (0.70 | ) | (1.32 | ) | (1.47 | ) | (0.74 | ) | (0.88 | ) | (0.66 | ) | (0.30 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 13.17 | $ | 9.98 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 12.60 | $ | 11.93 | $ | 11.49 | $ | 12.20 | $ | 11.74 | ||||||||||||||||||||
TOTAL RETURN(a) | 38.46 | % | (0.33 | )% | (0.17 | )% | 8.14 | % | 16.51 | % | 18.42 | % | 10.43 | % | 1.47 | % | 9.45 | % | 11.98 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.69 | % | 0.74 | % | 0.81 | % | 0.81 | % | 0.82 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | 0.31 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.83 | % | 0.32 | % | 0.33 | % | 0.32 | % | 0.31 | % | 0.32 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.18 | % | 2.61 | % | 2.40 | % | 2.06 | % | 2.13 | % | 1.57 | % | 1.47 | % | 1.36 | % | 0.97 | % | 1.30 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.07 | % | 2.54 | % | 2.40 | % | 2.06 | % | 2.12 | % | 1.57 | % | 1.45 | % | 1.35 | % | 0.96 | % | 1.30 | % | ||||||||||||||||||||
Portfolio turnover rate | 64 | % | 63 | % | 46 | % | 54 | % | 41 | % | 24 | % | 20 | % | 11 | % | 15 | % | 14 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 103,420 | 101,412 | 88,850 | 71,348 | 66,882 | 15,751 | 15,995 | 17,745 | 19,983 | 21,173 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,361,703 | $ | 1,012,017 | $ | 959,714 | $ | 884,180 | $ | 808,699 | $ | 198,516 | $ | 190,741 | $ | 203,843 | $ | 243,832 | $ | 248,630 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
343 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Emerging Economies Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.23 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 6.85 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.19 | 0.18 | 0.16 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 | 0.16 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies |
| 3.66 |
| (0.47 | ) | (1.22 | ) | 0.92 | 1.74 | 1.73 | (0.94 | ) | 0.44 | 0.28 | 0.21 | |||||||||||||||||||||||||
Total income (loss) from investment operations | 3.82 | (0.28 | ) | (1.04 | ) | 1.08 | 1.87 | 1.87 | (0.79 | ) | 0.61 | 0.46 | 0.37 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.20 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.34 | ) | (0.24 | ) | (0.29 | ) | (0.31 | ) | (0.34 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.25 | ) | (0.12 | ) | – | (0.10 | ) | (0.42 | ) | ||||||||||||||||||||||||||
Total distributions | (0.18 | ) | (0.20 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.59 | ) | (0.36 | ) | (0.29 | ) | (0.41 | ) | (0.76 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.87 | $ | 7.23 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 8.13 | $ | 6.85 | $ | 8.00 | $ | 7.68 | $ | 7.63 | ||||||||||||||||||||
TOTAL RETURN(a) | 52.91 | %(e) | (3.74 | )% | (11.75 | )% | 13.50 | % | 30.41 | % | 28.14 | % | (10.37 | )% | 8.10 | % | 6.19 | % | 4.98 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.88 | % | 0.91 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.88 | % | 0.91 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.68 | % | 2.35 | % | 2.29 | % | 1.80 | % | 1.85 | % | 1.83 | % | 1.84 | % | 2.18 | % | 2.34 | % | 2.04 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.68 | % | 2.35 | % | 2.29 | % | 1.80 | % | 1.85 | % | 1.83 | % | 1.84 | % | 2.18 | % | 2.34 | % | 2.04 | % | ||||||||||||||||||||
Portfolio turnover rate | 82 | % | 62 | % | 72 | % | 53 | % | 69 | % | 76 | % | 78 | % | 44 | % | 50 | % | 47 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 98,028 | 97,025 | 106,698 | 91,875 | 89,332 | 53,522 | 52,437 | 57,358 | 47,313 | 50,730 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,065,405 | $ | 701,471 | $ | 823,071 | $ | 817,232 | $ | 708,873 | $ | 435,033 | $ | 359,442 | $ | 458,620 | $ | 363,223 | $ | 387,137 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the gain on the disposal of investments in violation of investment restrictions. (see Note 3). |
See Notes to Financial Statements
344 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Strategy Fund | Government Money Market I Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.85 | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.20 | 0.30 | 0.44 | 0.35 | 0.33 | 0.00 | 0.01 | 0.02 | 0.01 | 0.00 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.50 | (0.41 | ) | (1.02 | ) | 0.20 | 1.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.70 | (0.11 | ) | (0.58 | ) | 0.55 | 1.47 | 0.00 | 0.01 | 0.02 | 0.01 | 0.00 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.64 | ) | (0.26 | ) | – | (0.10 | ) | (0.00 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | |||||||||||||||||||||
Net realized gain on securities | – | (0.64 | ) | (0.94 | ) | (0.16 | ) | (0.22 | ) | – | – | – | – | – | ||||||||||||||||||||||||||
Total distributions | (0.42 | ) | (1.28 | ) | (1.20 | ) | (0.16 | ) | (0.32 | ) | (0.00 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.13 | $ | 8.85 | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
TOTAL RETURN(a) | 19.49 | % | (1.01 | )% | (5.19 | )% | 4.72 | % | 14.16 | % | 0.01 | % | 1.09 | % | 1.69 | % | 0.72 | %(e) | 0.08 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.70 | % | 0.72 | % | 0.66 | % | 0.65 | % | 0.66 | % | 0.07 | % | 0.45 | % | 0.51 | % | 0.51 | % | 0.45 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.72 | % | 0.73 | % | 0.66 | % | 0.65 | % | 0.66 | % | 0.54 | % | 0.51 | % | 0.51 | % | 0.51 | % | 0.53 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.09 | % | 2.95 | % | 3.78 | % | 2.86 | % | 2.94 | % | 0.01 | % | 1.05 | % | 1.70 | % | 0.71 | % | 0.08 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.07 | % | 2.94 | % | 3.78 | % | 2.86 | % | 2.94 | % | (0.46 | %) | 0.99 | % | 1.70 | % | 0.71 | % | (0.00 | )% | ||||||||||||||||||||
Portfolio turnover rate | 39 | % | 108 | % | 30 | % | 30 | % | 35 | % | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 28,375 | 31,935 | 31,615 | 32,421 | 36,070 | 573,895 | 415,212 | 395,196 | 311,723 | 330,780 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 287,412 | $ | 282,708 | $ | 323,702 | $ | 389,638 | $ | 419,325 | $ | 573,885 | $ | 415,201 | $ | 395,183 | $ | 311,708 | $ | 330,783 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
345 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.22 | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 18.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.20 | 0.23 | 0.23 | 0.23 | 0.21 | (0.02 | ) | 0.03 | 0.06 | 0.07 | 0.10 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.39 | ) | 0.67 | 0.37 | (0.37 | ) | (0.18 | ) | 6.65 | 4.22 | 0.38 | 3.02 | 2.56 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.19 | ) | 0.90 | 0.60 | (0.14 | ) | 0.03 | 6.63 | 4.25 | 0.44 | 3.09 | 2.66 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.25 | ) | (0.03 | ) | (0.07 | ) | (0.07 | ) | (0.10 | ) | (0.12 | ) | ||||||||||||||||||||
Net realized gain on securities | — | – | – | – | – | (3.23 | ) | (1.71 | ) | (1.38 | ) | (0.63 | ) | (1.01 | ) | |||||||||||||||||||||||||
Total distributions | (0.25 | ) | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.25 | ) | (3.26 | ) | (1.78 | ) | (1.45 | ) | (0.73 | ) | (1.13 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.78 | $ | 11.22 | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 22.19 | $ | 18.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | ||||||||||||||||||||
TOTAL RETURN(a) | (1.70 | )% | 8.57 | % | 5.98 | % | (1.32 | )% | 0.35 | % | 36.58 | % | 27.42 | % | 2.65 | % | 20.60 | % | 20.48 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.66 | % | 0.66 | % | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.68 | % | 0.74 | % | 0.74 | % | 0.76 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.66 | % | 0.66 | % | 0.67 | % | 0.66 | % | 0.64 | % | 0.80 | % | 0.81 | % | 0.79 | % | 0.79 | % | 0.81 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.77 | % | 2.08 | % | 2.24 | % | 2.12 | % | 1.95 | % | (0.10 | %) | 0.16 | % | 0.34 | % | 0.42 | % | 0.71 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.77 | % | 2.08 | % | 2.24 | % | 2.12 | % | 1.95 | % | (0.26 | %) | 0.03 | % | 0.29 | % | 0.37 | % | 0.66 | % | ||||||||||||||||||||
Portfolio turnover rate | 13 | % | 17 | % | 17 | % | 3 | % | 15 | % | 40 | % | 219 | % | 60 | % | 58 | % | 71 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,260 | 13,225 | 13,559 | 11,890 | 13,689 | 64,460 | 72,176 | 64,185 | 69,279 | 66,758 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 142,954 | $ | 148,338 | $ | 143,372 | $ | 121,425 | $ | 145,460 | $ | 1,430,327 | $ | 1,358,693 | $ | 1,049,181 | $ | 1,202,649 | $ | 1,001,261 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
346 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
High Yield Bond Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2021(e) | Year Ended August 31, | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.47 | $ | 7.66 | $ | 7.53 | $ | 7.75 | $ | 7.56 | $ | 7.40 | $ | 11.34 | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.24 | 0.36 | 0.39 | 0.40 | 0.41 | 0.37 | 0.18 | 0.22 | 0.24 | 0.26 | 0.25 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.28 | (0.00 | ) | 0.09 | (0.18 | ) | 0.15 | 0.13 | 0.68 | 0.32 | 0.14 | (0.14 | ) | 0.10 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.52 | 0.36 | 0.48 | 0.22 | 0.56 | 0.50 | 0.86 | 0.54 | 0.38 | 0.12 | 0.35 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.55 | ) | (0.35 | ) | (0.44 | ) | (0.37 | ) | (0.34 | ) | (0.17 | ) | (0.27 | ) | (0.18 | ) | (0.21 | ) | (0.03 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | (0.06 | ) | – | (0.01 | ) | (0.10 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Total distributions | (0.31 | ) | (0.55 | ) | (0.35 | ) | (0.44 | ) | (0.37 | ) | (0.34 | ) | (0.23 | ) | (0.27 | ) | (0.19 | ) | (0.31 | ) | (0.04 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 7.68 | $ | 7.47 | $ | 7.66 | $ | 7.53 | $ | 7.75 | $ | 7.56 | $ | 11.97 | $ | 11.34 | $ | 11.07 | $ | 10.88 | $ | 11.07 | ||||||||||||||||||||||
TOTAL RETURN(a) | 6.95 | % | 5.01 | % | 6.47 | % | 2.89 | % | 7.54 | % | 7.07 | % | 7.66 | % | 4.88 | % | 3.51 | % | 1.11 | % | 3.29 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.92 | %@ | 0.94 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.54 | % | 0.57 | % | 0.56 | % | 0.57 | % | 0.58 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | %@ | 0.98 | % | 0.97 | % | 0.97 | % | 0.97 | % | 0.99 | % | 0.56 | % | 0.57 | % | 0.56 | % | 0.57 | % | 0.58 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 4.26 | %@ | 4.79 | % | 5.25 | % | 5.16 | % | 5.27 | % | 5.16 | % | 1.55 | % | 1.94 | % | 2.27 | % | 2.29 | % | 2.33 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 4.21 | %@ | 4.75 | % | 5.24 | % | 5.15 | % | 5.26 | % | 5.13 | % | 1.53 | % | 1.94 | % | 2.27 | % | 2.29 | % | 2.33 | % | ||||||||||||||||||||||
Portfolio turnover rate | 33 | % | 49 | % | 34 | % | 26 | % | 52 | % | 36 | % | 71 | % | 38 | % | 42 | % | 34 | % | 42 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 77,982 | 72,088 | 85,841 | 76,525 | 72,461 | 78,148 | 66,826 | 67,416 | 63,309 | 54,697 | 57,066 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 598,597 | $ | 538,716 | $ | 657,364 | $ | 576,553 | $ | 561,480 | $ | 590,679 | $ | 800,186 | $ | 764,607 | $ | 700,574 | $ | 595,043 | $ | 631,552 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
347 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Index Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.19 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 12.14 | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.15 | 0.13 | 0.19 | 0.19 | 0.17 | 0.24 | 0.29 | 0.28 | 0.24 | 0.24 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.17 | (0.36 | ) | (0.62 | ) | 0.35 | 0.81 | 0.55 | 0.24 | 0.09 | (0.20 | ) | 0.04 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.32 | (0.23 | ) | (0.43 | ) | 0.54 | 0.98 | 0.79 | 0.53 | 0.37 | 0.04 | 0.28 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.19 | ) | (0.24 | ) | (0.15 | ) | (0.18 | ) | (0.29 | ) | (0.21 | ) | (0.18 | ) | (0.11 | ) | – | |||||||||||||||||||||
Net realized gain on securities | (0.03 | ) | (0.13 | ) | – | – | – | (0.19 | ) | – | (0.01 | ) | – | – | ||||||||||||||||||||||||||
Total distributions | (0.13 | ) | (0.32 | ) | (0.24 | ) | (0.15 | ) | (0.18 | ) | (0.48 | ) | (0.21 | ) | (0.19 | ) | (0.11 | ) | – | |||||||||||||||||||||
Net asset value at end of period | $ | 8.38 | $ | 6.19 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 12.45 | $ | 12.14 | $ | 11.82 | $ | 11.64 | $ | 11.71 | ||||||||||||||||||||
TOTAL RETURN(a) | 37.70 | % | (3.42 | )% | (5.81 | )% | 7.63 | % | 15.98 | % | 6.58 | % | 4.44 | % | 3.26 | % | 0.32 | % | 2.45 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.42 | % | 0.43 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.42 | % | 0.43 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.11 | % | 1.89 | % | 2.72 | % | 2.57 | % | 2.62 | % | 1.89 | % | 2.34 | % | 2.44 | % | 2.04 | % | 2.03 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.11 | % | 1.89 | % | 2.72 | % | 2.57 | % | 2.62 | % | 1.89 | % | 2.34 | % | 2.44 | % | 2.04 | % | 2.03 | % | ||||||||||||||||||||
Portfolio turnover rate | 2 | % | 10 | % | 15 | % | 17 | % | 11 | % | 71 | % | 105 | % | 94 | % | 95 | % | 70 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 226,703 | 201,429 | 154,662 | 173,854 | 155,797 | 15,543 | 14,125 | 17,187 | 18,875 | 15,879 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,899,286 | $ | 1,246,804 | $ | 1,041,727 | $ | 1,287,987 | $ | 1,093,865 | $ | 193,496 | $ | 171,444 | $ | 203,184 | $ | 219,748 | $ | 185,943 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
348 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | International Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Nine Months Ended May 31, 2021(f) | Year Ended August 31, | ||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 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 | $ | 20.73 | $ | 18.44 | $ | 21.31 | $ | 19.38 | $ | 16.00 | $ | 15.08 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.02 | ) | – | 0.04 | 0.08 | 0.14 | 0.04 | 0.09 | 0.16 | 0.13 | 0.14 | 0.14 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 6.75 | 1.13 | (0.19 | ) | 2.29 | 1.45 | 4.00 | 2.64 | (2.10 | ) | 1.97 | 3.49 | 0.94 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 6.73 | 1.13 | (0.15 | ) | 2.37 | 1.59 | 4.04 | 2.73 | (1.94 | ) | 2.10 | 3.63 | 1.08 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | (0.10 | ) | (0.19 | ) | (0.18 | ) | (0.11 | ) | (0.13 | ) | (0.19 | ) | (0.17 | ) | (0.25 | ) | (0.16 | ) | |||||||||||||||||||||||
Net realized gain on securities | (0.07 | ) | – | (3.41 | ) | (0.21 | ) | – | (1.64 | ) | (0.31 | ) | (0.74 | ) | – | – | – | |||||||||||||||||||||||||||
Total distributions | (0.07 | ) | (0.01 | ) | (3.51 | ) | (0.40 | ) | (0.18 | ) | (1.75 | ) | (0.44 | ) | (0.93 | ) | (0.17 | ) | (0.25 | ) | (0.16 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 19.13 | $ | 12.47 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 23.02 | $ | 20.73 | $ | 18.44 | $ | 21.31 | $ | 19.38 | $ | 16.00 | ||||||||||||||||||||||
TOTAL RETURN(a) | 53.98 | % | 10.00 | % | (0.17 | )%(e) | 18.38 | % | 13.81 | % | 19.97 | % | 15.03 | % | (9.20 | )% | 10.81 | % | 22.81 | % | 7.23 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.83 | % | 0.86 | % | 0.89 | % | 0.98 | % | 1.01 | % | 1.19 | %@ | 1.13 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.03 | % | 1.06 | % | 1.09 | % | 1.08 | % | 1.10 | % | 1.23 | %@ | 1.22 | % | 1.22 | % | 1.20 | % | 1.22 | % | 1.21 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | – | – | 0.00 | % | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.10 | %) | (0.03 | )% | 0.30 | % | 0.58 | % | 1.15 | % | 0.23 | %@ | 0.45 | % | 0.83 | % | 0.61 | % | 0.82 | % | 0.91 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.30 | %) | (0.23 | )% | 0.10 | % | 0.47 | % | 1.06 | % | 0.19 | %@ | 0.36 | % | 0.60 | % | 0.41 | % | 0.60 | % | 0.70 | % | ||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 22 | % | 35 | % | 130 | % | 39 | % | 48 | % | 45 | % | 41 | % | 46 | % | 62 | % | 58 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 33,616 | 37,029 | 41,093 | 32,707 | 33,688 | 31,574 | 29,447 | 31,253 | 33,984 | 34,637 | 37,260 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 642,915 | $ | 461,774 | $ | 466,362 | $ | 490,921 | $ | 439,222 | $ | 726,964 | $ | 610,424 | $ | 576,197 | $ | 724,027 | $ | 671,097 | $ | 596,055 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
349 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Socially Responsible Fund | International Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.97 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 7.78 | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.51 | 0.42 | 0.44 | 0.37 | 0.32 | 0.19 | 0.18 | 0.20 | 0.21 | 0.20 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 8.18 | �� | (0.96 | ) | (0.29 | ) | 2.52 | 2.84 | 3.66 | (1.09 | ) | (1.66 | ) | 0.13 | 1.75 | |||||||||||||||||||||||||
Total income (loss) from investment operations | 8.69 | (0.54 | ) | 0.15 | 2.89 | 3.16 | 3.85 | (0.91 | ) | (1.46 | ) | 0.34 | 1.95 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.53 | ) | (0.51 | ) | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.17 | ) | (0.23 | ) | (0.28 | ) | (0.21 | ) | (0.19 | ) | ||||||||||||||||||||
