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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)
Kurt W. Bernlohr
Senior Vice President
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 831-6133
Date of fiscal year end: May 31
Date of reporting period: November 30, 2011
Table of Contents
Item 1. Reports to Stockholders
VALIC Company I, Semiannual Report at November 30, 2011.
Table of Contents
VALIC Company I
Semiannual Report, November 30, 2011
SAVING :INVESTING :PLANNING
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VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2011
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VALIC Company I
PRESIDENT’S LETTER (Unaudited)
Dear Valued Investor:
We are pleased to provide you with the following Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the six-month period ending November 30, 2011. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
The reporting period saw mixed performance results. Equities across the board generally did not perform well. Domestically, the total return for the S&P 500® Index*, widely regarded as the best single gauge of the U.S. equity market, was down 6.25% for the six-month period. Foreign equities for the most part did even worse. The MSCI EAFE Index (net)**, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, fell 16.56%. The bond market, however, fared better with the Barclays Capital U.S. Aggregate Bond Index***, a broad measure of the bond market, returning a positive 3.54% for the period.
These mixed results reflected the mixed macroeconomic events experienced during the period. The summer unfortunately saw a steady stream of negative global news, which contributed to wide market swings. At home, negative economic reports highlighting weak corporate earnings, lingering high unemployment and falling wages served as a reminder of the many challenges the U.S. economy continues to face. The U.S. debt ceiling debate, and subsequent downgrade of the U.S. credit rating by Standard & Poor’s, did little to further confidence and steady markets. Internationally, the sovereign debt bank crisis in Europe deepened and growth slowed in emerging markets and China sending more ripples of uncertainty through the markets.
Toward the end of the reporting period, however, possible signs of improvement helped lift markets somewhat. Although serious concerns over European sovereign debt remained, a plan emerged to create a stronger European fiscal union and for the European Central Bank to provide extensive support to struggling banks. Upbeat U.S. news, including increases in pending homes sales, job growth and consumer confidence further buoyed markets.
The high volatility and continued uncertainty experienced during the reporting period left many investors confused on how best to proceed with their investments. We believe investors usually benefit by a well-diversified portfolio, invested across asset classes, investment styles and geographic borders. We also recommend that investors regularly reassess their risk tolerance, understand their investments and identify their financial goals. Your financial advisor can help you with these important tasks so you can move toward your financial goals with greater understanding and confidence.
As always, we appreciate your continued confidence in our ability to help you meet your investment goals.
Sincerely,
Kurt W. Bernlohr, President
VALIC Company I
* | 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 Morgan Stanley Capital International (MSCI), Europe, Australasia, Far East (EAFE) Index (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. and Canada. As of May 30, 2011, the index consisted of 22 developed market country indices. |
*** | The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. |
Past performance of an index does not guarantee the future performance of any investment.
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VALIC Company I
EXPENSE EXAMPLE — November 30, 2011 (Unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2011 and held until November 30, 2011. 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 (“IRA”) 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 or Plans.
Actual Expenses
The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended November 30, 2011” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2011” column and the “Expense Ratio as of November 30, 2011” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2011” 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 the Fund’s actual expense ratio and an assumed rate of return of 5% per year 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 the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended November 30, 2011” column and the “Expense Ratio as of November 30, 2011” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2011” 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 IRA’s. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.
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VALIC Company I
EXPENSE EXAMPLE — November 30, 2011 (Unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2011 | Ending Account Value Using Actual Return at November 30, 2011 | Expenses Paid During the Six Months Ended November 30, 2011* | Beginning Account Value at June 1, 2011 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2011 | Expenses Paid During the Six Months Ended November 30, 2011* | Expense Ratio as of November 30, 2011* | |||||||||||||||||||||
Asset Allocation@ | $ | 1,000.00 | $ | 952.04 | $ | 3.86 | $ | 1,000.00 | $ | 1,021.05 | $ | 3.99 | 0.79 | % | ||||||||||||||
Blue Chip Growth#@ | $ | 1,000.00 | $ | 954.38 | $ | 4.15 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Broad Cap Value Income#@ | $ | 1,000.00 | $ | 916.04 | $ | 4.07 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,017.40 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.65 | $ | 3.39 | 0.67 | % | ||||||||||||||
Core Equity#@ | $ | 1,000.00 | $ | 889.88 | $ | 3.78 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 968.85 | $ | 4.04 | $ | 1,000.00 | $ | 1,020.90 | $ | 4.14 | 0.82 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 871.04 | $ | 4.77 | $ | 1,000.00 | $ | 1,019.90 | $ | 5.15 | 1.02 | % | ||||||||||||||
Foreign Value@ | $ | 1,000.00 | $ | 817.29 | $ | 3.77 | $ | 1,000.00 | $ | 1,020.85 | $ | 4.19 | 0.83 | % | ||||||||||||||
Global Real Estate@ | $ | 1,000.00 | $ | 850.00 | $ | 4.30 | $ | 1,000.00 | $ | 1,020.35 | $ | 4.70 | 0.93 | % | ||||||||||||||
Global Social Awareness@ | $ | 1,000.00 | $ | 886.00 | $ | 3.21 | $ | 1,000.00 | $ | 1,021.60 | $ | 3.44 | 0.68 | % | ||||||||||||||
Global Strategy@ | $ | 1,000.00 | $ | 907.30 | $ | 3.24 | $ | 1,000.00 | $ | 1,021.60 | $ | 3.44 | 0.68 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,054.21 | $ | 3.39 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.34 | 0.66 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 930.80 | $ | 3.91 | $ | 1,000.00 | $ | 1,020.95 | $ | 4.09 | 0.81 | % | ||||||||||||||
Growth & Income#@ | $ | 1,000.00 | $ | 903.13 | $ | 4.04 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Health Sciences@ | $ | 1,000.00 | $ | 904.54 | $ | 5.57 | $ | 1,000.00 | $ | 1,019.15 | $ | 5.91 | 1.17 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,049.59 | $ | 3.18 | $ | 1,000.00 | $ | 1,021.90 | $ | 3.13 | 0.62 | % | ||||||||||||||
International Equities | $ | 1,000.00 | $ | 837.72 | $ | 2.25 | $ | 1,000.00 | $ | 1,022.55 | $ | 2.48 | 0.49 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,000.78 | $ | 3.35 | $ | 1,000.00 | $ | 1,021.65 | $ | 3.39 | 0.67 | % | ||||||||||||||
International Growth#@ | $ | 1,000.00 | $ | 852.16 | $ | 4.68 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.10 | 1.01 | % | ||||||||||||||
Large Cap Core# | $ | 1,000.00 | $ | 894.57 | $ | 4.03 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Large Capital Growth@ | $ | 1,000.00 | $ | 896.02 | $ | 3.65 | $ | 1,000.00 | $ | 1,021.15 | $ | 3.89 | 0.77 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 889.04 | $ | 1.79 | $ | 1,000.00 | $ | 1,023.10 | $ | 1.92 | 0.38 | % | ||||||||||||||
Mid Cap Strategic Growth#@ | $ | 1,000.00 | $ | 869.31 | $ | 3.97 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 0.75 | $ | 1,000.00 | $ | 1,024.25 | $ | 0.76 | 0.15 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 968.99 | $ | 2.61 | $ | 1,000.00 | $ | 1,022.35 | $ | 2.68 | 0.53 | % | ||||||||||||||
Science & Technology@ | $ | 1,000.00 | $ | 887.31 | $ | 4.81 | $ | 1,000.00 | $ | 1,019.90 | $ | 5.15 | 1.02 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 859.86 | $ | 4.60 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.00 | 0.99 | % | ||||||||||||||
Small Cap#@ | $ | 1,000.00 | $ | 887.70 | $ | 4.39 | $ | 1,000.00 | $ | 1,020.35 | $ | 4.70 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 875.00 | $ | 2.06 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.23 | 0.44 | % | ||||||||||||||
Small Cap Special Values#@ | $ | 1,000.00 | $ | 899.69 | $ | 4.27 | $ | 1,000.00 | $ | 1,020.50 | $ | 4.55 | 0.90 | % | ||||||||||||||
Small-Mid Growth#@ | $ | 1,000.00 | $ | 877.99 | $ | 4.69 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.05 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 935.98 | $ | 1.79 | $ | 1,000.00 | $ | 1,023.15 | $ | 1.87 | 0.37 | % | ||||||||||||||
Value#@ | $ | 1,000.00 | $ | 900.78 | $ | 4.04 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 days. 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 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 waived a portion of or all fees and assumed a portion of or all expenses for the Fund. 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 Period November 30, 2011” and the “Expense Ratios” would have been higher. |
@ | Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund’s expenses have been reduced. Had the expense reductions been taken into account, the Expense Example would have been as follows: |
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2011 | Ending Account Value Using Actual Return at November 30, 2011 | Expenses Paid During the Six Months Ended November 30, 2011* | Beginning Account Value at June 1, 2011 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2011 | Expenses Paid During the Six Months Ended November 30, 2011* | Expense Ratio as of November 30, 2011* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 952.04 | $ | 3.86 | $ | 1,000.00 | $ | 1,021.05 | $ | 3.99 | 0.79 | % | ||||||||||||||
Blue Chip Growth# | $ | 1,000.00 | $ | 954.38 | $ | 4.15 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 916.04 | $ | 3.98 | $ | 1,000.00 | $ | 1,020.85 | $ | 4.19 | 0.83 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 889.88 | $ | 3.78 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 817.29 | $ | 3.77 | $ | 1,000.00 | $ | 1,020.85 | $ | 4.19 | 0.83 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 850.00 | $ | 4.30 | $ | 1,000.00 | $ | 1,020.35 | $ | 4.70 | 0.93 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 886.00 | $ | 3.16 | $ | 1,000.00 | $ | 1,021.65 | $ | 3.39 | 0.67 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 907.30 | $ | 3.24 | $ | 1,000.00 | $ | 1,021.60 | $ | 3.44 | 0.68 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 903.13 | $ | 4.00 | $ | 1,000.00 | $ | 1,020.80 | $ | 4.24 | 0.84 | % | ||||||||||||||
Health Sciences | $ | 1,000.00 | $ | 904.54 | $ | 5.57 | $ | 1,000.00 | $ | 1,019.15 | $ | 5.91 | 1.17 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 852.16 | $ | 4.68 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.10 | 1.01 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 896.02 | $ | 3.60 | $ | 1,000.00 | $ | 1,021.20 | $ | 3.84 | 0.76 | % | ||||||||||||||
Mid Cap Strategic Growth# | $ | 1,000.00 | $ | 869.31 | $ | 3.93 | $ | 1,000.00 | $ | 1,020.80 | $ | 4.24 | 0.84 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 887.31 | $ | 4.77 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.10 | 1.01 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 887.70 | $ | 4.34 | $ | 1,000.00 | $ | 1,020.40 | $ | 4.65 | 0.92 | % | ||||||||||||||
Small Cap Special Values# | $ | 1,000.00 | $ | 899.69 | $ | 4.27 | $ | 1,000.00 | $ | 1,020.50 | $ | 4.55 | 0.90 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 877.99 | $ | 4.55 | $ | 1,000.00 | $ | 1,020.15 | $ | 4.90 | 0.97 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 900.78 | $ | 4.04 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Federal Home Loan Mtg. Corp. | 7.4 | % | ||
Exchange — Traded Funds | 7.3 | |||
Federal National Mtg. Assoc. | 5.8 | |||
Oil Companies — Integrated | 5.2 | |||
United States Treasury Notes | 5.0 | |||
Diversified Financial Services | 4.4 | |||
Diversified Banking Institutions | 3.3 | |||
Banks — Super Regional | 2.9 | |||
Medical — Drugs | 2.6 | |||
Time Deposits | 2.5 | |||
Computers | 2.2 | |||
Telephone — Integrated | 1.8 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Diversified Manufacturing Operations | 1.7 | |||
Banks — Commercial | 1.5 | |||
Real Estate Investment Trusts | 1.5 | |||
Electric — Integrated | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Applications Software | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Food — Misc. | 1.2 | |||
Computer Services | 1.1 | |||
Tobacco | 1.0 | |||
Retail — Building Products | 0.9 | |||
Medical — HMO | 0.9 | |||
Multimedia | 0.8 | |||
Oil & Gas Drilling | 0.7 | |||
Cable/Satellite TV | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Pharmacy Services | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Pipelines | 0.7 | |||
Transport — Rail | 0.6 | |||
Instruments — Scientific | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Cosmetics & Toiletries | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Beverages — Non - alcoholic | 0.5 | |||
Food — Retail | 0.5 | |||
Advertising Agencies | 0.5 | |||
Insurance — Multi - line | 0.5 | |||
Wireless Equipment | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Medical Products | 0.4 | |||
Oil — Field Services | 0.4 | |||
United States Treasury Bonds | 0.4 | |||
Retail — Regional Department Stores | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Metal — Copper | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Retail — Discount | 0.3 | |||
E - Commerce/Services | 0.3 | |||
Web Portals/ISP | 0.3 | |||
Networking Products | 0.3 | |||
Electric — Generation | 0.3 | |||
Finance — Other Services | 0.3 | |||
Software Tools | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 |
Transport — Services | 0.3 | |||
Data Processing/Management | 0.3 | |||
Special Purpose Entities | 0.3 | |||
Paper & Related Products | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Finance — Auto Loans | 0.3 | |||
Non — Hazardous Waste Disposal | 0.3 | |||
Internet Security | 0.3 | |||
Publishing — Newspapers | 0.3 | |||
Medical Instruments | 0.3 | |||
Casino Hotels | 0.3 | |||
U.S. Government Treasuries | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Independent Power Producers | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Commercial Services | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Food — Confectionery | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Gas — Distribution | 0.2 | |||
Instruments — Controls | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Telecom Services | 0.1 | |||
Electronics — Military | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Municipal Bonds | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Gambling (Non — Hotel) | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Metal — Diversified | 0.1 | |||
Cellular Telecom | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Coal | 0.1 | |||
Metal — Iron | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Diversified Minerals | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Airlines | 0.1 | |||
Schools | 0.1 | |||
Banks — Money Center | 0.1 | |||
Gold Mining | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Regional Authority | 0.1 | |||
Finance — Commercial | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Computer Aided Design | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Distribution/Wholesale | 0.1 |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Industry Allocation* (continued)
Steel — Producers | 0.1 | % | ||
Finance — Consumer Loans | 0.1 | |||
Hospital Beds/Equipment | 0.1 | |||
Transport — Truck | 0.1 | |||
Marine Services | 0.1 | |||
Dialysis Centers | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Electronic Forms | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets. |
5
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 49.8% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Ceradyne, Inc.† | 358 | $ | 10,647 | |||||
STR Holdings, Inc.† | 605 | 5,542 | ||||||
16,189 | ||||||||
Advertising Agencies — 0.4% |
| |||||||
Interpublic Group of Cos., Inc. | 3,263 | 30,607 | ||||||
Omnicom Group, Inc. | 11,326 | 488,943 | ||||||
519,550 | ||||||||
Aerospace/Defense — 1.1% |
| |||||||
Aerovironment, Inc.† | 266 | 8,116 | ||||||
Boeing Co. | 9,600 | 659,424 | ||||||
Cubic Corp. | 226 | 9,589 | ||||||
General Dynamics Corp. | 3,861 | 255,058 | ||||||
Lockheed Martin Corp. | 2,813 | 219,836 | ||||||
National Presto Industries, Inc. | 69 | 6,518 | ||||||
Northrop Grumman Corp. | 3,217 | 183,594 | ||||||
Raytheon Co. | 1,531 | 69,768 | ||||||
Teledyne Technologies, Inc.† | 532 | 30,154 | ||||||
1,442,057 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
AAR Corp. | 574 | 10,481 | ||||||
Curtiss - Wright Corp. | 677 | 22,307 | ||||||
GenCorp, Inc.† | 855 | 4,651 | ||||||
Kaman Corp. | 380 | 11,791 | ||||||
Moog, Inc., Class A† | 668 | 27,936 | ||||||
Orbital Sciences Corp.† | 843 | 12,519 | ||||||
United Technologies Corp. | 2,255 | 172,733 | ||||||
262,418 | ||||||||
Agricultural Chemicals — 0.3% |
| |||||||
CF Industries Holdings, Inc. | 2,065 | 288,687 | ||||||
Mosaic Co. | 1,603 | 84,574 | ||||||
373,261 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Andersons, Inc. | 268 | 11,870 | ||||||
Airlines — 0.0% | ||||||||
Allegiant Travel Co.† | 220 | 11,458 | ||||||
SkyWest, Inc. | 764 | 9,267 | ||||||
20,725 | ||||||||
Alternative Waste Technology — 0.0% |
| |||||||
Calgon Carbon Corp.† | 812 | 12,082 | ||||||
Darling International, Inc.† | 1,707 | 24,530 | ||||||
36,612 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Carter’s, Inc.† | 729 | 28,992 | ||||||
Coach, Inc. | 934 | 58,459 | ||||||
Maidenform Brands, Inc.† | 340 | 6,270 | ||||||
Oxford Industries, Inc. | 200 | 7,586 | ||||||
Quiksilver, Inc.† | 1,784 | 5,512 | ||||||
Ralph Lauren Corp. | 381 | 54,049 | ||||||
True Religion Apparel, Inc.† | 371 | 13,059 | ||||||
173,927 | ||||||||
Applications Software — 1.2% |
| |||||||
Ebix, Inc. | 464 | 9,976 | ||||||
EPIQ Systems, Inc. | 463 | 6,250 | ||||||
Microsoft Corp. | 61,977 | 1,585,372 | ||||||
Progress Software Corp.† | 964 | 19,637 | ||||||
1,621,235 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Athletic Footwear — 0.0% |
| |||||||
K - Swiss, Inc., Class A† | 391 | $ | 1,111 | |||||
NIKE, Inc., Class B | 118 | 11,349 | ||||||
12,460 | ||||||||
Audio/Video Products — 0.0% |
| |||||||
Audiovox Corp., Class A | 272 | 1,969 | ||||||
DTS, Inc.† | 248 | 7,140 | ||||||
Harman International Industries, Inc. | 763 | 31,512 | ||||||
Universal Electronics, Inc.† | 218 | 3,558 | ||||||
44,179 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Midas, Inc.† | 199 | 1,684 | ||||||
Monro Muffler Brake, Inc. | 442 | 17,746 | ||||||
19,430 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Ford Motor Co.† | 5,196 | 55,078 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% | ||||||||
Spartan Motors, Inc. | 478 | 2,390 | ||||||
Superior Industries International, Inc. | 346 | 5,633 | ||||||
8,023 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Standard Motor Products, Inc. | 289 | 5,644 | ||||||
Banks - Commercial — 0.6% | ||||||||
Bank of the Ozarks, Inc. | 410 | 11,624 | ||||||
BBCN Bancorp, Inc.† | 1,127 | 10,560 | ||||||
City Holding Co. | 224 | 7,293 | ||||||
Columbia Banking System, Inc. | 577 | 10,386 | ||||||
Community Bank System, Inc. | 530 | 14,003 | ||||||
First BanCorp† | 292 | 1,022 | ||||||
First Commonwealth Financial Corp. | 1,513 | 7,035 | ||||||
First Financial Bancorp | 849 | 13,482 | ||||||
First Financial Bankshares, Inc. | 449 | 14,817 | ||||||
First Midwest Bancorp, Inc. | 1,082 | 10,279 | ||||||
FNB Corp. | 1,848 | 19,700 | ||||||
Glacier Bancorp, Inc. | 1,038 | 12,466 | ||||||
Hanmi Financial Corp.† | 3,664 | 3,207 | ||||||
Home Bancshares, Inc. | 314 | 7,806 | ||||||
Independent Bank Corp. | 319 | 8,339 | ||||||
Lloyds Banking Group PLC†(1) | 105,984 | 41,690 | ||||||
M&T Bank Corp. | 2,485 | 181,355 | ||||||
National Penn Bancshares, Inc. | 1,792 | 14,927 | ||||||
NBT Bancorp, Inc. | 496 | 10,565 | ||||||
Old National Bancorp | 1,383 | 15,517 | ||||||
PacWest Bancorp | 475 | 8,873 | ||||||
Pinnacle Financial Partners, Inc.† | 499 | 7,480 | ||||||
PrivateBancorp, Inc. | 857 | 8,227 | ||||||
Regions Financial Corp. | 20,651 | 84,876 | ||||||
S&T Bancorp, Inc. | 405 | 7,476 | ||||||
Simmons First National Corp., Class A | 256 | 6,784 | ||||||
Sterling Bancorp | 442 | 3,859 | ||||||
Susquehanna Bancshares, Inc. | 2,276 | 18,026 | ||||||
Texas Capital Bancshares, Inc.† | 548 | 15,815 | ||||||
Tompkins Financial Corp. | 119 | 4,772 | ||||||
Trustco Bank Corp. | 1,325 | 6,983 | ||||||
UMB Financial Corp. | 467 | 16,672 | ||||||
Umpqua Holdings Corp. | 1,671 | 20,888 | ||||||
United Bankshares, Inc. | 641 | 17,128 | ||||||
United Community Banks, Inc.† | 265 | 1,844 | ||||||
Wilshire Bancorp, Inc.† | 883 | 2,826 | ||||||
Wintrust Financial Corp. | 508 | 14,117 |
6
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Zions Bancorporation | 5,857 | $ | 94,239 | |||||
756,958 | ||||||||
Banks - Fiduciary — 0.0% | ||||||||
Boston Private Financial Holdings, Inc. | 1,125 | 8,741 | ||||||
Banks - Super Regional — 2.1% | ||||||||
Capital One Financial Corp. | 18,738 | 836,839 | ||||||
Comerica, Inc. | 10,736 | 270,762 | ||||||
Fifth Third Bancorp | 34,592 | 418,217 | ||||||
SunTrust Banks, Inc. | 6,246 | 113,240 | ||||||
US Bancorp | 4,989 | 129,315 | ||||||
Wells Fargo & Co. | 39,305 | 1,016,427 | ||||||
2,784,800 | ||||||||
Beverages - Non - alcoholic — 0.5% | ||||||||
Coca - Cola Co. | 4,231 | 284,450 | ||||||
Coca - Cola Enterprises, Inc. | 5,030 | 131,384 | ||||||
Dr Pepper Snapple Group, Inc. | 3,987 | 145,645 | ||||||
PepsiCo, Inc. | 1,421 | 90,944 | ||||||
652,423 | ||||||||
Beverages - Wine/Spirits — 0.2% | ||||||||
Brown - Forman Corp., Class B | 1,591 | 126,978 | ||||||
Constellation Brands, Inc., Class A† | 3,220 | 62,693 | ||||||
189,671 | ||||||||
Brewery — 0.0% | ||||||||
Boston Beer Co., Inc., Class A† | 125 | 12,489 | ||||||
Broadcast Services/Program — 0.1% | ||||||||
Digital Generation, Inc.† | 396 | 4,594 | ||||||
Discovery Communications, Inc., Class A† | 1,135 | 47,647 | ||||||
Scripps Networks Interactive, Inc., Class A | 1,236 | 49,217 | ||||||
101,458 | ||||||||
Building & Construction Products - Misc. — 0.0% | ||||||||
Drew Industries, Inc. | 277 | 6,011 | ||||||
Gibraltar Industries, Inc.† | 440 | 5,962 | ||||||
NCI Building Systems, Inc.† | 287 | 2,675 | ||||||
Quanex Building Products Corp. | 532 | 8,023 | ||||||
Simpson Manufacturing Co., Inc. | 584 | 19,330 | ||||||
42,001 | ||||||||
Building & Construction - Misc. — 0.0% | ||||||||
Aegion Corp.† | 574 | 8,702 | ||||||
Dycom Industries, Inc.† | 490 | 9,824 | ||||||
18,526 | ||||||||
Building Products - Air & Heating — 0.0% | ||||||||
AAON, Inc. | 253 | 5,543 | ||||||
Comfort Systems USA, Inc. | 556 | 5,799 | ||||||
11,342 | ||||||||
Building Products - Cement — 0.0% | ||||||||
Eagle Materials, Inc. | 653 | 15,117 | ||||||
Texas Industries, Inc. | 400 | 10,132 | ||||||
25,249 | ||||||||
Building Products - Doors & Windows — 0.0% | ||||||||
Apogee Enterprises, Inc. | 409 | 4,336 | ||||||
Griffon Corp. | 695 | 6,519 | ||||||
10,855 | ||||||||
Building Products - Wood — 0.0% | ||||||||
Universal Forest Products, Inc. | 283 | 7,887 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction — 0.0% | ||||||||
Orion Marine Group, Inc.† | 389 | $ | 2,338 | |||||
Building - Maintance & Services — 0.0% | ||||||||
ABM Industries, Inc. | 694 | 15,081 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% | ||||||||
Skyline Corp. | 97 | 560 | ||||||
Winnebago Industries, Inc.† | 430 | 2,769 | ||||||
3,329 | ||||||||
Building - Residential/Commercial — 0.0% | ||||||||
M/I Homes, Inc.† | 269 | 2,432 | ||||||
Meritage Homes Corp.† | 402 | 8,771 | ||||||
Standard Pacific Corp.† | 1,437 | 4,570 | ||||||
15,773 | ||||||||
Cable/Satellite TV — 0.3% | ||||||||
Cablevision Systems Corp., Class A | 347 | 5,205 | ||||||
Comcast Corp., Class A | 9,509 | 215,569 | ||||||
DIRECTV, Class A† | 338 | 15,961 | ||||||
Time Warner Cable, Inc. | 3,217 | 194,564 | ||||||
431,299 | ||||||||
Casino Hotels — 0.1% | ||||||||
Boyd Gaming Corp.† | 815 | 5,460 | ||||||
Monarch Casino & Resort, Inc.† | 164 | 1,573 | ||||||
Wynn Resorts, Ltd. | 561 | 67,634 | ||||||
74,667 | ||||||||
Casino Services — 0.0% | ||||||||
Multimedia Games, Inc.† | 385 | 2,849 | ||||||
Shuffle Master, Inc.† | 782 | 8,672 | ||||||
11,521 | ||||||||
Chemicals - Diversified — 0.5% | ||||||||
Dow Chemical Co. | 3,775 | 104,605 | ||||||
E.I. du Pont de Nemours & Co. | 6,502 | 310,275 | ||||||
PPG Industries, Inc. | 2,305 | 202,264 | ||||||
617,144 | ||||||||
Chemicals - Other — 0.0% | ||||||||
American Vanguard Corp. | 311 | 3,968 | ||||||
Chemicals - Plastics — 0.0% | ||||||||
A. Schulman, Inc. | 452 | 9,343 | ||||||
PolyOne Corp. | 1,350 | 14,526 | ||||||
23,869 | ||||||||
Chemicals - Specialty — 0.2% | ||||||||
Balchem Corp. | 416 | 17,264 | ||||||
Eastman Chemical Co. | 4,568 | 180,984 | ||||||
H.B. Fuller Co. | 718 | 16,557 | ||||||
Hawkins, Inc. | 124 | 4,899 | ||||||
Kraton Performance Polymers, Inc.† | 470 | 9,879 | ||||||
OM Group, Inc.† | 466 | 10,602 | ||||||
Quaker Chemical Corp. | 178 | 6,926 | ||||||
Stepan Co. | 119 | 9,668 | ||||||
Zep, Inc. | 323 | 4,551 | ||||||
261,330 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Park Electrochemical Corp. | 296 | 8,122 | ||||||
TTM Technologies, Inc.† | 739 | 8,137 | ||||||
16,259 | ||||||||
Coffee — 0.0% |
| |||||||
Peet’s Coffee & Tea, Inc.† | 186 | 10,810 | ||||||
7
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Commercial Services — 0.2% |
| |||||||
Arbitron, Inc. | 398 | $ | 14,969 | |||||
Healthcare Services Group, Inc. | 962 | 17,374 | ||||||
HMS Holdings Corp.† | 1,222 | 37,063 | ||||||
Iron Mountain, Inc. | 2,037 | 61,864 | ||||||
Live Nation Entertainment, Inc.† | 2,128 | 18,386 | ||||||
Medifast, Inc.† | 202 | 2,810 | ||||||
Quanta Services, Inc.† | 2,476 | 50,981 | ||||||
TeleTech Holdings, Inc.† | 368 | 6,480 | ||||||
209,927 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics, Inc.† | 628 | 17,069 | ||||||
Heartland Payment Systems, Inc. | 554 | 12,493 | ||||||
Mastercard, Inc., Class A | 656 | 245,705 | ||||||
Visa, Inc., Class A | 2,860 | 277,334 | ||||||
Wright Express Corp.† | 557 | 29,231 | ||||||
581,832 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 365 | 4,011 | ||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 2,663 | 90,728 | ||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc.† | 520 | 7,712 | ||||||
Computer Services — 0.9% |
| |||||||
Accenture PLC, Class A | 3,903 | 226,101 | ||||||
CACI International, Inc., Class A† | 385 | 21,706 | ||||||
CIBER, Inc.† | 1,038 | 4,297 | ||||||
iGate Corp.† | 428 | 6,643 | ||||||
Insight Enterprises, Inc.† | 653 | 9,560 | ||||||
International Business Machines Corp. | 4,654 | 874,952 | ||||||
j2 Global, Inc. | 674 | 18,272 | ||||||
LivePerson, Inc.† | 667 | 8,391 | ||||||
Manhattan Associates, Inc.† | 305 | 13,768 | ||||||
SYKES Enterprises, Inc.† | 572 | 9,318 | ||||||
Virtusa Corp.† | 268 | 4,218 | ||||||
1,197,226 | ||||||||
Computer Software — 0.0% |
| |||||||
Avid Technology, Inc.† | 425 | 3,383 | ||||||
Blackbaud, Inc. | 644 | 18,940 | ||||||
22,323 | ||||||||
Computers — 2.1% |
| |||||||
Apple, Inc.† | 6,549 | 2,503,028 | ||||||
Dell, Inc.† | 2,527 | 39,825 | ||||||
Hewlett - Packard Co. | 8,700 | 243,165 | ||||||
2,786,018 | ||||||||
Computers - Integrated Systems — 0.0% |
| |||||||
Agilysys, Inc.† | 222 | 1,805 | ||||||
Mercury Computer Systems, Inc.† | 445 | 6,136 | ||||||
MTS Systems Corp. | 224 | 9,000 | ||||||
NCI, Inc., Class A† | 110 | 1,331 | ||||||
Netscout Systems, Inc.† | 520 | 9,188 | ||||||
Radisys Corp.† | 332 | 1,441 | ||||||
Stratasys, Inc.† | 301 | 9,247 | ||||||
Super Micro Computer, Inc.† | 386 | 5,246 | ||||||
43,394 | ||||||||
Computers - Memory Devices — 0.4% |
| |||||||
EMC Corp.† | 21,679 | 498,834 | ||||||
Western Digital Corp.† | 692 | 20,116 | ||||||
518,950 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Synaptics, Inc.† | 475 | $ | 15,419 | |||||
Consulting Services — 0.0% |
| |||||||
Forrester Research, Inc.† | 214 | 6,927 | ||||||
MAXIMUS, Inc. | 498 | 20,717 | ||||||
Navigant Consulting, Inc.† | 747 | 8,419 | ||||||
36,063 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Blyth, Inc. | 75 | 4,936 | ||||||
Central Garden and Pet Co., Class A† | 704 | 6,252 | ||||||
Clorox Co | 2,829 | 183,772 | ||||||
Helen of Troy, Ltd.† | 454 | 13,561 | ||||||
Prestige Brands Holdings, Inc.† | 731 | 7,222 | ||||||
WD - 40 Co. | 239 | 9,897 | ||||||
225,640 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp | 4,925 | 172,917 | ||||||
Owens - Illinois, Inc.† | 618 | 12,069 | ||||||
184,986 | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Sealed Air Corp. | 2,614 | 46,059 | ||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Avon Products, Inc. | 5,267 | 89,539 | ||||||
Inter Parfums, Inc. | 221 | 3,788 | ||||||
Procter & Gamble Co. | 9,429 | 608,830 | ||||||
702,157 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
CommVault Systems, Inc.† | 647 | 32,111 | ||||||
CSG Systems International, Inc.† | 502 | 7,615 | ||||||
Dun & Bradstreet Corp. | 1,257 | 87,827 | ||||||
Fiserv, Inc.† | 3,534 | 203,770 | ||||||
331,323 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence Group† | 200 | 4,460 | ||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Align Technology, Inc.† | 1,002 | 24,549 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Affymetrix, Inc.† | 1,022 | 4,619 | ||||||
Diagnostic Kits — 0.0% |
| |||||||
Meridian Bioscience, Inc. | 599 | 11,459 | ||||||
Direct Marketing — 0.0% |
| |||||||
Harte - Hanks, Inc. | 634 | 5,769 | ||||||
Disposable Medical Products — 0.2% |
| |||||||
C.R. Bard, Inc. | �� | 3,182 | 277,439 | |||||
ICU Medical, Inc.† | 172 | 7,570 | ||||||
Merit Medical Systems, Inc.† | 598 | 8,306 | ||||||
293,315 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
Brightpoint, Inc.† | 989 | 9,880 | ||||||
MWI Veterinary Supply, Inc.† | 181 | 12,509 | ||||||
Pool Corp. | 698 | 21,289 | ||||||
Scansource, Inc.† | 392 | 13,763 | ||||||
School Specialty, Inc.† | 229 | 958 | ||||||
United Stationers, Inc. | 641 | 21,499 | ||||||
79,898 | ||||||||
Diversified Banking Institutions — 1.6% |
| |||||||
Bank of America Corp. | 136,787 | 744,121 |
8
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Diversified Banking Institutions (continued) |
| |||||||
Citigroup, Inc. | 9,258 | $ | 254,410 | |||||
JPMorgan Chase & Co. | 19,664 | 608,994 | ||||||
Morgan Stanley | 36,969 | 546,772 | ||||||
2,154,297 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
3M Co. | 2,328 | 188,661 | ||||||
A.O. Smith Corp. | 560 | 21,986 | ||||||
Actuant Corp., Class A | 998 | 22,874 | ||||||
AZZ, Inc. | 184 | 7,792 | ||||||
Barnes Group, Inc. | 690 | 17,188 | ||||||
Dover Corp. | 15,905 | 874,298 | ||||||
EnPro Industries, Inc.† | 299 | 10,008 | ||||||
Federal Signal Corp.† | 908 | 3,350 | ||||||
General Electric Co. | 33,867 | 538,824 | ||||||
Koppers Holdings, Inc. | 299 | 9,876 | ||||||
Leggett & Platt, Inc. | 1,018 | 22,783 | ||||||
LSB Industries, Inc.† | 266 | 8,318 | ||||||
Lydall, Inc.† | 244 | 2,196 | ||||||
Parker Hannifin Corp. | 1,315 | 108,856 | ||||||
Standex International Corp. | 182 | 5,811 | ||||||
Tredegar Corp. | 334 | 7,291 | ||||||
1,850,112 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
AMCOL International Corp. | 361 | 11,960 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Chemed Corp. | 288 | 15,454 | ||||||
Viad Corp. | 298 | 5,528 | ||||||
20,982 | ||||||||
E - Commerce/Products — 0.0% |
| |||||||
Blue Nile, Inc.† | 212 | 8,054 | ||||||
Netflix, Inc.† | 117 | 7,550 | ||||||
Nutrisystem, Inc. | 388 | 4,516 | ||||||
Stamps.com, Inc.† | 174 | 4,763 | ||||||
24,883 | ||||||||
E - Commerce/Services — 0.3% |
| |||||||
Expedia, Inc. | 5,947 | 165,416 | ||||||
priceline.com, Inc.† | 443 | 215,249 | ||||||
United Online, Inc | 1,287 | 6,795 | ||||||
387,460 | ||||||||
E - Marketing/Info — 0.0% |
| |||||||
comScore, Inc.† | 460 | 9,140 | ||||||
Liquidity Services, Inc.† | 290 | 9,878 | ||||||
19,018 | ||||||||
E - Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 437 | 3,758 | ||||||
Websense, Inc.† | 577 | 10,450 | ||||||
14,208 | ||||||||
Electric Products - Misc. — 0.7% |
| |||||||
Emerson Electric Co. | 15,855 | 828,424 | ||||||
Littelfuse, Inc. | 334 | 15,611 | ||||||
Molex, Inc. | 2,107 | 52,548 | ||||||
896,583 | ||||||||
Electric - Generation — 0.3% |
| |||||||
AES Corp.† | 31,498 | 380,496 | ||||||
Electric - Integrated — 0.8% |
| |||||||
Allete, Inc. | 457 | 18,211 | ||||||
Avista Corp. | 831 | 20,775 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Central Vermont Public Service Corp. | 187 | $ | 6,581 | |||||
CH Energy Group, Inc. | 221 | 12,453 | ||||||
CMS Energy Corp. | 12,861 | 269,052 | ||||||
El Paso Electric Co. | 607 | 20,954 | ||||||
Entergy Corp. | 5,890 | 414,420 | ||||||
Exelon Corp. | 4,502 | 199,484 | ||||||
NorthWestern Corp. | 527 | 18,382 | ||||||
Public Service Enterprise Group, Inc. | 2,151 | 70,854 | ||||||
UIL Holdings Corp. | 729 | 25,398 | ||||||
Unisource Energy Corp. | 535 | 19,731 | ||||||
1,096,295 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Bel Fuse, Inc., Class B | 147 | 2,687 | ||||||
Benchmark Electronics, Inc.† | 879 | 12,139 | ||||||
CTS Corp. | 500 | 4,255 | ||||||
Daktronics, Inc. | 517 | 4,860 | ||||||
Jabil Circuit, Inc. | 17,807 | 360,948 | ||||||
Methode Electronics, Inc | 532 | 4,724 | ||||||
OSI Systems, Inc.† | 277 | 13,243 | ||||||
Plexus Corp.† | 517 | 14,037 | ||||||
Pulse Electronics Corp. | 602 | 1,824 | ||||||
Rogers Corp.† | 227 | 9,012 | ||||||
427,729 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Altera Corp. | 4,515 | 170,080 | ||||||
Ceva, Inc.† | 331 | 9,536 | ||||||
Diodes, Inc.† | 539 | 11,050 | ||||||
DSP Group, Inc.† | 334 | 1,964 | ||||||
Entropic Communications, Inc.† | 1,247 | 6,210 | ||||||
GT Advanced Technologies, Inc.† | 1,828 | 14,112 | ||||||
Intel Corp. | 21,712 | 540,846 | ||||||
Kopin Corp.† | 935 | 3,291 | ||||||
LSI Corp.† | 14,291 | 80,315 | ||||||
Microsemi Corp.† | 1,259 | 22,360 | ||||||
Monolithic Power Systems, Inc.† | 425 | 5,117 | ||||||
NVIDIA Corp.† | 5,832 | 91,154 | ||||||
Rubicon Technology, Inc.† | 238 | 2,259 | ||||||
Supertex, Inc.† | 191 | 3,535 | ||||||
Texas Instruments, Inc. | 15,257 | 459,236 | ||||||
Volterra Semiconductor Corp.† | 358 | 8,771 | ||||||
1,429,836 | ||||||||
Electronic Forms — 0.1% | ||||||||
Adobe Systems, Inc.† | 2,154 | 59,063 | ||||||
Electronic Measurement Instruments — 0.0% |
| |||||||
Analogic Corp. | 184 | 10,306 | ||||||
Badger Meter, Inc. | 212 | 6,587 | ||||||
ESCO Technologies, Inc. | 385 | 10,433 | ||||||
FARO Technologies, Inc.† | 241 | 11,676 | ||||||
Measurement Specialties, Inc.† | 209 | 5,963 | ||||||
44,965 | ||||||||
Electronic Security Devices — 0.2% | ||||||||
American Science & Engineering, Inc. | 134 | 9,810 | ||||||
Tyco International, Ltd. | 6,367 | 305,361 | ||||||
315,171 | ||||||||
Energy - Alternate Sources — 0.0% | ||||||||
Headwaters, Inc.† | 878 | 2,248 | ||||||
Engineering/R&D Services — 0.5% | ||||||||
EMCOR Group, Inc. | 968 | 24,810 | ||||||
Exponent, Inc.† | 197 | 9,334 | ||||||
Fluor Corp | 3,771 | 206,726 |
9
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Engineering/R&D Services (continued) | ||||||||
Foster Wheeler AG† | 26,017 | $ | 482,615 | |||||
723,485 | ||||||||
Engines - Internal Combustion — 0.2% | ||||||||
Briggs & Stratton Corp. | 734 | 11,061 | ||||||
Cummins, Inc. | 2,280 | 219,633 | ||||||
230,694 | ||||||||
Enterprise Software/Service — 1.2% | ||||||||
BMC Software, Inc.† | 1,076 | 38,370 | ||||||
CA, Inc. | 4,068 | 86,242 | ||||||
JDA Software Group, Inc.† | 616 | 19,416 | ||||||
MicroStrategy, Inc., Class A† | 116 | 14,283 | ||||||
Omnicell, Inc.† | 484 | 7,821 | ||||||
Opnet Technologies, Inc. | 213 | 7,598 | ||||||
Oracle Corp. | 42,886 | 1,344,476 | ||||||
RightNow Technologies, Inc.† | 369 | 15,838 | ||||||
SYNNEX Corp.† | 368 | 10,801 | ||||||
Taleo Corp., Class A† | 596 | 19,304 | ||||||
Tyler Technologies, Inc.† | 343 | 10,993 | ||||||
1,575,142 | ||||||||
Entertainment Software — 0.0% | ||||||||
Take - Two Interactive Software, Inc.† | 1,251 | 17,452 | ||||||
THQ, Inc.† | 989 | 1,681 | ||||||
19,133 | ||||||||
Environmental Consulting & Engineering — 0.0% | ||||||||
Tetra Tech, Inc.† | 902 | 20,196 | ||||||
Filtration/Separation Products — 0.0% | ||||||||
CLARCOR, Inc. | 731 | 35,395 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
Encore Capital Group, Inc.† | 298 | 6,496 | ||||||
Portfolio Recovery Associates, Inc.† | 244 | 16,926 | ||||||
SLM Corp. | 2,836 | 36,528 | ||||||
World Acceptance Corp.† | 216 | 14,822 | ||||||
74,772 | ||||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Interactive Brokers Group, Inc., Class A . | 559 | 8,312 | ||||||
Investment Technology Group, Inc.† | 605 | 6,443 | ||||||
Piper Jaffray Cos.† | 227 | 4,699 | ||||||
Stifel Financial Corp.† | 780 | 24,726 | ||||||
SWS Group, Inc. | 419 | 2,690 | ||||||
46,870 | ||||||||
Finance - Other Services — 0.3% | ||||||||
CME Group, Inc. | 304 | 75,781 | ||||||
NASDAQ OMX Group, Inc.† | 4,125 | 108,281 | ||||||
NYSE Euronext | 6,934 | 198,035 | ||||||
382,097 | ||||||||
Firearms & Ammunition — 0.0% | ||||||||
Sturm Ruger & Co., Inc. | 281 | 9,037 | ||||||
Food - Canned — 0.0% | ||||||||
Seneca Foods Corp., Class A† | 139 | 3,158 | ||||||
TreeHouse Foods, Inc.† | 518 | 34,152 | ||||||
37,310 | ||||||||
Food - Confectionery — 0.2% | ||||||||
Hershey Co. | 3,841 | 221,549 | ||||||
Food - Misc. — 1.1% | ||||||||
B&G Foods, Inc. | 692 | 15,355 | ||||||
Cal - Maine Foods, Inc. | 207 | 7,009 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc. (continued) | ||||||||
Campbell Soup Co. | 7,366 | $ | 240,132 | |||||
ConAgra Foods, Inc. | 19,174 | 484,335 | ||||||
Diamond Foods, Inc. | 320 | 8,880 | ||||||
Hain Celestial Group, Inc.† | 626 | 23,375 | ||||||
J&J Snack Foods Corp. | 211 | 10,947 | ||||||
Kraft Foods, Inc., Class A | 13,792 | 498,581 | ||||||
Sara Lee Corp. | 5,608 | 106,328 | ||||||
Snyders - Lance, Inc. | 673 | 14,220 | ||||||
1,409,162 | ||||||||
Food - Retail — 0.3% | ||||||||
Kroger Co. | 8,359 | 193,762 | ||||||
Safeway, Inc. | 5,501 | 110,020 | ||||||
SUPERVALU, Inc. | 7,636 | 56,124 | ||||||
359,906 | ||||||||
Food - Wholesale/Distribution — 0.2% | ||||||||
Calavo Growers, Inc. | 169 | 4,488 | ||||||
Nash Finch Co. | 169 | 4,690 | ||||||
Spartan Stores, Inc. | 323 | 5,824 | ||||||
Sysco Corp. | 9,544 | 272,386 | ||||||
United Natural Foods, Inc.† | 699 | 26,793 | ||||||
314,181 | ||||||||
Footwear & Related Apparel — 0.1% | ||||||||
Crocs, Inc.† | 1,287 | 19,962 | ||||||
Iconix Brand Group, Inc.† | 1,056 | 18,227 | ||||||
Skechers U.S.A., Inc., Class A† | 520 | 6,999 | ||||||
Steven Madden, Ltd.† | 549 | 19,577 | ||||||
Wolverine World Wide, Inc. | 711 | 26,193 | ||||||
90,958 | ||||||||
Forestry — 0.0% | ||||||||
Deltic Timber Corp. | 161 | 10,312 | ||||||
Funeral Services & Related Items — 0.0% | ||||||||
Hillenbrand, Inc. | 906 | 20,593 | ||||||
Gambling (Non - Hotel) — 0.1% | ||||||||
International Game Technology | 9,389 | 160,176 | ||||||
Pinnacle Entertainment, Inc.† | 899 | 9,503 | ||||||
169,679 | ||||||||
Garden Products — 0.0% | ||||||||
Toro Co. | 442 | 24,960 | ||||||
Gas - Distribution — 0.1% | ||||||||
Laclede Group, Inc. | 326 | 13,082 | ||||||
New Jersey Resources Corp. | 598 | 28,291 | ||||||
Northwest Natural Gas Co. | 391 | 18,401 | ||||||
Piedmont Natural Gas Co., Inc. | 1,041 | 34,322 | ||||||
South Jersey Industries, Inc. | 428 | 24,045 | ||||||
Southwest Gas Corp. | 662 | 26,765 | ||||||
144,906 | ||||||||
Golf — 0.0% | ||||||||
Callaway Golf Co. | 939 | 5,305 | ||||||
Health Care Cost Containment — 0.0% | ||||||||
Corvel Corp.† | 91 | 4,342 | ||||||
Home Furnishings — 0.0% | ||||||||
Ethan Allen Interiors, Inc. | 374 | 7,592 | ||||||
La - Z - Boy, Inc.† | 758 | 7,504 | ||||||
Select Comfort Corp.† | 807 | 14,954 | ||||||
30,050 | ||||||||
10
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Hotel/Motels — 0.0% | ||||||||
Marcus Corp. | 317 | $ | 3,883 | |||||
Human Resources — 0.0% | ||||||||
AMN Healthcare Services, Inc.† | 568 | 2,607 | ||||||
CDI Corp. | 181 | 2,362 | ||||||
Cross Country Healthcare, Inc.† | 454 | 2,347 | ||||||
Heidrick & Struggles International, Inc. | 251 | 5,346 | ||||||
Insperity, Inc. | 325 | 8,057 | ||||||
Kelly Services, Inc., Class A | 415 | 6,009 | ||||||
On Assignment, Inc.† | 541 | 5,637 | ||||||
Resources Connection, Inc. | 658 | 7,041 | ||||||
TrueBlue, Inc.† | 597 | 7,684 | ||||||
47,090 | ||||||||
Identification Systems — 0.0% | ||||||||
Brady Corp., Class A | 768 | 22,994 | ||||||
Checkpoint Systems, Inc.† | 587 | 7,091 | ||||||
30,085 | ||||||||
Independent Power Producers — 0.0% | ||||||||
GenOn Energy, Inc.† | 439 | 1,194 | ||||||
Industrial Automated/Robotic — 0.0% | ||||||||
Cognex Corp. | 605 | 21,581 | ||||||
Intermec, Inc.† | 739 | 5,424 | ||||||
iRobot Corp.† | 387 | 12,287 | ||||||
39,292 | ||||||||
Instruments - Controls — 0.2% | ||||||||
Honeywell International, Inc. | 3,382 | 183,135 | ||||||
Watts Water Technologies, Inc., Class A | 434 | 16,579 | ||||||
199,714 | ||||||||
Instruments - Scientific — 0.5% | ||||||||
FEI Co.† | 556 | 22,440 | ||||||
PerkinElmer, Inc. | 36,864 | 697,467 | ||||||
719,907 | ||||||||
Insurance Brokers — 0.0% | ||||||||
eHealth, Inc.† | 285 | 4,323 | ||||||
Insurance - Life/Health — 0.3% | ||||||||
Aflac, Inc | 4,120 | 178,973 | ||||||
Delphi Financial Group, Inc., Class A | 800 | 22,000 | ||||||
Lincoln National Corp. | 750 | 15,135 | ||||||
Presidential Life Corp. | 308 | 3,148 | ||||||
Prudential Financial, Inc. | 372 | 18,838 | ||||||
Torchmark Corp. | 2,405 | 102,429 | ||||||
340,523 | ||||||||
Insurance - Multi - line — 0.2% | ||||||||
Assurant, Inc. | 2,323 | 91,155 | ||||||
Horace Mann Educators Corp. | 583 | 7,118 | ||||||
MetLife, Inc. | 5,428 | 170,874 | ||||||
United Fire & Casualty Co. | 307 | 6,014 | ||||||
275,161 | ||||||||
Insurance - Property/Casualty — 0.2% | ||||||||
AMERISAFE, Inc.† | 268 | 6,282 | ||||||
Employers Holdings, Inc. | 519 | 9,015 | ||||||
Infinity Property & Casualty Corp. | 181 | 10,395 | ||||||
Meadowbrook Insurance Group, Inc. | 779 | 7,946 | ||||||
Navigators Group, Inc.† | 166 | 7,750 | ||||||
ProAssurance Corp. | 442 | 35,188 | ||||||
Progressive Corp. | 6,604 | 124,551 | ||||||
RLI Corp. | 240 | 17,009 | ||||||
Safety Insurance Group, Inc. | 223 | 9,330 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) | ||||||||
Selective Insurance Group, Inc | 785 | $ | 12,937 | |||||
Stewart Information Services Corp. | 281 | 2,965 | ||||||
Tower Group, Inc. | 605 | 12,699 | ||||||
256,067 | ||||||||
Insurance - Reinsurance — 0.6% | ||||||||
Berkshire Hathaway, Inc., Class B† | 9,438 | 743,337 | ||||||
Internet Application Software — 0.0% | ||||||||
DealerTrack Holdings, Inc.† | 595 | 15,410 | ||||||
eResearch Technology, Inc.† | 629 | 2,881 | ||||||
18,291 | ||||||||
Internet Connectivity Services — 0.0% | ||||||||
PC - Tel, Inc. | 271 | 1,894 | ||||||
Internet Content - Information/News — 0.0% | ||||||||
XO Group, Inc.† | 430 | 3,169 | ||||||
Internet Infrastructure Software — 0.0% | ||||||||
F5 Networks, Inc.† | 450 | 50,864 | ||||||
Internet Security — 0.3% |
| |||||||
Blue Coat Systems, Inc.† | 626 | 11,268 | ||||||
Sourcefire, Inc.† | 416 | 13,778 | ||||||
Symantec Corp.† | 11,642 | 190,347 | ||||||
VeriSign, Inc. | 3,388 | 113,769 | ||||||
329,162 | ||||||||
Investment Companies — 0.0% |
| |||||||
Prospect Capital Corp. | 1,552 | 14,403 | ||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
BlackRock, Inc. | 1,943 | 334,274 | ||||||
Calamos Asset Management, Inc., Class A | 289 | 3,419 | ||||||
Financial Engines, Inc.† | 560 | 12,303 | ||||||
Legg Mason, Inc. | 19,120 | 507,253 | ||||||
National Financial Partners Corp.† | 637 | 8,791 | ||||||
866,040 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Cymer, Inc.† | 436 | 19,498 | ||||||
Electro Scientific Industries, Inc.† | 352 | 4,636 | ||||||
II - VI, Inc.† | 787 | 15,402 | ||||||
Newport Corp.† | 536 | 6,984 | ||||||
Rofin - Sinar Technologies, Inc.† | 418 | 10,057 | ||||||
56,577 | ||||||||
Leisure Products — 0.0% |
| |||||||
Brunswick Corp. | 1,298 | 24,169 | ||||||
Linen Supply & Related Items — 0.0% |
| |||||||
G&K Services, Inc., Class A | 275 | 8,223 | ||||||
UniFirst Corp. | 221 | 12,780 | ||||||
21,003 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Astec Industries, Inc.† | 289 | 9,667 | ||||||
Caterpillar, Inc. | 3,660 | 358,241 | ||||||
367,908 | ||||||||
Machinery - Electrical — 0.0% |
| |||||||
Franklin Electric Co., Inc. | 272 | 12,803 | ||||||
Machinery - Farming — 0.0% |
| |||||||
Lindsay Corp. | 176 | 9,942 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Albany International Corp., Class A | 410 | 9,947 | ||||||
Applied Industrial Technologies, Inc. | 615 | 21,236 |
11
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Machinery - General Industrial (continued) |
| |||||||
Intevac, Inc.† | 334 | $ | 2,502 | |||||
Robbins & Myers, Inc. | 659 | 35,059 | ||||||
Roper Industries, Inc. | 497 | 42,339 | ||||||
Tennant Co. | 278 | 11,670 | ||||||
122,753 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Cascade Corp. | 125 | 5,439 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Computer Programs & Systems, Inc. | 160 | 7,264 | ||||||
Quality Systems, Inc. | 566 | 20,008 | ||||||
27,272 | ||||||||
Medical Instruments — 0.2% |
| |||||||
Abaxis, Inc.† | 320 | 8,854 | ||||||
CONMED Corp.† | 410 | 10,779 | ||||||
CryoLife, Inc.† | 406 | 1,673 | ||||||
Integra LifeSciences Holdings Corp.† | 301 | 9,671 | ||||||
Intuitive Surgical, Inc.† | 157 | 68,171 | ||||||
Kensey Nash Corp.† | 111 | 2,819 | ||||||
Natus Medical, Inc.† | 424 | 3,549 | ||||||
NuVasive, Inc.† | 611 | 8,432 | ||||||
St. Jude Medical, Inc. | 3,001 | 115,359 | ||||||
SurModics, Inc.† | 210 | 2,604 | ||||||
Symmetry Medical, Inc.† | 533 | 4,173 | ||||||
236,084 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Bio - Reference Labs, Inc.† | 356 | 4,414 | ||||||
Medical Laser Systems — 0.0% |
| |||||||
Palomar Medical Technologies, Inc.† | 268 | 2,214 | ||||||
Medical Products — 0.3% |
| |||||||
Baxter International, Inc. | 682 | 35,232 | ||||||
Becton, Dickinson and Co. | 1,395 | 102,923 | ||||||
Cantel Medical Corp. | 181 | 4,762 | ||||||
Covidien PLC | 2,480 | 112,964 | ||||||
Cyberonics, Inc.† | 355 | 10,767 | ||||||
Greatbatch, Inc.† | 340 | 7,521 | ||||||
Haemonetics Corp.† | 372 | 22,034 | ||||||
Hanger Orthopedic Group, Inc.† | 487 | 7,792 | ||||||
Invacare Corp. | 469 | 9,633 | ||||||
PSS World Medical, Inc.† | 769 | 18,748 | ||||||
West Pharmaceutical Services, Inc. | 484 | 18,649 | ||||||
Zimmer Holdings, Inc.† | 568 | 28,712 | ||||||
Zoll Medical Corp.† | 325 | 14,960 | ||||||
394,697 | ||||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Amgen, Inc. | 1,617 | 93,640 | ||||||
Arqule, Inc.† | 775 | 4,348 | ||||||
Biogen Idec, Inc.† | 1,283 | 147,481 | ||||||
Cambrex Corp.† | 424 | 2,930 | ||||||
Cubist Pharmaceuticals, Inc.† | 875 | 33,749 | ||||||
Emergent Biosolutions, Inc.† | 357 | 6,083 | ||||||
Enzo Biochem, Inc.† | 491 | 1,203 | ||||||
Medicines Co.† | 777 | 14,693 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,088 | 64,649 | ||||||
368,776 | ||||||||
Medical - Drugs — 2.5% |
| |||||||
Abbott Laboratories | 21,290 | 1,161,370 | ||||||
Bristol - Myers Squibb Co. | 14,371 | 470,219 | ||||||
Eli Lilly & Co. | 6,520 | 246,782 | ||||||
Hi - Tech Pharmacal Co., Inc.† | 148 | 6,145 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Johnson & Johnson | 6,053 | $ | 391,750 | |||||
Merck & Co., Inc. | 11,092 | 396,539 | ||||||
Pfizer, Inc. | 32,283 | 647,920 | ||||||
PharMerica Corp.† | 422 | 6,604 | ||||||
Salix Pharmaceuticals, Ltd.† | 846 | 37,343 | ||||||
Savient Pharmaceuticals, Inc.† | 1,032 | 2,590 | ||||||
Viropharma, Inc.† | 1,031 | 24,754 | ||||||
3,392,016 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Par Pharmaceutical Cos., Inc.† | 524 | 16,983 | ||||||
Medical - HMO — 0.8% | ||||||||
Aetna, Inc. | 3,140 | 131,315 | ||||||
Centene Corp.† | 728 | 28,181 | ||||||
Cigna Corp. | 1,038 | 45,911 | ||||||
Healthspring, Inc.† | 984 | 53,746 | ||||||
Humana, Inc. | 4,570 | 405,268 | ||||||
Magellan Health Services, Inc.† | 403 | 20,416 | ||||||
Molina Healthcare, Inc.† | 412 | 9,002 | ||||||
UnitedHealth Group, Inc. | 5,189 | 253,067 | ||||||
WellPoint, Inc. | 2,131 | 150,342 | ||||||
1,097,248 | ||||||||
Medical - Nursing Homes — 0.0% | ||||||||
Ensign Group, Inc. | 236 | 5,596 | ||||||
Kindred Healthcare, Inc.† | 753 | 9,337 | ||||||
14,933 | ||||||||
Medical - Outpatient/Home Medical — 0.0% | ||||||||
Air Methods Corp.† | 163 | 13,157 | ||||||
Almost Family, Inc.† | 124 | 1,856 | ||||||
Amedisys, Inc.† | 427 | 5,069 | ||||||
Amsurg Corp.† | 448 | 11,684 | ||||||
Gentiva Health Services, Inc.† | 442 | 2,572 | ||||||
LHC Group, Inc.† | 232 | 3,225 | ||||||
37,563 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% | ||||||||
AmerisourceBergen Corp. | 5,964 | 221,563 | ||||||
Cardinal Health, Inc. | 281 | 11,931 | ||||||
McKesson Corp. | 1,571 | 127,738 | ||||||
361,232 | ||||||||
Metal Processors & Fabrication — 0.1% | ||||||||
CIRCOR International, Inc. | 244 | 7,930 | ||||||
Haynes International, Inc. | 176 | 10,553 | ||||||
Kaydon Corp. | 475 | 15,000 | ||||||
Mueller Industries, Inc. | 554 | 21,130 | ||||||
RTI International Metals, Inc.† | 439 | 11,985 | ||||||
66,598 | ||||||||
Metal Products - Distribution — 0.0% | ||||||||
A.M. Castle & Co.† | 239 | 3,250 | ||||||
Lawson Products, Inc. | 52 | 820 | ||||||
Olympic Steel, Inc. | 139 | 3,300 | ||||||
7,370 | ||||||||
Metal - Aluminum — 0.1% | ||||||||
Alcoa, Inc. | 5,456 | 54,669 | ||||||
Century Aluminum Co.† | 827 | 7,964 | ||||||
Kaiser Aluminum Corp. | 228 | 10,625 | ||||||
73,258 | ||||||||
Metal - Copper — 0.3% | ||||||||
Freeport - McMoRan Copper & Gold, Inc. | 11,129 | 440,708 | ||||||
12
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Metal - Iron — 0.0% | ||||||||
Cliffs Natural Resources, Inc. | 258 | $ | 17,495 | |||||
Miscellaneous Manufacturing — 0.0% | ||||||||
John Bean Technologies Corp. | 422 | 6,946 | ||||||
Movado Group, Inc. | 257 | 4,043 | ||||||
10,989 | ||||||||
Motorcycle/Motor Scooter — 0.0% | ||||||||
Harley - Davidson, Inc. | 1,146 | 42,138 | ||||||
Multimedia — 0.6% | ||||||||
EW Scripps Co., Class A† | 451 | 3,833 | ||||||
McGraw - Hill Cos., Inc. | 1,243 | 53,076 | ||||||
News Corp., Class A | 7,009 | 122,237 | ||||||
Time Warner, Inc. | 3,584 | 124,795 | ||||||
Viacom, Inc., Class B | 6,197 | 277,378 | ||||||
Walt Disney Co. | 5,753 | 206,245 | ||||||
787,564 | ||||||||
Networking Products — 0.3% | ||||||||
Anixter International, Inc.† | 400 | 24,564 | ||||||
Black Box Corp. | 257 | 7,332 | ||||||
Cisco Systems, Inc. | 20,013 | 373,042 | ||||||
LogMeIn, Inc.† | 304 | 13,075 | ||||||
Netgear, Inc.† | 541 | 20,553 | ||||||
438,566 | ||||||||
Non - Ferrous Metals — 0.0% | ||||||||
Materion Corp.† | 295 | 7,254 | ||||||
Non - Hazardous Waste Disposal — 0.1% | ||||||||
Waste Management, Inc. | 2,098 | 65,667 | ||||||
Office Automation & Equipment — 0.1% | ||||||||
Pitney Bowes, Inc. | 3,672 | 68,409 | ||||||
Office Furnishings - Original — 0.0% | ||||||||
Interface, Inc., Class A | 831 | 9,557 | ||||||
Office Supplies & Forms — 0.0% | ||||||||
Avery Dennison Corp. | 628 | 16,460 | ||||||
Standard Register Co. | 187 | 445 | ||||||
16,905 | ||||||||
Oil & Gas Drilling — 0.3% | ||||||||
Diamond Offshore Drilling, Inc. | 1,224 | 73,624 | ||||||
Helmerich & Payne, Inc. | 4,111 | 234,162 | ||||||
Rowan Cos., Inc.† | 1,268 | 42,998 | ||||||
350,784 | ||||||||
Oil Companies - Exploration & Production — 0.9% | ||||||||
Anadarko Petroleum Corp. | 8,723 | 708,918 | ||||||
Apache Corp. | 1,015 | 100,932 | ||||||
Approach Resources, Inc.† | 383 | 11,980 | ||||||
Contango Oil & Gas Co.† | 188 | 11,844 | ||||||
Georesources, Inc.† | 277 | 7,897 | ||||||
Gulfport Energy Corp.† | 642 | 20,384 | ||||||
Occidental Petroleum Corp. | 3,183 | 314,799 | ||||||
Penn Virginia Corp. | 658 | 3,487 | ||||||
Petroleum Development Corp.† | 346 | 11,608 | ||||||
Petroquest Energy, Inc.† | 813 | 5,585 | ||||||
Stone Energy Corp.† | 706 | 19,973 | ||||||
Swift Energy Co.† | 613 | 18,016 | ||||||
1,235,423 | ||||||||
Oil Companies - Integrated — 4.7% | ||||||||
Chevron Corp. | 19,636 | 2,018,973 | ||||||
ConocoPhillips | 25,786 | 1,839,058 | ||||||
Exxon Mobil Corp. | 29,602 | 2,381,185 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) | ||||||||
Marathon Oil Corp. | 3,476 | $ | 97,189 | |||||
6,336,405 | ||||||||
Oil Field Machinery & Equipment — 0.2% | ||||||||
Gulf Island Fabrication, Inc. | 214 | 6,084 | ||||||
Lufkin Industries, Inc. | 439 | 30,765 | ||||||
National Oilwell Varco, Inc. | 2,673 | 191,654 | ||||||
228,503 | ||||||||
Oil Refining & Marketing — 0.0% | ||||||||
Valero Energy Corp. | 2,256 | 50,241 | ||||||
Oil - Field Services — 0.3% | ||||||||
Basic Energy Services, Inc.† | 420 | 7,913 | ||||||
Halliburton Co. | 10,136 | 373,005 | ||||||
Hornbeck Offshore Services, Inc.† | 475 | 16,026 | ||||||
Matrix Service Co.† | 382 | 3,576 | ||||||
Pioneer Drilling Co.† | 884 | 9,706 | ||||||
SEACOR Holdings, Inc. | 313 | 27,159 | ||||||
Tetra Technologies, Inc.† | 1,113 | 10,217 | ||||||
447,602 | ||||||||
Paper & Related Products — 0.1% | ||||||||
Buckeye Technologies, Inc. | 566 | 17,535 | ||||||
Clearwater Paper Corp.† | 332 | 11,683 | ||||||
International Paper Co. | 1,336 | 37,942 | ||||||
KapStone Paper and Packaging Corp.† | 551 | 9,136 | ||||||
Neenah Paper, Inc. | 214 | 4,004 | ||||||
Schweitzer - Mauduit International, Inc. | 233 | 16,594 | ||||||
Wausau Paper Corp. | 719 | 5,551 | ||||||
102,445 | ||||||||
Pharmacy Services — 0.5% | ||||||||
Medco Health Solutions, Inc.† | 11,664 | 660,999 | ||||||
Physicians Practice Management — 0.0% | ||||||||
Healthways, Inc.† | 491 | 3,197 | ||||||
IPC The Hospitalist Co., Inc.† | 232 | 10,695 | ||||||
13,892 | ||||||||
Pipelines — 0.1% | ||||||||
ONEOK, Inc. | 813 | 67,609 | ||||||
Poultry — 0.0% | ||||||||
Sanderson Farms, Inc. | 269 | 13,845 | ||||||
Power Converter/Supply Equipment — 0.0% | ||||||||
Advanced Energy Industries, Inc.† | 629 | 6,277 | ||||||
Powell Industries, Inc.† | 128 | 3,881 | ||||||
Vicor Corp. | 286 | 2,294 | ||||||
12,452 | ||||||||
Printing - Commercial — 0.0% | ||||||||
Consolidated Graphics, Inc.† | 126 | 6,420 | ||||||
R.R. Donnelley & Sons Co. | 1,804 | 27,096 | ||||||
33,516 | ||||||||
Private Corrections — 0.0% | ||||||||
Geo Group, Inc.† | 942 | 16,673 | ||||||
Protection/Safety — 0.0% | ||||||||
Landauer, Inc. | 139 | 7,051 | ||||||
Publishing - Newspapers — 0.1% | ||||||||
Dolan Co.† | 440 | 4,017 | ||||||
Washington Post Co., Class B | 285 | 102,290 | ||||||
106,307 | ||||||||
13
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Real Estate Investment Trusts — 1.2% | ||||||||
Acadia Realty Trust | 616 | $ | 12,061 | |||||
Apartment Investment & Management Co., Class A | 8,683 | 189,116 | ||||||
AvalonBay Communities, Inc. | 416 | 51,938 | ||||||
BioMed Realty Trust, Inc. | 2,234 | 39,788 | ||||||
Boston Properties, Inc. | 797 | 76,018 | ||||||
Cedar Realty Trust, Inc. | 805 | 2,689 | ||||||
Colonial Properties Trust | 1,258 | 24,959 | ||||||
DiamondRock Hospitality Co. | 2,425 | 21,291 | ||||||
Digital Realty Trust, Inc. | 9,622 | 610,997 | ||||||
EastGroup Properties, Inc. | 388 | 16,517 | ||||||
Entertainment Properties Trust | 674 | 30,128 | ||||||
Equity Residential | 2,692 | 148,571 | ||||||
Extra Space Storage, Inc. | 1,362 | 32,824 | ||||||
Franklin Street Properties Corp. | 1,026 | 11,194 | ||||||
Getty Realty Corp. | 376 | 6,016 | ||||||
Healthcare Realty Trust, Inc. | 1,133 | 19,963 | ||||||
Inland Real Estate Corp. | 1,115 | 8,273 | ||||||
Kilroy Realty Corp. | 845 | 30,496 | ||||||
Kite Realty Group Trust | 918 | 3,874 | ||||||
LaSalle Hotel Properties | 1,242 | 29,075 | ||||||
Lexington Realty Trust | 1,968 | 14,917 | ||||||
LTC Properties, Inc. | 436 | 12,535 | ||||||
Medical Properties Trust, Inc. | 1,620 | 15,487 | ||||||
Mid - America Apartment Communities, Inc. | 536 | 30,724 | ||||||
National Retail Properties, Inc. | 1,451 | 38,393 | ||||||
Parkway Properties, Inc. | 314 | 3,175 | ||||||
Pennsylvania Real Estate Investment Trust | 804 | 7,501 | ||||||
Post Properties, Inc. | 725 | 28,993 | ||||||
PS Business Parks, Inc. | 275 | 14,493 | ||||||
Saul Centers, Inc. | 164 | 5,725 | ||||||
Simon Property Group, Inc. | 150 | 18,651 | ||||||
Sovran Self Storage, Inc. | 398 | 16,573 | ||||||
Tanger Factory Outlet Centers | 1,239 | 35,126 | ||||||
Universal Health Realty Income Trust | 184 | 6,791 | ||||||
Urstadt Biddle Properties, Inc., Class A | 337 | 5,685 | ||||||
1,620,557 | ||||||||
Real Estate Operations & Development — 0.0% | ||||||||
Forestar Group, Inc.† | 509 | 7,737 | ||||||
Recreational Vehicles — 0.0% | ||||||||
Arctic Cat, Inc.† | 170 | 3,380 | ||||||
Research & Development — 0.0% | ||||||||
PAREXEL International Corp.† | 858 | 17,203 | ||||||
Resort/Theme Parks — 0.0% | ||||||||
Marriott Vacations Worldwide Corp.† | 390 | 6,232 | ||||||
Retail - Apparel/Shoe — 0.2% | ||||||||
Abercrombie & Fitch Co., Class A | 1,481 | 70,955 | ||||||
Brown Shoe Co., Inc. | 644 | 5,403 | ||||||
Buckle, Inc. | 391 | 15,624 | ||||||
Cato Corp., Class A | 424 | 10,850 | ||||||
Children’s Place Retail Stores, Inc.† | 363 | 19,555 | ||||||
Christopher & Banks Corp. | 514 | 1,470 | ||||||
Finish Line, Inc., Class A | 777 | 16,379 | ||||||
Genesco, Inc.† | 349 | 20,609 | ||||||
HOT Topic, Inc. | 616 | 4,374 | ||||||
Jos. A. Bank Clothiers, Inc.† | 397 | 19,564 | ||||||
Limited Brands, Inc. | 2,295 | 97,147 | ||||||
Liz Claiborne, Inc.† | 1,371 | 11,338 | ||||||
Men’s Wearhouse, Inc. | 745 | 20,733 | ||||||
Rue21, Inc.† | 220 | 5,289 | ||||||
Stein Mart, Inc.† | 398 | 2,615 | ||||||
321,905 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Auto Parts — 0.2% | ||||||||
AutoZone, Inc.† | 594 | $ | 195,058 | |||||
O’Reilly Automotive, Inc.† | 209 | 16,143 | ||||||
PEP Boys - Manny Moe & Jack | 767 | 8,713 | ||||||
219,914 | ||||||||
Retail - Automobile — 0.0% | ||||||||
AutoNation, Inc.† | 445 | 16,069 | ||||||
Group 1 Automotive, Inc. | 347 | 17,041 | ||||||
Lithia Motors, Inc., Class A | 322 | 7,152 | ||||||
Sonic Automotive, Inc., Class A | 512 | 7,562 | ||||||
47,824 | ||||||||
Retail - Building Products — 0.9% | ||||||||
Home Depot, Inc. | 30,794 | 1,207,741 | ||||||
Lowe’s Cos., Inc. | 1,615 | 38,776 | ||||||
Lumber Liquidators Holdings, Inc.† | 400 | 6,776 | ||||||
1,253,293 | ||||||||
Retail - Catalog Shopping — 0.0% | ||||||||
Coldwater Creek, Inc.† | 1,249 | 1,079 | ||||||
Retail - Computer Equipment — 0.0% | ||||||||
GameStop Corp., Class A† | 394 | 9,109 | ||||||
Retail - Convenience Store — 0.0% | ||||||||
Casey’s General Stores, Inc. | 554 | 29,573 | ||||||
Retail - Discount — 0.2% | ||||||||
Fred’s, Inc., Class A | 572 | 7,699 | ||||||
HSN, Inc. | 577 | 20,657 | ||||||
Tuesday Morning Corp.† | 623 | 2,018 | ||||||
Wal - Mart Stores, Inc | 4,653 | 274,062 | ||||||
304,436 | ||||||||
Retail - Drug Store — 0.3% | ||||||||
CVS Caremark Corp. | 6,446 | 250,362 | ||||||
Walgreen Co. | 5,494 | 185,258 | ||||||
435,620 | ||||||||
Retail - Home Furnishings — 0.0% | ||||||||
Haverty Furniture Cos., Inc. | 271 | 3,276 | ||||||
Kirkland’s, Inc.† | 227 | 2,831 | ||||||
6,107 | ||||||||
Retail - Jewelry — 0.0% | ||||||||
Zale Corp.† | 332 | 1,142 | ||||||
Retail - Leisure Products — 0.0% | ||||||||
MarineMax, Inc.† | 337 | 2,147 | ||||||
Retail - Major Department Stores — 0.0% | ||||||||
J.C. Penney Co., Inc. | 507 | 16,244 | ||||||
Retail - Office Supplies — 0.0% | ||||||||
OfficeMax, Inc.† | 1,254 | 5,831 | ||||||
Retail - Pawn Shops — 0.1% | ||||||||
Cash America International, Inc. | 428 | 21,276 | ||||||
EZCORP, Inc., Class A† | 627 | 18,239 | ||||||
First Cash Financial Services, Inc.† | 445 | 16,154 | ||||||
55,669 | ||||||||
Retail - Pet Food & Supplies — 0.0% | ||||||||
PetMed Express, Inc. | 310 | 2,889 | ||||||
Retail - Petroleum Products — 0.0% | ||||||||
World Fuel Services Corp. | 1,029 | 44,113 | ||||||
Retail - Regional Department Stores — 0.4% | ||||||||
Kohl’s Corp. | 8,685 | 467,253 | ||||||
Macy’s, Inc. | 593 | 19,172 |
14
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Regional Department Stores (continued) | ||||||||
Stage Stores, Inc. | 449 | $ | 5,630 | |||||
492,055 | ||||||||
Retail - Restaurants — 0.3% | ||||||||
Biglari Holdings, Inc.† | 21 | 7,220 | ||||||
BJ’s Restaurants, Inc.† | 348 | 16,732 | ||||||
Buffalo Wild Wings, Inc.† | 265 | 17,087 | ||||||
CEC Entertainment, Inc. | 284 | 9,565 | ||||||
Chipotle Mexican Grill, Inc.† | 537 | 172,678 | ||||||
Cracker Barrel Old Country Store, Inc. | 331 | 15,742 | ||||||
DineEquity, Inc.† | 230 | 10,828 | ||||||
Jack in the Box, Inc.† | 671 | 13,756 | ||||||
O’Charley’s, Inc.† | 269 | 1,732 | ||||||
Papa John’s International, Inc.† | 277 | 10,498 | ||||||
PF Chang’s China Bistro, Inc. | 311 | 9,433 | ||||||
Red Robin Gourmet Burgers, Inc.† | 166 | 4,412 | ||||||
Ruby Tuesday, Inc.† | 941 | 6,898 | ||||||
Ruth’s Hospitality Group, Inc.† | 448 | 2,222 | ||||||
Sonic Corp.† | 900 | 6,354 | ||||||
Starbucks Corp. | 248 | 10,783 | ||||||
Texas Roadhouse, Inc. | 886 | 11,864 | ||||||
Yum! Brands, Inc. | 2,029 | 113,705 | ||||||
441,509 | ||||||||
Retail - Sporting Goods — 0.0% | ||||||||
Big 5 Sporting Goods Corp. | 326 | 2,973 | ||||||
Cabela’s, Inc.† | 621 | 14,637 | ||||||
Hibbett Sports, Inc.† | 387 | 17,613 | ||||||
Zumiez, Inc.† | 302 | 7,106 | ||||||
42,329 | ||||||||
Retail - Video Rentals — 0.0% | ||||||||
Coinstar, Inc.† | 443 | 18,912 | ||||||
Rubber/Plastic Products — 0.0% | ||||||||
Myers Industries, Inc. | 511 | 6,265 | ||||||
Savings & Loans/Thrifts — 0.0% | ||||||||
Bank Mutual Corp. | 665 | 2,248 | ||||||
Brookline Bancorp, Inc. | 858 | 6,898 | ||||||
Dime Community Bancshares, Inc. | 412 | 4,878 | ||||||
Northwest Bancshares, Inc. | 1,407 | 17,475 | ||||||
Oritani Financial Corp. | 677 | 8,808 | ||||||
Provident Financial Services, Inc. | 776 | 10,158 | ||||||
50,465 | ||||||||
Schools — 0.1% | ||||||||
American Public Education, Inc.† | 257 | 9,848 | ||||||
Apollo Group, Inc., Class A† | 1,765 | 85,567 | ||||||
Capella Education Co.† | 223 | 7,582 | ||||||
Corinthian Colleges, Inc.† | 1,233 | 3,243 | ||||||
Lincoln Educational Services Corp. | 328 | 2,411 | ||||||
Universal Technical Institute, Inc.† | 299 | 3,821 | ||||||
112,472 | ||||||||
Seismic Data Collection — 0.0% | ||||||||
ION Geophysical Corp.† | 1,835 | 10,661 | ||||||
OYO Geospace Corp.† | 64 | 5,823 | ||||||
16,484 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Cirrus Logic, Inc.† | 956 | 15,573 | ||||||
Exar Corp.† | 647 | 4,076 | ||||||
Hittite Microwave Corp.† | 403 | 21,927 | ||||||
Micrel, Inc. | 728 | 7,571 | ||||||
Pericom Semiconductor Corp.† | 367 | 2,859 | ||||||
Power Integrations, Inc. | 416 | 14,623 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
Sigma Designs, Inc.† | 464 | $ | 3,234 | |||||
Standard Microsystems Corp.† | 328 | 8,210 | ||||||
TriQuint Semiconductor, Inc.† | 2,380 | 10,401 | ||||||
88,474 | ||||||||
Semiconductor Equipment — 0.4% | ||||||||
ATMI, Inc.† | 457 | 9,460 | ||||||
Brooks Automation, Inc. | 956 | 9,120 | ||||||
Cabot Microelectronics Corp.† | 338 | 14,051 | ||||||
Cohu, Inc. | 344 | 3,481 | ||||||
Kulicke & Soffa Industries, Inc.† | 1,046 | 9,518 | ||||||
Lam Research Corp.† | 8,876 | 361,874 | ||||||
MKS Instruments, Inc. | 767 | 20,602 | ||||||
Nanometrics, Inc.† | 251 | 4,134 | ||||||
Novellus Systems, Inc.† | 1,861 | 64,428 | ||||||
Rudolph Technologies, Inc.† | 466 | 3,663 | ||||||
Teradyne, Inc.† | 4,219 | 56,788 | ||||||
Tessera Technologies, Inc.† | 739 | 12,822 | ||||||
Ultratech, Inc.† | 370 | 8,584 | ||||||
Veeco Instruments, Inc.† | 553 | 13,764 | ||||||
592,289 | ||||||||
Software Tools — 0.3% | ||||||||
VMware, Inc., Class A† | 4,466 | 431,773 | ||||||
Storage/Warehousing — 0.0% | ||||||||
Mobile Mini, Inc.† | 519 | 9,358 | ||||||
Telecom Equipment - Fiber Optics — 0.0% | ||||||||
Harmonic, Inc.† | 1,669 | 8,962 | ||||||
Oplink Communications, Inc.† | 288 | 4,755 | ||||||
13,717 | ||||||||
Telecom Services — 0.0% | ||||||||
Cbeyond, Inc.† | 460 | 3,409 | ||||||
Lumos Networks Corp. | 214 | 3,131 | ||||||
Neutral Tandem, Inc.† | 458 | 4,951 | ||||||
NTELOS Holdings Corp. | 214 | 4,517 | ||||||
USA Mobility, Inc. | 326 | 4,570 | ||||||
20,578 | ||||||||
Telecommunication Equipment — 0.0% | ||||||||
Arris Group, Inc.† | 1,722 | 18,512 | ||||||
Comtech Telecommunications Corp. | 341 | 10,329 | ||||||
Network Equipment Technologies, Inc.† . | 436 | 763 | ||||||
Nortel Networks Corp.† | 62 | 1 | ||||||
Symmetricom, Inc.† | 623 | 3,208 | ||||||
Tekelec† | 888 | 9,786 | ||||||
42,599 | ||||||||
Telephone - Integrated — 1.3% | ||||||||
AT&T, Inc. | 37,740 | 1,093,705 | ||||||
Atlantic Tele - Network, Inc. | 136 | 5,630 | ||||||
Cincinnati Bell, Inc.† | 2,893 | 8,505 | ||||||
General Communication, Inc., Class A† | 550 | 5,605 | ||||||
Verizon Communications, Inc. | 18,526 | 698,986 | ||||||
1,812,431 | ||||||||
Television — 0.0% | ||||||||
CBS Corp., Class B | 1,937 | 50,439 | ||||||
Textile - Apparel — 0.0% | ||||||||
Perry Ellis International, Inc.† | 181 | 2,588 | ||||||
Therapeutics — 0.0% | ||||||||
Questcor Pharmaceuticals, Inc.† | 896 | 40,275 | ||||||
15
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Tobacco — 1.0% | ||||||||
Alliance One International, Inc.† | 1,268 | $ | 3,550 | |||||
Altria Group, Inc. | 861 | 24,702 | ||||||
Lorillard, Inc. | 683 | 76,237 | ||||||
Philip Morris International, Inc. | 15,575 | 1,187,438 | ||||||
1,291,927 | ||||||||