Net realized gain on securities | (5.56 | ) | (0.89 | ) | – | – | – | – | (0.01 | ) | – | – | – | |||||||||||||||||||||||||||
Total distributions | (6.09 | ) | (1.40 | ) | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.17 | ) | (0.24 | ) | (0.28 | ) | (0.21 | ) | (0.19 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 26.57 | $ | 23.97 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 11.46 | $ | 7.78 | $ | 8.93 | $ | 10.67 | $ | 10.54 | ||||||||||||||||||||
TOTAL RETURN(a) | 37.84 | % | (2.05 | )% | 0.57 | % | 12.16 | % | 15.15 | % | 49.67 | % | (10.17 | )% | (13.83 | )% | 3.19 | % | 22.36 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | % | 0.63 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.74 | % | 0.73 | % | 0.77 | % | 0.79 | % | 0.80 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | % | 0.63 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.81 | % | 0.80 | % | 0.82 | % | 0.79 | % | 0.80 | % | ||||||||||||||||||||
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) | 1.89 | % | 1.57 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.95 | % | 2.01 | % | 1.97 | % | 1.93 | % | 2.04 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.89 | % | 1.57 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.88 | % | 1.94 | % | 1.92 | % | 1.93 | % | 2.04 | % | ||||||||||||||||||||
Portfolio turnover rate | 9 | % | 68 | % | 2 | % | 5 | % | 23 | % | 62 | % | 64 | % | 136 | % | 30 | % | 40 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,525 | 13,629 | 14,044 | 16,331 | 17,515 | 64,412 | 77,667 | 77,083 | 81,504 | 83,103 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 385,891 | $ | 326,671 | $ | 363,818 | $ | 428,452 | $ | 416,564 | $ | 738,262 | $ | 604,123 | $ | 688,485 | $ | 869,416 | $ | 876,165 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
350 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.82 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 20.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.08 | 0.13 | 0.10 | 0.10 | 0.35 | 0.30 | 0.32 | 0.35 | 0.30 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 6.24 | 2.50 | 1.71 | 2.09 | 1.87 | 11.29 | (0.70 | ) | (1.86 | ) | 3.45 | 3.91 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 6.29 | 2.58 | 1.84 | 2.19 | 1.97 | 11.64 | (0.40 | ) | (1.54 | ) | 3.80 | 4.21 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.13 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.32 | ) | (0.36 | ) | (0.37 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||||||||||
Net realized gain on securities | (2.00 | ) | (1.31 | ) | (1.07 | ) | (0.75 | ) | (0.43 | ) | (0.87 | ) | (2.01 | ) | (2.61 | ) | (1.87 | ) | (2.31 | ) | ||||||||||||||||||||
Total distributions | (2.08 | ) | (1.44 | ) | (1.17 | ) | (0.84 | ) | (0.52 | ) | (1.19 | ) | (2.37 | ) | (2.98 | ) | (2.19 | ) | (2.65 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 21.03 | $ | 16.82 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 31.20 | $ | 20.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | ||||||||||||||||||||
TOTAL RETURN(a) | 38.39 | % | 17.08 | % | 12.50 | % | 16.00 | % | 16.50 | % | 56.39 | % | (1.25 | )% | (5.76 | )% | 14.51 | % | 16.94 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.36 | % | ||||||||||||||||||||
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) | 0.24 | % | 0.45 | % | 0.81 | % | 0.70 | % | 0.76 | % | 1.33 | % | 1.28 | % | 1.20 | % | 1.25 | % | 1.14 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.24 | % | 0.45 | % | 0.81 | % | 0.70 | % | 0.76 | % | 1.33 | % | 1.28 | % | 1.20 | % | 1.25 | % | 1.14 | % | ||||||||||||||||||||
Portfolio turnover rate | 22 | % | 37 | % | 26 | % | 21 | % | 23 | % | 18 | % | 14 | % | 14 | % | 15 | % | 14 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 31,517 | 31,185 | 30,448 | 29,613 | 30,427 | 123,862 | 131,740 | 123,200 | 122,466 | 128,379 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 662,844 | $ | 524,630 | $ | 477,301 | $ | 444,633 | $ | 415,566 | $ | 3,864,639 | $ | 2,734,114 | $ | 2,897,313 | $ | 3,434,089 | $ | 3,392,738 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
351 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Mid Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Nine Months Ended May 31, 2021(e) | Year Ended August 31, | ||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 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 | $ | 15.38 | $ | 17.19 | $ | 22.13 | $ | 21.23 | $ | 20.45 | $ | 21.82 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.00 | ) | 0.00 | 0.01 | 0.02 | 0.04 | 0.13 | 0.14 | 0.09 | 0.07 | 0.14 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 7.83 | 1.89 | 1.13 | 2.66 | 2.24 | 7.02 | (0.81 | ) | (1.11 | ) | 2.62 | 2.17 | 1.73 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 7.80 | 1.89 | 1.13 | 2.67 | 2.26 | 7.06 | (0.68 | ) | (0.97 | ) | 2.71 | 2.24 | 1.87 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | – | (0.00 | ) | (0.01 | ) | – | (0.13 | ) | (0.15 | ) | (0.11 | ) | (0.09 | ) | (0.13 | ) | (0.06 | ) | ||||||||||||||||||||||||
Net realized gain on securities | (1.13 | ) | (0.88 | ) | (1.49 | ) | (0.73 | ) | (0.92 | ) | (0.09 | ) | (0.98 | ) | (3.86 | ) | (1.72 | ) | (1.33 | ) | (3.18 | ) | ||||||||||||||||||||||
Total distributions | (1.15 | ) | (0.88 | ) | (1.49 | ) | (0.74 | ) | (0.92 | ) | (0.22 | ) | (1.13 | ) | (3.97 | ) | (1.81 | ) | (1.46 | ) | (3.24 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 23.15 | $ | 16.50 | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 22.22 | $ | 15.38 | $ | 17.19 | $ | 22.13 | $ | 21.23 | $ | 20.45 | ||||||||||||||||||||||
TOTAL RETURN(a) | 47.61 | % | 12.76 | % | 7.45 | % | 19.17 | % | 18.43 | % | 45.95 | % | (4.12 | )% | (4.14 | )% | 12.90 | % | 11.02 | % | 9.62 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.78 | % | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 1.04 | %@ | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.78 | % | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 1.06 | %@ | 1.07 | % | 1.06 | % | 1.05 | % | 1.05 | % | 1.06 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.13 | %) | (0.03 | )% | (0.02 | )% | 0.03 | % | 0.12 | % | 0.31 | %@ | 0.82 | % | 0.73 | % | 0.40 | % | 0.32 | % | 0.65 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.13 | %) | (0.03 | )% | (0.02 | )% | 0.03 | % | 0.12 | % | 0.29 | %@ | 0.80 | % | 0.72 | % | 0.40 | % | 0.32 | % | 0.64 | % | ||||||||||||||||||||||
Portfolio turnover rate | 49 | % | 25 | % | 31 | % | 40 | % | 38 | % | 31 | % | 63 | % | 44 | % | 44 | % | 44 | % | 44 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 38,473 | 19,079 | 19,581 | 18,404 | 18,691 | 42,346 | 47,067 | 43,256 | 41,411 | 49,262 | 48,776 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 890,709 | $ | 314,845 | $ | 303,288 | $ | 291,655 | $ | 260,170 | $ | 940,809 | $ | 724,100 | $ | 743,460 | $ | 916,284 | $ | 1,046,046 | $ | 997,576 |
@ | Annualized |
(a) | Total return includes if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
352 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Moderate Growth Lifestyle Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2021(g) | Year Ended August 31, | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.16 | $ | 13.88 | $ | 15.00 | $ | 14.23 | $ | 13.98 | $ | 14.09 | $ | 18.29 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.28 | 0.31 | 0.24 | 0.26 | 0.24 | 0.30 | 0.06 | 0.08 | 0.12 | 0.06 | 0.07 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.49 | 0.93 | (0.00 | ) | 1.08 | 0.92 | 0.70 | 7.74 | 4.72 | 0.26 | 2.48 | 2.73 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.77 | 1.24 | 0.24 | 1.34 | 1.16 | 1.00 | 7.80 | 4.80 | 0.38 | 2.54 | 2.80 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.34 | ) | (0.32 | ) | (0.24 | ) | (0.32 | ) | (0.32 | ) | (0.08 | ) | (0.14 | ) | (0.06 | ) | (0.07 | ) | (0.08 | ) | ||||||||||||||||||||||
Net realized gain on securities | (0.47 | ) | (0.62 | ) | (1.04 | ) | (0.33 | ) | (0.59 | ) | (0.79 | ) | (2.01 | ) | (0.45 | ) | (0.21 | ) | (0.61 | ) | (0.53 | ) | ||||||||||||||||||||||
Total distributions | (0.80 | ) | (0.96 | ) | (1.36 | ) | (0.57 | ) | (0.91 | ) | (1.11 | ) | (2.09 | ) | (0.59 | ) | (0.27 | ) | (0.68 | ) | (0.61 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 16.13 | $ | 14.16 | $ | 13.88 | $ | 15.00 | $ | 14.23 | $ | 13.98 | $ | 24.00 | $ | 18.29 | $ | 14.08 | $ | 13.97 | $ | 12.11 | ||||||||||||||||||||||
TOTAL RETURN(a) | 19.65 | % | 9.26 | % | 1.71 | % | 9.44 | % | 8.42 | % | 7.48 | % | 43.47 | %(f) | 34.71 | % | 2.76 | % | 20.94 | % | 28.88 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.10 | %@(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.51 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.13 | %@(e) | 0.14 | %(e) | 0.13 | %(e) | 0.13 | %(e) | 0.14 | %(e) | 0.14 | %(e) | 0.51 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.55 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 2.39 | %@(e) | 2.24 | %(e) | 1.69 | %(e) | 1.75 | %(e) | 1.68 | %(e) | 2.15 | %(e) | 0.25 | % | 0.49 | % | 0.85 | % | 0.49 | % | 0.67 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 2.36 | %@(e) | 2.20 | %(e) | 1.66 | %(e) | 1.72 | %(e) | 1.65 | %(e) | 2.11 | %(e) | 0.25 | % | 0.49 | % | 0.84 | % | 0.48 | % | 0.66 | % | ||||||||||||||||||||||
Portfolio turnover rate | 15 | % | 49 | % | 39 | % | 47 | % | 36 | % | 33 | % | 8 | % | 8 | % | 6 | % | 3 | % | 4 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 72,656 | 71,656 | 67,965 | 64,297 | 63,003 | 60,581 | 34,731 | 34,045 | 35,447 | 33,891 | 32,558 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,172,232 | $ | 1,014,351 | $ | 943,311 | $ | 964,607 | $ | 896,346 | $ | 846,974 | $ | 833,580 | $ | 622,519 | $ | 499,269 | $ | 473,513 | $ | 394,400 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Does not include underlying fund expenses that the Fund bears indirectly. |
(f) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by affiliates |
(g) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
353 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Nine Months Ended May 31, 2021(f) | Year Ended August 31, | ||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 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 | $ | 20.49 | $ | 16.89 | $ | 23.31 | $ | 16.98 | $ | 14.20 | $ | 15.31 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.22 | ) | 0.05 | (0.10 | ) | (0.09 | ) | (0.01 | ) | (0.13 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | (0.08 | ) | (0.03 | ) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 14.40 | 7.31 | 0.94 | 7.89 | 6.56 | 5.23 | 6.21 | (1.22 | ) | 7.14 | 3.72 | 0.42 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 14.18 | 7.36 | 0.84 | 7.80 | 6.55 | 5.10 | 6.10 | (1.33 | ) | 7.02 | 3.64 | 0.39 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||
Net realized gain on securities | (4.66 | ) | (3.43 | ) | (6.03 | ) | (2.66 | ) | (1.85 | ) | (2.74 | ) | (2.50 | ) | (5.09 | ) | (0.69 | ) | (0.86 | ) | (1.50 | ) | ||||||||||||||||||||||
Total distributions | (4.68 | ) | (3.43 | ) | (6.03 | ) | (2.66 | ) | (1.85 | ) | (2.74 | ) | (2.50 | ) | (5.09 | ) | (0.69 | ) | (0.86 | ) | (1.50 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 39.38 | $ | 29.88 | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 22.85 | $ | 20.49 | $ | 16.89 | $ | 23.31 | $ | 16.98 | $ | 14.20 | ||||||||||||||||||||||
TOTAL RETURN(a) | 48.22 | % | 30.60 | %(e) | 3.04 | % | 30.08 | % | 31.82 | % | 25.62 | % | 38.49 | % | (5.47 | )% | 41.51 | % | 26.05 | % | 4.40 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.97 | % | 0.97 | % | 0.98 | % | 0.97 | % | 0.99 | % | 1.11 | %@ | 1.14 | % | 1.16 | % | 1.16 | % | 1.16 | % | 1.16 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | % | 0.97 | % | 0.98 | % | 0.97 | % | 0.99 | % | 1.19 | %@ | 1.24 | % | 1.23 | % | 1.22 | % | 1.25 | % | 1.29 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.60 | %) | 0.19 | % | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.84 | )%@ | (0.61 | )% | (0.54 | )% | (0.61 | )% | (0.53 | )% | (0.22 | )% | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.60 | %) | 0.19 | % | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.92 | )%@ | (0.70 | )% | (0.61 | )% | (0.67 | )% | (0.62 | )% | (0.35 | )% | ||||||||||||||||||||||
Portfolio turnover rate | 88 | % | 98 | % | 89 | % | 84 | % | 92 | % | 40 | % | 48 | % | 60 | % | 63 | % | 40 | % | 39 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 78,910 | 54,314 | 53,666 | 45,064 | 43,461 | 36,204 | 10,271 | 11,386 | 9,239 | 8,088 | 7,035 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 3,107,205 | $ | 1,623,083 | $ | 1,392,834 | $ | 1,403,433 | $ | 1,130,159 | $ | 827,215 | $ | 210,497 | $ | 192,341 | $ | 215,384 | $ | 137,330 | $ | 99,884 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by 0.04% from gains on the disposal of investments in violation of investment restrictions. |
(f) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
354 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.08 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 8.80 | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.17 | 0.22 | 0.22 | 0.21 | 0.07 | 0.12 | 0.12 | 0.15 | 0.19 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 9.54 | (0.99 | ) | (2.25 | ) | 3.85 | 3.43 | 5.81 | (1.31 | ) | (1.02 | ) | 1.84 | 1.97 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 9.66 | (0.82 | ) | (2.03 | ) | 4.07 | 3.64 | 5.88 | (1.19 | ) | (0.90 | ) | 1.99 | 2.16 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.32 | ) | (0.24 | ) | (0.22 | ) | (0.23 | ) | (0.15 | ) | (0.15 | ) | (0.17 | ) | (0.18 | ) | (0.14 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.07 | ) | (2.54 | ) | (1.78 | ) | (1.27 | ) | (1.09 | ) | (0.27 | ) | (1.00 | ) | (1.63 | ) | (1.14 | ) | (0.90 | ) | ||||||||||||||||||||
Total distributions | (1.26 | ) | (2.86 | ) | (2.02 | ) | (1.49 | ) | (1.32 | ) | (0.42 | ) | (1.15 | ) | (1.80 | ) | (1.32 | ) | (1.04 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 23.48 | $ | 15.08 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 14.26 | $ | 8.80 | $ | 11.14 | $ | 13.84 | $ | 13.17 | ||||||||||||||||||||
TOTAL RETURN(a) | 63.99 | % | (3.87 | )% | (9.23 | )% | 20.42 | % | 20.25 | % | 66.92 | % | (10.88 | )% | (6.88 | )% | 15.39 | % | 17.65 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.42 | % | 0.44 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.89 | % | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.42 | % | 0.44 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.89 | % | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.61 | % | 0.94 | % | 1.01 | % | 0.99 | % | 1.07 | % | 0.58 | % | 1.10 | % | 0.91 | % | 1.04 | % | 1.47 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.61 | % | 0.94 | % | 1.01 | % | 0.99 | % | 1.07 | % | 0.58 | % | 1.10 | % | 0.91 | % | 1.04 | % | 1.47 | % | ||||||||||||||||||||
Portfolio turnover rate | 14 | % | 13 | % | 16 | % | 17 | % | 12 | % | 37 | % | 37 | % | 33 | % | 37 | % | 46 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 61,697 | 59,576 | 53,944 | 56,750 | 59,190 | 19,614 | 20,134 | 20,076 | 21,730 | 21,453 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,448,543 | $ | 898,557 | $ | 1,012,040 | $ | 1,294,430 | $ | 1,197,209 | $ | 279,760 | $ | 177,110 | $ | 223,576 | $ | 300,745 | $ | 282,609 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Value Fund | Stock Index Fund | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2021(e) | Year Ended August 31, | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.51 | $ | 10.76 | $ | 15.74 | $ | 14.47 | $ | 13.57 | $ | 14.01 | $ | 40.27 | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.10 | 0.15 | 0.15 | 0.11 | 0.13 | 0.60 | 0.81 | 0.72 | 0.63 | 0.61 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 6.11 | (0.92 | ) | (2.80 | ) | 2.36 | 1.48 | 1.27 | 15.20 | 3.86 | 0.62 | 4.49 | 4.96 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 6.16 | (0.82 | ) | (2.65 | ) | 2.51 | 1.59 | 1.40 | 15.80 | 4.67 | 1.34 | 5.12 | 5.57 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.14 | ) | (0.21 | ) | (0.13 | ) | (0.14 | ) | (0.17 | ) | (0.83 | ) | (0.87 | ) | (0.64 | ) | (0.67 | ) | (0.57 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | (0.29 | ) | (2.12 | ) | (1.11 | ) | (0.55 | ) | (1.67 | ) | (2.58 | ) | (2.77 | ) | (0.92 | ) | (1.46 | ) | (1.67 | ) | |||||||||||||||||||||||
Total distributions | (0.10 | ) | (0.43 | ) | (2.33 | ) | (1.24 | ) | (0.69 | ) | (1.84 | ) | (3.41 | ) | (3.64 | ) | (1.56 | ) | (2.13 | ) | (2.24 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 15.57 | $ | 9.51 | $ | 10.76 | $ | 15.74 | $ | 14.47 | $ | 13.57 | $ | 52.66 | $ | 40.27 | $ | 39.24 | $ | 39.46 | $ | 36.47 | ||||||||||||||||||||||
TOTAL RETURN(a) | 64.80 | % | (7.72 | )% | (17.24 | )% | 17.40 | % | 11.61 | % | 11.27 | % | 39.93 | % | 12.45 | % | 3.43 | % | 13.99 | % | 17.08 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.01 | %@ | 0.99 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.29 | % | 0.30 | % | 0.33 | % | 0.34 | % | 0.34 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.06 | %@ | 1.09 | % | 1.06 | % | 1.03 | % | 1.03 | % | 1.04 | % | 0.32 | % | 0.33 | % | 0.33 | % | 0.34 | % | 0.34 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.53 | %@ | 0.97 | % | 1.07 | % | 0.96 | % | 0.71 | % | 0.98 | % | 1.26 | % | 1.91 | % | 1.78 | % | 1.62 | % | 1.75 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.48 | %@ | 0.87 | % | 0.96 | % | 0.88 | % | 0.62 | % | 0.89 | % | 1.24 | % | 1.88 | % | 1.78 | % | 1.62 | % | 1.75 | % | ||||||||||||||||||||||
Portfolio turnover rate | 55 | % | 69 | % | 55 | % | 46 | % | 79 | % | 59 | % | 4 | % | 3 | % | 4 | % | 3 | % | 3 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 32,220 | 31,778 | 29,381 | 33,971 | 36,582 | 37,866 | 114,594 | 119,807 | 118,173 | 125,644 | 124,560 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 501,758 | $ | 302,120 | $ | 316,042 | $ | 534,548 | $ | 529,505 | $ | 513,783 | $ | 6,035,053 | $ | 4,825,190 | $ | 4,637,546 | $ | 4,958,503 | $ | 4,542,334 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Systematic Core Fund | Systematic Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.57 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 11.79 | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.15 | 0.18 | 0.21 | 0.19 | 0.20 | 0.14 | 0.23 | 0.34 | 0.20 | 0.24 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 8.62 | 2.68 | 0.43 | 2.34 | 2.94 | 3.94 | (0.52 | ) | (0.61 | ) | 1.45 | 2.16 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 8.77 | 2.86 | 0.64 | 2.53 | 3.14 | 4.08 | (0.29 | ) | (0.27 | ) | 1.65 | 2.40 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.24 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.39 | ) | (0.22 | ) | (0.28 | ) | (0.24 | ) | ||||||||||||||||||||
Net realized gain on securities | (2.56 | ) | (2.40 | ) | (2.31 | ) | (0.79 | ) | (0.64 | ) | (2.51 | ) | (1.46 | ) | (1.49 | ) | (1.10 | ) | (0.49 | ) | ||||||||||||||||||||
Total distributions | (2.73 | ) | (2.64 | ) | (2.52 | ) | (1.00 | ) | (0.88 | ) | (2.75 | ) | (1.85 | ) | (1.71 | ) | (1.38 | ) | (0.73 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 26.61 | $ | 20.57 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 13.12 | $ | 11.79 | $ | 13.93 | $ | 15.91 | $ | 15.64 | ||||||||||||||||||||
TOTAL RETURN(a) | 43.72 | % | 15.08 | % | 2.87 | % | 12.17 | % | 17.22 | % | 36.90 | % | (2.34 | )% | (1.84 | )% | 10.34 | % | 17.25 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.68 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.57 | % | 0.80 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.90 | % | 0.99 | % | 0.92 | % | 0.90 | % | 0.91 | % | 0.87 | % | 1.16 | % | 0.93 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||
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 | % | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.67 | % | 0.85 | % | 0.95 | % | 0.88 | % | 1.03 | % | 1.39 | % | 1.64 | % | 2.14 | % | 1.20 | % | 1.57 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.45 | % | 0.71 | % | 0.88 | % | 0.83 | % | 0.97 | % | 1.09 | % | 1.27 | % | 2.06 | % | 1.13 | % | 1.49 | % | ||||||||||||||||||||
Portfolio turnover rate | 20 | % | 98 | % | 44 | % | 43 | % | 34 | % | 197 | % | 265 | % | 28 | % | 24 | % | 20 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 26,049 | 5,963 | 5,774 | 5,767 | 5,822 | 42,909 | 3,751 | 3,676 | 3,742 | 3,603 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 693,185 | $ | 122,639 | $ | 117,501 | $ | 128,172 | $ | 120,515 | $ | 563,185 | $ | 44,233 | $ | 51,212 | $ | 59,532 | $ | 56,339 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
357 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
U.S. Socially Responsible Fund | ||||||||||||||||||||||||
Nine Months Ended May 31, 2021(e) | Year Ended August 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.91 | $ | 22.03 | $ | 23.09 | $ | 20.15 | $ | 19.23 | $ | 18.55 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.26 | 0.27 | 0.30 | 0.29 | 0.28 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4.74 | 3.15 | 0.72 | 3.39 | 2.33 | 1.89 | ||||||||||||||||||
Total income (loss) from investment operations | 4.87 | 3.41 | 0.99 | 3.69 | 2.62 | 2.17 | ||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.33 | ) | (0.34 | ) | (0.35 | ) | (0.29 | ) | (0.28 | ) | ||||||||||||
Net realized gain on securities | (0.68 | ) | (4.20 | ) | (1.71 | ) | (0.40 | ) | (1.41 | ) | (1.21 | ) | ||||||||||||
Total distributions | (0.93 | ) | (4.53 | ) | (2.05 | ) | (0.75 | ) | (1.70 | ) | (1.49 | ) | ||||||||||||
Net asset value at end of period | $ | 24.85 | $ | 20.91 | $ | 22.03 | $ | 23.09 | $ | 20.15 | $ | 19.23 | ||||||||||||
TOTAL RETURN(a) | 23.38 | % | 17.06 | % | 4.46 | % | 18.49 | % | 13.90 | % | 12.16 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.60 | %@ | 0.60 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.60 | %@ | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.77 | %@ | 1.20 | % | 1.22 | % | 1.37 | % | 1.46 | % | 1.47 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.77 | %@ | 1.18 | % | 1.17 | % | 1.33 | % | 1.41 | % | 1.42 | % | ||||||||||||
Portfolio turnover rate | 18 | % | 14 | % | 36 | % | 5 | % | 0 | % | 25 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 33,370 | 35,643 | 32,675 | 34,175 | 39,701 | 39,360 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 829,253 | $ | 745,440 | $ | 719,784 | $ | 789,118 | $ | 799,898 | $ | 756,821 |
@ | Annualized |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. |
See Notes to Financial Statements
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Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of VALIC Company I and Shareholders of each of the thirty-seven funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds indicated in the table below (constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2021, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
VALIC Company I
Aggressive Growth Lifestyle Fund(1) | International Opportunities Fund(1) | |
Asset Allocation Fund(2) | International Socially Responsible Fund(2) | |
Blue Chip Growth Fund(2) | International Value Fund(2) | |
Capital Appreciation Fund(1) | Large Capital Growth Fund(2) | |
Conservative Growth Lifestyle Fund(1) | Mid Cap Index Fund(2) | |
Core Bond Fund(1) | Mid Cap Strategic Growth Fund(2) | |
Dividend Value Fund(2) | Mid Cap Value Fund(1) | |
Dynamic Allocation Fund(2) | Moderate Growth Lifestyle Fund(1) | |
Emerging Economies Fund(2) | Nasdaq-100® Index Fund(2) | |
Global Real Estate Fund(2) | Science & Technology Fund(2) | |
Global Strategy Fund(2) | Small Cap Growth Fund(1) | |
Government Money Market I Fund(2) | Small Cap Index Fund(2) | |
Government Securities Fund(2) | Small Cap Special Values Fund(2) | |
Growth Fund(2) | Small Cap Value Fund(1) | |
High Yield Bond Fund(1) | Stock Index Fund(2) | |
Inflation Protected Fund(2) | Systematic Core Fund(2) | |
International Equities Index Fund(2) | Systematic Value Fund(2) | |
International Government Bond Fund(2) | U.S. Socially Responsible Fund(1) | |
International Growth Fund(2) |
(1) | The statements of operations for the year ended August 31, 2020 and the period September 1, 2020 through May 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2020 and the period September 1, 2020 through May 31, 2021 and the financial highlights for each of the five years in the period ended August 31, 2020 and the period September 1, 2020 through May 31, 2021 |
(2) | The statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period ended May 31, 2021 and the financial highlights for each of the five years in the period ended May 31, 2021 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian, transfer agents, brokers and agent banks; when replies were not received from brokers, transfer agents or agent banks we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
July 28, 2021
We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.
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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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APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC COMPANY I APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS
At a meeting held on August 3-4, 20201, 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 Aggressive Growth Lifestyle Fund, Capital Appreciation Fund, Conservative Growth Lifestyle Fund, Core Bond Fund, High Yield Bond Fund, International Opportunities Fund, Mid Cap Value Fund, Moderate Growth Lifestyle Fund, Small Cap Value Fund and U.S. Socially Responsible Fund (each a “Fund” or “Successor Fund,” and collectively, the “Funds” or “Successor Funds”) the Investment Advisory Agreement (the “Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and VC I, on behalf of the Successor Funds, as well as the approval of the Investment Sub-Advisory Agreements between VALIC and the applicable sub-adviser(s) (each a “Sub-adviser” and, collectively, the “Sub-advisers”) for each Successor Fund (each, a “New Fund Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “New Fund Advisory Contracts”): BMO Asset Management Corp. (“BMO AM”), Boston Partners Global Investors, Inc. (“Boston Partners”), Delaware Investments Fund Advisers (“Delaware”), Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management, Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Mellon Investments Corporation (“Mellon”), Perkins Investment Management, LLC (“Perkins”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”) and Wellington Management Company LLP (“Wellington Management”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”).
In connection with the approval of the New Fund Advisory Contracts, the Board, including the Independent Directors, received extensive information relating to certain factors the Board considered in determining whether to approve the New Fund 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 corresponding VC II Funds that would be merged into each respective new series (each a “Predecessor Fund” and, together, the “Predecessor Funds”), 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 mutual fund data; (3) the investment performance of the Predecessor Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Predecessor Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC, 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 the Sub-advisers, as applicable; (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 New Fund 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 Board noted that the investment objectives, strategies and policies, as well as the fees (except as previously noted) of the Successor Funds would be substantially identical to those of the Predecessor Funds. Therefore, the Board determined that the information provided in connection with the Board’s consideration of these factors with respect to the annual renewal of the Advisory Contracts with respect to the Predecessor Funds was relevant for the Board’s consideration of the New Fund Advisory Contracts with respect to the Successor Funds. Accordingly, the Board considered this information in connection with the New Fund Advisory Contracts.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the New Fund Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in executive sessions held during the August 2020 meeting during which such independent counsel provided guidance to the Independent Trustees. The Advisory Contracts were approved at the August 2020 meeting for a two-year term beginning September 1, 2020 and ending August 31, 2022.
Nature, Extent and Quality of Services. The Boards considered the nature, extent and quality of services to be provided to the Successor Funds by VALIC and the Sub-advisers. The Boards reviewed information provided by VALIC relating to its operations and personnel. The Boards 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 Boards 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 Boards also noted that VALIC’s and the Sub-advisers’ management of VC I will be subject to the oversight of the Boards, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectuses and statements of additional information. The Boards noted that VALIC will monitor the performance of the Successor Funds and from time-to-time recommend sub-adviser changes and/or other changes intended to improve the performance of the Successor Funds.
The Boards noted that VALIC personnel meet on a regular basis to discuss the performance of VC I and would be expected to discuss the positioning of the insurance products, employer-sponsored retirement plans and the Successor 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 Successor 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 to be provided to the Successor Funds, including entrepreneurial risk in sponsoring the new Successor Funds and risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to the Successor Funds.
With respect to the services to be provided by the Sub-advisers, the Boards considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Boards noted that each Sub-adviser (i) will determine the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) will provide VALIC with records concerning its activities, which VALIC or the Funds will be required to maintain; and (iii) will render regular reports to VALIC and to officers and Boards concerning its discharge of the foregoing responsibilities. The Boards reviewed each
1 | On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 3-4, 2020 meeting was held telephonically in reliance on the Orders. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
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 Boards also took into account the financial condition of each Sub-adviser. The Boards also considered each Sub-adviser’s brokerage practices and risk management processes.
The Boards reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Boards also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. The Boards noted that SunAmerica is an affiliated company of VALIC and will serve as the administrator to the Successor Funds, as well as sub-advise certain Successor Funds. The Boards 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 Boards concluded that the scope and quality of the advisory services to be 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 Successor Funds.
Investment Performance. Because the Successor Funds had not commenced operations, the Board could not evaluate prior investment performance for the Successor Funds. However, the Board reviewed and was satisfied with certain information regarding expected performance that was based upon the Successor Funds’ proposed investment strategies, including performance of the Predecessor Funds.
Fees and Expenses. The Boards received and reviewed information regarding each Successor Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in the Predecessor Funds’ Expense Group, Expense Universe and Sub-advisory Expense Universe and, in some cases, the Sub-advisory Expense Group. The Board noted that the investment objective, strategy and policies of each Successor Fund would be identical to those of the corresponding Predecessor Fund and, thus, the Successor Funds would be part of the same Expense Groups/Universes and Sub-advisory Expense Groups/Universes as the corresponding Predecessor Funds. The Board noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Boards also considered that the sub-advisory fees will be paid by VALIC out of its advisory fees it receives from the Successor Funds and will not be paid by the Successor 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 Boards noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC would consider fee waivers and expense limitations with respect to the Successor Funds prior to their launch.
The Sub-advisers provided, and the Boards 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.
Among other data provided, the Board noted that the proposed management fee and total expenses for each Successor Fund were within the range of the respective Predecessor Fund’s Expense Group/Universe. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2019, for VC I and from the semi-annual report dated February 29, 2020, for VC II.
The Board considered management’s discussion of each Successor Fund’s expenses and concluded that the advisory fee and sub-advisory fee for each Successor Fund would be 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 for the Predecessor Funds. The Board noted that it would expect VALIC’s profitability with respect to the Successor Funds to be substantially the same as its profitability with respect to the Predecessor Funds, except for the impact of the Services Agreement for each Predecessor Fund. The Board considered the costs that will be borne by the Successor Funds. For its services, VALIC will receive a fee, payable monthly from each Successor Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Successor 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, will receive benefits in addition to the advisory fee to be paid by the Successor Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees will be paid by the Successor Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services will be provided for a flat fee based on the estimated cost of providing such services, and the payment for such services will be allocated to each Successor Fund based on the number of accounts serviced. The Board also considered that the Successor Funds will pay SunAmerica, an affiliate of VALIC, an annual fee based on each Successor Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica will receive from the Successor Funds, SunAmerica will compensate VALIC for certain administrative services, and the Successor Funds’ custodian, State Street, for calculation of the daily net asset value. The Board also noted that SunAmerica will receive sub-advisory fees for those Successor Funds for which it serves as sub-adviser.