Toys — 0.0% | ||||||||
Jakks Pacific, Inc. | 389 | 7,426 | ||||||
Transactional Software — 0.0% | ||||||||
Bottomline Technologies, Inc.† | 524 | 11,790 | ||||||
Synchronoss Technologies, Inc.† | 385 | 11,508 | ||||||
23,298 | ||||||||
Transport - Marine — 0.0% | ||||||||
Overseas Shipholding Group, Inc. | 364 | 3,840 | ||||||
Transport - Rail — 0.4% | ||||||||
CSX Corp. | 7,471 | 162,195 | ||||||
Norfolk Southern Corp. | 5,333 | 402,855 | ||||||
565,050 | ||||||||
Transport - Services — 0.2% | ||||||||
Bristow Group, Inc. | 529 | 24,365 | ||||||
Hub Group, Inc., Class A† | 541 | 16,111 | ||||||
United Parcel Service, Inc., Class B | 3,793 | 272,148 | ||||||
312,624 | ||||||||
Transport - Truck — 0.1% | ||||||||
Arkansas Best Corp. | 373 | 7,132 | ||||||
Forward Air Corp. | 425 | 13,642 | ||||||
Heartland Express, Inc. | 863 | 11,866 | ||||||
Knight Transportation, Inc. | 859 | 12,851 | ||||||
Old Dominion Freight Line, Inc.† | 680 | 26,391 | ||||||
71,882 | ||||||||
Travel Services — 0.0% | ||||||||
Interval Leisure Group, Inc.† | 593 | 8,308 | ||||||
Ultra Sound Imaging Systems — 0.0% | ||||||||
SonoSite, Inc.† | 200 | 8,280 | ||||||
Veterinary Diagnostics — 0.0% | ||||||||
Neogen Corp.† | 340 | 11,978 | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Vitamin Shoppe, Inc.† | 420 | 15,460 | ||||||
Water — 0.0% |
| |||||||
American States Water Co. | 269 | 9,490 | ||||||
Web Portals/ISP — 0.3% |
| |||||||
Google, Inc., Class A† | 724 | 433,959 | ||||||
InfoSpace, Inc.† | 538 | 5,186 | ||||||
439,145 | ||||||||
Wire & Cable Products — 0.0% |
| |||||||
Belden, Inc. | 685 | 22,632 | ||||||
Encore Wire Corp. | 274 | 7,102 | ||||||
29,734 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Novatel Wireless, Inc.† | 469 | 1,506 | ||||||
QUALCOMM, Inc. | 8,048 | 441,030 | ||||||
Viasat, Inc.† | 614 | 29,054 | ||||||
471,590 | ||||||||
Total Common Stock |
| |||||||
(cost $65,594,140) | 67,477,321 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
EXCHANGE - TRADED FUNDS — 7.3% |
| |||||||
iShares MSCI All Country Asia ex - Japan Index Fund | 89,900 | $ | 4,717,053 | |||||
iShares S&P SmallCap 600 Index Fund | 6,525 | 441,677 | ||||||
SPDR S&P 500 ETF Trust, Series 1 | 4,955 | 619,920 | ||||||
Vanguard MSCI Emerging Markets ETF | 101,820 | 4,154,256 | ||||||
Total Exchange - Traded Funds |
| |||||||
(cost $9,966,069) | 9,932,906 | |||||||
PREFERRED STOCK — 0.9% |
| |||||||
Banks - Super Regional — 0.1% |
| |||||||
US Bancorp FRS | 137 | 100,556 | ||||||
Wachovia Capital Trust IX | 3,100 | 77,500 | ||||||
178,056 | ||||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Ally Financial, Inc. | 117 | 81,966 | ||||||
Goldman Sachs Group, Inc. | 12,000 | 293,280 | ||||||
Goldman Sachs Group, Inc. | 2,750 | 67,925 | ||||||
HSBC Holdings PLC | 3,240 | 83,592 | ||||||
526,763 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
General Electric Capital Corp. | 5,900 | 151,984 | ||||||
Electric - Integrated — 0.1% |
| |||||||
Southern California Edison Co. FRS | 450 | 44,595 | ||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
JP Morgan Chase Capital XXIX | 6,120 | 155,693 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Federal Home Loan Mgt. Corp. FRS | 2,200 | 4,510 | ||||||
Special Purpose Entity — 0.1% |
| |||||||
Structured Repackaged Asset - Backed | 7,600 | 145,768 | ||||||
Total Preferred Stock | ||||||||
(cost $1,288,163) | 1,207,369 | |||||||
RIGHTS — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
First BanCorp.† | 305 | 0 | ||||||
WARRANTS — 0.0% |
| |||||||
Publishing - Periodicals — 0.0% |
| |||||||
Reader’s Digest Assoc., Inc. | 143 | 0 | ||||||
Television — 0.0% |
| |||||||
ION Media Networks, Inc. | 9 | 2,025 | ||||||
ION Media Networks, Inc. | 9 | 1,125 | ||||||
3,150 | ||||||||
Total Warrants |
| |||||||
(cost $148) | 3,150 | |||||||
16
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.5% |
| |||||||
Diversified Financial Services — 3.5% |
| |||||||
Banc of America Merril Lynch Commercial Mtg., Inc. | $ | 500,000 | $ | 453,990 | ||||
Banc of America Mtg. Securities, Inc. | 114,786 | 113,325 | ||||||
Bear Stearns Commercial Mtg. Securities, Inc. VRS | 2,500,000 | 1,204,080 | ||||||
Countrywide Asset-Backed Certs. FRS | 55,054 | 47,992 | ||||||
Countrywide Home Loan Mtg. Pass Through Trust VRS | 91,772 | 69,844 | ||||||
Discover Card Master Trust | 200,000 | 237,443 | ||||||
Entergy Arkansas Restoration Funding LLC | 183,388 | 188,590 | ||||||
GMAC Mtg. Corp. Loan Trust | 10,065 | 10,051 | ||||||
GS Mtg. Securities Corp. II VRS | 774,082 | 821,183 | ||||||
Marriott Vacation Club Owner Trust | 161,304 | 165,035 | ||||||
Merrill Lynch Mtg. Investors, Inc. VRS | 253,343 | 188,010 | ||||||
Morgan Stanley Capital I VRS | 100,000 | 92,991 | ||||||
Morgan Stanley Capital I VRS | 600,000 | 561,232 | ||||||
Sierra Receivables Funding Co. LLC | 110,896 | 112,116 | ||||||
Sonic Capital LLC | 239,355 | 244,070 | ||||||
Wells Fargo Mtg. Backed Securities Trust FRS | 262,967 | 254,276 | ||||||
Total Asset Backed Securities | ||||||||
(cost $5,521,854) | 4,764,228 | |||||||
U.S. CORPORATE BONDS & NOTES — 14.1% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Polymer Group, Inc. | 30,000 | 30,375 | ||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 115,000 | 122,906 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Advertising Services — 0.0% |
| |||||||
Visant Corp. | $ | 37,000 | $ | 34,040 | ||||
Aerospace/Defense — 0.2% |
| |||||||
Lockheed Martin Corp. | 62,000 | 64,675 | ||||||
Lockheed Martin Corp. | 59,000 | 66,373 | ||||||
Raytheon Co. | 71,000 | 71,172 | ||||||
Raytheon Co. | 49,000 | 48,594 | ||||||
250,814 | ||||||||
Aerospace/Defense - Equipment — 0.1% | ||||||||
BE Aerospace, Inc. | 50,000 | 53,500 | ||||||
Exelis, Inc. | 112,000 | 115,234 | ||||||
168,734 | ||||||||
Airlines — 0.1% |
| |||||||
Atlas Air, Inc. | 42,379 | 39,412 | ||||||
Atlas Air, Inc. | 15,424 | 12,648 | ||||||
Delta Air Lines, Inc. | 39,000 | 39,780 | ||||||
91,840 | ||||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Chrysler Group LLC/CG Co - Issuer, Inc. | 50,000 | 42,000 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Navistar International Corp. | 90,000 | 93,825 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Cooper - Standard Automotive, Inc. | 80,000 | 84,200 | ||||||
Johnson Controls, Inc. | 72,000 | 72,255 | ||||||
156,455 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
Associated Banc - Corp. | 133,000 | 134,663 | ||||||
Branch Banking & Trust Co. FRS | 56,000 | 49,745 |
17
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks-Commercial (continued) |
| |||||||
CIT Group, Inc. | $ | 76,140 | $ | 75,379 | ||||
KeyBank NA | 26,000 | 28,040 | ||||||
Regions Bank | 57,000 | 54,720 | ||||||
Zions Bancorp. | 84,000 | 89,146 | ||||||
431,693 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
State Street Capital Trust IV FRS | 202,000 | 137,648 | ||||||
Banks - Money Center — 0.1% |
| |||||||
Chase Capital III FRS | 72,000 | 52,336 | ||||||
Comerica Bank | 53,000 | 56,849 | ||||||
109,185 | ||||||||
Banks - Super Regional — 0.7% |
| |||||||
Bank of America NA | 73,000 | 64,055 | ||||||
Capital One Capital VI | 39,000 | 39,216 | ||||||
Capital One Financial Corp. FRS | 49,000 | 47,934 | ||||||
Huntington Bancshares, Inc. | 54,000 | 59,824 | ||||||
JPMorgan Chase Bank NA | 53,000 | 56,165 | ||||||
PNC Financial Services Group, Inc. FRS | 137,000 | 132,890 | ||||||
PNC Preferred Funding Trust II FRS | 83,000 | 61,420 | ||||||
SunTrust Banks, Inc. | 90,000 | 88,409 | ||||||
SunTrust Banks, Inc. | 45,000 | 49,460 | ||||||
SunTrust Banks, Inc. | 13,000 | 12,974 | ||||||
Wachovia Capital Trust III FRS | 83,000 | 70,135 | ||||||
Wachovia Corp. FRS | 85,000 | 77,221 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Super Regional (continued) |
| |||||||
Wells Fargo & Co. FRS | $ | 101,000 | $ | 94,854 | ||||
Wells Fargo & Co. FRS | 50,000 | 53,000 | ||||||
907,557 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. | 38,000 | 38,380 | ||||||
Scripps Networks Interactive, Inc. | 119,000 | 117,871 | ||||||
156,251 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Building Materials Corp. of America | 65,000 | 64,675 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Beazer Homes USA, Inc. | 70,000 | 45,675 | ||||||
Standard Pacific Corp. | 30,000 | 28,050 | ||||||
73,725 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Comcast Corp. | 39,000 | 40,331 | ||||||
COX Communications, Inc. | 93,000 | 106,350 | ||||||
CSC Holdings LLC | 198,000 | 215,820 | ||||||
Insight Communications Co., Inc. | 40,000 | 45,250 | ||||||
TCI Communications, Inc. | 55,000 | 66,272 | ||||||
474,023 | ||||||||
Casino Hotels — 0.2% |
| |||||||
CityCenter Holdings LLC/CityCenter Finance Corp. | 52,779 | 52,251 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 60,000 | 56,700 | ||||||
Harrah’s Operating Co., Inc. | 57,000 | 59,280 | ||||||
MGM Mirage, Inc. | 56,000 | 62,650 | ||||||
230,881 | ||||||||
18
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cellular Telecom — 0.1% | ||||||||
Nextel Communications, Inc. | $ | 180,000 | $ | 158,400 | ||||
Chemicals - Diversified — 0.1% |
| |||||||
Dow Chemical Co. | 71,000 | 69,199 | ||||||
PPG Industries, Inc. | 17,000 | 16,831 | ||||||
86,030 | ||||||||
Chemicals - Plastics — 0.1% | ||||||||
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC | 75,000 | 67,687 | ||||||
Chemicals - Specialty — 0.2% |
| |||||||
Eastman Chemical Co. | 140,000 | 169,775 | ||||||
Lubrizol Corp. | 51,000 | 67,100 | ||||||
236,875 | ||||||||
Coal — 0.1% | ||||||||
Foresight Energy LLC/Foresight Energy Corp. | 30,000 | 29,850 | ||||||
James River Coal Co. | 50,000 | 38,000 | ||||||
Patriot Coal Corp. | 50,000 | 47,500 | ||||||
SunCoke Energy, Inc. | 30,000 | 29,400 | ||||||
144,750 | ||||||||
Commercial Services — 0.0% | ||||||||
Ceridian Corp. | 60,000 | 45,750 | ||||||
Computer Services — 0.2% |
| |||||||
Affiliated Computer Services, Inc. | 45,000 | 48,312 | ||||||
Compucom Systems, Inc. | 12,000 | 12,240 | ||||||
International Business Machines Corp. | 120,000 | 154,155 | ||||||
214,707 | ||||||||
Computers — 0.1% | ||||||||
Hewlett - Packard Co. | 92,000 | 94,292 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Computers (continued) | ||||||||
Hewlett - Packard Co. | $ | 49,000 | $ | 52,776 | ||||
147,068 | ||||||||
Consumer Products - Misc. — 0.0% | ||||||||
American Achievement Corp. | 25,000 | 19,125 | ||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | 40,000 | 40,200 | ||||||
59,325 | ||||||||
Containers - Paper/Plastic — 0.0% | ||||||||
Graphic Packaging International, Inc. | 27,000 | 29,430 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Revlon Consumer Products Corp. | 25,000 | 26,625 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Audatex North America, Inc. | 60,000 | 60,450 | ||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc. | 70,000 | 68,775 | ||||||
Diversified Banking Institutions — 1.3% |
| |||||||
BAC Capital Trust XIII FRS | 178,000 | 109,022 | ||||||
BAC Capital Trust XV FRS | 50,000 | 32,973 | ||||||
Bank of America Corp. FRS | 70,000 | 61,734 | ||||||
Bank of America Corp. | 1,000 | 899 | ||||||
Citigroup, Inc. | 106,000 | 98,152 | ||||||
Citigroup, Inc. | 56,000 | 55,427 | ||||||
Citigroup, Inc. | 180,000 | 180,354 | ||||||
Citigroup, Inc. | 13,000 | 13,529 | ||||||
Goldman Sachs Group, Inc. | 139,000 | 138,841 | ||||||
Goldman Sachs Group, Inc. | 62,000 | 55,164 |
19
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. FRS | $ | 578,000 | $ | 566,418 | ||||
JPMorgan Chase & Co. | 72,000 | 71,425 | ||||||
JPMorgan Chase & Co. | 114,000 | 122,072 | ||||||
JPMorgan Chase & Co. FRS | 65,000 | 68,755 | ||||||
JPMorgan Chase Capital XXIII FRS | 23,000 | 16,119 | ||||||
Morgan Stanley | 110,000 | 101,745 | ||||||
Morgan Stanley | 57,000 | 49,789 | ||||||
Morgan Stanley | 52,000 | 48,939 | ||||||
Nationsbank Corp. | 24,000 | 21,544 | ||||||
1,812,901 | ||||||||
Diversified Financial Services — 0.8% |
| |||||||
Citigroup Capital XXI FRS | 770,000 | 771,925 | ||||||
General Electric Capital Corp. | 95,000 | 94,073 | ||||||
General Electric Capital Corp. | 154,000 | 166,629 | ||||||
1,032,627 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
3M Co. | 109,000 | 108,600 | ||||||
General Electric Co. | 97,000 | 108,490 | ||||||
Harsco Corp. | 124,000 | 127,422 | ||||||
Pentair, Inc. | 55,000 | 57,874 | ||||||
402,386 | ||||||||
E - Commerce/Services — 0.0% |
| |||||||
Expedia, Inc. | 55,000 | 60,668 | ||||||
Electric - Distribution — 0.0% |
| |||||||
Oglethorpe Power Corp. | 55,000 | 63,305 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Generation — 0.0% |
| |||||||
AES Corp. | $ | 54,000 | $ | 58,050 | ||||
Electric - Integrated — 0.5% |
| |||||||
Cleco Power LLC | 57,000 | 67,226 | ||||||
Dominion Resources, Inc. | 99,000 | 109,532 | ||||||
Entergy Mississippi, Inc. | 22,000 | 22,842 | ||||||
Exelon Corp. | 45,000 | 47,946 | ||||||
Georgia Power Co. | 37,000 | 39,087 | ||||||
Mirant Mid - Atlantic LLC | 47,400 | 48,348 | ||||||
Oncor Electric Delivery Co. LLC | 143,000 | 139,745 | ||||||
Pacific Gas & Electric Co. | 46,000 | 55,280 | ||||||
Puget Energy, Inc. | 93,000 | 92,854 | ||||||
Puget Sound Energy, Inc. | 80,000 | 79,238 | ||||||
Southern Energy, Inc. | 125,000 | 0 | ||||||
702,098 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Jabil Circuit, Inc. | 52,000 | 52,130 | ||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Broadcom Corp. | 148,000 | 145,521 | ||||||
National Semiconductor Corp. | 66,000 | 80,254 | ||||||
225,775 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Corp. | 207,000 | 197,545 | ||||||
Finance - Auto Loans — 0.3% |
| |||||||
Ford Motor Credit Co. LLC | 130,000 | 127,821 | ||||||
Ford Motor Credit Co. LLC | 134,000 | 137,009 |
20
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Auto Loans (continued) |
| |||||||
General Motors Financial Co., Inc. | $ | 85,000 | $ | 84,715 | ||||
349,545 | ||||||||
Finance - Commercial — 0.1% |
| |||||||
Caterpillar Financial Services Corp. | 20,000 | 20,819 | ||||||
Textron Financial Corp. | 77,000 | 78,829 | ||||||
99,648 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Credit Corp. | 117,000 | 115,785 | ||||||
Capital One Capital III | 33,000 | 32,753 | ||||||
148,538 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Bear Stearns Cos., Inc. | 62,000 | 65,054 | ||||||
GFI Group, Inc. | 58,000 | 50,460 | ||||||
Lehman Brothers Holdings Capital Trust VII FRS | 45,000 | 5 | ||||||
Lehman Brothers Holdings, Inc. | 44,000 | 11,330 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 35 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 34 | ||||||
Merrill Lynch & Co., Inc. | 67,000 | 62,866 | ||||||
Merrill Lynch & Co., Inc. | 21,000 | 18,765 | ||||||
Oppenheimer Holdings, Inc. | 50,000 | 46,312 | ||||||
Scottrade Financial Services, Inc. | 57,000 | 56,705 | ||||||
311,566 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
Boeing Capital Corp. | 24,000 | 24,323 | ||||||
Boeing Capital Corp. | 29,000 | 29,685 | ||||||
54,008 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance - Other Services — 0.0% |
| |||||||
SquareTwo Financial Corp. | $ | 55,000 | $ | 52,250 | ||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Assured Guaranty Municipal Holdings, Inc. FRS | 175,000 | 119,875 | ||||||
Food - Canned — 0.0% |
| |||||||
Blue Merger Sub, Inc. | 25,000 | 22,375 | ||||||
Food - Misc. — 0.1% |
| |||||||
Kraft Foods, Inc. | 74,000 | 87,743 | ||||||
Food - Retail — 0.2% |
| |||||||
Safeway, Inc. | 117,000 | 116,937 | ||||||
Safeway, Inc. | 167,000 | 166,581 | ||||||
283,518 | ||||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 77,000 | 77,000 | ||||||
Gas - Distribution — 0.1% |
| |||||||
Southern Union Co. | 60,000 | 71,233 | ||||||
Home Furnishings — 0.0% |
| |||||||
Norcraft Cos. LP/Norcraft Finance | 20,000 | 18,000 | ||||||
Hospital Beds/Equipment — 0.1% |
| |||||||
Chiron Merger Sub, Inc. | 75,000 | 72,000 | ||||||
Independent Power Producers — 0.2% |
| |||||||
Calpine Corp. | 65,000 | 67,437 | ||||||
Calpine Corp. | 145,000 | 0 | ||||||
GenOn Energy, Inc. | 65,000 | 65,650 | ||||||
NRG Energy, Inc. | 125,000 | 123,125 | ||||||
256,212 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 92,000 | 91,803 | ||||||
21
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Life/Health — 0.4% |
| |||||||
Jefferson - Pilot Corp. | $ | 41,000 | $ | 42,680 | ||||
Nationwide Financial Services, Inc. | 55,000 | 55,761 | ||||||
Protective Life Corp. | 180,000 | 203,493 | ||||||
Prudential Financial, Inc. | 95,000 | 92,339 | ||||||
Prudential Financial, Inc. | 79,000 | 82,971 | ||||||
477,244 | ||||||||
Insurance - Multi - line — 0.1% |
| |||||||
Genworth Financial, Inc. | 45,000 | 40,819 | ||||||
Hartford Financial Services Group, Inc. | 98,000 | 100,485 | ||||||
141,304 | ||||||||
Insurance - Mutual — 0.0% |
| |||||||
Liberty Mutual Group, Inc. | 60,000 | 61,839 | ||||||
Marine Services — 0.1% |
| |||||||
Great Lakes Dredge & Dock Corp. | 74,000 | 71,595 | ||||||
Medical Instruments — 0.1% |
| |||||||
Boston Scientific Corp. | 71,000 | 77,562 | ||||||
Medical Products — 0.1% |
| |||||||
Becton Dickinson and Co. | 76,000 | 100,313 | ||||||
Universal Hospital Services, Inc. | 70,000 | 70,525 | ||||||
170,838 | ||||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Amgen, Inc. | 106,000 | 104,491 | ||||||
Amgen, Inc. | 140,000 | 134,987 | ||||||
Genzyme Corp. | 50,000 | 53,275 | ||||||
292,753 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Johnson & Johnson | 85,000 | 102,258 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Mylan, Inc. | $ | 20,000 | $ | 19,950 | ||||
Teva Pharmaceutical Finance IV LLC | 37,000 | 37,086 | ||||||
57,036 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Coventry Health Care, Inc. | 79,000 | 86,233 | ||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA, Inc. | 75,000 | 81,000 | ||||||
IASIS Healthcare LLC/IASIS Capital Corp. | 25,000 | 20,812 | ||||||
Select Medical Corp. | 4,000 | 3,710 | ||||||
105,522 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc. | 50,000 | 50,054 | ||||||
Alcoa, Inc. | 44,000 | 41,914 | ||||||
91,968 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 50,000 | 53,187 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cliffs Natural Resources, Inc. | 126,000 | 123,158 | ||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
Radnet Management, Inc. | 60,000 | 53,100 | ||||||
Multimedia — 0.2% |
| |||||||
News America Holdings, Inc. | 54,000 | 62,810 | ||||||
News America, Inc. | 58,000 | 62,147 | ||||||
Time Warner Entertainment Co. LP | 59,000 | 77,911 | ||||||
Walt Disney Co. | 80,000 | 78,287 | ||||||
281,155 | ||||||||
Music — 0.0% |
| |||||||
WMG Acquisition Corp. | 50,000 | 52,500 | ||||||
22
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Non - Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | $ | 88,000 | $ | 91,468 | ||||
Republic Services, Inc. | 95,000 | 109,924 | ||||||
Waste Management, Inc. | 62,000 | 72,920 | ||||||
274,312 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 66,000 | 65,647 | ||||||
Oil & Gas Drilling — 0.1% | ||||||||
Nabors Industries, Inc. | 89,000 | 108,885 | ||||||
Oil Companies - Exploration & Production — 0.6% |
| |||||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. | 30,000 | 28,725 | ||||||
Carrizo Oil & Gas, Inc. | 40,000 | 39,700 | ||||||
Chaparral Energy, Inc. | 40,000 | 39,400 | ||||||
Chesapeake Energy Corp. | 250,000 | 261,250 | ||||||
EV Energy Partners LP/EV Energy Finance Corp. | 40,000 | 39,600 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 55,000 | 57,475 | ||||||
Milagro Oil & Gas | 36,000 | 25,200 | ||||||
Noble Energy, Inc. | 56,000 | 62,490 | ||||||
Pioneer Natural Resources Co. | 70,000 | 81,192 | ||||||
QEP Resources, Inc. | 49,000 | 51,940 | ||||||
Union Pacific Resources Group, Inc. | 138,000 | 159,780 | ||||||
846,752 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Hess Corp. | 97,000 | 103,059 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil - Field Services — 0.1% |
| |||||||
Exterran Holdings, Inc. | $ | 50,000 | $ | 47,500 | ||||
Oil States International, Inc. | 50,000 | 50,250 | ||||||
97,750 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Georgia - Pacific LLC | 90,000 | 98,916 | ||||||
Longview Fibre Paper & Packaging, Inc. | 72,000 | 72,360 | ||||||
Westvaco Corp. | 64,000 | 71,511 | ||||||
242,787 | ||||||||
Pharmacy Services — 0.2% |
| |||||||
Aristotle Holding, Inc. | 126,000 | 127,296 | ||||||
Aristotle Holding, Inc. | 79,000 | 82,143 | ||||||
209,439 | ||||||||
Pipelines — 0.5% |
| |||||||
Copano Energy LLC/Copano Energy Finance Corp. | 55,000 | 54,725 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 65,000 | 64,645 | ||||||
Energy Transfer Equity LP | 36,000 | 37,260 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 50,000 | 48,750 | ||||||
IFM US Colonial Pipeline 2 LLC | 110,000 | 117,006 | ||||||
Kinder Morgan Finance Co. LLC | 86,000 | 88,043 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 65,000 | 66,300 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 72,000 | 81,428 | ||||||
Southern Natural Gas Co./Southern Natural Issuing Corp. | 61,000 | 60,905 | ||||||
619,062 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
McClatchy Co. | 240,000 | 222,600 | ||||||
23
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
BioMed Realty LP | $ | 50,000 | $ | 49,202 | ||||
Brandywine Operating Partnership LP | 50,000 | 48,324 | ||||||
Brandywine Operating Partnership LP | 94,000 | 96,345 | ||||||
HCP, Inc. | 65,000 | 65,112 | ||||||
HCP, Inc. | 66,000 | 68,138 | ||||||
Kilroy Realty LP | 28,000 | 27,424 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 20,000 | 19,625 | ||||||
374,170 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Kennedy - Wilson, Inc. | 40,000 | 38,700 | ||||||
Real Estate Operations & Development — 0.0% | ||||||||
First Industrial LP | 30,000 | 28,653 | ||||||
Recycling — 0.0% | ||||||||
Aleris International, Inc. | 60,000 | 6 | ||||||
Rental Auto/Equipment — 0.1% | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | 50,000 | 50,375 | ||||||
RSC Equipment Rental, Inc./RSC Holdings III LLC | 45,000 | 42,750 | ||||||
United Rentals North America, Inc. | 45,000 | 44,325 | ||||||
137,450 | ||||||||
Retail - Discount — 0.1% | ||||||||
Wal - Mart Stores, Inc. | 95,000 | 100,822 | ||||||
Wal - Mart Stores, Inc. | 40,000 | 44,772 | ||||||
145,594 | ||||||||
Retail - Drug Store — 0.1% | ||||||||
CVS Caremark Corp. | 87,000 | 101,803 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Drug Store (continued) | ||||||||
CVS Pass - Through Trust | $ | 53,940 | $ | 53,712 | ||||
155,515 | ||||||||
Retail - Perfume & Cosmetics — 0.0% | ||||||||
Sally Holdings LLC/Sally Capital, Inc. | 15,000 | 15,112 | ||||||
Retail - Propane Distribution — 0.0% | ||||||||
Inergy LP/Inergy Finance Corp. | 35,000 | 33,250 | ||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Macy’s Retail Holdings, Inc. | 35,000 | 38,997 | ||||||
Retail - Restaurants — 0.0% | ||||||||
Dave & Buster’s, Inc. | 35,000 | 35,875 | ||||||
Retail - Toy Stores — 0.0% | ||||||||
Toys R Us Property Co. II LLC | 38,000 | 38,855 | ||||||
Seismic Data Collection — 0.0% | ||||||||
Geokinetics Holdings USA, Inc. | 50,000 | 31,000 | ||||||
Special Purpose Entities — 0.1% | ||||||||
FUEL Trust | 73,000 | 70,951 | ||||||
FUEL Trust | 64,000 | 62,979 | ||||||
133,930 | ||||||||
Steel - Producers — 0.1% | ||||||||
Ryerson, Inc. | 45,000 | 45,112 | ||||||
Steel Dynamics, Inc. | 30,000 | 30,863 | ||||||
75,975 | ||||||||
Storage/Warehousing — 0.0% | ||||||||
Mobile Mini, Inc. | 65,000 | 65,000 | ||||||
Telecom Services — 0.1% | ||||||||
BellSouth Telecommunications, Inc. | 84,000 | 96,436 | ||||||
Qwest Corp. | 55,000 | 60,225 | ||||||
156,661 | ||||||||
24
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telecommunication Equipment — 0.0% | ||||||||
Harris Corp. | $ | 54,000 | $ | 55,540 | ||||
Telephone - Integrated — 0.4% | ||||||||
AT&T, Inc. | 102,000 | 103,273 | ||||||
AT&T, Inc. | 39,000 | 44,622 | ||||||
BellSouth Corp. | 35,000 | 40,500 | ||||||
Century Telephone Enterprise | 50,000 | 44,364 | ||||||
CenturyLink, Inc. | 115,000 | 110,884 | ||||||
CenturyLink, Inc. | 89,000 | 83,704 | ||||||
Cincinnati Bell, Inc. | 15,000 | 14,700 | ||||||
Frontier Communications Corp. | 10,000 | 9,550 | ||||||
Frontier Communications Corp. | 10,000 | 9,737 | ||||||
Frontier Communications Corp. | 25,000 | 23,750 | ||||||
485,084 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 76,000 | 84,525 | ||||||
Transport - Services — 0.1% |
| |||||||
Ryder System, Inc. | 39,000 | 39,963 | ||||||
Ryder System, Inc. | 47,000 | 48,770 | ||||||
88,733 | ||||||||
Web Hosting/Design — 0.0% |
| |||||||
Equinix, Inc. | 50,000 | 53,250 | ||||||
Wireless Equipment — 0.1% |
| |||||||
American Tower Corp. | 94,000 | 94,645 | ||||||
Motorola, Inc. | 3,740 | 4,024 | ||||||
98,669 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $19,474,762) | 19,105,387 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 2.7% |
| |||||||
Aerospace/Defense — 0.1% |
| |||||||
BAE Systems PLC | $ | 95,000 | $ | 95,217 | ||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Jaguar Land Rover PLC | 30,000 | 28,350 | ||||||
Banks - Commercial — 0.6% |
| |||||||
Barclays Bank PLC FRS | 105,000 | 74,025 | ||||||
Barclays Bank PLC | 89,000 | 79,094 | ||||||
Barclays Bank PLC FRS | 56,000 | 36,400 | ||||||
Commonwealth Bank of Australia | 101,000 | 103,008 | ||||||
Credit Suisse New York | 37,000 | 35,845 | ||||||
Dresdner Bank AG | 66,000 | 58,033 | ||||||
Groupe BPCE SA FRS | 102,000 | 40,172 | ||||||
HBOS PLC | 100,000 | 79,850 | ||||||
Nordea Bank AB VRS | 36,000 | 36,900 | ||||||
Rabobank Nederland NV | 58,000 | 57,413 | ||||||
Standard Chartered PLC | 90,000 | 87,821 | ||||||
Toronto - Dominion Bank | 61,000 | �� | 61,591 | |||||
Westpac Banking Corp. FRS | 180,000 | 108,900 | ||||||
859,052 | ||||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Royal Bank of Scotland Group PLC | 54,000 | 49,203 | ||||||
Diversified Minerals — 0.1% |
| |||||||
BHP Billiton Finance USA, Ltd. | 59,000 | 58,995 | ||||||
BHP Billiton Finance USA, Ltd. | 46,000 | 55,641 | ||||||
114,636 | ||||||||
25
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Gold Mining — 0.1% |
| |||||||
AngloGold Ashanti Holdings PLC | $ | 49,000 | $ | 47,885 | ||||
Kinross Gold Corp. | 59,000 | 60,376 | ||||||
108,261 | ||||||||
Insurance - Multi - line — 0.2% |
| |||||||
Aegon NV FRS | 75,000 | 30,754 | ||||||
Catlin Insurance Co., Ltd. FRS | 30,000 | 25,500 | ||||||
XL Group, Ltd. | 96,000 | 98,013 | ||||||
XL Group PLC | 60,000 | 62,002 | ||||||
216,269 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Validus Holdings, Ltd. | 60,000 | 65,528 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Teva Pharmaceutical Finance IV BV | 107,000 | 105,159 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Xstrata Canada Financial Corp. | 104,000 | 102,774 | ||||||
Xstrata Canada Financial Corp. | 63,000 | 60,530 | ||||||
163,304 | ||||||||
Oil & Gas Drilling — 0.3% |
| |||||||
Ensco PLC | 43,000 | 43,644 | ||||||
Transocean, Inc. | 100,000 | 99,906 | ||||||
Transocean, Inc. | 55,000 | 54,937 | ||||||
Transocean, Inc. | 251,000 | 250,864 | ||||||
449,351 | ||||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
EnCana Corp. | 25,000 | 28,244 | ||||||
Nexen, Inc. | 88,000 | 89,870 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Nexen, Inc. | $ | 62,000 | $ | 70,676 | ||||
188,790 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets PLC | 204,000 | 203,377 | ||||||
BP Capital Markets PLC | 82,000 | 84,631 | ||||||
BP Capital Markets PLC | 88,000 | 88,885 | ||||||
Norsk Hydro A/S | 93,000 | 126,065 | ||||||
502,958 | ||||||||
Paper & Related Products — 0.0% |
| |||||||
PE Paper Escrow GmbH | 27,000 | 28,755 | ||||||
Pipelines — 0.1% |
| |||||||
TransCanada Pipelines, Ltd. FRS | 94,000 | 93,893 | ||||||
Special Purpose Entity — 0.1% |
| |||||||
SMFG Preferred Capital, Ltd. FRS | 101,000 | 99,990 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Asian Development Bank | 39,000 | 50,044 | ||||||
Telecom Services — 0.0% |
| |||||||
UPCB Finance III, Ltd. | 50,000 | 47,750 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Telecom Italia Capital SA | 97,000 | 87,748 | ||||||
Telecom Italia Capital SA | 52,000 | 47,153 | ||||||
134,901 | ||||||||
Therapeutics — 0.0% |
| |||||||
Warner Chilcott Corp. | 50,000 | 48,875 | ||||||
Transport - Rail — 0.1% |
| |||||||
Canadian Pacific Railway, Ltd. | 99,000 | 97,335 | ||||||
Canadian Pacific Railway, Ltd. | 79,000 | 77,954 | ||||||
175,289 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $3,732,285) | 3,625,575 | |||||||
26
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES — 0.1% |
| |||||||
Regional Authority — 0.1% | ||||||||
Province of British Columbia Canada | $ | 98,000 | $ | 104,113 | ||||
MUNICIPAL BONDS & NOTES — 0.1% | ||||||||
Ohio State University | 91,000 | 91,286 | ||||||
Port Authority of New York & New Jersey | 83,000 | 83,711 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $173,085) | 174,997 | |||||||
U.S. GOVERNMENT AGENCIES — 13.3% |
| |||||||
Federal Home Loan Mtg. Corp. — 7.4% |
| |||||||
4.50% due 01/01/39 | 54,166 | 57,080 | ||||||
4.50% due 12/01/39 | 1,172,976 | 1,257,336 | ||||||
4.50% due 08/01/40 | 72,539 | 76,487 | ||||||
5.00% due 10/01/33 | 11,424 | 12,239 | ||||||
5.00% due 07/01/35 | 50,841 | 54,436 | ||||||
5.00% due 01/01/37 | 99,545 | 106,614 | ||||||
5.00% due 03/01/38 | 116,113 | 124,249 | ||||||
5.00% due 09/01/38 | 554,682 | 593,721 | ||||||
5.00% due 07/01/40 | 853,719 | 913,669 | ||||||
5.50% due 01/01/36 | 897,713 | 978,547 | ||||||
5.50% due 08/01/37 | 14,960 | 16,167 | ||||||
5.50% due 09/01/37 | 175,483 | 189,639 | ||||||
5.50% due 10/01/37 | 242,028 | 261,552 | ||||||
5.50% due 01/01/38 | 63,325 | 68,513 | ||||||
5.50% due 07/01/38 | 71,854 | 77,650 | ||||||
5.50% due 01/01/40 | 2,683,406 | 2,919,105 | ||||||
6.00% due 08/01/36 | 216,952 | 238,317 | ||||||
6.00% due 02/01/39 | 528,470 | 577,873 | ||||||
6.00% due 04/01/40 | 753,522 | 823,963 | ||||||
6.50% due 12/01/28 | 136,496 | 152,403 | ||||||
6.50% due 05/01/36 | 2,191 | 2,454 | ||||||
7.00% due 06/01/32 | 44,700 | 51,320 | ||||||
7.50% due 04/01/31 | 56,831 | 66,018 | ||||||
8.00% due 04/01/30 | 8,841 | 10,489 | ||||||
8.00% due 07/01/30 | 62 | 74 | ||||||
8.00% due 12/01/30 | 28,534 | 33,851 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 369,692 | 411,927 | ||||||
10,075,693 | ||||||||
Federal National Mtg. Assoc. — 5.8% |
| |||||||
zero coupon due 05/25/40 STRIPS | 686,158 | 619,782 | ||||||
4.00% due 09/01/40 | 441,280 | 460,310 | ||||||
4.50% due 10/01/24 | 314,635 | 334,757 | ||||||
4.50% due 01/01/25 | 1,095,135 | 1,182,624 | ||||||
4.50% due 03/01/25 | 391,430 | 416,463 | ||||||
4.50% due 05/01/25 | 349,863 | 372,237 | ||||||
4.50% due 07/01/25 | 498,525 | 530,406 | ||||||
4.50% due 01/01/39 | 92,699 | 98,118 | ||||||
4.50% due 11/01/40 | 65,957 | 69,812 | ||||||
5.00% due 03/15/16 | 74,000 | 85,782 | ||||||
5.00% due 11/01/33 | 13,691 | 14,735 | ||||||
5.00% due 05/01/40 | 115,837 | 124,672 | ||||||
5.00% due 07/01/40 | 1,891,829 | 2,036,124 | ||||||
5.50% due 03/01/18 | 11,748 | 12,736 | ||||||
5.50% due 11/01/22 | 63,155 | 68,394 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
5.50% due 05/01/34 | $ | 228,276 | $ | 249,178 | ||||
5.50% due 03/01/35 | 257,430 | 280,920 | ||||||
6.00% due 05/01/17 | 40,482 | 43,912 | ||||||
6.00% due 12/01/33 | 113,573 | 125,998 | ||||||
6.00% due 10/01/36 | 49,326 | 54,213 | ||||||
6.50% due 02/01/17 | 26,942 | 29,515 | ||||||
6.50% due 08/01/31 | 39,640 | 44,850 | ||||||
6.50% due 07/01/32 | 61,778 | 69,743 | ||||||
6.50% due 07/01/36 | 78,309 | 87,426 | ||||||
7.00% due 09/01/31 | 30,356 | 34,649 | ||||||
7.50% due 06/01/15 | 7,839 | 8,622 | ||||||
Federal National Mtg. Assoc. REMIC | 385,051 | 420,952 | ||||||
7,876,930 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
6.00% due 02/15/29 | 3,731 | 4,233 | ||||||
6.00% due 04/15/29 | 21,937 | 24,891 | ||||||
6.00% due 06/15/29 | 18,899 | 21,413 | ||||||
6.50% due 02/15/29 | 53,748 | 62,249 | ||||||
112,786 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $17,571,261) | 18,065,409 | |||||||
U.S. GOVERNMENT TREASURIES — 5.4% |
| |||||||
United States Treasury Bonds — 0.4% |
| |||||||
2.13% due 02/15/40 TIPS(9) | 69,279 | 92,271 | ||||||
3.75% due 08/15/41 | 179,000 | 203,668 | ||||||
4.38% due 05/15/41 | 147,000 | 185,496 | ||||||
4.75% due 02/15/41 | 28,000 | 37,398 | ||||||
5.25% due 11/15/28 | 13,000 | 17,511 | ||||||
536,344 | ||||||||
United States Treasury Notes — 5.0% | ||||||||
0.25% due 09/15/14 | 40,000 | 39,875 | ||||||
0.63% due 07/15/14 | 60,000 | 60,431 | ||||||
1.38% due 11/30/15 | 18,000 | 18,505 | ||||||
1.50% due 07/31/16 | 42,000 | 43,217 | ||||||
2.00% due 11/30/13 | 475,000 | 491,291 | ||||||
2.13% due 11/30/14 | 136,000 | 142,928 | ||||||
2.13% due 05/31/15 | 195,000 | 205,740 | ||||||
2.13% due 12/31/15 | 576,000 | 609,840 | ||||||
2.13% due 02/29/16 | 500,000 | 529,180 | ||||||
2.13% due 08/15/21 | 440,000 | 442,991 | ||||||
2.38% due 05/31/18 | 1,111,000 | 1,178,614 | ||||||
2.63% due 08/15/20 | 350,000 | 371,301 | ||||||
2.63% due 11/15/20 | 223,000 | 236,066 | ||||||
2.75% due 05/31/17 | 253,000 | 275,256 | ||||||
3.00% due 02/28/17 | 100,000 | 110,031 | ||||||
3.13% due 05/15/21 | 857,000 | 940,624 | ||||||
3.50% due 05/15/20 | 250,000 | 283,516 | ||||||
3.75% due 11/15/18 | 700,000 | 805,328 | ||||||
6,784,734 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $6,970,278) | 7,321,078 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $130,395,159) | 131,781,533 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Time Deposits — 2.5% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | 3,366,000 | 3,366,000 | ||||||
27
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) | ||||||||
U.S. Government Treasuries — 0.2% | ||||||||
United States Treasury Bills | $ | 350,000 | $ | 349,988 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $3,715,991) | 3,715,988 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $134,111,150)(11) | 99.9 | % | 135,497,521 | |||||
Other assets less liabilities | 0.1 | 117,056 | ||||||
NET ASSETS — | 100.0 | % | $ | 135,614,577 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $5,247,889 representing 3.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $41,690 representing 0.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $3,156 representing 0.0% of net assets. |
(5) | Commercial Mortgage Backed Security |
(6) | Collateralized Mortgage Obligation |
(7) | Perpetual maturity — maturity date reflects the next call date. |
(8) | Income may be received in cash or additional bonds at the discretion of the issuer. |
(9) | Principal amount of security is adjusted for inflation. |
(10) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(11) | See Note 5 for cost of investments on a tax basis. |
(12) | Bond in default |
(13) | Company has filed Chapter 11 bankruptcy protection. |
TIPS—Treasury Inflation Protected Security
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 November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
31 | Long | S&P 500 E-Mini Index | December 2011 | $ | 1,793,432 | $ | 1,931,300 | $ | 137,868 | |||||||||||||
28 | Long | MSCI Emerging Market E-Mini Index | December 2011 | 1,340,894 | 1,348,900 | 8,006 | ||||||||||||||||
11 | Short | U.S. Treasury 10 Year Note | March 2012 | 1,429,687 | 1,422,781 | 6,906 | ||||||||||||||||
$ | 152,780 | |||||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 67,435,631 | $ | 41,690 | # | $ | — | $ | 67,477,321 | |||||||
Exchange Traded Funds | 9,932,906 | — | — | 9,932,906 | ||||||||||||
Preferred Stock | 1,207,369 | — | — | 1,207,369 | ||||||||||||
Rights | — | 0 | — | 0 | ||||||||||||
Warrants | — | — | 3,150 | 3,150 | ||||||||||||
Asset Backed Securities | — | 4,764,228 | — | 4,764,228 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 19,053,321 | 52,066 | 19,105,387 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 3,625,575 | — | 3,625,575 | ||||||||||||
Foreign Government Agencies | — | 104,113 | — | 104,113 | ||||||||||||
Municipal Bonds & Notes | — | 174,997 | — | 174,997 | ||||||||||||
U.S. Government Agencies | — | 18,065,409 | — | 18,065,409 | ||||||||||||
U.S. Government Treasuries | — | 7,321,078 | — | 7,321,078 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 3,366,000 | — | 3,366,000 | ||||||||||||
U.S. Government Treasuries | — | 349,988 | — | 349,988 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts —Appreciation | 152,780 | — | — | 152,780 | ||||||||||||
Total | $ | 78,728,686 | $ | 56,866,399 | $ | 55,216 | $ | 135,650,301 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $41,690 representing 0.0% of net assets. See Note 2. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
28
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Warrants | U.S. Corporate Bonds & Notes | |||||||
Balance as of 5/31/2011 | $ | 2,790 | $ | 113,955 | ||||
Accrued discounts | — | 341 | ||||||
Accrued premiums | — | (721 | ) | |||||
Realized gain | — | 287 | ||||||
Realized loss | — | (1 | ) | |||||
Change in unrealized appreciation(1) | 405 | — | ||||||
Change in unrealized depreciation(1) | (45 | ) | (8,560 | ) | ||||
Net purchases | — | — | ||||||
Net sales | — | (4,887 | ) | |||||
Transfers into Level 3(2) | — | — | ||||||
Transfers out of Level 3(2) | — | (48,348 | ) | |||||
Balance as of 11/30/2011 | $ | 3,150 | $ | 52,066 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Warrants | U.S. Corporate Bonds & Notes | |||||||
$ | 360 | $ | (4,888 | ) | ||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
29
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Web Portals/ISP | 8.4 | % | ||
Computers | 8.1 | |||
E-Commerce/Products | 5.1 | |||
Commercial Services — Finance | 4.1 | |||
Retail — Restaurants | 4.1 | |||
Diversified Manufacturing Operations | 3.6 | |||
Oil Companies — Exploration & Production | 3.4 | |||
Oil — Field Services | 3.2 | |||
Investment Management/Advisor Services | 2.9 | |||
Distribution/Wholesale | 2.9 | |||
Medical — Wholesale Drug Distribution | 2.7 | |||
Medical — Biomedical/Gene | 2.7 | |||
E-Commerce/Services | 2.6 | |||
Collective Investment Pool | 2.6 | |||
Semiconductor Components — Integrated Circuits | 2.3 | |||
Industrial Gases | 2.2 | |||
Wireless Equipment | 2.1 | |||
Transport — Services | 1.9 | |||
Electronic Components — Semiconductors | 1.8 | |||
Transport — Rail | 1.7 | |||
Hotels/Motels | 1.7 | |||
Metal Processors & Fabrication | 1.6 | |||
Apparel Manufacturers | 1.6 | |||
Casino Hotels | 1.4 | |||
Oil Field Machinery & Equipment | 1.4 | |||
Finance — Credit Card | 1.3 | |||
Athletic Footwear | 1.2 | |||
Agricultural Chemicals | 1.1 | |||
Pharmacy Services | 1.1 | |||
Computer Services | 1.1 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Machinery — Construction & Mining | 1.0 | |||
Medical Products | 1.0 | |||
Finance — Other Services | 0.9 | |||
Computers — Memory Devices | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Medical — Drugs | 0.8 | |||
Internet Application Software | 0.8 | |||
Cruise Lines | 0.8 | |||
Registered Investment Companies | 0.8 | |||
Retail — Bedding | 0.8 | |||
Broadcast Services/Program | 0.7 | |||
Telecommunication Equipment | 0.7 | |||
Banks — Super Regional | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Instruments — Controls | 0.6 | |||
Coal | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Food — Retail | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Multimedia | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Electric Products — Misc. | 0.4 | |||
Applications Software | 0.4 | |||
Computer Aided Design | 0.4 | |||
Machinery — General Industrial | 0.3 | |||
Medical — HMO | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Advertising Agencies | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Diversified Banking Institutions | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Insurance Brokers | 0.2 | |||
Retail — Building Products | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Chemicals — Specialty | 0.1 |
Machinery — Farming | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Data Processing/Management | 0.1 | |||
Retail — Discount | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
102.9 | % | |||
* | Calculated as a percentage of net assets |
30
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.5% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Omnicom Group, Inc.# | 19,700 | $ | 850,449 | |||||
Aerospace/Defense — 0.6% |
| |||||||
Boeing Co. | 32,800 | 2,253,032 | ||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
United Technologies Corp. | 50,200 | 3,845,320 | ||||||
Agricultural Chemicals — 1.1% |
| |||||||
Monsanto Co. | 48,400 | 3,554,980 | ||||||
Potash Corp. of Saskatchewan, Inc. | 15,500 | 671,770 | ||||||
4,226,750 | ||||||||
Apparel Manufacturers — 1.6% |
| |||||||
Coach, Inc. | 35,600 | 2,228,204 | ||||||
Ralph Lauren Corp.# | 27,600 | 3,915,336 | ||||||
6,143,540 | ||||||||
Applications Software — 0.4% |
| |||||||
Intuit, Inc. | 18,300 | 974,292 | ||||||
Microsoft Corp. | 30 | 767 | ||||||
Salesforce.com, Inc.† | 5,100 | 603,942 | ||||||
1,579,001 | ||||||||
Athletic Footwear — 1.2% |
| |||||||
NIKE, Inc., Class B | 47,500 | 4,568,550 | ||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
General Motors Co.† | 2,000 | 42,580 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Johnson Controls, Inc. | 67,000 | 2,109,160 | ||||||
Banks - Fiduciary — 0.5% |
| |||||||
Northern Trust Corp. | 12,200 | 459,086 | ||||||
State Street Corp. | 32,700 | 1,296,555 | ||||||
1,755,641 | ||||||||
Banks - Super Regional — 0.6% |
| |||||||
US Bancorp | 77,600 | 2,011,392 | ||||||
Wells Fargo & Co. | 17,900 | 462,894 | ||||||
2,474,286 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Co. | 700 | 47,061 | ||||||
Hansen Natural Corp.† | 7,500 | 691,500 | ||||||
738,561 | ||||||||
Broadcast Services/Program — 0.7% |
| |||||||
Discovery Communications, Inc., Class C† | 69,350 | 2,624,204 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
DIRECTV, Class A† | 9,600 | 453,312 | ||||||
Casino Hotels — 1.4% |
| |||||||
Las Vegas Sands Corp.† | 98,200 | 4,586,922 | ||||||
Wynn Resorts, Ltd.# | 7,800 | 940,368 | ||||||
5,527,290 | ||||||||
Chemicals - Diversified — 0.5% |
| |||||||
Air Products & Chemicals, Inc. | 23,300 | 1,951,375 | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Ecolab, Inc.# | 7,800 | 444,756 | ||||||
Coal — 0.6% |
| |||||||
Peabody Energy Corp. | 55,900 | 2,192,957 | ||||||
Commercial Services — 0.0% |
| |||||||
Weight Watchers International, Inc.# | 600 | 35,262 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance — 4.1% |
| |||||||
Mastercard, Inc., Class A | 28,000 | $ | 10,487,400 | |||||
Visa, Inc., Class A | 53,800 | 5,216,986 | ||||||
Western Union Co. | 1,500 | 26,160 | ||||||
15,730,546 | ||||||||
Computer Aided Design — 0.4% |
| |||||||
Autodesk, Inc.† | 44,000 | 1,499,080 | ||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 58,900 | 3,412,077 | ||||||
International Business Machines Corp. | 3,500 | 658,000 | ||||||
4,070,077 | ||||||||
Computers — 8.1% |
| |||||||
Apple, Inc.† | 81,600 | 31,187,520 | ||||||
Computers - Memory Devices — 0.9% |
| |||||||
EMC Corp.† | 156,300 | 3,596,463 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Procter & Gamble Co. | 876 | 56,563 | ||||||
Cruise Lines — 0.8% |
| |||||||
Carnival Corp. | 96,300 | 3,197,160 | ||||||
Data Processing/Management — 0.1% |
| |||||||
Fiserv, Inc.† | 4,600 | 265,236 | ||||||
Distribution/Wholesale — 2.9% |
| |||||||
Fastenal Co.# | 139,700 | 5,818,505 | ||||||
Fossil, Inc.†# | 26,300 | 2,356,217 | ||||||
WW Grainger, Inc.# | 15,700 | 2,934,330 | ||||||
11,109,052 | ||||||||
Diversified Banking Institutions — 0.2% |
| |||||||
Goldman Sachs Group, Inc. | 400 | 38,344 | ||||||
JPMorgan Chase & Co. | 24,000 | 743,280 | ||||||
781,624 | ||||||||
Diversified Manufacturing Operations — 3.6% |
| |||||||
3M Co. | 7,300 | 591,592 | ||||||
Danaher Corp. | 271,980 | 13,158,392 | ||||||
13,749,984 | ||||||||
E-Commerce/Products — 5.1% |
| |||||||
Amazon.com, Inc.† | 82,800 | 15,921,612 | ||||||
eBay, Inc.† | 122,340 | 3,620,041 | ||||||
19,541,653 | ||||||||
E-Commerce/Services — 2.6% |
| |||||||
Groupon, Inc.†# | 11,100 | 194,250 | ||||||
Liberty Media Corp. - Interactive, Class A† | 90,500 | 1,471,530 | ||||||
priceline.com, Inc.† | 17,400 | 8,454,486 | ||||||
10,120,266 | ||||||||
Electric Products - Misc. — 0.4% |
| |||||||
Emerson Electric Co. | 30,600 | 1,598,850 | ||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Altera Corp. | 24,200 | 911,614 | ||||||
Broadcom Corp., Class A† | 125,200 | 3,799,194 | ||||||
Xilinx, Inc. | 69,930 | 2,287,410 | ||||||
6,998,218 | ||||||||
Engines - Internal Combustion — 0.2% |
| |||||||
Cummins, Inc. | 6,800 | 655,044 | ||||||
Finance - Credit Card — 1.3% |
| |||||||
American Express Co. | 104,700 | 5,029,788 | ||||||
31
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 200 | $ | 2,392 | |||||
TD Ameritrade Holding Corp. | 19,300 | 314,397 | ||||||
316,789 | ||||||||
Finance - Other Services — 0.9% |
| |||||||
CME Group, Inc. | 1,600 | 398,848 | ||||||
IntercontinentalExchange, Inc.† | 26,400 | 3,213,408 | ||||||
3,612,256 | ||||||||
Food - Retail — 0.5% |
| |||||||
Whole Foods Market, Inc.# | 28,800 | 1,961,280 | ||||||
Hotels/Motels — 1.7% |
| |||||||
Marriott International, Inc., Class A# | 110,790 | 3,392,390 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 66,500 | 3,170,720 | ||||||
6,563,110 | ||||||||
Industrial Gases — 2.2% |
| |||||||
Praxair, Inc.# | 83,400 | 8,506,800 | ||||||
Instruments - Controls — 0.6% |
| |||||||
Honeywell International, Inc. | 41,400 | 2,241,810 | ||||||
Instruments - Scientific — 0.3% |
| |||||||
Thermo Fisher Scientific, Inc.† | 21,100 | 996,975 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Marsh & McLennan Cos., Inc. | 19,900 | 600,781 | ||||||
Insurance - Life/Health — 0.5% |
| |||||||
Prudential Financial, Inc. | 34,900 | 1,767,336 | ||||||
Internet Application Software — 0.8% |
| |||||||
Tencent Holdings, Ltd.(1) | 166,000 | 3,235,746 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
LinkedIn Corp., Class A†# | 4,900 | 323,057 | ||||||
Investment Management/Advisor Services — 2.9% |
| |||||||
Ameriprise Financial, Inc. | 27,740 | 1,273,543 | ||||||
BlackRock, Inc. | 700 | 120,428 | ||||||
Franklin Resources, Inc. | 63,900 | 6,442,398 | ||||||
Invesco, Ltd. | 162,300 | 3,286,575 | ||||||
11,122,944 | ||||||||
Machinery - Construction & Mining — 1.0% |
| |||||||
Caterpillar, Inc. | 13,900 | 1,360,532 | ||||||
Joy Global, Inc. | 26,100 | 2,382,408 | ||||||
3,742,940 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 4,400 | 348,700 | ||||||
Machinery - General Industrial — 0.3% |
| |||||||
Roper Industries, Inc. | 14,500 | 1,235,255 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Cerner Corp.† | 200 | 12,196 | ||||||
Medical Instruments — 0.0% |
| |||||||
Edwards Lifesciences Corp.† | 1,800 | 118,854 | ||||||
Intuitive Surgical, Inc.† | 100 | 43,421 | ||||||
162,275 | ||||||||
Medical Products — 1.0% |
| |||||||
Baxter International, Inc. | 25,800 | 1,332,828 | ||||||
Covidien PLC | 9,400 | �� | 428,170 | |||||
Stryker Corp.# | 39,500 | 1,928,785 | ||||||
3,689,783 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene — 2.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 19,800 | $ | 1,359,468 | |||||
Amgen, Inc. | 100 | 5,791 | ||||||
Biogen Idec, Inc.† | 34,500 | 3,965,775 | ||||||
Celgene Corp.† | 76,000 | 4,794,080 | ||||||
Gilead Sciences, Inc.† | 1,800 | 71,730 | ||||||
10,196,844 | ||||||||
Medical - Drugs — 0.8% |
| |||||||
Allergan, Inc. | 37,100 | 3,106,012 | ||||||
Shire PLC ADR | 1,600 | 162,112 | ||||||
3,268,124 | ||||||||
Medical - HMO — 0.3% |
| |||||||
UnitedHealth Group, Inc. | 23,400 | 1,141,218 | ||||||
Medical - Wholesale Drug Distribution — 2.7% |
| |||||||
Cardinal Health, Inc. | 70,000 | 2,972,200 | ||||||
McKesson Corp. | 89,500 | 7,277,245 | ||||||
10,249,445 | ||||||||
Metal Processors & Fabrication — 1.6% |
| |||||||
Precision Castparts Corp. | 37,800 | 6,227,550 | ||||||
Metal - Copper — 0.0% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 100 | 3,960 | ||||||
Multimedia — 0.5% |
| |||||||
Time Warner, Inc. | 1,100 | 38,302 | ||||||
Walt Disney Co. | 51,100 | 1,831,935 | ||||||
1,870,237 | ||||||||
Oil Companies - Exploration & Production — 3.4% |
| |||||||
Concho Resources, Inc.†# | 28,200 | 2,865,684 | ||||||
Devon Energy Corp. | 600 | 39,276 | ||||||
EOG Resources, Inc. | 38,300 | 3,973,242 | ||||||
EQT Corp. | 24,900 | 1,544,049 | ||||||
Occidental Petroleum Corp. | 19,500 | 1,928,550 | ||||||
Pioneer Natural Resources Co. | 8,100 | 765,774 | ||||||
Range Resources Corp. | 28,600 | 2,050,906 | ||||||
13,167,481 | ||||||||
Oil Companies - Integrated — 0.0% |
| |||||||
Exxon Mobil Corp. | 100 | 8,044 | ||||||
Oil Field Machinery & Equipment — 1.4% |
| |||||||
Cameron International Corp.† | 56,900 | 3,072,031 | ||||||
FMC Technologies, Inc.†# | 42,200 | 2,209,592 | ||||||
5,281,623 | ||||||||
Oil - Field Services — 3.2% |
| |||||||
Baker Hughes, Inc. | 33,800 | 1,845,818 | ||||||
Halliburton Co. | 29,500 | 1,085,600 | ||||||
Schlumberger, Ltd. | 121,800 | 9,175,194 | ||||||
12,106,612 | ||||||||
Pharmacy Services — 1.1% |
| |||||||
Express Scripts, Inc.† | 89,400 | 4,081,110 | ||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc.† | 12,400 | 208,444 | ||||||
Retail - Apparel/Shoe — 0.1% | ||||||||
Limited Brands, Inc. | 7,000 | 296,310 | ||||||
Retail - Auto Parts — 0.9% | ||||||||
O’Reilly Automotive, Inc.† | 44,400 | 3,429,456 | ||||||
Retail - Bedding — 0.8% | ||||||||
Bed Bath & Beyond, Inc.†# | 47,900 | 2,898,429 | ||||||
32
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Building Products — 0.1% | ||||||||
Home Depot, Inc. | 11,700 | $ | 458,874 | |||||
Retail - Discount — 0.1% | ||||||||
Costco Wholesale Corp. | 100 | 8,530 | ||||||
Dollar Tree, Inc.†# | 3,150 | 256,694 | ||||||
265,224 | ||||||||
Retail - Jewelry — 0.2% | ||||||||
Tiffany & Co. | 12,200 | 817,888 | ||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Kohl’s Corp.# | 800 | 43,040 | ||||||
Retail - Restaurants — 4.1% | ||||||||
Chipotle Mexican Grill, Inc.†# | 6,600 | 2,122,296 | ||||||
McDonald’s Corp. | 40,700 | 3,887,664 | ||||||
Starbucks Corp. | 175,300 | 7,622,044 | ||||||
Yum! Brands, Inc. | 35,000 | 1,961,400 | ||||||
15,593,404 | ||||||||
Semiconductor Components - Integrated Circuits — 2.3% | ||||||||
QUALCOMM, Inc. | 161,220 | 8,834,856 | ||||||
Telecommunication Equipment — 0.7% | ||||||||
Juniper Networks, Inc.† | 115,270 | 2,617,782 | ||||||
Tools - Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. | 11,800 | 772,074 | ||||||
Toys — 0.0% | ||||||||
Hasbro, Inc. | 600 | 21,486 | ||||||
Mattel, Inc.# | 100 | 2,881 | ||||||
24,367 | ||||||||
Transport - Rail — 1.7% | ||||||||
Kansas City Southern† | 7,800 | 530,634 | ||||||
Norfolk Southern Corp. | 1,700 | 128,418 | ||||||
Union Pacific Corp. | 57,500 | 5,946,075 | ||||||
6,605,127 | ||||||||
Transport - Services — 1.9% | ||||||||
C.H. Robinson Worldwide, Inc. | 500 | 34,255 | ||||||
Expeditors International of Washington, Inc. | 37,400 | 1,627,274 | ||||||
FedEx Corp. | 68,700 | 5,707,596 | ||||||
7,369,125 | ||||||||
Web Portals/ISP — 8.4% | ||||||||
Baidu, Inc. ADR† | 72,300 | 9,470,577 | ||||||
Facebook, Inc., Class A†(2)(3)(4) | 14,555 | 453,346 | ||||||
Facebook, Inc., Class B†(2)(3)(4) | 68,686 | 2,139,370 | ||||||
Google, Inc., Class A† | 33,800 | 20,259,382 | ||||||
32,322,675 | ||||||||
Wireless Equipment — 2.1% | ||||||||
American Tower Corp., Class A | 138,000 | 8,142,000 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $290,567,810) | 381,744,506 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.4% |
| |||||||
Collective Investment Pool — 2.6% | ||||||||
Navigator Securities Lending Prime Portfolio(5)(6) | 9,753,116 | 9,753,116 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Registered Investment Companies — 0.8% | ||||||||
T. Rowe Price Reserve Investment Fund | 3,185,966 | $ | 3,185,966 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $12,939,082) | 12,939,082 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $303,506,892)(7) | 102.9 | % | 394,683,588 | |||||
Liabilities in excess of other assets | (2.9 | ) | (11,031,717 | ) | ||||
NET ASSETS | 100.0 | % | $ | 383,651,871 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $3,235,746 representing 0.8% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $2,592,716 representing 0.7% of net assets. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Blue Chip Growth Fund held the following restricted securities: |
Name | Acqu isition Date | Shares | Acqu isition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Facebook, | 8/12/2011 | 14,555 | $ | 453,346 | $ | 453,346 | $ | 31.15 | 0.12 | % | ||||||||||||||
Facebook, | 3/31/2011 | 59,883 | 1,497,075 | |||||||||||||||||||||
5/19/2011 | 2,897 | 72,425 | ||||||||||||||||||||||
5/19/2011 | 5,906 | 148,063 | ||||||||||||||||||||||
68,686 | 1,717,563 | 2,139,370 | 31.15 | 0.56 | % | |||||||||||||||||||
$ | 2,592,716 | 0.68 | % | |||||||||||||||||||||
(5) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(6) | At November 30, 2011, the Fund had loaned securities with a total value of $19,489,571. This was secured by collateral of $9,753,116, which was received in cash and subsequently invested in short-term investments currently valued at $9,753,116 as reported in the portfolio of investments. The remaining collateral with a value of $9,667,305 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 7/15/2014 | ||
Federal Home Loan Mtg. Corp. | 4.00% to 5.00% | 03/15/32 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/15/41 | ||
U.S. Treasury Bills | zero coupon | 12/22/2011 |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
33
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Computers | $ | 31,187,520 | $ | — | $ | — | $ | 31,187,520 | ||||||||
E-Commerce/Products | 19,541,653 | — | — | 19,541,653 | ||||||||||||
Web Portals/ISP | 29,729,959 | — | 2,592,716 | 32,322,675 | ||||||||||||
Other Industries* | 295,456,912 | 3,235,746 | # | — | 298,692,658 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 9,753,116 | — | 9,753,116 | ||||||||||||
Registered Investment Companies | — | 3,185,966 | — | 3,185,966 | ||||||||||||
Total | $ | 375,916,044 | $ | 16,174,828 | $ | 2,592,716 | $ | 394,683,588 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $3,235,746 representing 0.8% of net assets. See Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2011 | $ | 1,946,925 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized gain | — | |||
Realized loss | — | |||
Change in unrealized appreciation(1) | 192,445 | |||
Change in unrealized depreciation(1) | — | |||
Net purchases | 453,346 | |||
Net sales | — | |||
Transfers into Level 3(2) | — | |||
Transfers out of Level 3(2) | — | |||
Balance as of 11/30/2011 | $ | 2,592,716 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | ||||
$ | 192,444 | |||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
34
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Banks — Super Regional | 7.1 | % | ||
Tobacco | 6.4 | |||
Oil Companies — Integrated | 6.3 | |||
Medical — HMO | 5.8 | |||
Diversified Manufacturing Operations | 4.3 | |||
Medical — Drugs | 4.1 | |||
Time Deposits | 3.9 | |||
Electric — Integrated | 3.1 | |||
Finance — Credit Card | 2.9 | |||
Telephone — Integrated | 2.7 | |||
Tools — Hand Held | 2.6 | |||
Diversified Banking Institutions | 2.6 | |||
Cruise Lines | 2.5 | |||
Electronic Components — Semiconductors | 2.3 | |||
Pipelines | 2.2 | |||
Electric Products — Misc. | 2.1 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Finance — Consumer Loans | 1.9 | |||
Real Estate Investment Trusts | 1.7 | |||
Computer Services | 1.7 | |||
Applications Software | 1.6 | |||
Medical Instruments | 1.6 | |||
Instruments — Controls | 1.5 | |||
Aerospace/Defense | 1.4 | |||
Gambling (Non-Hotel) | 1.4 | |||
Oil & Gas Drilling | 1.4 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Gas — Distribution | 1.2 | |||
Retail — Drug Store | 1.2 | |||
Pharmacy Services | 1.2 | |||
Medical Products | 1.2 | |||
Insurance Brokers | 1.1 | |||
Banks — Fiduciary | 1.1 | |||
Electronics — Military | 1.1 | |||
Insurance — Multi-line | 1.0 | |||
Cellular Telecom | 1.0 | |||
Apparel Manufacturers | 1.0 | |||
Building Products — Wood | 0.9 | |||
Office Automation & Equipment | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Savings & Loans/Thrifts | 0.8 | |||
Containers — Paper/Plastic | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Rental Auto/Equipment | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Insurance — Property/Casualty | 0.6 | |||
Data Processing/Management | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Retail — Discount | 0.6 | |||
Computers | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Machinery — Pumps | 0.4 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
35
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.8% | ||||||||
Aerospace/Defense — 1.4% | ||||||||
Raytheon Co. | 8,260 | $ | 376,408 | |||||
Aerospace/Defense - Equipment — 1.3% | ||||||||
Exelis, Inc. | 4,200 | 37,548 | ||||||
Goodrich Corp. | 2,400 | 292,824 | ||||||
330,372 | ||||||||
Apparel Manufacturers — 1.0% | ||||||||
Hanesbrands, Inc.† | 10,100 | 248,763 | ||||||
Applications Software — 1.6% | ||||||||
Microsoft Corp. | 16,535 | 422,965 | ||||||
Banks - Fiduciary — 1.1% | ||||||||
State Street Corp. | 7,410 | 293,807 | ||||||
Banks - Super Regional — 7.1% | ||||||||
Capital One Financial Corp. | 15,525 | 693,347 | ||||||
Fifth Third Bancorp | 22,100 | 267,189 | ||||||
PNC Financial Services Group, Inc. | 9,525 | 516,350 | ||||||
Wells Fargo & Co. | 14,845 | 383,892 | ||||||
1,860,778 | ||||||||
Beverages - Wine/Spirits — 0.6% | ||||||||
Diageo PLC ADR | 1,800 | 154,098 | ||||||
Building Products - Wood — 0.9% | ||||||||
Masco Corp. | 24,700 | 236,626 | ||||||
Cellular Telecom — 1.0% | ||||||||
Vodafone Group PLC ADR | 9,335 | 253,445 | ||||||
Commercial Services - Finance — 0.9% | ||||||||
Western Union Co. | 13,100 | 228,464 | ||||||
Computer Services — 1.7% | ||||||||
International Business Machines Corp. | 2,300 | 432,400 | ||||||
Computers — 0.5% | ||||||||
Hewlett - Packard Co. | 4,415 | 123,399 | ||||||
Containers - Paper/Plastic — 0.8% | ||||||||
Sonoco Products Co. | 6,600 | 214,368 | ||||||
Cruise Lines — 2.5% | ||||||||
Carnival Corp. | 10,500 | 348,600 | ||||||
Royal Caribbean Cruises, Ltd. | 10,800 | 299,268 | ||||||
647,868 | ||||||||
Data Processing/Management — 0.6% | ||||||||
Dun & Bradstreet Corp. | 2,300 | 160,701 | ||||||
Diversified Banking Institutions — 2.6% | ||||||||
Bank of America Corp. | 28,926 | 157,357 | ||||||
Citigroup, Inc. | 9,310 | 255,839 | ||||||
JPMorgan Chase & Co. | 8,405 | 260,303 | ||||||
673,499 | ||||||||
Diversified Manufacturing Operations — 4.3% | ||||||||
Eaton Corp. | 5,400 | 242,514 | ||||||
General Electric Co. | 16,715 | 265,936 | ||||||
Illinois Tool Works, Inc. | 7,900 | 358,976 | ||||||
ITT Corp. | 2,100 | 42,357 | ||||||
SPX Corp. | 3,500 | 221,900 | ||||||
1,131,683 | ||||||||
Electric Products - Misc. — 2.1% | ||||||||
Emerson Electric Co. | 4,540 | 237,215 | ||||||
Molex, Inc. | 12,000 | 299,280 | ||||||
536,495 | ||||||||
Electric - Integrated — 3.1% | ||||||||
Dominion Resources, Inc. | 3,600 | 185,832 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
Entergy Corp. | 2,545 | $ | 179,066 | |||||
Pinnacle West Capital Corp. | 4,400 | 208,604 | ||||||
Xcel Energy, Inc. | 8,800 | 231,352 | ||||||
804,854 | ||||||||
Electronic Components - Semiconductors — 2.3% | ||||||||
Intel Corp. | 6,980 | 173,872 | ||||||
Microchip Technology, Inc. | 6,200 | 216,442 | ||||||
Texas Instruments, Inc. | 6,620 | 199,262 | ||||||
589,576 | ||||||||
Electronics - Military — 1.1% | ||||||||
L-3 Communications Holdings, Inc. | 4,400 | 291,720 | ||||||
Finance - Consumer Loans — 1.9% | ||||||||
SLM Corp. | 39,105 | 503,672 | ||||||
Finance - Credit Card — 2.9% | ||||||||
American Express Co. | 9,755 | 468,630 | ||||||
Discover Financial Services | 11,600 | 276,312 | ||||||
744,942 | ||||||||
Gambling (Non-Hotel) — 1.4% | ||||||||
International Game Technology | 21,400 | 365,084 | ||||||
Gas - Distribution — 1.2% | ||||||||
CenterPoint Energy, Inc. | 15,700 | 312,430 | ||||||
Instruments - Controls — 1.5% | ||||||||
Honeywell International, Inc. | 7,200 | 389,880 | ||||||
Insurance Brokers — 1.1% | ||||||||
Willis Group Holdings PLC | 8,500 | 299,710 | ||||||
Insurance - Multi-line — 1.0% | ||||||||
XL Group PLC | 13,020 | 268,472 | ||||||
Insurance - Property/Casualty — 0.6% | ||||||||
Chubb Corp. | 2,400 | 161,856 | ||||||
Investment Management/Advisor Services — 0.7% | ||||||||
Ameriprise Financial, Inc. | 3,800 | 174,458 | ||||||
Machinery - Pumps — 0.4% | ||||||||
Xylem, Inc. | 4,200 | 100,380 | ||||||
Medical Instruments — 1.6% | ||||||||
Medtronic, Inc. | 11,530 | 420,038 | ||||||
Medical Products — 1.2% | ||||||||
Baxter International, Inc. | 6,100 | 315,126 | ||||||
Medical - Drugs — 4.1% | ||||||||
Johnson & Johnson | 6,585 | 426,181 | ||||||
Pfizer, Inc. | 23,941 | 480,496 | ||||||
Sanofi - Aventis SA ADR | 5,000 | 175,050 | ||||||
1,081,727 | ||||||||
Medical - HMO — 5.8% | ||||||||
Cigna Corp. | 6,700 | 296,341 | ||||||
Coventry Health Care, Inc.† | 11,000 | 351,340 | ||||||
UnitedHealth Group, Inc. | 8,520 | 415,521 | ||||||
WellPoint, Inc. | 6,515 | 459,633 | ||||||
1,522,835 | ||||||||
Medical - Wholesale Drug Distribution — 0.8% | ||||||||
Cardinal Health, Inc. | 4,900 | 208,054 | ||||||
Office Automation & Equipment — 0.9% | ||||||||
Xerox Corp. | 28,900 | 235,535 | ||||||
Oil & Gas Drilling — 1.4% | ||||||||
Seadrill, Ltd. | 10,300 | 359,264 | ||||||
36
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Companies — Exploration & Production — 2.0% |
| |||||||
Occidental Petroleum Corp. | 5,265 | $ | 520,709 | |||||
Oil Companies —Integrated — 6.3% | ||||||||
BP PLC ADR | 6,535 | 284,599 | ||||||
Chevron Corp. | 1,445 | 148,575 | ||||||
ConocoPhillips | 7,465 | 532,404 | ||||||
Marathon Oil Corp. | 12,165 | 340,133 | ||||||
Murphy Oil Corp. | 5,900 | 329,928 | ||||||
1,635,639 | ||||||||
Pharmacy Services — 1.2% | ||||||||
Omnicare, Inc. | 9,300 | 303,273 | ||||||
Pipelines — 2.2% | ||||||||
ONEOK, Inc. | 1,800 | 149,688 | ||||||
Spectra Energy Corp. | 14,825 | 436,152 | ||||||
585,840 | ||||||||
Real Estate Investment Trusts — 1.7% | ||||||||
Annaly Capital Management, Inc. | 9,800 | 157,486 | ||||||
Essex Property Trust, Inc. | 2,200 | 292,270 | ||||||
449,756 | ||||||||
Rental Auto/Equipment — 0.7% | ||||||||
Rent-A-Center, Inc. | 5,100 | 183,345 | ||||||
Retail — Discount — 0.6% | ||||||||
Target Corp. | 2,800 | 147,560 | ||||||
Retail — Drug Store — 1.2% | ||||||||
Walgreen Co. | 9,100 | 306,852 | ||||||
Savings & Loans/Thrifts — 0.8% | ||||||||
New York Community Bancorp, Inc. | 18,300 | 220,332 | ||||||
Semiconductor Equipment — 0.4% | ||||||||
Applied Materials, Inc. | 10,770 | 116,101 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telephone — Integrated — 2.7% | ||||||||
AT&T, Inc. | 13,610 | 394,418 | ||||||
Verizon Communications, Inc. | 8,405 | 317,120 | ||||||
711,538 | ||||||||
Tobacco — 6.4% | ||||||||
Altria Group, Inc. | 9,870 | 283,170 | ||||||
Imperial Tobacco Group PLC ADR | 2,800 | 201,768 | ||||||
Lorillard, Inc. | 2,800 | 312,536 | ||||||
Philip Morris International, Inc. | 7,000 | 533,680 | ||||||
Reynolds American, Inc. | 8,200 | 343,252 | ||||||
1,674,406 | ||||||||
Tools — Hand Held — 2.6% | ||||||||
Stanley Black & Decker, Inc. | 10,560 | 690,941 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $23,879,788) | 25,022,044 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.9% |
| |||||||
Time Deposits — 3.9% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 1,005,000 | 1,005,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $24,884,788)(1) | 99.7 | % | 26,027,044 | |||||
Other assets less liabilities | 0.3 | 91,281 | ||||||
NET ASSETS | 100.0 | % | $ | 26,118,325 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks — Super Regional | $ | 1,860,778 | $ | — | $ | — | $ | 1,860,778 | ||||||||
Medical-HMO | 1,522,835 | — | — | 1,522,835 | ||||||||||||
Oil Companies-Integrated | 1,635,639 | — | — | 1,635,639 | ||||||||||||
Tobacco | 1,674,406 | — | — | 1,674,406 | ||||||||||||
Other Industries* | 18,328,386 | — | — | 18,328,386 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 1,005,000 | — | 1,005,000 | ||||||||||||
Total | $ | 25,022,044 | $ | 1,005,000 | $ | — | $ | 26,027,044 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
37
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 24.4 | % | ||
United States Treasury Notes | 21.5 | |||
Federal Home Loan Mtg. Corp. | 11.8 | |||
Diversified Financial Services | 10.6 | |||
Time Deposits | 4.9 | |||
United States Treasury Bonds | 4.8 | |||
Collective Investment Pool | 4.3 | |||
Banks — Commercial | 2.1 | |||
Diversified Banking Institutions | 1.9 | |||
Banks — Super Regional | 1.8 | |||
Government National Mtg. Assoc. | 1.4 | |||
Oil Companies — Integrated | 1.3 | |||
Electric — Integrated | 1.0 | |||
Telephone — Integrated | 1.0 | |||
Oil & Gas Drilling | 0.9 | |||
Pipelines | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Transport — Rail | 0.6 | |||
Real Estate Investment Trusts | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Diversified Manufacturing Operations | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Special Purpose Entities | 0.5 | |||
Multimedia | 0.5 | |||
Medical — Biomedical/Gene | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Food — Retail | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Electronics — Military | 0.3 | |||
Pharmacy Services | 0.3 | |||
Paper & Related Products | 0.3 | |||
Municipal Bonds | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Non — Hazardous Waste Disposal | 0.3 | |||
Telecom Services | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Banks — Money Center | 0.2 | |||
Computer Services | 0.2 | |||
Metal — Diversified | 0.2 | |||
Computers | 0.2 | |||
Retail — Discount | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Medical — Drugs | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Metal — Iron | 0.2 | |||
Diversified Minerals | 0.2 | |||
Federal Home Loan Bank | 0.2 | |||
Medical Products | 0.2 | |||
Medical — HMO | 0.2 | |||
Gold Mining | 0.2 | |||
Regional Authority | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Instruments — Scientific | 0.1 | |||
Transport — Services | 0.1 | |||
Food — Misc. | 0.1 | |||
Gas — Distribution | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Medical Instruments | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Electric — Distribution | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Office Automation & Equipment | 0.1 |
SupraNational Banks | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Metal — Copper | 0.1 | |||
Finance — Commercial | 0.1 | |||
110.2 | % | |||
Credit Quality+#
AAA | 2.0 | % | ||
AA | 67.0 | |||
A | 8.9 | |||
BBB | 15.7 | |||
BB | 2.7 | |||
Not Rated@ | 3.7 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the source. |
+ | Source: Standard and Poors |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
38
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 10.2% | ||||||||
Diversified Financial Services — 10.2% | ||||||||
AH Mtg. Advance Trust | $ | 150,000 | $ | 152,063 | ||||
AmeriCredit Automobile Receivables Trust | 240,000 | 241,568 | ||||||
Banc of America Merril Lynch Commercial Mtg., Inc. | 500,000 | 453,990 | ||||||
Bear Stearns Asset Backed Securities Trust FRS | 559,070 | 521,015 | ||||||
Bear Stearns Asset Backed Securities Trust FRS | 1,628,607 | 1,268,587 | ||||||
Countrywide Asset-Backed Certs. FRS | 89,734 | 78,224 | ||||||
Discover Card Master Trust | 200,000 | 237,443 | ||||||
Entergy Arkansas Restoration Funding LLC | 458,470 | 471,476 | ||||||
Ford Credit Floorplan Master Owner Trust | 640,000 | 647,380 | ||||||
GS Mtg. Securities Corp. II | 1,000,000 | 964,669 | ||||||
Harborview Mtg. Loan Trust VRS | 1,760,724 | 1,486,902 | ||||||
Marriott Vacation Club Owner Trust | 376,376 | 385,080 | ||||||
Merrill Lynch/Countrywide Commercial Mtg. Trust VRS | 400,000 | 331,120 | ||||||
Morgan Stanley Capital I VRS | 400,000 | 371,965 | ||||||
Morgan Stanley Capital I VRS | 1,800,000 | 1,829,243 | ||||||
Morgan Stanley Capital I VRS | 2,500,000 | 1,885,955 | ||||||
Morgan Stanley Capital I VRS | 500,000 | 461,482 | ||||||
Morgan Stanley Reremic Trust VRS | 3,500,000 | 3,306,481 | ||||||
Sierra Receivables Funding Co. LLC | 388,136 | 392,404 | ||||||
Sonic Capital LLC | 716,095 | 730,202 | ||||||
Total Asset Backed Securities | ||||||||
(cost $17,234,857) | 16,217,249 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 19.8% | ||||||||
Aerospace/Defense — 0.4% | ||||||||
Lockheed Martin Corp. | $ | 169,000 | $ | 176,291 | ||||
Lockheed Martin Corp. | 157,000 | 176,619 | ||||||
Raytheon Co. | 150,000 | 150,363 | ||||||
Raytheon Co. | 102,000 | 101,155 | ||||||
604,428 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Exelis, Inc. | 237,000 | 243,843 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Daimler Finance North America LLC FRS | 462,000 | 452,664 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 151,000 | 151,535 | ||||||
Banks - Commercial — 0.5% |
| |||||||
Associated Banc-Corp. | 335,000 | 339,188 | ||||||
Branch Banking & Trust Co. FRS | 168,000 | 149,236 | ||||||
KeyBank NA | 46,000 | 49,609 | ||||||
Zions Bancorp. | 256,000 | 271,683 | ||||||
809,716 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
State Street Capital Trust IV FRS | 509,000 | 346,847 | ||||||
Banks - Money Center — 0.1% |
| |||||||
Chase Capital III FRS | 103,000 | 74,869 | ||||||
Comerica Bank | 141,000 | 151,240 | ||||||
226,109 | ||||||||
Banks - Super Regional — 1.6% |
| |||||||
Bank of America NA | 192,000 | 168,473 | ||||||
Capital One Capital VI | 112,000 | 112,622 |
39
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Banks - Super Regional (continued) |
| |||||||
Capital One Financial Corp. FRS | $ | 127,000 | $ | 124,238 | ||||
Huntington Bancshares, Inc. | 171,000 | 189,441 | ||||||
JPMorgan Chase Bank NA | 170,000 | 180,151 | ||||||
PNC Preferred Funding Trust II FRS | 165,000 | 122,100 | ||||||
SunTrust Banks, Inc. | 233,000 | 228,882 | ||||||
SunTrust Banks, Inc. | 135,000 | 148,379 | ||||||
SunTrust Banks, Inc. | 30,000 | 29,940 | ||||||
Wachovia Capital Trust III FRS | 245,000 | 207,025 | ||||||
Wachovia Corp. FRS | 280,000 | 254,376 | ||||||
Wells Fargo & Co. FRS | 330,000 | 309,919 | ||||||
Wells Fargo & Co. FRS | 165,000 | 174,900 | ||||||
Wells Fargo Bank NA FRS | 290,000 | 256,458 | ||||||
2,506,904 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Scripps Networks Interactive, Inc. | 249,000 | 246,637 | ||||||
Cable/Satellite TV — 0.4% |
| |||||||
Comcast Corp. | 104,000 | 107,551 | ||||||
COX Communications, Inc. | 248,000 | 283,600 | ||||||
TCI Communications, Inc. | 155,000 | 186,766 | ||||||
577,917 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Dow Chemical Co. | 167,000 | 162,763 | ||||||
PPG Industries, Inc. | 51,000 | 50,493 | ||||||
213,256 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Specialty — 0.4% |
| |||||||
Eastman Chemical Co. | $ | 382,000 | $ | 463,243 | ||||
Lubrizol Corp. | 157,000 | 206,562 | ||||||
669,805 | ||||||||
Computer Services — 0.3% |
| |||||||
International Business Machines Corp. | 310,000 | 398,234 | ||||||
Computers — 0.2% |
| |||||||
Hewlett-Packard Co. | 241,000 | 247,003 | ||||||
Hewlett-Packard Co. | 127,000 | 136,787 | ||||||
383,790 | ||||||||
Diversified Banking Institutions — 1.8% |
| |||||||
BAC Capital Trust XV FRS | 155,000 | 102,215 | ||||||
Bank of America Corp. FRS | 184,000 | 162,272 | ||||||
Bank of America Corp. | 148,000 | 133,072 | ||||||
Bank of America Corp. | 44,000 | 39,498 | ||||||
Citigroup, Inc. | 278,000 | 257,417 | ||||||
Citigroup, Inc. | 150,000 | 148,465 | ||||||
Citigroup, Inc. | 402,000 | 402,792 | ||||||
Citigroup, Inc. | 36,000 | 37,465 | ||||||
Goldman Sachs Group, Inc. | 349,000 | 348,602 | ||||||
Goldman Sachs Group, Inc. | 174,000 | 154,816 | ||||||
JPMorgan Chase & Co. FRS | 122,000 | 119,555 | ||||||
JPMorgan Chase & Co. | 195,000 | 193,443 | ||||||
JPMorgan Chase & Co. FRS | 160,000 | 169,243 | ||||||
JPMorgan Chase Capital XXIII FRS | 73,000 | 51,160 |
40
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | $ | 262,000 | $ | 242,338 | ||||
Morgan Stanley | 145,000 | 126,655 | ||||||
Morgan Stanley | 259,000 | 243,753 | ||||||
2,932,761 | ||||||||
Diversified Financial Services — 0.4% |
| |||||||
General Electric Capital Corp. | 270,000 | 267,365 | ||||||
General Electric Capital Corp. | 374,000 | 404,672 | ||||||
672,037 | ||||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
3M Co. | 288,000 | 286,944 | ||||||
General Electric Co. | 195,000 | 218,097 | ||||||
Harsco Corp. | 201,000 | 206,548 | ||||||
Pentair, Inc. | 135,000 | 142,054 | ||||||
853,643 | ||||||||
E - Commerce/Services — 0.1% |
| |||||||
Expedia, Inc. | 170,000 | 187,519 | ||||||
Electric - Distribution — 0.1% | ||||||||
Oglethorpe Power Corp. | 160,000 | 184,161 | ||||||
Electric - Integrated — 1.0% | ||||||||
Cleco Power LLC | 182,000 | 214,650 | ||||||
Dominion Resources, Inc. | 326,000 | 360,683 | ||||||
Entergy Mississippi, Inc. | 54,000 | 56,066 | ||||||
Exelon Corp. | 135,000 | 143,838 | ||||||
Georgia Power Co. | 112,000 | 118,316 | ||||||
Oncor Electric Delivery Co. LLC | 302,000 | 295,126 | ||||||
Pacific Gas & Electric Co. | 125,000 | 150,218 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
Puget Sound Energy, Inc. | $ | 189,000 | $ | 187,201 | ||||
Southern Energy, Inc. | 175,000 | 0 | ||||||
1,526,098 | ||||||||
Electronic Components - Misc. — 0.1% | ||||||||
Jabil Circuit, Inc. | 166,000 | 166,415 | ||||||
Electronic Components - Semiconductors — 0.4% |
| |||||||
Broadcom Corp. | 351,000 | 345,120 | ||||||
National Semiconductor Corp. | 211,000 | 256,570 | ||||||
601,690 | ||||||||
Electronics - Military — 0.3% |
| |||||||
L-3 Communications Corp. | 523,000 | 499,113 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Textron Financial Corp. | 121,000 | 123,874 | ||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Credit Corp. | 285,000 | 282,041 | ||||||
Capital One Capital III | 105,000 | 104,212 | ||||||
386,253 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Bear Stearns Cos., Inc. | 165,000 | 173,126 | ||||||
GFI Group, Inc. | 151,000 | 131,370 | ||||||
Lehman Brothers Holdings Capital Trust VII FRS | 78,000 | 8 | ||||||
Lehman Brothers Holdings, Inc. | 89,000 | 22,917 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 43 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 56 | ||||||
Merrill Lynch & Co., Inc. | 176,000 | 165,140 | ||||||
Merrill Lynch & Co., Inc. | 60,000 | 53,615 |
41
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Scottrade Financial Services, Inc. | $ | 148,000 | $ | 147,233 | ||||
693,508 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Boeing Capital Corp. | 69,000 | 69,930 | ||||||
Boeing Capital Corp. | 83,000 | 84,959 | ||||||
154,889 | ||||||||
Food - Misc. — 0.1% |
| |||||||
Kraft Foods, Inc. | 198,000 | 234,771 | ||||||
Food - Retail — 0.4% |
| |||||||
Safeway, Inc. | 247,000 | 246,867 | ||||||
Safeway, Inc. | 350,000 | 349,121 | ||||||
595,988 | ||||||||
Gas - Distribution — 0.1% |
| |||||||
Southern Union Co. | 192,000 | 227,945 | ||||||
Independent Power Producers — 0.0% |
| |||||||
Calpine Corp. | 630,000 | 0 | ||||||
Instruments - Scientific — 0.2% |
| |||||||
PerkinElmer, Inc. | 244,000 | 243,479 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Jefferson-Pilot Corp. | 139,000 | 144,697 | ||||||
Nationwide Financial Services, Inc. | 187,000 | 189,587 | ||||||
Protective Life Corp. | 432,000 | 488,384 | ||||||
Prudential Financial, Inc. | 207,000 | 217,403 | ||||||
1,040,071 | ||||||||
Insurance - Multi - line — 0.2% | ||||||||
Genworth Financial, Inc. | 135,000 | 122,458 | ||||||
Hartford Financial Services Group, Inc. | 246,000 | 252,238 | ||||||
374,696 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Insurance - Mutual — 0.1% | ||||||||
Liberty Mutual Group, Inc. | $ | 150,000 | $ | 154,598 | ||||
Medical Instruments — 0.1% | ||||||||
Boston Scientific Corp. | 185,000 | 202,097 | ||||||
Medical Products — 0.2% | ||||||||
Becton Dickinson and Co. | 234,000 | 308,857 | ||||||
Medical - Biomedical/Gene — 0.4% | ||||||||
Amgen, Inc. | 242,000 | 238,554 | ||||||
Amgen, Inc. | 319,000 | 307,577 | ||||||
Genzyme Corp. | 150,000 | 159,825 | ||||||
705,956 | ||||||||
Medical - Drugs — 0.2% | ||||||||
Johnson & Johnson | 280,000 | 336,849 | ||||||
Medical - Generic Drugs — 0.1% | ||||||||
Teva Pharmaceutical Finance IV LLC | 85,000 | 85,198 | ||||||
Medical - HMO — 0.2% | ||||||||
Coventry Health Care, Inc. | 281,000 | 306,729 | ||||||
Metal - Aluminum — 0.2% | ||||||||
Alcoa, Inc. | 135,000 | 135,144 | ||||||
Alcoa, Inc. | 130,000 | 123,837 | ||||||
258,981 | ||||||||
Metal - Copper — 0.1% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 125,000 | 132,969 | ||||||
Metal - Iron — 0.2% | ||||||||
Cliffs Natural Resources, Inc. | 329,000 | 321,578 | ||||||
Multimedia — 0.5% | ||||||||
News America, Inc. | 155,000 | 166,084 | ||||||
News America, Inc. | 173,000 | 201,225 | ||||||
Time Warner Entertainment Co. LP | 159,000 | 209,963 |
42
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Multimedia (continued) | ||||||||
Walt Disney Co. | $ | 168,000 | $ | 164,402 | ||||
741,674 | ||||||||
Non - Hazardous Waste Disposal — 0.3% | ||||||||
Republic Services, Inc. | 248,000 | 257,773 | ||||||
Waste Management, Inc. | 154,000 | 181,124 | ||||||
438,897 | ||||||||
Office Automation & Equipment — 0.1% | ||||||||
Xerox Corp. | 162,000 | 161,134 | ||||||
Oil & Gas Drilling — 0.2% | ||||||||
Nabors Industries, Inc. | 232,000 | 283,836 | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Noble Energy, Inc. | 161,000 | 179,658 | ||||||
Union Pacific Resources Group, Inc. | 378,000 | 437,659 | ||||||
617,317 | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Hess Corp. | 250,000 | 265,616 | ||||||
Paper & Related Products — 0.3% |
| |||||||
Georgia-Pacific LLC | 256,000 | 281,360 | ||||||
Westvaco Corp. | 169,000 | 188,835 | ||||||
470,195 | ||||||||
Pharmacy Services — 0.3% |
| |||||||
Aristotle Holding, Inc. | 294,000 | 297,023 | ||||||
Aristotle Holding, Inc. | 185,000 | 192,361 | ||||||
489,384 | ||||||||
Pipelines — 0.6% |
| |||||||
El Paso Pipeline Partners Operating Co. LLC | 173,000 | 172,056 | ||||||
IFM US Colonial Pipeline 2 LLC | 340,000 | 361,653 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 230,000 | 260,118 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
Southern Natural Gas Co./Southern Natural Issuing Corp. | $ | 216,000 | $ | 215,664 | ||||
1,009,491 | ||||||||
Real Estate Investment Trusts — 0.6% |
| |||||||
BioMed Realty LP | 150,000 | 147,605 | ||||||
Brandywine Operating Partnership LP | 150,000 | 144,971 | ||||||
Brandywine Operating Partnership LP | 245,000 | 251,112 | ||||||
HCP, Inc. | 160,000 | 160,275 | ||||||
HCP, Inc. | 171,000 | 176,541 | ||||||
Kilroy Realty LP | 76,000 | 74,438 | ||||||
954,942 | ||||||||
Retail - Discount — 0.2% |
| |||||||
Wal-Mart Stores, Inc. | 222,000 | 235,604 | ||||||
Wal-Mart Stores, Inc. | 106,000 | 118,646 | ||||||
354,250 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Caremark Corp. | 243,000 | 284,347 | ||||||
CVS Pass-Through Trust | 166,723 | 166,017 | ||||||
450,364 | ||||||||
Special Purpose Entities — 0.2% |
| |||||||
FUEL Trust | 187,000 | 181,752 | ||||||
FUEL Trust | 161,000 | 158,430 | ||||||
340,182 | ||||||||
Telecom Services — 0.3% |
| |||||||
BellSouth Telecommunications, Inc. | 130,000 | 149,247 | ||||||
Qwest Corp. | 250,000 | 273,750 | ||||||
422,997 | ||||||||
43
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp. | $ | 151,000 | $ | 155,307 | ||||
Telephone - Integrated — 0.7% |
| |||||||
AT&T, Inc. | 215,000 | 217,683 | ||||||
AT&T, Inc. | 107,000 | 122,423 | ||||||
BellSouth Corp. | 94,000 | 108,773 | ||||||
Century Telephone Enterprise | 155,000 | 137,529 | ||||||
CenturyLink, Inc. | 315,000 | 303,725 | ||||||
CenturyLink, Inc. | 226,000 | 212,552 | ||||||
1,102,685 | ||||||||
Transport - Rail — 0.4% |
| |||||||
Canadian Pacific Railway Ltd. | 267,000 | 262,835 | ||||||
Norfolk Southern Corp. | 108,000 | 124,145 | ||||||
Norfolk Southern Corp. | 197,000 | 219,097 | ||||||
606,077 | ||||||||
Transport - Services — 0.1% |
| |||||||
Ryder System, Inc. | 105,000 | 107,591 | ||||||
Ryder System, Inc. | 125,000 | 129,708 | ||||||
237,299 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola, Inc. | 9,930 | 10,683 | ||||||
Total U.S. CORPORATE BONDS & NOTES | ||||||||
(cost $31,576,640) | 31,456,738 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.2% |
| |||||||
Aerospace/Defense — 0.2% |
| |||||||
BAE Systems PLC | 249,000 | 249,569 | ||||||
Banks - Commercial — 1.5% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 317,000 | 311,533 | ||||||
Barclays Bank PLC FRS | 231,000 | 162,855 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Barclays Bank PLC | $ | 222,000 | $ | 197,291 | ||||
Barclays Bank PLC FRS | 137,000 | 89,050 | ||||||
Commonwealth Bank of Australia | 84,000 | 85,670 | ||||||
Credit Suisse New York | 97,000 | 93,973 | ||||||
Dresdner Bank AG | 199,000 | 174,979 | ||||||
Groupe BPCE SA FRS | 196,000 | 77,193 | ||||||
HBOS PLC | 191,000 | 152,513 | ||||||
Nordea Bank AB VRS | 120,000 | 123,000 | ||||||
Rabobank Nederland NV | 192,000 | 190,055 | ||||||
Standard Chartered PLC | 277,000 | 270,294 | ||||||
Toronto - Dominion Bank | 150,000 | 151,454 | ||||||
Westpac Banking Corp. FRS | 580,000 | 350,900 | ||||||
2,430,760 | ||||||||
Banks - Money Center — 0.1% |
| |||||||
ABN Amro Bank NV FRS | 84,000 | 81,838 | ||||||
ABN Amro Bank NV | 124,000 | 123,006 | ||||||
204,844 | ||||||||
Diversified Banking Institutions — 0.1% |
| |||||||
Royal Bank of Scotland Group PLC | 153,000 | 139,408 | ||||||
Diversified Minerals — 0.2% | ||||||||
BHP Billiton Finance USA, Ltd. | 138,000 | 137,988 | ||||||
BHP Billiton Finance USA, Ltd. | 151,000 | 182,649 | ||||||
320,637 | ||||||||
Gold Mining — 0.2% |
| |||||||
AngloGold Ashanti Holdings PLC | 135,000 | 131,928 |
44
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Gold Mining (continued) |
| |||||||
Kinross Gold Corp. | $ | 160,000 | $ | 163,731 | ||||
295,659 | ||||||||
Insurance - Multi - line — 0.3% |
| |||||||
Aegon NV FRS | 154,000 | 63,148 | ||||||
XL Group, Ltd. | 249,000 | 254,221 | ||||||
XL Group PLC | 101,000 | 104,371 | ||||||
421,740 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Validus Holdings, Ltd. | 187,000 | 204,230 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Teva Pharmaceutical Finance IV BV | 242,000 | 237,836 | ||||||
Metal - Diversified — 0.2% |
| |||||||
Xstrata Canada Financial Corp. | 248,000 | 245,077 | ||||||
Xstrata Canada Financial Corp. | 149,000 | 143,157 | ||||||
388,234 | ||||||||
Oil & Gas Drilling — 0.7% |
| |||||||
Ensco PLC | 111,000 | 112,661 | ||||||
Transocean, Inc. | 211,000 | 210,802 | ||||||
Transocean, Inc. | 140,000 | 139,840 | ||||||
Transocean, Inc. | 528,000 | 527,715 | ||||||
Transocean, Inc. | 78,000 | 77,997 | ||||||
1,069,015 | ||||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
EnCana Corp. | 50,000 | 56,488 | ||||||
Nexen, Inc. | 246,000 | 251,228 | ||||||
Nexen, Inc. | 192,000 | 218,867 | ||||||
526,583 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated — 1.1% |
| |||||||
BG Energy Capital PLC | $ | 364,000 | $ | 370,138 | ||||
BP Capital Markets PLC | 530,000 | 528,381 | ||||||
BP Capital Markets PLC | 271,000 | 279,693 | ||||||
BP Capital Markets PLC | 230,000 | 232,314 | ||||||
Norsk Hydro A/S | 219,000 | 296,862 | ||||||
1,707,388 | ||||||||
Pipelines — 0.2% |
| |||||||
TransCanada Pipelines, Ltd. FRS | 259,000 | 258,706 | ||||||
Special Purpose Entity — 0.3% |
| |||||||
SMFG Preferred Capital, Ltd. FRS | 453,000 | 448,470 | ||||||
SupraNational Banks — 0.1% |
| |||||||
Asian Development Bank | 125,000 | 160,397 | ||||||
Telephone - Integrated — 0.3% | ||||||||
Telecom Italia Capital SA | 179,000 | 161,926 | ||||||
Telecom Italia Capital SA | 139,000 | 126,044 | ||||||
Telefonica Emisones SAU | 122,000 | 123,750 | ||||||
411,720 | ||||||||
Transport - Rail — 0.2% | ||||||||
Canadian Pacific Railway, Ltd. | 207,000 | 203,518 | ||||||
Canadian Pacific Railway, Ltd. | 167,000 | �� | 164,789 | |||||
368,307 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $10,025,391) | 9,843,503 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.2% | ||||||||
Regional Authority — 0.2% | ||||||||
Province of British Columbia Canada | 272,000 | 288,968 | ||||||
MUNICIPAL BONDS & NOTES — 0.3% |
| |||||||
Ohio State University | 241,000 | 241,757 |
45
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
MUNICIPAL BONDS & NOTES (continued) |
| |||||||
Port Authority of New York & New Jersey | $ | 216,000 | $ | 217,851 | ||||
Total Municipal Bonds & Notes |
| |||||||
(cost $454,576) | 459,608 | |||||||
U.S. GOVERNMENT AGENCIES — 37.8% | ||||||||
Federal Home Loan Bank — 0.2% | ||||||||
5.50% due 07/15/36 | 250,000 | 315,408 | ||||||
Federal Home Loan Mtg. Corp. — 11.8% | ||||||||
1.00% due 07/30/14# | 1,000,000 | 1,007,384 | ||||||
4.50% due 01/01/39 | 210,646 | 221,978 | ||||||
4.50% due 06/01/40 | 2,127,860 | 2,270,256 | ||||||
4.50% due 08/01/40 | 931,649 | 982,349 | ||||||
4.50% due 06/01/41 | 2,842,980 | 2,995,250 | ||||||
5.00% due 10/01/33 | 10,176 | 10,902 | ||||||
5.00% due 07/01/35 | 159,787 | 171,083 | ||||||
5.00% due 05/01/36 | 995,024 | 1,065,675 | ||||||
5.00% due 11/01/36 | 98,448 | 105,438 | ||||||
5.00% due 03/01/38 | 363,164 | 388,609 | ||||||
5.00% due 06/01/39 | 1,374,243 | 1,485,563 | ||||||
5.00% due 07/01/40 | 1,707,437 | 1,827,339 | ||||||
5.50% due 11/01/18 | 186,071 | 201,810 | ||||||
5.50% due 02/01/35 | 560,331 | 607,109 | ||||||
5.50% due 07/01/36 | 810,114 | 876,478 | ||||||
5.50% due 07/01/37 | 144,745 | 156,421 | ||||||
5.50% due 09/01/37 | 37,683 | 40,723 | ||||||
5.50% due 10/01/37 | 41,161 | 44,481 | ||||||
5.50% due 01/01/38 | 474,940 | 513,847 | ||||||
5.50% due 07/01/38 | 159,479 | 172,345 | ||||||
6.00% due 10/01/33 | 377,955 | 418,720 | ||||||
6.00% due 07/01/36 | 327,257 | 358,975 | ||||||
6.00% due 11/01/37 | 221,148 | 242,029 | ||||||
6.00% due 01/01/38 | 563,907 | 617,151 | ||||||
6.50% due 02/01/35 | 22,845 | 25,726 | ||||||
6.50% due 01/01/36 | 44,878 | 50,771 | ||||||
6.50% due 03/01/36 | 153,859 | 172,301 | ||||||
6.75% due 09/15/29# | 500,000 | 723,890 | ||||||
6.75% due 03/15/31# | 250,000 | 367,618 | ||||||
7.00% due 11/01/16 | 18,740 | 20,214 | ||||||
7.00% due 07/01/32 | 18,703 | 21,473 | ||||||
7.50% due 04/01/31 | 62,402 | 72,490 | ||||||
8.00% due 01/01/29 | 7,134 | 8,480 | ||||||
8.00% due 12/01/29 | 5,283 | 6,253 | ||||||
8.00% due 12/01/30 | 32,469 | 38,519 | ||||||
8.00% due 01/01/31 | 226 | 268 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 462,115 | 514,909 | ||||||
18,804,827 | ||||||||
Federal National Mtg. Assoc. — 24.4% | ||||||||
zero coupon due 05/25/40 STRIPS | 793,246 | 716,511 | ||||||
4.00% due 07/01/40 | 298,988 | 312,396 | ||||||
4.00% due 08/01/40 | 94,856 | 98,947 | ||||||
4.00% due 09/01/40 | 2,121,927 | 2,213,436 | ||||||
4.00% due 10/01/41 | 2,991,623 | 3,122,974 | ||||||
4.00% due 11/01/41 | 3,000,000 | 3,131,719 | ||||||
4.00% due December TBA | 1,000,000 | 1,039,844 | ||||||
4.38% due 07/17/13 | 2,000,000 | 2,128,994 | ||||||
4.50% due 11/01/22 | 874,463 | 934,758 | ||||||
4.50% due 01/01/39 | 343,884 | 363,987 | ||||||
4.50% due 05/01/40 | 3,721,764 | 3,969,577 | ||||||
4.50% due 08/01/40 | 1,655,028 | 1,751,780 | ||||||
4.50% due 09/01/40 | 1,587,889 | 1,680,717 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
4.50% due 11/01/40 | $ | 847,109 | $ | 896,631 | ||||
4.50% due 12/01/40 | 1,614,849 | 1,709,253 | ||||||
4.50% due 05/01/41 | 2,813,723 | 2,978,213 | ||||||
5.00% due 03/15/16 | 1,140,000 | 1,321,502 | ||||||
5.00% due 05/11/17 | 500,000 | 591,505 | ||||||
5.00% due 10/01/33 | 27,618 | 29,724 | ||||||
5.00% due 03/01/34 | 297,947 | 320,672 | ||||||
5.00% due 01/01/37 | 177,673 | 191,142 | ||||||
5.00% due 05/01/39 | 2,295,480 | 2,494,951 | ||||||
5.00% due 05/01/40 | 403,605 | 434,389 | ||||||
5.00% due 07/01/40 | 1,104,114 | 1,188,327 | ||||||
5.50% due 11/01/22 | 127,524 | 138,104 | ||||||
5.50% due 04/01/33 | 399,706 | 436,304 | ||||||
5.50% due 12/01/33 | 325,844 | 355,679 | ||||||
5.50% due 05/01/34 | 210,571 | 229,851 | ||||||
5.50% due 03/01/35 | 353,966 | 386,265 | ||||||
5.50% due 12/01/35 | 424,324 | 462,514 | ||||||
6.00% due 03/01/16 | 731 | 792 | ||||||
6.00% due 12/01/16 | 22,346 | 24,212 | ||||||
6.00% due 11/01/17 | 62,119 | 67,383 | ||||||
6.00% due 12/01/20 | 177,615 | 192,445 | ||||||
6.00% due 12/01/33 | 257,763 | 285,962 | ||||||
6.00% due 10/01/36 | 49,453 | 54,353 | ||||||
6.00% due 05/01/38 | 888,431 | 974,795 | ||||||
6.50% due 03/01/17 | 37,732 | 41,465 | ||||||
6.50% due 08/01/31 | 23,041 | 26,069 | ||||||
6.50% due 07/01/32 | 164,333 | 185,520 | ||||||
6.50% due 07/01/36 | 126,677 | 141,426 | ||||||
6.50% due 10/01/37 | 331,407 | 368,750 | ||||||
7.00% due 09/01/31 | 122,083 | 139,348 | ||||||
7.50% due 08/01/15 | 297 | 327 | ||||||
Federal National Mtg. Assoc. REMIC | 481,314 | 526,189 | ||||||
38,659,702 | ||||||||
Government National Mtg. Assoc. — 1.4% |
| |||||||
5.00% due 04/15/40 | 1,747,202 | 1,935,338 | ||||||
6.00% due 03/15/29 | 9,185 | 10,422 | ||||||
6.00% due 04/15/29 | 15,034 | 17,059 | ||||||
6.50% due 07/15/32 | 61,252 | 70,939 | ||||||
6.50% due 09/15/32 | 100,328 | 116,195 | ||||||
2,149,953 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $58,123,760) | 59,929,890 | |||||||
U.S. GOVERNMENT TREASURIES — 26.3% |
| |||||||
United States Treasury Bonds — 4.8% |
| |||||||
3.50% due 02/15/39 | 238,000 | 259,234 | ||||||
3.75% due 08/15/41# | 414,000 | 471,054 | ||||||
3.88% due 08/15/40 | 54,000 | 62,657 | ||||||
4.25% due 05/15/39 | 267,000 | 329,244 | ||||||
4.38% due 02/15/38 | 483,000 | 606,316 | ||||||
4.38% due 11/15/39# | 934,000 | 1,175,381 | ||||||
4.38% due 05/15/41# | 1,122,000 | 1,415,824 | ||||||
4.50% due 05/15/38 | 120,000 | 153,637 | ||||||
4.50% due 08/15/39# | 972,000 | 1,245,982 | ||||||
4.75% due 02/15/37 | 587,000 | 774,932 | ||||||
4.75% due 02/15/41# | 162,000 | 216,371 | ||||||
5.00% due 05/15/37 | 159,000 | 217,706 | ||||||
5.25% due 11/15/28# | 404,000 | 544,201 | ||||||
8.13% due 08/15/19# | 92,000 | 135,872 | ||||||
7,608,411 | ||||||||
46
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) | ||||||||
United States Treasury Notes — 21.5% |
| |||||||
0.25% due 09/15/14 | $ | 150,000 | $ | 149,531 | ||||
0.63% due 07/15/14 | 180,000 | 181,294 | ||||||
0.75% due 06/15/14 | 3,210,000 | 3,243,102 | ||||||
1.00% due 10/31/16 | 3,119,000 | 3,129,723 | ||||||
1.38% due 11/30/15 | 53,000 | 54,486 | ||||||
1.50% due 12/31/13 | 475,000 | 487,172 | ||||||
1.50% due 06/30/16 | 128,000 | 131,800 | ||||||
1.75% due 07/31/15 | 95,000 | 99,038 | ||||||
2.00% due 11/30/13# | 2,477,000 | 2,561,954 | ||||||
2.00% due 11/15/21 | 1,000,000 | 993,750 | ||||||
2.13% due 05/31/15 | 820,000 | 865,164 | ||||||
2.13% due 12/31/15# | 150,000 | 158,813 | ||||||
2.38% due 08/31/14 | 4,960,000 | 5,230,087 | ||||||
2.38% due 09/30/14 | 16,000 | 16,895 | ||||||
2.38% due 05/31/18 | 2,034,000 | 2,157,787 | ||||||
2.63% due 11/15/20# | 733,000 | 775,949 | ||||||
2.75% due 05/31/17 | 681,000 | 740,907 | ||||||
2.75% due 02/15/19 | 510,000 | 551,756 | ||||||
3.00% due 02/28/17# | 556,000 | 611,773 | ||||||
3.13% due 05/15/19# | 11,000 | 12,183 | ||||||
3.13% due 05/15/21# | 825,000 | 905,502 | ||||||
3.38% due 07/31/13 | 393,000 | 413,525 | ||||||
3.50% due 05/15/20 | 310,000 | 351,559 | ||||||
3.63% due 08/15/19 | 52,000 | 59,438 | ||||||
3.63% due 02/15/20 | 1,186,000 | 1,357,136 | ||||||
3.75% due 11/15/18 | 355,000 | 408,417 | ||||||
3.88% due 05/15/18 | 5,459,000 | 6,311,543 | ||||||
4.00% due 08/15/18 | 1,403,000 | 1,635,811 | ||||||
4.25% due 08/15/15 | 538,000 | 610,462 | ||||||
34,206,557 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $39,099,332) | 41,814,968 | |||||||
COMMON STOCK — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Lloyds Banking Group PLC†(8) | 49,459 | 19,455 | ||||||
Independent Power Producers — 0.0% |
| |||||||
GenOn Energy, Inc.†# | 615 | 1,673 | ||||||
Total Common Stock |
| |||||||
(cost $30,299) | 21,128 | |||||||
PREFERRED STOCK — 0.2% |
| |||||||
Banks - Super Regional — 0.2% |
| |||||||
US Bancorp FRS | 437 | 320,754 | ||||||
Total Long - Term Investment Securities |
| |||||||
(cost $157,135,576) | 160,352,806 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT - TERM INVESTMENT SECURITIES — 9.2% |
| |||||||
Collective Investment Pool — 4.3% |
| |||||||
Navigator Securities Lending Prime Portfolio(9)(10) | 6,875,683 | $ | 6,875,683 | |||||
Time Deposits — 4.9% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 7,685,000 | 7,685,000 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $14,560,683) | 14,560,683 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $171,696,259)(11) | 110.2 | % | 174,913,489 | |||||
Other assets less liabilities | (10.2 | ) | (16,257,504 | ) | ||||
NET ASSETS— | 100.0 | % | $ | 158,655,985 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $7,852,933 representing 4.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
# | 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) | Perpetual maturity — maturity date reflects the next call date. |
(4) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(5) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(6) | Company has filed for Chapter 11 bankruptcy protection. |
(7) | Bond in default |
(8) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $19,455 representing 0.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(9) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(10) | November 30, 2011, the Fund had loaned securities with a total value of $7,367,380. This was secured by collateral of $6,875,683, which was received in cash and subsequently invested in short-term investments currently valued at $6,875,683 as reported in the portfolio of investments. The remaining collateral of $669,633 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Mtg. Corp. | 2.46% to 46.80% | 01/01/35 to 12/01/40 | ||
Federal National Mtg. Assoc. | 2.18% to 38.06% | 01/01/17 to 12/01/41 | ||
Government National Mtg. Assoc. | 8.93% | 02/16/41 | ||
U.S. Treasury Notes/Bonds | 2.00% to 4.50% | 11/30/13 to 08/15/39 |
(11) | See Note 5 for cost of investments on a tax basis. |
TBA—Securities purchased as a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement date.
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 November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
47
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 16,217,249 | $ | — | $ | 16,217,249 | ||||||||
U.S. Corporate Bonds & Notes | — | 31,456,738 | 0 | 31,456,738 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 9,843,503 | — | 9,843,503 | ||||||||||||
Foreign Government Agencies | — | 288,968 | — | 288,968 | ||||||||||||
Municipal Bonds & Notes | — | 459,608 | — | 459,608 | ||||||||||||
U.S. Government Agencies | — | 59,929,890 | — | 59,929,890 | ||||||||||||
U.S. Government Treasuries | — | 41,814,968 | — | 41,814,968 | ||||||||||||
Common Stock | 1,673 | 19,455 | # | — | 21,128 | |||||||||||
Preferred Stock | 320,754 | — | — | 320,754 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 6,875,683 | — | 6,875,683 | ||||||||||||
Time Deposits | — | 7,685,000 | — | 7,685,000 | ||||||||||||
Total | $ | 322,427 | $ | 174,591,062 | $ | 0 | $ | 174,913,489 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $19,455 representing 0.0% of net assets. See Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Asset Backed Securities | U.S. Corporate Bonds & Notes | |||||||
Balance as of 5/31/2011 | $ | 150,000 | $ | 0 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | 2,063 | — | ||||||
Change in unrealized depreciation(1) | — | — | ||||||
Net purchases | — | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3(2) | — | — | ||||||
Transfers out of Level 3(2) | (152,063 | ) | — | |||||
Balance as of 11/30/2011 | $ | — | $ | 0 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Asset Backed Securities | U.S. Corporate Bonds & Notes | |||||||
$ | — | $ | — | |||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
48
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 8.8 | % | ||
Medical — Drugs | 6.7 | |||
Oil Companies — Integrated | 6.5 | |||
Medical — HMO | 4.4 | |||
Electronic Components — Semiconductors | 3.8 | |||
Aerospace/Defense | 3.1 | |||
Medical — Biomedical/Gene | 3.0 | |||
Applications Software | 2.9 | |||
Banks — Super Regional | 2.3 | |||
Tobacco | 2.1 | |||
Oil Refining & Marketing | 2.1 | |||
Computers | 2.1 | |||
Medical — Wholesale Drug Distribution | 2.0 | |||
Semiconductor Equipment | 1.9 | |||
Diversified Banking Institutions | 1.9 | |||
Food — Retail | 1.9 | |||
Engineering/R&D Services | 1.9 | |||
Medical Products | 1.9 | |||
Insurance — Life/Health | 1.7 | |||
Electronic Security Devices | 1.6 | |||
Diversified Manufacturing Operations | 1.4 | |||
Computers — Memory Devices | 1.4 | |||
Multimedia | 1.4 | |||
Electric — Integrated | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Oil & Gas Drilling | 1.2 | |||
Insurance — Multi-line | 1.2 | |||
Telephone — Integrated | 1.2 | |||
Schools | 1.2 | |||
Food — Misc. | 1.0 | |||
Beverages — Non-alcoholic | 0.9 | |||
Telecom Equipment — Fiber Optics | 0.9 | |||
E-Commerce/Services | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Computer Services | 0.9 | |||
Medical Instruments | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Retail — Regional Department Stores | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Retail — Auto Parts | 0.8 | |||
Television | 0.8 | |||
Wireless Equipment | 0.8 | |||
Retail — Bedding | 0.7 | |||
Internet Security | 0.7 | |||
Paper & Related Products | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Finance — Other Services | 0.7 | |||
Motorcycle/Motor Scooter | 0.7 | |||
Entertainment Software | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Gambling (Non-Hotel) | 0.7 | |||
Time Deposits | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Electronic Measurement Instruments | 0.6 | |||
Medical — Hospitals | 0.6 | |||
Retail — Computer Equipment | 0.6 | |||
Oil — Field Services | 0.6 | |||
Publishing — Newspapers | 0.6 | |||
Agricultural Operations | 0.6 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Instruments — Controls | 0.5 | |||
Networking Products | 0.5 | |||
Airlines | 0.4 |
Coal | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Steel — Producers | 0.4 | |||
Private Corrections | 0.4 | |||
Funeral Services & Related Items | 0.3 | |||
Metal — Aluminum | 0.3 | |||
Electronic Design Automation | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Independent Power Producers | 0.3 | |||
Telecom Services | 0.2 | |||
Food — Meat Products | 0.2 | |||
Metal — Copper | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Internet Infrastructure Software | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
108.7 | % | |||
* | Calculated as a percentage of net assets |
49
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.2% | ||||||||
Aerospace/Defense — 3.1% |
| |||||||
General Dynamics Corp. | 25,000 | $ | 1,651,500 | |||||
Lockheed Martin Corp.# | 21,000 | 1,641,150 | ||||||
Northrop Grumman Corp.# | 28,000 | 1,597,960 | ||||||
Raytheon Co.# | 37,000 | 1,686,090 | ||||||
6,576,700 | ||||||||
Agricultural Chemicals — 0.6% |
| |||||||
CF Industries Holdings, Inc. | 10,000 | 1,398,000 | ||||||
Agricultural Operations — 0.6% |
| |||||||
Archer - Daniels - Midland Co. | 40,500 | 1,219,860 | ||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc.† | 116,300 | 944,356 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
Coach, Inc. | 27,000 | 1,689,930 | ||||||
Applications Software — 2.9% |
| |||||||
Microsoft Corp. | 245,550 | 6,281,169 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
General Motors Co.† | 16,750 | 356,608 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
TRW Automotive Holdings Corp.† | 27,000 | 881,820 | ||||||
Banks - Super Regional — 2.3% |
| |||||||
Capital One Financial Corp. | 36,000 | 1,607,760 | ||||||
US Bancorp | 41,070 | 1,064,534 | ||||||
Wells Fargo & Co. | 84,290 | 2,179,740 | ||||||
4,852,034 | ||||||||
Beverages - Non-alcoholic — 0.9% |
| |||||||
Coca - Cola Co. | 3,000 | 201,690 | ||||||
Dr Pepper Snapple Group, Inc. | 39,000 | 1,424,670 | ||||||
PepsiCo, Inc.# | 6,000 | 384,000 | ||||||
2,010,360 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Chicago Bridge & Iron Co. | 27,000 | 1,116,450 | ||||||
Cable/Satellite TV — 1.3% |
| |||||||
Comcast Corp., Special Class A | 34,660 | 774,998 | ||||||
DISH Network Corp., Class A | 12,000 | 294,840 | ||||||
Time Warner Cable, Inc. | 27,000 | 1,632,960 | ||||||
2,702,798 | ||||||||
Chemicals - Diversified — 1.3% |
| |||||||
E.I. du Pont de Nemours & Co. | 28,050 | 1,338,546 | ||||||
LyondellBasell Industries NV, Class A# | 44,000 | 1,437,480 | ||||||
2,776,026 | ||||||||
Coal — 0.4% |
| |||||||
Peabody Energy Corp. | 23,370 | 916,805 | ||||||
Commercial Services - Finance — 1.3% |
| |||||||
Western Union Co. | 163,450 | 2,850,568 | ||||||
Computer Services — 0.9% |
| |||||||
International Business Machines Corp. | 9,850 | 1,851,800 | ||||||
Computers — 2.1% |
| |||||||
Apple, Inc.† | 7,000 | 2,675,400 | ||||||
Dell, Inc.† | 113,000 | 1,780,880 | ||||||
4,456,280 | ||||||||
Computers - Memory Devices — 1.4% |
| |||||||
Seagate Technology PLC# | 79,000 | 1,350,900 | ||||||
Western Digital Corp.† | 54,000 | 1,569,780 | ||||||
2,920,680 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Kimberly - Clark Corp.# | 12,800 | $ | 914,816 | |||||
Cosmetics & Toiletries — 0.3% |
| |||||||
Procter & Gamble Co. | 9,000 | 581,130 | ||||||
Distribution/Wholesale — 0.7% |
| |||||||
Ingram Micro, Inc., Class A† | 79,000 | 1,422,790 | ||||||
Diversified Banking Institutions — 1.9% |
| |||||||
Citigroup, Inc. | 66,014 | 1,814,065 | ||||||
JPMorgan Chase & Co. | 73,880 | 2,288,063 | ||||||
4,102,128 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
General Electric Co. | 144,390 | 2,297,245 | ||||||
Textron, Inc.# | 39,700 | 771,371 | ||||||
3,068,616 | ||||||||
E - Commerce/Services — 0.9% |
| |||||||
Expedia, Inc.# | 57,000 | 1,585,455 | ||||||
IAC/InterActive Corp.# | 8,000 | 335,040 | ||||||
1,920,495 | ||||||||
Electric - Integrated — 1.3% |
| |||||||
Dominion Resources, Inc. | 27,470 | 1,418,001 | ||||||
Southern Co.# | 32,870 | 1,443,322 | ||||||
2,861,323 | ||||||||
Electronic Components - Semiconductors — 3.8% |
| |||||||
Altera Corp.# | 41,000 | 1,544,470 | ||||||
Avago Technologies, Ltd. | 42,000 | 1,256,640 | ||||||
LSI Corp.† | 214,990 | 1,208,244 | ||||||
Micron Technology, Inc.†# | 154,400 | 924,856 | ||||||
NVIDIA Corp.†# | 100,000 | 1,563,000 | ||||||
Xilinx, Inc. | 47,000 | 1,537,370 | ||||||
8,034,580 | ||||||||
Electronic Design Automation — 0.3% |
| |||||||
Cadence Design Systems, Inc.†# | 58,000 | 634,520 | ||||||
Electronic Measurement Instruments — 0.6% |
| |||||||
Agilent Technologies, Inc.† | 36,000 | 1,350,000 | ||||||
Electronic Security Devices — 1.6% |
| |||||||
Tyco International, Ltd. | 70,360 | 3,374,466 | ||||||
Engineering/R&D Services — 1.9% |
| |||||||
Fluor Corp. | 27,000 | 1,480,140 | ||||||
Jacobs Engineering Group, Inc.†# | 29,200 | 1,212,968 | ||||||
KBR, Inc. | 45,000 | 1,300,500 | ||||||
3,993,608 | ||||||||
Enterprise Software/Service — 0.7% |
| |||||||
CA, Inc. | 68,000 | 1,441,600 | ||||||
Entertainment Software — 0.7% |
| |||||||
Activision Blizzard, Inc. | 117,000 | 1,453,140 | ||||||
Finance - Credit Card — 0.7% |
| |||||||
Discover Financial Services | 63,000 | 1,500,660 | ||||||
Finance - Other Services — 0.7% |
| |||||||
IntercontinentalExchange, Inc.† | 8,000 | 973,760 | ||||||
NASDAQ OMX Group, Inc.† | 20,000 | 525,000 | ||||||
1,498,760 | ||||||||
Food - Meat Products — 0.2% |
| |||||||
Smithfield Foods, Inc.†# | 16,000 | 391,840 | ||||||
Food - Misc. — 1.0% |
| |||||||
General Mills, Inc. | 7,060 | 282,047 |
50
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Food - Misc. (continued) |
| |||||||
Unilever NV | 51,990 | $ | 1,773,379 | |||||
2,055,426 | ||||||||
Food - Retail — 1.9% |
| |||||||
Kroger Co. | 111,810 | 2,591,756 | ||||||
Safeway, Inc.# | 74,000 | 1,480,000 | ||||||
4,071,756 | ||||||||
Funeral Services & Related Items — 0.3% |
| |||||||
Service Corp. International# | 74,000 | 758,500 | ||||||
Gambling (Non-Hotel) — 0.7% |
| |||||||
International Game Technology | 84,000 | 1,433,040 | ||||||
Independent Power Producers — 0.3% |
| |||||||
NRG Energy, Inc.†# | 28,000 | 551,040 | ||||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 19,120 | 1,035,348 | ||||||
Insurance - Life/Health — 1.7% |
| |||||||
Aflac, Inc. | 20,900 | 907,896 | ||||||
Lincoln National Corp.# | 17,500 | 353,150 | ||||||
Prudential Financial, Inc. | 17,210 | 871,514 | ||||||
Unum Group | 62,000 | 1,395,620 | ||||||
3,528,180 | ||||||||
Insurance - Multi - line — 1.2% |
| |||||||
ACE, Ltd. | 15,640 | 1,087,449 | ||||||
Hartford Financial Services Group, Inc.# | 32,200 | 571,872 | ||||||
MetLife, Inc. | 27,090 | 852,793 | ||||||
2,512,114 | ||||||||
Insurance - Property/Casualty — 0.8% |
| |||||||
Travelers Cos., Inc. | 29,270 | 1,646,437 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
TIBCO Software, Inc.† | 9,000 | 246,600 | ||||||
Internet Security — 0.7% |
| |||||||
Symantec Corp.† | 94,000 | 1,536,900 | ||||||
Medical Instruments — 0.8% |
| |||||||
Medtronic, Inc. | 48,234 | 1,757,165 | ||||||
Medical Products — 1.9% |
| |||||||
Baxter International, Inc. | 46,250 | 2,389,275 | ||||||
Medical - Biomedical/Gene — 3.0% |
| |||||||
Amgen, Inc. | 54,000 | 3,127,140 | ||||||
Biogen Idec, Inc.† | 16,000 | 1,839,200 | ||||||
Gilead Sciences, Inc.† | 35,000 | 1,394,750 | ||||||
6,361,090 | ||||||||
Medical - Drugs — 6.7% |
| |||||||
Bristol - Myers Squibb Co. | 61,000 | 1,995,920 | ||||||
Eli Lilly & Co. | 77,080 | 2,917,478 | ||||||
Forest Laboratories, Inc.† | 47,000 | 1,408,120 | ||||||
Johnson & Johnson | 24,700 | 1,598,584 | ||||||
Merck & Co., Inc. | 68,334 | 2,442,940 | ||||||
Pfizer, Inc. | 279,812 | 5,615,827 | ||||||
15,978,869 | ||||||||
Medical - HMO — 4.4% |
| |||||||
Aetna, Inc. | 61,300 | 2,563,566 | ||||||
Cigna Corp. | 34,000 | 1,503,820 | ||||||
Health Net, Inc.† | 51,000 | 1,588,140 | ||||||
UnitedHealth Group, Inc. | 40,000 | 1,950,800 | ||||||
WellPoint, Inc. | 25,000 | 1,763,750 | ||||||
9,370,076 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Hospitals — 0.6% |
| |||||||
Health Management Associates, Inc., Class A†# | 162,000 | $ | 1,331,640 | |||||
Medical - Wholesale Drug Distribution — 2.0% |
| |||||||
AmerisourceBergen Corp.# | 41,000 | 1,523,150 | ||||||
Cardinal Health, Inc. | 26,000 | 1,103,960 | ||||||
McKesson Corp. | 20,000 | 1,626,200 | ||||||
4,253,310 | ||||||||
Metal - Aluminum — 0.3% |
| |||||||
Alcoa, Inc.# | 75,050 | 752,001 | ||||||
Metal - Copper — 0.2% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc.# | 9,300 | 368,280 | ||||||
Motorcycle/Motor Scooter — 0.7% |
| |||||||
Harley - Davidson, Inc. | 40,000 | 1,470,800 | ||||||
Multimedia — 1.4% |
| |||||||
Time Warner, Inc.# | 30,216 | 1,052,121 | ||||||
Viacom, Inc., Class B | 26,810 | 1,200,016 | ||||||
Walt Disney Co. | 17,870 | 640,639 | ||||||
2,892,776 | ||||||||
Networking Products — 0.5% |
| |||||||
Cisco Systems, Inc. | 53,900 | 1,004,696 | ||||||
Oil & Gas Drilling — 1.2% |
| |||||||
Ensco PLC ADR | 22,000 | 1,143,340 | ||||||
Nabors Industries, Ltd.† | 2,000 | 35,880 | ||||||
Noble Corp.† | 38,690 | 1,335,966 | ||||||
2,515,186 | ||||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Devon Energy Corp. | 17,500 | 1,145,550 | ||||||
Oil Companies - Integrated — 6.5% |
| |||||||
Chevron Corp. | 14,680 | 1,509,398 | ||||||
ConocoPhillips | 36,000 | 2,567,520 | ||||||
Exxon Mobil Corp. | 66,500 | 5,349,260 | ||||||
Hess Corp. | 2,950 | 177,649 | ||||||
Marathon Oil Corp. | 101,100 | 2,826,756 | ||||||
Murphy Oil Corp. | 24,000 | 1,342,080 | ||||||
13,772,663 | ||||||||
Oil Refining & Marketing — 2.1% |
| |||||||
HollyFrontier Corp. | 63,000 | 1,464,750 | ||||||
Tesoro Corp.†# | 61,000 | 1,457,290 | ||||||
Valero Energy Corp. | 71,000 | 1,581,170 | ||||||
4,503,210 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Halliburton Co. | 20,060 | 738,208 | ||||||
SEACOR Holdings, Inc.#† | 6,000 | 520,620 | ||||||
1,258,828 | ||||||||
Paper & Related Products — 0.7% |
| |||||||
International Paper Co. | 54,000 | 1,533,600 | ||||||
Private Corrections — 0.4% |
| |||||||
Corrections Corp. of America† | 37,000 | 777,000 | ||||||
Publishing - Newspapers — 0.6% |
| |||||||
Gannett Co., Inc.# | 114,000 | 1,238,040 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Limited Brands, Inc.# | 36,000 | 1,523,880 | ||||||
Retail - Auto Parts — 0.8% |
| |||||||
AutoZone, Inc.† | 5,000 | 1,641,900 | ||||||
Retail - Bedding — 0.7% |
| |||||||
Bed Bath & Beyond, Inc.† | 26,000 | 1,573,260 | ||||||
51
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Computer Equipment — 0.6% |
| |||||||
GameStop Corp., Class A† | 57,000 | $ | 1,317,840 | |||||
Retail - Drug Store — 0.9% |
| |||||||
CVS Caremark Corp. | 5,400 | 209,736 | ||||||
Walgreen Co. | 50,000 | 1,686,000 | ||||||
1,895,736 | ||||||||
Retail - Regional Department Stores — 0.8% |
| |||||||
Macy’s, Inc. | 51,000 | 1,648,830 | ||||||
Schools — 1.2% |
| |||||||
Apollo Group, Inc., Class A† | 31,000 | 1,502,880 | ||||||
ITT Educational Services, Inc.†# | 18,000 | 989,280 | ||||||
2,492,160 | ||||||||
Semiconductor Components - Integrated Circuits — 1.3% |
| |||||||
Analog Devices, Inc. | 2,000 | 69,720 | ||||||
Marvell Technology Group, Ltd.† | 100,000 | 1,412,000 | ||||||
Maxim Integrated Products, Inc. | 47,000 | 1,205,550 | ||||||
2,687,270 | ||||||||
Semiconductor Equipment — 1.9% |
| |||||||
Applied Materials, Inc. | 129,000 | 1,390,620 | ||||||
KLA - Tencor Corp.# | 32,000 | 1,475,200 | ||||||
Teradyne, Inc.†# | 96,000 | 1,292,160 | ||||||
4,157,980 | ||||||||
Steel - Producers — 0.4% |
| |||||||
Nucor Corp. | 20,400 | 804,372 | ||||||
Telecom Equipment - Fiber Optics — 0.9% |
| |||||||
Corning, Inc. | 147,950 | 1,963,296 | ||||||
Telecom Services — 0.2% |
| |||||||
Amdocs, Ltd.† | 16,000 | 451,840 | ||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 47,530 | 1,377,419 | ||||||
Telephone and Data Systems, Inc.# | 8,000 | 215,920 | ||||||
Verizon Communications, Inc. | 23,920 | 902,502 | ||||||
2,495,841 | ||||||||
Television — 0.8% |
| |||||||
CBS Corp., Class B | 63,000 | 1,640,520 | ||||||
Tobacco — 2.1% |
| |||||||
Lorillard, Inc. | 14,000 | 1,562,680 | ||||||
Philip Morris International, Inc. | 39,000 | 2,973,360 | ||||||
4,536,040 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Herbalife, Ltd. | 3,000 | $ | 165,900 | |||||
Wireless Equipment — 0.8% |
| |||||||
Motorola Solutions, Inc. | 35,000 | 1,633,450 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $202,398,571) | 211,026,227 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.5% | ||||||||
Collective Investment Pool — 8.8% | ||||||||
Navigator Securities Lending Prime Portfolio(1)(3) | 18,796,990 | 18,796,990 | ||||||
Time Deposits — 0.7% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 1,432,000 | 1,432,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $20,228,990) | 20,228,990 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $222,627,561)(2) | 108.7 | % | $ | 231,255,217 | ||||
Liabilities in excess of other assets | (8.7 | ) | (18,440,105 | ) | ||||
NET ASSETS | 100.0 | % | $ | 212,815,112 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | The Security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of Investments on a tax basis. |
(3) | At November 30, 2011, the Fund had loaned securities with a total value of $20,937,662. This was secured by collateral of $18,796,990, which was received in cash and subsequently invested in short-term investments currently valued at $18,796,990 as reported in the portfolio of investments. The remaining collateral of $1,823,523 was received in the form of short-term 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 short-term pooled securities reference above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 07/15/14 | ||
Federal Home Loan Mortgage Corp | 0.26% to 5.00% | 01/10/13-06/15/2040 | ||
Federal National Mortgage Association | 4.00% | 08/15/37-08/25/2041 | ||
United States Treasury Bills | zero coupon | 12/22/11 | ||
United States Treasury Notes/Bonds | 0.75% to 1.875% | 04/30/12-07/15/19 |
ADR—American Depository Receipt
52
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Medical - Drugs | $ | 15,978,869 | $ | — | $ | — | 15,978,869 | |||||||||
Oil Companies - Integrated | 13,772,663 | — | — | 13,772,663 | ||||||||||||
Other Industries* | 181,274,695 | — | — | 181,274,695 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 18,796,990 | — | 18,796,990 | ||||||||||||
Time Deposits | — | 1,432,000 | — | 1,432,000 | ||||||||||||
Total | $ | 211,026,227 | $ | 20,228,990 | $ | — | $ | 231,255,217 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
53
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Medical — Drugs | 7.9 | % | ||
Tobacco | 7.0 | |||
Aerospace/Defense | 6.6 | |||
Oil Companies — Integrated | 5.8 | |||
Telephone — Integrated | 5.5 | |||
Time Deposits | 4.9 | |||
Electric — Integrated | 3.6 | |||
Food — Misc. | 3.6 | |||
Cosmetics & Toiletries | 3.0 | |||
Chemicals — Diversified | 2.8 | |||
Diversified Manufacturing Operations | 2.6 | |||
Semiconductor Equipment | 2.1 | |||
Banks — Super Regional | 2.1 | |||
Medical Products | 2.0 | |||
Banks — Commercial | 1.9 | |||
Beverages — Non-alcoholic | 1.9 | |||
Electronic Components — Semiconductors | 1.8 | |||
Applications Software | 1.6 | |||
Insurance — Property/Casualty | 1.5 | |||
Diversified Banking Institutions | 1.4 | |||
Diversified Minerals | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.4 | |||
Commercial Services — Finance | 1.4 | |||
Metal — Copper | 1.3 | |||
Computer Services | 1.3 | |||
Machinery — Construction & Mining | 1.3 | |||
Pipelines | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Transport — Rail | 1.2 | |||
Machinery — Farming | 1.2 | |||
Medical — Outpatient/Home Medical | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Telecommunication Equipment | 1.1 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Apparel Manufacturers | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Beverages — Wine/Spirits | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Repurchase Agreements | 0.7 | |||
Cable/Satellite TV | 0.6 | |||
Retail — Building Products | 0.6 | |||
Vitamins & Nutrition Products | 0.6 | |||
Instruments — Controls | 0.5 | |||
Transport — Services | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Industrial Gases | 0.5 | |||
Retail — Discount | 0.5 | |||
Insurance — Multi-line | 0.4 | |||
Metal — Diversified | 0.4 | |||
Paper & Related Products | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Water | 0.4 | |||
Oil — Field Services | 0.4 | |||
Gold Mining | 0.4 | |||
Cellular Telecom | 0.3 | |||
Toys | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Telecom Services | 0.2 | |||
Gas — Distribution | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Coal | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Electric — Transmission | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
54
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 94.1% | ||||||||
Aerospace/Defense — 6.6% | ||||||||
General Dynamics Corp. | 72,377 | $ | 4,781,225 | |||||
Lockheed Martin Corp. | 39,768 | 3,107,869 | ||||||
Northrop Grumman Corp. | 78,738 | 4,493,578 | ||||||
Raytheon Co. | 114,146 | 5,201,633 | ||||||
Rockwell Collins, Inc. | 4,500 | 247,050 | ||||||
17,831,355 | ||||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
United Technologies Corp. | 33,900 | 2,596,740 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
VF Corp. | 16,100 | 2,232,909 | ||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 163,028 | 4,170,256 | ||||||
Auto/Truck Parts & Equipment - Original — 1.4% |
| |||||||
Autoliv, Inc. | 55,387 | 2,951,019 | ||||||
Johnson Controls, Inc. | 23,200 | 730,336 | ||||||
3,681,355 | ||||||||
Banks - Commercial — 1.9% |
| |||||||
Bank of Nova Scotia | 34,000 | 1,718,418 | ||||||
M&T Bank Corp. | 2,200 | 160,556 | ||||||
National Bank of Canada | 28,200 | 1,834,196 | ||||||
Toronto - Dominion Bank | 21,000 | 1,513,309 | ||||||
5,226,479 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Bank of New York Mellon Corp. | 10,700 | 208,222 | ||||||
Banks - Super Regional — 2.1% |
| |||||||
US Bancorp | 86,200 | 2,234,304 | ||||||
Wells Fargo & Co. | 131,500 | 3,400,590 | ||||||
5,634,894 | ||||||||
Beverages - Non-alcoholic — 1.9% |
| |||||||
Coca-Cola Co. | 32,200 | 2,164,806 | ||||||
Dr Pepper Snapple Group, Inc. | 83,214 | 3,039,807 | ||||||
5,204,613 | ||||||||
Beverages - Wine/Spirits — 0.7% |
| |||||||
Diageo PLC(3) | 82,935 | 1,772,968 | ||||||
Cable/Satellite TV — 0.6% |
| |||||||
Comcast Corp., Special Class A | 77,100 | 1,723,956 | ||||||
Cellular Telecom — 0.3% |
| |||||||
Rogers Communications, Inc., Class B | 5,000 | 185,401 | ||||||
Vodafone Group PLC ADR | 27,100 | 735,765 | ||||||
921,166 | ||||||||
Chemicals - Diversified — 2.8% |
| |||||||
Air Products & Chemicals, Inc. | 4,000 | 335,000 | ||||||
Dow Chemical Co. | 33,200 | 919,972 | ||||||
E.I. du Pont de Nemours & Co. | 119,028 | 5,680,016 | ||||||
Olin Corp. | 31,100 | 590,900 | ||||||
7,525,888 | ||||||||
Coal — 0.1% |
| |||||||
Consol Energy, Inc. | 4,800 | 199,872 | ||||||
Peabody Energy Corp. | 4,100 | 160,843 | ||||||
360,715 | ||||||||
Commercial Services - Finance — 1.4% |
| |||||||
Automatic Data Processing, Inc. | 9,600 | 490,464 | ||||||
H&R Block, Inc. | 201,961 | 3,176,847 | ||||||
3,667,311 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Services — 1.3% |
| |||||||
International Business Machines Corp. | 19,100 | $ | 3,590,800 | |||||
Consumer Products - Misc. — 0.5% |
| |||||||
Kimberly - Clark Corp. | 18,200 | 1,300,754 | ||||||
Containers - Paper/Plastic — 0.3% |
| |||||||
Packaging Corp. of America | 9,800 | 254,898 | ||||||
Temple - Inland, Inc. | 16,700 | 531,561 | ||||||
786,459 | ||||||||
Cosmetics & Toiletries — 3.0% |
| |||||||
Avon Products, Inc. | 166,251 | 2,826,267 | ||||||
Procter & Gamble Co. | 82,242 | 5,310,366 | ||||||
8,136,633 | ||||||||
Diversified Banking Institutions — 1.4% |
| |||||||
Bank of America Corp. | 108,900 | 592,416 | ||||||
JPMorgan Chase & Co. | 106,300 | 3,292,111 | ||||||
3,884,527 | ||||||||
Diversified Manufacturing Operations — 2.6% |
| |||||||
3M Co. | 17,500 | 1,418,200 | ||||||
General Electric Co. | 342,885 | 5,455,300 | ||||||
6,873,500 | ||||||||
Diversified Minerals �� 1.4% |
| |||||||
BHP Billiton, Ltd.(3) | 100,118 | 3,738,516 | ||||||
Electric - Integrated — 3.6% |
| |||||||
American Electric Power Co., Inc. | 19,900 | 789,632 | ||||||
Consolidated Edison, Inc. | 4,900 | 291,158 | ||||||
Dominion Resources, Inc. | 34,600 | 1,786,052 | ||||||
Duke Energy Corp. | 29,300 | 610,905 | ||||||
FirstEnergy Corp. | 4,900 | 217,903 | ||||||
NextEra Energy, Inc. | 23,900 | 1,325,016 | ||||||
Northeast Utilities | 12,400 | 429,164 | ||||||
PPL Corp. | 21,900 | 657,438 | ||||||
Public Service Enterprise Group, Inc. | 40,000 | 1,317,600 | ||||||
Southern Co. | 40,200 | 1,765,182 | ||||||
Wisconsin Energy Corp. | 16,300 | 540,834 | ||||||
9,730,884 | ||||||||
Electric - Transmission — 0.1% |
| |||||||
ITC Holdings Corp. | 3,500 | 258,720 | ||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Intel Corp. | 196,880 | 4,904,281 | ||||||
Finance - Credit Card — 0.7% |
| |||||||
American Express Co. | 36,700 | 1,763,068 | ||||||
Food - Misc. — 3.6% |
| |||||||
General Mills, Inc. | 37,700 | 1,506,115 | ||||||
H.J. Heinz Co. | 20,400 | 1,074,060 | ||||||
Kraft Foods, Inc., Class A | 137,490 | 4,970,264 | ||||||
Unilever NV | 58,900 | 2,009,079 | ||||||
9,559,518 | ||||||||
Gas - Distribution — 0.2% |
| |||||||
AGL Resources, Inc. | 2,800 | 115,444 | ||||||
Sempra Energy | 7,500 | 398,925 | ||||||
514,369 | ||||||||
Gold Mining — 0.4% |
| |||||||
Barrick Gold Corp. | 18,800 | 996,265 | ||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Rockwell Automation, Inc. | 5,700 | 427,671 | ||||||
55
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Industrial Gases — 0.5% |
| |||||||
Praxair, Inc. | 12,400 | $ | 1,264,800 | |||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 25,500 | 1,380,825 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
Prudential Financial, Inc. | 21,800 | 1,103,952 | ||||||
Insurance - Multi-line — 0.4% |
| |||||||
ACE, Ltd. | 17,100 | 1,188,963 | ||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Chubb Corp. | 27,500 | 1,854,600 | ||||||
Travelers Cos., Inc. | 39,800 | 2,238,750 | ||||||
4,093,350 | ||||||||
Machinery - Construction & Mining — 1.3% |
| |||||||
Caterpillar, Inc. | 35,800 | 3,504,104 | ||||||
Machinery - Farming — 1.2% |
| |||||||
Deere & Co. | 40,000 | 3,170,000 | ||||||
Medical Products — 2.0% |
| |||||||
Johnson & Johnson | 83,328 | 5,392,988 | ||||||
Medical - Drugs — 7.9% |
| |||||||
Abbott Laboratories | 25,700 | 1,401,935 | ||||||
Bristol - Myers Squibb Co. | 182,847 | 5,982,754 | ||||||
Eli Lilly & Co. | 81,153 | 3,071,641 | ||||||
Merck & Co., Inc. | 140,682 | 5,029,381 | ||||||
Pfizer, Inc. | 283,068 | 5,681,175 | ||||||
21,166,886 | ||||||||
Medical - Outpatient/Home Medical — 1.2% |
| |||||||
Lincare Holdings, Inc. | 133,058 | 3,153,475 | ||||||
Metal - Copper — 1.3% |
| |||||||
Southern Copper Corp. | 115,877 | 3,607,251 | ||||||
Metal - Diversified — 0.4% |
| |||||||
Rio Tinto, Ltd.(3) | 17,648 | 1,182,686 | ||||||
Multimedia — 0.0% |
| |||||||
McGraw - Hill Cos., Inc. | 2,600 | 111,020 | ||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Cameco Corp. | 9,700 | 183,738 | ||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
EQT Corp. | 21,900 | 1,358,019 | ||||||
Occidental Petroleum Corp. | 18,800 | 1,859,320 | ||||||
3,217,339 | ||||||||
Oil Companies - Integrated — 5.8% |
| |||||||
Chevron Corp. | 53,900 | 5,541,998 | ||||||
ConocoPhillips | 25,800 | 1,840,056 | ||||||
Exxon Mobil Corp. | 47,700 | 3,836,988 | ||||||
Marathon Oil Corp. | 35,300 | 986,988 | ||||||
Marathon Petroleum Corp. | 16,050 | 535,909 | ||||||
Murphy Oil Corp. | 2,100 | 117,432 | ||||||
Total SA ADR | 53,800 | 2,783,612 | ||||||
15,642,983 | ||||||||
Oil - Field Services — 0.4% |
| |||||||
Schlumberger, Ltd. | 13,700 | 1,032,021 | ||||||
Paper & Related Products — 0.4% |
| |||||||
MeadWestvaco Corp. | 39,000 | 1,164,150 | ||||||
Pipelines — 1.2% |
| |||||||
Enbridge, Inc. | 64,900 | 2,299,609 | ||||||
Kinder Morgan, Inc. | 6,600 | 194,700 |
Security Description | Shares | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
Spectra Energy Corp. | 25,300 | $ | 744,326 | |||||
3,238,635 | ||||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Weyerhaeuser Co. | 20,768 | 348,695 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Limited Brands, Inc. | 50,600 | 2,141,898 | ||||||
Retail - Building Products — 0.6% |
| |||||||
Home Depot, Inc. | 43,700 | 1,713,914 | ||||||
Retail - Discount — 0.5% |
| |||||||
Wal-Mart Stores, Inc. | 21,400 | 1,260,460 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
McDonald’s Corp. | 31,900 | 3,047,088 | ||||||
Semiconductor Equipment — 2.1% |
| |||||||
Applied Materials, Inc. | 250,884 | 2,704,530 | ||||||
KLA - Tencor Corp. | 65,811 | 3,033,887 | ||||||
5,738,417 | ||||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 14,600 | 572,174 | ||||||
Telecommunication Equipment — 1.1% |
| |||||||
Harris Corp. | 82,312 | 2,930,307 | ||||||
Telephone - Integrated — 5.5% |
| |||||||
AT&T, Inc. | 202,714 | 5,874,652 | ||||||
CenturyLink, Inc. | 68,046 | 2,553,086 | ||||||
Frontier Communications Corp. | 6,817 | 38,993 | ||||||
Verizon Communications, Inc. | 157,248 | 5,932,967 | ||||||
Windstream Corp. | 31,600 | 371,616 | ||||||
14,771,314 | ||||||||
Tobacco — 7.0% |
| |||||||
Altria Group, Inc. | 146,089 | 4,191,293 | ||||||
Lorillard, Inc. | 41,206 | 4,599,414 | ||||||
Philip Morris International, Inc. | 86,845 | 6,621,063 | ||||||
Reynolds American, Inc. | 80,963 | 3,389,111 | ||||||
18,800,881 | ||||||||
Toys — 0.3% |
| |||||||
Mattel, Inc. | 30,500 | 878,705 | ||||||
Transport - Rail — 1.2% |
| |||||||
Canadian National Railway Co. | 25,300 | 1,962,268 | ||||||
Union Pacific Corp. | 12,000 | 1,240,920 | ||||||
3,203,188 | ||||||||
Transport - Services — 0.5% |
| |||||||
United Parcel Service, Inc., Class B | 19,200 | 1,377,600 | ||||||
Vitamins & Nutrition Products — 0.6% |
| |||||||
Mead Johnson Nutrition Co. | 22,200 | 1,672,992 | ||||||
Water — 0.4% |
| |||||||
American Water Works Co., Inc. | 34,600 | 1,075,022 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $230,422,494) | 253,556,613 | |||||||
56
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 4.9% |
| |||||||
Time Deposits — 4.9% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 | $ | 13,119,000 | $ | 13,119,000 | ||||
REPURCHASE AGREEMENT — 0.7% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement | 1,755,000 | 1,755,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $245,296,494)(2) | 99.7 | % | 268,430,613 | |||||
Other assets less liabilities | 0.3 | 880,155 | ||||||
NET ASSETS | 100.0 | % | $ | 269,310,768 | ||||
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $6,694,170 representing 2.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
ADR—American Depository Receipts
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Aerospace/Defense | $ | 17,831,355 | $ | — | $ | — | $ | 17,831,355 | ||||||||
Medical Drugs | 21,166,886 | — | — | 21,166,886 | ||||||||||||
Oil Companies-Integrated | 15,642,983 | — | — | 15,642,983 | ||||||||||||
Telephone-Integrated | 14,771,314 | — | — | 14,771,314 | ||||||||||||
Tobacco | 18,800,881 | — | — | 18,800,881 | ||||||||||||
Other Industries* | 158,649,024 | 6,694,170 | # | — | 165,343,194 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 13,119,000 | — | 13,119,000 | ||||||||||||
Repurchase Agreement | — | 1,755,000 | — | 1,755,000 | ||||||||||||
Total | $ | 246,862,443 | $ | 21,568,170 | $ | — | $ | 268,430,613 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $6,694,170 representing 2.5% of net assets. See Note 2. |
See Notes to Financial Statements
57
Table of Contents
VALIC Company I Emerging Economies Fund*
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation†
Banks — Commercial | 11.7 | % | ||
Oil Companies — Integrated | 8.7 | |||
Collective Investment Pool | 6.1 | |||
Auto — Cars/Light Trucks | 5.4 | |||
Electronic Components — Semiconductors | 5.1 | |||
Metal — Iron | 4.5 | |||
Cellular Telecom | 4.2 | |||
Food — Misc. | 3.5 | |||
Oil Companies — Exploration & Production | 3.4 | |||
Time Deposits | 3.4 | |||
Chemicals — Diversified | 3.3 | |||
Semiconductor Components — Integrated Circuits | 2.9 | |||
Coal | 2.4 | |||
Oil Refining & Marketing | 2.3 | |||
Electronic Components — Misc. | 2.1 | |||
Telecom Services | 2.1 | |||
Metal — Diversified | 2.1 | |||
Brewery | 1.8 | |||
Electric — Integrated | 1.7 | |||
Telephone — Integrated | 1.7 | |||
Diversified Financial Services | 1.7 | |||
Insurance — Multi-line | 1.6 | |||
Tobacco | 1.6 | |||
Computer Services | 1.5 | |||
Diversified Operations | 1.5 | |||
Female Health Care Products | 1.4 | |||
Food — Meat Products | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Finance — Mortgage Loan/Banker | 1.3 | |||
Computers | 1.1 | |||
Aerospace/Defense | 1.0 | |||
Insurance — Property/Casualty | 0.9 | |||
Banks — Super Regional | 0.9 | |||
Steel — Producers | 0.8 | |||
Rubber — Tires | 0.8 | |||
Real Estate Operations & Development | 0.8 | |||
Water | 0.8 | |||
Banks — Special Purpose | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Petrochemicals | 0.7 | |||
Shipbuilding | 0.6 | |||
Appliances | 0.6 | |||
Agricultural Operations | 0.6 | |||
Auto/Truck Parts & Equipment — Replacement | 0.6 | |||
Housewares | 0.5 | |||
Audio/Video Products | 0.5 | |||
Energy — Alternate Sources | 0.5 | |||
Circuit Boards | 0.4 | |||
105.1 | % | |||
Country Allocation†
Brazil | 18.9 | % | ||
South Korea | 16.8 | |||
China | 11.6 | |||
United States | 9.5 | |||
Russia | 8.4 | |||
Taiwan | 6.4 | |||
South Africa | 5.7 | |||
Cayman Islands | 4.2 | |||
Thailand | 4.1 | |||
India | 3.7 | |||
Hong Kong | 3.6 | |||
Turkey | 3.0 | |||
Poland | 2.7 | |||
Bermuda | 2.6 | |||
Mexico | 1.1 | |||
United Kingdom | 0.7 | |||
Kazakhstan | 0.6 | |||
Luxembourg | 0.6 | |||
Philippines | 0.5 | |||
Indonesia | 0.4 | |||
105.1 | % | |||
† | Calculated as a percentage of net assets |
* | See Note 1 |
58
Table of Contents
VALIC Company I Emerging Economies Fund*
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 86.6% |
| |||||||
Bermuda — 2.6% |
| |||||||
Jardine Matheson Holdings, Ltd.#(1) | 51,200 | $ | 2,588,953 | |||||
Skyworth Digital Holdings, Ltd.(1) | 3,412,000 | 1,379,665 | ||||||
VimpelCom, Ltd. ADR | 249,900 | 2,978,808 | ||||||
6,947,426 | ||||||||
Brazil — 9.9% |
| |||||||
Banco do Brasil SA | 177,700 | 2,378,046 | ||||||
Banco Estado Rio Grande Sul | 210,900 | 2,249,709 | ||||||
BRF - Brasil Foods SA ADR# | 173,000 | 3,485,950 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 74,500 | 2,059,477 | ||||||
Cielo SA | 130,700 | 3,480,081 | ||||||
Embraer SA ADR | 101,100 | 2,580,072 | ||||||
Souza Cruz SA | 200,600 | 2,544,731 | ||||||
Sul America SA | 196,400 | 1,433,616 | ||||||
Telefonica Brasil SA ADR | 121,600 | 3,279,552 | ||||||
Tim Participacoes SA ADR | 110,500 | 2,631,005 | ||||||
26,122,239 | ||||||||
Cayman Islands — 4.2% |
| |||||||
Dongyue Group(1) | 2,777,000 | 2,504,973 | ||||||
GCL Poly Energy Holdings, Ltd.(1) | 4,395,000 | 1,336,681 | ||||||
Hengan International Group Co., Ltd.(1) | 377,500 | 3,568,244 | ||||||
Soho China, Ltd.(1) | 3,053,500 | 2,090,088 | ||||||
Xinyi Glass Holding Co., Ltd.(1) | 2,468,000 | 1,454,516 | ||||||
10,954,502 | ||||||||
China — 11.6% |
| |||||||
Bank of China, Ltd.(1) | 10,692,000 | 3,498,768 | ||||||
China Construction Bank Corp.(1) | 7,336,000 | 5,250,903 | ||||||
China Shenhua Energy Co., Ltd.(1) | 879,000 | 3,890,889 | ||||||
Dongfeng Motor Group Co., Ltd.(1) | 1,852,000 | 2,781,172 | ||||||
Great Wall Motor Co., Ltd.(1) | 1,525,000 | 2,204,045 | ||||||
Industrial & Commercial Bank of China(1) | 9,530,000 | 5,651,807 | ||||||
PetroChina Co., Ltd.(1) | 3,424,000 | 4,425,950 | ||||||
Ping An Insurance Group Co.(1) | 417,000 | 2,903,463 | ||||||
30,606,997 | ||||||||
Hong Kong — 3.6% |
| |||||||
China Mobile, Ltd.(1) | 153,500 | 1,515,258 | ||||||
CNOOC, Ltd.(1) | 2,673,000 | 5,148,222 | ||||||
Lenovo Group, Ltd.(1) | 3,962,000 | 2,828,821 | ||||||
9,492,301 | ||||||||
India — 3.7% |
| |||||||
Housing Development Finance Corp.(1) | 260,703 | 3,262,369 | ||||||
Infosys, Ltd. ADR# | 77,500 | 4,000,550 | ||||||
Oil & Natural Gas Corp., Ltd.(1) | 465,298 | 2,419,653 | ||||||
9,682,572 | ||||||||
Indonesia — 0.4% |
| |||||||
Indofood Sukses Makmur Tbk PT(1) | 2,104,000 | 1,115,558 | ||||||
Kazakhstan — 0.6% |
| |||||||
KazMunaiGas Exploration Production GDR | 105,304 | 1,695,394 | ||||||
Luxembourg — 0.6% |
| |||||||
Kernel Holding SA†(1) | 70,973 | 1,498,600 | ||||||
Mexico — 1.1% |
| |||||||
America Movil SAB de CV, Series L ADR | 50,600 | 1,205,292 | ||||||
Compartamos SAB de CV# | 1,223,000 | 1,639,546 | ||||||
2,844,838 | ||||||||
Philippines — 0.5% |
| |||||||
Philippine Long Distance Telephone Co.(1) | 16,000 | 892,783 | ||||||
Philippine Long Distance Telephone Co. ADR | 7,965 | 439,668 | ||||||
1,332,451 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Poland — 2.7% |
| |||||||
KGHM Polska Miedz SA(1) | 69,731 | $ | 2,782,877 | |||||
PGE SA(1) | 296,176 | 1,895,831 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 233,253 | 2,343,839 | ||||||
7,022,547 | ||||||||
Russia — 8.4% |
| |||||||
Lukoil OAO ADR | 84,440 | 4,746,372 | ||||||
MMC Norilsk Nickel OJSC ADR | 143,173 | 2,515,550 | ||||||
Mobile Telesystems OJSC ADR | 155,800 | 2,692,224 | ||||||
Rosneft Oil Co. GDR† | 182,251 | 1,326,787 | ||||||
Sberbank of Russia ADR† | 413,181 | 4,896,195 | ||||||
Severstal OAO GDR | 166,296 | 2,246,659 | ||||||
Tatneft ADR(1) | 111,966 | 3,632,193 | ||||||
22,055,980 | ||||||||
South Africa — 5.7% |
| |||||||
Exxaro Resources, Ltd.(1) | 110,205 | 2,455,653 | ||||||
Kumba Iron Ore, Ltd.(1) | 44,084 | 2,780,533 | ||||||
Sasol, Ltd.(1) | 78,900 | 3,793,303 | ||||||
Tiger Brands, Ltd.(1) | 103,574 | 3,133,869 | ||||||