The Board also considered that VALIC will be able to exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Successor Funds to the same extent the Successor Funds will 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 Successor Funds that benefit VALIC. 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 Successor 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 Successor 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
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
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 Successor Funds will be offered as investment options through Variable Contracts issued by VALIC and the Life Companies, the investment objectives, strategies and performance of the Successor 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 anticipated profitability to VALIC and its affiliates in connection with their relationship with the Successor 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 Predecessor 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 with respect to the Predecessor Funds, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability with respect to the Predecessor Funds 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, of the Predecessor Funds. The Board further considered the amount of sub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained with respect to the Predecessor Funds 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 Predecessor Funds and as sub-adviser to certain Predecessor Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Predecessor Funds was reasonable and that, therefore, the expected profitability with respect to the Successor Funds would be reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Successor Funds, the Board noted that the fees under the Sub-Advisory Agreements will be paid by VALIC out of the advisory fees that VALIC will receive under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Boards also relied on the ability of VALIC to negotiate the New Fund Sub-Advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Boards determined that the anticipated profitability to the Sub-advisers from their relationship with the Successor Funds was not a material factor in their deliberations with respect to consideration of approval of the New Fund Sub-Advisory Agreements.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates that will be payable to VALIC and each of the Sub-advisers with respect to most of the Successor Funds will contain breakpoints, which will allow the Successor Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Successor Funds’ proposed advisory fee and sub-advisory fee structure, including with respect to the Successor Funds that do not currently have breakpoints. The Board also considered the effect of each Successor Fund’s growth and size on its performance and fees, noting that if the Successor Funds’ assets increase over time, the Successor Funds may realize other economies of scale if assets increase proportionally more than expenses. The Boards 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 Successor Funds are not a material factor to the approval of the New Fund Sub-Advisory Agreements, although it was noted that most of the Successor Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the New Fund 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 Successor Funds. The Board noted that the New Fund 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 New Fund Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the New Fund 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 Successor Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Successor Funds.
Conclusions. In reaching its decision to approve the New Fund 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 New Fund Advisory Contracts.
Further, based upon its review of the New Fund Advisory Contracts, the materials provided, and the considerations described above, the Boards, including the Independent Directors, concluded that (1) the terms of the New Fund Advisory Contracts are reasonable, fair and in the best interests of each of the Successor Funds and its respective future shareholders, and (2) the fee rates payable under the New Fund 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)
VALIC COMPANY I APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS
At a meeting held on October 26, 20201, 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 the Small Cap Growth Fund (the “Fund” or “Successor Fund”) the Investment Advisory Agreement (the “Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and VC I, on behalf of the Successor Fund, as well as the approval of the Investment Sub-Advisory Agreements between VALIC and the applicable sub-adviser (“Sub-adviser”) for the Successor Fund (the “New Fund Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “New Fund Advisory Contracts”): J.P. Morgan Investment Management Inc. (“JPMIM”) (a “Sub-adviser”).
In connection with the approval of the Advisory Contracts, the Board received extensive information relating to certain factors the Board considered in determining whether to approve the New Fund Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and JPMIM; (2) the advisory fee and sub-advisory fees charged in connection with VALIC’s and JPMIM’s management of the corresponding VC II Fund that has the same name, and from which the Successor Fund will adopt the performance and financial information (the “Predecessor 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 mutual fund data; (3) the investment performance of the Predecessor Fund compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against the Predecessor Fund’s benchmark; (4) the costs of services and the benefits potentially derived by VALIC, JPMIM 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 Predecessor Fund and which are advised or managed by VALIC or JPMIM, as applicable; (6) whether the Successor Fund will benefit from possible economies of scale from engaging VALIC and JPMIM; (7) the profitability of VALIC, JPMIM and their respective affiliates, including amounts retained by VALIC after payment of sub-advisory fees; (8) the terms of the New Fund Advisory Contracts; (9) information regarding VALIC’s and JPMIM’s compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of Fund subadvisers. The Board noted that the investment objectives, strategies and policies, as well as the fees (except as previously noted) of the Successor Fund would be substantially identical to those of the Predecessor Fund. Therefore, the Board determined that the information provided in connection with the Board’s consideration of these factors with respect to the annual renewal of the Predecessor Fund Advisory Agreement with respect to the Predecessor Fund was relevant for the Board’s consideration of the New Fund Advisory Contracts with respect to the Successor Fund. Accordingly, the Board considered this information in connection with the New Fund Advisory Contracts.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the New Fund Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in executive sessions held during the August 2020 meeting during which such independent counsel provided guidance to the Independent Trustees. The Advisory Contracts were approved at the August 2020 meeting for a two-year term beginning September 1, 2020 and ending August 31, 2022.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Successor Fund by VALIC and JPMIM. 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 JPMIM, and is also responsible for monitoring and reviewing the activities of JPMIM and other third-party service providers. The Board also noted that VALIC’s and JPMIM’s management of VC I will be 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 prospectuses and statements of additional information. The Board noted that VALIC will monitor the performance of the Successor Fund and from time-to-time recommend sub-adviser changes and/or other changes intended to improve the performance of the Successor Fund.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I and would be expected to discuss the positioning of the insurance products, employer-sponsored retirement plans and the Successor Fund 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 the Successor 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 to be provided to the Successor Fund, including entrepreneurial risk in sponsoring the new Successor Fund and risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to the Successor Fund.
With respect to the services to be provided by JPMIM, the Board considered information provided to them regarding the services provided by JPMIM, including information presented throughout the previous year. The Board noted that JPMIM (i) will determine the securities to be purchased or sold on behalf of the Successor Fund as may be necessary; (ii) will provide VALIC with records concerning its activities, which VALIC or VC I will be required to maintain; and (iii) will render regular reports to VALIC and to officers and Boards concerning its discharge of the foregoing responsibilities. The Board reviewed JPMIM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of JPMIM’s investment, compliance and other personnel who provide services to the Predecessor Fund. The Board also took into account the financial condition of JPMIM. The Board also considered JPMIM’s brokerage practices and risk management processes.
1 | On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the “Orders”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the October 26, 2020 meeting was held telephonically in reliance on the Orders. |
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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 will serve as the administrator to the Successor Fund. The Board also considered VALIC’s and JPMIM’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 to be provided by VALIC and JPMIM 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 Successor Fund.
Investment Performance. Because the Successor Fund had not commenced operations, the Board could not evaluate prior investment performance for the Successor Fund. However, the Board reviewed and was satisfied with certain information regarding expected performance that was based upon the Successor Fund’s proposed investment strategies, including performance of the Predecessor Fund.
Fees and Expenses. The Board received and reviewed information regarding the Successor Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in the Predecessor Fund’s Expense Group, Expense Universe and Sub-advisory Expense Universe and the Sub-advisory Expense Group. The Board noted that the investment objective, strategy and policies of the Successor Fund would be identical to those of the Predecessor Fund and, thus, the Successor Funds would be part of the same Expense Groups/Universes and Sub-advisory Expense Groups/Universes as the Predecessor Fund. The Board noted that VALIC negotiates the sub-advisory fees with JPMIM at arms-length. The Board also considered that the sub-advisory fees will be paid by VALIC out of its advisory fees it receives from the Successor Fund and will not be paid by the Successor Fund, 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 also noted that VALIC would consider fee waivers and expense limitations with respect to the Successor Fund prior to their launch.
JPMIM provided, and the Board also considered, expense information of comparable mutual funds managed by JPMIM. Among other data provided, the Board noted that the proposed management fee and total expenses for the Successor Fund were within the range of the Predecessor Fund’s Expense Group/Universe. Expense ratio data included in the independent third-party report was based on unaudited data from VC II’s semi-annual report dated February 29, 2020.
The Board considered management’s discussion of the Successor Fund’s expenses and concluded that the advisory fee and sub-advisory fee for the Successor Fund would be 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 for the Predecessor Fund. The Board noted that it would expect VALIC’s profitability with respect to the Successor Fund to be substantially the same as its profitability with respect to the Predecessor Fund, except for the impact of the Services Agreement for Predecessor Fund. The Board considered the costs that will be borne by the Successor Fund. For its services, VALIC will receive a fee, payable monthly from the Successor Fund in an amount that is calculated as a percentage of the average monthly net assets of the Successor 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, will receive benefits in addition to the advisory fee to be paid by the Successor Fund, which include transfer agency fees and administrative services fees. The Board also considered that the transfer agency fees will be paid by the Successor Fund for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services will be provided for a flat fee based on the estimated cost of providing such services, and the payment for such services will be allocated based on the number of accounts serviced. The Board also considered that the Successor Fund will pay SunAmerica, an affiliate of VALIC, an annual fee based on the Successor Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica will receive from the Successor Fund, SunAmerica will compensate VALIC for certain administrative services, and the Successor Fund’s custodian, State Street, for calculation of the daily net asset value.
The Board also considered that VALIC will be able to exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Successor Fund to the same extent the Successor Fund will 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 the Successor Fund that benefit VALIC. These benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from JPMIM 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 Successor Fund, 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 Successor Fund, may also make certain payments to the Life Companies for certain administrative services to be rendered to the Variable Contract owners/policyholders who allocate all or a portion of their purchase payments to the Successor Fund. In addition, the Board considered that, because shares of the Successor Fund will be offered as investment options through Variable Contracts issued by VALIC and the Life Companies, the investment objectives, strategies and performance of the Successor Fund 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 anticipated profitability to VALIC and its affiliates in connection with their relationship with the Successor Fund, 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 the Predecessor Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability with respect to the Funds 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
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
profitability of VALIC and its affiliates, as adviser and as transfer agent of the Predecessor Fund. The Board further considered the amount of sub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained with respect to the Predecessor Fund and determined that these amounts were reasonable in light of the services performed by VALIC and JPMIM, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Predecessor Fund. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Predecessor Fund was reasonable and that, therefore, the expected profitability with respect to the Successor Fund would be reasonable.
In considering the profitability to JPMIM in connection with their relationship to the Successor Fund, the Board noted that the fees under the New Fund Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive under the Advisory Agreement. The Board also relied on the ability of VALIC to negotiate the New Fund Sub-Advisory Agreement and the fees thereunder at arm’s length.
For each of the above reasons, the Board determined that the anticipated profitability to JPMIM from their relationship with the Successor Fund was not a material factor in their deliberations with respect to consideration of approval of the New Fund Sub-Advisory Agreement.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates that will be payable to VALIC and JPMIM with respect to the Successor Fund will contain breakpoints, which will allow the Successor Fund to participate in any economies of scale. The Board also took into account management’s discussion of the Successor Fund’s proposed advisory fee and sub-advisory fee structure. The Board also considered the effect of the Successor Fund’s growth and size on its performance and fees, noting that if the Successor Fund’s assets increase over time, the Successor Fund may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Successor Fund, from that of the Predecessor Fund, were necessary.
For similar reasons as stated above with respect to JPMIM’s profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in JPMIM’s management of the Successor Fund are not a material factor to the approval of the New Fund Sub-Advisory Agreement, although it was noted that the Successor Fund has breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the New Fund Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and JPMIM and noted that VALIC would compensate JPMIM out of the advisory fee it receives from the Successor Fund. The Board noted that the New Fund Sub-Advisory Agreement provides that JPMIM will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the New Fund Advisory Contracts and other terms contained therein. The Board concluded that the terms of the New Fund Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and JPMIM’s 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 Successor Fund and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Successor Fund.
Conclusions. In reaching its decision to approve the New Fund 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 JPMIM possess the capability and resources to perform the duties required of them under their respective New Fund Advisory Contracts.
Further, based upon its review of the New Fund Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the New Fund Advisory Contracts are reasonable, fair and in the best interests of the Successor Fund and its respective future shareholders, and (2) the fee rates payable under the New Fund 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)
VALIC COMPANY I DIVIDEND VALUE FUND APPROVAL OF SUB-ADVISORY AGREEMENT
At a meeting held on April 26-27, 2021 (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 ClearBridge Investments, LLC (“ClearBridge”) with respect to the Dividend Value Fund (the “Fund”). In connection with the approval of the New Sub-Advisory Agreement with ClearBridge, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, SunAmerica Asset Management, LLC (“SunAmerica”) 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 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 ClearBridge; (2) the sub-advisory fees proposed to be charged in connection with ClearBridge’s management of the Fund compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-advisory Expense Group/Universe”); (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of comparable funds and accounts managed by ClearBridge; (4) the costs of services and the benefits potentially to be derived by ClearBridge; (5) whether the Fund will benefit from possible economies of scale from engaging ClearBridge; (6) the anticipated profitability of VALIC; (7) information regarding ClearBridge’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 ClearBridge 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 ClearBridge. The Board reviewed information provided by ClearBridge relating to its operations and personnel. The Board also noted that ClearBridge’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 ClearBridge. The Board noted that ClearBridge 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 VC I’s 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 ClearBridge, 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 ClearBridge, subject to ClearBridge’s control, direction, and supervision, which brokers or dealers may include brokers or dealers (including futures commission merchants) affiliated with ClearBridge, subject to applicable law; and (iii) in performing its obligations under the New Sub-Advisory Agreement, ClearBridge 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 ClearBridge shall always remain liable for its obligations thereunder. The Board considered ClearBridge’s history and investment experience as well as information regarding the qualifications, background and responsibilities of ClearBridge’s investment personnel who would provide services to the Fund. The Board also reviewed ClearBridge’s brokerage practices. The Board also noted that it received information on ClearBridge’s financial condition and its compliance function. The Board also considered ClearBridge’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 ClearBridge were expected to be satisfactory and that there was a reasonable basis to conclude that ClearBridge 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 on Fund assets above $1 billion as a result of the change in sub-adviser, and would remain the same at all lower asset levels. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-advisory Expense Group/Universe. The Board also considered expense information of comparable funds and accounts managed by ClearBridge and the reasons for any differences between the rates. The Board noted that VALIC negotiated the sub-advisory fee with ClearBridge 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 the continuation of the 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 ClearBridge will not result in an increase to the management fee paid by the Fund to VALIC.
The Board considered that the proposed sub-advisory fee payable to ClearBridge is below the average and equal to the median of the Fund’s Sub-advisory Expense Group and slightly above the median of the Fund’s Sub-advisory Expense Universe. 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.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended December 31, 2020. The Board also considered the performance of other funds managed by ClearBridge using a similar investment strategy as that which ClearBridge will use to manage the Fund. 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.
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 remain the same at current asset levels and be reduced at asset levels above $1 billion as a result of the replacement of SunAmerica with ClearBridge. 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 ClearBridge is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with ClearBridge at arm’s length. In considering the anticipated profitability to ClearBridge 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 ClearBridge 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 ClearBridge’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in ClearBridge’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 ClearBridge and the current sub-advisory agreement between VALIC and SunAmerica are similar, except that the New Sub-Advisory Agreement differs, among other things, in: (i) the parties to the agreement; (ii) the effective date of the agreement; (iii) the addition of language permitting the sub-adviser to delegate any or all of its discretionary investment, advisory and other rights, powers and functions thereunder to any advisory affiliate; (iv) the addition of express terms relating to compliance with state laws and regulations; (v) the addition of language 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 a provision requiring the sub-adviser to assist the Fund and its agents with respect to the valuation of Fund assets; (vii) the addition of language permitting the sub-adviser to engage its affiliates, VALIC or its affiliates or other sub-advisers as broker-dealers or futures commission merchants to effect Fund transactions in securities and other investments for the Fund; (viii) the addition of language that states VALIC will vote proxies relating to securities held by the Fund and that the sub-adviser is not responsible for taking any action with respect to litigation on behalf of the Fund; (ix) the addition of certain express terms relating to indemnification; (x) the addition of certain express terms concerning the preservation of the Fund’s books and records; (xi) the law governing the agreement; (xii) the elimination of language requiring VALIC to furnish the sub-adviser with copies of Fund documents that refer to the sub-adviser; and (xiii) the addition of certain express terms relating to confidentiality. 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 ClearBridge 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
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC COMPANY I INTERNATIONAL GROWTH FUND APPROVAL OF SUB-ADVISORY AGREEMENT
At a meeting held on April 26-27, 2021 (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 a sub-subadvisory agreement between Morgan Stanley Investment Management Inc. (“MSIM”) and Morgan Stanley Investment Management Company (“MSIM Co.”), with respect to the International Growth Fund, a series of VC I (the “MSIM Co. Sub-Sub-Advisory Agreement”).
In connection with the approval of the MSIM Co. Sub-Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the MSIM Co. Sub-Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by MSIM Co.; (2) the key personnel of MSIM Co. who will provide services to the Fund; (3) MSIM Co.’s compliance policies and procedures; (4) MSIM Co.’s brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by MSIM Co. as a result of the MSIM Co. Sub-Sub-Advisory Agreement.
In considering whether to approve the MSIM Co. Sub-Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management. The Board noted that in accordance with Section 15(c) of the 1940 Act, MSIM Co. furnished the Board with extensive information in connection with the consideration of the MSIM Co. Sub-Sub-Advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the MSIM Co. Sub-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 Funds by MSIM Co. The Board reviewed information provided by MSIM Co. relating to MSIM Co.’s operations and personnel. The Board also took into account that the individual at MSIM currently responsible for managing the Fund’s portfolio will continue to manage the Fund’s portfolio under the MSIM Co. Sub-Sub-Advisory Agreement. The Board also noted that MSIM Co.’s management of the Fund will be subject to the oversight of MSIM, VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information. The Board also noted that the Fund’s principal investment strategies and techniques were not expected to change.
The Board considered information provided to them regarding the services to be provided by MSIM Co. The Board noted that MSIM Co. will determine the securities to be purchased or sold on behalf of the Fund and that MSIM will continue to be responsible for providing VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board considered that the delegation of any of such duties to MSIM Co. will in no way relieve MSIM of its duties under the sub-advisory agreement between MSIM and the Fund. The Board reviewed information regarding the qualifications, background and responsibilities of MSIM Co.’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of MSIM Co. The Board also reviewed MSIM Co.’s brokerage practices. The Board also considered MSIM Co.’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.
The Board concluded that the scope and quality of the services to be provided by MSIM Co. were expected to be satisfactory and that there was a reasonable basis to conclude that MSIM Co. would provide a high quality of investment services to the Fund.
Fees and Expenses; Profitability. The Board considered that MSIM is responsible for payment of the sub-sub-advisory fees and that the MSIM Co. Sub-Sub-Advisory Agreement is not expected to have any impact on VALIC’s profitability.
Economies of Scale. For similar reasons as stated above with respect to MSIM Co.’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in MSIM Co.’s management of the Fund is not a material factor to the approval of the MSIM Co. Sub-Sub-Advisory Agreement.
Terms of the Sub-Sub-Advisory Agreement. The Board reviewed the terms of the MSIM Co. Sub-Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the MSIM Co. Sub-Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decisions to approve the MSIM Co. Sub-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 MSIM Co. possesses the capability and resources to perform the duties required under the MSIM Co. Sub-Sub-Advisory Agreement.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC COMPANY I SMALL CAP GROWTH FUND APPROVAL OF SUB-ADVISORY AGREEMENT
At a meeting held on April 26-27, 2021 (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 T. Rowe Price Associates, Inc. (“T. Rowe”) with respect to the Small Cap Growth Fund (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 T. Rowe; (2) the costs of services and the benefits potentially to be derived by T. Rowe; (3) whether the Fund will benefit from possible economies of scale from engaging T. Rowe; (4) the anticipated profitability of VALIC; (5) information regarding T. Rowe’s brokerage and trading practices and compliance and regulatory history; and (6) 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 T. Rowe 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 T. Rowe. The Board reviewed information provided by T. Rowe relating to its operations and personnel. The Board also noted that T. Rowe’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 T. Rowe. In this regard, the Board took into account its knowledge of T. Rowe, which is a sub-adviser to certain other VC I and VC II funds. The Board noted that T. Rowe will manage the Fund’s positions in certain privately placed securities and will not cause the Fund to acquire additional holdings. The Board considered T. Rowe’s history and investment experience as well as information regarding the qualifications, background and responsibilities of T. Rowe’s investment personnel who would provide services to the Fund. The Board also reviewed T. Rowe’s brokerage practices. The Board also noted that it received information on T. Rowe’s financial condition and its compliance function. The Board also considered T. Rowe’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 T. Rowe were expected to be satisfactory and that there was a reasonable basis to conclude that T. Rowe would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board considered expense information of a comparable accounts managed by T. Rowe using an investment strategy similar that T. Rowe would use to manage a sleeve of the Fund. The Board and noted that the proposed fee arrangement was in-line with that used for the comparable accounts. The Board noted that VALIC negotiated the sub-advisory fee with T. Rowe 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 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 considered that it had received quarterly information regarding the performance of the Small Cap Fund, another series of VC I, for which T. Rowe managed a sleeve that included the holdings that would be acquired by the Fund. The Board further noted that T. Rowe would not engage in security selection for the Fund, but would only manage certain holdings acquired through a reorganization until those holdings are removed from the portfolio. Therefore, the Board concluded that performance is not a material factor to the approval of the New Sub-advisory Agreement.
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 reviewed information provided by VALIC with respect to its profitability over various time periods. The Board noted that because the Fund is new, it is difficult to estimate the profitability of that Fund to VALIC. In considering the anticipated profitability to T. Rowe 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. The Board concluded that the anticipated profitability of T. Rowe 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 T. Rowe’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in T. Rowe’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 under the terms of the New Sub-advisory Agreement, T. Rowe 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 of the industries and companies to be represented in the Fund’s portfolio, and the formulation and implementation of investment programs; and (ii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (including futures contracts and options thereon) for the Fund’s account with brokers or dealers (including futures commission merchants) selected by the sub-adviser, or arrange for any other
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
entity to provide a trading desk and to place orders with brokers and dealers (including futures commission merchants) selected by the sub-adviser, subject to the sub-adviser’s control, direction, and supervision, which brokers or dealers may include brokers or dealers (including futures commission merchants) affiliated with the sub-adviser, subject to applicable law. 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 T. Rowe possesses the capability and resources to perform the duties required of it under the New Sub-advisory Agreement.
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DIRECTOR AND OFFICER INFORMATION — May 31, 2021 (unaudited)
Name, Age and Address at May 31, 2021* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Independent Directors | ||||||||||||||
Thomas J. Brown | Director | | 2005- Present | | Retired | 37 | Trustee, Virtus Funds (2011-Present). | |||||||
Yvonne Montgomery Curl(6) | Director | | 2020- Present | | Retired | 37 | Director, Encompass Health, provider of post-acute healthcare services (2004-Present); Director, Community Foundation of the Lowcountry (2018-Present); Director, Nationwide Insurance, insurance company (1998-2019); Director, Hilton Head Humane Association, animal shelter (2006-2019). | |||||||
Dr. Judith L. Craven | Director | | 1998- Present |
| Retired | 59 | Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc. (1998-2019). | |||||||
Dr. Timothy J. Ebner | Director | | 1998- Present |
| Professor and Head, Department of Neuroscience Medical School (1980-Present), and University of Minnesota (1999-2013); Pickworth Chair (2000-Present); Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014). | 37 | Trustee, Minnesota Medical Foundation (2003-2013). | |||||||
Kenneth J. Lavery | Director | | 2001- Present |
| Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013). | 37 | None. | |||||||
Dr. John E. Maupin, Jr. | Chairman and Director(5) | | 1998- Present |
| Retired. President/CEO, Morehouse School of Medicine, Atlanta, Georgia (2006-2014). | 37 | Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-2019); Director, LifePoint Hospitals, Inc., hospital management (1999-2018). | |||||||
Interested Directors | ||||||||||||||
Peter A. Harbeck(1) | Director | | 2001- Present |
| Retired June 2019; formerly President, CEO (1997-2019) and Director, SunAmerica (1992-2019), SunAmerica (1995-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016) | 59 | None. | |||||||
Eric S. Levy | Director | | 2017- Present | | Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015). | 37 | None | |||||||
Officers | ||||||||||||||
John T. Genoy | President and Principal Executive Officer | | 2014- Present |
| Chief Financial Officer (2002-Present), Senior Vice President, (2004-Present), Chief Operating Officer (2006-Present) and Director (2014 to Present), SunAmerica. | N/A | N/A |
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2021 (unaudited) — (continued)
Name, Age and Address at May 31, 2021* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Officers | ||||||||||||||
Sharon French | Executive Vice President | | 2019- Present | President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, Oppenheimer Funds (2016-2019); President, FSquared Capital, LLC (financial services) (2013-2015). | N/A | N/A | ||||||||
John Packs | Vice President and Senior Investment Officer | | 2001- Present |
| Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present). | N/A | N/A | |||||||
Gregory R. Kingston | Treasurer and Principal Financial Officer | | 2000- Present |
| Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica. | | N/A | N/A | ||||||
Gregory N. Bressler | Vice President | | 2005- Present |
| Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica. | N/A | N/A | |||||||
Christopher Joe | Chief Compliance Officer | | 2017 to Present | | Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015). | N/A | N/A | |||||||
Matthew J. Hackethal | Anti-Money Laundering (“AML”) Compliance Officer | | 2007- Present |
| Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017), SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present). | N/A | N/A | |||||||
Thomas M. Ward | Vice President | | 2008- Present |
| Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc. | N/A | N/A | |||||||
Kathleen D. Fuentes | Chief Legal Officer, Vice President and Secretary | | 2015- Present |
| Vice President and Deputy General Counsel, SunAmerica (2006-Present). | N/A | N/A | |||||||
Kevin Adamson | Senior Vice President | | 2018- Present | | Senior Vice President, VALIC (2018-Present); Chief Operating Officer, Lincoln Investment Advisors (2004-2017). | N/A | N/A | |||||||
Shawn Parry | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica. | N/A | N/A | |||||||
Donna McManus | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014). | N/A | N/A |
* | The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019. |
(1) | Mr. Harbeck is considered to be an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because he owns shares of American International Group, Inc., the ultimate parent of VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC. |
(2) | The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (37 funds), SunAmerica Specialty Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (5 funds), Anchor Series Trust (4 portfolios), Seasons Series Trust (19 portfolios), and SunAmerica Series Trust (61 portfolios). |
(3) | Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act. |
(4) | Directors serve until their successors are duly elected and qualified. |
(5) | Effective January 27, 2021 Mr. Maupin became Chairman of the Board. |
(6) | Effective November 1, 2020, Ms. Curl was appointed as an Independent Director to VC I’s Board. |
Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.
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SHAREHOLDER TAX INFORMATION (unaudited)
Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the period ended May 31, 2021.
During the period ended May 31, 2021, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:
Fund | Net Long-term Capital Gains | Foreign Tax Credit* | Foreign Source Income | Qualifying % for the Dividends Received Deduction | ||||||||||||
Aggressive Growth Lifestyle* | $ | 23,295,533 | $ | 270,191 | $ | 1,936,294 | 35.32 | % | ||||||||
Asset Allocation | — | — | — | 53.70 | ||||||||||||
Blue Chip Growth | 92,536,381 | — | — | — | ||||||||||||
Capital Appreciation | 2,778,153 | — | — | 100.00 | ||||||||||||
Conservative Growth Lifestyle* | 4,857,572 | 70,458 | 498,293 | 13.61 | ||||||||||||
Core Bond | 7,223,119 | — | — | — | ||||||||||||
Dividend Value | 20,336,832 | — | — | 68.82 | ||||||||||||
Dynamic Allocation* | 7,932,919 | 19,869 | 167,048 | 10.24 | ||||||||||||
Emerging Economies* | — | 2,104,126 | 20,823,360 | 0.41 | ||||||||||||
Global Real Estate* | 9,565,701 | 189,727 | 4,957,902 | 0.02 | ||||||||||||
Global Strategy* | — | 382,984 | 4,743,466 | 11.90 | ||||||||||||
Government Money Market I | — | — | — | — | ||||||||||||
Government Securities | — | — | — | — | ||||||||||||
Growth | 190,304,971 | — | — | 92.38 | ||||||||||||
High Yield Bond | — | — | — | — | ||||||||||||
Inflation Protected | 3,187,049 | — | — | — | ||||||||||||
International Equities Index* | 4,452,767 | 2,234,571 | 34,867,113 | — | ||||||||||||
International Government Bond* | — | — | — | — | ||||||||||||
International Growth* | 2,222,153 | 377,749 | 2,121,032 | — | ||||||||||||
International Opportunities* | 48,699,799 | 531,764 | 6,014,510 | 0.11 | ||||||||||||
International Socially Responsible* | 66,812,525 | 676,282 | 7,637,894 | 0.08 | ||||||||||||
International Value* | — | 1,265,901 | 14,886,281 | 1.78 | ||||||||||||
Large Capital Growth | 57,660,453 | — | — | 99.61 | ||||||||||||
Mid Cap Index | 104,096,933 | — | — | 100.00 | ||||||||||||
Mid Cap Strategic Growth | 19,939,745 | — | — | 100.00 | ||||||||||||
Mid Cap Value | 4,026,338 | — | — | 86.50 | ||||||||||||
Moderate Growth Lifestyle* | 32,655,302 | 282,298 | 2,042,643 | 26.48 | ||||||||||||
Nasdaq-100® Index | 62,476,291 | — | — | 98.98 | ||||||||||||
Science & Technology | 187,159,064 | — | — | 20.50 | ||||||||||||
Small Cap Growth | 26,104,529 | — | — | 24.58 | ||||||||||||
Small Cap Index | 57,772,539 | — | — | 49.27 | ||||||||||||
Small Cap Special Values | 5,182,910 | — | — | 96.06 | ||||||||||||
Small Cap Value | — | — | — | 100.00 | ||||||||||||
Stock Index | 282,367,523 | — | — | 90.75 | ||||||||||||
Systematic Core | 15,177,268 | — | — | 98.06 | ||||||||||||
Systematic Value | 8,017,126 | — | — | 69.41 | ||||||||||||
U.S. Socially Responsible | 22,012,708 | — | — | 100.00 |
* | The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders. |
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COMPARISONS: FUNDS VS. INDEXES (unaudited)
In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.
Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.
Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.
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VALIC Company I Aggressive Growth Lifestyle Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Aggressive Growth Lifestyle Fund posted a return of 24.54% for the nine-month period ended May 31, 2021, compared to 21.50% for the S&P 500® Index and 17.58% for the blended index. The blended index is comprised of 54% Russell 3000® Index, 13% MSCI EAFE Index (net), 25% Bloomberg Barclays U.S. Aggregate Bond Index, and 8% FTSE EPRA/NAREIT Developed Index.
The Aggressive Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds.” The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.
A discussion with PineBridge Investments, LLC
During the Period:
The following contributed to Fund’s return relative to the Benchmark return:
Allocations to the following funds: Mid Cap Value Fund; Dividend Value Fund; Large Cap Value Fund
The following detracted from Fund’s return relative to the Benchmark return:
Allocations to the following funds: NASDAQ-100 Index Fund; Government Securities Fund; Capital Conservation Fund
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VALIC Company I Aggressive Growth Lifestyle Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the nine-month period ended May 31, 2021, the Aggressive Growth Lifestyle Fund returned 24.54% compared to 21.50% for the S&P 500® Index and 17.58% for the Blended Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Fund’s Blended Index consists of the Russell 3000® Index (54%), MSCI EAFE Index (net) (13%), the Bloomberg Barclays U.S. Aggregate Bond Index (25%) and the FTSE/EPRA NAREIT Developed Index (8%). |
*** | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
**** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The Russell 3000® Index follows the 3,000 largest U.S. companies, based on total market capitalization. |
†† | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
24.54% | 38.11% | 11.82% | 9.27% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
��
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Asset Allocation Fund posted a return of 32.34% compared to 40.32% for the S&P 500® Index, -0.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, 0.09% for the FTSE Treasury Bill 3 Month Index , 22.73% for the New Blended Index (S&P 500® Index (60%) and Bloomberg Barclays U.S. Aggregate Bond Index (40%)), and 20.72% for the Old Blended Index (S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%).
A discussion with J.P. Morgan Investment Management Inc.
Effective 1/11/21, J.P. Morgan Investment Management Inc. became subadvisor for the Fund, replacing PineBridge Investments, LLC.
During the period 1/11/21 to 5/31/2021:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. financial stocks
Security selection in the following sectors: U.S. financial stocks; U.S. Agency mortgage-backed securities
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Energy stocks
A discussion with PineBridge Investments, LLC
Effective 1/11/21, J.P. Morgan Investment Management Inc. replaced PineBridge Investments, LLC as subadvisor of the Fund.
During the period 6/1/20 to 1/10/2021:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: U.S. Treasuries; Cyclical stocks; Asset-backed securities
Exposure to the following currency: EURO
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: U.S. large cap equity; Gold; U.S. investment grade bonds
Exposure to the following currency: Mexican Peso
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Asset Allocation Fund returned 32.34% compared to 40.32% for the S&P 500® Index, -0.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, 0.09% for the FTSE Treasury Bill 3 Month Index, 20.72% for the Old Blended Index and 22.73% for the New Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Old Blended Index consists of the S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%). |
*** | Effective January 11, 2021, the Fund changed its blended index from 55% S&P 500® Index, 35% Bloomberg Barclays U.S. Aggregate Bond Index and 10% FTSE Treasury Bill 3 Month Index (the “Old Blended Index”) to 60% S&P 500® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index (the “New Blended Index”) as the performance benchmark against which the Fund measures its performance. Fund management believes that the New Blended Index is more representative of the securities in which the Fund invests. |
**** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
32.34% | 8.25% | 7.24% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Blue Chip Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Blue Chip Growth Fund posted a return of 33.74% for the twelve-month period ended May 31, 2021, compared to a return of 40.32% for the S&P 500® Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Utilities; Communication services
Security selection in the following sectors: Communication services; Health care
Position weightings: Alphabet, Inc. (Google); Sea, Ltd.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Industrial & business services; Materials
Security selection in the following sectors: Information technology; Consumer discretionary; Industrial & business services
Position weightings: Alibaba Group Holding, Ltd.; Splunk, Inc.; Vertex Pharmaceuticals, Inc.