Vodacom Group, Ltd.(1) | 255,052 | 2,881,797 | ||||||
15,045,155 | ||||||||
South Korea — 16.8% |
| |||||||
BS Financial Group, Inc.†(1) | 155,940 | 1,623,703 | ||||||
CJ CheilJedang Corp.(1) | 7,365 | 1,878,964 | ||||||
Dongbu Insurance Co., Ltd.(1) | 51,525 | 2,397,452 | ||||||
GS Holdings Corp.(1) | 23,958 | 1,292,359 | ||||||
Hana Financial Group, Inc.(1) | 80,700 | 2,953,454 | ||||||
Hankook Tire Co., Ltd.(1) | 51,480 | 2,127,077 | ||||||
Hynix Semiconductor, Inc.(1) | 114,330 | 2,426,666 | ||||||
Hyundai Motor Co.(1) | 25,521 | 4,947,144 | ||||||
Industrial Bank of Korea(1) | 144,180 | 1,924,838 | ||||||
Kia Motors Corp.(1) | 44,230 | 2,806,105 | ||||||
KP Chemical Corp.(1) | 114,720 | 1,765,525 | ||||||
KT&G Corp.(1) | 21,682 | 1,462,149 | ||||||
S - Oil Corp.(1) | 13,141 | 1,310,029 | ||||||
Samsung Electronics Co., Ltd.(1) | 12,268 | 11,137,729 | ||||||
Samsung Heavy Industries Co., Ltd.(1) | 59,120 | 1,658,918 | ||||||
SK Holdings Co., Ltd.(1) | 20,639 | 2,659,203 | ||||||
44,371,315 | ||||||||
Taiwan — 6.4% |
| |||||||
China Motor Corp.(1) | 1,347,000 | 1,217,174 | ||||||
Chunghwa Telecom Co., Ltd. ADR | 35,300 | 1,180,079 | ||||||
E Ink Holdings, Inc.(1) | 870,000 | 1,606,079 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 726,142 | 3,968,366 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 598,100 | 7,727,452 | ||||||
Tripod Technology Corp.(1) | 495,000 | 1,133,236 | ||||||
16,832,386 | ||||||||
Thailand — 4.1% |
| |||||||
Charoen Pokphand Foods PCL | 2,968,300 | 3,142,570 | ||||||
Krung Thai Bank PCL | 4,193,400 | 1,964,185 | ||||||
PTT Global Chemical PCL† | 1,259,284 | 2,646,233 | ||||||
PTT PCL | 318,800 | 3,129,702 | ||||||
10,882,690 | ||||||||
Turkey — 3.0% |
| |||||||
Arcelik AS(1) | 446,405 | 1,511,778 | ||||||
Tupras - Turkiye Petrol Rafinerileri AS(1) | 93,955 | 2,144,936 | ||||||
Turkiye Sise ve Cam Fabrikalari AS(1) | 846,408 | 1,434,905 | ||||||
Turk Telekomunikasyon AS(1) | 290,322 | 1,196,003 |
59
Table of Contents
VALIC Company I Emerging Economies Fund*
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Turkey (continued) |
| |||||||
Turkiye Garanti Bankasi AS(1) | 463,800 | $ | 1,591,582 | |||||
7,879,204 | ||||||||
United Kingdom — 0.7% |
| |||||||
Old Mutual PLC(1) | 1,014,324 | 1,833,939 | ||||||
Total Common Stock |
| |||||||
(cost $204,340,882) | 228,216,094 | |||||||
PREFERRED STOCK — 9.0% |
| |||||||
Brazil — 9.0% |
| |||||||
Cia Energetica de Minas Gerais ADR# | 155,900 | 2,736,046 | ||||||
Companhia de Bebidas das Americas ADR# | 137,300 | 4,720,374 | ||||||
Itau Unibanco Holding SA ADR | 102,500 | 1,824,500 | ||||||
Petroleo Brasileiro SA ADR | 223,500 | 5,603,145 | ||||||
Vale SA ADR | 407,100 | 8,903,277 | ||||||
Total Preferred Stock |
| |||||||
(cost $21,339,460) | 23,787,342 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $225,680,342) | 252,003,436 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.5% |
| |||||||
Collective Investment Pool — 6.1% |
| |||||||
Navigator Securities Lending Prime Portfolio(2) | 16,053,991 | 16,053,991 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 3.4% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 8,978,000 | $ | 8,978,000 | ||||
Total Short-Term Investment Securities |
| |||||||
(cost $25,031,991) | 25,031,991 | |||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $250,712,333)(3) | 105.1 | % | 277,035,427 | |||||
Liabilities in excess of other assets | (5.1 | ) | (13,394,605 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 263,640,822 | ||||
* | See Note 1 |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $147,952,223 representing 56.1% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Brazil | $ | 26,122,239 | $ | — | $ | — | $ | 26,122,239 | ||||||||
China | — | 30,606,997 | # | — | 30,606,997 | |||||||||||
Russia | 18,423,787 | 3,632,193 | # | — | 22,055,980 | |||||||||||
South Africa | — | 15,045,155 | # | — | 15,045,155 | |||||||||||
South Korea | — | 44,371,315 | # | — | 44,371,315 | |||||||||||
Taiwan | 12,875,897 | 3,956,489 | # | — | 16,832,386 | |||||||||||
Other Countries* | 22,841,948 | 50,340,074 | # | — | 73,182,022 | |||||||||||
Preferred Stock | 23,787,342 | — | — | 23,787,342 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 16,053,991 | 16,053,991 | |||||||||||||
Time Deposits | — | 8,978,000 | — | 8,978,000 | ||||||||||||
Total | $ | 104,051,213 | $ | 172,984,214 | $ | — | $ | 277,035,427 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $147,952,223 representing 56.1% of net assets. See Note 2. |
See Notes to Financial Statements
60
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Medical — Drugs | 9.6 | % | ||
Oil Companies — Integrated | 7.6 | |||
Diversified Banking Institutions | 7.2 | |||
Telecom Services | 5.9 | |||
Insurance — Multi-line | 5.7 | |||
Collective Investment Pool | 4.2 | |||
Telephone — Integrated | 3.9 | |||
Insurance — Reinsurance | 3.4 | |||
Electronic Components — Semiconductors | 3.1 | |||
Semiconductor Components — Integrated Circuits | 3.1 | |||
Food — Retail | 3.0 | |||
Cellular Telecom | 2.9 | |||
U.S. Government Agencies | 2.5 | |||
Oil Companies — Exploration & Production | 2.3 | |||
Electronic Components — Misc. | 2.2 | |||
Diversified Financial Services | 2.2 | |||
Banks — Commercial | 2.0 | |||
Insurance — Life/Health | 1.9 | |||
Electric — Integrated | 1.8 | |||
Human Resources | 1.6 | |||
Auto — Cars/Light Trucks | 1.6 | |||
Retail — Building Products | 1.2 | |||
Computers | 1.2 | |||
Diversified Manufacturing Operations | 1.2 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Internet Security | 1.1 | |||
Toys | 1.1 | |||
Security Services | 1.0 | |||
Steel — Producers | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Insurance — Property/Casualty | 1.0 | |||
Oil Refining & Marketing | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Publishing — Books | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Aerospace/Defense | 0.8 | |||
Building Products — Cement | 0.8 | |||
Wireless Equipment | 0.8 | |||
Import/Export | 0.8 | |||
Containers — Metal/Glass | 0.8 | |||
Oil & Gas Drilling | 0.7 | |||
Diversified Minerals | 0.7 | |||
Airlines | 0.7 | |||
Multimedia | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Building Products — Air & Heating | 0.6 | |||
Chemicals — Specialty | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Energy — Alternate Sources | 0.6 | |||
Retail — Major Department Stores | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Diversified Operations | 0.3 | |||
Food — Wholesale/Distribution | 0.2 | |||
Medical — Biomedical/Gene | 0.1 | |||
Time Deposits | 0.1 | |||
103.4 | % | |||
Country Allocation*
United Kingdom | 19.4 | % | ||
France | 12.4 | |||
Switzerland | 9.6 | |||
Netherlands | 8.0 | |||
United States | 6.8 | |||
Germany | 6.7 | |||
South Korea | 6.6 | |||
Japan | 6.4 | |||
Norway | 4.7 | |||
Taiwan | 4.3 | |||
Singapore | 2.4 | |||
Denmark | 1.7 | |||
Spain | 1.7 | |||
Russia | 1.4 | |||
Australia | 1.2 | |||
Italy | 1.1 | |||
Brazil | 1.1 | |||
Canada | 1.0 | |||
India | 0.9 | |||
China | 0.8 | |||
Bermuda | 0.8 | |||
Austria | 0.8 | |||
Hong Kong | 0.8 | |||
Ireland | 0.8 | |||
Sweden | 0.8 | |||
Jersey | 0.6 | |||
Cayman Islands | 0.6 | |||
103.4 | % | |||
* | Calculated as a percentage of net assets |
61
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.5% |
| |||||||
Australia — 1.2% |
| |||||||
Billabong International, Ltd.#(1) | 1,289,870 | $ | 5,044,152 | |||||
Downer EDI, Ltd.†(1) | 1,631,724 | 5,333,738 | ||||||
10,377,890 | ||||||||
Austria — 0.8% |
| |||||||
Telekom Austria AG(1) | 601,270 | 6,976,877 | ||||||
Bermuda — 0.8% |
| |||||||
First Pacific Co.(1) | 2,330,000 | 2,578,607 | ||||||
PartnerRe, Ltd.# | 71,130 | 4,674,664 | ||||||
7,253,271 | ||||||||
Canada — 1.0% |
| |||||||
Suncor Energy, Inc. | 37,200 | 1,120,431 | ||||||
Talisman Energy, Inc. | 534,640 | 7,317,589 | ||||||
8,438,020 | ||||||||
Cayman Islands — 0.6% |
| |||||||
Trina Solar, Ltd. ADR†# | 624,013 | 4,992,104 | ||||||
China — 0.8% |
| |||||||
China Telecom Corp., Ltd.(1) | 11,947,823 | 7,293,923 | ||||||
Shanghai Electric Group Co., | 72,000 | 32,675 | ||||||
7,326,598 | ||||||||
Denmark — 1.7% |
| |||||||
Danske Bank A/S†(1) | 802,350 | 11,219,192 | ||||||
Vestas Wind Systems A/S†#(1) | 251,200 | 3,389,308 | ||||||
14,608,500 | ||||||||
France — 12.4% |
| |||||||
AXA SA(1) | 996,452 | 14,494,904 | ||||||
BNP Paribas SA(1) | 330,636 | 13,268,005 | ||||||
Carrefour SA(1) | 229,550 | 6,108,979 | ||||||
France Telecom SA(1) | 695,195 | 12,007,889 | ||||||
GDF Suez(1) | 172,090 | 4,835,176 | ||||||
Sanofi(1) | 341,550 | 23,907,744 | ||||||
Societe Generale SA(1) | 383,109 | 9,449,015 | ||||||
Total SA(1) | 279,300 | 14,427,961 | ||||||
Vivendi SA(1) | 404,500 | 9,334,196 | ||||||
107,833,869 | ||||||||
Germany — 6.7% |
| |||||||
Deutsche Lufthansa AG(1) | 431,830 | 5,594,816 | ||||||
E.ON AG(1) | 445,220 | 11,020,901 | ||||||
Merck KGaA(1) | 134,769 | 13,385,580 | ||||||
Muenchener Rueckversicherungs AG(1) | 77,140 | 9,754,860 | ||||||
SAP AG(1) | 133,030 | 7,936,958 | ||||||
Siemens AG(1) | 99,875 | 10,080,231 | ||||||
57,773,346 | ||||||||
Hong Kong — 0.8% |
| |||||||
Cheung Kong Holdings, Ltd.(1) | 488 | 5,630 | ||||||
China Mobile, Ltd.(1) | 701,500 | 6,924,776 | ||||||
6,930,406 | ||||||||
India — 0.9% |
| |||||||
Reliance Industries, Ltd. GDR (LSE)*(1) | 94,320 | 2,843,437 | ||||||
Reliance Industries, Ltd. GDR (OTC US)* | 178,360 | 5,350,800 | ||||||
8,194,237 | ||||||||
Ireland — 0.8% |
| |||||||
CRH PLC(1) | 352,760 | 6,806,728 | ||||||
Italy — 1.1% |
| |||||||
UniCredit SpA†#(1) | 9,241,116 | 9,649,893 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Japan — 6.4% |
| |||||||
ITOCHU Corp.(1) | 639,000 | $ | 6,491,675 | |||||
Mazda Motor Corp.†#(1) | 2,066,000 | 3,771,520 | ||||||
Nintendo Co., Ltd.(1) | 60,996 | 9,249,305 | ||||||
NKSJ Holdings, Inc.(1) | 418,999 | 8,321,017 | ||||||
Nomura Holdings, Inc.(1) | 2,200,300 | 7,294,251 | ||||||
Toyota Motor Corp.(1) | 320,900 | 10,550,963 | ||||||
Trend Micro, Inc.(1) | 309,900 | 9,513,287 | ||||||
55,192,018 | ||||||||
Jersey — 0.6% |
| |||||||
Informa PLC(1) | 943,060 | 5,367,737 | ||||||
Netherlands — 8.0% |
| |||||||
Aegon NV†(1) | 2,216,492 | 9,705,589 | ||||||
Akzo Nobel NV(1) | 167,112 | 8,485,865 | ||||||
ING Groep NV CVA†(1) | 3,172,164 | 24,737,704 | ||||||
Koninklijke Philips Electronics NV(1) | 562,120 | 11,439,107 | ||||||
Randstad Holding NV(1) | 236,610 | 7,391,784 | ||||||
Reed Elsevier NV(1) | 654,324 | 7,721,519 | ||||||
69,481,568 | ||||||||
Norway — 4.7% |
| |||||||
Statoil ASA(1) | 746,520 | 19,324,340 | ||||||
Telenor ASA(1) | 1,244,458 | 21,268,057 | ||||||
40,592,397 | ||||||||
Russia — 1.4% |
| |||||||
Gazprom OAO ADR (LSE) | 767,400 | 8,825,100 | ||||||
Gazprom OAO ADR (OTC US)(1) | 253,600 | 2,938,159 | ||||||
11,763,259 | ||||||||
Singapore — 2.4% |
| |||||||
Flextronics International, Ltd.† | 1,326,280 | 7,917,892 | ||||||
Singapore Telecommunications, | 4,900,999 | 11,901,258 | ||||||
Singapore Telecommunications, | 294,000 | 714,991 | ||||||
20,534,141 | ||||||||
South Korea — 6.6% |
| |||||||
KB Financial Group, Inc.(1) | 449,203 | 15,631,583 | ||||||
KIWOOM Securities Co., Ltd.(1) | 55,850 | 2,769,726 | ||||||
Korea Investment Holdings Co., Ltd.(1) | 86,240 | 2,900,061 | ||||||
POSCO(1) | 25,911 | 8,741,658 | ||||||
Samsung Electronics Co., Ltd.(1) | 29,787 | 27,042,674 | ||||||
57,085,702 | ||||||||
Spain — 1.7% |
| |||||||
Telefonica SA(1) | 770,656 | 14,539,220 | ||||||
Telefonica SA ADR | 837 | 15,694 | ||||||
14,554,914 | ||||||||
Sweden — 0.8% |
| |||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 637,260 | 6,781,905 | ||||||
Switzerland — 9.6% |
| |||||||
Basilea Pharmaceutica†(1) | 33,210 | 1,150,916 | ||||||
Credit Suisse Group AG†(1) | 783,526 | 18,995,728 | ||||||
Lonza Group AG†(1) | 86,480 | 5,296,638 | ||||||
Noble Corp.†# | 169,310 | 5,846,274 | ||||||
Roche Holding AG(1) | 155,810 | 24,782,602 | ||||||
Swiss Re AG†(1) | 294,940 | 15,537,718 | ||||||
UBS AG†(1) (ZSE) | 504,919 | 6,206,652 | ||||||
UBS AG†# (NYSE) | 441,010 | 5,499,395 | ||||||
83,315,923 | ||||||||
Taiwan — 4.3% |
| |||||||
Compal Electronics, Inc.(1) | 11,335,528 | 10,396,287 | ||||||
Lite - On Technology Corp.(1) | 21,680 | 23,793 |
62
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Taiwan (continued) |
| |||||||
Siliconware Precision Industries Co.(1) | 8,689,000 | $ | 7,972,021 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 7,398,862 | 18,632,292 | ||||||
37,024,393 | ||||||||
United Kingdom — 19.4% |
| |||||||
Aviva PLC(1) | 3,356,978 | 16,535,572 | ||||||
BAE Systems PLC(1) | 1,661,876 | 7,172,939 | ||||||
BP PLC(1) | 1,687,372 | 12,269,267 | ||||||
BP PLC ADR | 180 | 7,839 | ||||||
Carillion PLC(1) | 1,538,340 | 7,531,830 | ||||||
G4S PLC(1) | 2,215,310 | 8,915,272 | ||||||
GlaxoSmithKline PLC(1) | 971,621 | 21,529,392 | ||||||
Hays PLC(1) | 6,300,480 | 7,286,600 | ||||||
Kingfisher PLC(1) | 2,660,645 | 10,721,553 | ||||||
Lloyds Banking Group PLC†(1) | 14,357,580 | 5,647,758 | ||||||
Marks & Spencer Group PLC(1) | 678,710 | 3,534,519 | ||||||
Premier Foods PLC†#(1) | 20,777,609 | 1,922,304 | ||||||
Rexam PLC(1) | 1,196,170 | 6,488,715 | ||||||
Royal Dutch Shell PLC, | 167,235 | 5,861,364 | ||||||
Royal Dutch Shell PLC, | 268,205 | 9,661,765 | ||||||
SIG PLC(1) | 4,032,874 | 5,312,869 | ||||||
Tesco PLC(1) | 3,128,460 | 19,952,812 | ||||||
Vodafone Group PLC(1) | 6,644,657 | 18,026,367 | ||||||
168,378,737 | ||||||||
Total Common Stock |
| |||||||
(cost $935,713,013) | 827,234,433 | |||||||
PREFERRED STOCK — 1.1% |
| |||||||
Brazil — 1.1% |
| |||||||
Petroleo Brasileiro SA ADR | 147,700 | 3,702,839 | ||||||
Vale SA ADR | 263,264 | 5,757,585 | ||||||
Total Preferred Stock |
| |||||||
(cost $6,719,210) | 9,460,424 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $942,432,223) | 836,694,857 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 6.8% |
| |||||||
Collective Investment Pool — 4.2% |
| |||||||
Navigator Securities Lending Prime Portfolio(2) | 36,360,133 | $ | 36,360,133 | |||||
Time Deposits — 0.1% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 | $ | 576,000 | 576,000 | |||||
U.S. Government Agencies — 2.5% |
| |||||||
Federal Home Loan Bank | 22,000,000 | 22,000,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $58,936,133) | 58,936,133 | |||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $1,001,368,356)(3) | 103.4 | % | 895,630,990 | |||||
Liabilities in excess of other assets | (3.4 | ) | (29,420,270 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 866,210,720 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $8,194,237 representing 0.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $775,666,651 representing 89.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2.) |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
GDR—Global Depository Receipt
LSE—London Stock Exchange
NYSE—New York Stock Exchange
OTC—Over the Counter U.S
ZSE—Zurich Stock Exchange
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
France | $ | — | $ | 107,833,869 | # | $ | — | $ | 107,833,869 | |||||||
Germany | — | 57,773,346 | # | — | 57,773,346 | |||||||||||
Japan | — | 55,192,018 | # | — | 55,192,018 | |||||||||||
Netherlands | — | 69,481,568 | # | — | 69,481,568 | |||||||||||
South Korea | — | 57,085,702 | # | — | 57,085,702 | |||||||||||
Switzerland | 11,345,669 | 71,970,254 | # | — | 83,315,923 | |||||||||||
United Kingdom | 7,839 | 168,370,898 | # | — | 168,378,737 | |||||||||||
Other Countries* | 40,214,274 | 187,958,996 | # | — | 228,173,270 | |||||||||||
Preferred Stock | 9,460,424 | — | — | 9,460,424 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 36,360,133 | — | 36,360,133 | ||||||||||||
Time Deposits | — | 576,000 | — | 576,000 | ||||||||||||
U.S. Government Agencies | — | 22,000,000 | — | 22,000,000 | ||||||||||||
Total | $ | 61,028,206 | $ | 834,602,784 | $ | — | $ | 895,630,990 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $775,666,651 representing 89.6% of net assets. See Note 2. |
63
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Real Estate Investment Trusts | 69.9 | % | ||
Real Estate Operations & Development | 21.6 | |||
Real Estate Management/Services | 5.3 | |||
Time Deposits | 2.4 | |||
Storage/Warehousing | 0.3 | |||
Hotels/Motels | 0.2 | |||
Diversified Financial Services | 0.1 | |||
99.8 | % | |||
Country Allocation*
United States | 45.1 | % | ||
Japan | 10.4 | |||
Hong Kong | 10.4 | |||
Australia | 8.4 | |||
United Kingdom | 5.9 | |||
Canada | 5.1 | |||
France | 4.3 | |||
Singapore | 3.1 | |||
Bermuda | 1.5 | |||
Netherlands | 1.4 | |||
Sweden | 1.3 | |||
Norway | 0.9 | |||
Jersey | 0.8 | |||
Cayman Islands | 0.6 | |||
Germany | 0.3 | |||
Guernsey | 0.3 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
64
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.3% |
| |||||||
Australia — 8.4% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 0 | |||||
Charter Hall Group(3) | 327,684 | 693,080 | ||||||
Dexus Property Group(3) | 5,128,378 | 4,648,874 | ||||||
GPT Group(3) | 546,028 | 1,796,189 | ||||||
Stockland(3) | 924,391 | 3,299,441 | ||||||
Westfield Group(3) | 670,369 | 5,804,936 | ||||||
Westfield Retail Trust(3) | 2,249,767 | 6,020,315 | ||||||
22,262,835 | ||||||||
Bermuda — 1.5% |
| |||||||
Hong Kong Land Holdings, Ltd.(3) | 373,000 | 1,746,721 | ||||||
Kerry Properties, Ltd.(3) | 676,000 | 2,381,534 | ||||||
4,128,255 | ||||||||
Brazil — 0.0% |
| |||||||
BR Properties SA | 5,300 | 52,785 | ||||||
Canada — 5.1% |
| |||||||
Allied Properties Real Estate Investment Trust | 69,776 | 1,637,080 | ||||||
Canadian Apartment Properties REIT | 48,497 | 1,000,418 | ||||||
Canadian Real Estate Investment Trust | 35,600 | 1,260,022 | ||||||
Dundee Real Estate Investment Trust | 58,998 | 1,890,921 | ||||||
InnVest Real Estate Investment Trust | 498,577 | 2,106,835 | ||||||
Primaris Retail Real Estate Investment Trust | 133,459 | 2,649,684 | ||||||
Transglobe Apartment Real Estate Investment Trust(1) | 267,413 | 2,978,393 | ||||||
13,523,353 | ||||||||
Cayman Islands — 0.6% |
| |||||||
Shimao Property Holdings, Ltd.(3) | 1,941,500 | 1,589,317 | ||||||
France — 4.3% |
| |||||||
Fonciere Des Regions(3) | 19,272 | 1,282,696 | ||||||
Gecina SA(3) | 14,194 | 1,229,219 | ||||||
Nexity SA(3) | 87,275 | 2,032,674 | ||||||
Societe Immobiliere de Location pour l’Industrie et le Commerce(3) | 10,728 | 1,083,005 | ||||||
Unibail - Rodamco SE(3) | 30,686 | 5,729,804 | ||||||
11,357,398 | ||||||||
Germany — 0.3% |
| |||||||
Alstria Office REIT - AG(3) | 78,850 | 887,419 | ||||||
Guernsey — 0.3% |
| |||||||
Etalon Group, Ltd. GDR†*(1)(4) | 169,362 | 803,792 | ||||||
Hong Kong — 10.4% |
| |||||||
China Overseas Land & Investment, Ltd.(3) | 3,424,000 | 6,064,559 | ||||||
Hang Lung Properties, Ltd.(3) | 1,687,000 | 5,105,232 | ||||||
Henderson Land Development Co., Ltd.(3) | 933,000 | 4,655,314 | ||||||
Sun Hung Kai Properties, Ltd.(3) | 945,504 | 11,686,758 | ||||||
27,511,863 | ||||||||
Japan — 10.4% |
| |||||||
Japan Prime Realty Investment Corp.(3) | 575 | 1,407,915 | ||||||
Japan Real Estate Investment Corp.(3) | 173 | 1,440,085 | ||||||
Mitsubishi Estate Co., Ltd.(3) | 333,000 | 5,572,730 | ||||||
Mitsui Fudosan Co., Ltd.(3) | 504,000 | 8,182,725 | ||||||
Nippon Building Fund, Inc.(3) | 190 | 1,746,433 | ||||||
Orix JREIT, Inc.(3) | 156 | 662,062 | ||||||
Sankei Building Co., Ltd.(3) | 172,200 | 692,542 | ||||||
Sumitomo Realty & Development Co., Ltd.(3) | 228,000 | 4,523,544 | ||||||
United Urban Investment Corp.(3) | 3,244 | 3,490,039 | ||||||
27,718,075 | ||||||||
Jersey — 0.8% |
| |||||||
Atrium European Real Estate, Ltd.(3) | 504,292 | 2,238,087 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 1.4% |
| |||||||
Corio NV(3) | 24,569 | $ | 1,096,198 | |||||
Eurocommercial Properties NV(3) | 75,704 | 2,558,574 | ||||||
3,654,772 | ||||||||
Norway — 0.9% |
| |||||||
Norwegian Property ASA(3) | 1,714,219 | 2,330,218 | ||||||
Singapore — 3.1% |
| |||||||
CapitaLand, Ltd.(3) | 4,074,000 | 8,263,416 | ||||||
Sweden — 1.3% |
| |||||||
Castellum AB(3) | 232,746 | 2,910,110 | ||||||
Hufvudstaden AB(3) | 46,697 | 469,345 | ||||||
3,379,455 | ||||||||
United Kingdom — 5.9% |
| |||||||
Derwent London PLC(3) | 133,206 | 3,350,008 | ||||||
Great Portland Estates PLC(3) | 188,237 | 1,043,270 | ||||||
Hammerson PLC(3) | 728,509 | 4,492,786 | ||||||
Land Securities Group PLC(3) | 115,311 | 1,246,208 | ||||||
Metric Property Investments PLC(3) | 1,140,793 | 1,614,108 | ||||||
Safestore Holdings PLC(3) | 503,238 | 821,494 | ||||||
Segro PLC(3) | 474,933 | 1,685,993 | ||||||
Shaftesbury PLC(3) | 170,501 | 1,346,238 | ||||||
15,600,105 | ||||||||
United States — 42.6% |
| |||||||
Acadia Realty Trust | 52,264 | 1,023,329 | ||||||
Alexandria Real Estate Equities, Inc. | 43,466 | 2,849,631 | ||||||
American Campus Communities, Inc. | 39,500 | 1,553,930 | ||||||
AvalonBay Communities, Inc. | 34,346 | 4,288,098 | ||||||
Boston Properties, Inc. | 50,226 | 4,790,556 | ||||||
BRE Properties, Inc. | 20,812 | 1,012,712 | ||||||
Camden Property Trust | 34,477 | 1,990,357 | ||||||
CBL & Associates Properties, Inc. | 34,200 | 488,718 | ||||||
DCT Industrial Trust, Inc. | 71,500 | 343,915 | ||||||
DDR Corp. | 15,400 | 180,026 | ||||||
DiamondRock Hospitality Co. | 141,026 | 1,238,208 | ||||||
Digital Realty Trust, Inc. | 46,870 | 2,976,245 | ||||||
Douglas Emmett, Inc. | 33,834 | 608,335 | ||||||
Duke Realty Corp. | 161,102 | 1,868,783 | ||||||
Equity Lifestyle Properties, Inc. | 15,700 | 970,731 | ||||||
Equity Residential | 76,393 | 4,216,130 | ||||||
Essex Property Trust, Inc. | 22,180 | 2,946,613 | ||||||
Extra Space Storage, Inc. | 42,511 | 1,024,515 | ||||||
Federal Realty Investment Trust | 23,200 | 2,051,576 | ||||||
General Growth Properties, Inc. | 155,967 | 2,196,015 | ||||||
HCP, Inc. | 130,133 | 5,029,640 | ||||||
Health Care REIT, Inc. | 82,059 | 4,116,900 | ||||||
Healthcare Realty Trust, Inc. | 29,700 | 523,314 | ||||||
Hersha Hospitality Trust | 120,655 | 518,817 | ||||||
Highwoods Properties, Inc. | 46,678 | 1,346,194 | ||||||
Host Hotels & Resorts, Inc. | 323,455 | 4,576,888 | ||||||
Kilroy Realty Corp. | 35,264 | 1,272,678 | ||||||
Kimco Realty Corp. | 125,306 | 1,976,076 | ||||||
Macerich Co. | 64,292 | 3,221,029 | ||||||
Mid-America Apartment Communities, Inc. | 27,177 | 1,557,786 | ||||||
National Retail Properties, Inc. | 55,900 | 1,479,114 | ||||||
Pebblebrook Hotel Trust | 15,700 | 290,764 | ||||||
Piedmont Office Realty Trust, Inc. | 63,500 | 1,056,640 | ||||||
Plum Creek Timber Co., Inc. | 55,304 | 2,037,399 | ||||||
ProLogis, Inc. | 178,540 | 4,966,983 | ||||||
Public Storage | 32,628 | 4,303,633 | ||||||
Rayonier, Inc. | 42,699 | 1,735,287 | ||||||
Regency Centers Corp. | 47,988 | 1,783,234 | ||||||
Retail Opportunity Investments Corp. | 74,687 | 879,813 |
65
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
Senior Housing Properties Trust | 44,104 | $ | 966,319 | |||||
Simon Property Group, Inc. | 91,035 | 11,319,292 | ||||||
SL Green Realty Corp. | 21,634 | 1,424,383 | ||||||
Sovran Self Storage, Inc. | 25,302 | 1,053,575 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 11,389 | 543,028 | ||||||
Sunstone Hotel Investors, Inc.† | 66,000 | 502,920 | ||||||
Tanger Factory Outlet Centers | 23,900 | 677,565 | ||||||
Taubman Centers, Inc. | 10,900 | 679,397 | ||||||
UDR, Inc. | 72,081 | 1,693,903 | ||||||
Ventas, Inc. | 109,602 | 5,782,602 | ||||||
Vornado Realty Trust | 58,253 | 4,336,936 | ||||||
Weyerhaeuser Co. | 166,304 | 2,792,244 | ||||||
113,062,776 | ||||||||
Total Common Stock |
| |||||||
(cost $263,257,383) | 258,363,921 | |||||||
ASSET BACKED SECURITIES — 0.1% |
| |||||||
United States — 0.1% |
| |||||||
Citigroup Commercial Mtg. Trust VRS | $ | 219,060 | 203,333 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $263,444,679) | 258,567,254 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.4% |
| |||||||
Time Deposits — 2.4% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | 6,434,000 | 6,434,000 | ||||||
Value (Note 2) | ||||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $269,878,679)(6) | 99.8 | % | $ | 265,001,254 | ||||
Other assets less liabilities | 0.2 | 474,858 | ||||||
NET ASSETS — | 100.0 | % | $ | 265,476,112 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $1,007,125 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $3,782,185 representing 1.4% of net assets. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $130,921,215 representing 49.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(5) | Commercial Mortgage Backed Security |
(6) | See Note 5 for cost of investments on a tax basis. |
GDR—Global Depository Receipt
VRS—Variable Rate Security
The rates shown on VRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Australia | $ | — | $ | 22,262,835 | # | $ | 0 | $ | 22,262,835 | |||||||
Canada | 13,523,353 | — | — | 13,523,353 | ||||||||||||
Hong Kong | — | 27,511,863 | # | — | 27,511,863 | |||||||||||
Japan | — | 27,718,075 | # | — | 27,718,075 | |||||||||||
United Kingdom | — | 15,600,105 | # | — | 15,600,105 | |||||||||||
United States | 113,062,776 | — | — | 113,062,776 | ||||||||||||
Other Countries* | 52,785 | 38,632,129 | # | — | 38,684,914 | |||||||||||
Asset Backed Securities | — | 203,333 | — | 203,333 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 6,434,000 | — | 6,434,000 | ||||||||||||
Total | $ | 126,638,914 | $ | 138,362,340 | $ | 0 | $ | 265,001,254 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $130,921,215 representing 49.3% of net assets. See Note 2. |
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VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2011 | $ | 0 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized gain | — | |||
Realized loss | — | |||
Change in unrealized appreciation(1) | — | |||
Change in unrealized depreciation(1) | — | |||
Net purchases | — | |||
Net sales | — | |||
Transfers into Level 3(2) | — | |||
Transfers out of Level 3(2) | — | |||
Balance as of 11/30/2011 | $ | 0 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | ||||
$ | — | |||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
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PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Medical — Drugs | 5.5 | % | ||
Banks — Commercial | 4.6 | |||
Oil Companies — Exploration & Production | 3.7 | |||
Diversified Banking Institutions | 3.6 | |||
Multimedia | 3.4 | |||
Collective Investment Pool | 3.2 | |||
Oil Companies — Integrated | 2.8 | |||
Banks — Super Regional | 2.5 | |||
Computers | 2.5 | |||
Food — Misc. | 2.4 | |||
Insurance — Multi-line | 2.3 | |||
Computer Services | 2.3 | |||
Telephone — Integrated | 2.3 | |||
Diversified Minerals | 2.3 | |||
Time Deposits | 1.8 | |||
Cosmetics & Toiletries | 1.8 | |||
Medical — HMO | 1.7 | |||
Electric — Integrated | 1.6 | |||
Insurance — Life/Health | 1.6 | |||
Oil — Field Services | 1.5 | |||
Auto — Cars/Light Trucks | 1.5 | |||
Cable/Satellite TV | 1.4 | |||
Applications Software | 1.4 | |||
Transport — Rail | 1.3 | |||
Pipelines | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Electronic Components — Semiconductors | 1.2 | |||
Food — Confectionery | 1.2 | |||
Web Portals/ISP | 1.1 | |||
Real Estate Investment Trusts | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Retail — Building Products | 1.0 | |||
Medical — Biomedical/Gene | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Medical — Generic Drugs | 1.0 | |||
Industrial Gases | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Gold Mining | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Metal — Copper | 0.7 | |||
Transport — Services | 0.7 | |||
Athletic Footwear | 0.7 | |||
Medical Products | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Retail — Major Department Stores | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Consumer Products — Misc. | 0.6 | |||
Cellular Telecom | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Real Estate Operations & Development | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Non-Hazardous Waste Disposal | 0.5 | |||
Agricultural Chemicals | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
Photo Equipment & Supplies | 0.5 | |||
Food — Retail | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Therapeutics | 0.4 | |||
Gas — Distribution | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Soap & Cleaning Preparation | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Semiconductor Equipment | 0.4 |
Retail — Misc./Diversified | 0.4 | % | ||
Public Thoroughfares | 0.4 | |||
Metal Processors & Fabrication | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Food — Wholesale/Distribution | 0.3 | |||
Finance — Other Services | 0.3 | |||
Building Products — Cement | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Food — Baking | 0.3 | |||
Gas — Transportation | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Audio/Video Products | 0.3 | |||
Retail — Discount | 0.2 | |||
Airport Development/Maintenance | 0.2 | |||
Telecom Services | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Sugar | 0.2 | |||
Medical Instruments | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Satellite Telecom | 0.2 | |||
Diversified Operations | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Investment Companies | 0.2 | |||
Office Automation & Equipment | 0.1 | |||
Commercial Services | 0.1 | |||
Silver Mining | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Agricultural Operations | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Retail — Bedding | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Advertising Agencies | 0.1 | |||
Metal — Diversified | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Machinery — Farming | 0.1 | |||
Insurance Brokers | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Textile — Products | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Steel — Producers | 0.1 | |||
Printing — Commercial | 0.1 | |||
Consulting Services | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Security Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Mining | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Metal — Iron | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Water Treatment Systems | 0.1 | |||
102.8 | % | |||
* | Calculated as a percentage of net assets |
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PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Country Allocation*
United States | 52.6 | % | ||
Japan | 9.9 | |||
United Kingdom | 8.3 | |||
Canada | 5.9 | |||
Australia | 4.2 | |||
France | 3.7 | |||
Switzerland | 3.5 | |||
Germany | 3.4 | |||
Italy | 1.5 | |||
Spain | 1.4 | |||
Ireland | 1.2 | |||
Sweden | 1.0 | |||
Hong Kong | 1.0 | |||
Singapore | 0.8 | |||
Netherlands | 0.7 | |||
Curacao | 0.7 | |||
Bermuda | 0.5 | |||
Portugal | 0.5 | |||
Norway | 0.4 | |||
Israel | 0.3 | |||
Luxembourg | 0.3 | |||
Jersey | 0.3 | |||
Austria | 0.3 | |||
Greece | 0.2 | |||
Belgium | 0.1 | |||
New Zealand | 0.1 | |||
102.8 | % | |||
* | Calculated as a percentage of net assets |
69
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.2% |
| |||||||
Australia — 4.2% |
| |||||||
AGL Energy, Ltd.(1) | 7,555 | $ | 112,818 | |||||
Alumina, Ltd.(1) | 37,512 | 54,847 | ||||||
Amcor, Ltd.(1) | 22,857 | 174,711 | ||||||
AMP, Ltd.(1) | 42,158 | 186,072 | ||||||
Asciano, Ltd.(1) | 18,685 | 30,404 | ||||||
ASX, Ltd.(1) | 724 | 23,013 | ||||||
Australia & New Zealand Banking Group, | 37,500 | 794,278 | ||||||
BGP Holdings PLC†(2)(3) | 60,919 | 0 | ||||||
BHP Billiton, Ltd.(1) | 47,597 | 1,777,324 | ||||||
Boral, Ltd.(1) | 7,374 | 27,555 | ||||||
Brambles, Ltd.(1) | 23,970 | 179,065 | ||||||
Caltex Australia, Ltd.(1) | 2,237 | 30,212 | ||||||
Coca-Cola Amatil, Ltd.(1) | 14,598 | 178,285 | ||||||
Cochlear, Ltd.(1) | 358 | 20,830 | ||||||
Commonwealth Bank of Australia(1) | 22,032 | 1,105,034 | ||||||
Computershare, Ltd.(1) | 8,455 | 71,390 | ||||||
CSL, Ltd.(1) | 6,507 | 213,477 | ||||||
Fortescue Metals Group, Ltd.(1) | 28,937 | 142,860 | ||||||
Goodman Group(1) | 33,298 | 21,103 | ||||||
GPT Group(1) | 10,789 | 35,491 | ||||||
Harvey Norman Holdings, Ltd.(1) | 5,188 | 11,577 | ||||||
Iluka Resources, Ltd.(1) | 5,200 | 83,406 | ||||||
Incitec Pivot, Ltd.(1) | 21,309 | 73,609 | ||||||
Insurance Australia Group, Ltd.(1) | 22,893 | 69,367 | ||||||
Lynas Corp., Ltd.†(1) | 12,554 | 16,948 | ||||||
MacArthur Coal, Ltd.(1) | 2,258 | 38,467 | ||||||
Macquarie Group, Ltd.(1) | 4,982 | 124,880 | ||||||
MAP Group†(1) | 8,277 | 29,653 | ||||||
Mirvac Group(1) | 11,554 | 15,536 | ||||||
National Australia Bank, Ltd.(1) | 30,615 | 764,039 | ||||||
Newcrest Mining, Ltd.(1) | 14,340 | 520,269 | ||||||
Orica, Ltd.(1) | 5,521 | 148,273 | ||||||
Origin Energy, Ltd.(1) | 19,967 | 299,075 | ||||||
OZ Minerals, Ltd.(1) | 4,059 | 45,767 | ||||||
QBE Insurance Group, Ltd.(1) | 15,613 | 223,848 | ||||||
QR National, Ltd.(1) | 13,975 | 49,805 | ||||||
Ramsay Health Care, Ltd.(1) | 1,969 | 38,263 | ||||||
Santos, Ltd.(1) | 13,005 | 181,202 | ||||||
Sims Metal Management, Ltd.(1) | 3,253 | 44,274 | ||||||
Sonic Healthcare, Ltd.(1) | 5,736 | 69,376 | ||||||
SP AusNet(1) | 44,806 | 44,309 | ||||||
Stockland(1) | 26,024 | 92,888 | ||||||
Suncorp Group, Ltd.(1) | 17,989 | 157,138 | ||||||
Telstra Corp., Ltd.(1) | 66,717 | 219,223 | ||||||
Transurban Group(1) | 20,866 | 122,129 | ||||||
Wesfarmers, Ltd.(1) | 13,877 | 446,032 | ||||||
Wesfarmers, Ltd. PPS(1) | 5,794 | 187,949 | ||||||
Westfield Group(1) | 37,475 | 324,508 | ||||||
Westfield Retail Trust(1) | 17,200 | 46,027 | ||||||
Westpac Banking Corp.(1) | 42,092 | 919,454 | ||||||
Woodside Petroleum, Ltd.(1) | 9,890 | 344,639 | ||||||
10,930,699 | ||||||||
Austria — 0.3% |
| |||||||
OMV AG(1) | 21,062 | 699,569 | ||||||
Belgium — 0.1% |
| |||||||
Colruyt SA(1) | 6,285 | 238,249 | ||||||
Bermuda — 0.5% |
| |||||||
Arch Capital Group, Ltd.† | 15,816 | 597,370 | ||||||
Cheung Kong Infrastructure Holdings, Ltd.(1) | 18,000 | 101,760 | ||||||
Esprit Holdings, Ltd.(1) | 22,300 | 32,036 | ||||||
Kerry Properties, Ltd.(1) | 14,000 | 49,322 | ||||||
Li & Fung, Ltd.(1) | 92,000 | 188,147 |
Security Description | Shares | Value (Note 2) | ||||||
Bermuda (continued) |
| |||||||
NWS Holdings, Ltd.(1) | 176,000 | $ | 249,812 | |||||
Orient Overseas International, Ltd.(1) | 6,000 | 27,790 | ||||||
1,246,237 | ||||||||
Canada — 5.9% |
| |||||||
Agnico - Eagle Mines, Ltd. | 3,900 | 174,897 | ||||||
Agrium, Inc. | 2,300 | 161,436 | ||||||
Alimentation Couche - Tard, Inc., Class B | 2,700 | 77,563 | ||||||
ARC Resources, Ltd. | 3,600 | 90,287 | ||||||
Athabasca Oil Sands Corp.† | 3,400 | 39,369 | ||||||
Bank of Montreal | 8,100 | 473,794 | ||||||
Bank of Nova Scotia | 14,200 | 717,692 | ||||||
Baytex Energy Corp. | 1,400 | 72,062 | ||||||
BCE, Inc. | 3,900 | 152,949 | ||||||
Bonavista Energy Corp. | 1,300 | 34,069 | ||||||
Brookfield Asset Management, Inc., Class A | 8,900 | 248,601 | ||||||
Brookfield Office Properties, Inc. | 2,200 | 32,505 | ||||||
Canadian Imperial Bank of Commerce | 4,900 | 350,271 | ||||||
Canadian National Railway Co. | 6,200 | 479,429 | ||||||
Canadian Natural Resources, Ltd. | 16,000 | 600,971 | ||||||
Canadian Oil Sands, Ltd. | 7,000 | 147,213 | ||||||
Canadian Pacific Railway, Ltd. | 1,700 | 102,438 | ||||||
Canadian Tire Corp., Ltd., Class A | 1,100 | 69,670 | ||||||
Canadian Utilities, Ltd., Class A | 2,000 | 121,908 | ||||||
Cenovus Energy, Inc. | 11,500 | 384,592 | ||||||
Centerra Gold, Inc. | 4,400 | 98,185 | ||||||
Crescent Point Energy Corp. | 3,700 | 160,885 | ||||||
Eldorado Gold Corp. | 11,900 | 216,077 | ||||||
Empire Co., Ltd., Class A | 600 | 36,002 | ||||||
Encana Corp. | 11,400 | 229,688 | ||||||
Enerplus Corp. | 2,400 | 62,709 | ||||||
Fairfax Financial Holdings, Ltd. | 200 | 81,769 | ||||||
First Quantum Minerals, Ltd. | 6,400 | 129,261 | ||||||
Fortis, Inc. | 4,200 | 137,989 | ||||||
Franco - Nevada Corp. | 3,500 | 148,208 | ||||||
George Weston, Ltd. | 2,300 | 152,191 | ||||||
Gildan Activewear, Inc. | 1,300 | 31,253 | ||||||
Great-West Lifeco, Inc. | 6,400 | 122,735 | ||||||
IAMGOLD Corp. | 8,200 | 165,777 | ||||||
IGM Financial, Inc. | 1,300 | 55,202 | ||||||
Imperial Oil, Ltd. | 8,200 | 350,688 | ||||||
Inmet Mining Corp. | 600 | 35,172 | ||||||
Intact Financial Corp. | 600 | 33,472 | ||||||
Ivanhoe Mines, Ltd.† | 3,700 | 79,808 | ||||||
Kinross Gold Corp. | 23,100 | 325,228 | ||||||
Loblaw Cos., Ltd. | 4,300 | 155,988 | ||||||
Magna International, Inc. | 3,300 | 117,738 | ||||||
Manulife Financial Corp. | 25,500 | 274,763 | ||||||
MEG Energy Corp.† | 1,800 | 78,833 | ||||||
National Bank of Canada | 1,200 | 78,051 | ||||||
New Gold, Inc.† | 8,800 | 98,530 | ||||||
Nexen, Inc. | 8,400 | 139,924 | ||||||
Niko Resources, Ltd. | 500 | 25,379 | ||||||
Open Text Corp.† | 600 | 34,208 | ||||||
Osisko Mining Corp.† | 9,400 | 103,866 | ||||||
Pacific Rubiales Energy Corp. | 3,700 | 79,119 | ||||||
Pan American Silver Corp. | 3,400 | 88,538 | ||||||
Pengrowth Energy Corp. | 3,600 | 37,061 | ||||||
Penn West Petroleum, Ltd. | 7,200 | 132,148 | ||||||
PetroBakken Energy, Ltd., Class A | 1,800 | 17,436 | ||||||
Potash Corp. of Saskatchewan, Inc. | 11,600 | 505,648 | ||||||
Power Corp. of Canada | 6,000 | 131,124 | ||||||
Power Financial Corp. | 5,600 | 134,681 | ||||||
Progress Energy Resources Corp. | 1,300 | 18,392 | ||||||
Research In Motion, Ltd.† | 6,500 | 117,133 |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Canada (continued) |
| |||||||
RioCan Real Estate Investment Trust | 1,200 | $ | 30,013 | |||||
Rogers Communications, Inc., Class B | 5,200 | 192,817 | ||||||
Royal Bank of Canada | 19,000 | 880,376 | ||||||
Saputo, Inc. | 2,000 | 74,494 | ||||||
Shaw Communications, Inc., Class B | 6,800 | 140,474 | ||||||
Shoppers Drug Mart Corp. | 4,400 | 183,127 | ||||||
Silver Wheaton Corp. | 6,900 | 232,244 | ||||||
Sino - Forest Corp.†(2) | 2,600 | 3,103 | ||||||
Sun Life Financial, Inc. | 9,400 | 170,130 | ||||||
Suncor Energy, Inc. | 23,600 | 710,811 | ||||||
Talisman Energy, Inc. | 15,600 | 213,516 | ||||||
Teck Resources, Ltd., Class B | 8,900 | 325,913 | ||||||
TELUS Corp. | 2,000 | 102,691 | ||||||
Thomson Reuters Corp.(NYSE) | 29,801 | 806,713 | ||||||
Thomson Reuters Corp.(TSX) | 7,500 | 203,025 | ||||||
Tim Hortons, Inc. | 2,800 | 141,929 | ||||||
Toronto - Dominion Bank | 11,700 | 843,130 | ||||||
Tourmaline Oil Corp.† | 800 | 23,962 | ||||||
TransAlta Corp. | 5,000 | 107,799 | ||||||
Valeant Pharmaceuticals International, Inc.† | 3,400 | 157,341 | ||||||
Vermilion Energy, Inc. | 1,000 | 46,728 | ||||||
Viterra, Inc. | 4,000 | 40,865 | ||||||
Yamana Gold, Inc. | 17,800 | 300,172 | ||||||
15,483,948 | ||||||||
Cayman Islands — 0.0% |
| |||||||
ASM Pacific Technology, Ltd.(1) | 4,700 | 52,105 | ||||||
Lifestyle International Holdings, Ltd.(1) | 14,000 | 32,987 | ||||||
85,092 | ||||||||
Curacao — 0.7% |
| |||||||
Schlumberger, Ltd. | 25,993 | 1,958,053 | ||||||
France — 3.7% |
| |||||||
Aeroports de Paris(1) | 8,529 | 623,443 | ||||||
AXA SA(1) | 64,126 | 932,810 | ||||||
BNP Paribas SA(1) | 25,710 | 1,031,710 | ||||||
Casino Guichard Perrachon SA(1) | 7,857 | 699,929 | ||||||
Credit Agricole SA(1) | 80,629 | 521,425 | ||||||
Danone(1) | 16,040 | 1,060,966 | ||||||
Eutelsat Communications SA(1) | 14,330 | 556,949 | ||||||
France Telecom SA(1) | 57,601 | 994,924 | ||||||
L’Oreal SA(1) | 8,897 | 962,646 | ||||||
Legrand SA(1) | 4,901 | 158,708 | ||||||
PPR(1) | 4,773 | 717,061 | ||||||
Sanofi(1) | 21,482 | 1,503,692 | ||||||
9,764,263 | ||||||||
Germany — 3.1% |
| |||||||
Allianz SE(1) | 11,101 | 1,150,273 | ||||||
Bayerische Motoren Werke AG(1) | 12,102 | 911,036 | ||||||
Beiersdorf AG(1) | 730 | 41,737 | ||||||
Brenntag AG(1) | 6,883 | 660,014 | ||||||
Commerzbank AG†(1) | 217,940 | 407,595 | ||||||
Deutsche Telekom AG(1) | 83,072 | 1,076,815 | ||||||
Fresenius SE & Co. KGaA(1) | 7,765 | 746,792 | ||||||
K + S AG(1) | 11,825 | 642,134 | ||||||
Linde AG(1) | 6,094 | 935,801 | ||||||
Muenchener Rueckversicherungs | 7,150 | 904,164 | ||||||
Suedzucker AG(1) | 18,187 | 578,400 | ||||||
8,054,761 | ||||||||
Greece — 0.2% |
| |||||||
Coca-Cola Hellenic Bottling Co. | 31,938 | 488,481 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Hong Kong — 1.0% |
| |||||||
BOC Hong Kong Holdings, Ltd.(1) | 59,500 | $ | 136,775 | |||||
Cathay Pacific Airways, Ltd.(1) | 25,000 | 45,362 | ||||||
Cheung Kong Holdings, Ltd.(1) | 23,000 | 265,349 | ||||||
Hang Lung Group, Ltd.(1) | 13,000 | 69,620 | ||||||
Hang Lung Properties, Ltd.(1) | 40,000 | 121,049 | ||||||
Hang Seng Bank, Ltd.(1) | 13,300 | 165,506 | ||||||
Henderson Land Development Co., Ltd.(1) | 18,000 | 89,813 | ||||||
Hong Kong & China Gas Co., Ltd.(1) | 99,000 | 228,923 | ||||||
Hong Kong Exchanges and Clearing, | 15,900 | 265,179 | ||||||
Hysan Development Co., Ltd.(1) | 4,000 | 12,902 | ||||||
Link REIT(1) | 40,000 | 144,291 | ||||||
MTR Corp.(1) | 40,500 | 134,584 | ||||||
New World Development Co., Ltd.(1) | 57,000 | 48,939 | ||||||
Power Assets Holdings, Ltd.(1) | 28,500 | 211,855 | ||||||
Sino Land Co., Ltd.(1) | 46,200 | 58,104 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 24,000 | 296,648 | ||||||
Swire Pacific, Ltd., Class A(1) | 13,500 | 164,647 | ||||||
Wharf Holdings, Ltd.(1) | 26,000 | 126,280 | ||||||
Wheelock & Co., Ltd.(1) | 17,000 | 45,322 | ||||||
2,631,148 | ||||||||
Ireland — 1.2% |
| |||||||
Accenture PLC, Class A | 32,784 | 1,899,177 | ||||||
Cooper Industries PLC# | 2,163 | 120,111 | ||||||
Warner Chilcott PLC, Class A† | 71,508 | 1,124,106 | ||||||
3,143,394 | ||||||||
Israel — 0.3% |
| |||||||
Bezeq The Israeli Telecommunication Corp., Ltd.(1) | 5,293 | 10,006 | ||||||
Delek Group, Ltd.(1) | 946 | 175,210 | ||||||
Israel Chemicals, Ltd.(1) | 9,600 | 104,359 | ||||||
Israel Corp., Ltd.(1) | 42 | 27,757 | ||||||
NICE Systems, Ltd.†(1) | 800 | 27,047 | ||||||
Teva Pharmaceutical Industries, Ltd.(1) | 12,600 | 499,974 | ||||||
844,353 | ||||||||
Italy — 1.5% |
| |||||||
Assicurazioni Generali SpA(1) | 37,600 | 625,454 | ||||||
Atlantia SpA(1) | 45,864 | 706,066 | ||||||
Saipem SpA(1) | 5,014 | 224,258 | ||||||
Snam Rete Gas SpA(1) | 155,885 | 723,048 | ||||||
Telecom Italia SpA(1) | 393,293 | 444,171 | ||||||
Telecom Italia SpA RSP(1) | 695,669 | 674,832 | ||||||
UniCredit SpA(1) | 428,883 | 447,854 | ||||||
3,845,683 | ||||||||
Japan — 9.9% |
| |||||||
ABC - Mart, Inc.(1) | 300 | 11,158 | ||||||
Advantest Corp.(1) | 2,400 | 26,967 | ||||||
Aeon Co., Ltd.(1) | 16,500 | 226,246 | ||||||
Air Water, Inc.(1) | 2,000 | 26,123 | ||||||
Aisin Seiki Co., Ltd.(1) | 5,100 | 153,609 | ||||||
Ajinomoto Co., Inc.(1) | 13,000 | 156,056 | ||||||
All Nippon Airways Co., Ltd.(1) | 12,000 | 36,320 | ||||||
Amada Co., Ltd.(1) | 11,000 | 68,789 | ||||||
Asahi Glass Co., Ltd.(1) | 29,000 | 247,201 | ||||||
Asics Corp.(1) | 2,000 | 24,028 | ||||||
Astellas Pharma, Inc.(1) | 7,000 | 270,223 | ||||||
Bank of Yokohama, Ltd.(1) | 4,000 | 19,093 | ||||||
Benesse Holdings, Inc.(1) | 1,900 | 85,345 | ||||||
Casio Computer Co., Ltd.(1) | 3,900 | 24,299 | ||||||
Central Japan Railway Co.(1) | 35 | 280,763 | ||||||
Chugai Pharmaceutical Co., Ltd.(1) | 3,700 | 56,532 | ||||||
Citizen Holdings Co., Ltd.(1) | 7,800 | 45,494 | ||||||
Coca-Cola West Co., Ltd.(1) | 1,800 | 30,534 |
71
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Japan (continued) | ||||||||
Cosmo Oil Co., Ltd.(1) | 24,000 | $ | 66,291 | |||||
Credit Saison Co., Ltd.(1) | 1,600 | 29,216 | ||||||
Dai Nippon Printing Co., Ltd.(1) | 12,000 | 117,810 | ||||||
Dai - ichi Life Insurance Co., Ltd.(1) | 127 | 141,333 | ||||||
Daido Steel Co., Ltd.(1) | 8,000 | 52,624 | ||||||
Daihatsu Motor Co., Ltd.(1) | 6,000 | 105,456 | ||||||
Daiichi Sankyo Co., Ltd.(1) | 10,200 | 183,544 | ||||||
Daito Trust Construction Co., Ltd.(1) | 800 | 71,373 | ||||||
Daiwa House Industry Co., Ltd.(1) | 5,000 | 60,270 | ||||||
Daiwa Securities Group, Inc.(1) | 23,000 | 77,109 | ||||||
Dena Co., Ltd.(1) | 1,450 | 44,990 | ||||||
Denki Kagaku Kogyo KK(1) | 6,000 | 23,641 | ||||||
Denso Corp.(1) | 10,700 | 305,825 | ||||||
Dentsu, Inc.(1) | 3,000 | 87,245 | ||||||
East Japan Railway Co.(1) | 6,200 | 379,459 | ||||||
Eisai Co., Ltd.(1) | 4,000 | 154,414 | ||||||
Elpida Memory, Inc.†(1) | 3,800 | 18,896 | ||||||
FANUC Corp.(1) | 3,400 | 558,169 | ||||||
Fast Retailing Co., Ltd.(1) | 900 | 145,760 | ||||||
Fuji Electric Co., Ltd.(1) | 26,000 | 77,343 | ||||||
FUJIFILM Holdings Corp.(1) | 10,800 | 261,205 | ||||||
Furukawa Electric Co., Ltd.(1) | 30,000 | 68,566 | ||||||
Gree, Inc.(1) | 1,300 | 43,608 | ||||||
GS Yuasa Corp.(1) | 13,000 | 75,210 | ||||||
Hamamatsu Photonics KK(1) | 2,000 | 73,847 | ||||||
Hino Motors, Ltd.(1) | 10,000 | 61,621 | ||||||
Hirose Electric Co., Ltd.(1) | 900 | 83,337 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(1) | 200 | 8,011 | ||||||
Hitachi Chemical Co., Ltd.(1) | 900 | 17,417 | ||||||
Hitachi Construction Machinery Co., Ltd.(1) | 4,800 | 85,237 | ||||||
Hitachi High - Technologies Corp.(1) | 2,200 | 48,697 | ||||||
Hitachi Metals, Ltd.(1) | 5,000 | 56,212 | ||||||
Honda Motor Co., Ltd.(1) | 27,600 | 872,521 | ||||||
Ibiden Co., Ltd.(1) | 3,000 | 71,041 | ||||||
Idemitsu Kosan Co., Ltd.(1) | 1,000 | 106,776 | ||||||
Inpex Corp.(1) | 36 | 241,938 | ||||||
Isetan Mitsukoshi Holdings, Ltd.(1) | 6,000 | 58,822 | ||||||
Isuzu Motors, Ltd.(1) | 30,000 | 141,676 | ||||||
J. Front Retailing Co., Ltd.(1) | 4,000 | 17,674 | ||||||
Japan Real Estate Investment Corp.(1) | 2 | 16,648 | ||||||
JGC Corp.(1) | 6,000 | 150,722 | ||||||
JS Group Corp.(1) | 7,600 | 144,286 | ||||||
JSR Corp.(1) | 2,300 | 44,737 | ||||||
JTEKT Corp.(1) | 6,700 | 66,144 | ||||||
Jupiter Telecommunications Co., Ltd.(1) | 58 | 56,668 | ||||||
Kansai Paint Co., Ltd.(1) | 1,000 | 9,516 | ||||||
Kao Corp.(1) | 10,100 | 266,696 | ||||||
KDDI Corp.(1) | 42 | 278,682 | ||||||
Keikyu Corp.(1) | 4,000 | 35,215 | ||||||
Keio Corp.(1) | 4,000 | 27,151 | ||||||
Keyence Corp.(1) | 900 | 230,212 | ||||||
Kikkoman Corp.(1) | 2,000 | 22,120 | ||||||
Kinden Corp.(1) | 13,000 | 107,567 | ||||||
Kintetsu Corp.(1) | 23,000 | 85,301 | ||||||
Koito Manufacturing Co., Ltd.(1) | 2,000 | 27,859 | ||||||
Konica Minolta Holdings, Inc.(1) | 89,000 | 673,966 | ||||||
Kubota Corp.(1) | 28,000 | 254,943 | ||||||
Kuraray Co., Ltd.(1) | 5,000 | 71,620 | ||||||
Kurita Water Industries, Ltd.(1) | 3,900 | 104,531 | ||||||
Kyocera Corp.(1) | 3,200 | 286,860 | ||||||
Kyowa Hakko Kirin Co., Ltd.(1) | 2,000 | 23,631 | ||||||
Mabuchi Motor Co., Ltd.(1) | 1,300 | 57,778 | ||||||
Makita Corp.(1) | 3,100 | 108,241 | ||||||
Marui Group Co., Ltd.(1) | 2,400 | 17,540 | ||||||
Maruichi Steel Tube, Ltd.(1) | 1,400 | 30,928 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Mazda Motor Corp.†(1) | 39,000 | $ | 71,195 | |||||
McDonald’s Holdings Co. Japan, Ltd.(1) | 2,200 | 59,068 | ||||||
Medipal Holdings Corp.(1) | 2,000 | 19,690 | ||||||
MEIJI Holdings Co., Ltd.(1) | 1,200 | 52,115 | ||||||
Miraca Holdings, Inc.(1) | 600 | 23,172 | ||||||
Mitsubishi Chemical Holdings Corp.(1) | 26,000 | 150,642 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 18,000 | 301,229 | ||||||
Mitsubishi Gas Chemical Co., Inc.(1) | 5,000 | 29,777 | ||||||
Mitsubishi Materials Corp.(1) | 40,000 | 112,607 | ||||||
Mitsubishi Motors Corp.†(1) | 125,000 | 151,244 | ||||||
Mitsubishi Tanabe Pharma Corp.(1) | 3,600 | 56,158 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 194,200 | 843,693 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.(1) | 1,170 | 44,695 | ||||||
Mitsui Chemicals, Inc.(1) | 15,000 | 48,690 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 12,000 | 194,827 | ||||||
Mitsui O.S.K. Lines, Ltd.(1) | 18,000 | 57,250 | ||||||
Mizuho Financial Group, Inc.(1) | 363,900 | 477,345 | ||||||
MS&AD Insurance Group Holdings(1) | 8,900 | 175,097 | ||||||
Murata Manufacturing Co., Ltd.(1) | 3,900 | 230,976 | ||||||
Namco Bandai Holdings, Inc.(1) | 3,200 | 46,208 | ||||||
NGK Insulators, Ltd.(1) | 8,000 | 88,602 | ||||||
NGK Spark Plug Co., Ltd.(1) | 4,000 | 51,224 | ||||||
NHK Spring Co., Ltd.(1) | 3,000 | 27,370 | ||||||
Nidec Corp.(1) | 2,800 | 252,878 | ||||||
Nikon Corp.(1) | 5,800 | 136,324 | ||||||
Nippon Building Fund, Inc.(1) | 4 | 36,767 | ||||||
Nippon Electric Glass Co., Ltd.(1) | 10,000 | 103,133 | ||||||
Nippon Express Co., Ltd.(1) | 8,000 | 30,400 | ||||||
Nippon Meat Packers, Inc.(1) | 3,000 | 37,704 | ||||||
Nippon Sheet Glass Co., Ltd.(1) | 35,000 | 67,510 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 8,800 | 433,552 | ||||||
Nippon Yusen KK(1) | 28,000 | 62,468 | ||||||
Nissan Motor Co., Ltd.(1) | 51,300 | 470,816 | ||||||
Nisshin Seifun Group, Inc.(1) | 3,000 | 36,025 | ||||||
Nisshin Steel Co., Ltd.(1) | 23,000 | 32,960 | ||||||
Nissin Foods Holdings Co., Ltd.(1) | 1,600 | 61,304 | ||||||
Nitori Holdings Co., Ltd.(1) | 750 | 70,145 | ||||||
Nitto Denko Corp.(1) | 2,400 | 99,407 | ||||||
NKSJ Holdings, Inc.(1) | 3,850 | 76,458 | ||||||
NOK Corp.(1) | 2,400 | 42,076 | ||||||
Nomura Holdings, Inc.(1) | 61,300 | 203,217 | ||||||
Nomura Research Institute, Ltd.(1) | 2,800 | 61,960 | ||||||
NSK, Ltd.(1) | 15,000 | 99,619 | ||||||
NTN Corp.(1) | 17,000 | 67,614 | ||||||
NTT Data Corp.(1) | 31 | 96,508 | ||||||
NTT DoCoMo, Inc.(1) | 236 | 416,180 | ||||||
Obayashi Corp.(1) | 27,000 | 113,075 | ||||||
Odakyu Electric Railway Co., Ltd.(1) | 9,000 | 85,138 | ||||||
Omron Corp.(1) | 6,000 | 128,219 | ||||||
Ono Pharmaceutical Co., Ltd.(1) | 1,000 | 51,900 | ||||||
Oracle Corp.(1) | 1,200 | 40,222 | ||||||
Oriental Land Co., Ltd.(1) | 1,400 | 144,851 | ||||||
ORIX Corp.(1) | 1,830 | 154,068 | ||||||
Osaka Gas Co., Ltd.(1) | 44,000 | 167,924 | ||||||
Otsuka Corp.(1) | 300 | 20,716 | ||||||
Otsuka Holdings Co., Ltd.(1) | 5,000 | 137,171 | ||||||
Panasonic Corp.(1) | 38,800 | 372,715 | ||||||
Rakuten, Inc.(1) | 123 | 131,621 | ||||||
Resona Holdings, Inc.(1) | 28,400 | 127,115 | ||||||
Rinnai Corp.(1) | 600 | 45,791 | ||||||
Rohm Co., Ltd.(1) | 2,200 | 105,310 | ||||||
Santen Pharmaceutical Co., Ltd.(1) | 300 | 11,305 | ||||||
Secom Co., Ltd.(1) | 4,100 | 184,818 | ||||||
Sekisui Chemical Co., Ltd.(1) | 8,000 | 59,979 | ||||||
Sekisui House, Ltd.(1) | 12,000 | 104,888 |
72
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Sharp Corp.(1) | 19,000 | $ | 194,248 | |||||
Shimamura Co., Ltd.(1) | 400 | 37,864 | ||||||
Shimano, Inc.(1) | 1,300 | 63,572 | ||||||
Shimizu Corp.(1) | 28,000 | 114,726 | ||||||
Shin - Etsu Chemical Co., Ltd.(1) | 6,600 | 331,355 | ||||||
Shionogi & Co., Ltd.(1) | 4,200 | 49,305 | ||||||
Shiseido Co., Ltd.(1) | 7,300 | 135,504 | ||||||
Shizuoka Bank, Ltd.(1) | 2,000 | 20,751 | ||||||
Showa Denko KK(1) | 26,000 | 53,182 | ||||||
Showa Shell Sekiyu KK(1) | 6,900 | 46,197 | ||||||
SMC Corp.(1) | 1,300 | 215,708 | ||||||
Softbank Corp.(1) | 12,100 | 407,683 | ||||||
Sony Financial Holdings, Inc.(1) | 1,900 | 31,283 | ||||||
Square Enix Holdings Co., Ltd.(1) | 700 | 14,371 | ||||||
Stanley Electric Co., Ltd.(1) | 2,800 | 41,215 | ||||||
Sumco Corp.†(1) | 2,700 | 22,852 | ||||||
Sumitomo Chemical Co., Ltd.(1) | 33,000 | 125,962 | ||||||
Sumitomo Electric Industries, Ltd.(1) | 23,200 | 252,686 | ||||||
Sumitomo Metal Industries, Ltd.(1) | 91,000 | 160,777 | ||||||
Sumitomo Metal Mining Co., Ltd.(1) | 14,000 | 188,894 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 21,400 | 590,938 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.(1) | 43,000 | 131,861 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 5,000 | 99,200 | ||||||
Sumitomo Rubber Industries, Ltd.(1) | 4,500 | 54,104 | ||||||
Suzuken Co., Ltd.(1) | 600 | 15,533 | ||||||
Sysmex Corp.(1) | 900 | 31,063 | ||||||
T&D Holdings, Inc.(1) | 7,200 | 70,035 | ||||||
Taisei Corp.(1) | 43,000 | 111,392 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd.† | 400 | 26,766 | ||||||
Taiyo Nippon Sanso Corp.(1) | 6,000 | 43,822 | ||||||
Takashimaya Co., Ltd.(1) | 2,000 | 14,278 | ||||||
Takeda Pharmaceutical Co., Ltd.(1) | 12,600 | 515,991 | ||||||
TDK Corp.(1) | 3,000 | 152,687 | ||||||
Teijin, Ltd.(1) | 15,000 | 45,962 | ||||||
Terumo Corp.(1) | 3,000 | 146,196 | ||||||
THK Co., Ltd.(1) | 3,300 | 66,419 | ||||||
Tobu Railway Co., Ltd.(1) | 13,000 | 65,976 | ||||||
Toho Co., Ltd.(1) | 600 | 10,354 | ||||||
Toho Gas Co., Ltd.(1) | 7,000 | 41,271 | ||||||
Tokio Marine Holdings, Inc.(1) | 12,800 | 310,525 | ||||||
Tokyo Electron, Ltd.(1) | 3,000 | 164,605 | ||||||
Tokyo Gas Co., Ltd.(1) | 55,000 | 236,275 | ||||||
Tokyu Corp.(1) | 20,000 | 96,578 | ||||||
TonenGeneral Sekiyu KK(1) | 11,000 | 125,624 | ||||||
Toppan Printing Co., Ltd.(1) | 13,000 | 95,676 | ||||||
Toray Industries, Inc.(1) | 26,000 | 195,146 | ||||||
Tosoh Corp.(1) | 10,000 | 29,477 | ||||||
TOTO, Ltd.(1) | 10,000 | 81,313 | ||||||
Toyo Seikan Kaisha, Ltd.(1) | 1,000 | 13,882 | ||||||
Toyo Suisan Kaisha, Ltd.(1) | 1,000 | 24,555 | ||||||
Toyoda Gosei Co., Ltd.(1) | 1,300 | 22,636 | ||||||
Toyota Boshoku Corp.(1) | 1,600 | 17,886 | ||||||
Toyota Industries Corp.(1) | 5,800 | 161,342 | ||||||
Trend Micro, Inc.(1) | 1,600 | 49,117 | ||||||
Ube Industries, Ltd.(1) | 15,000 | 42,450 | ||||||
Unicharm Corp.(1) | 2,800 | 132,632 | ||||||
Ushio, Inc.(1) | 4,800 | 72,608 | ||||||
USS Co., Ltd.(1) | 290 | 25,148 | ||||||
West Japan Railway Co.(1) | 3,400 | 140,658 | ||||||
Yahoo Japan Corp.(1) | 311 | 98,419 | ||||||
Yakult Honsha Co., Ltd.(1) | 1,900 | 58,486 | ||||||
Yamada Denki Co., Ltd.(1) | 1,430 | 103,376 | ||||||
Yamaha Corp.(1) | 2,300 | 22,270 | ||||||
Yamaha Motor Co., Ltd.†(1) | 8,400 | 117,399 | ||||||
Yamato Holdings Co., Ltd.(1) | 5,800 | 93,348 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Yamato Kogyo Co., Ltd.(1) | 1,000 | $ | 27,648 | |||||
Yamazaki Baking Co., Ltd.(1) | 3,000 | 39,872 | ||||||
Yaskawa Electric Corp.(1) | 6,000 | 52,376 | ||||||
25,970,561 | ||||||||
Jersey — 0.3% |
| |||||||
Petrofac, Ltd.(1) | 32,401 | 740,681 | ||||||
Luxembourg — 0.3% |
| |||||||
Millicom International Cellular SA(1) | 6,879 | 744,481 | ||||||
Mauritius — 0.0% |
| |||||||
Golden Agri - Resources, Ltd.(1) | 149,000 | 84,379 | ||||||
Netherlands — 0.7% |
| |||||||
ASML Holding NV(1) | 17,739 | 692,169 | ||||||
ING Groep NV†(1) | 109,988 | 857,727 | ||||||
Koninklijke KPN NV(1) | 33,357 | 408,625 | ||||||
1,958,521 | ||||||||
New Zealand — 0.1% |
| |||||||
Chorus, Ltd.† | 3,461 | 8,891 | ||||||
Contact Energy, Ltd.†(1) | 14,357 | 60,424 | ||||||
Fletcher Building, Ltd.(1) | 19,574 | 92,610 | ||||||
Telecom Corp. of New Zealand, Ltd.(1) | 17,306 | 27,659 | ||||||
189,584 | ||||||||
Norway — 0.4% |
| |||||||
Statoil ASA(1) | 37,846 | 979,678 | ||||||
Portugal — 0.5% |
| |||||||
EDP - Energias de Portugal SA(1) | 233,112 | 747,291 | ||||||
Galp Energia SGPS SA Class B(1) | 26,212 | 439,231 | ||||||
1,186,522 | ||||||||
Singapore — 0.8% |
| |||||||
Ascendas Real Estate Investment Trust(1) | 20,000 | 32,137 | ||||||
CapitaLand, Ltd.(1) | 49,000 | 99,388 | ||||||
CapitaMall Trust(1) | 33,000 | 45,772 | ||||||
City Developments, Ltd.(1) | 7,000 | 54,121 | ||||||
DBS Group Holdings, Ltd.(1) | 29,000 | 288,731 | ||||||
Global Logistic Properties, Ltd.†(1) | 30,000 | 43,720 | ||||||
Jardine Cycle & Carriage, Ltd.(1) | 3,000 | 109,669 | ||||||
Oversea - Chinese Banking Corp., | 42,000 | 268,444 | ||||||
Singapore Airlines, Ltd.(1) | 11,000 | 90,325 | ||||||
Singapore Exchange, Ltd.(1) | 10,000 | 49,224 | ||||||
Singapore Press Holdings, Ltd.(1) | 35,000 | 108,146 | ||||||
Singapore Telecommunications, | 135,000 | 327,825 | ||||||
United Overseas Bank, Ltd.(1) | 21,000 | 255,449 | ||||||
Wilmar International, Ltd.(1) | 53,000 | 214,895 | ||||||
Yangzijiang Shipbuilding Holdings, | 113,000 | 81,681 | ||||||
2,069,527 | ||||||||
Spain — 1.4% |
| |||||||
ACS Actividades de Construccion y Servicios SA(1) | 18,920 | 614,649 | ||||||
Banco Santander SA(1) | 171,470 | 1,286,490 | ||||||
Ferrovial SA(1) | 54,822 | 680,040 | ||||||
Repsol YPF SA(1) | 31,723 | 961,044 | ||||||
3,542,223 | ||||||||
Sweden — 1.0% |
| |||||||
Assa Abloy AB, Class B(1) | 30,404 | 749,411 | ||||||
Atlas Copco AB, Class A(1) | 38,029 | 817,324 | ||||||
Atlas Copco AB, Class B(1) | 38,914 | 740,905 | ||||||
Getinge AB, Class B(1) | 6,521 | 168,058 | ||||||
Nordea Bank AB(1) | 21,728 | 173,374 | ||||||
Swedbank AB, Class A(1) | 3,520 | 47,123 | ||||||
2,696,195 | ||||||||
73
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Switzerland — 3.5% |
| |||||||
ACE, Ltd. | 21,247 | $ | 1,477,304 | |||||
Aryzta AG(1) | 15,321 | 738,303 | ||||||
Credit Suisse Group AG†(1) | 4,779 | 115,862 | ||||||
Geberit AG†(1) | 1,481 | 283,647 | ||||||
Holcim, Ltd.†(1) | 14,070 | 788,117 | ||||||
Lindt & Spruengli AG(1) | 19 | 670,105 | ||||||
Lindt & Spruengli AG (Participation | 231 | 705,910 | ||||||
Novartis AG(1) | 25,946 | 1,400,120 | ||||||
Roche Holding AG(1) | 11,478 | 1,825,651 | ||||||
UBS AG†(1) | 84,417 | 1,037,685 | ||||||
9,042,704 | ||||||||
United Kingdom — 8.3% |
| |||||||
Anglo American PLC(1) | 30,877 | 1,179,969 | ||||||
Antofagasta PLC(1) | 37,991 | 711,526 | ||||||
Associated British Foods PLC(1) | 41,639 | 727,226 | ||||||
AstraZeneca PLC(1) | 28,766 | 1,332,295 | ||||||
Aviva PLC(1) | 157,190 | 774,276 | ||||||
BG Group PLC(1) | 65,531 | 1,406,311 | ||||||
BHP Billiton PLC(1) | 43,154 | 1,329,636 | ||||||
British Land Co. PLC(1) | 12,891 | 100,460 | ||||||
British Sky Broadcasting Group PLC(1) | 68,140 | 822,027 | ||||||
BT Group PLC(1) | 298,551 | 894,094 | ||||||
Bunzl PLC(1) | 8,895 | 116,332 | ||||||
Burberry Group PLC(1) | 10,731 | 215,114 | ||||||
Cairn Energy PLC†(1) | 155,582 | 668,872 | ||||||
Eurasian Natural Resources Corp. PLC(1) | 15,656 | 164,480 | ||||||
GlaxoSmithKline PLC(1) | 83,814 | 1,857,169 | ||||||
HSBC Holdings PLC(1) | 262,852 | 2,049,831 | ||||||
International Power PLC(1) | 139,656 | 738,196 | ||||||
Kingfisher PLC(1) | 183,559 | 739,684 | ||||||
London Stock Exchange Group PLC(1) | 15,163 | 205,737 | ||||||
Marks & Spencer Group PLC(1) | 146,596 | 763,428 | ||||||
Pearson PLC(1) | 34,744 | 629,991 | ||||||
Reckitt Benckiser Group PLC(1) | 18,850 | 952,838 | ||||||
Rexam PLC(1) | 129,511 | 702,542 | ||||||
Royal Bank of Scotland Group PLC†(1) | 301,626 | 100,805 | ||||||
Schroders PLC(1) | 2,215 | 46,890 | ||||||
SSE PLC(1) | 41,305 | 855,708 | ||||||
Tullow Oil PLC(1) | 22,514 | 491,934 | ||||||
Xstrata PLC(1) | 63,190 | 1,017,779 | ||||||
21,595,150 | ||||||||
United States — 47.3% |
| |||||||
Aetna, Inc. | 13,035 | 545,124 | ||||||
Aflac, Inc.# | 18,517 | 804,378 | ||||||
Allergan, Inc. | 19,794 | 1,657,154 | ||||||
Amazon.com, Inc.† | 4,161 | 800,119 | ||||||
Amgen, Inc. | 35,938 | 2,081,170 | ||||||
Annaly Capital Management, Inc.# | 34,425 | 553,210 | ||||||
Apache Corp. | 18,422 | 1,831,884 | ||||||
Apple, Inc.† | 14,528 | 5,552,602 | ||||||
Automatic Data Processing, Inc. | 7,813 | 399,166 | ||||||
Avery Dennison Corp. | 12,039 | 315,542 | ||||||
Avon Products, Inc. | 34,479 | 586,143 | ||||||
Bank of New York Mellon Corp. | 21,009 | 408,835 | ||||||
Bed Bath & Beyond, Inc.† | 4,655 | 281,674 | ||||||
BlackRock, Inc. | 7,562 | 1,300,966 | ||||||
BorgWarner, Inc.†# | 6,159 | 406,001 | ||||||
Bristol - Myers Squibb Co. | 65,780 | 2,152,322 | ||||||
Campbell Soup Co.# | 45,407 | 1,480,268 | ||||||
Capital One Financial Corp. | 24,802 | 1,107,657 | ||||||
CenterPoint Energy, Inc. | 15,123 | 300,948 | ||||||
Chesapeake Energy Corp.# | 18,926 | 479,585 | ||||||
Chubb Corp.# | 669 | 45,117 | ||||||
Citigroup, Inc. | 48,206 | 1,324,701 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Clorox Co.# | 23,828 | $ | 1,547,867 | |||||
CME Group, Inc. | 415 | 103,451 | ||||||
Coach, Inc. | 3,187 | 199,474 | ||||||
Colgate - Palmolive Co. | 22,045 | 2,017,117 | ||||||
Comcast Corp., Class A | 91,409 | 2,072,242 | ||||||
Costco Wholesale Corp. | 6,959 | 593,603 | ||||||
CSX Corp. | 75,954 | 1,648,961 | ||||||
Cummins, Inc. | 11,723 | 1,129,277 | ||||||
CVS Caremark Corp. | 52,863 | 2,053,199 | ||||||
Dell, Inc.† | 24,849 | 391,620 | ||||||
Denbury Resources, Inc.†# | 10,065 | 170,099 | ||||||
Devon Energy Corp. | 26,646 | 1,744,247 | ||||||
Diamond Offshore Drilling, Inc.# | 15,718 | 945,438 | ||||||
DIRECTV, Class A† | 13,151 | 620,990 | ||||||
Dr Pepper Snapple Group, Inc.# | 3,115 | 113,791 | ||||||
Eaton Corp. | 23,714 | 1,064,996 | ||||||
Ecolab, Inc.# | 7,357 | 419,496 | ||||||
EMC Corp.†# | 37,605 | 865,291 | ||||||
Endo Pharmaceuticals Holdings, Inc.†# | 11,527 | 394,569 | ||||||
Equity Residential# | 2,817 | 155,470 | ||||||
Estee Lauder Cos., Inc., Class A | 1,498 | 176,734 | ||||||
Expedia, Inc. | 2,381 | 66,228 | ||||||
FedEx Corp.# | 21,116 | 1,754,317 | ||||||
Fluor Corp. | 18,414 | 1,009,455 | ||||||
Forest Laboratories, Inc.† | 18,067 | 541,287 | ||||||
Franklin Resources, Inc.# | 798 | 80,454 | ||||||
Frontier Communications Corp.# | 33,343 | 190,722 | ||||||
General Mills, Inc. | 18,147 | 724,973 | ||||||
Gilead Sciences, Inc.† | 6,301 | 251,095 | ||||||
Google, Inc., Class A† | 4,949 | 2,966,381 | ||||||
Halliburton Co. | 30,883 | 1,136,494 | ||||||
Hershey Co.# | 27,478 | 1,584,931 | ||||||
Hess Corp. | 12,022 | 723,965 | ||||||
Hewlett - Packard Co.# | 16,528 | 461,958 | ||||||
Hospira, Inc.†# | 2,317 | 65,316 | ||||||
Humana, Inc. | 4,285 | 379,994 | ||||||
Intel Corp.# | 120,194 | 2,994,033 | ||||||
International Business Machines Corp.# | 21,723 | 4,083,924 | ||||||
Intuitive Surgical, Inc.† | 203 | 88,145 | ||||||
Iron Mountain, Inc.# | 12,366 | 375,555 | ||||||
JPMorgan Chase & Co. | 48,268 | 1,494,860 | ||||||
Kellogg Co.# | 32,335 | 1,589,589 | ||||||
Kohl’s Corp.# | 11,385 | 612,513 | ||||||
Loews Corp. | 2,359 | 90,656 | ||||||
Lowe’s Cos., Inc. | 78,363 | 1,881,496 | ||||||
M&T Bank Corp.# | 2,822 | 205,950 | ||||||
Marsh & McLennan Cos., Inc. | 8,153 | 246,139 | ||||||
Mastercard, Inc., Class A | 2,388 | 894,425 | ||||||
Mattel, Inc.# | 3,409 | 98,213 | ||||||
McGraw - Hill Cos., Inc. | 3,284 | 140,227 | ||||||
McKesson Corp. | 20,537 | 1,669,863 | ||||||
MetLife, Inc. | 44,268 | 1,393,557 | ||||||
Microsoft Corp. | 139,817 | 3,576,519 | ||||||
Morgan Stanley | 26,785 | 396,150 | ||||||
Mosaic Co. | 8,302 | 438,014 | ||||||
Mylan, Inc.†# | 25,501 | 498,035 | ||||||
National Oilwell Varco, Inc.# | 13,962 | 1,001,075 | ||||||
News Corp., Class A | 100,189 | 1,747,296 | ||||||
NIKE, Inc., Class B | 17,711 | 1,703,444 | ||||||
Noble Energy, Inc. | 9,356 | 920,537 | ||||||
NSTAR# | 23,746 | 1,080,206 | ||||||
NYSE Euronext | 7,198 | 205,575 | ||||||
Omnicom Group, Inc. | 6,148 | 265,409 | ||||||
Oneok, Inc. | 7,602 | 632,182 | ||||||
Oracle Corp. | 49,875 | 1,563,581 |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | | Value | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
Parker Hannifin Corp.# | 15,564 | $ | 1,288,388 | |||||
PepsiCo, Inc. | 40,831 | 2,613,184 | ||||||
Perrigo Co. | 6,792 | 664,937 | ||||||
Pitney Bowes, Inc.# | 20,746 | 386,498 | ||||||
PNC Financial Services Group, Inc. | 16,437 | 891,050 | ||||||
PPG Industries, Inc.# | 6,013 | 527,641 | ||||||
Praxair, Inc. | 13,888 | 1,416,576 | ||||||
Progressive Corp. | 31,920 | 602,011 | ||||||
Prudential Financial, Inc. | 11,801 | 597,603 | ||||||
Public Storage | 978 | 128,998 | ||||||
QUALCOMM, Inc. | 45,284 | 2,481,563 | ||||||
Republic Services, Inc.# | 50,794 | 1,394,295 | ||||||
Simon Property Group, Inc. | 9,846 | 1,224,252 | ||||||
Southern Copper Corp. | 27,627 | 860,029 | ||||||
Spectra Energy Corp. | 58,281 | 1,714,627 | ||||||
Sprint Nextel Corp.†# | 3,589 | 9,690 | ||||||
St. Jude Medical, Inc. | 7,450 | 286,378 | ||||||
Starbucks Corp. | 20,143 | 875,818 | ||||||
Stryker Corp. | 4,183 | 204,256 | ||||||
Sysco Corp.# | 30,399 | 867,587 | ||||||
T. Rowe Price Group, Inc.# | 2,223 | 126,177 | ||||||
Time Warner, Inc.# | 53,945 | 1,878,365 | ||||||
Towers Watson & Co., Class A | 3,061 | 199,455 | ||||||
UnitedHealth Group, Inc. | 43,510 | 2,121,983 | ||||||
US Bancorp | 60,402 | 1,565,620 | ||||||
Viacom, Inc., Class B | 29,772 | 1,332,595 | ||||||
Visa, Inc., Class A | 16,618 | 1,611,447 | ||||||
Walt Disney Co.# | 61,357 | 2,199,648 | ||||||
Watson Pharmaceuticals, Inc.†# | 11,305 | 730,529 | ||||||
WellPoint, Inc.# | 21,260 | 1,499,893 | ||||||
Wells Fargo & Co. | 118,140 | 3,055,100 | ||||||
Williams Cos., Inc. | 34,132 | 1,101,781 | ||||||
Zimmer Holdings, Inc.† | 10,217 | 516,469 | ||||||
123,641,679 | ||||||||
Total Common Stock | ||||||||
(cost $262,537,668) | 253,855,815 | |||||||
PREFERRED STOCK — 0.3% |
| |||||||
Germany — 0.3% |
| |||||||
Bayerische Motoren Werke AG(1) | 13,164 | 690,130 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $263,076,622) | 254,545,945 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.3% |
| |||||||
Collective Investment Pool — 3.2% |
| |||||||
Navigator Securities Lending Prime Portfolio(4)(5) | 8,335,371 | $ | 8,335,371 | |||||
Time Deposits — 1.8% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 4,659,000 | 4,659,000 | |||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | 900,000 | 899,969 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $13,894,371) | 13,894,340 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $276,970,993)(6) | 102.8 | % | 268,440,285 | |||||
Liabilities in excess of other assets | (2.8 | ) | (7,335,238 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 261,105,047 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $108,208,540 representing 41.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(4) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(5) | At November 30, 2011, the Fund had loaned securities with a total value of $8,999,250. This was secured by collateral of $8,335,371, which was received in cash and subsequently invested in short-term investments currently valued at $8,335,371 as reported in the portfolio of investments. The remaining collateral of $614,169 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 07/15/2014 | ||
Federal Home Loan Mortgage Corp. | 4.00% to 5.00% | 03/15/32 - 06/15/40 | ||
Federal National Mortgage Corp. | 4.00% | 08/25/41 | ||
United States Treasury Bills | zero coupon | 12/22/11 |
(6) | See Note 5 for cost of investments on a tax basis. |
NYSE—New York Stock Exchange
PPS—Price Protected Shares
RSP—Risparmio Savings Shares
TSX—Toronto Stock Exchange
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
100 | Long | S&P 500 E-Mini Index | December 2011 | $ | 5,785,300 | $ | 6,230,000 | $ | 444,700 | |||||||||||||
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Canada | $ | 15,480,845 | $ | — | $ | 3,103 | $ | 15,483,948 | ||||||||
Japan | 26,766 | 25,943,795 | # | — | 25,970,561 | |||||||||||
United Kingdom | — | 21,595,150 | # | — | 21,595,150 | |||||||||||
United States | 123,641,679 | — | — | 123,641,679 | ||||||||||||