For the year ended May 31, 2021, the Blue Chip Growth Fund returned 33.74% compared to 40.32% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
33.74% | 21.79% | 17.35% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Capital Appreciation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Capital Appreciation Fund posted a return of 18.97% for the nine-month period ending May 31, 2021, compared to a return of 12.86% for the Russell 1000® Growth Index.
A discussion with BMO Asset Management Corp.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer Discretionary; Consumer Staples
Security selection in the following sectors: Information Technology; Industrials; Financials
Position weightings: Align Technology, Inc.; Fortinet; US Bancorp
The following detracted from Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information Technology; Energy
Position weightings: Vertex Pharmaceuticals, Inc.; UnitedHealth Group, Inc.; Mastercard, Inc.
,
For the nine-month period ended May 31, 2021, the Capital Appreciation Fund returned 18.97% compared to 12.86% for the Russell 1000® Growth Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
18.97% | 41.28% | 18.09% | 14.36% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Conservative Growth Lifestyle Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Conservative Growth Lifestyle Fund posted a return of 13.05% for the nine-month period ended May 31, 2021, compared to 21.50% for the S&P 500® Index and 7.03% for the blended index. The blended index is comprised of 24% Russell 3000® Index, 8% MSCI EAFE Index (net), 65% Bloomberg Barclays U.S. Aggregate Bond Index, and 3% FTSE EPRA/NAREIT Developed Index.
The Conservative Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.
A discussion with PineBridge Investments, LLC
During the Period:
The following contributed to Fund’s return relative to the Benchmark return:
Allocations to the following funds: Mid Cap Value Fund; Dividend Value Fund
The following detracted from Fund’s return relative to the Benchmark return:
Allocations to the following funds: Government Securities Fund; Capital Conservation Fund
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VALIC Company I Conservative Growth Lifestyle Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the nine-month period ended May 31, 2021, the Conservative Growth Lifestyle Fund returned 13.05% compared to 21.50% for the S&P 500® Index and 7.03% for the Blended Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Fund’s Blended Index consists of the Russell 3000® Index (24%), MSCI EAFE Index (net) (8%), the Bloomberg Barclays U.S. Aggregate Bond Index (65%) and the FTSE EPRA/NAREIT Developed Index (3%). |
*** | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
**** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The Russell 3000® Index follows the 3,000 largest U.S. companies, based on total market capitalization. |
†† | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
13.05% | 21.84% | 7.77% | 6.25% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
383 |
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VALIC Company I Core Bond Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC.
The Core Bond Fund posted a return of 0.27% for the nine-month period ending May 31, 2021, compared to a return of -1.69% for the Bloomberg Barclays U.S. Aggregate Bond Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: U.S. Treasuries; Industrials
Security selection in the following sectors: Industrials; Financials
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Mortgage-backed securities; Local authority bonds
Security selection in the following sectors: Mortgage-backed securities
For the nine-month period ended May 31, 2021, the Core Bond Fund returned 0.27% compared to -1.69% for the Bloomberg Barclays U.S. Aggregate Bond Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
0.27% | 2.87% | 3.85% | 3.56% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
384 |
Table of Contents
VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dividend Value Fund posted a return of 38.46% for the twelve-month period ended May 31, 2021, compared to a return of 44.38% for the Russell 1000® Value Index.
A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Utilities; Communication services
Security selection in the following sectors: Information technology; Financials; Consumer discretionary
Position weightings: Samsung Electronics Co., Ltd. GDR; Intel Corp.; General Motors Co.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Industrials; Health care; Materials
Security selection in the following sectors: Communication services; Utilities; Health care
Position weightings: First Energy; Bayer AG; Verizon Communications, Inc.
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Materials; Communication services
Security selection in the following sectors: Information technology; Consumer staples
Position weightings: Hanesbrands, Inc.; HP, Inc.; Dow, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Cconsumer staples; Financials; Consumer discretionary
Security selection in the following sectors: Hhealth care; Industrials
Position weighting(s): Cardinal Health, Inc.; Merck & Co., Inc.; Campbell Soup Co.
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VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Dividend Value Fund returned 38.46% compared to 44.38% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
38.46% | 11.68% | 11.15% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
386 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dynamic Allocation Fund posted a return of 18.42% for the twelve-month period ended May 31, 2021, compared to a return of 40.32% for the S&P 500® Index, -0.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 22.73% for the Blended Index (S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%)).
The Fund consists of two components: A fund-of-funds component representing investments in VC I Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.
A discussion with AllianceBernstein, L.P.—regarding their portion of the Fund (the “portfolio”)
During the Period:
Futures contracts were used to adjust exposures and manage risk of the Fund, and detracted from the return of the Fund.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Volatility overlay; Fixed income overlay; Options overlay
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: U.S. equities (Small, Mid, and Large cap)
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Government securities
387 |
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Dynamic Allocation Fund returned 18.42% compared to 40.32% for the S&P 500® Index, -0.40% for the Bloomberg Barclays U.S. Aggregate Bond Index and 22.73% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%). |
*** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | Since Inception* | ||
18.42% | 10.21% | 8.09% |
* | Inception date of Fund: December 19, 2012 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
388 |
Table of Contents
VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Emerging Economies Fund posted a return of 52.91% for the twelve-month period ended May 31, 2021, compared to a return of 51.00% for the MSCI Emerging Markets Index (net).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Materials
Security selection in the following sectors: Financials; Information technology; Communication services
Position weightings: Taiwan Semiconductor Manufacturing Co., Ltd.; Zhuzhou Kibing Group Co., Ltd.; Kia Corp.
Exposure to the following countries: South Korea; Taiwan; Malaysia
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Health care
Security selection in the following sectors: Health care; Energy; Consumer staples
Position weightings: Baidu, Inc.; Anhui Conch Cement Co., Ltd.; Meituan
Exposure to the following countries: Turkey; Russia; Mexico
389 |
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VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Emerging Economies Fund returned 52.91% compared to 51.00% for the MSCI Emerging Markets Index (net).
* | MSCI Emerging Markets Index (net) is a free-float adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 27 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
52.91% | 13.74% | 4.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
390 |
Table of Contents
VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Real Estate Fund posted a return of 28.14% for the twelve-month period ended May 31, 2021, compared to a return of 37.24% for the FTSE EPRA/NAREIT Developed Index.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Position weightings: Weyerhaeuser Co.; Essential Properties Realty Trust, Inc.; Vereit, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Position weightings: American Tower Corp.; Crown Castle International Corp.; SBA Communications Corp.
A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Position weightings: Goodman Group; Summit Industrial Income REIT; Entra ASA
Exposure to the following countries: Norway; Singapore; United Kingdom
The following detracted from the Fund’s return relative to the Benchmark return:
Position weightings: Mitsubishi Estate Co. Ltd.; Ascendas India Trust; Vonovia SE
Exposure to the following countries: Sweden; China; Netherlands
391 |
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VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Global Real Estate Fund returned 28.14% compared to 37.24% for the FTSE EPRA/NAREIT Developed Index.
* | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
28.14% | 6.77% | 6.46% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
392 |
Table of Contents
VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Strategy Fund posted a return of 19.49% for the twelve-month period ended May 31, 2021 compared to a return of 41.85% for the MSCI ACWI (net), 1.30% for the JPMorgan GBI Global Index (unhedged) and 24.33% for the Blended Index (JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%)).
A discussion with Franklin Advisers, Inc. — regarding the Fixed Income portion of the Fund (the “portfolio”)
During the Period:
In aggregate, regional or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
Forward foreign currency contracts were used to gain and adjust market exposure of the Fund and detracted from the return of the portfolio.
The following contributed to the Fund’s return relative to the Benchmark return:
Exposure to the following countries: United States; Argentina
Exposure to the following currencies: Norweigan Krona; Swiss Franc; Chinese Remimbi
The following detracted from the Fund’s return relative to the Benchmark return:
Exposure to the following countries: South Korea; European Union (aggregated)
Exposure to the following currencies: EURO; Australian Dollar; British Pound
A discussion with Franklin Advisers, Inc. — regarding the Equity portion of the Fund (the “portfolio”).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Materials; Consumer discretionary
Security selection in the following sectors: Information technology; Consumer discretionary; Materials
Position weightings: Taiwan Semiconductor Manufacturing Co., Ltd.; Nestle SA; Roche Holding AG
Exposure to the following countries: China; Australia; United Kingdom
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Consumer staples
Security selection in the following sectors: Financials; Health care; Communication services
Position weightings: Telefonica SA; Iberdrola SA; Brilliance China Automotive Holdings, Ltd.
Exposure to the following countries: France; Netherlands; Germany
393 |
Table of Contents
VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Global Strategy Fund returned 19.49% compared to 41.85% for the MSCI ACWI (net), 1.30% for the JPMorgan GBI Global Index (unhedged) and 24.33% for the Blended Index.
* | The MSCI ACWI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 50 country indices comprising 23 developed and 27 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%). |
*** | The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
19.49% | 6.04% | 5.11% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
394 |
Table of Contents
VALIC Company I Government Money Market I Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Government Money Market I Fund posted a return of 0.01% for the twelve-month period ended May 31, 2021, compared to a return of 0.09% for the FTSE Treasury Bill 3 Month Index.*
During the Period:
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Government Agency securities
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Treasury securities
* | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
0.01% | 0.72% | 0.36% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
395 |
Table of Contents
VALIC Company I Government Securities Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Government Securities Fund posted a return of -1.70% for the twelve-month period ended May 31, 2021, compared to a return of -3.61% for the Bloomberg Barclays U.S. Government Bond Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Agency mortgage-backed securities
Security selection in the following sectors: Investment grade credit; U.S. Treasuries; U.S. Agency debt securities
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Agency debt securities
For the year ended May 31, 2021, the Government Securities Fund returned -1.70% compared to -3.61% for the Bloomberg Barclays U.S. Government Bond Index.
* | The Bloomberg Barclays U.S. Government Bond Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
-1.70% | 2.29% | 2.64% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
396 |
Table of Contents
VALIC Company I Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Growth Fund posted a return of 36.58% for the twelve-month period ended May 31, 2021, compared to return of 39.92% for the Russell 1000® Growth Index and 39.25% for the S&P 500® Growth Index.
A discussion with BlackRock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Consumer discretionary; Health care
Security selection in the following sectors: Communication services; Health care; Materials
Position weightings: Snap, Inc. Class A; ASML Holding NV(NASDAQ); Adyen NV
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Real estate; Information technology
Security selection in the following sectors: Consumer discretionary; Information technology; Industrials
Position weightings: Tesla, Inc.; Apple, Inc.; SBA Communications Corp.
A discussion with SunAmerica Asset Management, LLC — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Health care
Security selection in the following sectors: Industrials; Financials; Consumer staples
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Industrials
Security selection in the following sectors: Information technology; Consumer discretionary
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Table of Contents
VALIC Company I Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Growth Fund returned 36.58% compared to 39.92% for the Russell 1000® Growth Index and 39.25% for the S&P 500 Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
** | The S&P 500® Growth Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500® Index across seven factors including: earnings-per-share growth rate, sales-per-share growth rate, internal growth rate, book-to-price ratio, cash flow-to-price ratio, sales-to-price ratio and dividend yield. The index is comprised of stocks identified as pure growth, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
36.58% | 21.02% | 15.26% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
398 |
Table of Contents
VALIC Company I High Yield Bond Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The High Yield Bond Fund posted a return of 6.95% for the nine-month period ending May, 31, 2021, compared to its benchmark, the FTSE US High-Yield Market Index, which returned 7.72%.
A discussion with Wellington Management Company LLP
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from Fund’s return relative to the Benchmark return.
In aggregate, position weightings i.e., security selection relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
The following contributed to Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Chemicals; Wirelines
Security selection in the following sectors: Wirelines; Energy; Media & Entertainment
Position weightings: Frontier Communications Corp.; Vine Oil & Gas; Transocean, Inc.
The following detracted from Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Cable & Satellite; Technology; Pharmaceuticals
Security selection in the following sectors: Restaurants; Metals/Mining; Leisure
Position weightings: American Airlines; Bausch Health Americas, Inc.; BC ULC/New Red Finance,Inc
For the nine-month period ended May 31, 2021, the High Yield Bond Fund returned 6.95% compared to 7.72% for the FTSE US High-Yield Market Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The FTSE US High-Yield Market Index measures the performance of below investment grade debt issued by corporations domiciled in the U.S or Canada. All of the bonds in such index are publicly placed, have a fixed coupon, and are nonconvertible. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
6.95% | 14.85% | 6.80% | 5.59% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Inflation Protected Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Inflation Protected Fund posted a return of 7.66% for the twelve-month period ended May 31, 2021, compared to a return of 7.05% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.
A discussion with Wellington Management Company LLP
Effective 9/28/20, Wellington Management Company LLP became subadvisor for the Fund, replacing PineBridge Investments, LLC.
During the period 9/28/20 to 5/31/21:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Non-U.S. Government securities
Exposure(s) to the following countries: Canada; Italy
Exposure(s) to the following currency: EURO
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Government securities
Security selection in the following sector: U.S. Government securities
Exposure(s) to the following countries: United States; New Zealand
Forward foreign currency contracts were used to gain and adjust market exposures of the Fund and detracted from the return of the Fund.
A discussion with PineBridge Investments, LLC
Effective 9/28/20, Wellington Management Company LLP replaced PineBridge Investments, LLC as subadvisor of the Fund.
During the period 6/1/20 to 9/27/20:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Corporate bonds
Exposure to the following currencies: New Zealand Dollar; EURO; Canadian Dollar
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Corporate inflation-linked securities
Position weightings: U.S. Government Treasury Inflation Protected Securities (TIPS)
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VALIC Company I Inflation Protected Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Inflation Protected Fund returned 7.66% compared to 7.05% for the Bloomberg Barclays U.S. TIPS Index.
* | The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
7.66% | 4.07% | 2.93% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
401 |
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VALIC Company I International Equities Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Equities Index Fund posted a return of 37.70% for the twelve-month period ended May 31, 2021, compared to a return of 38.41% for the MSCI EAFE Index (net).
This Fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when the MSCI rebalances its indices.
During the Period:
Futures contracts were used to maintain market exposure and contributed to the return of the Fund relative to the return of the Benchmark.
The following contributed to the Fund’s return:
Exposures to the following sectors: Financials; Industrials; Consumer discretionary
Position weightings: ASML Holding NV; LVMH Moet Hennessy Louis Vuitton SE; AIA Group, Ltd.
Exposure to the following countries: Japan; France; United Kingdom; Switzerland
The following detracted from the Fund’s return:
Position weightings: Wirecard; Daiichi Sankyo Co., Ltd.; Keio Corp.
For the year ended May 31, 2021, the International Equities Index Fund returned 37.70% compared to 38.41% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
37.70% | 9.48% | 5.24% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I International Government Bond Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
For the year ended May 31, 2021, the International Government Bond Fund posted a return of 6.58% compared to 10.50% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 2.49% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 4.85% for the Blended Index (FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%)).
During the Period:
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Exposure to the following countries: Sri Lanka; Oman; Ivory Coast
Exposure to the following currencies: Australian Dollar; Mexican Peso
The following detracted from the Fund’s return relative to the Benchmark return:
Exposure to the following countries: Ecuador; Nigeria; South Africa
Exposure to the following currencies: EURO; British Pound
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VALIC Company I International Government Bond Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the International Government Bond Fund returned 6.58% compared to 10.50% for the JP Morgan EMBI Global Diversified Index, 2.49% for the FTSE WGBI Index (unhedged) and 4.85% for the Blended Index.
* | The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets. |
** | The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
*** | The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
6.58% | 3.39% | 2.47% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
404 |
Table of Contents
VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Morgan Stanley Investment Management, Inc. “MSIM”
The International Growth Fund posted a return of 53.98% for the twelve-month period ended May 31, 2021, compared to a return of 42.78% for the MSCI ACWI ex USA Index (net).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Health care; Consumer discretionary
Security selection in the following sectors: Industrials; Health care
Position weightings: DSV PANALPINA A/S; EPAM Systems, Inc.; ASML Holding NV
Exposure to the following countries: Denmark; United States; Netherlands
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Materials; Financials
Security selection in the following sectors: Materials Communication services
Position weightings: Change, Inc.; Calbee, Inc.; Tal Education Group ADR
Exposure to the following countries: China; Japan; South Korea
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the International Growth Fund returned 53.98% compared to 42.78% for the MSCI ACWI ex USA Index (net).
* | The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
53.98% | 17.92% | 10.13% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
406 |
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VALIC Company I International Opportunities Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The International Opportunities Fund posted a return of 19.97% for the nine-month period ending May 31, 2021, compared to a return of 29.07% for the MSCI EAFE Small Cap Index (net) and 28.84% for the MSCI ACWI Ex USA SMID Cap Index (net).
A discussion with Massachusetts Financial Services Company — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, exposure to the following countries relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Real Estate; Consumer Discretionary
Security selection in the following sectors: Consumer staples; utilities
Position weightings: Forterra PLC; Griggs Corp.; Shriram Transport Finance Co., Ltd.