Other Countries* | 7,185,012 | 59,979,465 | # | 0 | 67,164,477 | |||||||||||
Preferred Stock | — | 690,130 | # | — | 690,130 | |||||||||||
Short Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 8,335,371 | — | 8,335,371 | ||||||||||||
Time Deposits | — | 4,659,000 | — | 4,659,000 | ||||||||||||
U.S. Government Treasuries | — | 899,969 | — | 899,969 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 444,700 | — | — | 444,700 | ||||||||||||
Total | $ | 146,779,002 | $ | 122,102,880 | $ | 3,103 | $ | 268,884,985 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $108,208,540 representing 41.4% of net assets. See Note 2. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2011 | $ | 0 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized gain | — | |||
Realized loss | — | |||
Change in unrealized appreciation (1) | — | |||
Change in unrealized depreciation (1) | — | |||
Net purchases | — | |||
Net sales | — | |||
Transfers into Level 3 (2) | 3,103 | |||
Transfers out of Level 3 (2) | — | |||
Balance as of 11/30/2011 | $ | 3,103 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | ||
$ — | ||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
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PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Sovereign | 33.2 | % | ||
Medical — Drugs | 5.9 | |||
Collective Investment Pool | 5.2 | |||
Oil Companies — Integrated | 5.2 | |||
Diversified Banking Institutions | 3.2 | |||
Telecom Services | 2.9 | |||
Insurance — Reinsurance | 2.1 | |||
Foreign Government Treasuries | 2.0 | |||
Cable/Satellite TV | 1.8 | |||
Insurance — Multi-line | 1.8 | |||
Telephone — Integrated | 1.7 | |||
Medical — Biomedical/Gene | 1.6 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Cellular Telecom | 1.6 | |||
Banks — Commercial | 1.5 | |||
Electronic Components — Semiconductors | 1.4 | |||
Internet Security | 1.4 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Networking Products | 1.2 | |||
Diversified Manufacturing Operations | 1.2 | |||
Multimedia | 1.1 | |||
Retail — Drug Store | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Electric — Integrated | 1.0 | |||
Transport — Services | 0.9 | |||
U.S. Municipal Bonds & Notes | 0.9 | |||
Applications Software | 0.9 | |||
Food — Retail | 0.9 | |||
U.S. Government Agencies | 0.9 | |||
Insurance — Property/Casualty | 0.8 | |||
Import/Export | 0.8 | |||
Retail — Discount | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Retail — Building Products | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Containers — Metal/Glass | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Metal — Iron | 0.7 | |||
Insurance — Life/Health | 0.6 | |||
Time Deposits | 0.6 | |||
SupraNational Banks | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Finance — Credit Card | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Security Services | 0.5 | |||
Medical Instruments | 0.5 | |||
Consulting Services | 0.5 | |||
Food — Misc. | 0.5 | |||
Building Products — Cement | 0.4 | |||
Publishing — Books | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Photo Equipment & Supplies | 0.4 | |||
Steel — Specialty | 0.4 | |||
Rubber — Tires | 0.4 | |||
Diversified Financial Services | 0.4 | |||
Oil — Field Services | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Toys | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Therapeutics | 0.3 | |||
Real Estate Operations & Development | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
105.0 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United States | 28.3 | % | ||
United Kingdom | 9.9 | |||
South Korea | 7.6 | |||
France | 4.6 | |||
Brazil | 4.4 | |||
Japan | 4.2 | |||
Germany | 4.1 | |||
Poland | 4.0 | |||
Indonesia | 4.0 | |||
Switzerland | 3.2 | |||
Sweden | 3.2 | |||
Mexico | 2.5 | |||
Norway | 2.5 | |||
Australia | 2.4 | |||
Netherlands | 2.2 | |||
Russia | 1.9 | |||
Singapore | 1.8 | |||
Italy | 1.6 | |||
Malaysia | 1.3 | |||
Hungary | 1.1 | |||
Ireland | 0.9 | |||
Israel | 0.9 | |||
Lithuania | 0.9 | |||
China | 0.8 | |||
Spain | 0.8 | |||
Taiwan | 0.7 | |||
Bermuda | 0.7 | |||
Hong Kong | 0.6 | |||
Canada | 0.6 | |||
SupraNational | 0.6 | |||
Thailand | 0.4 | |||
Vietnam | 0.4 | |||
Jersey | 0.3 | |||
Venezuela | 0.3 | |||
Argentina | 0.3 | |||
Austria | 0.3 | |||
South Africa | 0.2 | |||
Turkey | 0.2 | |||
Egypt | 0.2 | |||
Ukraine | 0.1 | |||
105.0 | % | |||
* | Calculated as a percentage of net assets |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK — 60.4% | ||||||||
Austria — 0.3% | ||||||||
Telekom Austria AG(1) | 120,080 | $ | 1,393,356 | |||||
Bermuda — 0.7% | ||||||||
PartnerRe, Ltd. | 48,300 | 3,174,276 | ||||||
Canada — 0.6% | ||||||||
Talisman Energy, Inc. | 215,300 | 2,946,799 | ||||||
China — 0.8% | ||||||||
China Telecom Corp., Ltd.(1) | 6,276,000 | 3,831,381 | ||||||
France — 4.6% | ||||||||
Alstom SA(1) | 33,920 | 1,178,634 | ||||||
AXA SA(1) | 185,245 | 2,694,669 | ||||||
Cie Generale des Etablissements Michelin, Class B(1) | 26,440 | 1,687,236 | ||||||
Credit Agricole SA(1) | 223,250 | 1,443,750 | ||||||
France Telecom SA ADR# | 169,382 | 2,925,227 | ||||||
GDF Suez(1) | 26,730 | 751,027 | ||||||
Ipsen SA(1) | 4,770 | 138,163 | ||||||
Sanofi(1) | 57,002 | 3,990,014 | ||||||
Thales SA(1) | 38,830 | 1,228,142 | ||||||
Total SA#(1) | 73,870 | 3,815,946 | ||||||
Vivendi SA(1) | 65,704 | 1,516,178 | ||||||
21,368,986 | ||||||||
Germany — 4.1% | ||||||||
Deutsche Post AG(1) | 108,907 | 1,645,338 | ||||||
E.ON AG(1) | 70,267 | 1,739,377 | ||||||
Merck KGaA(1) | 35,040 | 3,480,257 | ||||||
Muenchener Rueckversicherungs AG(1) | 24,120 | 3,050,132 | ||||||
Rhoen-Klinikum AG(1) | 62,626 | 1,183,294 | ||||||
SAP AG ADR# | 76,930 | 4,612,723 | ||||||
Siemens AG ADR | 35,540 | 3,604,111 | ||||||
19,315,232 | ||||||||
Hong Kong — 0.6% | ||||||||
Cheung Kong Holdings, Ltd.(1) | 106,324 | 1,226,651 | ||||||
Citic Pacific, Ltd.(1) | 928,700 | 1,763,709 | ||||||
2,990,360 | ||||||||
Ireland — 0.4% | ||||||||
CRH PLC(1) | 105,621 | 2,038,024 | ||||||
Italy — 1.6% | ||||||||
ENI SpA(1) | 159,723 | 3,384,984 | ||||||
Intesa Sanpaolo SpA(1) | 570,988 | 950,925 | ||||||
UniCredit SpA†#(1) | 2,777,850 | 2,900,727 | ||||||
7,236,636 | ||||||||
Japan — 4.2% | ||||||||
ITOCHU Corp.(1) | 360,700 | 3,664,393 | ||||||
Konica Minolta Holdings, Inc.#(1) | 240,500 | 1,821,223 | ||||||
Mitsubishi UFJ Financial Group, Inc.#(1) | 128,300 | 557,394 | ||||||
Nintendo Co., Ltd.#(1) | 9,424 | 1,429,035 | ||||||
Nissan Motor Co., Ltd.#(1) | 284,800 | 2,613,807 | ||||||
NKSJ Holdings, Inc.#(1) | 124,499 | 2,472,460 | ||||||
Toyota Motor Corp. ADR | 48,610 | 3,203,885 | ||||||
Trend Micro, Inc.(1) | 124,500 | 3,821,892 | ||||||
19,584,089 | ||||||||
Jersey — 0.3% | ||||||||
Wolseley PLC(1) | 51,273 | 1,537,644 | ||||||
Netherlands — 2.2% | ||||||||
Akzo Nobel NV(1) | 65,620 | 3,332,151 | ||||||
ING Groep NV CVA†(1) | 319,941 | 2,495,018 |
Security Description | Shares | (Note 2) | ||||||
�� | ||||||||
Netherlands (continued) | ||||||||
Koninklijke Philips Electronics NV(1) | 123,156 | $ | 2,506,217 | |||||
Reed Elsevier NV(1) | 172,373 | 2,034,132 | ||||||
10,367,518 | ||||||||
Norway — 1.8% | ||||||||
Statoil ASA(1) | 160,440 | 4,153,134 | ||||||
Telenor ASA(1) | 234,892 | 4,014,355 | ||||||
8,167,489 | ||||||||
Russia — 0.3% | ||||||||
Gazprom OAO ADR | 105,600 | 1,214,400 | ||||||
Singapore — 1.8% | ||||||||
DBS Group Holdings, Ltd.#(1) | 415,095 | 4,132,791 | ||||||
Singapore Telecommunications, Ltd.#(1) | 1,667,000 | 4,048,031 | ||||||
Singapore Telecommunications, Ltd. - 10(1) | 176,000 | 428,022 | ||||||
8,608,844 | ||||||||
South Korea — 1.8% | ||||||||
KB Financial Group, Inc. ADR | 47,920 | 1,672,408 | ||||||
Samsung Electronics Co., Ltd.(1) | 7,457 | 6,769,974 | ||||||
8,442,382 | ||||||||
Spain — 0.8% | ||||||||
Telefonica SA ADR | 188,349 | 3,531,544 | ||||||
Switzerland — 3.2% | ||||||||
ACE, Ltd.# | 44,767 | 3,112,650 | ||||||
Basilea Pharmaceutica†(1) | 2,260 | 78,322 | ||||||
Credit Suisse Group AG†(1) | 75,740 | 1,836,233 | ||||||
Lonza Group AG†(1) | 16,960 | 1,038,749 | ||||||
Novartis AG(1) | 30,850 | 1,664,753 | ||||||
Roche Holding AG(1) | 26,730 | 4,251,582 | ||||||
Swiss Re AG†(1) | 58,350 | 3,073,933 | ||||||
15,056,222 | ||||||||
Taiwan — 0.7% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 1,299,914 | 3,273,527 | ||||||
Thailand — 0.4% | ||||||||
Bangkok Bank PCL(1) | 355,200 | 1,845,491 | ||||||
Turkey — 0.2% | ||||||||
Turkcell Iletisim Hizmet AS ADR† | 72,090 | 908,334 | ||||||
United Kingdom — 8.3% | ||||||||
Aviva PLC(1) | 589,370 | 2,903,078 | ||||||
BAE Systems PLC(1) | 454,309 | 1,960,875 | ||||||
BP PLC(1) | 384,945 | 2,799,023 | ||||||
G4S PLC(1) | 629,653 | 2,533,969 | ||||||
GlaxoSmithKline PLC(1) | 193,456 | 4,286,641 | ||||||
HSBC Holdings PLC(1) | 339,183 | 2,675,022 | ||||||
Kingfisher PLC(1) | 316,000 | 1,273,380 | ||||||
Marks & Spencer Group PLC(1) | 357,420 | 1,861,337 | ||||||
Rexam PLC(1) | 565,810 | 3,069,279 | ||||||
Royal Dutch Shell PLC, Class A(1) | 1,405 | 49,243 | ||||||
Royal Dutch Shell PLC, Class B(1) | 108,186 | 3,897,272 | ||||||
Tesco PLC(1) | 633,650 | 4,041,317 | ||||||
Unilever PLC(1) | 66,925 | 2,248,538 | ||||||
Vodafone Group PLC ADR | 180,767 | 4,907,824 | ||||||
38,506,798 | ||||||||
United States — 20.7% | ||||||||
American Express Co. | 57,510 | 2,762,780 | ||||||
Amgen, Inc | 90,850 | 5,261,123 | ||||||
Baker Hughes, Inc | 28,200 | 1,540,002 | ||||||
Bank of New York Mellon Corp. | 142,050 | 2,764,293 |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
United States (continued) | ||||||||
Brocade Communications Systems, Inc.† | 220,530 | $ | 1,186,451 | |||||
Chesapeake Energy Corp.# | 130,890 | 3,316,753 | ||||||
Chevron Corp | 34,110 | 3,507,190 | ||||||
Cisco Systems, Inc. | 299,580 | 5,584,171 | ||||||
Citigroup, Inc. | 94,560 | 2,598,509 | ||||||
Comcast Corp., Special Class A# | 212,835 | 4,758,991 | ||||||
CVS Caremark Corp. | 121,410 | 4,715,564 | ||||||
General Electric Co. | 121,150 | 1,927,497 | ||||||
Gilead Sciences, Inc.† | 59,360 | 2,365,496 | ||||||
Home Depot, Inc. | 51,890 | 2,035,126 | ||||||
Isis Pharmaceuticals, Inc.†# | 44,540 | 330,487 | ||||||
JPMorgan Chase & Co. | 86,650 | 2,683,550 | ||||||
Medtronic, Inc.# | 66,020 | 2,405,109 | ||||||
Merck & Co., Inc. | 137,440 | 4,913,480 | ||||||
Microsoft Corp. | 159,614 | 4,082,926 | ||||||
News Corp., Class A# | 170,147 | 2,967,364 | ||||||
Onyx Pharmaceuticals, Inc.† | 18,710 | 825,111 | ||||||
Pfizer, Inc. | 247,019 | 4,957,671 | ||||||
PG&E Corp. | 52,770 | 2,049,587 | ||||||
Progressive Corp. | 80,370 | 1,515,778 | ||||||
Quest Diagnostics, Inc.# | 55,990 | 3,284,373 | ||||||
SAIC, Inc.†# | 194,430 | 2,342,882 | ||||||
Sprint Nextel Corp.†# | 567,400 | 1,531,980 | ||||||
Symantec Corp.† | 171,920 | 2,810,892 | ||||||
Target Corp. | 65,403 | 3,446,738 | ||||||
Time Warner Cable, Inc.# | 61,908 | 3,744,196 | ||||||
Time Warner, Inc.# | 71,812 | 2,500,494 | ||||||
United Parcel Service, Inc., Class B | 39,100 | 2,805,425 | ||||||
Watson Pharmaceuticals, Inc.†# | 47,060 | 3,041,017 | ||||||
96,563,006 | ||||||||
Total Common Stock | ||||||||
(cost $304,307,108) | 281,902,338 | |||||||
PREFERRED STOCK — 1.2% | ||||||||
Brazil — 1.2% | ||||||||
Petroleo Brasileiro SA ADR | 99,680 | 2,498,978 | ||||||
Vale SA ADR | 138,280 | 3,024,183 | ||||||
Total Preferred Stock | ||||||||
(cost $4,700,289) | 5,523,161 | |||||||
FOREIGN GOVERNMENT AGENCIES — 33.8% | ||||||||
Argentina — 0.3% | ||||||||
Republic of Argentina FRS | 11,593,000 | 1,403,912 | ||||||
Australia — 2.4% | ||||||||
New South Wales Treasury Corp. | AUD | 340,000 | 359,590 | |||||
New South Wales Treasury Corp. | AUD | 2,510,000 | 2,596,589 | |||||
New South Wales Treasury Corp. | AUD | 110,000 | 114,018 | |||||
Queensland Treasury Corp. | AUD | 2,545,000 | 2,715,217 | |||||
Queensland Treasury Corp. | AUD | 720,000 | 764,379 | |||||
Western Australia Treasury Corp. | AUD | 3,925,000 | 4,072,557 |
Security Description | Amount(5) | Value (Note 2) | ||||||
Australia (continued) | ||||||||
Western Australia Treasury Corp. | AUD | 390,000 | $ | 426,593 | ||||
11,048,943 | ||||||||
Brazil — 3.2% | ||||||||
Brazil Nota do Tesouro Nacional | BRL | 2,625,000 | 3,162,064 | |||||
Brazil Nota do Tesouro Nacional | BRL | 4,750,000 | 5,901,673 | |||||
Brazil Nota do Tesouro Nacional | BRL | 1,995,000 | 1,146,124 | |||||
Brazil Nota do Tesouro Nacional | BRL | 2,950,000 | 1,694,348 | |||||
Brazil Nota do Tesouro Nacional | BRL | 5,200,000 | 2,888,596 | |||||
14,792,805 | ||||||||
Hungary — 1.1% | ||||||||
Republic of Hungary | EUR | 135,000 | 144,267 | |||||
Republic of Hungary | EUR | 495,000 | 462,998 | |||||
Republic of Hungary | EUR | 685,000 | 724,658 | |||||
Republic of Hungary | EUR | 2,165,000 | 2,418,052 | |||||
Republic of Hungary | 910,000 | 830,375 | ||||||
Republic of Hungary | 400,000 | 370,000 | ||||||
4,950,350 | ||||||||
Indonesia — 4.0% | ||||||||
Republic of Indonesia | 100,000 | 133,000 | ||||||
Republic of Indonesia | 1,128,000 | 1,508,700 | ||||||
Republic of Indonesia | IDR | 2,780,000,000 | 350,649 | |||||
Republic of Indonesia | IDR | 7,720,000,000 | 1,015,232 | |||||
Republic of Indonesia | IDR | 6,235,000,000 | 848,757 | |||||
Republic of Indonesia | IDR | 1,280,000,000 | 175,572 | |||||
Republic of Indonesia | IDR | 1,640,000,000 | 225,599 |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Amount(5) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||||
Indonesia (continued) | ||||||||
Republic of Indonesia | IDR | 39,900,000,000 | $ | 5,215,193 | ||||
Republic of Indonesia | IDR | 21,782,000,000 | 3,078,698 | |||||
Republic of Indonesia | 1,120,000 | 1,638,000 | ||||||
Republic of Indonesia | IDR | 15,947,000,000 | 2,486,617 | |||||
Republic of Indonesia | IDR | 8,530,000,000 | 1,353,532 | |||||
Republic of Indonesia | IDR | 4,200,000,000 | 540,117 | |||||
18,569,666 | ||||||||
Ireland — 0.5% | ||||||||
Republic of Ireland | EUR | 322,000 | 386,601 | |||||
Republic of Ireland | EUR | 196,000 | 198,182 | |||||
Republic of Ireland | EUR | 159,000 | 160,236 | |||||
Republic of Ireland | EUR | 261,000 | 256,015 | |||||
Republic of Ireland | EUR | 192,000 | 215,618 | |||||
Republic of Ireland | EUR | 408,000 | 394,336 | |||||
Republic of Ireland | EUR | 484,000 | 470,951 | |||||
Republic of Ireland | EUR | 464,000 | 511,251 | |||||
2,593,190 | ||||||||
Israel — 0.3% | ||||||||
State of Israel | ILS | 5,225,000 | 1,416,457 | |||||
State of Israel | ILS | 434,000 | 122,723 | |||||
1,539,180 | ||||||||
Lithuania — 0.9% | ||||||||
Republic of Lithuania | 240,000 | 233,400 | ||||||
Republic of Lithuania | 3,560,000 | 3,773,600 | ||||||
4,007,000 | ||||||||
Security Description | Amount(5) | Value (Note 2) | ||||||
Malaysia — 0.7% | ||||||||
Government of Malaysia | MYR | 205,000 | $ | 64,302 | ||||
Government of Malaysia | MYR | 10,000 | 3,145 | |||||
Government of Malaysia | MYR | 6,960,000 | 2,207,521 | |||||
Government of Malaysia | MYR | 129,000 | 40,752 | |||||
Government of Malaysia | MYR | 3,115,000 | 998,894 | |||||
3,314,614 | ||||||||
Mexico — 2.5% | ||||||||
United Mexican States | MXN | 19,000,000 | 1,556,664 | |||||
United Mexican States | MXN | 47,120,000 | 3,680,148 | |||||
United Mexican States | MXN | 53,000,000 | 4,298,209 | |||||
United Mexican States | MXN | 4,600,000 | 352,534 | |||||
United Mexican States | MXN | 22,280,000 | 1,740,163 | |||||
11,627,718 | ||||||||
Norway — 0.1% | ||||||||
Kingdom of Norway | NOK | 2,050,000 | 381,808 | |||||
Poland — 4.0% | ||||||||
Government of Poland | PLN | 6,430,000 | 1,904,531 | |||||
Government of Poland | PLN | 120,000 | 34,737 | |||||
Government of Poland | PLN | 600,000 | 171,517 | |||||
Government of Poland | PLN | 2,520,000 | 711,929 | |||||
Government of Poland | PLN | 1,390,000 | 383,187 | |||||
Government of Poland | PLN | 25,370,000 | 7,561,600 | |||||
Government of Poland | PLN | 1,140,000 | 340,646 | |||||
Government of Poland | PLN | 465,000 | 139,514 |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Amount(5) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||||
Poland (continued) | ||||||||
Government of Poland | PLN | 5,380,000 | $ | 1,629,826 | ||||
Government of Poland | PLN | 1,590,000 | 466,934 | |||||
Government of Poland | PLN | 8,685,000 | 2,685,521 | |||||
Government of Poland | 2,620,000 | 2,836,150 | ||||||
18,866,092 | ||||||||
Russia — 1.6% | ||||||||
Russian Federation | 6,325,960 | 7,417,188 | ||||||
South Africa — 0.2% | ||||||||
Republic of South Africa | EUR | 275,000 | 376,723 | |||||
Republic of South Africa | 700,000 | 789,250 | ||||||
1,165,973 | ||||||||
South Korea — 5.8% | ||||||||
KDICB Redemption Fund | KRW | 1,104,000,000 | 985,635 | |||||
Republic of South Korea | KRW | 2,347,200,000 | 2,039,014 | |||||
Republic of South Korea | KRW | 5,638,000,000 | 5,047,409 | |||||
Republic of South Korea | KRW | 7,473,970,000 | 6,559,401 | |||||
Republic of South Korea | KRW | 1,852,400,000 | 1,635,004 | |||||
Republic of South Korea | KRW | 4,292,430,000 | 3,757,114 | |||||
Republic of South Korea | KRW | 6,755,000,000 | 5,992,176 | |||||
Republic of South Korea | KRW | 622,970,000 | 557,381 | |||||
Republic of South Korea | 470,000 | 584,218 | ||||||
27,157,352 | ||||||||
SupraNational — 0.6% | ||||||||
Corporacion Andina de Fomento | 1,090,000 | 1,325,917 | ||||||
European Investment Bank | NOK | 8,500,000 | 1,518,327 | |||||
2,844,244 | ||||||||
Security Description | Amount(5) | Value (Note 2) | ||||||
Sweden — 3.2% | ||||||||
Kingdom of Sweden | SEK | 35,000,000 | $ | 5,233,394 | ||||
Kingdom of Sweden | SEK | 62,065,000 | 9,510,907 | |||||
14,744,301 | ||||||||
Ukraine — 0.1% | ||||||||
Government of Ukraine | 770,000 | 662,005 | ||||||
United Kingdom — 1.6% | ||||||||
United Kingdom Gilt Treasury | GBP | 1,566,000 | 2,458,051 | |||||
United Kingdom Gilt Treasury | GBP | 1,330,000 | 2,112,051 | |||||
United Kingdom Gilt Treasury | GBP | 1,680,000 | 2,701,093 | |||||
7,271,195 | ||||||||
Venezuela — 0.3% | ||||||||
Republic of Venezuela | 1,415,000 | 1,418,538 | ||||||
Vietnam — 0.4% | ||||||||
Republic of Vietnam | 1,695,000 | 1,694,035 | ||||||
Total Foreign Government Agencies | ||||||||
(cost $146,650,938) | 157,470,109 | |||||||
MUNICIPAL BONDS & NOTES — 0.9% | ||||||||
United States — 0.9% | ||||||||
California State | 3,140,000 | 3,463,766 | ||||||
California State | 685,000 | 819,842 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $3,888,476) | 4,283,608 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $459,546,811) | 449,179,216 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.7% |
| |||||||
Collective Investment Pool — 5.2% | ||||||||
Navigator Securities Lending Prime Portfolio(3)(4) (cost $24,171,041) | 24,171,041 | 24,171,041 | ||||||
Foreign Government Treasuries — 2.0% | ||||||||
Egypt Treasury Bills | ||||||||
10.46% due 12/06/11 | EGP | 800,000 | 133,053 | |||||
10.50% due 12/06/11 | EGP | 375,000 | 62,369 | |||||
10.51% due 12/06/11 | EGP | 800,000 | 133,053 | |||||
12.19% due 02/21/12 | EGP | 2,850,000 | 460,144 | |||||
788,619 | ||||||||
Israel Treasury Bills | ||||||||
2.28% due 12/07/11 | ILS | 2,735,000 | 727,416 | |||||
2.35% due 01/04/12 | ILS | 8,210,000 | 2,179,707 | |||||
2,907,123 | ||||||||
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Amount(5) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) | ||||||||
Foreign Government Treasuries (continued) | ||||||||
Bank Negara Malaysia Monetary Notes | ||||||||
2.12% due 06/26/12 | MYR | 435,000 | $ | 135,290 | ||||
2.70% due 12/29/11 | MYR | 1,150,000 | 361,063 | |||||
2.70% due 01/31/12 | MYR | 30,000 | 9,395 | |||||
2.75% due 12/01/11 | MYR | 125,000 | 39,327 | |||||
2.75% due 12/15/11 | MYR | 5,315,000 | 1,670,437 | |||||
2.75% due 02/09/12 | MYR | 170,000 | 53,201 | |||||
2.75% due 02/21/12 | MYR | 35,000 | 10,942 | |||||
2.78% due 03/29/12 | MYR | 20,000 | 6,233 | |||||
2.79% due 03/01/12 | MYR | 15,000 | 4,686 | |||||
2.80% due 03/29/12 | MYR | 10,000 | 3,117 | |||||
2.80% due 06/14/12 | MYR | 520,000 | 161,134 | |||||
2.87% due 04/12/12 | MYR | 70,000 | 21,795 | |||||
2.88% due 12/15/11 | MYR | 1,560,000 | 490,288 | |||||
2,966,908 | ||||||||
Government of Malaysia | ||||||||
2.75% due 02/24/12 | MYR | 10,000 | 3,126 | |||||
2.75% due 03/23/12 | MYR | 10,000 | 3,118 | |||||
6,244 | ||||||||
Kingdom of Norway | ||||||||
2.45% due 12/21/11 | NOK | 3,630,000 | 627,659 | |||||
2.52% due 03/21/12# | NOK | 2,160,000 | 606,422 | |||||
2.54% due 03/21/12# | NOK | 7,120,000 | 1,226,626 | |||||
2.60% due 03/21/12# | NOK | 3,520,000 | 372,122 | |||||
2,832,829 | ||||||||
Total Foreign Government Treasuries | ||||||||
(cost $9,998,524) | 9,501,723 | |||||||
Time Deposits — 0.6% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 2,903,000 | 2,903,000 | |||||
U.S. Government Agencies — 0.9% | ||||||||
Federal Home Loan Bank | 4,005,000 | 4,005,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $41,077,565) | 40,580,764 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $500,624,376)(6) | 105.0 | % | 489,759,980 | |||||
Liabilities in excess of other assets | (5.0 | ) | (23,442,321 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 466,317,659 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $16,926,928 representing 3.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $149,525,151 representing 32.1% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2011. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | At November 30, 2011, the Fund had loaned securities with a total value of $24,174,230. This was secured by collateral of $24,171,041, which was received in cash and subsequently invested in short-term investments currently valued at $24,171,041 as reported in the portfolio of investments. The remaining collateral of $20,905 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 7/15/2014 | ||
Federal Home Loan Mtg. Corp. | 4.00% to 5.00% | 03/15/32 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/15/37 to 08/25/41 | ||
U.S. Treasury Bills | zero coupon | 12/22/2011 |
(5) | Denominated in United States Dollars unless otherwise indicated. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Barclays Investments, Inc. | EUR | 462,350 | USD | 597,819 | 01/13/2012 | $ | – | $ | (23,697 | ) | ||||||||||||||||||
EUR | 375,660 | USD | 500,642 | 01/19/2012 | – | (4,368 | ) | |||||||||||||||||||||
EUR | 1,640,000 | USD | 2,210,720 | 02/09/2012 | 5,579 | – | ||||||||||||||||||||||
EUR | 1,399,000 | USD | 1,897,044 | 02/10/2012 | 15,931 | – | ||||||||||||||||||||||
EUR | 181,000 | USD | 253,599 | 07/19/2012 | 9,898 | – | ||||||||||||||||||||||
EUR | 221,308 | USD | 314,390 | 08/06/2012 | 16,369 | – | ||||||||||||||||||||||
EUR | 80,327 | USD | 115,510 | 08/23/2012 | 7,322 | – | ||||||||||||||||||||||
EUR | 133,913 | USD | 192,112 | 08/24/2012 | 11,750 | – | ||||||||||||||||||||||
EUR | 854,436 | NOK | 6,799,000 | 08/27/2012 | 14,711 | – | ||||||||||||||||||||||
EUR | 290,394 | USD | 417,908 | 08/27/2012 | 26,779 | – | ||||||||||||||||||||||
EUR | 82,816 | USD | 116,282 | 09/10/2012 | 4,725 | – | ||||||||||||||||||||||
EUR | 80,778 | USD | 112,928 | 09/12/2012 | 4,115 | – | ||||||||||||||||||||||
EUR | 230,698 | USD | 315,554 | 09/14/2012 | 4,787 | – |
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 54,521 | USD | 75,577 | 09/19/2012 | $ | 2,131 | $ | – | ||||||||||||||||||||
EUR | 131,194 | USD | 178,492 | 09/24/2012 | 1,753 | – | ||||||||||||||||||||||
EUR | 45,404 | USD | 62,390 | 10/24/2012 | 1,212 | – | ||||||||||||||||||||||
EUR | 345,709 | USD | 479,637 | 10/25/2012 | 13,821 | – | ||||||||||||||||||||||
USD | 993,776 | AUD | 1,064,000 | 12/12/2011 | 99,169 | – | ||||||||||||||||||||||
USD | 145,202 | GBP | 91,643 | 01/24/2012 | – | (1,491 | ) | |||||||||||||||||||||
USD | 95,224 | GBP | 60,543 | 01/27/2012 | – | (285 | ) | |||||||||||||||||||||
USD | 7,682 | GBP | 4,872 | 02/01/2012 | – | (42 | ) | |||||||||||||||||||||
USD | 135,141 | SGD | 172,151 | 02/09/2012 | – | (801 | ) | |||||||||||||||||||||
USD | 157,062 | CLP | 77,400,000 | 02/13/2012 | – | (8,256 | ) | |||||||||||||||||||||
USD | 400,023 | GBP | 251,053 | 02/14/2012 | – | (6,409 | ) | |||||||||||||||||||||
USD | 379,603 | SGD | 485,000 | 02/17/2012 | – | (1,100 | ) | |||||||||||||||||||||
USD | 271,949 | CLP | 133,500,000 | 02/29/2012 | – | (15,730 | ) | |||||||||||||||||||||
USD | 135,883 | CLP | 66,800,000 | 03/01/2012 | – | (7,691 | ) | |||||||||||||||||||||
USD | 271,744 | GBP | 169,537 | 03/12/2012 | – | (6,008 | ) | |||||||||||||||||||||
USD | 885,025 | GBP | 557,166 | 03/30/2012 | – | (11,866 | ) | |||||||||||||||||||||
240,052 | (87,744 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 1,203,000 | USD | 1,556,093 | 01/10/2012 | – | (60,999 | ) | ||||||||||||||||||||
EUR | 375,660 | USD | 485,548 | 01/13/2012 | – | (19,434 | ) | |||||||||||||||||||||
EUR | 2,172,000 | USD | 2,934,177 | 02/08/2012 | 13,739 | – | ||||||||||||||||||||||
EUR | 97,289 | USD | 136,589 | 08/08/2012 | 5,574 | – | ||||||||||||||||||||||
EUR | 27,522 | USD | 38,725 | 08/09/2012 | 1,662 | – | ||||||||||||||||||||||
EUR | 134,537 | USD | 187,298 | 10/26/2012 | 6,019 | – | ||||||||||||||||||||||
USD | 96,436 | GBP | 61,025 | 01/24/2012 | – | (739 | ) | |||||||||||||||||||||
USD | 62,102 | GBP | 39,261 | 02/01/2012 | – | (539 | ) | |||||||||||||||||||||
USD | 408,905 | GBP | 257,222 | 02/16/2012 | – | (5,628 | ) | |||||||||||||||||||||
USD | 674,724 | CLP | 327,410,000 | 02/27/2012 | – | (46,209 | ) | |||||||||||||||||||||
USD | 1,347,006 | AUD | 1,433,000 | 03/19/2012 | 109,495 | – | ||||||||||||||||||||||
USD | 327,940 | CLP | 159,543,000 | 04/30/2012 | – | (22,906 | ) | |||||||||||||||||||||
USD | 162,211 | CLP | 79,240,000 | 05/31/2012 | – | (10,996 | ) | |||||||||||||||||||||
136,489 | (167,450 | ) | ||||||||||||||||||||||||||
Credit Suisse AG | USD | 484,235 | SGD | 622,000 | 03/26/2012 | 1,425 | – | |||||||||||||||||||||
USD | 531,011 | GBP | 334,116 | 04/02/2012 | – | (7,419 | ) | |||||||||||||||||||||
USD | 957,175 | SGD | 1,146,600 | 08/06/2012 | – | (59,788 | ) | |||||||||||||||||||||
1,425 | (67,207 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | AUD | 2,129,500 | USD | 2,184,867 | 12/01/2011 | – | (5,111 | ) | ||||||||||||||||||||
EUR | 2,243,000 | USD | 2,906,681 | 01/11/2012 | – | (108,423 | ) | |||||||||||||||||||||
EUR | 1,896,749 | NOK | 15,082,000 | 02/09/2012 | 52,993 | – | ||||||||||||||||||||||
EUR | 411,000 | USD | 553,551 | 02/09/2012 | 921 | – | ||||||||||||||||||||||
EUR | 849,000 | USD | 1,139,205 | 02/17/2012 | – | (2,455 | ) | |||||||||||||||||||||
EUR | 234,000 | USD | 327,509 | 03/26/2012 | 12,743 | – | ||||||||||||||||||||||
EUR | 306,000 | USD | 429,854 | 04/04/2012 | 18,208 | – | ||||||||||||||||||||||
EUR | 205,000 | USD | 286,926 | 04/05/2012 | 11,149 | – | ||||||||||||||||||||||
EUR | 190,735 | USD | 255,189 | 05/25/2012 | – | (1,496 | ) | |||||||||||||||||||||
EUR | 154,000 | USD | 215,760 | 07/16/2012 | 8,418 | – | ||||||||||||||||||||||
EUR | 347,504 | MYR | 1,491,000 | 07/18/2012 | – | (1,108 | ) | |||||||||||||||||||||
EUR | 241,000 | USD | 338,048 | 07/18/2012 | 13,565 | – | ||||||||||||||||||||||
EUR | 395,089 | MYR | 1,683,000 | 07/20/2012 | – | (5,096 | ) | |||||||||||||||||||||
EUR | 133,000 | USD | 185,515 | 07/20/2012 | 6,440 | – | ||||||||||||||||||||||
EUR | 120,000 | USD | 168,330 | 07/23/2012 | 6,754 | – | ||||||||||||||||||||||
EUR | 505,667 | MYR | 2,164,000 | 07/25/2012 | – | (3,489 | ) | |||||||||||||||||||||
EUR | 754,894 | SEK | 6,934,000 | 07/27/2012 | 166 | – | ||||||||||||||||||||||
EUR | 80,784 | USD | 115,650 | 08/29/2012 | 6,841 | – | ||||||||||||||||||||||
EUR | 3,563 | USD | 5,153 | 08/31/2012 | 354 | – | ||||||||||||||||||||||
EUR | 2,581,408 | SEK | 23,782,000 | 09/24/2012 | 4,777 | – | ||||||||||||||||||||||
EUR | 137,755 | USD | 186,837 | 11/19/2012 | 1,194 | – | ||||||||||||||||||||||
JPY | 691,920,000 | USD | 9,000,000 | 11/15/2012 | 4,729 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 9,000,000 | 11/16/2012 | 77,736 | – | ||||||||||||||||||||||
USD | 1,953,816 | AUD | 2,129,500 | 12/01/2011 | 236,162 | – | ||||||||||||||||||||||
USD | 51,295 | PHP | 2,200,000 | 12/05/2011 | – | (872 | ) | |||||||||||||||||||||
USD | 1,812,010 | AUD | 1,917,000 | 12/09/2011 | 157,827 | – | ||||||||||||||||||||||
USD | 172,887 | PHP | 7,703,000 | 01/18/2012 | 3,018 | – | ||||||||||||||||||||||
USD | 108,512 | PHP | 4,819,000 | 01/19/2012 | 1,526 | – | ||||||||||||||||||||||
USD | 144,655 | GBP | 91,385 | 01/24/2012 | – | (1,349 | ) | |||||||||||||||||||||
USD | 76,011 | GBP | 47,771 | 01/26/2012 | – | (1,100 | ) | |||||||||||||||||||||
USD | 631,037 | CLP | 319,210,000 | 01/27/2012 | – | (16,143 | ) | |||||||||||||||||||||
USD | 1,464,169 | CLP | 734,720,000 | 01/30/2012 | – | (49,416 | ) | |||||||||||||||||||||
USD | 882,840 | CLP | 443,230,000 | 01/31/2012 | – | (29,479 | ) | |||||||||||||||||||||
USD | 292,338 | PHP | 12,603,000 | 01/31/2012 | – | (4,832 | ) |
83
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 488,630 | SGD | 624,000 | 02/07/2012 | $ | – | $ | (1,694 | ) | |||||||||||||||||||
USD | 976,595 | SGD | 1,242,000 | 02/08/2012 | – | (7,395 | ) | |||||||||||||||||||||
USD | 157,456 | CLP | 77,500,000 | 02/10/2012 | – | (8,410 | ) | |||||||||||||||||||||
USD | 308,046 | CLP | 151,620,000 | 02/13/2012 | – | (16,548 | ) | |||||||||||||||||||||
USD | 156,199 | CLP | 76,600,000 | 02/14/2012 | – | (8,947 | ) | |||||||||||||||||||||
USD | 1,149,011 | MYR | 3,542,747 | 02/14/2012 | – | (37,480 | ) | |||||||||||||||||||||
USD | 568,648 | SGD | 727,000 | 02/17/2012 | – | (1,284 | ) | |||||||||||||||||||||
USD | 281,390 | CLP | 136,080,000 | 02/21/2012 | – | (19,994 | ) | |||||||||||||||||||||
USD | 323,134 | CLP | 156,410,000 | 02/23/2012 | – | (22,751 | ) | |||||||||||||||||||||
USD | 738,498 | SGD | 944,000 | 02/24/2012 | – | (1,736 | ) | |||||||||||||||||||||
USD | 490,070 | CLP | 239,310,000 | 02/27/2012 | – | (30,676 | ) | |||||||||||||||||||||
USD | 461,925 | SGD | 589,000 | 02/27/2012 | – | (2,216 | ) | |||||||||||||||||||||
USD | 108,152 | CLP | 52,350,000 | 02/29/2012 | – | (7,680 | ) | |||||||||||||||||||||
USD | 461,338 | SGD | 589,000 | 02/29/2012 | – | (1,622 | ) | |||||||||||||||||||||
USD | 350,132 | CLP | 171,950,000 | 03/01/2012 | – | (20,153 | ) | |||||||||||||||||||||
USD | 2,163,359 | AUD | 2,129,500 | 03/02/2012 | 4,387 | – | ||||||||||||||||||||||
USD | 350,132 | CLP | 171,950,000 | 03/02/2012 | – | (20,189 | ) | |||||||||||||||||||||
USD | 387,755 | CLP | 190,310,000 | 03/05/2012 | – | (22,649 | ) | |||||||||||||||||||||
USD | 384,354 | CLP | 189,160,000 | 03/07/2012 | – | (21,499 | ) | |||||||||||||||||||||
USD | 376,745 | CLP | 184,040,000 | 03/09/2012 | – | (23,754 | ) | |||||||||||||||||||||
USD | 759,628 | CLP | 372,560,000 | 03/15/2012 | – | (45,316 | ) | |||||||||||||||||||||
USD | 594,276 | SGD | 758,100 | 03/19/2012 | – | (2,411 | ) | |||||||||||||||||||||
USD | 657,502 | AUD | 701,350 | 03/21/2012 | 55,222 | – | ||||||||||||||||||||||
USD | 636,711 | SGD | 816,200 | 03/21/2012 | 533 | – | ||||||||||||||||||||||
USD | 43,115 | AUD | 46,040 | 03/22/2012 | 3,668 | – | ||||||||||||||||||||||
USD | 442,512 | GBP | 277,775 | 03/29/2012 | – | (7,195 | ) | |||||||||||||||||||||
USD | 359,627 | CLP | 179,490,000 | 03/30/2012 | – | (15,805 | ) | |||||||||||||||||||||
USD | 380,616 | CLP | 190,700,000 | 04/02/2012 | – | (15,388 | ) | |||||||||||||||||||||
USD | 457,396 | INR | 21,429,000 | 04/11/2012 | – | (53,397 | ) | |||||||||||||||||||||
USD | 984,362 | INR | 45,950,000 | 04/13/2012 | – | (118,224 | ) | |||||||||||||||||||||
USD | 224,899 | INR | 10,622,000 | 04/19/2012 | – | (24,785 | ) | |||||||||||||||||||||
USD | 456,997 | INR | 21,520,000 | 04/26/2012 | – | (51,819 | ) | |||||||||||||||||||||
USD | 230,851 | CLP | 113,140,000 | 05/29/2012 | – | (14,918 | ) | |||||||||||||||||||||
USD | 611,002 | INR | 29,157,000 | 06/01/2012 | – | (63,771 | ) | |||||||||||||||||||||
USD | 452,910 | INR | 21,477,000 | 06/07/2012 | – | (50,004 | ) | |||||||||||||||||||||
USD | 123,435 | INR | 5,815,000 | 06/11/2012 | – | (14,373 | ) | |||||||||||||||||||||
USD | 308,282 | INR | 14,554,000 | 06/18/2012 | – | (35,442 | ) | |||||||||||||||||||||
USD | 1,623,377 | MYR | 5,000,000 | 06/18/2012 | – | (57,315 | ) | |||||||||||||||||||||
USD | 279,764 | INR | 13,258,000 | 06/20/2012 | – | (31,251 | ) | |||||||||||||||||||||
USD | 1,427,942 | MYR | 4,406,200 | 06/21/2012 | – | (47,933 | ) | |||||||||||||||||||||
USD | 1,123,979 | AUD | 1,111,640 | 06/22/2012 | – | (3,487 | ) | |||||||||||||||||||||
USD | 323,281 | INR | 15,233,000 | 06/25/2012 | – | (37,839 | ) | |||||||||||||||||||||
USD | 2,687,702 | AUD | 2,673,000 | 06/27/2012 | 5,528 | – | ||||||||||||||||||||||
USD | 217,051 | INR | 10,114,000 | 07/11/2012 | – | (27,724 | ) | |||||||||||||||||||||
USD | 109,687 | INR | 5,110,000 | 07/12/2012 | – | (14,037 | ) | |||||||||||||||||||||
USD | 298,944 | MYR | 912,824 | 07/12/2012 | – | (13,147 | ) | |||||||||||||||||||||
USD | 1,161,837 | MYR | 3,540,000 | 07/13/2012 | – | (53,513 | ) | |||||||||||||||||||||
USD | 532,278 | MYR | 1,621,000 | 07/18/2012 | – | (24,807 | ) | |||||||||||||||||||||
USD | 837,098 | MYR | 2,557,000 | 07/20/2012 | – | (36,629 | ) | |||||||||||||||||||||
USD | 1,024,787 | MYR | 3,109,000 | 07/25/2012 | – | (51,593 | ) | |||||||||||||||||||||
USD | 957,181 | SGD | 1,147,162 | 08/06/2012 | – | (59,354 | ) | |||||||||||||||||||||
USD | 330,530 | INR | 15,617,000 | 08/24/2012 | – | (39,006 | ) | |||||||||||||||||||||
USD | 232,706 | INR | 11,044,000 | 09/06/2012 | – | (26,713 | ) | |||||||||||||||||||||
USD | 1,495,583 | ILS | 5,519,000 | 09/10/2012 | – | (31,178 | ) | |||||||||||||||||||||
USD | 425,216 | PHP | 18,920,000 | 09/24/2012 | 1,631 | – | ||||||||||||||||||||||
USD | 528,634 | PHP | 23,022,000 | 10/04/2012 | – | (9,360 | ) | |||||||||||||||||||||
USD | 632,055 | PHP | 27,526,000 | 10/05/2012 | – | (11,205 | ) | |||||||||||||||||||||
USD | 519,150 | PHP | 22,596,000 | 10/09/2012 | – | (9,542 | ) | |||||||||||||||||||||
USD | 1,449,126 | ILS | 5,469,000 | 10/10/2012 | 1,499 | – | ||||||||||||||||||||||
USD | 415,369 | PHP | 18,081,000 | 10/11/2012 | – | (7,606 | ) | |||||||||||||||||||||
USD | 123,345 | PHP | 5,384,000 | 10/12/2012 | – | (1,928 | ) | |||||||||||||||||||||
USD | 124,014 | MYR | 394,093 | 10/15/2012 | – | (792 | ) | |||||||||||||||||||||
USD | 111,701 | PHP | 4,878,000 | 10/19/2012 | – | (1,713 | ) | |||||||||||||||||||||
USD | 446,633 | PHP | 19,500,000 | 10/22/2012 | – | (6,978 | ) | |||||||||||||||||||||
USD | 154,101 | INR | 7,960,000 | 10/29/2012 | – | (6,061 | ) | |||||||||||||||||||||
USD | 326,848 | INR | 16,813,000 | 10/31/2012 | – | (14,195 | ) | |||||||||||||||||||||
USD | 104,070 | PHP | 4,500,000 | 11/14/2012 | – | (2,664 | ) | |||||||||||||||||||||
697,989 | (1,647,464 | ) | ||||||||||||||||||||||||||
84
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
HSBC Securities, Inc. | EUR | 372,921 | USD | 488,639 | 12/06/2011 | $ | – | $ | (12,475 | ) | ||||||||||||||||||
EUR | 355,000 | USD | 479,747 | 02/08/2012 | 2,420 | – | ||||||||||||||||||||||
EUR | 1,230,000 | USD | 1,654,104 | 02/09/2012 | 248 | – | ||||||||||||||||||||||
EUR | 1,801,000 | USD | 2,473,289 | 10/17/2012 | 46,707 | – | ||||||||||||||||||||||
USD | 155,287 | PHP | 6,830,000 | 01/17/2012 | 695 | – | ||||||||||||||||||||||
USD | 303,199 | PHP | 13,506,000 | 01/18/2012 | 5,224 | – | ||||||||||||||||||||||
USD | 392,139 | PHP | 17,658,000 | 01/26/2012 | 10,844 | – | ||||||||||||||||||||||
USD | 488,691 | SGD | 624,000 | 02/07/2012 | – | (1,755 | ) | |||||||||||||||||||||
USD | 480,736 | SGD | 612,200 | 02/13/2012 | – | (2,982 | ) | |||||||||||||||||||||
USD | 346,141 | SGD | 440,800 | 02/14/2012 | – | (2,142 | ) | |||||||||||||||||||||
USD | 288,151 | MYR | 892,000 | 02/17/2012 | – | (8,299 | ) | |||||||||||||||||||||
USD | 568,666 | SGD | 727,000 | 02/17/2012 | – | (1,302 | ) | |||||||||||||||||||||
USD | 679,488 | SGD | 867,000 | 03/19/2012 | – | (2,603 | ) | |||||||||||||||||||||
USD | 509,196 | SGD | 652,000 | 03/21/2012 | – | (150 | ) | |||||||||||||||||||||
USD | 713,684 | INR | 33,693,000 | 06/04/2012 | – | (81,485 | ) | |||||||||||||||||||||
USD | 121,746 | INR | 5,733,000 | 06/08/2012 | – | (14,202 | ) | |||||||||||||||||||||
USD | 307,219 | INR | 14,470,000 | 06/13/2012 | – | (35,867 | ) | |||||||||||||||||||||
USD | 216,783 | INR | 10,230,000 | 06/27/2012 | – | (25,114 | ) | |||||||||||||||||||||
USD | 296,707 | MYR | 883,000 | 07/31/2012 | – | (20,333 | ) | |||||||||||||||||||||
USD | 599,081 | MYR | 1,800,000 | 08/08/2012 | – | (35,764 | ) | |||||||||||||||||||||
USD | 2,050,807 | KRW | 2,228,406,400 | 08/09/2012 | – | (116,397 | ) | |||||||||||||||||||||
USD | 381,815 | INR | 18,021,000 | 08/24/2012 | – | (45,414 | ) | |||||||||||||||||||||
USD | 86,929 | PHP | 3,800,000 | 09/28/2012 | – | (1,206 | ) | |||||||||||||||||||||
USD | 70,623 | PHP | 3,100,000 | 10/03/2012 | – | (699 | ) | |||||||||||||||||||||
USD | 418,933 | PHP | 18,467,000 | 10/04/2012 | – | (2,400 | ) | |||||||||||||||||||||
USD | 620,635 | PHP | 27,532,000 | 10/05/2012 | 350 | – | ||||||||||||||||||||||
USD | 624,474 | PHP | 27,159,000 | 10/11/2012 | – | (11,985 | ) | |||||||||||||||||||||
USD | 205,729 | PHP | 8,977,000 | 10/15/2012 | – | (3,298 | ) | |||||||||||||||||||||
USD | 409,499 | PHP | 17,658,000 | 10/19/2012 | – | (11,348 | ) | |||||||||||||||||||||
USD | 157,985 | INR | 8,148,000 | 10/29/2012 | – | (6,449 | ) | |||||||||||||||||||||
USD | 235,918 | INR | 12,138,000 | 10/31/2012 | – | (10,202 | ) | |||||||||||||||||||||
66,488 | (453,871 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | EUR | 548,072 | USD | 708,794 | 01/13/2012 | – | (27,953 | ) | ||||||||||||||||||||
EUR | 1,064,000 | USD | 1,423,206 | 02/16/2012 | – | (7,552 | ) | |||||||||||||||||||||
EUR | 504,335 | MYR | 2,164,000 | 07/27/2012 | – | (1,730 | ) | |||||||||||||||||||||
EUR | 112,835 | USD | 162,239 | 08/29/2012 | 10,259 | – | ||||||||||||||||||||||
USD | 768,298 | MYR | 2,432,356 | 12/16/2011 | – | (3,667 | ) | |||||||||||||||||||||
USD | 966,746 | PHP | 42,561,000 | 01/13/2012 | 5,562 | – | ||||||||||||||||||||||
USD | 427,565 | PHP | 19,234,000 | 01/19/2012 | 11,628 | – | ||||||||||||||||||||||
USD | 19,129 | GBP | 12,023 | 01/27/2012 | – | (275 | ) | |||||||||||||||||||||
USD | 191,586 | CLP | 96,770,000 | 01/30/2012 | – | (5,249 | ) | |||||||||||||||||||||
USD | 37,589 | GBP | 23,883 | 01/30/2012 | – | (138 | ) | |||||||||||||||||||||
USD | 237,661 | INR | 11,460,000 | 02/06/2012 | – | (20,300 | ) | |||||||||||||||||||||
USD | 143,700 | CLP | 70,000,000 | 02/21/2012 | – | (9,237 | ) | |||||||||||||||||||||
USD | 246,393 | CLP | 118,700,000 | 02/22/2012 | – | (18,407 | ) | |||||||||||||||||||||
USD | 66,323 | CLP | 32,200,000 | 02/28/2012 | – | (4,517 | ) | |||||||||||||||||||||
USD | 849,167 | SGD | 1,086,000 | 03/19/2012 | – | (1,304 | ) | |||||||||||||||||||||
USD | 141,696 | CLP | 70,600,000 | 03/21/2012 | – | (6,384 | ) | |||||||||||||||||||||
USD | 659,487 | INR | 30,864,000 | 04/16/2012 | – | (77,868 | ) | |||||||||||||||||||||
USD | 643,500 | INR | 30,296,000 | 04/18/2012 | – | (72,686 | ) | |||||||||||||||||||||
USD | 321,180 | INR | 15,134,000 | 04/19/2012 | – | (36,061 | ) | |||||||||||||||||||||
USD | 242,003 | MYR | 740,795 | 04/19/2012 | – | (9,782 | ) | |||||||||||||||||||||
USD | 694,222 | MYR | 2,123,000 | 04/23/2012 | – | (28,749 | ) | |||||||||||||||||||||
USD | 200,728 | CLP | 98,979,000 | 04/27/2012 | – | (11,453 | ) | |||||||||||||||||||||
USD | 388,165 | INR | 18,302,000 | 04/27/2012 | – | (43,606 | ) | |||||||||||||||||||||
USD | 323,716 | INR | 15,247,000 | 04/30/2012 | – | (36,746 | ) | |||||||||||||||||||||
USD | 212,608 | INR | 10,067,000 | 06/22/2012 | – | (23,933 | ) | |||||||||||||||||||||
USD | 1,815,160 | MYR | 5,625,000 | 06/29/2012 | – | (53,654 | ) | |||||||||||||||||||||
USD | 350,610 | INR | 16,267,000 | 07/12/2012 | – | (46,122 | ) | |||||||||||||||||||||
USD | 109,834 | INR | 5,104,000 | 07/19/2012 | – | (14,339 | ) | |||||||||||||||||||||
USD | 1,084,317 | MYR | 3,269,000 | 07/27/2012 | – | (61,072 | ) | |||||||||||||||||||||
USD | 1,529,019 | SGD | 1,831,000 | 07/31/2012 | – | (96,162 | ) | |||||||||||||||||||||
USD | 66,874 | MYR | 200,000 | 08/27/2012 | – | (4,302 | ) | |||||||||||||||||||||
USD | 166,713 | PHP | 7,272,000 | 10/09/2012 | – | (2,707 | ) | |||||||||||||||||||||
USD | 206,809 | PHP | 9,021,000 | 10/11/2012 | – | (3,367 | ) | |||||||||||||||||||||
USD | 291,283 | PHP | 12,598,000 | 10/12/2012 | – | (7,180 | ) | |||||||||||||||||||||
USD | 503,971 | PHP | 21,971,000 | 10/15/2012 | – | (8,526 | ) | |||||||||||||||||||||
USD | 225,466 | PHP | 9,792,000 | 10/22/2012 | – | (4,692 | ) | |||||||||||||||||||||
USD | 219,930 | PHP | 9,466,000 | 10/29/2012 | – | (6,539 | ) | |||||||||||||||||||||
27,449 | (756,259 | ) | ||||||||||||||||||||||||||
85
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 111,847 | SEK | 1,039,903 | 07/16/2012 | $ | 1,915 | $ | – | |||||||||||||||||||
EUR | 26,146 | SEK | 243,450 | 07/18/2012 | 497 | – | ||||||||||||||||||||||
EUR | 116,969 | SEK | 1,094,428 | 07/20/2012 | 2,995 | – | ||||||||||||||||||||||
USD | 300,916 | CLP | 152,700,000 | 01/13/2012 | – | (6,247 | ) | |||||||||||||||||||||
USD | 56,800 | GBP | 36,081 | 01/27/2012 | – | (221 | ) | |||||||||||||||||||||
USD | 18,562 | GBP | 11,725 | 01/31/2012 | – | (176 | ) | |||||||||||||||||||||
USD | 71,254 | GBP | 45,203 | 02/01/2012 | – | (373 | ) | |||||||||||||||||||||
USD | 1,075,342 | AUD | 1,105,921 | 02/08/2012 | 53,185 | – | ||||||||||||||||||||||
USD | 267,592 | CLP | 130,090,000 | 02/14/2012 | – | (17,514 | ) | |||||||||||||||||||||
USD | 476,925 | GBP | 300,002 | 02/15/2012 | – | (6,572 | ) | |||||||||||||||||||||
USD | 489,117 | CLP | 235,510,000 | 02/16/2012 | – | (36,483 | ) | |||||||||||||||||||||
USD | 307,889 | CLP | 149,380,000 | 02/27/2012 | – | (21,130 | ) | |||||||||||||||||||||
USD | 329,321 | CLP | 161,400,000 | 02/28/2012 | – | (19,521 | ) | |||||||||||||||||||||
USD | 155,144 | CLP | 76,300,000 | 03/12/2012 | – | (8,827 | ) | |||||||||||||||||||||
USD | 503,230 | GBP | 314,891 | 03/14/2012 | – | (9,673 | ) | |||||||||||||||||||||
USD | 484,026 | SGD | 621,300 | 03/26/2012 | 1,088 | – | ||||||||||||||||||||||
USD | 442,512 | GBP | 277,738 | 03/29/2012 | – | (7,252 | ) | |||||||||||||||||||||
USD | 1,206,318 | ILS | 4,318,135 | 03/30/2012 | – | (59,432 | ) | |||||||||||||||||||||
USD | 354,170 | CLP | 174,340,000 | 04/16/2012 | – | (20,560 | ) | |||||||||||||||||||||
USD | 315,576 | CLP | 156,210,000 | 04/20/2012 | – | (16,732 | ) | |||||||||||||||||||||
USD | 160,443 | CLP | 77,900,000 | 05/11/2012 | – | (11,604 | ) | |||||||||||||||||||||
USD | 568,334 | CLP | 280,490,000 | 05/22/2012 | – | (32,777 | ) | |||||||||||||||||||||
USD | 1,223,208 | SGD | 1,467,690 | 08/01/2012 | – | (74,637 | ) | |||||||||||||||||||||
USD | 39,815 | PHP | 1,720,000 | 10/29/2012 | – | (1,041 | ) | |||||||||||||||||||||
59,680 | (350,772 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 311,515 | NOK | 2,570,000 | 12/01/2011 | 26,381 | – | |||||||||||||||||||||
EUR | 195,111 | USD | 259,845 | 12/07/2011 | – | (2,339 | ) | |||||||||||||||||||||
EUR | 2,118,000 | USD | 2,741,592 | 01/11/2012 | – | (105,483 | ) | |||||||||||||||||||||
EUR | 866,907 | USD | 1,121,084 | 01/13/2012 | – | (44,258 | ) | |||||||||||||||||||||
EUR | 664,629 | USD | 895,714 | 01/25/2012 | 2,186 | – | ||||||||||||||||||||||
EUR | 177,000 | USD | 241,019 | 02/01/2012 | 3,045 | – | ||||||||||||||||||||||
EUR | 952,983 | NOK | 7,552,200 | 02/08/2012 | 22,300 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 2,206,399 | 02/08/2012 | 16,071 | – | ||||||||||||||||||||||
EUR | 1,327,131 | NOK | 10,555,600 | 02/09/2012 | 37,582 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,642,902 | 02/13/2012 | 15,869 | – | ||||||||||||||||||||||
EUR | 1,064,000 | USD | 1,423,813 | 02/16/2012 | – | (6,947 | ) | |||||||||||||||||||||
EUR | 849,000 | USD | 1,136,650 | 02/21/2012 | – | (5,058 | ) | |||||||||||||||||||||
EUR | 729,000 | USD | 1,039,244 | 04/12/2012 | 58,500 | – | ||||||||||||||||||||||
EUR | 871,923 | SEK | 8,109,360 | 07/16/2012 | 15,305 | – | ||||||||||||||||||||||
EUR | 126,371 | SEK | 1,173,460 | 07/18/2012 | 1,935 | – | ||||||||||||||||||||||
EUR | 855,672 | NOK | 6,799,000 | 08/22/2012 | 13,274 | – | ||||||||||||||||||||||
EUR | 851,866 | NOK | 6,799,000 | 08/23/2012 | 18,355 | – | ||||||||||||||||||||||
EUR | 976,192 | SEK | 9,000,000 | 08/27/2012 | 3,861 | – | ||||||||||||||||||||||
EUR | 1,333,312 | USD | 1,918,129 | 08/27/2012 | 122,302 | – | ||||||||||||||||||||||
EUR | 214,699 | USD | 294,288 | 09/17/2012 | 5,067 | – | ||||||||||||||||||||||
EUR | 711,204 | NOK | 5,605,000 | 11/08/2012 | 78 | – | ||||||||||||||||||||||
EUR | 701,089 | USD | 952,710 | 11/19/2012 | 7,900 | – | ||||||||||||||||||||||
NOK | 2,570,000 | EUR | 331,690 | 12/01/2011 | 728 | – | ||||||||||||||||||||||
USD | 1,072,171 | AUD | 1,105,616 | 02/08/2012 | 56,045 | – | ||||||||||||||||||||||
– | – | |||||||||||||||||||||||||||
426,784 | (164,085 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 1,656,356 | $ | (3,694,852 | ) | |||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
BRL—Brazilian Real
CLP—Chilean Peso
EGP—Egyptian Pound
EUR—Euro Dollar
GBP—Bristish Pound
IDR—Indonesian Rupiah
ILS—Israeli New Shekel
INR—Indian Rupee
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
PHP—Philippine Peso
86
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
PLN—Polish Zloty
SEK—Swedish Krona
SGD—Singapore Dollar
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2- Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
United Kingdom | $ | 4,907,824 | $ | 33,598,974 | # | $ | — | $ | 38,506,798 | |||||||
United States | 96,563,006 | — | — | 96,563,006 | ||||||||||||
Other Countries* | 30,906,357 | 115,926,177 | # | — | 146,832,534 | |||||||||||
Preferred Stock | 5,523,161 | — | — | 5,523,161 | ||||||||||||
Foreign Government Agencies | — | 157,470,109 | — | 157,470,109 | ||||||||||||
Municipal Bonds & Notes | — | 4,283,608 | — | 4,283,608 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 24,171,041 | — | 24,171,041 | ||||||||||||
Foreign Government Treasuries | — | 9,501,723 | — | 9,501,723 | ||||||||||||
Time Deposits | — | 2,903,000 | — | 2,903,000 | ||||||||||||
U.S. Government Agencies | — | 4,005,000 | — | 4,005,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 1,656,356 | — | 1,656,356 | ||||||||||||
Total | $ | 137,900,348 | $ | 353,515,988 | $ | — | $ | 491,416,336 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 3,694,852 | $ | — | $ | 3,694,852 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $149,525,151 representing 32.1% of net assets. See Note 2. |
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
See Notes to Financial Statements
87
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Federal Home Loan Mtg. Corp. | 24.4 | % | ||
Federal National Mtg. Assoc. | 22.7 | |||
United States Treasury Bonds | 12.8 | |||
Investment Companies | 10.3 | |||
Government National Mtg. Assoc. | 10.0 | |||
Repurchase Agreements | 8.2 | |||
United States Treasury Notes | 5.6 | |||
Federal Farm Credit Bank | 4.0 | |||
Federal Home Loan Bank | 3.5 | |||
Collective Investment Pool | 1.0 | |||
Diversified Financial Services | 0.5 | |||
Banks — Commercial | 0.2 | |||
103.2 | % | |||
Credit Quality†#
AAA | 11.0 | % | ||
AA | 85.7 | |||
A | 2.6 | |||
Not Rated@ | 0.7 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Standard and Poors |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
88
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.5% | ||||||||
Diversified Financial Services — 0.5% | ||||||||
DBUBS Mtg. Trust | $ | 416,212 | $ | 429,540 | ||||
WF-RBS Commercial Mtg. Trust | 150,000 | 156,452 | ||||||
Total Asset Backed Securities | ||||||||
(cost $585,913) | 585,992 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 10.5% |
| |||||||
Banks - Commercial — 0.2% | ||||||||
Australia & New Zealand Banking Group, Ltd. | 250,000 | 245,688 | ||||||
Investment Companies — 10.3% | ||||||||
Temasek Financial I, Ltd. | 12,000,000 | 13,098,000 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $13,594,495) | 13,343,688 | |||||||
U.S. GOVERNMENT AGENCIES — 64.6% | ||||||||
Federal Farm Credit Bank — 4.0% | ||||||||
3.35% due 10/21/25 | 1,500,000 | 1,541,427 | ||||||
4.88% due 12/16/15 | 2,000,000 | 2,289,776 | ||||||
4.88% due 01/17/17 | 1,000,000 | 1,174,345 | ||||||
5,005,548 | ||||||||
Federal Home Loan Bank — 3.5% | ||||||||
4.75% due 09/11/15 | 1,000,000 | 1,141,373 | ||||||
4.88% due 11/27/13 | 2,000,000 | 2,175,502 | ||||||
5.38% due 06/14/13 | 1,000,000 | 1,076,641 | ||||||
4,393,516 | ||||||||
Federal Home Loan Mtg. Corp. — 24.4% | ||||||||
4.50% due 09/01/19 | 292,804 | 312,032 | ||||||
4.50% due 09/01/39 | 3,018,405 | 3,181,722 | ||||||
4.50% due 11/01/39 | 1,762,898 | 1,858,283 | ||||||
4.50% due 02/01/40 | 2,353,886 | 2,481,984 | ||||||
4.50% due 04/01/40 | 210,977 | 222,458 | ||||||
4.50% due 06/01/40 | 750,715 | 791,569 | ||||||
4.50% due 08/01/40 | 2,171,449 | 2,289,619 | ||||||
4.50% due 03/01/41 | 5,474,921 | 5,772,802 | ||||||
4.50% due 04/01/41 | 756,721 | 797,251 | ||||||
4.50% due 06/01/41 | 2,161,321 | 2,277,082 | ||||||
4.75% due 11/17/15 | 3,000,000 | 3,429,990 | ||||||
5.00% due 12/14/18 | 1,000,000 | 1,106,564 | ||||||
5.00% due 10/01/34 | 183,313 | 196,272 | ||||||
5.50% due 12/01/36 | 149,591 | 161,845 | ||||||
5.75% due 01/15/12 | 1,000,000 | 1,006,977 | ||||||
6.00% due 11/01/33 | 316,952 | 351,138 | ||||||
6.50% due 02/01/32 | 136,746 | 155,189 | ||||||
7.50% due 09/01/16 | 12,962 | 13,141 | ||||||
8.00% due 02/01/30 | 4,244 | 5,035 | ||||||
8.00% due 08/01/30 | 878 | 1,042 | ||||||
8.00% due 06/01/31 | 4,082 | 4,843 | ||||||
Federal Home Loan Mtg. Corp. FRS | 65,536 | 70,079 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 1,000,000 | 1,072,768 | ||||||
Series 3917, Class B 4.50% due 08/15/26 | 465,000 | 528,283 | ||||||
Series 3927, Class AY 4.50% due 09/15/26 | 1,494,968 | 1,702,608 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Series 3786, Class PB 4.50% due 07/15/40 | $ | 1,000,000 | $ | 1,094,751 | ||||
30,885,327 | ||||||||
Federal National Mtg. Assoc. — 22.7% | ||||||||
Federal National Mtg. Assoc. | ||||||||
3.83% due 10/09/19 | 1,250,000 | 950,310 | ||||||
4.00% due 09/01/40 | 477,871 | 498,479 | ||||||
4.00% due 10/01/40 | 395,293 | 412,340 | ||||||
4.00% due 12/01/40 | 479,092 | 499,753 | ||||||
4.00% due 01/01/41 | 1,292,188 | 1,347,913 | ||||||
4.00% due 02/01/41 | 10,376,646 | 10,831,861 | ||||||
4.00% due 03/01/41 | 6,551,407 | 6,839,055 | ||||||
5.00% due 02/16/12 | 376,000 | 379,812 | ||||||
5.00% due 02/01/19 | 327,876 | 354,022 | ||||||
5.00% due 12/01/36 | 420,085 | 451,929 | ||||||
5.25% due 08/01/12 | 1,000,000 | 1,031,882 | ||||||
5.50% due 12/01/33 | 204,192 | 222,888 | ||||||
5.50% due 10/01/34 | 361,559 | 394,551 | ||||||
6.00% due 06/01/35 | 113,372 | 124,889 | ||||||
6.00% due 08/25/37 STRIPS | 2,191,635 | 333,667 | ||||||
6.50% due 02/01/17 | 28,691 | 31,530 | ||||||
6.50% due 07/01/32 | 30,048 | 33,922 | ||||||
7.00% due 09/01/31 | 63,997 | 73,047 | ||||||
11.50% due 09/01/19 | 52 | 54 | ||||||
12.00% due 01/15/16 | 38 | 44 | ||||||
12.50% due 09/20/15 | 38 | 43 | ||||||
13.00% due 11/15/15 | 55 | 61 | ||||||
14.50% due 11/15/14 | 29 | 31 | ||||||
Federal National Mtg. Assoc. FRS | ||||||||
1.87% due 01/01/36 | 28,548 | 29,404 | ||||||
2.11% due 02/01/35 | 15,524 | 16,164 | ||||||
2.27% due 11/01/34 | 43,030 | 44,812 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2002-34, Class AO 0.54% due 05/18/32 | 1,131,155 | 1,020,295 | ||||||
Series 2004-90, Class GC 4.35% due 11/25/34 | 1,000,000 | 1,074,435 | ||||||
Series 2010-117, Class DY 4.50% due 10/25/25 | 974,930 | 1,094,540 | ||||||
Class 2007-116, Class PB 5.50% due 08/25/35 | 275,000 | 316,575 | ||||||
Federal National Mtg. Assoc. REMIC FRS | ||||||||
Series 2010-28, Class SA 6.29% due 10/25/27 | 4,672,238 | 341,930 | ||||||
28,750,238 | ||||||||
Government National Mtg. Assoc. — 10.0% | ||||||||
4.50% due 03/15/38 | 365,243 | 398,600 | ||||||
4.50% due 03/15/39 | 64,970 | 70,843 | ||||||
4.50% due 05/15/39 | 1,853,392 | 2,020,921 | ||||||
4.50% due 06/15/39 | 1,447,546 | 1,578,390 | ||||||
4.50% due 07/15/39 | 1,242,790 | 1,355,158 | ||||||
4.50% due 09/15/39 | 23,857 | 26,013 | ||||||
4.50% due 12/15/39 | 281,078 | 306,279 | ||||||
4.50% due 04/15/40 | 571,087 | 621,458 | ||||||
4.50% due 06/15/40 | 2,072,257 | 2,260,541 | ||||||
4.50% due 08/15/40 | 303,265 | 330,014 | ||||||
5.00% due 09/15/35 | 12,514 | 13,834 | ||||||
5.00% due 02/15/36 | 383,486 | 422,862 | ||||||
5.00% due 05/15/36 | 68,876 | 75,948 | ||||||
6.00% due 01/15/32 | 69,521 | 78,677 | ||||||
6.50% due 08/15/31 | 70,961 | 82,184 | ||||||
7.50% due 02/15/29 | 7,526 | 8,193 | ||||||
7.50% due 07/15/30 | 486 | 572 | ||||||
7.50% due 01/15/31 | 6,871 | 8,104 | ||||||
7.50% due 02/15/31 | 6,332 | 7,468 |
89
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Government National Mtg. Assoc. (continued) |
| |||||||
Government National Mtg. Assoc. REMIC | $ | 708,185 | $ | 776,980 | ||||
Series 2005-21, Class Z 5.00% due 03/20/35 | 976,252 | 1,105,684 | ||||||
Series 2009-91, Class PR 5.00% due 09/20/38 | 1,000,000 | 1,129,313 | ||||||
12,678,036 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $77,719,358) | 81,712,665 | |||||||
U.S. GOVERNMENT TREASURIES — 18.4% |
| |||||||
United States Treasury Bonds — 12.8% | ||||||||
zero coupon due 08/15/24 STRIPS | 2,040,000 | 1,446,737 | ||||||
2.00% due 01/15/26 TIPS(2) | 2,263,318 | 2,765,845 | ||||||
3.75% due 08/15/41# | 8,000,000 | 9,102,496 | ||||||
3.88% due 08/15/40 | 2,500,000 | 2,900,780 | ||||||
16,215,858 | ||||||||
United States Treasury Notes — 5.6% | ||||||||
2.63% due 08/15/20 | 3,500,000 | 3,713,007 | ||||||
4.00% due 02/15/15 | 1,000,000 | 1,112,109 | ||||||
4.25% due 08/15/13 | 1,000,000 | 1,068,125 | ||||||
4.25% due 08/15/15 | 1,000,000 | 1,134,688 | ||||||
7,027,929 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $21,913,637) | 23,243,787 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $113,813,403) | 118,886,132 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.0% |
| |||||||
Collective Investment Pool — 1.0% | ||||||||
Navigator Securities Lending Prime Portfolio(3) (cost $1,254,750) | 1,254,750 | 1,254,750 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 8.2% | ||||||||
State Street Bank & Trust Co. Joint Repurchase | $ | 4,695,000 | $ | 4,695,000 | ||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/11, to be repurchased 12/01/11 in the amount of $5,751,002 and collateralized by $5,325,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 4.50%, due 01/15/14 and having an approximate value of $5,870,813 | 5,751,000 | 5,751,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $10,446,000) | 10,446,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $125,514,153)(5) | 103.2 | % | 130,586,882 | |||||
Liabilities in excess of other assets | (3.2 | ) | (4,018,915 | ) | ||||
NET ASSETS | 100.0 | % | $ | 126,567,967 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $13,929,680 representing 11.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Commercial Mortgage Backed Security |
(2) | Principal amount of security is adjusted for inflation. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
TIPS—Treasury Inflation Protected Security
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 585,992 | $ | — | $ | 585,992 | ||||||||
Foreign Corporate Bonds & Notes | — | 13,343,688 | — | 13,343,688 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Farm Credit Bank | — | 5,005,548 | — | 5,005,548 | ||||||||||||
Federal Home Loan Bank | — | 4,393,516 | — | 4,393,516 | ||||||||||||
Federal Home Loan Mtg Corp. | — | 30,885,327 | — | 30,885,327 | ||||||||||||
Federal National Mtg. Assoc. | — | 28,750,238 | — | 28,750,238 | ||||||||||||
Government National Mtg. Assoc. | — | 12,678,036 | — | 12,678,036 | ||||||||||||
U.S. Government Treasuries | — | 23,243,787 | — | 23,243,787 | ||||||||||||
Short Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 1,254,750 | — | 1,254,750 | ||||||||||||
Repurchase Agreements | — | 10,446,000 | — | 10,446,000 | ||||||||||||
Total | $ | — | $ | 130,586,882 | $ | — | $ | 130,586,882 | ||||||||
See Notes to Financial Statements
90
Table of Contents
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 6.9 | % | ||
Computers | 5.4 | |||
Oil Companies — Integrated | 4.4 | |||
Beverages — Non-alcoholic | 3.5 | |||
Oil — Field Services | 3.5 | |||
Applications Software | 3.2 | |||
Medical — Drugs | 2.9 | |||
Oil Companies — Exploration & Production | 2.9 | |||
Web Portals/ISP | 2.8 | |||
Retail — Restaurants | 2.8 | |||
Computer Services | 2.6 | |||
Enterprise Software/Service | 2.5 | |||
Wireless Equipment | 2.3 | |||
Electronic Components — Semiconductors | 2.3 | |||
Medical — Biomedical/Gene | 2.0 | |||
Tobacco | 1.9 | |||
Chemicals — Diversified | 1.8 | |||
Cosmetics & Toiletries | 1.7 | |||
Aerospace/Defense — Equipment | 1.7 | |||
Commercial Services — Finance | 1.6 | |||
Computers — Memory Devices | 1.6 | |||
Medical Products | 1.5 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Retail — Discount | 1.3 | |||
Time Deposits | 1.2 | |||
Cable/Satellite TV | 1.2 | |||
Agricultural Chemicals | 1.2 | |||
Machinery — Construction & Mining | 1.2 | |||
Networking Products | 1.1 | |||
E-Commerce/Products | 1.1 | |||
Transport — Services | 1.1 | |||
Retail — Building Products | 1.0 | |||
Pharmacy Services | 1.0 | |||
Food — Misc. | 1.0 | |||
Transport — Rail | 1.0 | |||
Instruments — Controls | 0.9 | |||
Metal Processors & Fabrication | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Retail — Regional Department Stores | 0.8 | |||
Metal — Copper | 0.8 | |||
E-Commerce/Services | 0.8 | |||
Machinery — Farming | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Vitamins & Nutrition Products | 0.7 | |||
Industrial Automated/Robotic | 0.7 | |||
Metal — Iron | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Medical Instruments | 0.6 | |||
Hotels/Motels | 0.6 | |||
Multimedia | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Food — Retail | 0.6 | |||
Motorcycle/Motor Scooter | 0.6 | |||
Medical — HMO | 0.6 | |||
Banks — Commercial | 0.6 | |||
Retail — Auto Parts | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Entertainment Software | 0.5 | |||
Real Estate Investment Trusts | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Telephone — Integrated | 0.5 | |||
Food — Confectionery | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Medical Information Systems | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Home Furnishings | 0.4 | |||
Machinery — General Industrial | 0.4 |
Internet Infrastructure Software | 0.4 | |||
Television | 0.4 | |||
Real Estate Management/Services | 0.3 | |||
Electronic Design Automation | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Diversified Minerals | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Computer Data Security | 0.2 | |||
Insurance Brokers | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Schools | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Human Resources | 0.2 | |||
Casino Hotels | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Advanced Materials | 0.2 | |||
Food — Catering | 0.2 | |||
Transport — Marine | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Finance — Other Services | 0.2 | |||
Retail — Pet Food & Supplies | 0.2 | |||
Diversified Banking Institutions | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Gambling (Non-Hotel) | 0.1 | |||
Consulting Services | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Electronics — Military | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Internet Security | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Retail — Bedding | 0.1 | |||
Commercial Services | 0.1 | |||
Dialysis Centers | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Cellular Telecom | 0.1 | |||
Paper & Related Products | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Brewery | 0.1 | |||
Airlines | 0.1 | |||
Audio/Video Products | 0.1 | |||
Transactional Software | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
106.8 | % | |||
* | Calculated as a percentage of net assets |
91
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.6% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Hexcel Corp.† | 58,590 | $ | 1,460,063 | |||||
Aerospace/Defense — 0.2% |
| |||||||
Boeing Co. | 912 | 62,645 | ||||||
Northrop Grumman Corp.# | 15,989 | 912,492 | ||||||
Teledyne Technologies, Inc.† | 8,736 | 495,157 | ||||||
1,470,294 | ||||||||
Aerospace/Defense - Equipment — 1.7% |
| |||||||
BE Aerospace, Inc.† | 10,460 | 407,417 | ||||||
European Aeronautic Defence and Space Co., NV(4) | 13,820 | 414,467 | ||||||
United Technologies Corp. | 143,125 | 10,963,375 | ||||||
11,785,259 | ||||||||
Agricultural Chemicals — 1.2% |
| |||||||
CF Industries Holdings, Inc. | 7,395 | 1,033,821 | ||||||
Monsanto Co. | 93,289 | 6,852,077 | ||||||
Syngenta AG†(4) | 1,210 | 356,889 | ||||||
8,242,787 | ||||||||
Airlines — 0.1% |
| |||||||
Alaska Air Group, Inc.†# | 9,166 | 636,304 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
Burberry Group PLC(4) | 31,150 | 624,434 | ||||||
Coach, Inc. | 60,168 | 3,765,915 | ||||||
4,390,349 | ||||||||
Applications Software — 3.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 55,201 | 3,054,823 | ||||||
Intuit, Inc. | 25,383 | 1,351,391 | ||||||
Microsoft Corp. | 468,759 | 11,990,855 | ||||||
Red Hat, Inc.† | 76,896 | 3,850,952 | ||||||
Salesforce.com, Inc.† | 19,075 | 2,258,862 | ||||||
22,506,883 | ||||||||
Athletic Footwear — 0.0% |
| |||||||
NIKE, Inc., Class B | 3,670 | 352,981 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Harman International Industries, Inc. | 15,139 | 625,241 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Bayerische Motoren Werke AG(4) | 7,880 | 593,205 | ||||||
Daihatsu Motor Co., Ltd.#(4) | 16,000 | 281,215 | ||||||
Hyundai Motor Co.(4) | 4,430 | 858,738 | ||||||
1,733,158 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.3% |
| |||||||
Autoliv, Inc.# | 53,675 | 2,859,804 | ||||||
BorgWarner, Inc.†# | 85,842 | 5,658,705 | ||||||
Johnson Controls, Inc. | 24,020 | 756,149 | ||||||
9,274,658 | ||||||||
Banks - Commercial — 0.5% |
| |||||||
Bank Mandiri Tbk PT(4) | 447,715 | 327,874 | ||||||
CIT Group, Inc.† | 15,200 | 514,672 | ||||||
Industrial & Commercial Bank of China(4) | 1,856,000 | 1,100,709 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(4) | 33,600 | 337,629 | ||||||
Sberbank of Russia ADR (LSE)†(4) | 15,692 | 191,682 | ||||||
Sberbank of Russia ADR (OTC US)† | 24,278 | 287,694 | ||||||
Turkiye Garanti Bankasi AS(4) | 177,830 | 610,244 | ||||||
3,370,504 | ||||||||
Banks - Super Regional — 0.1% |
| |||||||
Wells Fargo & Co. | 40,920 | 1,058,191 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic — 3.5% |
| |||||||
Coca-Cola Co. | 191,443 | $ | 12,870,713 | |||||
Coca-Cola Enterprises, Inc. | 5,241 | 136,895 | ||||||
Dr Pepper Snapple Group, Inc. | 28,608 | 1,045,050 | ||||||
Hansen Natural Corp.† | 13,009 | 1,199,430 | ||||||
PepsiCo, Inc. | 152,793 | 9,778,752 | ||||||
25,030,840 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Constellation Brands, Inc., Class A† | 46,826 | 911,702 | ||||||
Pernod - Ricard SA#(4) | 7,210 | 679,097 | ||||||
1,590,799 | ||||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 6,913 | 690,678 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Chicago Bridge & Iron Co. | 9,063 | 374,755 | �� | |||||
Cable/Satellite TV — 1.2% |
| |||||||
DIRECTV, Class A† | 132,753 | 6,268,597 | ||||||
DISH Network Corp., Class A | 37,952 | 932,480 | ||||||
Liberty Global, Inc., Class A†# | 30,010 | 1,182,094 | ||||||
8,383,171 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Las Vegas Sands Corp.†# | 16,520 | 771,649 | ||||||
Wynn Resorts, Ltd.# | 6,447 | 777,251 | ||||||
1,548,900 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
China Unicom Hong Kong, Ltd.(4) | 372,000 | 801,217 | ||||||
Chemicals - Diversified — 1.8% |
| |||||||
Air Products & Chemicals, Inc. | 11,230 | 940,512 | ||||||
E.I. du Pont de Nemours & Co. | 128,305 | 6,122,715 | ||||||
Lanxess AG(4) | 5,970 | 333,690 | ||||||
LyondellBasell Industries NV, Class A | 22,280 | 727,888 | ||||||
PPG Industries, Inc. | 14,593 | 1,280,536 | ||||||
Rockwood Holdings, Inc.† | 66,740 | 2,973,934 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 4,640 | 266,058 | ||||||
12,645,333 | ||||||||
Commercial Services — 0.1% |
| |||||||
Weight Watchers International, Inc.# | 15,312 | 899,886 | ||||||
Commercial Services - Finance — 1.6% |
| |||||||
Alliance Data Systems Corp.†# | 11,191 | 1,146,070 | ||||||
Mastercard, Inc., Class A | 23,693 | 8,874,213 | ||||||
Visa, Inc., Class A | 14,000 | 1,357,580 | ||||||
11,377,863 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Fortinet, Inc.† | 71,901 | 1,724,905 | ||||||
Computer Services — 2.6% |
| |||||||
Accenture PLC, Class A | 121,210 | 7,021,695 | ||||||
International Business Machines Corp. | 59,450 | 11,176,600 | ||||||
18,198,295 | ||||||||
Computers — 5.4% |
| |||||||
Apple, Inc.† | 100,395 | 38,370,969 | ||||||
Dell, Inc.† | 26,302 | 414,520 | ||||||
38,785,489 | ||||||||
Computers - Memory Devices — 1.6% |
| |||||||
EMC Corp.† | 385,043 | 8,859,840 | ||||||
NetApp, Inc.† | 59,828 | 2,203,465 | ||||||
Seagate Technology PLC | 4,433 | 75,804 | ||||||
11,139,109 | ||||||||
92
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Lexmark International, Inc., Class A# | 28,408 | $ | 950,532 | |||||
Consulting Services — 0.1% |
| |||||||
Towers Watson & Co., Class A | 16,273 | 1,060,349 | ||||||
Cosmetics & Toiletries — 1.7% |
| |||||||
Colgate - Palmolive Co. | 73,645 | 6,738,518 | ||||||
Estee Lauder Cos., Inc., Class A | 37,680 | 4,445,486 | ||||||
Unicharm Corp#(4) | 19,900 | 942,634 | ||||||
12,126,638 | ||||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
DENTSPLY International, Inc.# | 50,711 | 1,831,174 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.†# | 20,160 | 1,515,830 | ||||||
Dialysis Centers — 0.1% |
| |||||||
Fresenius Medical Care AG & Co. KGaA(4) | 12,820 | 876,098 | ||||||
Diversified Banking Institutions — 0.2% |
| |||||||
HSBC Holdings PLC(4) | 151,920 | 1,184,736 | ||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
3M Co. | 2,555 | 207,057 | ||||||
Danaher Corp.# | 34,724 | 1,679,947 | ||||||
Illinois Tool Works, Inc.# | 30,706 | 1,395,281 | ||||||
Parker Hannifin Corp. | 12,546 | 1,038,558 | ||||||