Exposure to the following countries: China; Ireland; Australia
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer Staples; Energy; Industrials
Security selection in the following sectors: Consumer Discretionary; Industrials
Position weightings: Just Eat Takeaway.com NV; Cellnex Telecom SA; Leg Immobilien SE
Exposure(s) to the following countries: Sweden; Taiwan; Indonesia
A discussion with Delaware Investments Fund Advisers — regarding their portion of the Fund (the “portfolio”)
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Health Care; Consumer Discretionary
Security selection in the following sectors: Communication services; Financials; Utilities
Position weightings: flatexDegiro AG; Future PLC; Banco Inter SA
Exposure(s) to the following countries: United Kingdom; China; Australia
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Materials; Financials; Information Technology
Security selection in the following sectors: Information Technology; Materials; Industrials; Real Estate
Position weightings: SSR Mining, Inc.; Kinaxis; TEMRA Systems
Exposure to the following countries: India; South Africa; Taiwan
407 |
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VALIC Company I International Opportunities Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the nine-month period ended May 31, 2021, the International Opportunities Fund returned 19.97% compared to 29.07% for the MSCI EAFE Small Cap Index (net) and 28.84% for MSCI ACWI ex USA SMID Cap Index (net). Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The MSCI EAFE Small Cap Index (net) is an unmanaged index considered representative of small-cap stocks of Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. |
** | Effective September 1, 2020, the Fund changed its benchmark against which it measures its performance from the MSCI EAFE Small Cap Index (net) to the MSCI ACWI ex USA SMID Cap Index (net). Fund management believes that the MSCI ACWI ex USA SMID Cap Index (net) is more representative of the securities in which the Fund invests. The MSCI ACWI ex USA SMID Cap Index (net) captures mid and small cap representation across 22 of 23 Developed Market (DM) countries (excluding the US) and 27 Emerging Markets countries. The index covers approximately 28% of the free float-adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
19.97% | 35.14% | 11.71% | 7.54% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
408 |
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VALIC Company I International Socially Responsible Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Socially Responsible Fund posted a return of 37.84% for the twelve-month period ended May 31, 2021, compared to a return of 38.41% for the MSCI EAFE Index (net).
The Fund is an optimized portfolio which seeks to track the MSCI EAFE (net) Index, (“the Benchmark”), while investing in socially responsive companies. The Fund’s criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, or production of weaponry. Furthermore, companies deemed to have poor labor/employee relations or environmental records are also screened out of the investable universe. These criteria may create differences in Fund performance relative to that of the Benchmark.
During the Period:
Futures contracts were used to maintain market exposure and contributed to the return of the Fund relative to the return of the Benchmark.
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Health care; Financials
Security selection in the following sector): Health care; Real estate; Energy
Position weightings: AstraZeneca PLC; Aviva PLC; ASML Holding NV
Exposure to the following countries: Switzerland; Austria; Netherlands
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer discretionary; Utilities; Rreal estate
Security selection in the following sectors: Industrials; Consumer discretionary; Financials
Position weightings: Danone SA; Astellas Pharma, Inc.; ONO Pharmaceutical
Exposure to the following countries: Germany; Japan; Portugal
409 |
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VALIC Company I International Socially Responsible Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the International Socially Responsible Fund returned 37.84% compared to 38.41% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
37.84% | 12.02% | 9.97% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
410 |
Table of Contents
VALIC Company I International Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wells Capital Management Incorporated “WellsCap”
The International Value Fund posted a return of 49.67% for the twelve-month period ended May 31, 2021, compared to a return of 42.78% for the MSCI ACWI ex USA (net).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, regional or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Consumer staples
Security selection in the following sectors: Industrials; Materials; Consumer discretionary
Position weightings: Xinyi Glass Holdings, Ltd.; Lundin Mining Corp.; Cie de Saint-Gobain
Exposure to the following countries: South Korea; Japan; United States
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care
Security selection in the following sectors: Information technology; Communication services; Real estate
Position weightings: Takeda Pharmaceutical Co., Ltd.; Alps Alpine Co., Ltd. Banco do Brasil SA
Exposure to the following countries: Taiwan; Brazil; Sweden
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VALIC Company I International Value Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the International Value Fund returned 49.67% compared to 42.78% for the MSCI ACWI ex USA (net).
* | The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
49.67% | 7.92% | 3.75% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
412 |
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VALIC Company I Large Capital Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Massachusetts Financial Services Company
The Large Capital Growth Fund posted a return of 38.39% for the twelve-month period ended May 31, 2021, compared to a return of 39.92% for the Russell 1000® Growth Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Communications services
Security selection in the following sectors: Financials; Health care
Position weightings: Charles Schwab Corp.; LVMH Moet Hennessy Louis Vuitton SE; Alphabet, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Consumer staples
Security selection in the following sectors: Information technology; Consumer discretionary
Position weightings: Becton Dickinson & Co.; Apple, Inc.
For the year ended May 31, 2021, the Large Capital Growth Fund returned 38.39% compared to 39.92% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
38.39% | 19.75% | 14.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
413 |
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VALIC Company I Mid Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Mid Cap Index Fund posted a return of 56.39% for the twelve-month period ended May 31, 2021, compared to a return of 56.77% for the S&P MidCap 400® Index.
The Fund is passively managed to match the S&P MidCap 400® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
During the Period:
The following contributed to the Fund’s return:
Allocations in the following sectors: Industrials; Consumer discretionary; Information technology
Position weightings: Enphase Energy, Inc.; Generac Holdings, Inc.; Penn National Gaming, Inc.
The following detracted from the Fund’s return:
Position weightings: Teledyne Technologies, Inc.; Strategic Education, Inc.; Tyler Technologies, Inc.
For the year ended May 31, 2021, the Mid Cap Index Fund returned 56.39% compared to 56.77% for the S&P MidCap 400® Index.
* | The S&P MidCap 400® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®, “S&P®,” and “S&P MidCap 400®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
56.39% | 14.28% | 11.95% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Mid Cap Strategic Growth Fund posted a return of 47.61% for the twelve-month period ended May 31, 2021, compared to a return of 37.78% for the Russell Midcap® Growth Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Consumer staples; Health care
Security selection in the following sectors: Health care; Industrials; Information technology
Position weightings: Immunomedics, Inc.; Plug Power, Inc.; Freshpet, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Communication services; Industrials
Security selection in the following sectors: Communication services; Energy
Position weightings: Roku, Inc.; Dexcom, Inc.; Splunk, Inc.
A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Consumer discretionary; Materials
Security selection in the following sectors: Consumer discretionary; Financials; Information technology
Position weightings: Airbnb, Inc.; LPL Financial Holding, Inc.; LAM Research Corp.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Communication services; Financials; Utilities
Security selection in the following sectors: Health care; Real estate; Communication services
Position weightings: Global Payments, Inc.; Simon Property Group, Inc.; Novocure, Ltd.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Mid Cap Strategic Growth Fund returned 47.61% compared to 37.78% for the Russell Midcap® Growth Index.
* | The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
47.61% | 20.36% | 12.91% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Mid Cap Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Mid Cap Value Fund posted a return of 45.95% for the nine-month period ending May 31, 2021, compared to a return of 42.25% for the Russell Midcap® Value Index.
A discussion with Boston Partners Global Investors, Inc. d/b/a Boston Partners — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
In aggregate, position weightings i.e., security selection relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
The following contributed to Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Consumer Staples
Security selection in the following sectors: Industrials; Financials; Health Care
Position weightings: Fifth Third Bancorp; KeyCorp; Huntington Bancshares, Inc.
The following detracted from Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health Care; Materials
Security selection in the following sectors: Materials; Real Estate; Utilities
Position weightings: Humana, Inc.; FMC Corp.
A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
The following contributed to Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Financials; Consumer Staples
Security selection in the following sectors: Health Care; Consumer Staples; Energy
Position weightings: Western Alliance Bancorp; Synovus Financial Corp; Sterling Bancorp
The following detracted from Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Consumer Discretionary; Materials
Security selection in the following sectors: Materials; Real Estate; Information Technology
Position weightings: Lumentum Holdings, Inc.; Kemper Corp.
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VALIC Company I Mid Cap Value Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the nine-month period ended May 31, 2021, the Mid Cap Value Fund returned 45.95% compared to 42.25% for the Russell Midcap® Value Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
45.95% | 56.92% | 11.87% | 10.31% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Moderate Growth Lifestyle Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Moderate Growth Lifestyle Fund posted a return of 19.65% for the nine-month period ended May 31, 2021, compared to 21.50% for the S&P 500® Index and 12.22% for the Fund’s Blended Index. The blended index is comprised of 40% Russell 3000® Index, 10% MSCI EAFE Index (net), 45% Bloomberg Barclays U.S. Aggregate Bond Index, and 5% FTSE EPRA/NAREIT Developed Index.
The Moderate Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.
During the Period:
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations to the following funds: VC I Dividend Value Fund; VC I Mid-Cap Value Fund
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations to the following fund: VC I Capital Conservation Fund; VC I Government Securities Fund
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VALIC Company I Moderate Growth Lifestyle Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the nine-month period ended May 31, 2021, the Moderate Growth Lifestyle Fund returned 19.65% compared to 21.50% for the S&P 500® Index and 12.22% for the Blended Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the Russell 3000® Index (40%), MSCI EAFE Index (net) (10%), the Bloomberg Barclays U.S. Aggregate Bond Index (45%) and the FTSE EPRA/NAREIT Developed Index (5%). |
*** | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
**** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The Russell 3000® Index follows the 3,000 largest U.S. companies, based on total market capitalization. |
†† | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
19.65% | 30.92% | 10.40% | 8.22% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Nasdaq-100® Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Nasdaq-100® Index Fund posted a return of 43.47% for the twelve-month period ended May 31, 2021, compared to a return of 44.31% for the Nasdaq-100® Index.
The Fund is passively managed to match the NASDAQ 100® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
During the Period:
The following contributed to the Fund’s return:
Allocations in the following sectors: Information technology; Consumer discretionary; Communications services
Position weightings: Apple, Inc.; Tesla, Inc.; Microsoft Corp.
The following detracted from the Fund’s return:
Position weightings: Intel Corp.; Vertex Pharmaceuticals, Inc.; Gilead Sciences, Inc.
For the year ended May 31, 2021, the Nasdaq-100® Index Fund returned 43.47% compared to 44.31% for the Nasdaq-100® Index.
* | The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. |
The Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
43.47% | 25.36% | 19.87% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Science & Technology Fund posted a return of 48.22% for the twelve-month period ended May 31, 2021, compared to a return of 44.61% for the S&P® North American Technology Sector Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Industrials
Security selection in the following sector: Information technology
Position weightings: Crowdstrike Holdings, Inc.; Intel Corp.; Square, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Communication services
Security selection in the following sector: Communication services
Position weightings: MongoDB, Inc.; Alteryx, Inc.; Okta, Inc.
A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Ssemiconductors
Security selection in the following sectors: Internet; Financials
Position weightings: Intel Corp.; Micron Technology, Inc.; Applied Materials, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Software
Security selection in the following sectors: Health care; Industrials
Position weightings: Baidu, Inc.; Amazon.com, Inc.; Zalando SE
A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Leisure; Semiconductors
Security selection in the following sectors: Semiconductors; Media; Electronic equipment
Position weightings: Intel Corp.; SK Hynix, Inc.; BE Semiconductor Industries NV
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Hardware; Information technology services
Security selection in the following sectors: Software; Leisure; Communications equipment
Position weightings: LAM Research Corp.; Applied Materials, Inc.; Fleetcor Technologies, Inc.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2021, the Science & Technology Fund returned 48.22% compared to 44.61% for the S&P® North American Technology Sector Index.
* | The S&P® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
48.22% | 27.88% | 19.23% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
423 |
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VALIC Company I Small Cap Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Small Cap Growth Fund posted a return of 25.62% for the nine-month period ending May 31, 2021, compared to a return of 32.03% for the Russell 2000® Growth Index.
A discussion with J.P. Morgan Investment Management Inc.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
In aggregate, position weightings i.e., security selection relative to those of the Benchmark contributed to Fund’s return relative to the Benchmark return.
The following contributed to Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Materials; Real Estate
Security selection in the following sectors: Financials; Health Care; Industrials
Position weightings: Shockwave Medical, Inc; Boyd Gaming Corp.; Enphase Energy, Inc.
The following detracted from Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer Discretionary; Information Technology; Industrials
Security selection in the following sectors: Information Technology; Utilities; Materials
Position weightings: Irhythm Technologies, Inc.; Plug Power, Inc.; ADC Therapeutics SA
For the nine-month period ended May 31, 2021, the Small Cap Growth Fund returned 25.62% compared to 32.03% for the Russell 2000® Growth Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
25.62% | 50.23% | 26.68% | 15.96% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Small Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Small Cap Index Fund posted a return of 63.99% for the twelve-month period ended May 31, 2021, compared to a return of 64.56% for the Russell 2000® Index.
The Fund is passively managed to match the Russell 2000® Index. As with all index Funds, there will be performance discrepancies due to trading, cash and pricing effects.
During the Period:
The following contributed to the Fund’s return:
Allocations in the following sectors: Consumer discretionary; Industrials; Information technology
Position weightings: Plug Power, Inc.; Caesars Entertainment, Inc.; Penn National Gaming, Inc.
The following detracted from the Fund’s return:
Position weightings: Strategic Education, Inc.; eHealth, Inc.; Inovio Pharmaceuticals, Inc.
For the year ended May 31, 2021, the Small Cap Index Fund returned 63.99% compared to 64.56% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
The Russell 2000® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
63.99% | 15.67% | 11.63% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Small Cap Special Values Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wells Capital Management Incorporated
The Small Cap Special Values Fund posted a return of 66.92% for the twelve-month period ended May 31, 2021, compared to a return of 79.38% for the Russell 2000® Value Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Materials; Real estate; Utilities
Security selection in the following sectors: Financials; Information technology; Energy
Position weightings: Atkore, Inc.; Blackberry; First Citizens BancShares, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer discretionary; Consumer staples; Communications services
Security selection in the following sectors: Materials; Consumer discretionary; Industrials
Position weightings: Neenah, Inc.; Hawaiian Holdings, Inc.; Innospec, Inc.
For the year ended May 31, 2021, the Small Cap Special Values Fund returned 66.92% compared to 79.38% for the Russell 2000® Value Index.
* | The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
66.92% | 13.46% | 11.71% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
426 |
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VALIC Company I Small Cap Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management Inc.
The Small Cap Value Fund posted a return of 64.80% for the nine-month period ending May 31, 2021, compared to a return of 62.08% for the Russell 2000® Value Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Materials; Real Estate
Security selection in the following sectors: Financials; Health Care; Industrials
Position weightings: Dillard’s, Inc.; ArcBest Corp.; Owens & Minor, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer Discretionary; Information Technology; Industrials
Security selection in the following sectors: Information Technology; Utilities; Materials
Position weightings: Gamestop Corp.; 3D Systems Corp.; United States Steel Corp.
For the nine-month period ended May 31, 2021, the Small Cap Value Fund returned 64.80% compared to 62.08% for the Russell 2000® Value Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
64.80% | 80.80% | 11.98% | 9.28% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Stock Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Stock Index Fund posted a return of 39.93% for the twelve-month period ended May 31, 2021, compared to a return of 40.32% for the S&P 500® Index.
The Fund is passively managed to match the S&P 500® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
During the Period:
The following contributed to the Fund’s return:
Allocations in the following sectors: Information technology; Financials; Consumer discretionary
Position weightings: Apple, Inc.; Microsoft Corp.; Amazon.com, Inc.
The following detracted from the Fund’s return:
Position weightings: Intel Corp.; Tesla, Inc.; Vertex Pharmaceuticals, Inc.
For the year ended May 31, 2021, the Stock Index Fund returned 39.93% compared to 40.32% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®,” “S&P®,” and “S&P 500®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
39.93% | 16.79% | 14.00% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Systematic Core Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Systematic Core Fund posted a return of 43.72% for the twelve-month period ended May 31, 2021, compared to a return of 42.66% for the Russell 1000® Index.
A discussion with Goldman Sachs Asset Management, L.P.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer discretionary; Information technology; Utilities
Security selection in the following sectors: Consumer discretionary; Information technology; Utilities
Position weightings: Kohl’s Corp.; L Brands, Inc.; Capri Holdings, Ltd.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Consumer staples; Health care
Security selection in the following sectors: Utilities; Materials; Energy
Position weightings: Tesla, Inc.; Vistra Corp.
For the year ended May 31, 2021, the Systematic Core Fund returned 43.72% compared to 42.66% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
43.72% | 17.47% | 13.56% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I Systematic Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Systematic Value Fund posted a return of 36.90% for the twelve-month period ended May 31, 2021, compared to a return of 44.38% for the Russell 1000® Value Index.
A discussion with Wellington Management Company LLP
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Financials; Communications services
Security selection in the following sectors: Communications services; Real estate; Energy
Position weightings: ViacomCBS, Inc.; Discovery, Inc.; Devon Energy Corp.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Health care; Information technology
Security selection in the following sectors: Industrials; Financials; Consumer staples
Position weightings: Bristol-Meyers Squibb Co.; L3Harris Technologies, Inc.; CBOE Global Markets, Inc.