Textron, Inc.# | 80,984 | 1,573,519 | ||||||
5,894,362 | ||||||||
Diversified Minerals — 0.3% |
| |||||||
BHP Billiton, Ltd.(4) | 38,901 | 1,452,606 | ||||||
Xstrata PLC(4) | 38,150 | 614,468 | ||||||
2,067,074 | ||||||||
E-Commerce/Products — 1.1% |
| |||||||
Amazon.com, Inc.† | 41,987 | 8,073,680 | ||||||
E-Commerce/Services — 0.8% |
| |||||||
Expedia, Inc.# | 35,505 | 987,571 | ||||||
IAC/InterActive Corp.# | 8,520 | 356,818 | ||||||
priceline.com, Inc.†# | 5,706 | 2,772,488 | ||||||
Rakuten, Inc.(4) | 1,166 | 1,247,727 | ||||||
5,364,604 | ||||||||
Electric Products - Misc. — 0.2% |
| |||||||
Emerson Electric Co. | 16,818 | 878,741 | ||||||
Molex, Inc.# | 26,747 | 667,070 | ||||||
1,545,811 | ||||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Jabil Circuit, Inc. | 156,156 | 3,165,282 | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
ARM Holdings PLC(4) | 45,670 | 428,725 | ||||||
Avago Technologies, Ltd. | 95,500 | 2,857,360 | ||||||
Broadcom Corp., Class A† | 171,168 | 5,194,093 | ||||||
Cree, Inc.†# | 30,470 | 758,094 | ||||||
Intel Corp. | 37,303 | 929,218 | ||||||
LSI Corp.† | 161,799 | 909,310 | ||||||
NVIDIA Corp.† | 78,265 | 1,223,282 | ||||||
Xilinx, Inc. | 118,398 | 3,872,798 | ||||||
16,172,880 | ||||||||
Electronic Design Automation — 0.3% |
| |||||||
Cadence Design Systems, Inc.†# | 105,314 | 1,152,135 | ||||||
Synopsys, Inc.† | 35,554 | 994,446 | ||||||
2,146,581 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Agilent Technologies, Inc.† | 90,400 | $ | 3,390,000 | |||||
Trimble Navigation, Ltd.† | 2,816 | 121,313 | ||||||
3,511,313 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 7,313 | 484,852 | ||||||
Safran SA(4) | 16,590 | 491,703 | ||||||
976,555 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 6,995 | 383,466 | ||||||
Engines - Internal Combustion — 0.5% |
| |||||||
Cummins, Inc. | 39,127 | 3,769,104 | ||||||
Enterprise Software/Service — 2.5% |
| |||||||
Oracle Corp. | 532,875 | 16,705,631 | ||||||
QLIK Technologies, Inc.† | 52,140 | 1,427,072 | ||||||
18,132,703 | ||||||||
Entertainment Software — 0.5% |
| |||||||
Activision Blizzard, Inc. | 80,334 | 997,748 | ||||||
Electronic Arts, Inc.†# | 115,087 | 2,668,868 | ||||||
3,666,616 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Polypore International, Inc.†# | 10,740 | 526,797 | ||||||
Finance - Credit Card — 0.7% |
| |||||||
American Express Co. | 105,020 | 5,045,161 | ||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 117,040 | 1,399,799 | ||||||
Interactive Brokers Group, Inc., Class A | 40,514 | 602,443 | ||||||
2,002,242 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
ORIX Corp.#(4) | 11,350 | 955,557 | ||||||
Finance - Other Services — 0.2% |
| |||||||
IntercontinentalExchange, Inc.† | 10,442 | 1,271,000 | ||||||
Food - Catering — 0.2% |
| |||||||
Compass Group PLC(4) | 156,223 | 1,446,710 | ||||||
Food - Confectionery — 0.5% |
| |||||||
Hershey Co. | 58,046 | 3,348,093 | ||||||
Food - Misc. — 1.0% |
| |||||||
Danone(4) | 32,660 | 2,160,295 | ||||||
Kellogg Co. | 52,892 | 2,600,171 | ||||||
Kraft Foods, Inc., Class A | 15,050 | 544,058 | ||||||
Nestle SA(4) | 27,180 | 1,524,037 | ||||||
6,828,561 | ||||||||
Food - Retail — 0.6% |
| |||||||
Jeronimo Martins SGPS SA(4) | 32,050 | 585,079 | ||||||
Whole Foods Market, Inc.# | 42,082 | 2,865,784 | ||||||
WM Morrison Supermarkets PLC(4) | 138,800 | 703,122 | ||||||
4,153,985 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
International Game Technology | 62,759 | 1,070,669 | ||||||
Home Furnishings — 0.4% |
| |||||||
Tempur - Pedic International, Inc.†# | 55,871 | 3,051,115 | ||||||
Hotel/Motels — 0.6% |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 89,132 | 4,249,814 | ||||||
93
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Human Resources — 0.2% |
| |||||||
Adecco SA†(4) | 15,810 | $ | 686,843 | |||||
Capita Group PLC(4) | 88,030 | 874,339 | ||||||
1,561,182 | ||||||||
Industrial Automated/Robotic — 0.7% |
| |||||||
FANUC Corp.(4) | 4,000 | 656,670 | ||||||
Rockwell Automation, Inc.# | 53,238 | 3,994,447 | ||||||
4,651,117 | ||||||||
Instruments - Controls — 0.9% |
| |||||||
Honeywell International, Inc. | 120,253 | 6,511,700 | ||||||
Instruments - Scientific — 0.3% |
| |||||||
Thermo Fisher Scientific, Inc.† | 25,983 | 1,227,697 | ||||||
Waters Corp.†# | 7,340 | 587,200 | ||||||
1,814,897 | ||||||||
Insurance Brokers — 0.2% |
| |||||||
Brown & Brown, Inc. | 79,321 | 1,654,636 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Aflac, Inc. | 22,177 | 963,369 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Admiral Group PLC(4) | 27,790 | 403,194 | ||||||
Internet Infrastructure Software — 0.4% |
| |||||||
F5 Networks, Inc.† | 24,861 | 2,810,039 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp.† | 58,276 | 952,813 | ||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
BlackRock, Inc. | 18,221 | 3,134,741 | ||||||
Machinery - Construction & Mining — 1.2% |
| |||||||
Atlas Copco AB, Class A(4) | 18,640 | 400,613 | ||||||
Caterpillar, Inc. | 13,516 | 1,322,946 | ||||||
Joy Global, Inc. | 62,495 | 5,704,544 | ||||||
Komatsu, Ltd.#(4) | 31,900 | 812,199 | ||||||
8,240,302 | ||||||||
Machinery - Farming — 0.7% |
| |||||||
AGCO Corp.† | 23,412 | 1,071,099 | ||||||
Deere & Co. | 51,087 | 4,048,645 | ||||||
5,119,744 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Gardner Denver, Inc. | 23,286 | 1,996,076 | ||||||
Sauer - Danfoss, Inc.† | 25,169 | 946,103 | ||||||
2,942,179 | ||||||||
Medical Information Systems — 0.4% |
| |||||||
Cerner Corp.† | 52,094 | 3,176,692 | ||||||
Medical Instruments — 0.6% |
| |||||||
Edwards Lifesciences Corp.† | 27,590 | 1,821,768 | ||||||
Intuitive Surgical, Inc.† | 5,679 | 2,465,879 | ||||||
Medtronic, Inc. | 1,766 | 64,335 | ||||||
4,351,982 | ||||||||
Medical Products — 1.5% |
| |||||||
Baxter International, Inc. | 26,889 | 1,389,086 | ||||||
Cooper Cos., Inc. | 21,644 | 1,325,912 | ||||||
Covidien PLC | 89,109 | 4,058,915 | ||||||
Hill - Rom Holdings, Inc. | 38,750 | 1,224,500 | ||||||
Johnson & Johnson | 8,806 | 569,924 | ||||||
Zimmer Holdings, Inc.† | 48,355 | 2,444,345 | ||||||
11,012,682 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene — 2.0% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 34,624 | $ | 2,377,284 | |||||
Amgen, Inc. | 33,760 | 1,955,042 | ||||||
Biogen Idec, Inc.† | 14,309 | 1,644,819 | ||||||
Celgene Corp.† | 31,754 | 2,003,042 | ||||||
Cubist Pharmaceuticals, Inc.†# | 9,661 | 372,625 | ||||||
Gilead Sciences, Inc.† | 91,185 | 3,633,722 | ||||||
Illumina, Inc.†# | 58,479 | 1,626,886 | ||||||
United Therapeutics Corp.† | 23,301 | 953,244 | ||||||
14,566,664 | ||||||||
Medical - Drugs — 2.9% |
| |||||||
Abbott Laboratories | 182,756 | 9,969,340 | ||||||
Allergan, Inc. | 47,635 | 3,988,002 | ||||||
Bristol - Myers Squibb Co. | 27,580 | 902,418 | ||||||
Eli Lilly & Co. | 33,595 | 1,271,571 | ||||||
Grifols SA†#(4) | 28,509 | 460,739 | ||||||
Jazz Pharmaceuticals, Inc.†# | 1,186 | 46,989 | ||||||
Medivation, Inc.† | 18,569 | 853,246 | ||||||
Merck & Co., Inc. | 9,123 | 326,147 | ||||||
Novartis AG(4) | 19,690 | 1,062,528 | ||||||
Novo Nordisk A/S, Class B(4) | 8,550 | 972,421 | ||||||
Pfizer, Inc. | 44,976 | 902,668 | ||||||
20,756,069 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Perrigo Co.# | 16,845 | 1,649,125 | ||||||
Medical - HMO — 0.6% |
| |||||||
Humana, Inc. | 12,526 | 1,110,806 | ||||||
UnitedHealth Group, Inc. | 33,335 | 1,625,748 | ||||||
WellCare Health Plans, Inc.† | 21,117 | 1,234,288 | ||||||
3,970,842 | ||||||||
Metal Processors & Fabrication — 0.8% |
| |||||||
Precision Castparts Corp. | 36,464 | 6,007,444 | ||||||
Metal - Copper — 0.8% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 135,624 | 5,370,710 | ||||||
Metal - Iron — 0.6% |
| |||||||
Cliffs Natural Resources, Inc.# | 58,638 | 3,976,243 | ||||||
Rio Tinto PLC(4) | 11,210 | 593,406 | ||||||
4,569,649 | ||||||||
Motorcycle/Motor Scooter — 0.6% |
| |||||||
Harley - Davidson, Inc.# | 110,088 | 4,047,936 | ||||||
Multimedia — 0.6% |
| |||||||
FactSet Research Systems, Inc.# | 6,040 | 563,109 | ||||||
Viacom, Inc., Class B | 81,704 | 3,657,071 | ||||||
4,220,180 | ||||||||
Networking Products — 1.1% |
| |||||||
Cisco Systems, Inc. | 377,245 | 7,031,847 | ||||||
Polycom, Inc.† | 68,134 | 1,151,464 | ||||||
8,183,311 | ||||||||
Oil Companies - Exploration & Production — 2.9% |
| |||||||
Apache Corp. | 6,290 | 625,478 | ||||||
Devon Energy Corp. | 45,031 | 2,947,729 | ||||||
EOG Resources, Inc. | 37,372 | 3,876,971 | ||||||
Noble Energy, Inc. | 46,470 | 4,572,183 | ||||||
Occidental Petroleum Corp. | 82,691 | 8,178,140 | ||||||
W&T Offshore, Inc.# | 23,627 | 473,013 | ||||||
20,673,514 | ||||||||
Oil Companies - Integrated — 4.4% |
| |||||||
BG Group PLC(4) | 70,370 | 1,510,157 |
94
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Integrated (continued) |
| |||||||
Chevron Corp. | 11,865 | $ | 1,219,959 | |||||
ConocoPhillips | 13,767 | 981,862 | ||||||
Exxon Mobil Corp. | 321,577 | 25,867,654 | ||||||
Marathon Oil Corp. | 18,411 | 514,772 | ||||||
Suncor Energy, Inc. (NYSE) | 24,627 | 739,302 | ||||||
Suncor Energy, Inc. (TSX) | 10,490 | 315,950 | ||||||
31,149,656 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 6,710 | 481,107 | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
HollyFrontier Corp. | 33,006 | 767,389 | ||||||
Tesoro Corp.†# | 13,167 | 314,560 | ||||||
Valero Energy Corp. | 43,617 | 971,351 | ||||||
2,053,300 | ||||||||
Oil - Field Services — 3.5% |
| |||||||
Core Laboratories NV | 20,019 | 2,323,205 | ||||||
Halliburton Co. | 8,356 | 307,501 | ||||||
Helix Energy Solutions Group, Inc.†# | 54,387 | 964,825 | ||||||
Hornbeck Offshore Services, Inc.†# | 24,418 | 823,863 | ||||||
Oceaneering International, Inc.# | 65,564 | 3,118,224 | ||||||
Saipem SpA(4) | 32,726 | 1,463,716 | ||||||
Schlumberger, Ltd. | 211,387 | 15,923,783 | ||||||
24,925,117 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 9,093 | 714,073 | ||||||
Pharmacy Services — 1.0% |
| |||||||
Express Scripts, Inc.†# | 148,249 | 6,767,567 | ||||||
Medco Health Solutions, Inc.† | 5,068 | 287,203 | ||||||
7,054,770 | ||||||||
Real Estate Investment Trusts — 0.5% |
| |||||||
AvalonBay Communities, Inc.# | 9,232 | 1,152,615 | ||||||
Simon Property Group, Inc. | 19,819 | 2,464,295 | ||||||
3,616,910 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
CBRE Group, Inc.† | 133,693 | 2,247,379 | ||||||
Recreational Vehicles — 0.2% |
| |||||||
Polaris Industries, Inc.# | 17,991 | 1,081,259 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Express, Inc.† | 42,163 | 956,678 | ||||||
Foot Locker, Inc. | 958 | 22,599 | ||||||
Limited Brands, Inc. | 68,692 | 2,907,732 | ||||||
Lululemon Athletica, Inc.†# | 8,668 | 430,800 | ||||||
Urban Outfitters, Inc.† | 56,323 | 1,519,595 | ||||||
5,837,404 | ||||||||
Retail - Auto Parts — 0.5% |
| |||||||
O’Reilly Automotive, Inc.†# | 49,708 | 3,839,446 | ||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 15,478 | 936,574 | ||||||
Retail - Building Products — 1.0% |
| |||||||
Home Depot, Inc. | 170,026 | 6,668,420 | ||||||
Kingfisher PLC(4) | 164,580 | 663,205 | ||||||
7,331,625 | ||||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 66,179 | 5,645,069 | ||||||
Dollar General Corp.† | 68,094 | 2,762,573 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Discount (continued) |
| |||||||
Wal - Mart Stores, Inc. | 8,848 | $ | 521,147 | |||||
8,928,789 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Caremark Corp. | 34,671 | 1,346,621 | ||||||
Walgreen Co. | 21,912 | 738,873 | ||||||
2,085,494 | ||||||||
Retail - Gardening Products — 0.2% |
| |||||||
Tractor Supply Co.# | 18,696 | 1,350,412 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Nitori Holdings Co., Ltd.(4) | 4,750 | 444,251 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Swatch Group AG, Class B(4) | 1,780 | 693,782 | ||||||
Retail - Pet Food & Supplies — 0.2% |
| |||||||
PetSmart, Inc. | 25,199 | 1,215,852 | ||||||
Retail - Regional Department Stores — 0.8% |
| |||||||
Dillard’s, Inc., Class A# | 621 | 29,187 | ||||||
Macy’s, Inc. | 167,208 | 5,405,835 | ||||||
5,435,022 | ||||||||
Retail - Restaurants — 2.8% |
| |||||||
Chipotle Mexican Grill, Inc.† | 6,416 | 2,063,129 | ||||||
McDonald’s Corp. | 101,709 | 9,715,244 | ||||||
Starbucks Corp. | 166,092 | 7,221,680 | ||||||
Yum! Brands, Inc. | 17,615 | 987,144 | ||||||
19,987,197 | ||||||||
Retail - Video Rentals — 0.1% |
| |||||||
Coinstar, Inc.†# | 12,230 | 522,099 | ||||||
Rubber - Tires — 0.0% |
| |||||||
Pirelli & C. SpA(4) | 18,860 | 177,540 | ||||||
Schools — 0.2% |
| |||||||
Apollo Group, Inc., Class A† | 14,320 | 694,234 | ||||||
ITT Educational Services, Inc.†# | 16,840 | 925,526 | ||||||
1,619,760 | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Cypress Semiconductor Corp.†# | 4,571 | 87,169 | ||||||
Linear Technology Corp.# | 100,066 | 3,065,021 | ||||||
Maxim Integrated Products, Inc. | 39,766 | 1,019,998 | ||||||
4,172,188 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
Applied Materials, Inc. | 35,382 | 381,418 | ||||||
ASML Holding NV | 12,220 | 483,056 | ||||||
KLA - Tencor Corp.# | 47,540 | 2,191,594 | ||||||
Teradyne, Inc.†# | 15,932 | 214,445 | ||||||
3,270,513 | ||||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Church & Dwight Co., Inc. | 26,844 | 1,187,847 | ||||||
Reckitt Benckiser Group PLC(4) | 8,447 | 426,982 | ||||||
1,614,829 | ||||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc., Class A† | 1,407 | 136,029 | ||||||
Telephone - Integrated — 0.5% |
| |||||||
Telephone and Data Systems, Inc.# | 38,517 | 1,039,574 | ||||||
Verizon Communications, Inc. | 26,614 | 1,004,146 | ||||||
Windstream Corp.# | 123,644 | 1,454,053 | ||||||
3,497,773 | ||||||||
95
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VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Television — 0.4% |
| |||||||
CBS Corp., Class B | 104,381 | $ | 2,718,081 | |||||
Tobacco — 1.9% |
| |||||||
Lorillard, Inc. | 4,725 | 527,404 | ||||||
Philip Morris International, Inc. | 169,536 | 12,925,425 | ||||||
13,452,829 | ||||||||
Transactional Software — 0.1% |
| |||||||
VeriFone Systems, Inc.†# | 13,210 | 579,259 | ||||||
Transport - Marine — 0.2% |
| |||||||
Kirby Corp.†# | 22,041 | 1,416,795 | ||||||
Transport - Rail — 1.0% |
| |||||||
Union Pacific Corp. | 65,755 | 6,799,725 | ||||||
Transport - Services — 1.1% |
| |||||||
Expeditors International of Washington, Inc. | 6,870 | 298,914 | ||||||
United Parcel Service, Inc., Class B | 107,707 | 7,727,977 | ||||||
8,026,891 | ||||||||
Vitamins & Nutrition Products — 0.7% |
| |||||||
Herbalife, Ltd. | 16,076 | 889,003 | ||||||
Mead Johnson Nutrition Co. | 51,004 | 3,843,661 | ||||||
4,732,664 | ||||||||
Web Hosting/Design — 0.1% |
| |||||||
Equinix, Inc.†# | 8,220 | 822,164 | ||||||
Web Portals/ISP — 2.8% |
| |||||||
Baidu, Inc. ADR† | 12,030 | 1,575,810 | ||||||
Google, Inc., Class A† | 31,165 | 18,679,989 | ||||||
20,255,799 | ||||||||
Wireless Equipment — 2.3% |
| |||||||
American Tower Corp., Class A† | 28,084 | 1,656,956 | ||||||
Crown Castle International Corp.† | 123,783 | 5,238,496 | ||||||
Motorola Solutions, Inc. | 7,489 | 349,512 | ||||||
QUALCOMM, Inc. | 171,136 | 9,378,253 | ||||||
16,623,217 | ||||||||
Total Common Stock |
| |||||||
(cost $636,145,595) | 703,627,291 | |||||||
PREFERRED STOCK — 0.1% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Itau Unibanco Holding SA ADR | 17,880 | 318,264 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $636,458,536) | 703,945,555 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 8.1% |
| |||||||
Collective Investment Pool — 6.9% |
| |||||||
Navigator Securities Lending Prime Portfolio(1)(2) | 49,053,185 | 49,053,185 | ||||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 | $ | 8,760,000 | 8,760,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $57,813,185) | 57,813,185 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $694,271,721)(3) | 106.8 | % | 761,758,740 | |||||
Liabilities in excess of other assets | (6.8 | ) | (48,182,505 | ) | ||||
NET ASSETS | 100.0 | % | $ | 713,576,235 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | At November 30, 2011, the Fund had loaned securities with a total value of $53,923,023. This was secured by collateral of $49,053,185, which was received in cash and subsequently invested in short-term investments currently valued at $49,053,185 as reported in the portfolio of investments. The remaining collateral with a value of $3,943,490 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Mtg. Corp. | 4.00% to 5.00% | 03/15/32 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/25/41 |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $34,427,172 representing 4.8% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
ADR—American Depository Receipt
LSE—London Stock Exchange
NYSE—New York Stock Exchange
OTC—Over The Counter US
TSX—Toronto Stock Exchange
96
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Computers | $ | 38,785,489 | $ | — | $ | — | $ | 38,785,489 | ||||||||
Other Industries* | 630,414,630 | 34,427,172 | # | — | 664,841,802 | |||||||||||
Preferred Stock | 318,264 | — | — | 318,264 | ||||||||||||
Short-Term Investment Securities: | — | |||||||||||||||
Collective Investment Pool | — | 49,053,185 | — | 49,053,185 | ||||||||||||
Time Deposits | — | 8,760,000 | — | 8,760,000 | ||||||||||||
Total | 669,518,383 | 92,240,357 | — | 761,758,740 | ||||||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $34,427,172 representing 4.8% of net assets. See Note 2. |
See Notes to Financial Statements
97
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 6.0 | % | ||
Medical — Drugs | 4.6 | |||
Oil Companies — Exploration & Production | 3.9 | |||
Computers | 3.9 | |||
Repurchase Agreements | 3.9 | |||
Banks — Super Regional | 3.8 | |||
Oil Companies — Integrated | 3.3 | |||
Web Portals/ISP | 3.1 | |||
Medical Products | 2.6 | |||
Applications Software | 2.6 | |||
Electric — Integrated | 2.5 | |||
Cosmetics & Toiletries | 2.5 | |||
Diversified Banking Institutions | 2.4 | |||
Retail — Discount | 2.2 | |||
Retail — Restaurants | 2.2 | |||
Medical — HMO | 2.0 | |||
Transport — Services | 1.9 | |||
Oil — Field Services | 1.9 | |||
Instruments — Controls | 1.8 | |||
Diversified Manufacturing Operations | 1.8 | |||
Networking Products | 1.8 | |||
Medical — Biomedical/Gene | 1.7 | |||
Oil & Gas Drilling | 1.6 | |||
Commercial Services — Finance | 1.6 | |||
Computers — Memory Devices | 1.6 | |||
Telephone — Integrated | 1.5 | |||
Tobacco | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Cruise Lines | 1.3 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
E-Commerce/Products | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Machinery — Construction & Mining | 1.3 | |||
Computer Services | 1.2 | |||
Finance — Credit Card | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Insurance — Property/Casualty | 1.1 | |||
Athletic Footwear | 1.0 | |||
Cable/Satellite TV | 1.0 | |||
Enterprise Software/Service | 0.9 | |||
Chemicals — Diversified | 0.9 | |||
Medical Instruments | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
E-Commerce/Services | 0.9 | |||
Metal — Copper | 0.9 | |||
Food — Misc. | 0.9 | |||
Telecom Equipment — Fiber Optics | 0.8 | |||
Transport — Rail | 0.8 | |||
Insurance — Multi-line | 0.8 | |||
Computers — Integrated Systems | 0.7 | |||
Multimedia | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Retail — Regional Department Stores | 0.7 | |||
Retail — Consumer Electronics | 0.7 | |||
Software Tools | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Casino Hotels | 0.6 | |||
Medical — Generic Drugs | 0.6 | |||
Paper & Related Products | 0.6 | |||
Electric Products — Misc. | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Home Furnishings | 0.5 | |||
Wireless Equipment | 0.5 | |||
Steel — Producers | 0.4 | |||
Cellular Telecom | 0.4 |
Electronic Design Automation | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Metal — Iron | 0.3 | |||
Semiconductor Equipment | 0.2 | |||
Coal | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
106.5 | % | |||
* | Calculated as a percentage of net assets |
98
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.6% |
| |||||||
Aerospace/Defense — 0.5% |
| |||||||
Boeing Co. | 6,084 | $ | 417,910 | |||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
United Technologies Corp. | 9,309 | 713,069 | ||||||
Agricultural Chemicals — 0.4% |
| |||||||
Potash Corp. of Saskatchewan, Inc. | 6,418 | 278,156 | ||||||
Apparel Manufacturers — 1.1% |
| |||||||
Coach, Inc. | 9,403 | 588,534 | ||||||
Ralph Lauren Corp. | 1,789 | 253,787 | ||||||
842,321 | ||||||||
Applications Software — 2.6% |
| |||||||
Intuit, Inc.# | 3,657 | 194,699 | ||||||
Microsoft Corp. | 50,085 | 1,281,174 | ||||||
Red Hat, Inc.† | 4,237 | 212,189 | ||||||
Salesforce.com, Inc.†# | 3,415 | 404,404 | ||||||
2,092,466 | ||||||||
Athletic Footwear — 1.0% |
| |||||||
NIKE, Inc., Class B | 8,383 | 806,277 | ||||||
Banks - Super Regional — 3.8% |
| |||||||
Capital One Financial Corp.# | 15,449 | 689,952 | ||||||
Fifth Third Bancorp# | 42,111 | 509,122 | ||||||
PNC Financial Services Group, Inc. | 9,085 | 492,498 | ||||||
US Bancorp | 15,641 | 405,415 | ||||||
Wells Fargo & Co. | 34,573 | 894,058 | ||||||
2,991,045 | ||||||||
Beverages - Non-alcoholic — 1.3% |
| |||||||
Coca-Cola Enterprises, Inc. | 7,500 | 195,900 | ||||||
PepsiCo, Inc.# | 12,658 | 810,112 | ||||||
1,006,012 | ||||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Green Mountain Coffee Roasters, Inc.†# | 8,173 | 428,510 | ||||||
Cable/Satellite TV — 1.0% |
| |||||||
Comcast Corp., Class A | 34,358 | 778,896 | ||||||
Casino Hotels — 0.6% |
| |||||||
Las Vegas Sands Corp.†# | 10,491 | 490,035 | ||||||
Cellular Telecom — 0.4% |
| |||||||
Vodafone Group PLC ADR | 12,182 | 330,741 | ||||||
Chemicals - Diversified — 0.9% |
| |||||||
Dow Chemical Co. | 7,419 | 205,580 | ||||||
E.I. du Pont de Nemours & Co. | 4,258 | 203,192 | ||||||
FMC Corp. | 3,877 | 325,358 | ||||||
734,130 | ||||||||
Chemicals - Specialty — 0.7% |
| |||||||
Ashland, Inc.# | 9,611 | 534,564 | ||||||
Coal — 0.2% |
| |||||||
Alpha Natural Resources, Inc.† | 7,651 | 183,624 | ||||||
Commercial Services - Finance — 1.6% |
| |||||||
Mastercard, Inc., Class A | 2,325 | 870,829 | ||||||
Visa, Inc., Class A | 4,145 | 401,940 | ||||||
1,272,769 | ||||||||
Computer Services — 1.2% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 2,709 | 182,451 | ||||||
International Business Machines Corp. | 4,128 | 776,064 | ||||||
958,515 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 3.9% |
| |||||||
Apple, Inc.† | 7,115 | $ | 2,719,353 | |||||
Hewlett-Packard Co.# | 12,436 | 347,586 | ||||||
3,066,939 | ||||||||
Computers - Integrated Systems — 0.7% |
| |||||||
Riverbed Technology, Inc.†# | 9,202 | 239,252 | ||||||
Teradata Corp.† | 6,233 | 338,016 | ||||||
577,268 | ||||||||
Computers - Memory Devices — 1.6% |
| |||||||
EMC Corp.†# | 47,015 | 1,081,815 | ||||||
NetApp, Inc.†# | 4,892 | 180,173 | ||||||
1,261,988 | ||||||||
Cosmetics & Toiletries — 2.5% |
| |||||||
Colgate-Palmolive Co. | 2,194 | 200,751 | ||||||
Estee Lauder Cos., Inc., Class A# | 3,242 | 382,491 | ||||||
Procter & Gamble Co.# | 20,967 | 1,353,839 | ||||||
1,937,081 | ||||||||
Cruise Lines — 1.3% |
| |||||||
Royal Caribbean Cruises, Ltd.# | 38,425 | 1,064,757 | ||||||
Diversified Banking Institutions — 2.4% |
| |||||||
Bank of America Corp.# | 53,925 | 293,352 | ||||||
Citigroup, Inc. | 15,084 | 414,508 | ||||||
Goldman Sachs Group, Inc. | 3,835 | 367,623 | ||||||
JPMorgan Chase & Co. | 27,745 | 859,263 | ||||||
1,934,746 | ||||||||
Diversified Manufacturing Operations — 1.8% |
| |||||||
General Electric Co. | 57,855 | 920,473 | ||||||
Textron, Inc.# | 25,810 | 501,488 | ||||||
1,421,961 | ||||||||
E-Commerce/Products — 1.3% |
| |||||||
Amazon.com, Inc.†# | 3,606 | 693,398 | ||||||
MercadoLibre, Inc.# | 3,729 | 326,996 | ||||||
1,020,394 | ||||||||
E-Commerce/Services — 0.9% |
| |||||||
IAC/InterActive Corp.# | 7,528 | 315,273 | ||||||
priceline.com, Inc.†# | 808 | 392,599 | ||||||
707,872 | ||||||||
Electric Products-Misc. — 0.5% |
| |||||||
AMETEK, Inc. | 10,028 | 429,600 | ||||||
Electric - Integrated — 2.5% | ||||||||
American Electric Power Co., Inc. | 12,491 | 495,643 | ||||||
Edison International | 12,291 | 483,159 | ||||||
Exelon Corp.# | 11,391 | 504,735 | ||||||
NextEra Energy, Inc.# | 9,291 | 515,093 | ||||||
1,998,630 | ||||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Intel Corp. | 20,207 | 503,356 | ||||||
Texas Instruments, Inc. | 18,689 | 562,539 | ||||||
1,065,895 | ||||||||
Electronic Design Automation — 0.4% |
| |||||||
Cadence Design Systems, Inc.†# | 26,359 | 288,367 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc.† | 4,783 | 179,363 | ||||||
Enterprise Software/Service — 0.9% |
| |||||||
Oracle Corp. | 23,777 | 745,409 | ||||||
99
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Finance - Credit Card — 1.1% |
| |||||||
American Express Co. | 17,653 | $ | 848,050 | |||||
Food - Misc. — 0.9% | ||||||||
General Mills, Inc. | 17,156 | 685,382 | ||||||
Home Furnishings — 0.5% | ||||||||
Tempur-Pedic International, Inc.†# | 7,195 | 392,919 | ||||||
Instruments - Controls — 1.8% | ||||||||
Honeywell International, Inc. | 26,518 | 1,435,950 | ||||||
Insurance - Life/Health — 0.7% | ||||||||
Prudential Financial, Inc. | 10,486 | 531,011 | ||||||
Insurance - Multi-line — 0.8% | ||||||||
Assurant, Inc. | 15,524 | 609,162 | ||||||
Insurance - Property/Casualty — 1.1% | ||||||||
Chubb Corp.# | 5,987 | 403,763 | ||||||
Travelers Cos., Inc. | 7,694 | 432,788 | ||||||
836,551 | ||||||||
Investment Management/Advisor Services — 0.6% | ||||||||
Invesco, Ltd.# | 24,446 | 495,032 | ||||||
Machinery - Construction & Mining — 1.3% | ||||||||
Caterpillar, Inc.# | 10,192 | 997,593 | ||||||
Medical Instruments — 0.9% | ||||||||
Intuitive Surgical, Inc.†# | 950 | 412,499 | ||||||
St. Jude Medical, Inc. | 7,879 | 302,869 | ||||||
715,368 | ||||||||
Medical Products — 2.6% | ||||||||
Covidien PLC# | 22,233 | 1,012,713 | ||||||
Stryker Corp.# | 20,567 | 1,004,287 | ||||||
2,017,000 | ||||||||
Medical - Biomedical/Gene — 1.7% | ||||||||
Alexion Pharmaceuticals, Inc.† | 5,431 | 372,893 | ||||||
Amgen, Inc. | 4,673 | 270,613 | ||||||
Biogen Idec, Inc.†# | 3,899 | 448,190 | ||||||
Celgene Corp.† | 4,520 | 285,122 | ||||||
1,376,818 | ||||||||
Medical - Drugs — 4.6% | ||||||||
Allergan, Inc. | 7,244 | 606,468 | ||||||
Johnson & Johnson# | 12,395 | 802,204 | ||||||
Merck & Co., Inc. | 24,654 | 881,380 | ||||||
Pfizer, Inc. | 54,517 | 1,094,156 | ||||||
Pharmasset, Inc.†# | 2,217 | 290,405 | ||||||
3,674,613 | ||||||||
Medical - Generic Drugs — 0.6% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 5,700 | 225,777 | ||||||
Watson Pharmaceuticals, Inc.† | 3,570 | 230,693 | ||||||
456,470 | ||||||||
Medical - HMO — 2.0% | ||||||||
Aetna, Inc. | 14,054 | 587,738 | ||||||
UnitedHealth Group, Inc. | 19,727 | 962,086 | ||||||
1,549,824 | ||||||||
Metal Processors & Fabrication — 0.6% | ||||||||
Precision Castparts Corp.# | 3,047 | 501,993 | ||||||
Metal - Copper — 0.9% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 17,338 | 686,585 | ||||||
Metal - Iron — 0.3% | ||||||||
Cliffs Natural Resources, Inc.# | 3,203 | 217,195 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Multimedia — 0.7% | ||||||||
Time Warner, Inc.# | 15,436 | $ | 537,482 | |||||
Networking Products — 1.8% | ||||||||
Acme Packet, Inc.†# | 13,277 | 443,850 | ||||||
Cisco Systems, Inc. | 50,357 | 938,655 | ||||||
1,382,505 | ||||||||
Oil & Gas Drilling — 1.6% | ||||||||
Ensco PLC ADR# | 24,617 | 1,279,346 | ||||||
Oil Companies - Exploration & Production — 3.9% | ||||||||
Anadarko Petroleum Corp. | 10,695 | 869,183 | ||||||
Apache Corp. | 5,626 | 559,449 | ||||||
Cabot Oil & Gas Corp. | 5,405 | 478,829 | ||||||
Occidental Petroleum Corp. | 12,132 | 1,199,855 | ||||||
3,107,316 | ||||||||
Oil Companies - Integrated — 3.3% | ||||||||
Chevron Corp. | 11,205 | 1,152,098 | ||||||
ConocoPhillips | 12,265 | 874,740 | ||||||
Exxon Mobil Corp. | 7,426 | 597,347 | ||||||
2,624,185 | ||||||||
Oil Field Machinery & Equipment — 0.6% | ||||||||
Cameron International Corp.† | 9,167 | 494,926 | ||||||
Oil - Field Services — 1.9% | ||||||||
Halliburton Co. | 19,200 | 706,560 | ||||||
Schlumberger, Ltd.# | 10,609 | 799,176 | ||||||
1,505,736 | ||||||||
Paper & Related Products — 0.6% | ||||||||
International Paper Co.# | 15,525 | 440,910 | ||||||
Retail - Consumer Electronics — 0.7% | ||||||||
Best Buy Co., Inc.# | 19,000 | 514,710 | ||||||
Retail - Discount — 2.2% | ||||||||
Costco Wholesale Corp.# | 6,507 | 555,047 | ||||||
Target Corp. | 22,210 | 1,170,467 | ||||||
1,725,514 | ||||||||
Retail - Regional Department Stores — 0.7% | ||||||||
Kohl’s Corp. | 9,686 | 521,107 | ||||||
Retail - Restaurants — 2.2% | ||||||||
Chipotle Mexican Grill, Inc.†# | 501 | 161,102 | ||||||
McDonald’s Corp.# | 9,972 | 952,525 | ||||||
Starbucks Corp. | 13,755 | 598,067 | ||||||
1,711,694 | ||||||||
Semiconductor Components — Integrated Circuits — 1.3% | ||||||||
QUALCOMM, Inc. | 19,027 | 1,042,680 | ||||||
Semiconductor Equipment — 0.2% | ||||||||
Lam Research Corp.†# | 4,524 | 184,443 | ||||||
Software Tools — 0.6% | ||||||||
VMware, Inc., Class A† | 5,220 | 504,670 | ||||||
Steel - Producers — 0.4% | ||||||||
Carpenter Technology Corp.# | 6,352 | 343,897 | ||||||
Telecom Equipment - Fiber Optics — 0.8% | ||||||||
Corning, Inc.# | 49,363 | 655,047 | ||||||
Telephone - Integrated — 1.5% | ||||||||
AT&T, Inc. | 24,381 | 706,561 | ||||||
Verizon Communications, Inc.# | 12,196 | 460,155 | ||||||
1,166,716 | ||||||||
100
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Tobacco — 1.4% | ||||||||
Lorillard, Inc.# | 2,655 | $ | 296,351 | |||||
Philip Morris International, Inc. | 10,899 | 830,940 | ||||||
1,127,291 | ||||||||
Transport - Rail — 0.8% | ||||||||
Union Pacific Corp.# | 6,058 | 626,458 | ||||||
Transport - Services — 1.9% | ||||||||
United Parcel Service, Inc., Class B# | 21,063 | 1,511,270 | ||||||
Web Portals/ISP — 3.1% | ||||||||
Baidu, Inc. ADR† | 2,917 | 382,098 | ||||||
Google, Inc., Class A† | 3,400 | 2,037,926 | ||||||
2,420,024 | ||||||||
Wireless Equipment — 0.5% | ||||||||
Crown Castle International Corp.† | 9,253 | 391,587 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $73,641,792) | 76,406,340 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.9% | ||||||||
Collective Investment Pool — 6.0% | ||||||||
Navigator Securities Lending Prime Portfolio(1)(2) | 4,741,397 | 4,741,397 | ||||||
REPURCHASE AGREEMENT — 3.9% | ||||||||
State Street Bank & Trust Co. Joint Repurchase | $ | 3,051,000 | 3,051,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $81,434,189)(4) | 106.5 | % | 84,198,737 | |||||
Liabilities in excess of other assets | (6.5 | ) | (5,142,403 | ) | ||||
NET ASSETS | 100.0 | % | $ | 79,056,334 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | At November 30, 2011, the Fund had loaned securities with a total value of $4,955,354. This was secured by collateral of $4,741,397, which was received in cash and subsequently invested in short-term investments currently valued at $4,741,397 as reported in the portfolio of investments. The remaining collateral of $107,581 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 7/15/2014 | ||
Federal Home Loan Mortgage Corp. | 4.00% to 5.00% | 03/15/32 - 06/15/40 | ||
Federal National Mortgage Corp. | 4.00% | 08/25/41 | ||
United States Treasury Bills | zero coupon | 12/22/11 |
(3) | See Note 2 for details of Joint Repurchase Agreements. |
(4) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 76,406,340 | $ | — | $ | — | $ | 76,406,340 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 4,741,397 | — | 4,741,397 | ||||||||||||
Repurchase Agreement | — | 3,051,000 | — | 3,051,000 | ||||||||||||
Total | $ | 76,406,340 | $ | 7,792,397 | $ | — | $ | 84,198,737 | ||||||||
See Notes to Financial Statements
101
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 27.3 | % | ||
Medical — Drugs | 18.8 | |||
Medical Products | 10.6 | |||
Medical — HMO | 6.8 | |||
Therapeutics | 4.6 | |||
Pharmacy Services | 4.5 | |||
Medical — Wholesale Drug Distribution | 3.7 | |||
Medical — Hospitals | 3.6 | |||
Medical Instruments | 2.8 | |||
Dental Supplies & Equipment | 2.3 | |||
Medical Information Systems | 2.2 | |||
Medical — Generic Drugs | 1.9 | |||
Medical Labs & Testing Services | 1.7 | |||
Dialysis Centers | 1.5 | |||
Diagnostic Kits | 1.2 | |||
Retail — Drug Store | 1.1 | |||
Agricultural Chemicals | 0.9 | |||
Applications Software | 0.8 | |||
Physicians Practice Management | 0.8 | |||
Instruments — Scientific | 0.7 | |||
Heart Monitors | 0.7 | |||
Consulting Services | 0.6 | |||
Commercial Services | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Patient Monitoring Equipment | 0.4 | |||
Registered Investment Companies | 0.3 | |||
Distribution/Wholesale | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Instruments — Controls | 0.2 | |||
Drug Delivery Systems | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Computer Software | 0.1 | |||
102.1 | % | |||
* | Calculated as a percentage of net assets |
102
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 101.6% |
| |||||||
Agricultural Chemicals — 0.9% |
| |||||||
Monsanto Co. | 25,100 | $ | 1,843,595 | |||||
Applications Software — 0.8% |
| |||||||
Nuance Communications, Inc.† | 70,700 | 1,737,806 | ||||||
Chemicals - Diversified — 0.4% |
| |||||||
Bayer AG(1) | 13,064 | 858,262 | ||||||
Bayer AG ADR | 600 | 39,426 | ||||||
897,688 | ||||||||
Commercial Services — 0.4% |
| |||||||
HMS Holdings Corp.† | 30,300 | 918,999 | ||||||
Computer Software — 0.1% |
| |||||||
DynaVox, Inc., Class A† | 23,174 | 92,001 | ||||||
Consulting Services — 0.6% |
| |||||||
Advisory Board Co.† | 7,400 | 535,612 | ||||||
MAXIMUS, Inc. | 18,700 | 777,920 | ||||||
1,313,532 | ||||||||
Dental Supplies & Equipment — 2.3% |
| |||||||
DENTSPLY International, Inc. | 131,700 | 4,755,687 | ||||||
Diagnostic Equipment — 0.2% |
| |||||||
Gen - Probe, Inc.† | 2,940 | 185,191 | ||||||
GenMark Diagnostics, Inc.† | 55,000 | 231,550 | ||||||
416,741 | ||||||||
Diagnostic Kits — 1.2% |
| |||||||
BG Medicine, Inc.† | 21,500 | 99,760 | ||||||
IDEXX Laboratories, Inc.† | 32,000 | 2,406,080 | ||||||
2,505,840 | ||||||||
Dialysis Centers — 1.5% |
| |||||||
DaVita, Inc.† | 24,000 | 1,828,320 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 17,621 | 1,204,191 | ||||||
3,032,511 | ||||||||
Disposable Medical Products — 0.2% |
| |||||||
Shandong Weigao Group Medical Polymer Co., Ltd.(1) | 424,000 | 371,979 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Owens & Minor, Inc. | 15,900 | 489,720 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Depomed, Inc.† | 32,600 | 158,762 | ||||||
Nektar Therapeutics† | 27,200 | 136,000 | ||||||
294,762 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc.† | 3,700 | 138,750 | ||||||
Heart Monitors — 0.7% |
| |||||||
HeartWare International, Inc.† | 20,625 | 1,423,125 | ||||||
Instruments - Controls — 0.2% |
| |||||||
Mettler - Toledo International, Inc.† | 2,100 | 335,580 | ||||||
Instruments - Scientific — 0.7% |
| |||||||
Thermo Fisher Scientific, Inc.† | 32,000 | 1,512,000 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Odontoprev SA | 21,200 | 294,257 | ||||||
Medical Information Systems — 2.2% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 95,200 | 1,852,592 | ||||||
athenahealth, Inc.† | 30,700 | 1,823,580 | ||||||
Cerner Corp.† | 15,600 | 951,288 | ||||||
4,627,460 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments — 2.8% |
| |||||||
Arthrocare Corp.† | 21,587 | $ | 643,508 | |||||
Bruker Corp.† | 67,300 | 842,596 | ||||||
Conceptus, Inc.† | 72,000 | 788,760 | ||||||
Edwards Lifesciences Corp.† | 31,400 | 2,073,342 | ||||||
Endologix, Inc.† | 13,700 | 155,358 | ||||||
Intuitive Surgical, Inc.† | 1,160 | 503,684 | ||||||
Volcano Corp.† | 38,900 | 959,663 | ||||||
5,966,911 | ||||||||
Medical Labs & Testing Services — 1.7% |
| |||||||
Covance, Inc.† | 45,800 | 2,102,678 | ||||||
Fleury SA | 43,200 | 492,117 | ||||||
Laboratory Corp. of America Holdings† | 4,900 | 420,028 | ||||||
Quest Diagnostics, Inc. | 8,600 | 504,476 | ||||||
3,519,299 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
LCA-Vision, Inc.† | 70,700 | 199,374 | ||||||
Medical Products — 10.6% |
| |||||||
Baxter International, Inc. | 81,744 | 4,222,895 | ||||||
BioMimetic Therapeutics, Inc.† | 14,500 | 45,530 | ||||||
China Kanghui Holdings, Inc. ADR† | 45,900 | 699,975 | ||||||
China Medical System Holdings, Ltd.(1) | 1,458,000 | 1,060,475 | ||||||
Cooper Cos., Inc. | 12,400 | 759,624 | ||||||
Covidien PLC | 95,400 | 4,345,470 | ||||||
EnteroMedics, Inc.† | 105,150 | 203,991 | ||||||
Fresenius SE & Co. KGaA(1) | 4,236 | 407,393 | ||||||
Henry Schein, Inc.† | 46,600 | 2,998,244 | ||||||
Hill - Rom Holdings, Inc. | 13,400 | 423,440 | ||||||
Hospira, Inc.† | 17,700 | 498,963 | ||||||
Nobel Biocare Holding AG†(1) | 11,273 | 143,153 | ||||||
Sonova Holding AG†(1) | 2,516 | 262,842 | ||||||
Straumann Holding AG(1) | 1,600 | 281,028 | ||||||
Stryker Corp. | 76,200 | 3,720,846 | ||||||
Tornier NV† | 6,300 | 113,211 | ||||||
Zimmer Holdings, Inc.† | 41,800 | 2,112,990 | ||||||
22,300,070 | ||||||||
Medical - Biomedical/Gene — 27.2% |
| |||||||
Acorda Therapeutics, Inc.† | 33,875 | 784,206 | ||||||
Aegerion Pharmaceuticals, Inc.† | 20,400 | 327,012 | ||||||
Alexion Pharmaceuticals, Inc.† | 251,040 | 17,236,407 | ||||||
AMAG Pharmaceuticals, Inc.† | 39,400 | 701,320 | ||||||
Amarin Corp. PLC ADR† | 71,200 | 496,976 | ||||||
Amgen, Inc. | 54,675 | 3,166,229 | ||||||
Amylin Pharmaceuticals, Inc.† | 63,800 | 689,040 | ||||||
Arqule, Inc.† | 16,900 | 94,809 | ||||||
Basilea Pharmaceutica†(1) | 1,848 | 64,044 | ||||||
Biocon, Ltd.(1) | 23,900 | 147,171 | ||||||
BioCryst Pharmaceuticals, Inc.† | 31,500 | 90,720 | ||||||
Biogen Idec, Inc.† | 13,700 | 1,574,815 | ||||||
Celgene Corp.† | 73,540 | 4,638,903 | ||||||
Cubist Pharmaceuticals, Inc.† | 53,000 | 2,044,210 | ||||||
Dendreon Corp.† | 63,700 | 550,368 | ||||||
Dyadic International, Inc.† | 33,700 | 44,484 | ||||||
Dynavax Technologies Corp.† | 21,200 | 65,932 | ||||||
Exelixis, Inc.† | 233,200 | 1,075,052 | ||||||
Gilead Sciences, Inc.† | 140,600 | 5,602,910 | ||||||
GTx, Inc.† | 31,844 | 86,616 | ||||||
Halozyme Therapeutics, Inc.† | 20,000 | 189,600 | ||||||
Human Genome Sciences, Inc.† | 152,054 | 1,166,254 | ||||||
Illumina, Inc.† | 21,600 | 600,912 | ||||||
Incyte Corp., Ltd.† | 286,200 | 3,940,974 | ||||||
Intercell AG†(1) | 8,622 | 20,220 | ||||||
InterMune, Inc.† | 83,800 | 1,521,808 |
103
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Lexicon Pharmaceuticals, Inc.† | 34,200 | $ | 40,014 | |||||
Medicines Co.† | 183,800 | 3,475,658 | ||||||
Micromet, Inc.† | 17,300 | 106,049 | ||||||
Momenta Pharmaceuticals, Inc.† | 34,200 | 514,368 | ||||||
Newron Pharmaceuticals SpA†(1) | 9,000 | 19,746 | ||||||
NPS Pharmaceuticals, Inc.† | 69,200 | 393,056 | ||||||
Regeneron Pharmaceuticals, Inc.† | 52,200 | 3,101,724 | ||||||
Seattle Genetics, Inc.† | 40,700 | 676,841 | ||||||
Sinovac Biotech, Ltd.† | 43,200 | 101,952 | ||||||
Tranzyme, Inc.† | 62,300 | 197,491 | ||||||
United Therapeutics Corp.† | 7,000 | 286,370 | ||||||
Vertex Pharmaceuticals, Inc.† | 38,994 | 1,130,436 | ||||||
Vical, Inc.† | 68,700 | 302,967 | ||||||
57,267,664 | ||||||||
Medical - Drugs — 18.7% |
| |||||||
Achillion Pharmaceuticals, Inc.† | 17,200 | 114,380 | ||||||
Alkermes PLC† | 175,300 | 2,680,337 | ||||||
Allergan, Inc. | 10,700 | 895,804 | ||||||
Anacor Pharmaceuticals, Inc.† | 49,300 | 247,979 | ||||||
Ardea Biosciences, Inc.† | 27,517 | 514,018 | ||||||
Auxilium Pharmaceuticals, Inc.† | 44,000 | 766,920 | ||||||
Cadence Pharmaceuticals, Inc.† | 86,300 | 378,857 | ||||||
Cardiome Pharma Corp.† | 65,600 | 133,824 | ||||||
Clovis Oncology, Inc.† | 14,200 | 182,754 | ||||||
Elan Corp. PLC ADR† | 229,700 | 2,485,354 | ||||||
Endocyte, Inc.† | 15,300 | 157,437 | ||||||
GlaxoSmithKline Pharmaceuticals, Ltd.(1) | 3,696 | 136,551 | ||||||
Hikma Pharmaceuticals PLC(1) | 10,303 | 101,134 | ||||||
Idenix Pharmaceuticals, Inc.† | 201,500 | 1,531,400 | ||||||
Infinity Pharmaceuticals, Inc.† | 27,750 | 253,358 | ||||||
Ironwood Pharmaceuticals, Inc.† | 7,700 | 92,939 | ||||||
Jazz Pharmaceuticals, Inc.† | 32,300 | 1,279,726 | ||||||
Lijun International Pharmaceutical Holding, Ltd.(1) | 190,000 | 21,696 | ||||||
MAP Pharmaceuticals, Inc.† | 24,900 | 342,375 | ||||||
Medivation, Inc.† | 31,800 | 1,461,210 | ||||||
Merck & Co., Inc. | 81,404 | 2,910,193 | ||||||
Novo Nordisk A/S, Class B(1) | 6,846 | 778,619 | ||||||
Optimer Pharmaceuticals, Inc.† | 44,900 | 517,248 | ||||||
Pacira Pharmaceuticals, Inc.† | 64,100 | 469,212 | ||||||
Pfizer, Inc. | 70,366 | 1,412,246 | ||||||
Pharmasset, Inc.† | 54,600 | 7,152,054 | ||||||
Poniard Pharmaceuticals, Inc.† | 2,403 | 11,316 | ||||||
Ranbaxy Laboratories, Ltd.(1) | 29,600 | 252,721 | ||||||
Rigel Pharmaceuticals, Inc.† | 61,800 | 470,916 | ||||||
Roche Holding AG(1) | 12,394 | 1,971,347 | ||||||
Salix Pharmaceuticals, Ltd.† | 14,400 | 635,616 | ||||||
Sanofi(1) | 2,900 | 202,994 | ||||||
Savient Pharmaceuticals, Inc.† | 8,700 | 21,837 | ||||||
Shire PLC(1) | 26,700 | 896,174 | ||||||
Shire PLC ADR | 9,132 | 925,254 | ||||||
Sun Pharmaceutical Industries, Ltd.(1) | 23,000 | 233,962 | ||||||
Swedish Orphan Biovitrum AB†(1) | 95,623 | 185,054 | ||||||
Targacept, Inc.† | 15,600 | 117,156 | ||||||
UCB SA | 10,649 | 438,930 | ||||||
Valeant Pharmaceuticals International, Inc.† | 118,933 | 5,495,894 | ||||||
Vectura Group PLC†(1) | 82,423 | 78,141 | ||||||
XenoPort, Inc.† | 91,000 | 434,980 | ||||||
39,389,917 | ||||||||
Medical - Generic Drugs — 1.9% |
| |||||||
Impax Laboratories, Inc.† | 30,900 | 622,326 | ||||||
Par Pharmaceutical Cos., Inc.† | 3,800 | 123,158 | ||||||
Sawai Pharmaceutical Co., Ltd.(1) | 13,600 | 1,445,309 | ||||||
Simcere Pharmaceutical Group ADR† | 32,100 | 239,787 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Generic Drugs (continued) |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 23,435 | $ | 928,261 | |||||
Towa Pharmaceutical Co., Ltd.(1) | 14,800 | 662,924 | ||||||
4,021,765 | ||||||||
Medical - HMO — 6.8% |
| |||||||
AMERIGROUP Corp.† | 49,500 | 2,829,915 | ||||||
Amil Participacoes SA | 37,200 | 345,597 | ||||||
Centene Corp.† | 26,500 | 1,025,815 | ||||||
Triple - S Management Corp., Class B† | 24,357 | 474,474 | ||||||
UnitedHealth Group, Inc. | 91,600 | 4,467,332 | ||||||
WellCare Health Plans, Inc.† | 28,200 | 1,648,290 | ||||||
WellPoint, Inc. | 49,300 | 3,478,115 | ||||||
14,269,538 | ||||||||
Medical - Hospitals — 3.6% |
| |||||||
Bangkok Dusit Medical Services PCL | 593,700 | 1,428,537 | ||||||
Community Health Systems, Inc.† | 22,700 | 451,049 | ||||||
Fortis Healthcare India, Ltd.†(1) | 134,100 | 293,783 | ||||||
HCA Holdings, Inc.† | 40,700 | 992,266 | ||||||
Health Management Associates, Inc., Class A† | 117,800 | 968,316 | ||||||
Select Medical Holdings Corp.† | 79,000 | 684,930 | ||||||
Universal Health Services, Inc., Class B | 68,700 | 2,763,114 | ||||||
7,581,995 | ||||||||
Medical - Wholesale Drug Distribution — 3.7% |
| |||||||
AmerisourceBergen Corp. | 67,500 | 2,507,625 | ||||||
McKesson Corp. | 61,900 | 5,033,089 | ||||||
Sinopharm Group Co., Ltd.(1) | 92,000 | 222,143 | ||||||
7,762,857 | ||||||||
Patient Monitoring Equipment — 0.4% |
| |||||||
Insulet Corp.† | 41,800 | 776,644 | ||||||
Pharmacy Services — 4.5% |
| |||||||
Catalyst Health Solutions, Inc.† | 38,114 | 1,982,690 | ||||||
Express Scripts, Inc.† | 43,921 | 2,004,994 | ||||||
SXC Health Solutions Corp.† | 92,500 | 5,440,850 | ||||||
9,428,534 | ||||||||
Physicians Practice Management — 0.8% |
| |||||||
Mednax, Inc.† | 25,200 | 1,698,480 | ||||||
Retail - Convenience Store — 0.2% |
| |||||||
CP ALL PCL | 247,400 | 396,856 | ||||||
Retail - Drug Store — 1.1% |
| |||||||
Raia SA | 39,000 | 606,022 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd.†(1) | 357,000 | 678,785 | ||||||
Shoppers Drug Mart Corp. | 26,600 | 1,107,084 | ||||||
2,391,891 | ||||||||
Therapeutics — 4.6% |
| |||||||
Allos Therapeutics, Inc.† | 49,300 | 65,569 | ||||||
AVANIR Pharmaceuticals, Inc., Class A† | 433,111 | 1,065,453 | ||||||
BioMarin Pharmaceutical, Inc.† | 82,800 | 2,866,536 | ||||||
ISTA Pharmaceuticals, Inc.† | 34,800 | 130,500 | ||||||
Neurocrine Biosciences, Inc.† | 83,035 | 543,049 | ||||||
Onyx Pharmaceuticals, Inc.† | 24,800 | 1,093,680 | ||||||
Pharmacyclics, Inc.† | 131,800 | 2,007,314 | ||||||
Puma Biotechnology†(2)(3)(4) | 38,324 | 143,715 | ||||||
Theravance, Inc.† | 48,600 | 1,134,324 | ||||||
Warner Chilcott PLC, Class A† | 23,100 | 363,132 | ||||||
YM Biosciences, Inc.† | 187,200 | 237,744 | ||||||
9,651,016 | ||||||||
Total Common Stock |
| |||||||
(cost $181,229,564) | 213,624,844 | |||||||
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED STOCK — 0.1% |
| |||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Tesaro, Inc. Series B(2)(3)(4)(6) | 68,928 | $ | 149,918 | |||||
RIGHTS — 0.0% |
| |||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Lexicon Pharmaceuticals, Inc. | 34,200 | 584 | ||||||
WARRANTS† — 0.0% |
| |||||||
Medical Products — 0.0% |
| |||||||
EnteroMedics, Inc. | 82,200 | 49 | ||||||
EnteroMedics, Inc. | 42,300 | 31,679 | ||||||
EnteroMedics, Inc. | 6,300 | 5,391 | ||||||
37,119 | ||||||||
Medical - Drugs — 0.0% |
| |||||||
Alexza Pharmaceuticals, Inc. | 13,050 | 2,999 | ||||||
Cadence Pharmaceuticals, Inc. | 9,484 | 14,134 | ||||||
17,133 | ||||||||
Therapeutics — 0.0% |
| |||||||
Puma Biotechnology | 1 | 0 | ||||||
Total Warrants |
| |||||||
(cost $13,092) | 54,252 | |||||||
PUT OPTIONS - PURCHASED — 0.0% |
| |||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc.(7) | 69 | 5,865 | ||||||
CALL OPTIONS - PURCHASED — 0.1% |
| |||||||
Medical - Drugs — 0.1% |
| |||||||
Medivation, Inc.(7) | 33 | 74,910 | ||||||
Medivation, Inc.(7) | 16 | 39,360 | ||||||
Medivation, Inc.(7) | 16 | 37,840 | ||||||
Targacept, Inc.(7) | 15 | 75 | ||||||
152,185 | ||||||||
Total Options - Purchased |
| |||||||
(cost $89,629) | 158,050 | |||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp. | $ | 68,000 | 67,660 | |||||
U.S. CORPORATE BONDS & NOTES — 0.0% |
| |||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc. | 71,000 | $ | 71,621 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $181,618,957) | 214,126,929 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% | ||||||||
T. Rowe Price Reserve Investment Fund | 710,132 | 710,132 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $182,329,089)(5) | 102.1 | % | 214,837,061 | |||||
Liabilities in excess of other assets | (2.1 | ) | (4,495,320 | ) | ||||
NET ASSETS | 100.0 | % | $ | 210,341,741 | ||||
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $13,001,841 representing 6.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $310,815 representing 0.1% of net assets. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Health Sciences Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Alexza | 10/5/2009 | 13,050 | $ | 1,631 | $ | 2,999 | $ | 0.23 | 0.0 | % | ||||||||||||||
Cadence | 2/18/2009 | 9,484 | 1,186 | 14,134 | 1.49 | 0.0 | % | |||||||||||||||||
EnteroMedics, Inc. | 2/23/2009 | 82,200 | 10,275 | 49 | 0.00 | 0.0 | % | |||||||||||||||||
Puma | 10/4/2011 | 38,324 | 143,715 | 143,715 | 3.75 | 0.1 | % | |||||||||||||||||
Puma | 10/4/2011 | 1 | – | 0 | 0.00 | 0.0 | % | |||||||||||||||||
Tesaro, Inc. | 6/6/2011 | 68,928 | 149,919 | 149,918 | 2.17 | 0.1 | % | |||||||||||||||||
$ | 310,815 | 0.2 | % | |||||||||||||||||||||
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Security is subject to an unfunded commitment, see Note 12 for details. |
(7) | Options Purchased |
105
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Call Options - Purchased | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2011 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Medivation, Inc. | December 2011 | $ | 22.00 | 16 | $ | 5,607 | $ | 37,840 | $ | 32,233 | ||||||||||||||
Medivation, Inc. | December 2011 | 23.00 | 33 | 10,824 | 74,910 | 64,086 | ||||||||||||||||||
Medivation, Inc. | December 2011 | 21.00 | 16 | 5,663 | 39,360 | 33,697 | ||||||||||||||||||
Targacept, Inc. | December 2011 | 20.00 | 15 | 7,540 | 75 | (7,465 | ) | |||||||||||||||||
80 | $ | 29,634 | $ | 152,185 | $ | 122,551 | ||||||||||||||||||
Put Options - Purchased | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2011 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
HeartWare International, Inc. | December 2011 | $ | 65.00 | 69 | $ | 59,995 | $ | 5,865 | $ | (54,130 | ) | |||||||||||||
ADR—American Depository Receipt
Open call option contracts written at November 30, 2011 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2011 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-12 | $ | 60.00 | 35 | $ | 10,570 | $ | 35,350 | $ | (24,780 | ) | |||||||||||||
Alexion Pharmaceuticals, Inc. | May-12 | 80.00 | 35 | 9,060 | 12,600 | (3,540 | ) | |||||||||||||||||
Alexion Pharmaceuticals, Inc. | May-12 | 85.00 | 53 | 14,500 | 12,455 | 2,045 | ||||||||||||||||||
Allergan, Inc. | Jan-12 | 80.00 | 19 | 6,973 | 10,830 | (3,857 | ) | |||||||||||||||||
Allergan, Inc. | Apr-12 | 95.00 | 18 | 3,996 | 3,240 | 756 | ||||||||||||||||||
AmerisourceBergen Corp. | Jan-12 | 43.00 | 34 | 4,063 | 340 | 3,723 | ||||||||||||||||||
Amgen, Inc. | Jan-12 | 67.50 | 55 | 7,205 | 330 | 6,875 | ||||||||||||||||||
Amgen, Inc. | Apr-12 | 65.00 | 35 | 4,379 | 2,310 | 2,069 | ||||||||||||||||||
Baxter International, Inc. | May-12 | 62.50 | 53 | 6,731 | 2,915 | 3,816 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 90.00 | 38 | 8,626 | 98,040 | (89,414 | ) | |||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 115.00 | 19 | 10,203 | 10,450 | (247 | ) | |||||||||||||||||
Celgene Corp. | Jan-12 | 65.00 | 17 | 1,734 | 2,771 | (1,037 | ) | |||||||||||||||||
Celgene Corp. | Jan-12 | 67.50 | 35 | 5,355 | 2,765 | 2,590 | ||||||||||||||||||
Celgene Corp. | Jan-12 | 75.00 | 35 | 3,745 | 175 | 3,570 | ||||||||||||||||||
Covidien PLC | Jan-12 | 57.50 | 96 | 10,232 | 480 | 9,752 | ||||||||||||||||||
Edwards Lifesciences Corp. | Jan-12 | 80.00 | 106 | 25,049 | 2,120 | 22,929 | ||||||||||||||||||
Edwards Lifesciences Corp. | Jan-12 | 85.00 | 23 | 3,956 | 690 | 3,266 | ||||||||||||||||||
Edwards Lifesciences Corp. | Jan-12 | 90.00 | 52 | 18,308 | 520 | 17,788 | ||||||||||||||||||
Edwards Lifesciences Corp. | May-12 | 95.00 | 57 | 9,406 | 3,705 | 5,701 | ||||||||||||||||||
Express Scripts, Inc. | Jan-12 | 60.00 | 70 | 17,379 | 210 | 17,169 | ||||||||||||||||||
Express Scripts, Inc. | Jan-12 | 70.00 | 19 | 4,275 | 95 | 4,180 | ||||||||||||||||||
Gilead Sciences, Inc. | Feb-12 | 41.00 | 70 | 8,757 | 12,320 | (3,563 | ) | |||||||||||||||||
Illumina, Inc. | Jan-12 | 90.00 | 7 | 1,624 | 70 | 1,554 | ||||||||||||||||||
Intuitive Surgical, Inc. | Jan-12 | 300.00 | 11 | 32,017 | 149,930 | (117,913 | ) | |||||||||||||||||
Medivation, Inc. | Jan-12 | 45.00 | 71 | 8,328 | 27,335 | (19,007 | ) | |||||||||||||||||
Medivation, Inc. | Jan-12 | 50.00 | 17 | 1,734 | 2,805 | (1,071 | ) | |||||||||||||||||
Merck & Co., Inc. | Jan-13 | 40.00 | 71 | 9,159 | 10,082 | (923 | ) | |||||||||||||||||
Monsanto Co. | Jan-12 | 80.00 | 73 | 22,045 | 8,030 | 14,015 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 82.50 | 56 | 10,332 | 3,528 | 6,804 | ||||||||||||||||||
Stryker Corp. | Jan-12 | 55.00 | 50 | 6,725 | 1,000 | 5,725 | ||||||||||||||||||
UnitedHealth Group, Inc. | Dec-11 | 55.00 | 70 | 10,220 | 280 | 9,940 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 50.00 | 112 | 11,989 | 17,136 | (5,147 | ) | |||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-12 | 60.00 | 75 | 23,024 | 1,125 | 21,899 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Apr-12 | 55.00 | 71 | 11,059 | 13,845 | (2,786 | ) | |||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-12 | 46.00 | 55 | 8,910 | 1,100 | 7,810 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-12 | 47.00 | 55 | 11,935 | 825 | 11,110 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-12 | 60.00 | 36 | 7,709 | 540 | 7,169 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-12 | 65.00 | 18 | 1,926 | 270 | 1,656 | ||||||||||||||||||
Zimmer Holdings, Inc. | Jan-12 | 75.00 | 99 | 14,800 | 1,485 | 13,315 | ||||||||||||||||||
1,921 | $ | 388,038 | $ | 454,097 | $ | (66,059 | ) | |||||||||||||||||
106
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open put option contracts written at November 30, 2011 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2011 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Abbott Laboratories | Jan-12 | $ | 55.00 | 19 | $ | 17,518 | $ | 3,629 | $ | 13,889 | ||||||||||||||
Acorda Therapeutics, Inc. | Jan-12 | 25.00 | 21 | 10,962 | 8,610 | 2,352 | ||||||||||||||||||
Aetna, Inc. | Jan-12 | 50.00 | 122 | 88,522 | 111,020 | (22,498 | ) | |||||||||||||||||
Agilent Technologies, Inc. | Jan-12 | 45.00 | 19 | 14,384 | 15,200 | (816 | ) | |||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-12 | 60.00 | 18 | 9,719 | 2,430 | 7,289 | ||||||||||||||||||
Allscripts Healthcare Solutions | Jan-12 | 25.00 | 75 | 34,876 | 55,500 | (20,624 | ) | |||||||||||||||||
AMAG Pharmaceuticals, Inc. | Jan-12 | 20.00 | 30 | 12,817 | 10,200 | 2,617 | ||||||||||||||||||
AMERIGROUP Corp. | Mar-12 | 65.00 | 7 | 4,529 | 8,750 | (4,221 | ) | |||||||||||||||||
AMERIGROUP Corp. | Jun-12 | 60.00 | 18 | 18,396 | 16,560 | 1,836 | ||||||||||||||||||
AmerisourceBergen Corp. | Jan-12 | 40.00 | 75 | 51,524 | 26,250 | 25,274 | ||||||||||||||||||
AmerisourceBergen Corp. | Jan-12 | 45.00 | 72 | 48,933 | 60,480 | (11,547 | ) | |||||||||||||||||
AmerisourceBergen Corp. | Jan-12 | 50.00 | 54 | 48,599 | 79,380 | (30,781 | ) | |||||||||||||||||
Amgen, Inc. | Jan-12 | 57.50 | 11 | 6,559 | 1,947 | 4,612 | ||||||||||||||||||
Amgen, Inc. | Jan-12 | 60.00 | 34 | 26,792 | 10,880 | 15,912 | ||||||||||||||||||
Amylin Pharmaceuticals, Inc. | Jan-12 | 12.50 | 19 | 5,738 | 4,123 | 1,615 | ||||||||||||||||||
Amylin Pharmaceuticals, Inc. | Jan-12 | 20.00 | 18 | 11,106 | 17,550 | (6,444 | ) | |||||||||||||||||
Amylin Pharmaceuticals, Inc. | Jan-12 | 25.00 | 18 | 12,338 | 27,900 | (15,562 | ) | |||||||||||||||||
Baxter International, Inc. | Jan-12 | 50.00 | 19 | 10,108 | 2,812 | 7,296 | ||||||||||||||||||
Baxter International, Inc. | Jan-12 | 65.00 | 33 | 19,576 | 47,190 | (27,614 | ) | |||||||||||||||||
Baxter International, Inc. | Jan-12 | 70.00 | 72 | 86,902 | 138,240 | (51,338 | ) | |||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 75.00 | 38 | 21,926 | 1,140 | 20,786 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 90.00 | 38 | 45,865 | 2,090 | 43,775 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 95.00 | 38 | 57,645 | 3,420 | 54,225 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 100.00 | 45 | 48,741 | 6,300 | 42,441 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 105.00 | 38 | 50,768 | 8,360 | 42,408 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-12 | 110.00 | 20 | 25,439 | 7,000 | 18,439 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-13 | 115.00 | 46 | 66,375 | 78,200 | (11,825 | ) | |||||||||||||||||
Biogen Idec, Inc. | Jan-13 | 120.00 | 35 | 63,712 | 68,600 | (4,888 | ) | |||||||||||||||||
Bristol Myers Squibb Co. | Jan-12 | 27.50 | 56 | 16,128 | 840 | 15,288 | ||||||||||||||||||
Bristol Myers Squibb Co. | Jan-12 | 30.00 | 47 | 13,906 | 1,504 | 12,402 | ||||||||||||||||||
Bristol Myers Squibb Co. | Mar-12 | 30.00 | 55 | 17,985 | 4,345 | 13,640 | ||||||||||||||||||
Bristol Myers Squibb Co. | Mar-12 | 33.00 | 53 | 19,536 | 9,752 | 9,784 | ||||||||||||||||||
Cardinal Health, Inc. | Jan-12 | 45.00 | 75 | 53,774 | 26,250 | 27,524 | ||||||||||||||||||
Catalyst Health Solutions, Inc. | Jun-12 | 50.00 | 21 | 15,477 | 11,970 | 3,507 | ||||||||||||||||||
Celgene Corp. | Jan-12 | 55.00 | 11 | 8,492 | 693 | 7,799 | ||||||||||||||||||
Celgene Corp. | Jan-12 | 60.00 | 26 | 23,372 | 3,848 | 19,524 | ||||||||||||||||||
Celgene Corp. | Jan-12 | 65.00 | 20 | 24,574 | 7,200 | 17,374 | ||||||||||||||||||
Cerner Corp. | Jan-12 | 50.00 | 40 | 24,939 | 2,000 | 22,939 | ||||||||||||||||||
Cooper Cos., Inc. | May-12 | 55.00 | 35 | 20,370 | 17,850 | 2,520 | ||||||||||||||||||
Coventry Health Care, Inc. | Aug-12 | 35.00 | 51 | 27,896 | 32,640 | (4,744 | ) | |||||||||||||||||
Covidien PLC | Jan-12 | 55.00 | 18 | 9,666 | 18,360 | (8,694 | ) | |||||||||||||||||
Covidien PLC | Jan-12 | 60.00 | 7 | 6,279 | 11,060 | (4,781 | ) | |||||||||||||||||
Cubist Pharmaceuticals, Inc. | Jan-12 | 25.00 | 1 | 497 | 25 | 472 | ||||||||||||||||||
CVS Caremark Corp. | Jan-12 | 40.00 | 37 | 21,756 | 8,066 | 13,690 | ||||||||||||||||||
Davita, Inc. | Apr-12 | 60.00 | 42 | 23,498 | 10,080 | 13,418 | ||||||||||||||||||
Dendreon Corp. | Jan-12 | 60.00 | 2 | 4,494 | 10,740 | (6,246 | ) | |||||||||||||||||
DENTSPLY International, Inc. | Apr-12 | 40.00 | 85 | 61,814 | 68,850 | (7,036 | ) | |||||||||||||||||
Depomed, Inc. | Mar-12 | 10.00 | 50 | 21,350 | 27,000 | (5,650 | ) | |||||||||||||||||
Edwards Lifesciences Corp. | Jan-12 | 95.00 | 106 | 119,820 | 334,960 | (215,140 | ) | |||||||||||||||||
Express Scripts, Inc. | Jun-12 | 50.00 | 21 | 15,567 | 17,220 | (1,653 | ) | |||||||||||||||||
Forest Laboratories, Inc. | Jan-12 | 35.00 | 37 | 17,390 | 19,610 | (2,220 | ) | |||||||||||||||||
Gilead Sciences, Inc. | Jan-12 | 40.00 | 10 | 4,866 | 1,840 | 3,026 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-12 | 44.00 | 34 | 19,553 | 15,640 | 3,913 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-12 | 45.00 | 56 | 35,997 | 30,520 | 5,477 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-13 | 35.00 | 21 | 10,332 | 7,245 | 3,087 | ||||||||||||||||||
Henry Schein, Inc. | Jan-12 | 75.00 | 109 | 83,664 | 138,430 | (54,766 | ) | |||||||||||||||||
Henry Schein, Inc. | Jan-12 | 80.00 | 29 | 23,665 | 51,330 | (27,665 | ) | |||||||||||||||||
Hospira, Inc. | Jan-12 | 60.00 | 9 | 7,200 | 30,510 | (23,310 | ) | |||||||||||||||||
Human Genome Sciences, Inc. | Jan-12 | 26.00 | 46 | 20,132 | 93,380 | (73,248 | ) | |||||||||||||||||
Human Genome Sciences, Inc. | Apr-12 | 20.00 | 35 | 29,819 | 50,575 | (20,756 | ) | |||||||||||||||||
Humana, Inc. | Jan-12 | 60.00 | 115 | 136,405 | 2,875 | 133,530 | ||||||||||||||||||
Humana, Inc. | Jan-12 | 70.00 | 75 | 70,494 | 4,125 | 66,369 | ||||||||||||||||||
Humana, Inc. | Jan-13 | 85.00 | 17 | 22,855 | 20,230 | 2,625 | ||||||||||||||||||
Illumina, Inc. | Jan-12 | 60.00 | 4 | 4,088 | 13,640 | (9,552 | ) | |||||||||||||||||
Intermune, Inc. | Jan-12 | 40.00 | 65 | 53,913 | 147,550 | (93,637 | ) | |||||||||||||||||
Intermune, Inc. | Jan-12 | 45.00 | 94 | 116,324 | 258,500 | (142,176 | ) | |||||||||||||||||
Intermune, Inc. | Jan-12 | 50.00 | 82 | 89,235 | 265,680 | (176,445 | ) |
107
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2011 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Intermune, Inc. | Jan-12 | $ | 55.00 | 44 | $ | 65,197 | $ | 164,560 | $ | (99,363 | ) | |||||||||||||
Jazz Pharmaceuticals, Inc. | Jan-12 | 25.00 | 56 | 30,631 | 3,360 | 27,271 | ||||||||||||||||||
Jazz Pharmaceuticals, Inc. | Jan-12 | 30.00 | 38 | 32,565 | 3,230 | 29,335 | ||||||||||||||||||
Jazz Pharmaceuticals, Inc. | Jan-12 | 35.00 | 30 | 25,709 | 4,500 | 21,209 | ||||||||||||||||||
Jazz Pharmaceuticals, Inc. | Jan-12 | 40.00 | 30 | 30,796 | 10,800 | 19,996 | ||||||||||||||||||
Johnson & Johnson | Jan-12 | 65.00 | 37 | 27,347 | 6,623 | 20,724 | ||||||||||||||||||
Johnson & Johnson | Jan-12 | 67.50 | 56 | 50,231 | 18,760 | 31,471 | ||||||||||||||||||
Johnson & Johnson | Jan-12 | 70.00 | 50 | 27,339 | 27,500 | (161 | ) | |||||||||||||||||
Johnson & Johnson | Apr-12 | 70.00 | 69 | 54,647 | 45,540 | 9,107 | ||||||||||||||||||
Maximus, Inc. | Apr-12 | 40.00 | 144 | 65,687 | 47,520 | 18,167 | ||||||||||||||||||
McKesson Corp. | Jan-12 | 80.00 | 37 | 62,508 | 9,805 | 52,703 | ||||||||||||||||||
McKesson Corp. | Jan-12 | 85.00 | 19 | 27,018 | 10,070 | 16,948 | ||||||||||||||||||
Medco Health Solutions, Inc. | Jan-12 | 60.00 | 71 | 44,522 | 37,630 | 6,892 | ||||||||||||||||||
Medco Health Solutions, Inc. | Jan-12 | 65.00 | 69 | 28,762 | 64,170 | (35,408 | ) | |||||||||||||||||
Medicis Pharmaceutical, Class A | Jan-12 | 35.00 | 56 | 29,319 | 30,240 | (921 | ) | |||||||||||||||||
Medtronic, Inc. | Jan-12 | 35.00 | 40 | 25,679 | 4,160 | 21,519 | ||||||||||||||||||
Medtronic, Inc. | Jan-12 | 40.00 | 38 | 24,139 | 15,390 | 8,749 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 62.50 | 48 | 63,757 | 4,176 | 59,581 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 65.00 | 37 | 44,489 | 4,588 | 39,901 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 70.00 | 48 | 67,307 | 12,096 | 55,211 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 75.00 | 7 | 10,083 | 3,290 | 6,793 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 80.00 | 25 | 37,601 | 20,125 | 17,476 | ||||||||||||||||||
Monsanto Co. | Jan-13 | 80.00 | 21 | 34,901 | 32,760 | 2,141 | ||||||||||||||||||
Mylan, Inc. | Jan-12 | 22.50 | 1 | 467 | 350 | 117 | ||||||||||||||||||
Mylan, Inc. | Jan-12 | 25.00 | 56 | 20,412 | 35,000 | (14,588 | ) | |||||||||||||||||
Nuance Communications, Inc. | Apr-12 | 25.00 | 21 | 12,957 | 6,300 | 6,657 | ||||||||||||||||||
Perrigo Co. | Jan-12 | 80.00 | 23 | 29,945 | 1,265 | 28,680 | ||||||||||||||||||
Pfizer, Inc. | Jan-12 | 20.00 | 301 | 95,063 | 21,070 | 73,993 | ||||||||||||||||||
Pfizer, Inc. | Jan-12 | 22.50 | 255 | 126,891 | 63,750 | 63,141 | ||||||||||||||||||
Pfizer, Inc. | Jan-12 | 25.00 | 321 | 195,752 | 160,500 | 35,252 | ||||||||||||||||||
Pharmasset, Inc. | Feb-12 | 60.00 | 2 | 2,547 | 280 | 2,267 | ||||||||||||||||||
Pharmasset, Inc. | May-12 | 65.00 | 5 | 5,408 | 2,400 | 3,008 | ||||||||||||||||||
Quest Diagnostics, Inc. | Jan-12 | 55.00 | 24 | 13,743 | 2,640 | 11,103 | ||||||||||||||||||
Quest Diagnostics, Inc. | Jan-12 | 60.00 | 28 | 24,755 | 8,680 | 16,075 | ||||||||||||||||||
Quest Diagnostics, Inc. | Jan-12 | 65.00 | 59 | 56,899 | 46,020 | 10,879 | ||||||||||||||||||
Quest Diagnostics, Inc. | May-12 | 60.00 | 20 | 13,540 | 11,400 | 2,140 | ||||||||||||||||||
Salix Pharmaceuticals, Ltd. | Jan-12 | 50.00 | 23 | 27,300 | 21,850 | 5,450 | ||||||||||||||||||
Sanofi ADR | Mar-12 | 35.00 | 42 | 18,564 | 10,920 | 7,644 | ||||||||||||||||||
Sanofi CVR | Jan-12 | 75.00 | 27 | 11,394 | 540 | 10,854 | ||||||||||||||||||
Savient Pharmaceuticals, Inc. | Jan-12 | 15.00 | 100 | 48,794 | 141,000 | (92,206 | ) | |||||||||||||||||
St Jude Medical, Inc. | Jan-12 | 45.00 | 36 | 20,412 | 31,320 | (10,908 | ) | |||||||||||||||||
Stryker Corp. | Jan-12 | 60.00 | 41 | 37,941 | 50,020 | (12,079 | ) | |||||||||||||||||
Stryker Corp. | Jan-12 | 65.00 | 19 | 17,556 | 32,870 | (15,314 | ) | |||||||||||||||||
Stryker Corp. | Jan-12 | 70.00 | 22 | 27,118 | 48,840 | (21,722 | ) | |||||||||||||||||
Stryker Corp. | Mar-12 | 60.00 | 14 | 18,189 | 17,640 | 549 | ||||||||||||||||||
SXC Health Solutions Corp. | Jan-12 | 50.00 | 3 | 1,566 | 480 | 1,086 | ||||||||||||||||||
SXC Health Solutions Corp. | Jan-12 | 70.00 | 52 | 55,309 | 61,360 | (6,051 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd ADR | Jan-12 | 52.50 | 22 | 16,489 | 28,600 | (12,111 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd ADR | Jan-12 | 55.00 | 17 | 12,359 | 26,350 | (13,991 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd ADR | Jun-12 | 50.00 | 34 | 27,267 | 22,440 | 4,827 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd ADR | Jan-13 | 45.00 | 21 | 19,257 | 18,795 | 462 | ||||||||||||||||||
United Therapeutics Corp. | Jan-12 | 60.00 | 28 | 26,260 | 53,760 | (27,500 | ) | |||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 35.00 | 17 | 14,884 | 255 | 14,629 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 40.00 | 22 | 19,096 | 814 | 18,282 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 45.00 | 37 | 20,979 | 3,848 | 17,131 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 50.00 | 37 | 31,593 | 10,915 | 20,678 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 55.00 | 39 | 31,342 | 34,905 | (3,563 | ) | |||||||||||||||||
UnitedHealth Group, Inc. | Mar-12 | 60.00 | 23 | 25,427 | 32,315 | (6,888 | ) | |||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-12 | 40.00 | 7 | 4,809 | 805 | 4,004 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-12 | 65.00 | 23 | 26,262 | 2,645 | 23,617 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-12 | 55.00 | 28 | 25,035 | 78,680 | (53,645 | ) | |||||||||||||||||
Walgreen Co. | Jan-12 | 50.00 | 36 | 31,546 | 60,120 | (28,574 | ) | |||||||||||||||||
Warner Chilcott Plc Class A | Jan-13 | 20.00 | 36 | 17,892 | 22,320 | (4,428 | ) | |||||||||||||||||
Watson Pharmaceuticals, Inc. | Jan-12 | 70.00 | 75 | 95,773 | 52,500 | 43,273 | ||||||||||||||||||
WellPoint, Inc. | Jan-12 | 65.00 | 26 | 21,591 | 3,848 | 17,743 | ||||||||||||||||||
WellPoint, Inc. | Jan-12 | 85.00 | 75 | 86,984 | 124,125 | (37,141 | ) | |||||||||||||||||
Zimmer Holdings, Inc. | Jan-12 | 65.00 | 27 | 20,169 | 39,420 | (19,251 | ) | |||||||||||||||||
Zimmer Holdings, Inc. | Jan-12 | 70.00 | 24 | 21,648 | 48,000 | (26,352 | ) | |||||||||||||||||
5,968 | $ | 4,606,909 | $ | 4,623,542 | $ | (16,633 | ) | |||||||||||||||||
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Medical Products | $ | 20,145,179 | $ | 2,154,891 | # | $ | — | $ | 22,300,070 | |||||||
Medical - Biomedical/Gene | 57,016,483 | 251,181 | # | — | 57,267,664 | |||||||||||
Medical - Drugs | 34,531,524 | 4,858,393 | # | — | 39,389,917 | |||||||||||
Medical - HMO | 14,269,538 | — | — | 14,269,538 | ||||||||||||
Other Industries* | 74,516,564 | 5,737,376 | # | 143,715 | 80,397,655 | |||||||||||
Convertible Preferred Stock | — | — | 149,918 | 149,918 | ||||||||||||
Rights | — | 584 | — | 584 | ||||||||||||
Warrants | — | 51,253 | 2,999 | 54,252 | ||||||||||||
Options - Purchased | 158,050 | — | — | 158,050 | ||||||||||||
Convertible Bonds & Notes | — | 67,660 | — | 67,660 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 71,621 | — | 71,621 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | — | 710,132 | — | 710,132 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Call Option Contracts Written - Appreciation | 207,226 | — | — | 207,226 | ||||||||||||
Put Option Contracts Written - Appreciation | 1,611,409 | — | — | 1,611,409 | ||||||||||||
Total | $ | 202,455,973 | $ | 13,903,091 | $ | 296,632 | $ | 216,655,696 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Call Option Contracts Written - Depreciation | 273,285 | — | — | 273,285 | ||||||||||||
Put Option Contracts Written - Depreciation | 1,628,042 | — | 1,628,042 | |||||||||||||
Total | $ | 1,901,327 | $ | — | $ | — | $ | 1,901,327 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $13,001,841 representing 6.2% of net assets. See Note 2. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
Common Stock | Convertible Preferred Stock | Warrants | ||||||||||
Balance as of 5/31/2011 | $ | — | $ | — | $ | 53,521 | ||||||
Accrued discounts | — | — | — | |||||||||
Accrued premiums | — | — | — | |||||||||
Realized gain | — | — | — | |||||||||
Realized loss | — | — | — | |||||||||
Change in unrealized appreciation(1) | — | — | — | |||||||||
Change in unrealized depreciation(1) | — | (1 | ) | (18,794 | ) | |||||||
Net purchases | — | 149,919 | — | |||||||||
Net sales | — | — | — | |||||||||
Transfers into Level 3(2) | 143,715 | — | — | |||||||||
Transfers out of Level 3(2) | — | — | (31,728 | ) | ||||||||
Balance as of 11/30/2011 | $ | 143,715 | $ | 149,918 | $ | 2,999 | ||||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | Convertible Preferred Stock | Warrants | ||||||||||
$ | — | $ | (1 | ) | $ | (2,665 | ) | |||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
United States Treasury Bonds | 32.2 | % | ||
United States Treasury Notes | 21.1 | |||
Sovereign | 10.8 | |||
Banks — Commercial | 5.9 | |||
Diversified Banking Institutions | 5.2 | |||
Time Deposits | 4.8 | |||
Insurance — Life/Health | 3.2 | |||
Banks — Super Regional | 3.2 | |||
Finance — Investment Banker/Broker | 2.2 | |||
Insurance — Multi-line | 1.8 | |||
Federal National Mtg. Assoc. | 1.4 | |||
Special Purpose Entities | 1.1 | |||
Electric — Integrated | 1.1 | |||
Gold Mining | 1.0 | |||
Diversified Financial Services | 0.8 | |||
Banks — Money Center | 0.6 | |||
Finance — Consumer Loans | 0.5 | |||
Federal Home Loan Mtg. Corp. | 0.5 | |||
Metal — Aluminum | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Real Estate Investment Trusts | 0.3 | |||
Metal — Diversified | 0.3 | |||
Medical — Drugs | 0.3 | |||
Finance — Auto Loans | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Diversified Minerals | 0.2 | |||
Transport — Rail | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Pipelines | 0.1 | |||
Telephone — Integrated | 0.1 | |||
100.5 | % | |||
Credit Quality†#
AAA | 10.7 | % | ||
AA | 66.2 | |||
A | 9.5 | |||
BBB | 7.6 | |||
BB | 1.0 | |||
Not Rated@ | 5.0 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Standard and Poors |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
110
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 21.5% | ||||||||
Auto - Cars/Light Trucks — 0.4% | ||||||||
Daimler Finance North America LLC FRS | $ | 1,430,000 | $ | 1,401,102 | ||||
Banks - Commercial — 3.1% | ||||||||
BNP Paribas LLC FRS | 674,000 | 621,313 | ||||||
BNP Paribas US FRS | 3,000,000 | 3,032,280 | ||||||
Branch Banking & Trust Co. FRS | 1,500,000 | 1,332,462 | ||||||
Fifth Third Bank FRS | 800,000 | 781,252 | ||||||
Manufacturers & Traders Trust Co. FRS | 1,206,000 | 1,203,609 | ||||||
National City Bank FRS | 1,580,000 | 1,447,996 | ||||||
Regions Financial Corp. FRS | 1,100,000 | 1,069,357 | ||||||
Sky Financial Capital Trust I | 1,000,000 | 1,020,000 | ||||||
SunTrust Bank FRS | 1,000,000 | 926,616 | ||||||
11,434,885 | ||||||||
Banks - Money Center — 0.0% | ||||||||
RBS Capital Trust II FRS | 50,000 | 26,000 | ||||||
Banks - Super Regional — 3.0% | ||||||||
Bank of America NA FRS | 2,000,000 | 1,611,936 | ||||||
Bank of America NA FRS | 2,000,000 | 1,443,508 | ||||||
Capital One Financial Corp. FRS | 1,160,000 | 1,134,769 | ||||||
Fifth Third Bancorp FRS | 1,455,000 | 1,313,849 | ||||||
PNC Preferred Funding Trust II FRS | 2,000,000 | 1,480,000 | ||||||
USB Capital IX FRS | 1,000,000 | 703,010 | ||||||
Wachovia Capital Trust III FRS | 1,500,000 | 1,267,500 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,018,118 | ||||||
10,972,690 | ||||||||
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
Diversified Banking Institutions — 4.4% | ||||||||
Bank of America Corp. FRS | $ | 1,000,000 | $ | 881,914 | ||||
Goldman Sachs Group, Inc. FRS | 5,000,000 | 5,015,000 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,912,200 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,000,071 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,037,800 | ||||||
Morgan Stanley FRS | 2,000,000 | 1,652,278 | ||||||
Morgan Stanley | BRL | 1,632,500 | 839,564 | |||||
Morgan Stanley FRS | 1,150,000 | 1,127,506 | ||||||
Morgan Stanley FRS | 2,000,000 | 1,638,694 | ||||||
16,105,027 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
General Electric Capital Corp. FRS | 1,000,000 | 943,792 | ||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 1,982,786 | ||||||
2,926,578 | ||||||||
Diversified Manufacturing Operations — 0.3% | ||||||||
GE Capital Trust I FRS | 1,000,000 | 975,000 | ||||||
Electric - Integrated — 0.7% | ||||||||
Dominion Resources, Inc. FRS | 2,000,000 | 1,690,872 | ||||||
Southern California Edison Co. FRS | 800,000 | 796,838 | ||||||
2,487,710 | ||||||||
Finance - Auto Loans — 0.3% | ||||||||
Ford Motor Credit Co. LLC FRS | 1,000,000 | 1,001,500 | ||||||
Finance - Consumer Loans — 0.2% | ||||||||
SLM Corp. FRS | �� | 1,000,000 | 947,720 | |||||
Finance - Investment Banker/Broker — 2.2% | ||||||||
Citigroup Funding, Inc. FRS | 5,000,000 | 4,936,400 |
111
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Investment Banker/Broker (continued) | ||||||||
Citigroup Funding, Inc. FRS | $ | 3,000,000 | $ | 2,874,120 | ||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 96,000 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 147,390 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 240,000 | ||||||
8,293,910 | ||||||||
Insurance - Life/Health — 2.6% | ||||||||
Pacific Life Global Funding FRS | 3,300,000 | 3,329,865 | ||||||
Principal Life Income Funding Trusts FRS | 4,390,000 | 4,387,893 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,038,840 | ||||||
9,756,598 | ||||||||
Insurance - Multi - line — 1.8% | ||||||||
ING Capital Funding Trust III FRS | 1,000,000 | 715,176 | ||||||
Monumental Global Funding III FRS | 5,000,000 | 5,794,462 | ||||||
6,509,638 | ||||||||
Metal - Aluminum — 0.4% | ||||||||
Alcoa, Inc. | 1,080,000 | 1,081,156 | ||||||
Alcoa, Inc. | 465,000 | 442,955 | ||||||
1,524,111 | ||||||||
Pipelines — 0.1% | ||||||||
Southern Natural Gas Co./Southern Natural Issuing Corp. | 500,000 | 499,222 | ||||||
Real Estate Investment Trusts — 0.3% | ||||||||
Brandywine Operating Partnership LP | 800,000 | 819,958 | ||||||
Kilroy Realty LP | 500,000 | 489,721 | ||||||
1,309,679 | ||||||||
Special Purpose Entities — 0.9% | ||||||||
FUEL Trust | 1,050,000 | 1,020,533 | ||||||
Genworth Global Funding Trusts FRS | 1,000,000 | 996,692 |
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
Special Purpose Entities (continued) | ||||||||
Hartford Life Institutional Funding FRS | $ | 250,000 | $ | 249,004 | ||||
Strats - Daimler Chrysler FRS | 1,000,000 | 984,710 | ||||||
3,250,939 | ||||||||
Total U.S. Corporate Bonds & Notes | 79,422,309 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.6% | ||||||||
Banks - Commercial — 2.8% | ||||||||
Banco Bradesco SA FRS | 1,500,000 | 1,478,127 | ||||||
Barclays Bank PLC FRS | 2,000,000 | 1,867,200 | ||||||
Barclays Bank PLC FRS | 3,000,000 | 2,972,100 | ||||||
Barclays Bank PLC FRS | 2,000,000 | 2,000,000 | ||||||
BBVA US Senior SAU FRS | 500,000 | 453,191 | ||||||
Intesa Sanpaolo SpA FRS | 2,000,000 | 1,752,466 | ||||||
10,523,084 | ||||||||
Banks - Money Center — 0.6% | ||||||||
ABN Amro Bank NV FRS | 455,000 | 443,288 | ||||||
Royal Bank of Scotland NV FRS | 2,000,000 | 1,704,600 | ||||||
2,147,888 | ||||||||
Diversified Banking Institutions — 0.7% | ||||||||
UBS AG FRS | 500,000 | 486,318 | ||||||
UBS AG FRS | 2,000,000 | 1,947,300 | ||||||
2,433,618 | ||||||||
Diversified Minerals — 0.2% | ||||||||
Xstrata Finance Canada, Ltd. | 800,000 | 865,716 | ||||||
Gold Mining — 1.0% | ||||||||
AngloGold Ashanti Holdings PLC | 500,000 | 488,624 | ||||||
AngloGold Ashanti Holdings PLC | 540,000 | 520,218 | ||||||
Gold Fields Orogen Holding BVI, Ltd. | 2,500,000 | 2,161,422 |
112
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Amount(6) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Gold Mining (continued) | ||||||||
Kinross Gold Corp. | $ | 500,000 | $ | 511,659 | ||||
3,681,923 | ||||||||
Medical - Drugs — 0.3% | ||||||||
Teva Pharmaceutical Finance Co. BV FRS | 1,000,000 | 1,003,841 | ||||||
Metal - Diversified — 0.3% | ||||||||
Noranda, Inc. | 1,000,000 | 1,065,858 | ||||||
Xstrata Canada Financial Corp. | 200,000 | 192,157 | ||||||
1,258,015 | ||||||||
Oil & Gas Drilling — 0.2% | ||||||||
Transocean, Inc. | 620,000 | 619,417 | ||||||
Special Purpose Entity — 0.2% | ||||||||
Swiss Re Capital I LP FRS | 1,000,000 | 869,376 | ||||||
Telephone - Integrated — 0.1% | ||||||||
Telecom Italia Capital SA | 300,000 | 271,384 | ||||||
Transport - Rail — 0.2% | ||||||||
Canadian Pacific Railway, Ltd. | 850,000 | 835,700 | ||||||
Total Foreign Corporate Bonds & Notes | 24,509,962 | |||||||
FOREIGN GOVERNMENT AGENCIES — 10.8% | ||||||||
Sovereign — 10.8% | ||||||||
Brazil Nota do Tesouro Nacional | BRL | 2,305,000 | 2,776,594 | |||||
Government of Australia | AUD | 2,750,000 | 3,281,700 | |||||
Government of Australia | AUD | 12,000,000 | 15,466,606 | |||||
Government of Canada | CAD | 7,302,190 | 8,995,236 | |||||
Government of Canada | CAD | 2,493,798 | 3,393,785 | |||||
Government of Canada | CAD | 4,354,620 | 6,026,278 | |||||
Total Foreign Government Agencies | 39,940,199 | |||||||
Security Description | Principal Shares(6) | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES — 1.9% | ||||||||
Federal Home Loan Mtg. Corp. — 0.5% | ||||||||
Federal Home Loan Mtg. Corp. REMIC FRS | $ | 1,986,197 | $ | 1,992,001 | ||||
Federal National Mtg. Assoc. — 1.4% | ||||||||
Federal National Mtg. Assoc. REMIC FRS | 4,970,592 | 4,980,472 | ||||||
Total U.S. Government Agencies | 6,972,473 | |||||||
U.S. GOVERNMENT TREASURIES — 53.3% | ||||||||
United States Treasury Bonds — 32.2% | ||||||||
1.75% due 01/15/28 TIPS(7) | 17,219,223 | 20,590,420 | ||||||
2.00% due 01/15/26 TIPS(7) | 9,156,151 | 11,189,100 | ||||||
2.13% due 02/15/40 TIPS(7) | 2,519,232 | 3,355,302 | ||||||
2.13% due 02/15/41 TIPS(7) | 8,288,140 | 11,108,693 | ||||||
2.38% due 01/15/25 TIPS(7) | 3,610,830 | 4,564,598 | ||||||
2.50% due 01/15/29 TIPS(7) | 8,982,120 | 11,908,324 | ||||||
2.63% due 07/15/17 TIPS(7) | 8,757,360 | 10,460,938 | ||||||
3.63% due 04/15/28 TIPS(7) | 12,624,570 | 18,680,425 | ||||||
3.88% due 04/15/29 TIPS(7) | 17,596,148 | 27,275,401 | ||||||
119,133,201 | ||||||||
United States Treasury Notes — 21.1% | ||||||||
0.50% due 04/15/15 TIPS(7) | 2,093,820 | 2,199,164 | ||||||
0.63% due 07/15/21 TIPS(7) | 1,006,630 | 1,067,578 | ||||||
1.13% due 01/15/21 TIPS(7) | 4,667,130 | 5,169,939 | ||||||
1.25% due 04/15/14 TIPS(7) | 8,576,240 | 9,027,831 | ||||||
1.38% due 07/15/18 TIPS(7) | 8,837,724 | 9,985,939 | ||||||
1.38% due 01/15/20 TIPS(7) | 6,294,960 | 7,128,551 | ||||||
1.63% due 01/15/15 TIPS(7) | 3,219,968 | 3,491,401 | ||||||
1.88% due 07/15/13 TIPS(7) | 617,640 | 646,302 | ||||||
1.88% due 07/15/15 TIPS(7) | 12,830,510 | 14,217,809 | ||||||
1.88% due 07/15/19 TIPS(7) | 1,593,855 | 1,871,535 | ||||||
2.00% due 04/15/12 TIPS(7) | 2,236,120 | 2,243,808 | ||||||
2.00% due 07/15/14 TIPS(7) | 6,018,050 | 6,513,600 | ||||||
2.00% due 01/15/16 TIPS(7) | 3,429,270 | 3,848,821 | ||||||
2.38% due 01/15/17 TIPS(7) | 4,500,080 | 5,244,353 | ||||||
3.38% due 01/15/12 TIPS(7) | 5,110,880 | 5,116,471 | ||||||
77,773,102 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $168,805,197) | 196,906,303 | |||||||
PREFERRED STOCK — 1.6% | ||||||||
Banks - Super Regional — 0.2% | ||||||||
US Bancorp FRS | 1,000 | 733,990 | ||||||
Diversified Banking Institutions — 0.1% | ||||||||
Goldman Sachs Group, Inc. | 16,268 | 401,819 | ||||||
Electric - Integrated — 0.4% | ||||||||
Southern California Edison Co. FRS | 15,000 | 1,486,500 | ||||||
Finance - Consumer Loans — 0.3% | ||||||||
SLM Corp. FRS | 53,000 | 1,090,210 | ||||||
Insurance - Life/Health — 0.6% | ||||||||
Aviva PLC | 40,000 | 968,000 |
113
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
PREFERRED STOCK (continued) | ||||||||
Insurance - Life/Health (continued) | ||||||||
Principal Financial Group, Inc. FRS | 13,500 | $ | 1,273,641 | |||||
2,241,641 | ||||||||
Total Preferred Stock | 5,954,160 | |||||||
Total Long - Term Investment Securities | 353,705,406 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.8% | ||||||||
Time Deposits — 4.8% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 17,811,000 | 17,811,000 | |||||
TOTAL INVESTMENTS | 100.5 | % | 371,516,406 | |||||
Liabilities in excess of other assets | (0.5 | ) | (1,858,474 | ) | ||||
NET ASSETS | 100.0 | % | $ | 369,657,932 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $25,373,451 representing 6.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
† | Non-income producing security |
(1) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $3,032,280 representing 0.8% of net assets. |
(2) | Perpetual maturity — maturity date reflects the next call date. |
(3) | Bond in default |
(4) | Company has filed for Chapter 11 bankruptcy protection. |
(5) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(6) | In United States dollars unless otherwise indicated. |
(7) | Principal amount of security is adjusted for inflation. |
(8) | See Note 5 for cost of investments on a tax basis. |
(9) | Bond is in default and did not pay principal at maturity. |
TIPS—Treasury Inflation Protected Security
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
Currency Legend
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
114
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2- Other Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
U.S. Corporate Bonds & Notes | $ | — | $ | 57,596,391 | $ | 21,825,918 | $ | 79,422,309 | ||||||||
Foreign Corporate Bonds & Notes | — | 16,018,762 | 8,491,200 | 24,509,962 | ||||||||||||
Foreign Government Agencies | — | 39,940,199 | — | 39,940,199 | ||||||||||||
U.S. Government Agencies | — | 6,972,473 | — | 6,972,473 | ||||||||||||
U.S. Government Treasuries | — | 196,906,303 | — | 196,906,303 | ||||||||||||
Preferred Stock | 5,954,160 | — | — | 5,954,160 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 17,811,000 | — | 17,811,000 | ||||||||||||
Total | $ | 5,954,160 | $ | 335,245,128 | $ | 30,317,118 | $ | 371,516,406 | ||||||||
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
Balance as of 5/31/2011 | $ | 20,328,400 | $ | 8,937,600 | ||||
Accrued discounts | 8,140 | 690 | ||||||
Accrued premiums | (10,778 | ) | (5,047 | ) | ||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | 69,894 | 7,300 | ||||||
Change in unrealized depreciation(1) | (569,738 | ) | (449,343 | ) | ||||
Net purchases | 2,000,000 | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 (2) | — | — | ||||||
Transfers out of Level 3 (2) | — | — | ||||||
Balance as of 11/30/2011 | $ | 21,825,918 | $ | 8,491,200 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | (499,844 | ) | $ | (442,043 | ) | |||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
115
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VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 8.9 | % | ||
Time Deposits | 7.8 | |||
Banks — Commercial | 7.4 | |||
Oil Companies — Integrated | 6.2 | |||
Medical — Drugs | 5.7 | |||
Telephone — Integrated | 3.6 | |||
Diversified Banking Institutions | 3.5 | |||
Auto — Cars/Light Trucks | 3.5 | |||
Electric — Integrated | 3.2 | |||
Chemicals — Diversified | 2.7 | |||
Food — Misc. | 2.4 | |||
Diversified Minerals | 2.3 | |||
Tobacco | 1.9 | |||
Cellular Telecom | 1.8 | |||
Insurance — Multi-line | 1.8 | |||
Brewery | 1.6 | |||
Food — Retail | 1.3 | |||
Metal — Iron | 1.2 | |||
Diversified Operations | 1.1 | |||
Insurance — Life/Health | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Gas — Distribution | 0.9 | |||
Electric Products — Misc. | 0.9 | |||
Real Estate Operations & Development | 0.8 | |||
Medical Products | 0.8 | |||
Machinery — Construction & Mining | 0.8 | |||
U.S. Government Treasuries | 0.8 | |||
Import/Export | 0.7 | |||
Auto/Truck Parts & Equipment-Original | 0.7 | |||
Building Products — Cement | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Office Automation & Equipment | 0.6 | |||
Audio/Video Products | 0.6 | |||
Retail — Misc./Diversified | 0.6 | |||
Finance — Other Services | 0.6 | |||
Building & Construction — Misc. | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Telecom Services | 0.5 | |||
Oil — Field Services | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Industrial Gases | 0.5 | |||
Transport — Rail | 0.5 | |||
Photo Equipment & Supplies | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Electronic Components-Semiconductors | 0.5 | |||
Exchange — Traded Funds | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Steel — Producers | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Commercial Services | 0.4 | |||
Athletic Footwear | 0.4 | |||
Food — Confectionery | 0.4 | |||
Transport — Truck | 0.4 | |||
Metal — Diversified | 0.3 | |||
Transport — Marine | 0.3 | |||
Gold Mining | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Medical — Generic Drugs | 0.3 |
Wireless Equipment | 0.3 | |||
Index Fund | 0.3 | |||
Casino Hotels | 0.3 | |||
Metal — Copper | 0.3 | |||
Retail — Building Products | 0.3 | |||
Rubber — Tires | 0.3 | |||
Beverages — Wine/Spirits | 0.3 | |||
Satellite Telecom | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Building & Construction Products-Misc. | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Airlines | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Investment Companies | 0.2 | |||
Paper & Related Products | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Printing — Commercial | 0.2 | |||
Gas — Transportation | 0.2 | |||
Electric — Generation | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Coal | 0.2 | |||
Internet Content — Entertainment | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Circuit Boards | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Multimedia | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Metal Processors & Fabrication | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Hotels/Motels | 0.1 | |||
Shipbuilding | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Transport — Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Semiconductor Equipment | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Publishing — Books | 0.1 | |||
Warehousing & Harbor Transportation Services | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Computer Services | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Agricultural Operations | 0.1 | |||
Food — Baking | 0.1 | |||
Security Services | 0.1 | |||
Wire & Cable Products | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Computers | 0.1 | |||
Medical Instruments | 0.1 | |||
Transactional Software | 0.1 | |||
Optical Supplies | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Mining | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Telecommunication Equipment | 0.1 |
116
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VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Industry Allocation* (continued)
Steel — Specialty | 0.1 | % | ||
Electric — Distribution | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Food — Catering | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Toys | 0.1 | |||
Dialysis Centers | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Advertising Agencies | 0.1 | |||
Banks — Special Purpose | 0.1 | |||
Food — Meat Products | 0.1 | |||
Retail — Hypermarkets | 0.1 | |||
Appliances | 0.1 | |||
108.4 | % | |||
Country Allocation*
Japan | 18.4 | % | ||
United States | 18.4 | |||
United Kingdom | 18.3 | |||
Germany | 8.1 | |||
Australia | 7.0 | |||
France | 6.4 | |||
Switzerland | 6.4 | |||
Netherlands | 2.8 | |||
Spain | 2.5 | |||
Sweden | 2.3 | |||
Italy | 2.2 | |||
Hong Kong | 2.1 | |||
Singapore | 1.3 | |||
South Korea | 1.1 | |||
Brazil | 1.1 | |||
Denmark | 1.0 | |||
Jersey | 1.0 | |||
Taiwan | 0.8 | |||
China | 0.7 | |||
Belgium | 0.6 | |||
Finland | 0.6 | |||
South Africa | 0.5 | |||
Israel | 0.5 | |||
India | 0.5 | |||
Russia | 0.4 | |||
Luxembourg | 0.4 | |||
Norway | 0.4 | |||
Bermuda | 0.3 | |||
Mexico | 0.3 | |||
Cayman Islands | 0.3 | |||
Malaysia | 0.3 | |||
Thailand | 0.2 | |||
Ireland | 0.2 | |||
Indonesia | 0.1 | |||
Portugal | 0.1 | |||
Philippines | 0.1 | |||
New Zealand | 0.1 | |||
Poland | 0.1 | |||
Turkey | 0.1 | |||
Austria | 0.1 | |||
Colombia | 0.1 | |||
Isle of Man | 0.1 | |||
Greece | 0.1 | |||
108.4 | % | |||
* | Calculated as a percentage of net assets |
117
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 88.5% |
| |||||||
Australia — 7.0% |
| |||||||
AGL Energy, Ltd.(1) | 32,789 | $ | 489,636 | |||||
Alumina, Ltd.(1) | 167,863 | 245,436 | ||||||
Amcor, Ltd.(1) | 89,829 | 686,621 | ||||||
AMP, Ltd.(1) | 229,696 | 1,013,807 | ||||||
Asciano, Ltd.(1) | 198,728 | 323,365 | ||||||
ASX, Ltd.(1) | 13,300 | 422,760 | ||||||
Australia & New Zealand Banking Group, Ltd.(1) | 190,205 | 4,028,685 | ||||||
Bendigo and Adelaide Bank, Ltd.#(1) | 25,703 | 243,646 | ||||||
BGP Holdings PLC†(7)(8) | 835,027 | 0 | ||||||
BHP Billiton, Ltd.#(1) | 230,856 | 8,620,416 | ||||||
Boral, Ltd.#(1) | 51,371 | 191,963 | ||||||
Brambles, Ltd.(1) | 107,930 | 806,280 | ||||||
Caltex Australia, Ltd.(1) | 9,391 | 126,830 | ||||||
Campbell Brothers, Ltd. | 4,700 | 234,665 | ||||||
CFS Retail Property Trust#(1) | 107,736 | 208,269 | ||||||
Coca-Cola Amatil, Ltd.#(1) | 40,862 | 499,047 | ||||||
Cochlear, Ltd.(1) | 4,129 | 240,238 | ||||||
Commonwealth Bank of Australia#(1) | 112,753 | 5,655,224 | ||||||
Computershare, Ltd.(1) | 29,954 | 252,919 | ||||||
Crown, Ltd.#(1) | 32,379 | 279,826 | ||||||
CSL, Ltd.(1) | 38,093 | 1,249,729 | ||||||
Dexus Property Group#(1) | 306,695 | 278,019 | ||||||
Echo Entertainment Group, Ltd.†#(1) | 45,000 | 173,616 | ||||||
Fairfax Media, Ltd.#(1) | 135,012 | 118,628 | ||||||
Fortescue Metals Group, Ltd.#(1) | 89,097 | 439,866 | ||||||
Foster’s Group, Ltd.(1) | 142,168 | 793,908 | ||||||
Goodman Group(1)(9) | 458,203 | 290,387 | ||||||
GPT Group(1)(9) | 115,071 | 378,532 | ||||||
Harvey Norman Holdings, Ltd.#(1) | 30,715 | 68,538 | ||||||
Iluka Resources, Ltd.#(1) | 30,200 | 484,396 | ||||||
Incitec Pivot, Ltd.(1) | 115,321 | 398,361 | ||||||
Insurance Australia Group, Ltd.#(1) | 188,117 | 570,007 | ||||||
Leighton Holdings, Ltd.#(1) | 10,273 | 221,624 | ||||||
Lend Lease Group(1) | 33,446 | 257,851 | ||||||
Lynas Corp., Ltd.†#(1) | 120,781 | 163,058 | ||||||
MacArthur Coal, Ltd.#(1) | 10,152 | 172,947 | ||||||
Macquarie Group, Ltd.(1) | 25,002 | 626,705 | ||||||
Metcash, Ltd.#(1) | 56,367 | 236,283 | ||||||
Mirvac Group#(1)(9) | 218,328 | 293,576 | ||||||
National Australia Bank, Ltd.#(1) | 159,089 | 3,970,285 | ||||||
Newcrest Mining, Ltd.(1) | 55,870 | 2,027,017 | ||||||
OneSteel, Ltd.(1) | 77,095 | 69,144 | ||||||
Orica, Ltd.(1) | 26,033 | 699,146 | ||||||
Origin Energy, Ltd.(1) | 76,761 | 1,149,761 | ||||||
OZ Minerals, Ltd.(1) | 22,215 | 250,482 | ||||||
Qantas Airways, Ltd.†(1) | 69,877 | 112,251 | ||||||
QBE Insurance Group, Ltd.(1) | 86,179 | 1,235,574 | ||||||
QR National, Ltd.#(1) | 120,800 | 430,516 | ||||||
Ramsay Health Care, Ltd.#(1) | 9,719 | 188,866 | ||||||
Rio Tinto, Ltd.(1) | 31,228 | 2,092,753 | ||||||
Santos, Ltd.(1) | 68,381 | 952,771 | ||||||
Sims Metal Management, Ltd.(1) | 11,051 | 150,406 | ||||||
Sonic Healthcare, Ltd.(1) | 27,147 | 328,337 | ||||||
SP AusNet(1) | 77,013 | 76,158 | ||||||
Stockland(1)(9) | 162,556 | 580,213 | ||||||
Suncorp Group, Ltd.#(1) | 104,251 | 910,655 | ||||||
Sydney Airport†(1) | 21,632 | 77,498 | ||||||
TABCORP Holdings, Ltd.(1) | 46,545 | 137,559 | ||||||
Tatts Group, Ltd.(1) | 87,734 | 211,184 | ||||||
Telstra Corp., Ltd.(1) | 316,358 | 1,039,508 | ||||||
Toll Holdings, Ltd.#(1) | 44,250 | 220,651 | ||||||
Transurban Group(1) | 90,565 | 530,080 | ||||||
Wesfarmers, Ltd.(1) | 73,042 | 2,347,703 | ||||||
Westfield Group(1)(9) | 152,643 | 1,321,784 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Westfield Retail Trust#(1) | 198,352 | $ | 530,785 | |||||
Westpac Banking Corp.#(1) | 218,885 | 4,781,308 | ||||||
Woodside Petroleum, Ltd.(1) | 45,878 | 1,598,723 | ||||||
Woolworths, Ltd.(1) | 88,415 | 2,270,357 | ||||||
WorleyParsons, Ltd.(1) | 13,535 | 370,299 | ||||||
62,447,438 | ||||||||
Austria — 0.1% |
| |||||||
Erste Group Bank AG(1) | 5,843 | 101,643 | ||||||
Immoeast AG#(7)(8) | 13,480 | 0 | ||||||
Immofinanz AG†#(1) | 29,155 | 90,162 | ||||||
OMV AG(1) | 5,046 | 167,602 | ||||||
Raiffeisen Bank International AG#(1) | 1,391 | 33,345 | ||||||
Telekom Austria AG(1) | 10,277 | 119,250 | ||||||
Verbund AG(1) | 1,941 | 51,801 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe(1) | 991 | 35,579 | ||||||
Voestalpine AG(1) | 3,400 | 99,172 | ||||||
698,554 | ||||||||
Belgium — 0.6% |
| |||||||
Ageas(1) | 68,797 | 121,236 | ||||||
Anheuser - Busch InBev NV(1) | 52,754 | 3,155,845 | ||||||
Bekaert NV#(1) | 1,214 | 48,254 | ||||||
Belgacom SA(1) | 20,534 | 651,928 | ||||||
Colruyt SA#(1) | 2,362 | 89,538 | ||||||
Delhaize Group SA(1) | 7,148 | 422,101 | ||||||
Dexia SA†#(1) | 148,452 | 75,532 | ||||||
Groupe Bruxelles Lambert SA(1) | 2,510 | 178,594 | ||||||
KBC Groep NV(1) | 17,091 | 193,966 | ||||||
Mobistar SA(1) | 2,230 | 121,992 | ||||||
Solvay SA(1) | 1,841 | 173,222 | ||||||
UCB SA(1) | 3,134 | 131,323 | ||||||
Umicore SA(1) | 3,541 | 152,503 | ||||||
5,516,034 | ||||||||
Bermuda — 0.3% |
| |||||||
Cheung Kong Infrastructure Holdings, Ltd.(1) | 44,000 | 248,747 | ||||||
Credicorp, Ltd. | 1,471 | 159,780 | ||||||
Esprit Holdings, Ltd.(1) | 6,100 | 8,763 | ||||||
First Pacific Co. | 204,000 | 225,767 | ||||||
Kerry Properties, Ltd.(1) | 60,500 | 213,140 | ||||||
Li & Fung, Ltd.(1) | 416,000 | 850,749 | ||||||
Noble Group, Ltd.#(1) | 280,000 | 261,635 | ||||||
NWS Holdings, Ltd.(1) | 117,000 | 166,068 | ||||||
Orient Overseas International, Ltd.(1) | 21,000 | 97,266 | ||||||
Seadrill, Ltd.#(1) | 10,152 | 354,744 | ||||||
Shangri - La Asia, Ltd.(1) | 116,000 | 217,458 | ||||||
Yue Yuen Industrial Holdings, Ltd.(1) | 61,000 | 177,143 | ||||||
2,981,260 | ||||||||
Brazil — 0.5% |
| |||||||
All America Latina Logistica SA | 2,760 | 13,110 | ||||||
Amil Participacoes SA | 496 | 4,608 | ||||||
Anhanguera Educacional Participacoes SA | 779 | 7,539 | ||||||
Banco do Brasil SA | 10,687 | 143,017 | ||||||
Banco Santander Brasil SA(9) | 12,444 | 95,720 | ||||||
BM&FBovespa SA | 40,759 | 222,689 | ||||||
BR Malls Participacoes SA | 5,650 | 57,208 | ||||||
BRF - Brasil Foods SA | 10,376 | 202,545 | ||||||
Brookfield Incorporacoes SA | 4,831 | 15,869 | ||||||
CCR SA | 11,712 | 74,805 | ||||||
Centrais Eletricas Brasileiras SA | 7,373 | 67,559 | ||||||
CETIP SA - Balcao Organizado de Ativos e Derivativos | 1,161 | 16,885 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,837 | 50,782 | ||||||
Cia Hering | 840 | 17,791 | ||||||
Cielo SA | 5,460 | 145,381 |
118
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Brazil (continued) |
| |||||||
Companhia Siderurgica Nacional SA | 14,212 | $ | 115,922 | |||||
Companhia Vale do Rio Doce | 26,645 | 613,689 | ||||||
Cosan SA Industria e Comercio | 3,244 | 48,256 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 5,376 | 44,682 | ||||||
Diagnosticos da America SA | 7,044 | 51,028 | ||||||
Duratex SA | 5,909 | 30,029 | ||||||
EDP - Energias do Brasil SA | 1,018 | 21,730 | ||||||
Embraer SA | 9,790 | 61,230 | ||||||
Fibria Celulose SA | 3,787 | 28,732 | ||||||
Gafisa SA | 1,819 | 5,402 | ||||||
HRT Participacoes em Petroleo SA† | 51 | 18,755 | ||||||
Hypermarcas SA | 7,426 | 33,468 | ||||||
JBS SA† | 22,482 | 73,972 | ||||||
Localiza Rent a Car SA | 1,902 | 28,819 | ||||||
Lojas Renner SA | 2,378 | 71,274 | ||||||
Marfrig Alimentos SA | 3,761 | 17,096 | ||||||
MRV Engenharia e Participacoes SA | 5,201 | 33,507 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,095 | 21,920 | ||||||
Natura Cosmeticos SA | 3,491 | 70,077 | ||||||
Odontoprev SA | 529 | 7,342 | ||||||
OGX Petroleo e Gas Participacoes SA† | 21,692 | 167,457 | ||||||
PDG Realty SA Empreendimentos e Participacoes | 19,905 | 73,969 | ||||||
Petroleo Brasileiro SA | 53,505 | 713,656 | ||||||
Porto Seguro SA | 2,210 | 22,902 | ||||||
Redecard SA | 6,209 | 104,722 | ||||||
Rossi Residencial SA | 3,215 | 17,725 | ||||||
Souza Cruz SA | 12,464 | 158,113 | ||||||
Sul America SA(9) | 2,157 | 15,745 | ||||||
Totvs SA | 550 | 9,915 | ||||||
Ultrapar Participacoes SA | 6,479 | 114,005 | ||||||
Usinas Siderurgicas de Minas Gerais SA | 331 | 3,258 | ||||||
3,933,905 | ||||||||
Cayman Islands — 0.3% |
| |||||||
Agile Property Holdings, Ltd.(1) | 10,000 | 8,360 | ||||||
Alibaba.com, Ltd.(1) | 326,500 | 337,479 | ||||||
ASM Pacific Technology, Ltd.(1) | 15,200 | 168,510 | ||||||
Belle International Holdings, Ltd.(1) | 276,000 | 539,820 | ||||||
China Zhongwang Holdings, Ltd.(1) | 958,800 | 341,633 | ||||||
Foxconn International Holdings, Ltd.†(1) | 175,000 | 111,876 | ||||||
GCL Poly Energy Holdings, Ltd.(1) | 40,000 | 12,165 | ||||||
Lifestyle International Holdings, Ltd.(1) | 50,500 | 118,990 | ||||||
Longfor Properties Co., Ltd.(1) | 130,000 | 158,612 | ||||||
Sands China, Ltd.†(1) | 183,000 | 555,006 | ||||||
Tencent Holdings, Ltd.(1) | 7,400 | 144,244 | ||||||
Wynn Macau, Ltd.(1) | 120,800 | 354,477 | ||||||
2,851,172 | ||||||||
China — 0.7% |
| |||||||
Agricultural Bank of China, Ltd.(1) | 456,000 | 196,659 | ||||||
Air China, Ltd.(1) | 362,000 | 278,372 | ||||||
Anhui Conch Cement Co., Ltd.(1) | 23,000 | 75,134 | ||||||
Bank of China, Ltd.(1) | 1,016,000 | 332,468 | ||||||
Bank of Communications Co., Ltd.(1) | 35,000 | 22,910 | ||||||
BBMG Corp.(1) | 12,500 | 9,593 | ||||||
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd.(1) | 268,800 | 287,801 | ||||||
China Communications Construction Co., Ltd.(1) | 568,000 | 444,755 | ||||||
China Communications Services Corp., Ltd.(1) | 400,000 | 196,045 | ||||||
China Construction Bank Corp.(1) | 825,000 | 590,512 | ||||||
China Life Insurance Co., Ltd.(1) | 146,000 | 389,910 | ||||||
China Merchants Bank Co., Ltd.(1) | 240,500 | 457,553 | ||||||
China National Building Material Co., Ltd.(1) | 20,000 | 24,272 | ||||||
China Oilfield Services, Ltd.(1) | 264,000 | 408,406 | ||||||
China Petroleum & Chemical Corp.(1) | 424,000 | 446,219 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) |
| |||||||
China Shenhua Energy Co., Ltd.(1) | 151,000 | $ | 668,401 | |||||
China Shipping Container Lines Co., Ltd.†(1) | 337,000 | 67,302 | ||||||
China Southern Airlines Co., Ltd.†(1) | 146,000 | 77,949 | ||||||
China Telecom Corp., Ltd.(1) | 390,000 | 238,088 | ||||||
China Vanke Co., Ltd.(1) | 52,800 | 51,910 | ||||||
Dongfeng Motor Group Co., Ltd.(1) | 42,000 | 63,072 | ||||||
Industrial & Commercial Bank of China(1) | 755,000 | 447,756 | ||||||
PetroChina Co., Ltd.(1) | 144,000 | 186,138 | ||||||
Ping An Insurance Group Co.(1) | 7,000 | 48,739 | ||||||
Zijin Mining Group Co., Ltd.(1) | 42,000 | 19,280 | ||||||
6,029,244 | ||||||||
Colombia — 0.1% |
| |||||||
Almacenes Exito SA | 5,917 | 71,353 | ||||||
BanColombia SA | 2,603 | 36,803 | ||||||
Cementos Argos SA | 2,768 | 15,115 | ||||||
Corp Financiera Colombiana SA | 1,971 | 34,128 | ||||||
Ecopetrol SA | 77,472 | 162,717 | ||||||
Grupo de Inversiones Suramericana SA | 5,413 | 84,630 | ||||||
Interconexion Electrica SA ESP | 21,551 | 116,141 | ||||||
Inversiones Argos SA | 17,025 | 142,335 | ||||||
663,222 | ||||||||
Czech Republic — 0.0% |
| |||||||
Telefonica Czech Republic AS(1) | 5,000 | 104,214 | ||||||
Denmark — 1.0% |
| |||||||
AP Moller - Maersk A/S, Series A(1) | 18 | 117,248 | ||||||
AP Moller - Maersk A/S, Series B(1) | 301 | 2,062,873 | ||||||
Carlsberg A/S, Class B(1) | 32,571 | 2,392,392 | ||||||
Coloplast A/S#(1) | 707 | 108,330 | ||||||
Danske Bank A/S†(1) | 20,181 | 282,189 | ||||||
DSV A/S(1) | 70,596 | 1,375,615 | ||||||
Novo Nordisk A/S, Class B(1) | 18,666 | 2,122,949 | ||||||
Novozymes A/S(1) | 7,150 | 229,597 | ||||||
TDC A/S(1) | 10,760 | 89,008 | ||||||
Tryg A/S(1) | 710 | 41,019 | ||||||
Vestas Wind Systems A/S†#(1) | 6,307 | 85,097 | ||||||
William Demant Holding A/S†#(1) | 609 | 50,544 | ||||||
8,956,861 | ||||||||
Egypt — 0.0% |
| |||||||
Commercial International Bank Egypt SAE(1) | 18,271 | 71,997 | ||||||
Orascom Construction Industries(1) | 2,506 | 90,820 | ||||||
162,817 | ||||||||
Finland — 0.6% |
| |||||||
Elisa Oyj#(1) | 4,391 | 95,491 | ||||||
Fortum Oyj(1) | 13,731 | 315,986 | ||||||
Kesko Oyj, Class B(1) | 2,078 | 73,100 | ||||||
Kone Oyj, Class B(1) | 4,825 | 271,979 | ||||||
Metso Oyj(1) | 3,961 | 158,294 | ||||||
Neste Oil Oyj(1) | 3,308 | 41,326 | ||||||
Nokia Oyj(1) | 197,814 | 1,145,332 | ||||||
Nokian Renkaat Oyj(1) | 3,395 | 111,750 | ||||||
Orion Oyj, Class B(1) | 15,901 | 323,091 | ||||||
Pohjola Bank PLC, Class A(1) | 3,565 | 35,699 | ||||||
Sampo Oyj, Class A(1) | 13,010 | 339,963 | ||||||
Sanoma Oyj#(1) | 2,078 | 25,036 | ||||||
Stora Enso Oyj, Class R(1) | 26,300 | 164,961 | ||||||
UPM-Kymmene Oyj(1) | 160,324 | 1,874,834 | ||||||
Wartsila Oyj(1) | 5,196 | 170,614 | ||||||
5,147,456 | ||||||||
France — 6.4% |
| |||||||
Accor SA(1) | 4,574 | 128,080 |
119
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
France (continued) |
| |||||||
Aeroports de Paris(1) | 6,498 | $ | 474,983 | |||||
Air Liquide SA(1) | 28,380 | 3,602,118 | ||||||
Alcatel - Lucent†#(1) | 232,638 | 382,648 | ||||||
Alstom SA(1) | 28,594 | 993,569 | ||||||
Arkema SA(1) | 2,578 | 187,842 | ||||||
Atos(1) | 11,838 | 576,721 | ||||||
AXA SA(1) | 250,638 | 3,645,909 | ||||||
BNP Paribas SA(1) | 114,195 | 4,582,501 | ||||||
Bouygues SA(1) | 17,847 | 584,532 | ||||||
Bureau Veritas SA(1) | 1,943 | 143,928 | ||||||
Cap Gemini SA(1) | 4,585 | 173,638 | ||||||
Carrefour SA(1) | 17,892 | 476,157 | ||||||
Casino Guichard Perrachon SA(1) | 1,714 | 152,689 | ||||||
Christian Dior SA#(1) | 24,573 | 3,182,264 | ||||||
Cie de St. Gobain(1) | 30,782 | 1,308,806 | ||||||
Cie Generale d’Optique Essilor International SA(1) | 6,233 | 445,628 | ||||||
Cie Generale de Geophysique - Veritas†(1) | 4,465 | 103,321 | ||||||
Cie Generale des Etablissements Michelin, Class B(1) | 5,473 | 349,253 | ||||||
CNP Assurances(1) | 4,607 | 62,005 | ||||||
Credit Agricole SA(1) | 222,320 | 1,437,736 | ||||||
Danone(1) | 18,065 | 1,194,909 | ||||||
Dassault Systemes SA#(1) | 1,836 | 150,422 | ||||||
Edenred(1) | 4,903 | 130,774 | ||||||
EDF SA#(1) | 74,418 | 2,029,825 | ||||||
Eiffage SA#(1) | 1,251 | 31,241 | ||||||
Eurazeo(1) | 949 | 39,762 | ||||||
Eutelsat Communications SA#(1) | 13,109 | 509,493 | ||||||
Fonciere Des Regions(1) | 847 | 56,374 | ||||||
France Telecom SA(1) | 296,036 | 5,113,339 | ||||||
GDF Suez(1) | 41,327 | 1,161,156 | ||||||
Gecina SA(1) | 2,008 | 173,895 | ||||||
Groupe Eurotunnel SA(1) | 16,269 | 123,718 | ||||||
ICADE(1) | 722 | 57,794 | ||||||
Iliad SA#(1) | 1,724 | 210,355 | ||||||
Imerys SA(1) | 1,020 | 51,875 | ||||||
JCDecaux SA†(1) | 1,714 | 44,700 | ||||||
Klepierre(1) | 3,228 | 93,741 | ||||||
L’Oreal SA(1) | 11,069 | 1,197,655 | ||||||
Lafarge SA(1) | 16,455 | 603,832 | ||||||
Lagardere SCA(1) | 3,665 | 89,438 | ||||||
Legrand SA(1) | 32,721 | 1,059,599 | ||||||
LVMH Moet Hennessy Louis Vuitton SA#(1) | 12,340 | 1,939,971 | ||||||
Natixis(1) | 27,010 | 78,618 | ||||||
Neopost SA#(1) | 1,001 | 70,877 | ||||||
Pernod-Ricard SA#(1) | 6,813 | 641,704 | ||||||
Peugeot SA(1) | 4,713 | 88,347 | ||||||
PPR(1) | 2,357 | 354,098 | ||||||
Publicis Groupe SA#(1) | 4,462 | 213,085 | ||||||
Renault SA(1) | 5,955 | 223,707 | ||||||
Safran SA(1) | 5,167 | 153,142 | ||||||
Sanofi(1) | 68,777 | 4,814,238 | ||||||
Schneider Electric SA(1) | 15,166 | 860,326 | ||||||
SCOR SE(1) | 14,908 | 356,291 | ||||||
Societe BIC SA(1) | 8,258 | 733,048 | ||||||
Societe Generale SA(1) | 20,465 | 504,750 | ||||||
Societe Television Francaise 1(1) | 3,029 | 31,465 | ||||||
Sodexo(1) | 2,919 | 212,327 | ||||||
Suez Environnement Co.(1) | 8,333 | 105,800 | ||||||
Technip SA(1) | 3,050 | 291,502 | ||||||
Thales SA(1) | 3,094 | 97,859 | ||||||
Total SA#(1) | 105,132 | 5,430,865 | ||||||
Unibail-Rodamco SE(1) | 2,843 | 530,856 | ||||||
Vallourec SA(1) | 3,475 | 237,819 | ||||||
Veolia Environnement SA(1) | 10,804 | 137,791 | ||||||
Vinci SA(1) | 13,997 | 627,665 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Vivendi SA(1) | 38,329 | $ | 884,476 | |||||
Wendel SA(1) | 1,170 | 84,424 | ||||||
56,823,276 | ||||||||
Germany — 7.1% |
| |||||||
Adidas AG(1) | 44,064 | 3,106,795 | ||||||
Allianz SE(1) | 57,361 | 5,943,684 | ||||||
Axel Springer AG(1) | 2,295 | 103,022 | ||||||
BASF SE(1) | 93,579 | 6,801,726 | ||||||
Bayer AG(1) | 93,048 | 6,112,950 | ||||||
Bayerische Motoren Werke AG(1) | 60,708 | 4,570,086 | ||||||
Beiersdorf AG(1) | 3,134 | 179,182 | ||||||
Brenntag AG(1) | 1,042 | 99,918 | ||||||
Celesio AG(1) | 5,338 | 85,042 | ||||||
Commerzbank AG†#(1) | 445,558 | 833,289 | ||||||
Continental AG†(1) | 5,023 | 353,929 | ||||||
Daimler AG(1) | 94,829 | 4,302,951 | ||||||
Deutsche Bank AG(1) | 45,999 | 1,780,165 | ||||||
Deutsche Boerse AG(1) | 6,049 | 369,696 | ||||||
Deutsche Lufthansa AG(1) | 7,092 | 91,884 | ||||||
Deutsche Post AG(1) | 26,230 | 396,276 | ||||||
Deutsche Telekom AG(1) | 405,455 | 5,255,684 | ||||||
E.ON AG(1) | 188,114 | 4,656,542 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 1,141 | 64,816 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 7,018 | 479,599 | ||||||
Fresenius SE & Co. KGaA(1) | 27,121 | 2,608,338 | ||||||
GEA Group AG(1) | 5,423 | 159,662 | ||||||
Hannover Rueckversicherung AG(1) | 1,886 | 98,332 | ||||||
HeidelbergCement AG(1) | 4,358 | 182,960 | ||||||
Henkel AG & Co. KGaA(1) | 4,053 | 197,734 | ||||||
Hochtief AG(1) | 1,314 | 75,101 | ||||||
Infineon Technologies AG(1) | 43,226 | 357,283 | ||||||
K + S AG(1) | 14,258 | 774,253 | ||||||
Kabel Deutschland Holding AG†(1) | 6,133 | 340,227 | ||||||
Lanxess AG(1) | 2,604 | 145,549 | ||||||
Linde AG(1) | 5,240 | 804,659 | ||||||
MAN SE(1) | 1,956 | 169,320 | ||||||
Merck KGaA(1) | 3,830 | 380,405 | ||||||
Metro AG(1) | 4,018 | 197,580 | ||||||
Muenchener Rueckversicherungs AG(1) | 30,985 | 3,918,257 | ||||||
RWE AG(1) | 12,967 | 537,984 | ||||||
Salzgitter AG(1) | 1,085 | 56,130 | ||||||
SAP AG(1) | 30,250 | 1,804,803 | ||||||
Siemens AG(1) | 38,048 | 3,840,126 | ||||||
Suedzucker AG(1) | 1,840 | 58,517 | ||||||
ThyssenKrupp AG(1) | 11,898 | 306,963 | ||||||
TUI AG†#(1) | 39 | 218 | ||||||
United Internet AG#(1) | 3,247 | 62,469 | ||||||
Volkswagen AG(1) | 3,418 | 517,740 | ||||||
Wacker Chemie AG#(1) | 487 | 46,379 | ||||||
63,228,225 | ||||||||
Greece — 0.1% |
| |||||||
Alpha Bank A.E.†(1) | 65,819 | 61,939 | ||||||
Coca-Cola Hellenic Bottling Co. SA†(1) | 16,499 | 252,346 | ||||||
EFG Eurobank Ergasias SA†(1) | 8,338 | 5,552 | ||||||
Hellenic Telecommunications Organization SA(1) | 7,576 | 31,627 | ||||||
National Bank of Greece SA†(1) | 29,645 | 79,142 | ||||||
OPAP SA(1) | 6,919 | 61,274 | ||||||
491,880 | ||||||||
Guernsey — 0.0% |
| |||||||
Resolution, Ltd.(1) | 45,049 | 167,300 | ||||||
Hong Kong — 2.1% |
| |||||||
Bank of East Asia, Ltd.(1) | 109,600 | 385,159 |
120
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Hong Kong — 2.1% (continued) |
| |||||||
BOC Hong Kong Holdings, Ltd.(1) | 296,000 | $ | 680,429 | |||||
Cathay Pacific Airways, Ltd.(1) | 106,000 | 192,335 | ||||||
Cheung Kong Holdings, Ltd.(1) | 106,000 | 1,222,913 | ||||||
China Mobile, Ltd.(1) | 142,000 | 1,401,737 | ||||||
China Overseas Land & Investment, | 78,000 | 138,153 | ||||||
China Taiping Insurance Holdings Co., | 131,600 | 253,970 | ||||||
CLP Holdings, Ltd.(1) | 148,000 | 1,317,337 | ||||||
CNOOC, Ltd.(1) | 546,000 | 1,051,601 | ||||||
Galaxy Entertainment Group, Ltd.†(1) | 101,000 | 201,649 | ||||||
Guangdong Investment, Ltd.(1) | 600,000 | 382,474 | ||||||
Hang Lung Group, Ltd.(1) | 70,000 | 374,877 | ||||||
Hang Lung Properties, Ltd.(1) | 189,000 | 571,955 | ||||||
Hang Seng Bank, Ltd.(1) | 63,400 | 788,953 | ||||||
Henderson Land Development Co., Ltd.(1) | 76,000 | 379,211 | ||||||
Hong Kong & China Gas Co., Ltd.(1) | 368,000 | 850,945 | ||||||
Hong Kong Exchanges and Clearing, | 78,700 | 1,312,553 | ||||||
Hopewell Holdings, Ltd.(1) | 63,500 | 166,824 | ||||||
Hutchison Whampoa, Ltd.(1) | 160,000 | 1,409,691 | ||||||
Hysan Development Co., Ltd.(1) | 57,000 | 183,859 | ||||||
Link REIT(1) | 182,000 | 656,523 | ||||||
MTR Corp.(1) | 128,500 | 427,015 | ||||||
New World Development, Ltd.(1) | 289,000 | 248,128 | ||||||
PCCW, Ltd.(1) | 278,000 | 103,325 | ||||||
Power Assets Holdings, Ltd.(1) | 108,500 | 806,535 | ||||||
Sino Land Co., Ltd.(1) | 235,400 | 296,054 | ||||||
SJM Holdings, Ltd.(1) | 134,000 | 233,136 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 107,000 | 1,322,557 | ||||||
Swire Pacific, Ltd., Class A(1) | 56,500 | 689,078 | ||||||
Wharf Holdings, Ltd.(1) | 117,000 | 568,258 | ||||||
Wheelock & Co., Ltd.(1) | 74,000 | 197,283 | ||||||
Wing Hang Bank, Ltd.(1) | 18,000 | 149,372 | ||||||
18,963,889 | ||||||||
Hungary — 0.0% |
| |||||||
Magyar Telekom Telecommunications PLC(1) | 1,544 | 3,526 | ||||||
MOL Hungarian Oil and Gas Nyr†(1) | 206 | 17,055 | ||||||
OTP Bank PLC(1) | 6,720 | 99,250 | ||||||
Richter Gedeon(1) | 237 | 35,666 | ||||||
155,497 | ||||||||
India — 0.5% |
| |||||||
Aditya Birla Nuvo, Ltd.(1) | 18,570 | 320,855 | ||||||
Bajaj Auto Ltd.(1) | 4,549 | 148,449 | ||||||
Bank of India(1) | 3,341 | 21,160 | ||||||
Bharat Heavy Electricals, Ltd.(1) | 32,579 | 179,827 | ||||||
Bharat Petroleum Corp., Ltd.(1) | 21,803 | 224,874 | ||||||
Canara Bank(1) | 36,567 | 304,682 | ||||||
Cipla, Ltd.(1) | 13,597 | 85,869 | ||||||
Coal India, Ltd.(1) | 54,981 | 349,132 | ||||||
GAIL India, Ltd.(1) | 6,673 | 51,247 | ||||||
Gujarat Ambuja Cements, Ltd.(1) | 34,569 | 99,214 | ||||||
Hero Honda Motors, Ltd.(1) | 7,702 | 298,462 | ||||||
Hindalco Industries, Ltd.(1) | 70,281 | 172,447 | ||||||
Hindustan Lever, Ltd.(1) | 7,661 | 58,549 | ||||||
Housing Development Finance Corp.(1) | 3,368 | 42,146 | ||||||
ICICI Bank, Ltd.(1) | 11,169 | 160,433 | ||||||
Infosys Technologies, Ltd.(1) | 1,293 | 66,215 | ||||||
ITC, Ltd.(1) | 138,848 | 539,243 | ||||||
Oil & Natural Gas Corp., Ltd.(1) | 4,942 | 25,700 | ||||||
Reliance Communications, Ltd.(1) | 53,899 | 78,458 | ||||||
Reliance Energy, Ltd.(1) | 11,209 | 88,674 | ||||||
Reliance Industries, Ltd.(1) | 9,871 | 150,783 | ||||||
Sesa Goa, Ltd.(1) | 12,314 | 44,883 | ||||||
Tata Consultancy Services, Ltd.(1) | 25,819 | 561,235 | ||||||
4,072,537 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Indonesia — 0.1% | ||||||||
Adaro Energy Tbk PT(1) | 92,500 | $ | 20,173 | |||||
Astra International Tbk PT(1) | 8,000 | 64,317 | ||||||
Bank Negara Indonesia Persero Tbk | 1,038,000 | 449,466 | ||||||
Bumi Resources Tbk PT(1) | 144,000 | 33,530 | ||||||
Gudang Garam Tbk PT(1) | 69,000 | 503,363 | ||||||
Indo Tambangraya Megah PT(1) | 41,000 | 177,877 | ||||||
1,248,726 | ||||||||
Ireland — 0.2% | ||||||||
Anglo Irish Bank Corp., Ltd.†(7)(8) | 31,152 | 0 | ||||||
CRH PLC(1) (ISE) | 11,187 | 213,403 | ||||||
CRH PLC(1) (LSE) | 21,963 | 423,790 | ||||||
Elan Corp. PLC† (LSE) | 6,566 | 71,861 | ||||||
Elan Corp. PLC†(1) (ISE) | 15,450 | 168,652 | ||||||
James Hardie Industries CDI#(1) | 31,438 | 223,892 | ||||||
Kerry Group PLC, Class A(1) | 4,353 | 162,976 | ||||||
Ryanair Holdings PLC†(1) | 3,431 | 17,564 | ||||||
Ryanair Holdings PLC ADR†# | 408 | 12,277 | ||||||
1,294,415 | ||||||||
Isle of Man — 0.1% | ||||||||
Genting Singapore PLC†#(1) | 449,000 | 546,311 | ||||||
Israel — 0.5% | ||||||||
Bank Hapoalim BM(1) | 76,423 | 262,980 | ||||||
Bank Leumi Le-Israel BM(1) | 85,127 | 248,957 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd.(1) | 127,134 | 240,340 | ||||||
Cellcom Israel, Ltd.(1) | 3,951 | 68,752 | ||||||
Delek Group, Ltd.(1) | 329 | 60,935 | ||||||
Elbit Systems, Ltd.(1) | 1,701 | 70,540 | ||||||
Israel Chemicals, Ltd.(1) | 32,104 | 348,995 | ||||||
Israel Corp., Ltd.(1) | 167 | 110,367 | ||||||
Israel Discount Bank, Ltd., Class A†(1) | 57,007 | 84,185 | ||||||
Mizrahi Tefahot Bank, Ltd.(1) | 8,924 | 74,033 | ||||||
NICE Systems, Ltd.†(1) | 4,326 | 146,253 | ||||||
Partner Communications Co., Ltd.(1) | 6,161 | 59,436 | ||||||
Teva Pharmaceutical Industries, Ltd.(1) | 67,911 | 2,694,740 | ||||||
4,470,513 | ||||||||
Italy — 2.2% | ||||||||
A2A SpA#(1) | 1,130,723 | 1,184,642 | ||||||
Assicurazioni Generali SpA(1) | 36,181 | 601,850 | ||||||
Atlantia SpA#(1) | 52,635 | 810,304 | ||||||
Autogrill SpA(1) | 3,098 | 32,260 | ||||||
Banca Carige SpA#(1) | 19,927 | 39,647 | ||||||
Banca Monte dei Paschi di Siena SpA(1) | 361,507 | 121,405 | ||||||
Banco Popolare SC#(1) | 162,008 | 194,392 | ||||||
Enel Green Power SpA(1) | 54,491 | 122,285 | ||||||
Enel SpA#(1) | 386,947 | 1,643,726 | ||||||
ENI SpA(1) | 152,599 | 3,234,006 | ||||||
Exor SpA(1) | 1,735 | 36,976 | ||||||
Fiat Industrial SpA†(1) | 23,601 | 211,440 | ||||||
Fiat SpA#(1) | 23,703 | 122,008 | ||||||
Finmeccanica SpA#(1) | 25,787 | 111,609 | ||||||
Intesa Sanpaolo SpA(1) | 2,174,509 | 3,621,433 | ||||||
Intesa Sanpaolo SpA RSP(1) | 942,242 | 1,217,790 | ||||||
Luxottica Group SpA(1) | 10,463 | 298,380 | ||||||
Mediaset SpA(1) | 36,278 | 107,176 | ||||||
Mediobanca SpA#(1) | 45,586 | 294,343 | ||||||
Parmalat SpA(1) | 71 | 144 | ||||||
Pirelli & C. SpA#(1) | 7,411 | 69,764 | ||||||
Prysmian SpA(1) | 6,341 | 86,666 | ||||||
Saipem SpA(1) | 23,481 | 1,050,220 | ||||||
Snam Rete Gas SpA(1) | 385,733 | 1,789,161 | ||||||
Telecom Italia SpA(1) | 290,799 | 328,418 | ||||||
Telecom Italia SpA RSP(1) | 425,306 | 412,567 |
121
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Italy (continued) | ||||||||
Terna Rete Elettrica Nazionale SpA#(1) | 37,364 | $ | 133,717 | |||||
UniCredit SpA#(1) | 1,785,609 | 1,864,595 | ||||||
Unione di Banche Italiane SCPA#(1) | 24,487 | 100,053 | ||||||
19,840,977 | ||||||||
Japan — 18.4% | ||||||||
ABC-Mart, Inc.#(1) | 500 | 18,596 | ||||||
Advantest Corp.#(1) | 2,900 | 32,585 | ||||||
Aeon Co., Ltd.#(1) | 138,400 | 1,897,721 | ||||||
Aeon Credit Service Co., Ltd.(1) | 1,500 | 23,019 | ||||||
Aeon Mall Co., Ltd.(1) | 39,200 | 915,713 | ||||||
Air Water, Inc.(1) | 3,000 | 39,184 | ||||||
Aisin Seiki Co., Ltd.(1) | 50,400 | 1,518,019 | ||||||
Ajinomoto Co., Inc.(1) | 156,000 | 1,872,668 | ||||||
Alfresa Holdings Corp.(1) | 800 | 29,618 | ||||||
All Nippon Airways Co., Ltd.#(1) | 468,000 | 1,416,474 | ||||||
Amada Co., Ltd.(1) | 7,000 | 43,775 | ||||||
Aozora Bank, Ltd.#(1) | 11,000 | 29,409 | ||||||
Asahi Glass Co., Ltd.(1) | 188,000 | 1,602,542 | ||||||
Asahi Group Holdings, Ltd.(1) | 7,500 | 165,799 | ||||||
Asahi Kasei Corp.(1) | 309,000 | 1,871,028 | ||||||
Asics Corp.#(1) | 3,000 | 36,043 | ||||||
Astellas Pharma, Inc.(1) | 8,700 | 335,848 | ||||||
Bank of Kyoto, Ltd.#(1) | 27,000 | 234,949 | ||||||
Bank of Yokohama, Ltd.(1) | 290,000 | 1,384,238 | ||||||
Benesse Holdings, Inc.(1) | 1,300 | 58,394 | ||||||
Bridgestone Corp.(1) | 21,700 | 503,785 | ||||||
Brother Industries, Ltd.#(1) | 32,100 | 434,920 | ||||||
Canon, Inc.#(1) | 117,500 | 5,317,425 | ||||||
Casio Computer Co., Ltd.#(1) | 4,300 | 26,791 | ||||||
Central Japan Railway Co.#(1) | 105 | 842,289 | ||||||
Chiba Bank, Ltd.#(1) | 249,000 | 1,626,948 | ||||||
Chiyoda Corp.#(1) | 3,000 | 33,032 | ||||||
Chubu Electric Power Co., Inc.(1) | 73,500 | 1,378,341 | ||||||
Chugai Pharmaceutical Co., Ltd.(1) | 4,300 | 65,699 | ||||||
Chugoku Bank, Ltd.#(1) | 3,000 | 41,426 | ||||||
Chugoku Electric Power Co., Inc.#(1) | 19,600 | 332,150 | ||||||
Citizen Holdings Co., Ltd.(1) | 148,300 | 864,977 | ||||||
Coca-Cola West Co., Ltd.(1) | 1,200 | 20,356 | ||||||
Cosmo Oil Co., Ltd.#(1) | 12,000 | 33,145 | ||||||
Credit Saison Co., Ltd.#(1) | 2,800 | 51,129 | ||||||
Dai Nippon Printing Co., Ltd.#(1) | 166,000 | 1,629,707 | ||||||
Dai-ichi Life Insurance Co., Ltd.(1) | 1,552 | 1,727,152 | ||||||
Daicel Corp.#(1) | 226,000 | 1,263,813 | ||||||
Daido Steel Co., Ltd.(1) | 91,000 | 598,596 | ||||||
Daihatsu Motor Co., Ltd.#(1) | 84,000 | 1,476,382 | ||||||
Daiichi Sankyo Co., Ltd.(1) | 116,400 | 2,094,559 | ||||||
Daikin Industries, Ltd.#(1) | 41,700 | 1,228,862 | ||||||
Dainippon Sumitomo Pharma Co., Ltd.#(1) | 3,000 | 30,949 | ||||||
Daito Trust Construction Co., Ltd.(1) | 19,200 | 1,712,947 | ||||||
Daiwa House Industry Co., Ltd.(1) | 9,000 | 108,486 | ||||||
Daiwa Securities Group, Inc.(1) | 32,000 | 107,282 | ||||||
Dena Co., Ltd.(1) | 14,068 | 436,497 | ||||||
Denki Kagaku Kogyo KK(1) | 9,000 | 35,462 | ||||||
Denso Corp.(1) | 13,200 | 377,279 | ||||||
Dentsu, Inc.#(1) | 3,500 | 101,786 | ||||||
East Japan Railway Co.(1) | 26,600 | 1,628,001 | ||||||
Eisai Co., Ltd.#(1) | 51,200 | 1,976,499 | ||||||
Electric Power Development Co., Ltd.#(1) | 52,400 | 1,322,116 | ||||||
Elpida Memory, Inc.†#(1) | 4,900 | 24,365 | ||||||
FamilyMart Co., Ltd.(1) | 35,600 | 1,418,485 | ||||||
FANUC Corp.(1) | 22,500 | 3,693,767 | ||||||
Fast Retailing Co., Ltd.#(1) | 1,000 | 161,956 | ||||||
Fuji Electric Co., Ltd.#(1) | 11,000 | 32,722 | ||||||
Fuji Heavy Industries, Ltd.(1) | 218,000 | 1,263,025 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
FUJIFILM Holdings Corp.(1) | 90,100 | $ | 2,179,129 | |||||
Fujitsu, Ltd.(1) | 381,000 | 2,028,810 | ||||||
Fukuoka Financial Group, Inc.(1) | 15,000 | 61,782 | ||||||
Furukawa Electric Co., Ltd.#(1) | 373,000 | 852,508 | ||||||
Gree, Inc.#(1) | 42,200 | 1,415,593 | ||||||
GS Yuasa Corp.#(1) | 7,000 | 40,498 | ||||||
Gunma Bank, Ltd.(1) | 8,000 | 45,153 | ||||||
Hachijuni Bank, Ltd.#(1) | 160,000 | 939,859 | ||||||
Hakuhodo DY Holdings, Inc.#(1) | 450 | 24,666 | ||||||
Hamamatsu Photonics KK#(1) | 1,000 | 36,923 | ||||||
Hino Motors, Ltd.#(1) | 231,000 | 1,423,440 | ||||||
Hirose Electric Co., Ltd.#(1) | 600 | 55,558 | ||||||
Hiroshima Bank, Ltd.#(1) | 10,000 | 48,174 | ||||||
Hisamitsu Pharmaceutical Co., Inc.#(1) | 1,200 | 48,063 | ||||||
Hitachi Chemical Co., Ltd.#(1) | 40,900 | 791,500 | ||||||
Hitachi Construction Machinery Co., Ltd.#(1) | 2,100 | 37,291 | ||||||
Hitachi High-Technologies Corp.(1) | 1,200 | 26,562 | ||||||
Hitachi Metals, Ltd.#(1) | 3,000 | 33,727 | ||||||
Hitachi, Ltd.(1) | 577,000 | 3,233,201 | ||||||
Hokkaido Electric Power Co., Inc.(1) | 3,600 | 48,161 | ||||||
Hokuhoku Financial Group, Inc.(1) | 23,000 | 45,034 | ||||||
Hokuriku Electric Power Co.#(1) | 77,000 | 1,364,890 | ||||||
Honda Motor Co., Ltd.(1) | 93,300 | 2,949,502 | ||||||
Hoya Corp.(1) | 8,500 | 181,408 | ||||||
Ibiden Co., Ltd.#(1) | 52,800 | 1,250,322 | ||||||
Idemitsu Kosan Co., Ltd.#(1) | 4,100 | 437,781 | ||||||
IHI Corp.(1) | 291,000 | 682,453 | ||||||
Inpex Corp.(1) | 43 | 288,981 | ||||||
Isetan Mitsukoshi Holdings, Ltd.#(1) | 126,100 | 1,236,246 | ||||||
Isuzu Motors, Ltd.(1) | 23,000 | 108,618 | ||||||
ITOCHU Corp.(1) | 29,000 | 294,614 | ||||||
ITOCHU Techno-Solutions Corp.#(1) | 23,500 | 1,020,389 | ||||||
Iyo Bank, Ltd.(1) | 5,000 | 49,554 | ||||||
J. Front Retailing Co., Ltd.#(1) | 79,000 | 349,063 | ||||||
Japan Petroleum Exploration Co.(1) | 8,700 | 355,307 | ||||||
Japan Prime Realty Investment Corp.(1) | 13 | 31,831 | ||||||
Japan Real Estate Investment Corp.(1) | 9 | 74,918 | ||||||
Japan Retail Fund Investment Corp.(1) | 652 | 997,296 | ||||||
Japan Steel Works, Ltd.#(1) | 6,000 | 40,041 | ||||||
Japan Tobacco, Inc.(1) | 453 | 2,159,672 | ||||||
JFE Holdings, Inc.#(1) | 77,100 | 1,425,260 | ||||||
JGC Corp.(1) | 4,000 | 100,481 | ||||||
Joyo Bank, Ltd.#(1) | 133,000 | 578,570 | ||||||
JS Group Corp.(1) | 5,200 | 98,722 | ||||||
JSR Corp.#(1) | 3,500 | 68,078 | ||||||
JTEKT Corp.(1) | 4,300 | 42,450 | ||||||
Jupiter Telecommunications Co., Ltd.(1) | 34 | 33,219 | ||||||
JX Holdings, Inc.(1) | 330,800 | 2,115,053 | ||||||
Kajima Corp.#(1) | 92,000 | 277,308 | ||||||
Kamigumi Co., Ltd.(1) | 138,000 | 1,129,513 | ||||||
Kaneka Corp.(1) | 103,000 | 554,743 | ||||||
Kansai Electric Power Co., Inc.(1) | 64,100 | 963,435 | ||||||
Kansai Paint Co., Ltd.#(1) | 4,000 | 38,064 | ||||||
Kao Corp.(1) | 21,400 | 565,080 | ||||||
Kawasaki Heavy Industries, Ltd.#(1) | 28,000 | 72,625 | ||||||
Kawasaki Kisen Kaisha, Ltd.#(1) | 14,000 | 24,351 | ||||||
KDDI Corp.#(1) | 389 | 2,581,129 | ||||||
Keikyu Corp.#(1) | 9,000 | 79,233 | ||||||
Keio Corp.#(1) | 11,000 | 74,666 | ||||||
Keisei Electric Railway Co., Ltd.(1) | 5,000 | 35,005 | ||||||
Keyence Corp.(1) | 800 | 204,633 | ||||||
Kikkoman Corp.#(1) | 98,000 | 1,083,880 | ||||||
Kinden Corp.(1) | 3,000 | 24,823 | ||||||
Kintetsu Corp.#(1) | 32,000 | 118,680 | ||||||
Kirin Holdings Co., Ltd.(1) | 16,000 | 195,990 | ||||||
Kobe Steel, Ltd.(1) | 237,000 | 377,531 |
122
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) | ||||||||
Koito Manufacturing Co., Ltd.(1) | 86,000 | $ | 1,197,958 | |||||
Komatsu, Ltd.(1) | 31,000 | 789,284 | ||||||
Konami Corp.#(1) | 1,800 | 54,166 | ||||||
Konica Minolta Holdings, Inc.#(1) | 9,500 | 71,940 | ||||||
Kubota Corp.(1) | 23,000 | 209,418 | ||||||
Kuraray Co., Ltd.(1) | 6,500 | 93,106 | ||||||
Kurita Water Industries, Ltd.(1) | 2,200 | 58,966 | ||||||
Kyocera Corp.(1) | 3,000 | 268,932 | ||||||
Kyowa Hakko Kirin Co., Ltd.(1) | 5,000 | 59,078 | ||||||
Kyushu Electric Power Co., Inc.(1) | 7,800 | 107,012 | ||||||
Lawson, Inc.(1) | 1,200 | 71,151 | ||||||
Mabuchi Motor Co., Ltd.#(1) | 500 | 22,222 | ||||||
Makita Corp.(1) | 2,200 | 76,816 | ||||||
Marubeni Corp.(1) | 330,000 | 2,036,080 | ||||||
Marui Group Co., Ltd.(1) | 4,300 | 31,426 | ||||||
Maruichi Steel Tube, Ltd.(1) | 900 | 19,883 | ||||||
Mazda Motor Corp.†#(1) | 30,000 | 54,766 | ||||||
McDonald’s Holdings Co. Japan, Ltd.#(1) | 1,300 | 34,904 | ||||||
Medipal Holdings Corp.(1) | 2,900 | 28,551 | ||||||
MEIJI Holdings Co., Ltd.#(1) | 1,000 | 43,429 | ||||||
Miraca Holdings, Inc.(1) | 1,000 | 38,621 | ||||||
Mitsubishi Chemical Holdings Corp.(1) | 290,000 | 1,680,233 | ||||||
Mitsubishi Corp.(1) | 51,700 | 1,068,019 | ||||||
Mitsubishi Electric Corp.(1) | 253,000 | 2,416,284 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 28,000 | 468,578 | ||||||
Mitsubishi Gas Chemical Co., Inc.(1) | 8,000 | 47,643 | ||||||
Mitsubishi Heavy Industries, Ltd.#(1) | 59,000 | 248,367 | ||||||
Mitsubishi Logistics Corp.(1) | 2,000 | 20,671 | ||||||
Mitsubishi Materials Corp.(1) | 22,000 | 61,934 | ||||||
Mitsubishi Motors Corp.†#(1) | 1,229,000 | 1,487,031 | ||||||
Mitsubishi Tanabe Pharma Corp.(1) | 4,000 | 62,398 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 1,285,800 | 5,586,102 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.(1) | 35,500 | 1,356,134 | ||||||
Mitsui & Co., Ltd.(1) | 196,800 | 3,104,683 | ||||||
Mitsui Chemicals, Inc.#(1) | 16,000 | 51,936 | ||||||
Mitsui Engineering & Shipbuilding Co., Ltd.#(1) | 371,000 | 569,701 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 16,000 | 259,769 | ||||||
Mitsui O.S.K. Lines, Ltd.#(1) | 284,000 | 903,272 | ||||||
Mizuho Financial Group, Inc.(1) | 1,926,200 | 2,526,690 | ||||||
MS&AD Insurance Group Holdings(1) | 11,000 | 216,412 | ||||||
Murata Manufacturing Co., Ltd.#(1) | 4,000 | 236,899 | ||||||
Nabtesco Corp.#(1) | 2,000 | 44,337 | ||||||
Namco Bandai Holdings, Inc.(1) | 3,900 | 56,316 | ||||||
NEC Corp.†(1) | 50,000 | 108,044 | ||||||
NGK Insulators, Ltd.#(1) | 5,000 | 55,376 | ||||||
NGK Spark Plug Co., Ltd.(1) | 3,000 | 38,418 | ||||||
NHK Spring Co., Ltd.(1) | 148,000 | 1,350,269 | ||||||
Nidec Corp.#(1) | 2,100 | 189,659 | ||||||
Nikon Corp.(1) | 81,800 | 1,922,644 | ||||||
Nintendo Co., Ltd.(1) | 3,100 | 470,078 | ||||||
Nippon Building Fund, Inc.(1) | 11 | 101,109 | ||||||
Nippon Electric Glass Co., Ltd.(1) | 8,000 | 82,507 | ||||||
Nippon Express Co., Ltd.(1) | 375,000 | 1,424,979 | ||||||
Nippon Meat Packers, Inc.#(1) | 3,000 | 37,704 | ||||||
Nippon Paper Group, Inc.#(1) | 1,900 | 40,799 | ||||||
Nippon Sheet Glass Co., Ltd.(1) | 17,000 | 32,790 | ||||||
Nippon Steel Corp.(1) | 99,000 | 240,563 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 13,700 | 674,961 | ||||||
Nippon Yusen KK#(1) | 30,000 | 66,930 | ||||||
Nishi-Nippon City Bank, Ltd.(1) | 13,000 | 38,366 | ||||||
Nissan Motor Co., Ltd.(1) | 182,900 | 1,678,600 | ||||||
Nisshin Seifun Group, Inc.(1) | 3,500 | 42,029 | ||||||
Nisshin Steel Co., Ltd.(1) | 13,000 | 18,629 | ||||||
Nissin Foods Holdings Co., Ltd.#(1) | 1,100 | 42,147 | ||||||
Nitori Holdings Co., Ltd.(1) | 750 | 70,145 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Nitto Denko Corp.(1) | 3,200 | $ | 132,543 | |||||
NKSJ Holdings, Inc.(1) | 34,799 | 691,083 | ||||||
NOK Corp.#(1) | 1,900 | 33,311 | ||||||
Nomura Holdings, Inc.(1) | 70,800 | 234,710 | ||||||
Nomura Real Estate Holdings, Inc.(1) | 1,800 | 28,132 | ||||||
Nomura Real Estate Office Fund, Inc.(1) | 5 | 25,820 | ||||||
Nomura Research Institute, Ltd.(1) | 2,000 | 44,257 | ||||||
NSK, Ltd.(1) | 9,000 | 59,771 | ||||||
NTN Corp.#(1) | 27,000 | 107,387 | ||||||
NTT Data Corp.(1) | 25 | 77,829 | ||||||
NTT DoCoMo, Inc.(1) | 695 | 1,225,616 | ||||||
NTT Urban Development Corp.(1) | 23 | 15,788 | ||||||
Obayashi Corp.#(1) | 234,000 | 979,988 | ||||||
Odakyu Electric Railway Co., Ltd.#(1) | 12,000 | 113,517 | ||||||
OJI Paper Co., Ltd.#(1) | 17,000 | 84,569 | ||||||
Omron Corp.(1) | 25,800 | 551,341 | ||||||
Ono Pharmaceutical Co., Ltd.#(1) | 1,600 | 83,039 | ||||||
Oracle Corp.#(1) | 700 | 23,463 | ||||||
Oriental Land Co., Ltd.#(1) | 1,000 | 103,465 | ||||||
ORIX Corp.#(1) | 7,880 | 663,418 | ||||||
Osaka Gas Co., Ltd.(1) | 51,000 | 194,640 | ||||||
Otsuka Corp.(1) | 300 | 20,716 | ||||||
Otsuka Holdings Co., Ltd.(1) | 18,200 | 499,302 | ||||||
Panasonic Corp.(1) | 307,500 | 2,953,865 | ||||||
Rakuten, Inc.(1) | 141 | 150,883 | ||||||
Resona Holdings, Inc.(1) | 36,500 | 163,370 | ||||||
Ricoh Co., Ltd.#(1) | 13,000 | 117,445 | ||||||
Rinnai Corp.(1) | 600 | 45,791 | ||||||
Rohm Co., Ltd.(1) | 1,900 | 90,950 | ||||||
Sankyo Co., Ltd.(1) | 1,000 | 49,808 | ||||||
Sanrio Co., Ltd. | 1,000 | 52,378 | ||||||
Santen Pharmaceutical Co., Ltd.(1) | 1,400 | 52,755 | ||||||
SBI Holdings, Inc.(1) | 437 | 35,611 | ||||||
Secom Co., Ltd.(1) | 4,100 | 184,818 | ||||||
Sega Sammy Holdings, Inc.(1) | 4,200 | 86,064 | ||||||
Seiko Epson Corp.#(1) | 2,400 | 33,855 | ||||||
Sekisui Chemical Co., Ltd.(1) | 8,000 | 59,979 | ||||||
Sekisui House, Ltd.#(1) | 11,000 | 96,148 | ||||||
Seven & I Holdings Co., Ltd.(1) | 14,700 | 410,845 | ||||||
Seven Bank, Ltd.#(1) | 13,000 | 25,797 | ||||||
Sharp Corp.#(1) | 19,000 | 194,248 | ||||||
Shikoku Electric Power Co., Inc.#(1) | 3,600 | 100,553 | ||||||
Shimadzu Corp.#(1) | 5,000 | 41,100 | ||||||
Shimamura Co., Ltd.(1) | 400 | 37,864 | ||||||
Shimano, Inc.(1) | 1,500 | 73,352 | ||||||
Shimizu Corp.#(1) | 12,000 | 49,168 | ||||||
Shin-Etsu Chemical Co., Ltd.(1) | 8,000 | 401,642 | ||||||
Shinsei Bank, Ltd.(1) | 27,000 | 27,319 | ||||||
Shionogi & Co., Ltd.(1) | 119,300 | 1,400,503 | ||||||
Shiseido Co., Ltd.#(1) | 6,900 | 128,079 | ||||||
Shizuoka Bank, Ltd.#(1) | 11,000 | 114,130 | ||||||
Showa Denko KK#(1) | 29,000 | 59,318 | ||||||
Showa Shell Sekiyu KK(1) | 3,600 | 24,103 | ||||||
SMC Corp.#(1) | 1,100 | 182,522 | ||||||
Softbank Corp.(1) | 60,700 | 2,045,152 | ||||||
Sojitz Corp.#(1) | 23,200 | 36,660 | ||||||
Sony Corp.(1) | 129,900 | 2,339,445 | ||||||
Sony Financial Holdings, Inc.#(1) | 3,387 | 55,767 | ||||||
Square Enix Holdings Co., Ltd.(1) | 1,200 | 24,635 | ||||||
Stanley Electric Co., Ltd.(1) | 2,800 | 41,215 | ||||||
Sumco Corp.†#(1) | 2,200 | 18,620 | ||||||
Sumitomo Chemical Co., Ltd.(1) | 31,000 | 118,328 | ||||||
Sumitomo Corp.#(1) | 21,800 | 291,159 | ||||||
Sumitomo Electric Industries, Ltd.(1) | 89,000 | 969,354 | ||||||
Sumitomo Heavy Industries, Ltd.(1) | 11,000 | 67,050 |
123
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) | ||||||||
Sumitomo Metal Industries, Ltd.(1) | 65,000 | $ | 114,841 | |||||
Sumitomo Metal Mining Co., Ltd.(1) | 10,000 | 134,924 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 67,600 | 1,866,700 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.(1) | 187,000 | 573,442 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 7,000 | 138,881 | ||||||
Sumitomo Rubber Industries, Ltd.(1) | 3,400 | 40,879 | ||||||
Suruga Bank, Ltd.(1) | 4,000 | 36,814 | ||||||
Suzuken Co., Ltd.#(1) | 1,400 | 36,244 | ||||||
Suzuki Motor Corp.(1) | 6,600 | 140,064 | ||||||
Sysmex Corp.#(1) | 1,400 | 48,320 | ||||||
T&D Holdings, Inc.(1) | 11,200 | 108,943 | ||||||
Taisei Corp.#(1) | 20,000 | 51,810 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd.† | 1,000 | 66,916 | ||||||
Taiyo Nippon Sanso Corp.(1) | 5,000 | 36,519 | ||||||
Takashimaya Co., Ltd.#(1) | 5,000 | 35,696 | ||||||
Takeda Pharmaceutical Co., Ltd.(1) | 33,900 | 1,388,261 | ||||||
TDK Corp.#(1) | 2,400 | 122,149 | ||||||
Teijin, Ltd.(1) | 18,000 | 55,155 | ||||||
Terumo Corp.(1) | 3,300 | 160,816 | ||||||
THK Co., Ltd.#(1) | 21,600 | 434,744 | ||||||
Tobu Railway Co., Ltd.#(1) | 20,000 | 101,501 | ||||||
Toho Co., Ltd.#(1) | 2,300 | 39,690 | ||||||
Toho Gas Co., Ltd.#(1) | 8,000 | 47,167 | ||||||
Tohoku Electric Power Co., Inc.(1) | 116,700 | 1,213,039 | ||||||
Tokio Marine Holdings, Inc.(1) | 14,100 | 342,062 | ||||||
Tokyo Electric Power Co., Inc.†#(1) | 47,300 | 177,488 | ||||||
Tokyo Electron, Ltd.(1) | 3,300 | 181,066 | ||||||
Tokyo Gas Co., Ltd.(1) | 48,000 | 206,204 | ||||||
Tokyu Corp.#(1) | 22,000 | 106,236 | ||||||
Tokyu Land Corp.(1) | 22,000 | 86,046 | ||||||
TonenGeneral Sekiyu KK#(1) | 6,000 | 68,522 | ||||||
Toppan Printing Co., Ltd.#(1) | 34,000 | 250,228 | ||||||
Toray Industries, Inc.#(1) | 29,000 | 217,663 | ||||||
Toshiba Corp.(1) | 78,000 | 360,889 | ||||||
Tosoh Corp.(1) | 10,000 | 29,477 | ||||||
TOTO, Ltd.(1) | 6,000 | 48,788 | ||||||
Toyo Seikan Kaisha, Ltd.(1) | 3,000 | 41,646 | ||||||
Toyo Suisan Kaisha, Ltd.(1) | 2,000 | 49,111 | ||||||
Toyoda Gosei Co., Ltd.#(1) | 1,200 | 20,895 | ||||||
Toyota Boshoku Corp.#(1) | 1,300 | 14,532 | ||||||
Toyota Industries Corp.(1) | 3,500 | 97,361 | ||||||
Toyota Motor Corp.(1) | 179,300 | 5,895,256 | ||||||
Toyota Tsusho Corp.(1) | 4,100 | 68,925 | ||||||
Trend Micro, Inc.(1) | 2,100 | 64,466 | ||||||
Tsumura & Co.(1) | 1,200 | 33,207 | ||||||
Ube Industries, Ltd.(1) | 20,000 | 56,599 | ||||||
Unicharm Corp.#(1) | 2,200 | 104,211 | ||||||
Ushio, Inc.(1) | 1,900 | 28,741 | ||||||
USS Co., Ltd.(1) | 430 | 37,288 | ||||||
West Japan Railway Co.(1) | 3,300 | 136,521 | ||||||
Yahoo Japan Corp.#(1) | 282 | 89,242 | ||||||
Yakult Honsha Co., Ltd.#(1) | 1,900 | 58,486 | ||||||
Yamada Denki Co., Ltd.#(1) | 15,680 | 1,133,519 | ||||||
Yamaguchi Financial Group, Inc.(1) | 4,000 | 38,371 | ||||||
Yamaha Corp.(1) | 3,000 | 29,047 | ||||||
Yamaha Motor Co., Ltd.†(1) | 12,000 | 167,713 | ||||||
Yamaichi Securities Co., Ltd. | 6,000 | 0 | ||||||
Yamato Holdings Co., Ltd.(1) | 7,700 | 123,928 | ||||||
Yamato Kogyo Co., Ltd.(1) | 800 | 22,119 | ||||||
Yamazaki Baking Co., Ltd.(1) | 2,000 | 26,581 | ||||||
Yaskawa Electric Corp.#(1) | 4,000 | 34,918 | ||||||
Yokogawa Electric Corp.†(1) | 4,000 | 37,992 | ||||||
163,191,846 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Jersey — 1.0% |
| |||||||
Experian PLC(1) | 30,968 | $ | 411,963 | |||||
Glencore International PLC#(1) | 25,771 | 162,298 | ||||||
Petrofac, Ltd.(1) | 113,184 | 2,587,365 | ||||||
Randgold Resources, Ltd.(1) | 3,432 | 364,892 | ||||||
Shire PLC(1) | 126,907 | 4,259,577 | ||||||
Wolseley PLC(1) | 8,817 | 264,416 | ||||||
WPP PLC(1) | 39,140 | 410,301 | ||||||
8,460,812 | ||||||||
Luxembourg — 0.4% |
| |||||||
ArcelorMittal#(1) | 26,584 | 503,934 | ||||||
Kernel Holding SA†(1) | 1,755 | 37,057 | ||||||
Millicom International Cellular SA SDR#(1) | 23,332 | 2,525,108 | ||||||
SES SA FDR(1) | 9,274 | 228,722 | ||||||
Subsea 7 SA†(1) | 8,764 | 173,323 | ||||||
Tenaris SA#(1) | 14,638 | 272,611 | ||||||
3,740,755 | ||||||||
Malaysia — 0.3% |
| |||||||
AirAsia Bhd(1) | 180,300 | 216,817 | ||||||
Alliance Financial Group Bhd(1) | 380,000 | 435,336 | ||||||
AMMB Holdings Bhd(1) | 205,200 | 393,414 | ||||||
Berjaya Corp Bhd(1) | 498,800 | 160,776 | ||||||
British American Tobacco Bhd(1) | 28,600 | 421,729 | ||||||
Digi.com Berhad(1) | 67,000 | 74,650 | ||||||
Genting Bhd(1) | 23,200 | 81,501 | ||||||
Genting Plantations Bhd(1) | 46,200 | 120,694 | ||||||
Hong Leong Financial Group Bhd(1) | 76,200 | 278,082 | ||||||
Malayan Banking Bhd(1) | 107,900 | 285,826 | ||||||
Parkson Holdings Bhd(1) | 208,900 | 374,498 | ||||||
2,843,323 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd.(1) | 511,000 | 289,380 | ||||||
Mexico — 0.3% |
| |||||||
Alfa SA, Class A | 14,728 | 172,784 | ||||||
America Movil SA de CV | 827,931 | 984,841 | ||||||
Cemex SA de CV CPO(9) | 88,478 | 41,203 | ||||||
Coca-Cola Femsa SA de CV, Series L | 4,575 | 41,752 | ||||||
Fomento Economico Mexicano SAB de CV(9) | 46,723 | 319,008 | ||||||
Grupo Bimbo SAB de CV, Class A | 37,589 | 77,738 | ||||||
Grupo Carso SAB de CV Class A1 | 5,991 | 14,244 | ||||||
Grupo Elektra SA de CV | 778 | 75,884 | ||||||
Grupo Financiero Banorte SAB de CV | 32,121 | 108,713 | ||||||
Grupo Financiero Inbursa SA | 40,581 | 75,860 | ||||||
Grupo Mexico SA de CV, Class B | 82,698 | 221,547 | ||||||
Grupo Modelo SAB de CV, Class C | 13,640 | 83,806 | ||||||
Grupo Televisa SAB | 44,092 | 183,666 | ||||||
Industrias Penoles SAB de CV | 447 | 20,325 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 9,528 | 50,240 | ||||||
Mexichem SAB de CV | 36,680 | 128,312 | ||||||
Telefonos de Mexico SAB de CV, Class L | 176,949 | 132,364 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 86,595 | 233,066 | ||||||
2,965,353 | ||||||||
Morocco — 0.0% |
| |||||||
Attijariwafa Bank(1) | 2,521 | 108,763 | ||||||
Douja Promotion Groupe Addoha SA(1) | 6,974 | 58,703 | ||||||
Maroc Telecom SA(1) | 1,690 | 28,636 | ||||||
196,102 | ||||||||
Netherlands — 2.8% |
| |||||||
Aegon NV†(1) | 301,092 | 1,318,423 | ||||||
Akzo Nobel NV(1) | 15,780 | 801,301 | ||||||
ASML Holding NV(1) | 23,223 | 906,153 |
124
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Netherlands (continued) |
| |||||||
Corio NV(1) | 1,842 | $ | 82,185 | |||||
Delta Lloyd NV(1) | 12,111 | 213,062 | ||||||
European Aeronautic Defence and Space Co., NV(1) | 85,459 | 2,562,946 | ||||||
Fugro NV CVA(1) | 2,117 | 118,814 | ||||||
Heineken Holding NV(1) | 71,846 | 2,887,875 | ||||||
Heineken NV(1) | 62,882 | 2,953,241 | ||||||
ING Groep NV CVA†(1) | 190,857 | 1,488,373 | ||||||
Koninklijke Ahold NV(1) | 305,220 | 3,885,941 | ||||||