For the year ended May 31, 2021, the Systematic Value Fund returned 36.90% compared to 44.38% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2021 | ||||
1 Year | 5 Years | 10 Years | ||
36.90% | 11.17% | 10.20% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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VALIC Company I U.S. Socially Responsible Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The U.S. Socially Responsible Fund posted a return of 23.38% for the nine-month period ending May 31, 2021, compared to its benchmark, the S&P 500® Index, which returned 21.50%.
The Fund is an optimized portfolio which seeks to track the S&P 500® Index while investing in socially responsive companies. The Fund’s criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, or production of weaponry. Furthermore, companies deemed to have poor labor/employee relations or environmental records are also screened out of the investable universe. These criteria may create differences in Fund performance relative to that of the Benchmark.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Financials
Security selection in the following sectors: Information Technology; Consumer Discretionary; Telecommunication Services
Position weightings: Apple, Inc.; Amazon.com, Inc.; Proctor & Gamble Co.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Information Technology
Security selection in the following sectors: Financials; Real Estate; Utilities
Position weightings: JPMorgan Chase & Co.; Verizon Communications, Inc.; Adobe, Inc.
For the nine-month period ended May 31, 2021, the U.S. Socially Responsible Fund returned 23.38% compared to 21.50% for the S&P 500® Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Total Return for Nine Months Ended May 31, 2021 | Average Annual Total Return as of May 31, 2021 | |||||
1 Year | 5 Years | 10 Years | ||||
23.38% | 38.75% | 16.23% | 14.04% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.
Indices are not managed and an investor can not invest directly into an index.
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SUPPLEMENTS TO THE PROSPECTUS
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
Core Equity Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated October 1, 2020, as supplemented and amended to date
At a meeting of the shareholders of the Core Equity Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund into the Systematic Core Fund (the “Acquiring Fund”), each a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
Health Sciences Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated October 1, 2020, as supplemented and amended to date
At a meeting of the shareholders of the Health Sciences Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund into the Science & Technology Fund (the “Acquiring Fund”), each a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
Large Cap Core Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated October 1, 2020, as supplemented and amended to date
At a meeting of the shareholders of the Large Cap Core Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund into the Systematic Core Fund (the “Acquiring Fund”), each a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
Small-Mid Growth Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated October 1, 2020, as supplemented and amended to date
At a meeting of the shareholders of the Small-Mid Growth Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund into the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), each a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
Value Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated October 1, 2020, as supplemented and amended to date
At a meeting of the shareholders of the Value Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund into the Systematic Value Fund (the “Acquiring Fund”), each a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
Filed under Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
(the “Company”)
Core Equity Fund
Health Sciences Fund
Large Cap Core Fund
Small-Mid Growth Fund
Value Fund
(each, a “Fund”)
Supplement dated April 27, 2021, to each Fund’s Summary
Prospectus, each dated October 1, 2020, as supplemented and
amended to date
Effective April 19, 2021, each Fund (each, a “Target Fund”) reorganized into another series of the Company (each, an “Acquiring Fund”) as described below. Accordingly, each Fund is no longer offered.
Target Fund | Acquiring Fund | |
Core Equity Fund | Systematic Core Fund | |
Health Sciences Fund | Science & Technology Fund | |
Large Cap Core Fund | Systematic Core Fund | |
Small-Mid Growth Fund | Mid Cap Strategic Growth Fund | |
Value Fund | Systematic Value Fund |
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
Filed under Rules 497(e) and 497(k)
Registration No. 002-83631
VALIC COMPANY I
International Growth Fund
(the “Fund”)
Supplement dated April 30, 2021 to the Summary Prospectus and Prospectus,
each dated October 1, 2020, as supplemented and amended to date
At a meeting held on April 26-27, 2021, the Board of Directors of VALIC Company I (the “Board”) approved a sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Morgan Stanley Investment Management Inc. (“MSIM”), the Fund’s subadviser, and Morgan Stanley Investment Management Company (“MSIM Co.”), which will become effective on April 30, 2021 (the “Effective Date”).
The Board has the authority, pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission, to enter into subadvisory agreements without a shareholder vote under certain conditions. Shareholders of record as of the close of business on the Effective Date will receive a notice that explains how to access an Information Statement, which will include more information about MSIM Co. and the Sub-Subadvisory Agreement.
On the Effective Date, the following changes to the Summary Prospectus and Prospectus will become effective:
The second paragraph of the subsection entitled “Performance Information” is deleted in its entirety and replaced with the following:
American Century Investment Management, Inc. served as subadviser of the Fund from its inception until March 7, 2018. Invesco Advisers, Inc. and Massachusetts Financial Services Company have served as co-subadvisers from June 20, 2005 to March 7, 2018. Morgan Stanley Investment Management Inc. (“MSIM”) assumed sole subadvisory duties of the Fund on March 8, 2018. On April 30, 2021, Morgan Stanley Investment Management Company (“MSIM Co.”) began to serve as the sub-subadviser to the Fund pursuant to a sub-subadvisory agreement between MSIM and MSIM Co.
The second sentence of the subsection entitled “Investment Adviser” is deleted in its entirety and replaced with the following:
The Fund is subadvised by MSIM. MSIM Co. serves as the sub-subadviser to the Fund.
On the Effective Date, the following change to the Prospectus will become effective:
The subsection entitled “Management – Investment Subadvisers – International Growth Fund” is deleted in its entirety and replaced with the following:
International Growth Fund
Morgan Stanley Investment Management Inc. (“MSIM”)
522 Fifth Avenue, New York, NY 10036
MSIM is a subsidiary of Morgan Stanley and conducts a worldwide portfolio management business providing a broad range of services to customers in the United States and abroad. MSIM is located at 522 Fifth Avenue, New York, NY 10036. As of June 30, 2020, MSIM together with its affiliated asset management companies had approximately $665 billion in assets under management.
Morgan Stanley Investment Management Company (“MSIM Co.”) serves as the sub-subadviser to the Fund. MSIM Co. is located at 23 Church Street, #16-01 Capital Square, Singapore, Singapore 049481. The firm is a wholly-owned subsidiary of Morgan Stanley, a publicly owned financial services company.
The Fund is managed by members of the Global Opportunity team. The team consists of portfolio managers and analysts. Kristian Heugh is the lead portfolio manager and is primarily responsible for the day-to-day management of the Fund. Mr. Heugh has been associated with MSIM in an investment management capacity since 2001. Wendy Wang is a co-portfolio manager and is primarily responsible for day-to-day management of the Fund. Ms. Wang has been associated with MSIM in an investment capacity since 2012.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC Company I
Systematic Value Fund
(the “Fund”)
Supplement dated May 3, 2021, to the Fund’s Summary Prospectus and Prospectus,
each dated October 1, 2020, as supplemented and amended to date
Effective immediately, the following changes to the Summary Prospectus and Prospectus are made:
The first paragraph in the section of the Summary Prospectus and Prospectus entitled “Principal Investment Strategies of the Fund” is deleted in its entirety and replaced with the following paragraph:
The Fund seeks to achieve its investment objective by investing primarily in equity securities of U.S. large- and mid-cap companies. Companies are determined to be large- or mid-cap based on the inclusion of their equity securities in the Russell 1000® Value Index, whose constituents are companies that exhibit certain value qualities, as defined by the index provider, such as lower price-to-book ratios and lower expected growth values. Generally, these companies will have a market capitalization of at least $966.6 million. The equity securities in which the Fund invests include common stock, preferred stock, convertible securities, rights and warrants.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rule 497(k)
Registration No. 002-83631
VALIC COMPANY I
(the “Company”)
Capital Conservation Fund
Small Cap Aggressive Growth Fund
Small Cap Fund
(each, a “Target Fund”)
Supplement dated May 13, 2021, to each Target Fund’s
Summary Prospectus, each dated October 1, 2020, as
supplemented and amended to date
At a meeting of shareholders held on May 11, 2021, shareholders of each Target Fund approved the reorganization of their respective Target Fund into a corresponding series of the Company, as set out in the below table under the heading “Acquiring Fund” (each, a “Reorganization”).
Target Fund | Acquiring Fund | |
Capital Conservation Fund | Core Bond Fund | |
Small Cap Aggressive Growth Fund | Small Cap Growth Fund | |
Small Cap Fund | Small Cap Growth Fund |
Pursuant to each Reorganization, the assets and liabilities of the respective Target Fund will be exchanged for shares of the corresponding Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to their respective Reorganization.
Each Reorganization is expected to close on or about May 24, 2021 (the “Closing Date”). Until a Reorganization is completed, the respective Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After a Reorganization is complete, the Target Fund will be liquidated. On the Closing Date, each Target Fund will no longer be offered.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
VALIC Company I
Capital Appreciation Fund
(the “Fund”)
Supplement dated June 25, 2021 to the Summary Prospectuses and the Prospectuses of the Fund,
each dated May 25, 2021, as supplemented to date
Effective immediately, the following changes are made to the Fund’s Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectus entitled “Investment Adviser-Portfolio Managers” is deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||||
Ernesto Ramos | 2021 | * | Head of Disciplined Equity, Managing Director | |||
Jason C. Hans | 2018 | * | Director, Portfolio Manager | |||
J.P. Gurnee | 2021 | * | Portfolio Manager |
* | Includes management of the Predecessor Fund. |
The section of the Prospectus entitled “Management-Investment Subadvisers-BMO Asset Management Corp. (“BMO Asset Management”) is deleted in its entirety and replaced with the following:
Capital Appreciation Fund
BMO Asset Management Corp. (“BMO Asset Management”)
115 S. LaSalle Street, Chicago, Illinois 60603
BMO Asset Management is a wholly-owned subsidiary of BMO Financial Corp., a financial services company headquartered in Chicago, Illinois, and an indirect wholly-owned subsidiary of the Bank of Montreal (BMO), a publicly-held Canadian diversified financial services company. As of February 28, 2021, BMO Asset Management had approximately $51.23 billion in assets under management.
The Capital Appreciation Fund is managed by Ernesto Ramos, Jason C. Hans and J.P. Gurnee. Mr. Ramos joined BMO Asset Management in 2005 where he co-managed the Fund From its inception in 2012 until December 2020 and since June 2021 serves as Head of Disciplined Equity and a Managing Director. Mr. Hans joined BMO Asset Management in 2008 where he currently serves as a Director and Portfolio Manager. Mr. Gurnee joined BMO Asset Management in 2018 where he currently serves as a Portfolio Manager. Each of Messrs. Ramos, Hans and Gurnee is a CFA charterholder.
Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same meaning as
given in the Prospectus and/or SAI.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
VALIC Company I
Small Cap Value Fund
(the “Fund”)
Supplement dated July 22, 2021 to the Summary Prospectuses and the Prospectuses of the Fund,
each dated May 25, 2021, as supplemented to date
Effective immediately, the following changes are made to the Fund’s Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectus entitled “Investment Adviser-Portfolio Managers” is deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||||
Phillip Hart, CFA | 2012 | * | Managing Director, Head of U.S. Structured Equity | |||
Small and Mid Cap Team | ||||||
Wonseok Choi | 2019 | * | Managing Director, Head of U.S. Structured Equity | |||
Quantitative Research | ||||||
Jonathan Tse | 2019 | * | Executive Director, Quantitative Research | |||
Akash Gupta | 2019 | * | Executive Director, Fundamental Research |
* | Includes management of the Predecessor Fund. |
The section of the Prospectus entitled “Management-Investment Subadvisers — J.P. Morgan Investment Management Inc. (“JPMIM”) — The Small Cap Value Fund is deleted in its entirety and replaced with the following:
The Small Cap Value Fund is managed by Phillip Hart, Wonseok Choi, Jonathan L. Tse and Akash Gupta. Mr. Hart, managing director, is the head of the U.S. Structured Equity Small and Mid Cap Group. An employee since 2003, his responsibilities include managing all of the structured equity small-cap strategies. Previously, he worked on quantitative research and the daily implementation and maintenance of portfolios for the group. Phillip obtained a B.A. in economics from Cornell University and is a CFA charterholder.
Mr. Choi, managing director, is the head of quantitative research for the U.S. Structured Equity Group. An employee since 2006, he is responsible for conducting quantitative research on proprietary models utilized in portfolio management. Prior to joining the firm, Wonseok worked as a research manager at Arrowstreet Capital, L.P., where he was involved in developing and enhancing the firm’s forecasting, risk, and transaction-cost models. Wonseok holds a Ph.D. in economics from Harvard University and a B.A. in economics from Seoul National University.
Mr. Tse, executive director, is a member of the quantitative research team for the U.S. Structured Equity Group. He joined the firm in August 2004 as an analyst in the U.S. Structured Equity Group. Prior to joining the firm, Jonathan worked as a summer intern for UBS and Credit Suisse First Boston in software and database development. Jonathan graduated in May 2004 with a B.S. in computer engineering from Columbia University. Jonathan is a CFA charterholder.
Mr. Gupta, executive director, is an analyst in the U.S. Structured Equity Small and Mid Cap Group and has been a member of the team since 2008. An employee since 2004, Akash previously spent over three years in the sell-side Equity Research Group, focusing on the electronics manufacturing supply chain sector. Akash holds a B.Tech. in electronics & communication (Gold Medalist) from I.I.T. (Indian Institute of Technology) in Roorkee, India and an M.B.A. in analytical finance from the ISB (Indian School of Business) in Hyderabad, India. He is also a CFA charterholder and a certified Financial Risk Manager (FRM).
Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same meaning as
given in the Prospectus and/or SAI.
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
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
BMO Asset Management Corp.
115 S. LaSalle Street
Chicago, Illinois 60603
Boston Partners Global Investors, Inc. d/b/a Boston Partners
60 East 42nd Street, Suite 1550
New York, New York 10165
Delaware Investments Fund Advisers
2005 Market Street
Philadelphia, PA 19103
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
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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PROXY VOTING RESULTS – SPECIAL MEETING OF THE SHAREHOLDERS
VALIC Company I
Results of Special Shareholder Meeting
RESULTS OF SPECIAL SHAREHOLDER MEETINGS (unaudited)
On March 9, 2021, a Special Meeting of Shareholders of Growth Fund (the “Fund”) was held to consider a proposal to approve a change to the fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate the Fund’s related fundamental investment restriction. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
55,504,747.515 | 9,463,019.234 | 4,608,683.206 |
On March 9, 2021, a Special Meeting of Shareholders of Science & Technology Fund (the “Fund”) was held to consider a proposal to approve a change to the fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate the Fund’s related fundamental investment restriction. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
39,284,299.798 | 9,118,438.041 | 2,870,694.227 |
On April 5, 2021, a Special Meeting of Shareholders of Health Sciences Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Science & Technology Fund, a series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
25,727,705.264 | 6,604,182.891 | 2,946,648.494 |
On April 5, 2021, a Special Meeting of Shareholders of Large Cap Core Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Systematic Core Fund, a series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
12,623,437.043 | 676,977.877 | 707,104.354 |
On April 5, 2021, a Special Meeting of Shareholders of Core Equity Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Systematic Core Fund, a series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
8,926,343.001 | 921,713.088 | 634,945.704 |
On April 5, 2021, a Special Meeting of Shareholders of Value Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Systematic Value Fund, a series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
6,148,209.852 | 493,755.155 | 472,396.662 |
On April 5, 2021, a Special Meeting of Shareholders of Small-Mid Growth Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Mid Cap Strategic Growth Fund, a series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
7,207,997.879 | 925,294.640 | 762,010.918 |
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VALIC Company I
On May 11, 2021, a Special Meeting of Shareholders of Capital Conservation Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Core Bond Fund, a newly created series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
24,966,189.106 | 775,926.804 | 2,133,647.802 |
On May 11, 2021, a Special Meeting of Shareholders of Small Cap Aggressive Growth Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Small Cap Growth Fund, a newly created series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
9,165,802.931 | 927,251.222 | 431,173.407 |
On May 11, 2021, a Special Meeting of Shareholders of Small Cap Fund (the “Target Fund”) was held to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) relating to the Target Fund. Pursuant to the Reorganization Agreement, the Target Fund would transfer all of its assets to the Small Cap Growth Fund, a newly created series of VALIC Company I (the “Acquiring Fund”), in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Target Fund and shares of the Acquiring Fund, which shares will be distributed by the Target Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
21,463,869.532 | 2,181,793.685 | 1,674,898.638 |
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VALIC Company I
DISCLOSURE OF QUARTERLY FUND HOLDINGS
The Series is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Series’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
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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 (12/2020) J56912 EE
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VALIC Company I
P.O. Box 3206
Houston, TX 77253-3206
VC 9530 (05/2021) J101997
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Item 2. | Code of Ethics. |
VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2021, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
2021 | 2020 | |||||||
(a) Audit Fees | $ | 1,084,990 | $ | 962,870 | ||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 0 | $ | 0 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.
Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:
2021 | 2020 | |||||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 610,825 | $ | 309,361 |
All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE18 report and Third Party Assurance report.
(e) (1) | The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the |
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registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter. |
(2) | No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2021 and 2020 were $849,920 and $309,361 respectively. |
(h) | Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 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) |
(3) Not applicable. |
(4) Not applicable. |
(b) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: August 6, 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: August 6, 2021
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: August 6, 2021