Koninklijke Boskalis Westminster NV(1) | 2,195 | 73,933 | ||||||
Koninklijke DSM NV(1) | 12,898 | 629,654 | ||||||
Koninklijke KPN NV(1) | 235,751 | 2,887,959 | ||||||
Koninklijke Philips Electronics NV(1) | 36,601 | 744,828 | ||||||
Koninklijke Vopak NV(1) | 2,182 | 119,958 | ||||||
PostNL(1) | 16 | 56 | ||||||
Qiagen NV†(1) | 7,246 | 107,157 | ||||||
Randstad Holding NV(1) | 3,689 | 115,246 | ||||||
Reed Elsevier NV(1) | 75,657 | 892,810 | ||||||
SBM Offshore NV(1) | 5,231 | 112,288 | ||||||
STMicroelectronics NV#(1) | 19,739 | 125,001 | ||||||
TNT Express NV(1) | 10,026 | 72,538 | ||||||
Unilever NV CVA(1) | 50,461 | 1,718,514 | ||||||
Wolters Kluwer NV(1) | 9,264 | 161,334 | ||||||
24,979,590 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd.(1) | 67,373 | 125,164 | ||||||
Chorus, Ltd.† | 29,811 | 76,584 | ||||||
Contact Energy, Ltd.†(1) | 24,522 | 103,204 | ||||||
Fletcher Building, Ltd.(1) | 54,056 | 255,753 | ||||||
Sky City Entertainment Group, Ltd.(1) | 45,484 | 121,786 | ||||||
Telecom Corp. of New Zealand, Ltd.(1) | 153,696 | 245,647 | ||||||
928,138 | ||||||||
Norway — 0.4% |
| |||||||
Aker Solutions ASA(1) | 5,033 | 58,902 | ||||||
DnB NOR ASA(1) | 30,196 | 309,444 | ||||||
Gjensidige Forsikring ASA(1) | 6,248 | 72,322 | ||||||
Norsk Hydro ASA(1) | 28,807 | 139,313 | ||||||
Orkla ASA(1) | 23,948 | 183,011 | ||||||
Statoil ASA(1) | 59,247 | 1,533,662 | ||||||
Telenor ASA(1) | 22,459 | 383,829 | ||||||
Yara International ASA(1) | 15,405 | 629,179 | ||||||
3,309,662 | ||||||||
Peru — 0.0% |
| |||||||
Cia de Minas Buenaventura SA ADR | 6,307 | 246,919 | ||||||
Philippines — 0.1% |
| |||||||
Aboitiz Power Corp.(1) | 362,900 | 244,678 | ||||||
Bank of the Philippine Islands(1) | 325,280 | 396,181 | ||||||
BDO Unibank, Inc.(1) | 271,300 | 348,975 | ||||||
Globe Telecom, Inc.(1) | 3,560 | 79,033 | ||||||
1,068,867 | ||||||||
Poland — 0.1% |
| |||||||
Asseco Poland SA(1) | 2,191 | 32,488 | ||||||
Bank Pekao SA(1) | 1,626 | 71,306 | ||||||
BRE Bank SA†(1) | 92 | 7,482 | ||||||
Cyfrowy Polsat SA†(1) | 6,196 | 23,895 | ||||||
Enea SA(1) | 1,048 | 5,926 | ||||||
Getin Holding SA†(1) | 15,714 | 31,644 | ||||||
Grupa Lotos SA†(1) | 5,947 | 44,681 | ||||||
Jastrzebska Spolka Weglowa SA†(1) | 778 | 21,297 | ||||||
KGHM Polska Miedz SA(1) | 2,820 | 112,543 | ||||||
PGE SA(1) | 21,370 | 136,790 | ||||||
Polski Koncern Naftowy Orlen SA†(1) | 4,981 | 59,976 |
Security Description | Shares | Value (Note 2) | ||||||
Poland (continued) |
| |||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 13,471 | $ | 135,363 | |||||
Powszechny Zaklad Ubezpieczen SA(1) | 318 | 30,400 | ||||||
Synthos SA(1) | 19,929 | 25,533 | ||||||
Tauron Polska Energia SA(1) | 15,367 | 24,941 | ||||||
Telekomunikacja Polska SA(1) | 3,559 | 19,650 | ||||||
783,915 | ||||||||
Portugal — 0.1% |
| |||||||
Banco Comercial Portugues SA†#(1) | 1,158,319 | 198,310 | ||||||
Banco Espirito Santo SA#(1) | 149,535 | 230,097 | ||||||
Cimpor Cimentos de Portugal SGPS | 14,889 | 104,171 | ||||||
EDP - Energias de Portugal SA(1) | 84,852 | 272,011 | ||||||
Galp Energia SGPS SA Class B(1) | 7,160 | 119,979 | ||||||
Jeronimo Martins SGPS SA(1) | 6,814 | 124,391 | ||||||
Portugal Telecom SGPS SA(1) | 20,807 | 129,053 | ||||||
1,178,012 | ||||||||
Russia — 0.4% |
| |||||||
Federal Grid Co. Unified Energy System JSC | 6,109,218 | 59,259 | ||||||
Federal Hydrogenerating Co., JSC | 2,179,504 | 75,193 | ||||||
Gazprom OAO | 197,790 | 1,107,624 | ||||||
Inter Rao Ues OAO | 9,741,726 | 10,813 | ||||||
LUKOIL OAO | 8,647 | 473,856 | ||||||
Magnit GDR(1) | 7,611 | 169,135 | ||||||
Mechel ADR | 3,962 | 43,146 | ||||||
MMC Norilsk Nickel OJSC | 1,248 | 221,196 | ||||||
Mobile Telesystems OJSC ADR | 9,411 | 162,622 | ||||||
NovaTek OAO GDR(1) | 1,682 | 258,591 | ||||||
Novolipetsk Steel OJSC | 3,513 | 6,850 | ||||||
Rosneft Oil Co. | 30,364 | 189,775 | ||||||
Rostelecom OJSC† | 4,920 | 23,616 | ||||||
Sberbank of Russia(1) | 140,561 | 406,145 | ||||||
Severstal OAO | 1,122 | 15,585 | ||||||
Surgutneftegaz CLS | 116,735 | 112,066 | ||||||
Tatneft | 22,505 | 122,427 | ||||||
Uralkali OJSC | 29,803 | 240,212 | ||||||
VTB Bank OJSC | 31,107,479 | 68,561 | ||||||
3,766,672 | ||||||||
Singapore — 1.3% |
| |||||||
Ascendas Real Estate Investment | 124,000 | 199,249 | ||||||
CapitaLand, Ltd.(1) | 179,000 | 363,071 | ||||||
CapitaMall Trust#(1) | 150,000 | 208,055 | ||||||
CapitaMalls Asia, Ltd.#(1) | 86,000 | 87,678 | ||||||
City Developments, Ltd.#(1) | 35,000 | 270,604 | ||||||
ComfortDelGro Corp., Ltd.(1) | 134,000 | 148,853 | ||||||
COSCO Corp. (Singapore), Ltd.#(1) | 68,000 | 49,002 | ||||||
DBS Group Holdings, Ltd.(1) | 133,000 | 1,324,181 | ||||||
Fraser and Neave, Ltd.#(1) | 68,000 | 346,291 | ||||||
Global Logistic Properties, Ltd.†(1) | 124,000 | 180,709 | ||||||
Jardine Cycle & Carriage, Ltd.(1) | 8,000 | 292,450 | ||||||
Keppel Corp., Ltd.(1) | 105,000 | 781,520 | ||||||
Keppel Land, Ltd.#(1) | 46,000 | 89,145 | ||||||
Neptune Orient Lines, Ltd.#(1) | 65,000 | 54,625 | ||||||
Olam International, Ltd.#(1) | 110,000 | 206,211 | ||||||
Oversea-Chinese Banking Corp., Ltd.#(1) | 194,000 | 1,239,956 | ||||||
SembCorp Industries, Ltd.(1) | 73,000 | 245,546 | ||||||
SembCorp Marine, Ltd.#(1) | 63,000 | 190,191 | ||||||
Singapore Airlines, Ltd.#(1) | 42,000 | 344,880 | ||||||
Singapore Exchange, Ltd.#(1) | 71,000 | 349,488 | ||||||
Singapore Press Holdings, Ltd.#(1) | 112,000 | 346,067 | ||||||
Singapore Technologies Engineering, Ltd.(1) | 114,000 | 240,314 | ||||||
Singapore Telecommunications, Ltd.(1) | 593,000 | 1,440,001 | ||||||
StarHub, Ltd.(1) | 48,000 | 107,253 | ||||||
United Overseas Bank, Ltd.#(1) | 97,000 | 1,179,933 |
125
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Singapore (continued) |
| |||||||
UOL Group, Ltd.(1) | 25,000 | $ | 84,287 | |||||
Wilmar International, Ltd.#(1) | 141,000 | 571,701 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd.(1) | 140,000 | 101,197 | ||||||
11,042,458 | ||||||||
South Africa — 0.5% |
| |||||||
ABSA Group, Ltd.(1) | 5,592 | 99,028 | ||||||
African Bank Investments, Ltd.(1) | 5,387 | 23,222 | ||||||
African Rainbow Minerals, Ltd.(1) | 2,742 | 61,151 | ||||||
Anglo American Platinum, Ltd.(1) | 1,294 | 88,061 | ||||||
AngloGold Ashanti, Ltd.(1) | 4,535 | 216,807 | ||||||
Arcelormittal South Africa, Ltd.(1) | 4,687 | 35,668 | ||||||
Aspen Pharmacare Holdings, Ltd.†(1) | 5,064 | 60,951 | ||||||
Aveng, Ltd.(1) | 6,406 | 28,039 | ||||||
Barloworld, Ltd.(1) | 3,881 | 34,726 | ||||||
Bidvest Group, Ltd.(1) | 3,685 | 71,852 | ||||||
Discovery Holdings, Ltd.(1) | 16,186 | 85,284 | ||||||
FirstRand, Ltd.(1) | 42,251 | 104,825 | ||||||
Foschini, Ltd.(1) | 7,791 | 102,202 | ||||||
Gold Fields, Ltd.(1) | 13,527 | 228,456 | ||||||
Growthpoint Properties, Ltd.(1)(9) | 26,338 | 59,725 | ||||||
Harmony Gold Mining Co., Ltd.(1) | 7,886 | 111,516 | ||||||
Impala Platinum Holdings, Ltd.(1) | 9,820 | 208,144 | ||||||
Imperial Holdings, Ltd.(1) | 2,721 | 39,829 | ||||||
Kumba Iron Ore, Ltd.(1) | 2,651 | 167,208 | ||||||
Liberty Holdings, Ltd.(1) | 5,465 | 53,767 | ||||||
Massmart Holdings, Ltd.(1) | 1,507 | 30,734 | ||||||
MTN Group, Ltd.(1) | 31,477 | 566,333 | ||||||
Naspers, Ltd.(1) | 7,527 | 339,989 | ||||||
Nedbank Group, Ltd.(1) | 6,171 | 109,418 | ||||||
Network Healthcare Holdings, Ltd.(1) | 11,290 | 18,171 | ||||||
Pick n Pay Stores, Ltd.(1) | 4,735 | 25,457 | ||||||
Pretoria Portland Cement Co., Ltd.(1) | 15,720 | 52,684 | ||||||
Redefine Properties, Ltd.(1)(9) | 44,978 | 42,560 | ||||||
Remgro, Ltd.(1) | 11,625 | 175,292 | ||||||
RMB Holdings, Ltd.(1) | 7,160 | 23,210 | ||||||
Sanlam, Ltd.(1) | 1,145 | 4,245 | ||||||
Sasol, Ltd.(1) | 10,509 | 505,245 | ||||||
Shoprite Holdings, Ltd.(1) | 6,158 | 103,888 | ||||||
Spar Group, Ltd.(1) | 318 | 4,420 | ||||||
Standard Bank Group, Ltd.(1) | 19,478 | 237,498 | ||||||
Steinhoff International Holdings, Ltd.†(1) | 14,328 | 41,891 | ||||||
Tiger Brands, Ltd.(1) | 2,198 | 66,506 | ||||||
Truworths International, Ltd.(1) | 6,199 | 60,750 | ||||||
Vodacom Group, Ltd.(1) | 7,682 | 86,798 | ||||||
Woolworths Holdings, Ltd.(1) | 20,528 | 102,400 | ||||||
4,477,950 | ||||||||
South Korea — 1.0% |
| |||||||
Amorepacific Corp.(1) | 17 | 16,603 | ||||||
BS Financial Group, Inc.†(1) | 11,580 | 120,575 | ||||||
Cheil Industries, Inc.(1) | 1,177 | 106,885 | ||||||
CJ CheilJedang Corp.(1) | 73 | 18,624 | ||||||
Daelim Industrial Co., Ltd.(1) | 4,143 | 366,144 | ||||||
DGB Financial Group, Inc.†(1) | 32,220 | 384,964 | ||||||
Dongbu Insurance Co., Ltd.(1) | 8,640 | 402,018 | ||||||
Dongkuk Steel Mill Co., Ltd.(1) | 11,990 | 244,357 | ||||||
Hanjin Shipping Co., Ltd.(1) | 1,480 | 11,649 | ||||||
Hankook Tire Co., Ltd.(1) | 10,370 | 428,473 | ||||||
Hanwha Chem Corp.(1) | 11,720 | 279,019 | ||||||
Hynix Semiconductor, Inc.(1) | 27,990 | 594,091 | ||||||
Hyosung Corp.(1) | 5,219 | 295,380 | ||||||
Hyundai Heavy Industries Co., Ltd.(1) | 1,165 | 293,756 | ||||||
Hyundai Mipo Dockyard Co., Ltd.(1) | 3,201 | 336,140 | ||||||
Hyundai Mobis(1) | 392 | 108,499 |
Security Description | Shares | Value (Note 2) | ||||||
South Korea (continued) |
| |||||||
Hyundai Motor Co.(1) | 4,591 | $ | 889,947 | |||||
Industrial Bank of Korea(1) | 30,400 | 405,847 | ||||||
KB Financial Group, Inc.(1) | 1,590 | 55,330 | ||||||
Kia Motors Corp.(1) | 3,842 | 243,750 | ||||||
Korea Exchange Bank(1) | 27,200 | 200,533 | ||||||
KT&G Corp.(1) | 5,288 | 356,602 | ||||||
LG Chemical Co., Ltd.(1) | 327 | 97,095 | ||||||
LG Corp.(1) | 7,194 | 406,820 | ||||||
LG Display Co., Ltd.(1) | 1,540 | 36,678 | ||||||
LG Electronics, Inc.(1) | 390 | 25,968 | ||||||
NHN Corp†(1) | 1,677 | 371,409 | ||||||
OCI Co., Ltd.(1) | 111 | 23,314 | ||||||
POSCO(1) | 422 | 142,371 | ||||||
S - Oil Corp.(1) | 176 | 17,545 | ||||||
Samsung Electro - Mechanics Co., Ltd.(1) | 276 | 19,779 | ||||||
Samsung Electronics Co., Ltd.(1) | 1,781 | 1,616,914 | ||||||
Samsung Heavy Industries Co., Ltd.(1) | 570 | 15,994 | ||||||
Samsung SD Co., Ltd.(1) | 128 | 15,862 | ||||||
Shinhan Financial Group Co., Ltd.(1) | 1,100 | 41,647 | ||||||
SK Innovation Co., Ltd.(1) | 336 | 50,975 | ||||||
9,041,557 | ||||||||
Spain — 2.5% |
| |||||||
Abertis Infraestructuras SA(1) | 35,350 | 564,930 | ||||||
Acciona SA(1) | 788 | 73,440 | ||||||
Acerinox SA#(1) | 14,410 | 195,747 | ||||||
ACS Actividades de Construccion y Servicios SA#(1) | 19,657 | 638,592 | ||||||
Amadeus IT Holding SA(1) | 44,024 | 744,464 | ||||||
Banco Bilbao Vizcaya Argentaria SA(1) | 142,182 | 1,206,818 | ||||||
Banco de Sabadell SA#(1) | 34,668 | 116,218 | ||||||
Banco Popular Espanol SA#(1) | 29,868 | 127,542 | ||||||
Banco Santander SA(1) | 529,048 | 3,969,296 | ||||||
Bankia SA†(1) | 203,649 | 1,019,555 | ||||||
Bankinter SA#(1) | 35,027 | 197,461 | ||||||
CaixaBank#(1) | 23,039 | 117,922 | ||||||
Distribuidora Internacional de Alimentacion SA†#(1) | 17,892 | 80,715 | ||||||
EDP Renovaveis SA†(1) | 6,053 | 35,010 | ||||||
Enagas SA(1) | 38,224 | 717,498 | ||||||
Ferrovial SA#(1) | 15,965 | 198,038 | ||||||
Fomento de Construcciones y Contratas SA#(1) | 1,575 | 40,811 | ||||||
Gas Natural SDG SA(1) | 26,650 | 464,527 | ||||||
Grifols SA†#(1) | 4,270 | 69,008 | ||||||
Iberdrola SA(1) | 403,769 | 2,702,416 | ||||||
Inditex SA(1) | 6,755 | 573,657 | ||||||
Indra Sistemas SA#(1) | 3,064 | 43,222 | ||||||
International Consolidated Airlines Group SA†(1) | 28,600 | 67,271 | ||||||
Mapfre SA#(1) | 100,913 | 338,519 | ||||||
Mediaset Espana Comunicacion SA#(1) | 7 | 41 | ||||||
Red Electrica Corp. SA(1) | 3,355 | 147,549 | ||||||
Repsol YPF SA(1) | 133,483 | 4,043,848 | ||||||
Sacyr Vallehermoso SA#(1) | 144 | 869 | ||||||
Telefonica SA(1) | 175,631 | 3,313,460 | ||||||
Zardoya Otis SA#(1) | 4,525 | 63,735 | ||||||
21,872,179 | ||||||||
Sweden — 2.3% |
| |||||||
Alfa Laval AB(1) | 57,210 | 1,103,526 | ||||||
Assa Abloy AB, Class B(1) | 47,981 | 1,182,656 | ||||||
Atlas Copco AB, Class A(1) | 181,787 | 3,906,988 | ||||||
Atlas Copco AB, Class B(1) | 102,020 | 1,942,415 | ||||||
Boliden AB(1) | 62,004 | 898,616 | ||||||
Electrolux AB, Class B#(1) | 18,710 | 325,147 | ||||||
Getinge AB, Class B(1) | 26,457 | 681,846 | ||||||
Hennes & Mauritz AB, Class B(1) | 31,671 | 1,005,511 | ||||||
Hexagon AB#(1) | 7,810 | 119,334 |
126
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Sweden (continued) |
| |||||||
Holmen AB, Class B(1) | 1,364 | $ | 37,760 | |||||
Husqvarna AB, Class B(1) | 13,719 | 67,835 | ||||||
Industrivarden AB, Class C(1) | 3,211 | 39,150 | ||||||
Investor AB, Class B(1) | 97,144 | 1,812,127 | ||||||
Kinnevik Investment AB, Class B(1) | 6,421 | 130,374 | ||||||
Lundin Petroleum AB† | 6,893 | 177,727 | ||||||
Modern Times Group AB, Class B(1) | 1,483 | 72,027 | ||||||
Nordea Bank AB(1) | 81,398 | 649,498 | ||||||
Ratos AB, Class B Series B(1) | 5,554 | 64,720 | ||||||
Sandvik AB(1) | 31,230 | 400,786 | ||||||
Scania AB, Class B(1) | 18,861 | 288,883 | ||||||
Securitas AB, Class B(1) | 9,703 | 85,339 | ||||||
Skandinaviska Enskilda Banken AB, Class A(1) | 43,734 | 255,268 | ||||||
Skanska AB, Class B(1) | 12,425 | 193,463 | ||||||
SKF AB, Class B(1) | 12,078 | 258,364 | ||||||
SSAB AB, Class A#(1) | 4,659 | 42,338 | ||||||
Svenska Cellulosa AB, Class B(1) | 17,767 | 264,320 | ||||||
Svenska Handelsbanken AB, | 15,131 | 399,495 | ||||||
Swedbank AB, Class A(1) | 53,028 | 709,905 | ||||||
Swedish Match AB(1) | 6,793 | 222,354 | ||||||
Tele2 AB, Class B(1) | 9,837 | 195,754 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 135,637 | 1,443,488 | ||||||
TeliaSonera AB(1) | 67,032 | 456,714 | ||||||
Volvo AB, Class B(1) | 89,069 | 1,025,350 | ||||||
20,459,078 | ||||||||
Switzerland — 6.4% |
| |||||||
ABB, Ltd.†(1) | 91,149 | 1,727,352 | ||||||
Actelion, Ltd.†(1) | 57,738 | 2,019,559 | ||||||
Adecco SA†(1) | 4,105 | 178,336 | ||||||
Aryzta AG(1) | 18,491 | 891,063 | ||||||
Baloise Holding AG(1) | 1,473 | 104,461 | ||||||
Barry Callebaut AG† | 56 | 51,029 | ||||||
Cie Financiere Richemont SA, | 16,176 | 874,652 | ||||||
Credit Suisse Group AG†(1) | 51,093 | 1,238,694 | ||||||
GAM Holding AG†(1) | 22,216 | 258,623 | ||||||
Geberit AG†(1) | 1,209 | 231,552 | ||||||
Givaudan SA†(1) | 258 | 240,542 | ||||||
Holcim, Ltd.†(1) | 53,716 | 3,008,850 | ||||||
Julius Baer Group, Ltd.†(1) | 6,412 | 229,360 | ||||||
Kuehne & Nagel International AG(1) | 1,676 | 204,466 | ||||||
Lindt & Spruengli AG(1) | 5 | 176,343 | ||||||
Lindt & Spruengli AG (Participation Certificate)(1) | 989 | 3,022,273 | ||||||
Lonza Group AG†(1) | 33,659 | 2,061,512 | ||||||
Nestle SA(1) | 244,135 | 13,689,140 | ||||||
Novartis AG(1) | 127,870 | 6,900,228 | ||||||
Pargesa Holding SA(1) | 837 | 60,349 | ||||||
Partners Group Holding AG | 410 | 75,663 | ||||||
Roche Holding AG(1) | 38,768 | 6,166,304 | ||||||
Schindler Holding AG(1) | 677 | 82,625 | ||||||
Schindler Holding AG (Participation Certificate)(1) | 8,331 | 999,914 | ||||||
SGS SA(1) | 171 | 288,701 | ||||||
Sika AG(1) | 63 | 118,048 | ||||||
Sonova Holding AG†(1) | 19,498 | 2,036,922 | ||||||
Straumann Holding AG(1) | 10,829 | 1,902,031 | ||||||
Sulzer AG(1) | 746 | 83,208 | ||||||
Swatch Group AG(1) | 1,364 | 95,821 | ||||||
Swatch Group AG, Class B(1) | 953 | 371,446 | ||||||
Swiss Life Holding AG†(1) | 946 | 99,110 | ||||||
Swiss Re AG†(1) | 10,859 | 572,062 | ||||||
Swisscom AG(1) | 3,878 | 1,464,164 | ||||||
Syngenta AG†(1) | 2,932 | 864,792 | ||||||
Transocean, Ltd.(1) | 16,070 | 699,977 | ||||||
UBS AG†(1) | 181,244 | 2,227,918 |
Security Description | Shares | Value (Note 2) | ||||||
Switzerland (continued) |
| |||||||
Zurich Financial Services AG†(1) | 4,512 | $ | 992,248 | |||||
56,309,338 | ||||||||
Taiwan — 0.8% |
| |||||||
Acer, Inc.(1) | 72,000 | 82,424 | ||||||
Advantech Co., Ltd.(1) | 127,000 | 354,994 | ||||||
Asustek Computer, Inc.(1) | 56,000 | 390,502 | ||||||
Catcher Technology Co., Ltd.(1) | 12,000 | 58,599 | ||||||
Cathay Financial Holding Co., Ltd.(1) | 21,000 | 21,980 | ||||||
Cheng Shin Rubber Industry Co., | 211,000 | 466,618 | ||||||
Cheng Uei Precision Industry Co., | 51,000 | 93,909 | ||||||
China Development Financial Holding Corp.(1) | 1,206,000 | 352,235 | ||||||
China Life Insurance Co., Ltd.(1) | 354,000 | 314,313 | ||||||
China Petrochemical Development Corp.(1) | 214,000 | 190,715 | ||||||
Chunghwa Telecom Co., Ltd.(1) | 190,000 | 628,502 | ||||||
Far EasTone Telecommunications Co., Ltd.(1) | 228,000 | 435,055 | ||||||
Farglory Land Development Co., | 126,000 | 221,366 | ||||||
Feng Hsin Iron & Steel Co.(1) | 123,000 | 195,382 | ||||||
Formosa Plastics Corp.(1) | 198,000 | 532,240 | ||||||
Formosa Taffeta Co., Ltd.(1) | 365,000 | 331,693 | ||||||
Hon Hai Precision Industry Co., | 47,000 | 127,582 | ||||||
HTC Corp.(1) | 5,000 | 82,227 | ||||||
Inventec Co., Ltd.(1) | 54,000 | 18,529 | ||||||
Lite-On Technology Corp.(1) | 390,000 | 428,003 | ||||||
Motech Industries, Inc.(1) | 51,000 | 87,683 | ||||||
Taishin Financial Holding Co., Ltd.(1) | 744,000 | 278,375 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 643,000 | 1,619,244 | ||||||
Vanguard International Semiconductor Corp.(1) | 54,000 | 18,003 | ||||||
7,330,173 | ||||||||
Thailand — 0.2% |
| |||||||
Advanced Info Service PCL (Local Exchange)(1) | 56,200 | 256,689 | ||||||
Advanced Info Service PCL | 8,600 | 38,489 | ||||||
Bangkok Bank PCL(1) | 94,400 | 490,468 | ||||||
Bank of Ayudhya PCL(1) | 71,400 | 47,488 | ||||||
Charoen Pokphand Foods PCL | 86,700 | 91,790 | ||||||
Charoen Pokphand Foods PCL (Local Exchange)(1) | 90,200 | 96,885 | ||||||
CP ALL PCL(1) | 164,800 | 269,422 | ||||||
Indorama Ventures PCL(1) | 14,900 | 14,948 | ||||||
PTT Global Chemical PCL† | 14,100 | 29,630 | ||||||
PTT PCL(1) | 5,500 | 55,496 | ||||||
Thai Airways International PCL(1) | 302,300 | 188,267 | ||||||
1,579,572 | ||||||||
Turkey — 0.1% |
| |||||||
Akbank TAS(1) | 29,500 | 104,480 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii AS(1) | 4,829 | 58,699 | ||||||
BIM Birlesik Magazalar AS(1) | 2,182 | 61,932 | ||||||
Coca-Cola Icecek AS(1) | 956 | 11,202 | ||||||
Eregli Demir ve Celik Fabrikalari | 24,284 | 45,479 | ||||||
Haci Omer Sabanci Holdings AS(1) | 8,457 | 26,699 | ||||||
Tupras - Turkiye Petrol Rafinerileri | 1,309 | 29,884 | ||||||
Turk Telekomunikasyon AS(1) | 5,192 | 21,389 | ||||||
Turkcell Iletisim Hizmet AS†(1) | 16,767 | 84,172 | ||||||
Turkiye Garanti Bankasi AS(1) | 29,517 | 101,291 | ||||||
Turkiye Halk Bankasi AS(1) | 7,109 | 42,884 | ||||||
Turkiye Is Bankasi, Class C(1) | 69,435 | 143,893 | ||||||
Turkiye Vakiflar Bankasi Tao(1) | 8,465 | 12,577 | ||||||
744,581 | ||||||||
United Kingdom — 18.3% |
| |||||||
3i Group PLC(1) | 30,275 | 90,744 | ||||||
Admiral Group PLC#(1) | 101,519 | 1,472,898 | ||||||
Aggreko PLC(1) | 75,699 | 2,256,037 | ||||||
AMEC PLC(1) | 10,317 | 141,283 |
127
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Anglo American PLC(1) | 60,223 | $ | 2,301,430 | |||||
Antofagasta PLC(1) | 120,720 | 2,260,942 | ||||||
ARM Holdings PLC(1) | 77,034 | 723,153 | ||||||
Associated British Foods PLC(1) | 11,064 | 193,233 | ||||||
AstraZeneca PLC(1) | 155,475 | 7,200,814 | ||||||
Autonomy Corp. PLC† | 54,931 | 2,197,623 | ||||||
Aviva PLC(1) | 719,376 | 3,543,453 | ||||||
Babcock International Group PLC(1) | 15,007 | 171,409 | ||||||
BAE Systems PLC(1) | 643,035 | 2,775,448 | ||||||
Balfour Beatty PLC(1) | 540,698 | 2,142,558 | ||||||
Barclays PLC(1) | 601,749 | 1,731,470 | ||||||
BG Group PLC(1) | 156,168 | 3,351,402 | ||||||
BHP Billiton PLC(1) | 238,152 | 7,337,803 | ||||||
BP PLC(1) | 1,214,093 | 8,827,947 | ||||||
British American Tobacco PLC(1) | 212,462 | 9,860,834 | ||||||
British Land Co. PLC(1) | 160,429 | 1,250,229 | ||||||
British Sky Broadcasting Group PLC(1) | 282,624 | 3,409,517 | ||||||
BT Group PLC(1) | 1,199,823 | 3,593,202 | ||||||
Bunzl PLC(1) | 32,868 | 429,858 | ||||||
Burberry Group PLC(1) | 39,803 | 797,892 | ||||||
Cairn Energy PLC†(1) | 110,687 | 475,861 | ||||||
Capita Group PLC#(1) | 18,954 | 188,257 | ||||||
Capital Shopping Centres Group PLC(1) | 17,350 | 87,634 | ||||||
Carnival PLC(1) | 5,664 | 196,821 | ||||||
Centrica PLC(1) | 835,046 | 3,973,280 | ||||||
Cobham PLC(1) | 35,832 | 99,724 | ||||||
Compass Group PLC(1) | 58,591 | 542,585 | ||||||
Diageo PLC(1) | 77,547 | 1,657,785 | ||||||
Essar Energy PLC†(1) | 8,677 | 31,889 | ||||||
Eurasian Natural Resources Corp. | 25,137 | 264,086 | ||||||
Fresnillo PLC(1) | 5,553 | 150,120 | ||||||
G4S PLC(1) | 179,156 | 720,994 | ||||||
GKN PLC(1) | 47,886 | 147,131 | ||||||
GlaxoSmithKline PLC(1) | 290,027 | 6,426,482 | ||||||
Hammerson PLC(1) | 21,973 | 135,510 | ||||||
HSBC Holdings PLC (London)(1) | 1,156,545 | 9,019,227 | ||||||
ICAP PLC(1) | 17,457 | 97,825 | ||||||
Imperial Tobacco Group PLC(1) | 49,083 | 1,766,069 | ||||||
Inmarsat PLC(1) | 214,457 | 1,476,948 | ||||||
Intercontinental Hotels Group PLC(1) | 51,767 | 898,271 | ||||||
International Power PLC(1) | 47,303 | 250,035 | ||||||
Intertek Group PLC(1) | 4,946 | 149,944 | ||||||
Invensys PLC(1) | 25,149 | 80,508 | ||||||
Investec PLC(1) | 21,629 | 122,996 | ||||||
ITV PLC(1) | 114,342 | 116,592 | ||||||
J Sainsbury PLC(1) | 37,615 | 180,453 | ||||||
Johnson Matthey PLC(1) | 6,666 | 201,261 | ||||||
Kazakhmys PLC(1) | 6,657 | 97,381 | ||||||
Kingfisher PLC(1) | 628,343 | 2,532,022 | ||||||
Land Securities Group PLC(1) | 23,910 | 258,404 | ||||||
Legal & General Group PLC(1) | 182,042 | 305,020 | ||||||
Lloyds Banking Group PLC†(1) | 2,150,751 | 846,028 | ||||||
London Stock Exchange Group PLC#(1) | 28,332 | 384,419 | ||||||
Lonmin PLC#(1) | 5,024 | 84,859 | ||||||
Man Group PLC, Class B(1) | 58,329 | 130,897 | ||||||
Marks & Spencer Group PLC(1) | 217,857 | 1,134,534 | ||||||
Meggitt PLC | 24,114 | 144,840 | ||||||
National Grid PLC#(1) | 110,437 | 1,085,074 | ||||||
Next PLC(1) | 5,573 | 235,451 | ||||||
Old Mutual PLC(1) | 169,184 | 302,850 | ||||||
Pearson PLC(1) | 25,206 | 457,045 | ||||||
Prudential PLC(1) | 78,869 | 776,383 | ||||||
Reckitt Benckiser Group PLC(1) | 19,127 | 966,840 | ||||||
Reed Elsevier PLC(1) | 37,725 | 313,376 |
Security Description | Shares | (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Rexam PLC(1) | 377,705 | $ | 2,048,889 | |||||
Rio Tinto PLC(1) | 144,644 | 7,656,792 | ||||||
Rolls-Royce Holdings PLC†(1) | 58,017 | 666,027 | ||||||
Royal Bank of Scotland Group | 543,906 | 181,776 | ||||||
Royal Dutch Shell PLC, Class A(1) | 336,313 | 11,787,322 | ||||||
Royal Dutch Shell PLC, Class B(1) | 263,104 | 9,478,008 | ||||||
RSA Insurance Group PLC(1) | 108,733 | 185,538 | ||||||
SABMiller PLC(1) | 31,076 | 1,097,694 | ||||||
Sage Group PLC(1) | 40,971 | 186,834 | ||||||
Schroders PLC(1) | 102,253 | 2,164,629 | ||||||
Segro PLC(1) | 161,381 | 572,896 | ||||||
Serco Group PLC(1) | 29,232 | 226,262 | ||||||
Severn Trent PLC(1) | 7,333 | 178,224 | ||||||
Smith & Nephew PLC(1) | 27,666 | 253,167 | ||||||
Smiths Group PLC(1) | 32,335 | 483,009 | ||||||
SSE PLC(1) | 71,264 | 1,476,362 | ||||||
Standard Chartered PLC(1) | 73,812 | 1,611,615 | ||||||
Standard Life PLC(1) | 128,475 | 409,881 | ||||||
Tate & Lyle PLC | 14,511 | 153,219 | ||||||
Tesco PLC(1) | 296,680 | 1,892,177 | ||||||
TUI Travel PLC#(1) | 14,424 | 39,143 | ||||||
Tullow Oil PLC(1) | 28,044 | 612,766 | ||||||
Unilever PLC(1) | 47,663 | 1,601,376 | ||||||
United Utilities Group PLC(1) | 21,082 | 208,616 | ||||||
Vedanta Resources PLC#(1) | 3,697 | 62,104 | ||||||
Vodafone Group PLC(1) | 2,855,697 | 7,747,253 | ||||||
Weir Group PLC#(1) | 6,508 | 211,795 | ||||||
Whitbread PLC(1) | 5,493 | 141,991 | ||||||
WM Morrison Supermarkets PLC(1) | 119,847 | 607,111 | ||||||
Xstrata PLC(1) | 64,282 | 1,035,367 | ||||||
162,552,733 | ||||||||
United States — 0.1% | ||||||||
Southern Copper Corp. | 5,994 | 186,593 | ||||||
Synthes, Inc.*(1) | 2,026 | 335,034 | ||||||
521,627 | ||||||||
Total Common Stock | ||||||||
(cost $845,756,956) | 784,676,315 | |||||||
EXCHANGE-TRADED FUNDS — 0.7% | ||||||||
United States — 0.7% | ||||||||
iShares MSCI Chile Investable Market Index Fund | 14,800 | 870,684 | ||||||
iShares MSCI Emerging Markets Index Fund | 3,002 | 120,200 | ||||||
Vanguard MSCI Emerging Markets ETF | 73,296 | 2,990,477 | ||||||
Vanguard MSCI European ETF# | 58,200 | 2,589,318 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $6,475,281) | 6,570,679 | |||||||
PREFERRED STOCK — 1.7% | ||||||||
Brazil — 0.6% |
| |||||||
AES Tiete SA | 2,136 | 29,116 | ||||||
Banco Bradesco SA | 35,683 | 584,670 | ||||||
Banco Estado Rio Grande Sul | 3,074 | 32,791 | ||||||
Bradespar SA | 4,108 | 75,306 | ||||||
Brasil Telecom SA | 8,234 | 49,176 | ||||||
Braskem SA | 2,967 | 22,954 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 813 | 10,583 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | 2,405 | 87,976 | ||||||
Cia Energetica de Minas Gerais | 7,128 | 122,272 | ||||||
Cia Energetica de Sao Paulo | 3,192 | 55,620 | ||||||
Cia Paranaense de Energia | 1,827 | 36,866 | ||||||
Companhia De Bebidas Das Americas | 15,615 | 521,551 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 1,443 | 26,133 | ||||||
Gerdau SA | 16,071 | 119,976 |
128
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
PREFERRED STOCK (continued) | ||||||||
Brazil (continued) |
| |||||||
Gol Linhas Aereas Inteligentes SA | 4,849 | $ | 36,200 | |||||
Itau Unibanco Holding SA | 41,844 | 738,144 | ||||||
Itausa - Investimentos Itau SA | 44,592 | 260,152 | ||||||
Klabin SA | 7,344 | 29,322 | ||||||
Lojas Americanas SA | 5,679 | 47,420 | ||||||
Metalurgica Gerdau SA | 6,593 | 62,417 | ||||||
Petroleo Brasileiro SA | 75,686 | 922,872 | ||||||
Suzano Papel e Celulose SA | 4,836 | 19,148 | ||||||
TAM SA | 286 | 5,477 | ||||||
Tele Norte Leste Participacoes SA | 7,200 | 66,929 | ||||||
Telefonica Brasil SA | 2,613 | 70,514 | ||||||
Telemar Norte Leste SA | 842 | 20,022 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A | 10,335 | 59,209 | ||||||
Vale Fertilizantes SA | 2,925 | 40,017 | ||||||
Vale SA, Class A | 33,713 | 727,635 | ||||||
4,880,468 | ||||||||
Colombia — 0.0% |
| |||||||
BanColombia SA | 2,412 | 34,597 | ||||||
Germany — 1.0% |
| |||||||
Bayerische Motoren Werke AG(1) | 30,001 | 1,572,818 | ||||||
Henkel AG & Co. KGaA(1) | 61,413 | 3,646,166 | ||||||
Porsche Automobil Holding SE(1) | 4,747 | 288,813 | ||||||
ProSiebenSat.1 Media AG(1) | 2,040 | 40,110 | ||||||
RWE AG(1) | 48,206 | 1,790,847 | ||||||
Volkswagen AG(1) | 6,635 | 1,139,426 | ||||||
8,478,180 | ||||||||
Russia — 0.0% |
| |||||||
AK Transneft OAO | 56 | 89,040 | ||||||
Sberbank of Russia | 35,994 | 80,986 | ||||||
Surgutneftegas OJSC | 95,270 | 51,446 | ||||||
221,472 | ||||||||
South Korea — 0.1% |
| |||||||
Hyundai Motor Co.(1) | 4,021 | 240,892 | ||||||
LG Chem, Ltd.(1) | 3,306 | 355,429 | ||||||
Samsung Electronics Co., Ltd.(1) | 782 | 434,368 | ||||||
1,030,689 | ||||||||
United Kingdom — 0.0% |
| |||||||
Rolls-Royce Holdings PLC† | 4,613,616 | 7,238 | ||||||
Total Preferred Stock |
| |||||||
(cost $14,795,644) | 14,652,644 | |||||||
RIGHTS† — 0.0% |
| |||||||
Australia — 0.0% |
| |||||||
Blue Scope Steel, Ltd. | 75,705 | 856 | ||||||
South Korea — 0.0% |
| |||||||
LG Electronics, Inc. | 36 | 684 | ||||||
Total Rights | ||||||||
(cost $0.00) | 1,540 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.0% |
| |||||||
United Kingdom — 0.0% |
| |||||||
National Grid Gas PLC | GBP 5,000 | 14,875 |
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
United Kingdom (continued) | ||||||||
National Grid Gas PLC | GBP 5,000 | 9,894 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $15,427) | 24,769 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $867,043,308) | 805,925,947 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 17.5% | ||||||||
Collective Investment Pool — 8.9% |
| |||||||
Navigator Securities Lending Prime Portfolio(2)(3) | 78,877,144 | $ | 78,877,144 | |||||
Time Deposits — 7.8% |
| |||||||
Euro Time Deposit with State Street | $ | 69,087,000 | 69,087,000 | |||||
U.S. Government Treasuries — 0.8% |
| |||||||
United States Treasury Bills | ||||||||
0.00% due 03/15/12@ | 3,200,000 | 3,199,888 | ||||||
0.01% due 12/08/11 | 200,000 | 200,000 | ||||||
0.01% due 03/15/12@ | 3,500,000 | 3,499,878 | ||||||
6,899,766 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $154,863,991) | 154,863,910 | |||||||
REPURCHASE AGREEMENT — 0.0% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/11, to be repurchased 12/01/11 in the amount of $289,000 and collateralized by $295,000 of Federal National Mtg. Assoc., bearing interest at 1.00% due 04/30/14 and having an approximate value of $295,369 | 289,000 | 289,000 | ||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $1,022,196,299)(4) | 108.4 | % | 961,078,857 | |||||
Liabilities in excess of other assets | (8.4 | ) | (74,078,939 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 886,999,918 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $335,034 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $779,396,154 representing 87.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | At November 30, 2011, the Fund had loaned securities with a total value of $77,077,864. This was secured by collateral of $78,877,144, which was received in cash and subsequently invested in short-term investments currently valued at $78,877,144 as reported in the portfolio of investments. The remaining collateral of $829,125 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
129
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
United States Treasury Notes/Bonds | 0.25% to 7.12% | 01/31/12 to 05/15/41 |
(3) | The security is purchased with the cash collateral received from securities loaned. (see Note 2) |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | Denominated in United States dollar unless otherwise indicated. |
(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 November 30, 2011, the International Equities Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Yamaichi Securities Co., Ltd. ADR Common Stock | 8/4/1993 | 6,000 | $ | 478,650 | $ | 0 | $ | 0 | 0.00 | % | ||||||||||||||
(7) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(8) | Illiquid security. At November 30, 2011, the aggregate vale of these securities was $0 representing 0.0% of net assets. |
(9) | Consists of more than one type of securities traded together as a unit. |
ADR—American Depository Receipt
CPO—Certification de Participacion Ordinario
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depository Receipt
GDR—Global Depository Receipt
ISE—Irish Stock Exchange
LSE—London Stock Exchange
RSP—Risparmio Savings Shares
SDR—Swedish Depository Receipt
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Appreciation (Depreciation) | ||||||||||||||||
219 | Long | ASX SPI 200 Index | December 2011 | $ | 23,258,548 | $ | 23,074,854 | $ | (183,694 | ) | ||||||||||||
466 | Long | Emini MSCI EAFE Index | December 2011 | 32,109,771 | 33,791,990 | 1,682,219 | ||||||||||||||||
380 | Long | Emini MSCI Emerging Market Index | December 2011 | 17,002,735 | 18,306,500 | 1,303,765 | ||||||||||||||||
$ | 2,802,290 | |||||||||||||||||||||
Currency Legend
GBP—Pound Sterling
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Australia | $ | 234,665 | $ | 62,212,773 | # | $ | 0 | $ | 62,447,438 | |||||||
France | — | 56,823,276 | # | — | 56,823,276 | |||||||||||
Germany | — | 63,228,225 | # | — | 63,228,225 | |||||||||||
Japan | 119,294 | 163,072,552 | # | 0 | 163,191,846 | |||||||||||
Switzerland | 126,692 | 56,182,646 | # | — | 56,309,338 | |||||||||||
United Kingdom | 2,495,682 | 160,057,051 | # | — | 162,552,733 | |||||||||||
Other Countries* | 11,812,697 | 208,310,762 | # | 0 | 220,123,459 | |||||||||||
Exchange Traded Funds | 6,570,679 | — | — | 6,570,679 | ||||||||||||
Preferred Stock | 5,143,775 | 9,508,869 | # | — | 14,652,644 | |||||||||||
Rights | 1,540 | — | — | 1,540 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 24,769 | — | 24,769 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 78,877,144 | — | 78,877,144 | ||||||||||||
Time Deposits | — | 69,087,000 | — | 69,087,000 | ||||||||||||
U.S. Government Treasuries | — | 6,899,766 | — | 6,899,766 | ||||||||||||
Repurchase Agreement | — | 289,000 | — | 289,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 2,985,984 | — | — | 2,985,984 | ||||||||||||
Total Assets | $ | 29,491,008 | $ | 934,573,833 | $ | 0 | $ | 964,064,841 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Depreciation | $ | 183,694 | $ | — | $ | — | $ | 183,694 | ||||||||
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $779,396,154 representing 87.9% of net assets. See Note 2. |
Common Stock | ||||
Balance as of 5/31/2011 | $ | 0 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized gain | — | |||
Realized loss | — | |||
Change in unrealized appreciation(1) | — | |||
Change in unrealized depreciation(1) | — | |||
Net purchases | — | |||
Net sales | — | |||
Transfers into Level 3(2) | — | |||
Transfers out of Level 3(2) | — | |||
Balance as of 11/30/2011 | $ | 0 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | ||||
$ | — | |||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Sovereign | 70.4 | % | ||
United States Treasury Notes | 11.6 | |||
Time Deposits | 3.1 | |||
Banks — Commercial | 3.0 | |||
United States Treasury Bonds | 2.7 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Steel — Producers | 0.7 | |||
Real Estate Operations & Development | 0.7 | |||
Sovereign Agency | 0.6 | |||
Oil Companies — Integrated | 0.6 | |||
Telephone — Integrated | 0.5 | |||
Regional Authority | 0.5 | |||
Building Products — Cement | 0.4 | |||
Finance — Other Services | 0.4 | |||
Transport — Services | 0.3 | |||
Import/Export | 0.3 | |||
Municipal Bonds | 0.3 | |||
SupraNational Banks | 0.3 | |||
Electric — Generation | 0.3 | |||
Building & Construction Products — Misc. | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Investment Companies | 0.2 | |||
Independent Power Producers | 0.2 | |||
Metal — Diversified | 0.2 | |||
Multimedia | 0.2 | |||
Computer Services | 0.2 | |||
Electric — Transmission | 0.2 | |||
Banks — Mortgage | 0.2 | |||
Cellular Telecom | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Transport — Marine | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Gold Mining | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Medical — Drugs | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Special Purpose Entities | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Banks — Super Regional | 0.1 | |||
100.7 | % | |||
Country Allocation*
Japan | 20.0 | % | ||
United States | 18.3 | |||
Germany | 4.8 | |||
Brazil | 4.7 | |||
United Kingdom | 4.4 | |||
Russia | 3.2 | |||
France | 2.7 | |||
Mexico | 2.5 | |||
Italy | 2.1 | |||
Turkey | 1.8 | |||
Hungary | 1.9 | |||
Indonesia | 1.7 | |||
Spain | 1.7 | |||
Poland | 1.7 | |||
Netherlands | 1.6 | |||
Ukraine | 1.4 | |||
Philippines | 1.3 | |||
Argentina | 1.3 | |||
Sri Lanka | 1.3 | |||
Colombia | 1.3 | |||
SupraNational | 1.3 | |||
Venezuela | 1.2 | |||
Cayman Islands | 1.2 | |||
Canada | 1.1 |
Dominican Republic | 1.1 | |||
Finland | 1.0 | |||
South Africa | 1.0 | |||
Lithuania | 1.0 | |||
Ireland | 1.0 | |||
Croatia | 1.0 | |||
Belgium | 0.9 | |||
New Zealand | 0.8 | |||
Panama | 0.7 | |||
Australia | 0.7 | |||
Denmark | 0.6 | |||
Peru | 0.6 | |||
Luxembourg | 0.6 | |||
Chile | 0.5 | |||
Qatar | 0.5 | |||
Bermuda | 0.5 | |||
Byelorussian Ssr | 0.4 | |||
Serbia | 0.4 | |||
Sweden | 0.4 | |||
Norway | 0.3 | |||
Uruguay | 0.3 | |||
British Virgin Islands | 0.3 | |||
Gabon | 0.3 | |||
Malaysia | 0.2 | |||
Portugal | 0.2 | |||
Austria | 0.2 | |||
Singapore | 0.2 | |||
Thailand | 0.1 | |||
Ivory Coast | 0.1 | |||
Kazakhstan | 0.1 | |||
El Salvador | 0.1 | |||
United Arab Emirates | 0.1 | |||
100.7 | % | |||
Credit Quality Allocation†#
AAA | 17.6 | % | ||
AA | 39.2 | |||
A | 6.4 | |||
BBB | 16.5 | |||
BB | 8.9 | |||
B | 8.0 | |||
Not Rated@ | 3.4 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating or the rating is unavailable from the data source. |
† | Source: Standard and Poors. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
132
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 11.8% |
| |||||||
Argentina — 0.1% |
| |||||||
Banco de Galicia y Buenos Aires | $ | 310,000 | $ | 269,700 | ||||
Australia — 0.2% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 400,000 | 402,760 | ||||||
Bermuda — 0.4% |
| |||||||
Alliance Oil Co., Ltd. | 245,000 | 245,612 | ||||||
China Oriental Group Co., Ltd. | 275,000 | 235,125 | ||||||
Qtel International Finance, Ltd. | 350,000 | 346,500 | ||||||
827,237 | ||||||||
Brazil — 0.7% |
| |||||||
Banco ABC Brasil SA | 215,000 | 199,950 | ||||||
Banco Cruzeiro do Sul SA | 440,000 | 309,075 | ||||||
Banco do Brasil SA | 375,000 | 369,375 | ||||||
Brasil Telecom SA | BRL | 500,000 | 270,965 | |||||
Hypermarcas SA | 270,000 | 234,900 | ||||||
1,384,265 | ||||||||
British Virgin Islands — 0.3% |
| |||||||
Gold Fields Orogen Holding BVI, Ltd. | 320,000 | 276,662 | ||||||
QGOG Atlantic/Alaskan Rigs, Ltd. | 359,025 | 352,742 | ||||||
629,404 | ||||||||
Cayman Islands — 1.2% |
| |||||||
Agile Property Holdings, Ltd. | 270,000 | 209,250 | ||||||
China Resources Land, Ltd. | 350,000 | 340,151 | ||||||
Country Garden Holdings Co., Ltd. | 250,000 | 202,500 | ||||||
Country Garden Holdings Co., Ltd. | 300,000 | 249,000 | ||||||
Fufeng Group, Ltd. | 220,000 | 180,400 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Cayman Islands (continued) |
| |||||||
Longfor Properties Co., Ltd. | $ | 390,000 | $ | 341,250 | ||||
Marfrig Overseas, Ltd. | 295,000 | 212,400 | ||||||
Marfrig Overseas, Ltd. | 100,000 | 72,000 | ||||||
MIE Holdings Corp. | 301,000 | 264,880 | ||||||
Minerva Overseas II, Ltd. | 365,000 | 313,900 | ||||||
2,385,731 | ||||||||
Chile — 0.2% |
| |||||||
Inversiones Alsacia SA | 540,000 | 426,485 | ||||||
Colombia — 0.4% |
| |||||||
Emgesa SA ESP | COP | 752,000,000 | 409,616 | |||||
Empresa de Energia de Bogota SA | 330,000 | 336,414 | ||||||
746,030 | ||||||||
Denmark — 0.2% |
| |||||||
FIH Erhvervsbank A/S | EUR | 350,000 | 475,090 | |||||
Germany — 0.3% |
| |||||||
Daimler AG | EUR | 200,000 | 285,689 | |||||
Rearden G Holdings EINS GmbH | 325,000 | 325,000 | ||||||
610,689 | ||||||||
Indonesia — 0.2% |
| |||||||
Perusahaan Listrik Negara PT | 480,000 | 474,000 | ||||||
Ireland — 1.0% |
| |||||||
Alfa Bank OJSC Via Alfa Bond Issuance PLC | 355,000 | 330,781 | ||||||
Irish Life & Permanent PLC | EUR | 217,000 | 246,971 | |||||
Metalloinvest Finance, Ltd. | 345,000 | 317,400 | ||||||
SCF Capital, Ltd. | 355,000 | 311,512 | ||||||
VEB - Leasing Via VEB Leasing Investment Ltd | 525,000 | 506,625 |
133
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Ireland (continued) |
| |||||||
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC | $ | 350,000 | $ | 311,500 | ||||
2,024,789 | ||||||||
Italy — 0.3% |
| |||||||
Banco Popolare SC | EUR | 150,000 | 182,403 | |||||
Telecom Italia SpA | EUR | 400,000 | 440,341 | |||||
622,744 | ||||||||
Kazakhstan — 0.1% |
| |||||||
KazMunayGas National Co. | 250,000 | 258,750 | ||||||
Luxembourg — 0.6% |
| |||||||
Evraz Group SA | 350,000 | 305,771 | ||||||
Gaz Capital SA | 330,000 | 376,200 | ||||||
Gazprom OAO Via Gaz Capital SA | 240,000 | 242,400 | ||||||
Severstal OAO Via Steel Capital SA | 280,000 | 261,794 | ||||||
1,186,165 | ||||||||
Mexico — 0.5% |
| |||||||
Corp GEO SAB de CV | 275,000 | 273,625 | ||||||
Desarrolladora Homex SAB de CV | 270,000 | 267,300 | ||||||
Empresas ICA SAB de CV | 310,000 | 279,000 | ||||||
Grupo Elektra SA de CV | 300,000 | 284,700 | ||||||
1,104,625 | ||||||||
Netherlands — 0.8% |
| |||||||
DTEK Finance BV | 355,000 | 333,700 | ||||||
Lukoil International Finance BV | 370,000 | 394,975 | ||||||
Marfrig Holding Europe BV | 300,000 | 216,000 | ||||||
Rabobank Nederland NV | 700,000 | 740,111 | ||||||
1,684,786 | ||||||||
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
New Zealand — 0.8% |
| |||||||
ANZ National (International), Ltd. | $ | 700,000 | $ | 705,448 | ||||
Westpac Securities New Zealand, Ltd. | 800,000 | 854,339 | ||||||
1,559,787 | ||||||||
Portugal — 0.2% |
| |||||||
BANIF SGPS SA | EUR | 350,000 | 452,578 | |||||
Russia — 0.2% |
| |||||||
Severstal JSC via Steel Capital SA | 360,000 | 334,814 | ||||||
South Africa — 0.1% |
| |||||||
Transnet SOC, Ltd. | 300,000 | 304,094 | ||||||
Spain — 0.3% |
| |||||||
BBVA Senior Finance SAU | EUR | 300,000 | 394,843 | |||||
CEAMI Guaranteed Bonds I | EUR | 200,000 | 265,033 | |||||
659,876 | ||||||||
SupraNational — 0.3% |
| |||||||
European Investment Bank | EUR | 400,000 | 554,950 | |||||
Sweden — 0.1% |
| |||||||
Skandinaviska Enskilda Banken AB | EUR | 150,000 | 198,399 | |||||
Thailand — 0.1% |
| |||||||
Bangkok Bank PCL | 300,000 | 289,065 | ||||||
Turkey — 0.1% |
| |||||||
Finansbank AS | 350,000 | 306,250 | ||||||
United Arab Emirates — 0.1% |
| |||||||
Abu Dhabi National Energy Co. | 110,000 | 120,450 | ||||||
United Kingdom — 0.7% |
| |||||||
City of Kyiv Via Kyiv Finance PLC | 750,000 | 594,300 | ||||||
Royal Bank of Scotland PLC | 300,000 | 302,418 | ||||||
Vedanta Resources PLC | 200,000 | 161,000 |
134
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Vedanta Resources PLC | $ | 365,000 | $ | 293,825 | ||||
1,351,543 | ||||||||
United States — 0.9% |
| |||||||
Cemex Finance LLC | 500,000 | 392,573 | ||||||
Fifth Third Bancorp | 112,000 | 112,300 | ||||||
Gerdau Holdings, Inc. | 290,000 | 302,325 | ||||||
International Business Machines Corp. | 380,000 | 386,695 | ||||||
Reliance Holdings USA, Inc. | 250,000 | 227,367 | ||||||
Walt Disney Co. | 400,000 | 394,285 | ||||||
1,815,545 | ||||||||
Venezuela — 0.4% |
| |||||||
Petroleos de Venezuela SA | 300,000 | 144,750 | ||||||
Petroleos de Venezuela SA | 830,000 | 620,425 | ||||||
765,175 | ||||||||
Total Corporate Bonds & Notes | ||||||||
(cost $25,886,352) | 24,225,776 | |||||||
GOVERNMENT AGENCIES — 66.0% |
| |||||||
Argentina — 1.2% |
| |||||||
Republic of Argentina | 1,372,134 | 467,211 | ||||||
Republic of Argentina | 800,000 | 628,000 | ||||||
Republic of Argentina | 1,322,547 | 958,847 | ||||||
Republic of Argentina | 400,000 | 354,000 | ||||||
2,408,058 | ||||||||
Australia — 0.5% |
| |||||||
New South Wales Treasury Corp. | AUD | 900,000 | 993,191 | |||||
Austria — 0.2% |
| |||||||
Republic of Austria | EUR | 300,000 | 404,037 | |||||
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Belgium — 0.9% |
| |||||||
Kingdom of Belgium | EUR | 1,345,000 | $ | 1,759,564 | ||||
Kingdom of Belgium | EUR | 100,000 | 112,406 | |||||
1,871,970 | ||||||||
Bermuda — 0.1% |
| |||||||
Government of Bermuda | 155,000 | 171,275 | ||||||
Brazil — 4.0% |
| |||||||
Federal Republic of Brazil | 1,440,000 | 1,594,800 | ||||||
Federal Republic of Brazil | 536,000 | 607,020 | ||||||
Federal Republic of Brazil | 950,000 | 1,107,700 | ||||||
Federal Republic of Brazil | 300,000 | 401,250 | ||||||
Federal Republic of Brazil | 1,018,334 | 1,186,358 | ||||||
Federal Republic of Brazil | 794,000 | 1,171,150 | ||||||
Federal Republic of Brazil | BRL | 1,800,000 | 1,134,736 | |||||
Federal Republic of Brazil | 680,000 | 892,500 | ||||||
8,095,514 | ||||||||
Byelorussian SSR — 0.4% |
| |||||||
Republic of Belarus | 470,000 | 401,850 | ||||||
Republic of Belarus | 480,000 | 408,000 | ||||||
809,850 | ||||||||
Canada — 1.1% |
| |||||||
Government of Canada | CAD | 690,000 | 691,042 | |||||
Government of Canada | CAD | 590,000 | 633,992 | |||||
Government of Canada | CAD | 670,000 | 931,411 | |||||
2,256,445 | ||||||||
Chile — 0.3% |
| |||||||
Republic of Chile | CLP | 343,000,000 | 691,787 | |||||
135
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Colombia — 0.9% |
| |||||||
Republic of Colombia | $ | 420,000 | $ | 441,000 | ||||
Republic of Colombia | 580,000 | 726,450 | ||||||
Republic of Colombia | 270,000 | 366,525 | ||||||
Republic of Colombia | 260,000 | 352,560 | ||||||
1,886,535 | ||||||||
Croatia — 1.0% |
| |||||||
Republic of Croatia | 810,000 | 708,750 | ||||||
Republic of Croatia | 850,000 | 752,250 | ||||||
Republic of Croatia | 600,000 | 542,250 | ||||||
2,003,250 | ||||||||
Denmark — 0.4% |
| |||||||
Kingdom of Denmark | DKK | 4,100,000 | 801,935 | |||||
Dominican Republic — 1.1% |
| |||||||
Dominican Republic | 1,019,000 | 1,019,000 | ||||||
Dominican Republic | 1,200,000 | 1,200,000 | ||||||
2,219,000 | ||||||||
El Salvador — 0.1% |
| |||||||
Republic of El Salvador | 200,000 | 216,000 | ||||||
Finland — 1.0% |
| |||||||
Government of Finland | EUR | 600,000 | 855,818 | |||||
Government of Finland | EUR | 560,000 | 786,152 | |||||
Government of Finland | EUR | 320,000 | 481,002 | |||||
2,122,972 | ||||||||
France — 2.7% |
| |||||||
Government of France | EUR | 1,260,000 | 1,712,870 | |||||
Government of France | EUR | 450,000 | 632,836 | |||||
Government of France | EUR | 1,100,000 | 1,465,905 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
France (continued) |
| |||||||
Government of France | EUR | $350,000 | $ | 503,963 | ||||
Government of France | EUR | 350,000 | 465,159 | |||||
Government of France | EUR | 440,000 | 641,607 | |||||
Government of France | EUR | 347 | 557 | |||||
5,422,897 | ||||||||
Gabon — 0.3% | ||||||||
Republic of Gabon | 432,000 | 495,180 | ||||||
Germany — 4.5% | ||||||||
Federal Republic of Germany | EUR | 1,450,000 | 1,964,653 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,079,904 | |||||
Federal Republic of Germany | EUR | 350,000 | 476,451 | |||||
Federal Republic of Germany | EUR | 150,000 | 219,370 | |||||
Federal Republic of Germany | EUR | 300,000 | 430,791 | |||||
Federal Republic of Germany | EUR | 900,000 | 1,346,830 | |||||
Federal Republic of Germany | EUR | 200,000 | 287,159 | |||||
Federal Republic of Germany | EUR | 205,000 | 324,077 | |||||
Federal Republic of Germany | EUR | 600,000 | 931,168 | |||||
Federal Republic of Germany | EUR | 290,000 | 453,182 | |||||
Federal Republic of Germany | EUR | 100,000 | 166,767 | |||||
Federal Republic of Germany | EUR | 900,000 | 1,474,173 | |||||
9,154,525 | ||||||||
Hungary — 1.9% | ||||||||
Republic of Hungary | 1,230,000 | 1,137,750 | ||||||
Republic of Hungary | 540,000 | 492,750 |
136
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Hungary (continued) | ||||||||
Republic of Hungary | $ | 670,000 | $ | 619,750 | ||||
Republic of Hungary | HUF | 82,000,000 | 331,948 | |||||
Republic of Hungary | 1,328,000 | 1,228,400 | ||||||
3,810,598 | ||||||||
Indonesia — 1.5% | ||||||||
Republic of Indonesia | 290,000 | 301,962 | ||||||
Republic of Indonesia | 550,000 | 610,500 | ||||||
Republic of Indonesia | 530,000 | 618,775 | ||||||
Republic of Indonesia | 670,000 | 954,750 | ||||||
Republic of Indonesia | 390,000 | 570,375 | ||||||
3,056,362 | ||||||||
Ivory Coast — 0.1% | ||||||||
Republic of Ivory Coast | 560,000 | 285,600 | ||||||
Japan — 20.0% | ||||||||
Government of Japan | JPY | 77,000,000 | 992,139 | |||||
Government of Japan | JPY | 28,000,000 | 361,181 | |||||
Government of Japan | JPY | 20,000,000 | 256,623 | |||||
Government of Japan | JPY | 232,400,000 | 3,009,535 | |||||
Government of Japan | JPY | 80,000,000 | 1,035,211 | |||||
Government of Japan | JPY | 284,000,000 | 3,692,729 | |||||
Government of Japan | JPY | 360,000,000 | 4,681,912 | |||||
Government of Japan | JPY | 185,000,000 | 2,398,266 | |||||
Government of Japan | JPY | 43,000,000 | 562,809 | |||||
Government of Japan | JPY | 255,000,000 | 3,411,454 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Government of Japan | JPY | 120,000,000 | $ | 1,582,267 | ||||
Government of Japan | JPY | 34,000,000 | 453,768 | |||||
Government of Japan | JPY | 42,850,000 | 576,182 | |||||
Government of Japan | JPY | 50,000,000 | 667,766 | |||||
Government of Japan | JPY | 190,000,000 | 2,588,730 | |||||
Government of Japan | JPY | 266,000,000 | 3,647,156 | |||||
Government of Japan | JPY | 61,000,000 | 839,398 | |||||
Government of Japan | JPY | 30,000,000 | 413,494 | |||||
Government of Japan | JPY | 46,000,000 | 631,736 | |||||
Government of Japan | JPY | 134,700,000 | 1,859,093 | |||||
Government of Japan | JPY | 266,000,000 | 3,451,580 | |||||
Government of Japan | JPY | 160,000,000 | 2,207,585 | |||||
Government of Japan | JPY | 85,000,000 | 1,157,905 | |||||
Government of Japan | JPY | 33,000,000 | 427,664 | |||||
40,906,183 | ||||||||
Lithuania — 1.0% |
| |||||||
Republic of Lithuania | 640,000 | 622,400 | ||||||
Republic of Lithuania | 690,000 | 714,150 | ||||||
Republic of Lithuania | 660,000 | 699,600 | ||||||
2,036,150 | ||||||||
Malaysia — 0.2% |
| |||||||
Federation of Malaysia | MYR | 1,440,000 | 471,085 | |||||
Mexico — 2.0% |
| |||||||
United Mexican States | 634,000 | 709,446 |
137
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Mexico (continued) |
| |||||||
United Mexican States | $ | 350,000 | $ | 414,750 | ||||
United Mexican States | 600,000 | 765,000 | ||||||
United Mexican States | MXN | 70,000 | 558,140 | |||||
United Mexican States | 440,000 | 607,200 | ||||||
United Mexican States | MXN | 84,500 | 685,281 | |||||
United Mexican States | MXN | 37,000 | 304,980 | |||||
4,044,797 | ||||||||
Netherlands — 0.8% |
| |||||||
Government of Netherlands | EUR | 600,000 | 844,596 | |||||
Government of Netherlands | EUR | 510,000 | 762,868 | |||||
1,607,464 | ||||||||
Norway — 0.3% |
| |||||||
Kingdom of Norway | NOK | 3,600,000 | 687,875 | |||||
Panama — 0.7% |
| |||||||
Republic of Panama | 770,000 | 868,175 | ||||||
Republic of Panama | 500,000 | 647,500 | ||||||
1,515,675 | ||||||||
Peru — 0.6% |
| |||||||
Republic of Peru | 250,000 | 263,500 | ||||||
Republic of Peru | 176,000 | 214,720 | ||||||
Republic of Peru | 291,000 | 376,845 | ||||||
Republic of Peru | 280,000 | 412,300 | ||||||
1,267,365 | ||||||||
Philippines — 1.3% |
| |||||||
Republic of the Philippines | 760,000 | 775,200 | ||||||
Republic of the Philippines | PHP | 19,000,000 | 426,324 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Philippines (continued) |
| |||||||
Republic of the Philippines | $ | 315,000 | $ | 374,850 | ||||
Republic of the Philippines | 290,000 | 386,425 | ||||||
Republic of the Philippines | 270,000 | 375,975 | ||||||
Republic of the Philippines | 230,000 | 361,962 | ||||||
2,700,736 | ||||||||
Poland — 1.7% |
| |||||||
Republic of Poland | 370,000 | 358,900 | ||||||
Republic of Poland | 510,000 | 504,900 | ||||||
Republic of Poland | PLN | 1,900,000 | 541,089 | |||||
Republic of Poland | PLN | 1,800,000 | 545,295 | |||||
Republic of Poland | PLN | 2,250,000 | 695,731 | |||||
Republic of Poland | 710,000 | 768,575 | ||||||
3,414,490 | ||||||||
Qatar — 0.5% |
| |||||||
Government of Qatar | 1,100,000 | 1,090,375 | ||||||
Russia — 3.0% |
| |||||||
Russian Federation | 800,000 | 826,800 | ||||||
Russian Federation | 1,874,575 | 2,197,939 | ||||||
Russian Federation | RUB | 30,000,000 | 1,009,729 | |||||
Russian Federation | RUB | 15,000,000 | 502,012 | |||||
Russian Federation | 970,000 | 1,668,400 | ||||||
6,204,880 | ||||||||
Serbia — 0.4% |
| |||||||
Republic of Serbia | 760,000 | 746,700 | ||||||
Singapore — 0.2% |
| |||||||
Republic of Singapore | SGD | 370,000 | 312,383 | |||||
138
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
South Africa — 0.9% |
| |||||||
Republic of South Africa | $ | 671,000 | $ | 756,552 | ||||
Republic of South Africa | 235,000 | 264,375 | ||||||
Republic of South Africa | 660,000 | 778,800 | ||||||
1,799,727 | ||||||||
Spain — 1.4% |
| |||||||
Kingdom of Spain | EUR | 340,000 | 427,217 | |||||
Kingdom of Spain | EUR | 350,000 | 443,488 | |||||
Kingdom of Spain | 250,000 | 242,830 | ||||||
Kingdom of Spain | EUR | 350,000 | 431,224 | |||||
Kingdom of Spain | EUR | 300,000 | 306,706 | |||||
Kingdom of Spain | EUR | 800,000 | 1,005,410 | |||||
2,856,875 | ||||||||
Sri Lanka — 1.3% |
| |||||||
Republic of Sri Lanka | 700,000 | 696,500 | ||||||
Republic of Sri Lanka | 904,000 | 890,378 | ||||||
Republic of Sri Lanka | 508,000 | 536,575 | ||||||
Republic of Sri Lanka | 500,000 | 512,500 | ||||||
2,635,953 | ||||||||
SupraNational — 1.0% |
| |||||||
European Union | EUR | 320,000 | 413,299 | |||||
European Union | EUR | 400,000 | 542,077 | |||||
European Union | EUR | 400,000 | 544,109 | |||||
European Union | EUR | 355,000 | 487,288 | |||||
1,986,773 | ||||||||
Sweden — 0.3% |
| |||||||
Kingdom of Sweden | SEK | 3,100,000 | 515,823 | |||||
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Turkey — 1.7% |
| |||||||
Republic of Turkey | TRY | 600,000 | $ | 290,868 | ||||
Republic of Turkey | 480,000 | 526,176 | ||||||
Republic of Turkey | 335,000 | 357,612 | ||||||
Republic of Turkey | 530,000 | 583,000 | ||||||
Republic of Turkey | 230,000 | 255,300 | ||||||
Republic of Turkey | 310,000 | 352,625 | ||||||
Republic of Turkey | 387,000 | 464,400 | ||||||
Republic of Turkey | 440,000 | 728,200 | ||||||
3,558,181 | ||||||||
Ukraine — 1.4% |
| |||||||
Financing of Infrastrucural Projects State Enterprise | 810,000 | 652,050 | ||||||
Government of Ukraine | 330,000 | 287,100 | ||||||
Government of Ukraine | 700,000 | 672,000 | ||||||
Government of Ukraine | 1,100,000 | 948,750 | ||||||
Government of Ukraine | 440,000 | 385,000 | ||||||
2,944,900 | ||||||||
Uruguay — 0.3% |
| |||||||
Republic of Uruguay | 510,000 | 678,300 | ||||||
Venezuela — 0.8% |
| |||||||
Republic of Venezuela | 475,000 | 437,000 | ||||||
Republic of Venezuela | 470,000 | 318,425 | ||||||
Republic of Venezuela | 550,000 | 363,000 | ||||||
Republic of Venezuela | 480,000 | 381,600 |
139
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Venezuela (continued) |
| |||||||
Republic of Venezuela | $ | 170,000 | $ | 148,750 | ||||
1,648,775 | ||||||||
Total Government Agencies | ||||||||
(cost $130,894,057) | 134,808,446 | |||||||
GOVERNMENT TREASURIES — 19.8% | ||||||||
Italy — 1.8% | ||||||||
Republic of Italy | EUR | 350,000 | 438,014 | |||||
Republic of Italy | EUR | 700,000 | 765,922 | |||||
Republic of Italy | EUR | 230,000 | 263,837 | |||||
Republic of Italy | EUR | 275,000 | 294,461 | |||||
Republic of Italy | EUR | 1,200,000 | 1,219,456 | |||||
Republic of Italy | EUR | 532,912 | 745,962 | |||||
3,727,652 | ||||||||
United Kingdom — 3.7% | ||||||||
United Kingdom Gilt Treasury | GBP | 900,000 | 1,595,713 | |||||
United Kingdom Gilt Treasury | GBP | 370,000 | 657,815 | |||||
United Kingdom Gilt Treasury | GBP | 1,175,000 | 2,239,249 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 861,679 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 659,490 | |||||
United Kingdom Gilt Treasury | GBP | 290,000 | 568,772 | |||||
United Kingdom Gilt Treasury | GBP | 330,000 | 625,634 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 378,237 | |||||
7,586,589 | ||||||||
United States — 14.3% | ||||||||
United States Treasury Bonds | ||||||||
3.88% due 08/15/40 | 300,000 | 348,094 | ||||||
4.38% due 11/15/39 | 165,000 | 207,642 | ||||||
4.38% due 05/15/41 | 300,000 | 378,563 | ||||||
4.75% due 02/15/41 | 810,000 | 1,081,856 | ||||||
5.38% due 02/15/31 | 700,000 | 972,343 | ||||||
5.50% due 08/15/28 | 1,250,000 | 1,725,000 | ||||||
6.00% due 02/15/26 | 600,000 | 848,063 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
United States (continued) | ||||||||
United States Treasury Notes | ||||||||
0.50% due 05/31/13 | $ | 3,300,000 | $ | 3,314,051 | ||||
0.63% due 01/31/13 | 800,000 | 804,125 | ||||||
0.75% due 06/15/14 | 2,700,000 | 2,727,842 | ||||||
1.13% due 12/15/12 | 400,000 | 403,984 | ||||||
1.25% due 09/30/15 | 2,020,000 | 2,068,290 | ||||||
1.38% due 11/30/15 | 1,800,000 | 1,850,485 | ||||||
1.75% due 04/15/13 | 1,000,000 | 1,021,250 | ||||||
1.88% due 08/31/17 | 2,700,000 | 2,805,257 | ||||||
2.13% due 12/31/15 | 700,000 | 741,125 | ||||||
2.38% due 08/31/14 | 1,650,000 | 1,739,847 | ||||||
2.38% due 09/30/14 | 700,000 | 739,157 | ||||||
2.38% due 03/31/16 | 388,000 | 414,796 | ||||||
2.38% due 06/30/18 | 750,000 | 794,942 | ||||||
2.75% due 12/31/17 | 300,000 | 326,297 | ||||||
3.00% due 08/31/16 | 208,000 | 228,589 | ||||||
3.13% due 05/15/21 | 2,600,000 | 2,853,703 | ||||||
4.50% due 11/15/15 | 700,000 | 805,218 | ||||||
29,200,519 | ||||||||
Total Government Treasuries | ||||||||
(cost $39,860,795) | 40,514,760 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $196,641,204) | 199,548,982 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.1% |
| |||||||
Time Deposits — 3.1% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | 6,303,000 | 6,303,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $202,944,204)(3) | 100.7 | % | 205,851,982 | |||||
Liabilities in excess of other assets | (0.7 | ) | (1,504,459 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 204,347,523 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $18,507,042 representing 9.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
† | Non-income producing security |
(1) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(2) | Bond in default. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Denominated in United States Dollars unless otherwise indicated. |
140
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Appreciation | Gross Unrealized Depreciation | |||||||||||||||||||||||
Citibank N.A. | CAD | 600,000 | USD | 579,980 | 12/22/2011 | $ | – | $ | (7,980 | ) | ||||||||||||||||||
Royal Bank of Scotland PLC | AUD | 950,000 | USD | 934,235 | 12/22/2011 | – | (40,474 | ) | ||||||||||||||||||||
State Street Bank London | EUR | 1,040,000 | USD | 1,409,086 | 12/22/2011 | 11,359 | – | |||||||||||||||||||||
USD | 986,651 | AUD | 950,000 | 12/22/2011 | – | (11,942 | ) | |||||||||||||||||||||
USD | 1,389,687 | EUR | 1,040,000 | 12/22/2011 | 8,040 | – | ||||||||||||||||||||||
19,399 | (11,942 | ) | ||||||||||||||||||||||||||
UBS AG London | CAD | 610,000 | USD | 597,190 | 12/22/2011 | – | (569 | ) | ||||||||||||||||||||
JPY | 48,000,000 | USD | 624,949 | 12/22/2011 | 5,736 | – | ||||||||||||||||||||||
USD | 600,335 | CAD | 610,000 | 12/22/2011 | – | (2,576 | ) | |||||||||||||||||||||
– | – | |||||||||||||||||||||||||||
5,736 | (3,145 | ) | ||||||||||||||||||||||||||
$ | 25,135 | $ | (63,541 | ) | ||||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
BRL—Brazillian Real
CHF—Switzerland Franc
CLP—Chilean Peso
COP—Colombian Peso
DKK—Danish Krone
EUR—Euro Dollar
GBP—British Pound
HUF—Hungary Forint
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysia Ringgit
NOK—Norwegian Krone
PHP—Phillipine Peso
PLN—Polish Zloty
RUB—Russian Ruble
SEK—Swedish Krona
SGD—Singapore Dollar
TRY—Turkish Lira
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 24,225,776 | $ | — | $ | 24,225,776 | ||||||||
Government Agencies | — | 134,808,446 | — | 134,808,446 | ||||||||||||
Government Treasuries | — | 40,514,760 | — | 40,514,760 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 6,303,000 | — | 6,303,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 25,135 | — | 25,135 | ||||||||||||
Total | $ | — | $ | 205,877,117 | $ | — | $ | 205,877,117 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 63,541 | $ | — | $ | 63,541 | ||||||||
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
See Notes to Financial Statements
141
Table of Contents
VALIC Company I International Growth Fund**
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 11.1 | % | ||
Banks — Commercial | 7.5 | |||
Medical — Drugs | 5.1 | |||
Oil Companies — Integrated | 4.5 | |||
Food — Misc. | 4.4 | |||
Cellular Telecom | 3.0 | |||
Diversified Banking Institutions | 3.0 | |||
Auto — Cars/Light Trucks | 2.6 | |||
Time Deposits | 2.6 | |||
Food — Retail | 2.4 | |||
Tobacco | 2.2 | |||
Diversified Operations | 2.2 | |||
Industrial Gases | 1.9 | |||
Chemicals — Diversified | 1.8 | |||
Diversified Minerals | 1.8 | |||
Electronic Components — Semiconductors | 1.8 | |||
Brewery | 1.7 | |||
Oil — Field Services | 1.7 | |||
Enterprise Software/Service | 1.6 | |||
Agricultural Chemicals | 1.4 | |||
Transport — Rail | 1.3 | |||
Beverages — Wine/Spirits | 1.3 | |||
Food — Catering | 1.2 | |||
Metal — Iron | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Industrial Automated/Robotic | 1.1 | |||
Cosmetics & Toiletries | 1.1 | |||
Engineering/R&D Services | 1.1 | |||
Web Portals/ISP | 1.1 | |||
Office Automation & Equipment | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Insurance — Property/Casualty | 1.0 | |||
Machinery — Construction & Mining | 0.9 | |||
Soap & Cleaning Preparation | 0.9 | |||
Power Converter/Supply Equipment | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Dialysis Centers | 0.8 | |||
Human Resources | 0.8 | |||
Gas — Distribution | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Cable/Satellite TV | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Computer Services | 0.7 | |||
Wireless Equipment | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Retail — Convenience Store | 0.7 | |||
Athletic Footwear | 0.7 | |||
Diversified Manufacturing Operations | 0.6 | |||
Advertising Agencies | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Rubber — Tires | 0.6 | |||
Medical Products | 0.6 | |||
Retail — Jewelry | 0.6 | |||
Retail — Building Products | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Import/Export | 0.5 | |||
Oil & Gas Drilling | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Retail — Consumer Electronics | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Finance — Other Services | 0.5 | |||
Retail — Home Furnishings | 0.4 | |||
Publishing — Books | 0.4 | |||
Retail — Misc./Diversified | 0.4 | |||
Machinery — Pumps | 0.4 |
Commercial Services | 0.4 | % | ||
Transactional Software | 0.4 | |||
Metal — Copper | 0.4 | |||
Diversified Operations/Commercial Services | 0.3 | |||
Telephone — Integrated | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Satellite Telecom | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Optical Supplies | 0.3 | |||
Electronics — Military | 0.3 | |||
Advertising Services | 0.3 | |||
Cruise Lines | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Entertainment Software | 0.3 | |||
Commercial Services — Finance | 0.2 | |||
Precious Metals | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Telecom Services | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Multimedia | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Casino Hotels | 0.2 | |||
Hotels/Motels | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Electric — Integrated | 0.2 | |||
Real Estate Operations & Development | 0.1 | |||
Computer Aided Design | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Investment Companies | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Electric — Transmission | 0.1 | |||
Steel — Producers | 0.1 | |||
110.6 | % | |||
* | Calculated as a percentage of net assets |
** | Note 1 |
142
Table of Contents
VALIC Company I International Growth Fund**
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Country Allocation*
United Kingdom | 20.6 | % | ||
United States | 14.0 | |||
Japan | 12.7 | |||
France | 8.7 | |||
Germany | 8.4 | |||
Switzerland | 8.3 | |||
Australia | 4.1 | |||
Netherlands | 3.5 | |||
Canada | 3.3 | |||
South Korea | 2.3 | |||
Jersey | 2.3 | |||
Sweden | 2.2 | |||
Taiwan | 1.8 | |||
Hong Kong | 1.7 | |||
Spain | 1.7 | |||
Singapore | 1.4 | |||
Italy | 1.4 | |||
Brazil | 1.3 | |||
Belgium | 1.2 | |||
Bermuda | 1.1 | |||
Denmark | 1.1 | |||
Mexico | 0.9 | |||
Cayman Islands | 0.9 | |||
India | 0.8 | |||
Russia | 0.7 | |||
Portugal | 0.6 | |||
China | 0.6 | |||
Luxembourg | 0.5 | |||
Israel | 0.5 | |||
Turkey | 0.4 | |||
Indonesia | 0.4 | |||
Finland | 0.3 | |||
Thailand | 0.3 | |||
South Africa | 0.2 | |||
Poland | 0.2 | |||
Czech Republic | 0.2 | |||
110.6 | % | |||
* | Calculated as a percentage of net assets |
** | See Note 1 |
143
Table of Contents
VALIC Company I International Growth Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.0% |
| |||||||
Australia — 4.1% |
| |||||||
BHP Billiton, Ltd.(1) | 169,198 | $ | 6,318,039 | |||||
Brambles, Ltd.(1) | 228,441 | 1,706,545 | ||||||
Commonwealth Bank of Australia#(1) | 45,938 | 2,304,060 | ||||||
CSL, Ltd.(1) | 33,099 | 1,085,890 | ||||||
Iluka Resources, Ltd.(1) | 36,170 | 580,152 | ||||||
QBE Insurance Group, Ltd.#(1) | 174,862 | 2,507,048 | ||||||
Wesfarmers, Ltd.#(1) | 58,790 | 1,889,618 | ||||||
Westpac Banking Corp.#(1) | 95,640 | 2,089,153 | ||||||
WorleyParsons, Ltd.(1) | 69,958 | 1,913,956 | ||||||
20,394,461 | ||||||||
Austria — 0.0% |
| |||||||
Erste Group Bank AG(1) | 4,269 | 74,263 | ||||||
Belgium — 1.2% |
| |||||||
Anheuser - Busch InBev NV(1) | 78,826 | 4,715,522 | ||||||
Umicore SA(1) | 27,120 | 1,167,995 | ||||||
5,883,517 | ||||||||
Bermuda — 1.1% |
| |||||||
Li & Fung, Ltd.#(1) | 1,118,800 | 2,288,025 | ||||||
Seadrill, Ltd.#(1) | 75,400 | 2,634,723 | ||||||
VimpelCom, Ltd. ADR | 41,911 | 499,579 | ||||||
5,422,327 | ||||||||
Brazil — 0.6% |
| |||||||
Banco do Brasil SA# | 112,700 | 1,508,192 | ||||||
BM&FBovespa SA | 126,000 | 688,407 | ||||||
Tim Participacoes SA ADR | 28,780 | 685,252 | ||||||
2,881,851 | ||||||||
Canada — 3.3% |
| |||||||
Agrium, Inc. | 15,259 | 1,071,025 | ||||||
Bank of Nova Scotia | 27,810 | 1,405,565 | ||||||
Canadian National Railway Co. (TSX) | 46,972 | 3,632,219 | ||||||
Canadian National Railway Co. (NYSE) | 39,800 | 3,086,888 | ||||||
Canadian Natural Resources, Ltd. | 29,264 | 1,099,175 | ||||||
Cenovus Energy, Inc. | 37,027 | 1,238,287 | ||||||
Fairfax Financial Holdings, Ltd. | 2,906 | 1,188,099 | ||||||
Potash Corp. of Saskatchewan, Inc. | 35,200 | 1,534,381 | ||||||
Suncor Energy, Inc.# | 69,408 | 2,090,508 | ||||||
16,346,147 | ||||||||
Cayman Islands — 0.9% |
| |||||||
Baidu, Inc. ADR†# | 23,980 | 3,141,140 | ||||||
Sands China, Ltd.†(1) | 351,200 | 1,065,126 | ||||||
4,206,266 | ||||||||
China — 0.6% |
| |||||||
Industrial & Commercial Bank of China#(1) | 4,846,615 | 2,874,306 | ||||||
Czech Republic — 0.2% |
| |||||||
Komercni Banka AS(1) | 5,022 | 829,961 | ||||||
Denmark — 1.1% |
| |||||||
Christian Hansen Holding A/S(1) | 39,751 | 841,814 | ||||||
Novo Nordisk A/S, Class B(1) | 38,362 | 4,363,043 | ||||||
5,204,857 | ||||||||
Finland — 0.3% |
| |||||||
Kone Oyj, Class B(1) | 28,390 | 1,600,310 | ||||||
France — 8.7% |
| |||||||
Air Liquide SA(1) | 35,112 | 4,456,575 | ||||||
BNP Paribas SA(1) | 25,281 | 1,014,495 | ||||||
Cap Gemini SA(1) | 37,399 | 1,416,334 | ||||||
Cie Generale d’Optique Essilor International SA(1) | 22,210 | 1,587,903 | ||||||
Cie Generale des Etablissements Michelin, Class B(1) | 12,092 | 771,636 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Danone(1) | 98,359 | $ | 6,505,955 | |||||
Dassault Systemes SA(1) | 8,710 | 713,601 | ||||||
Eutelsat Communications SA#(1) | 42,769 | 1,662,256 | ||||||
L’Oreal SA(1) | 8,078 | 874,032 | ||||||
Legrand SA(1) | 43,416 | 1,405,933 | ||||||
LVMH Moet Hennessy Louis Vuitton SA(1) | 34,363 | 5,402,205 | ||||||
Pernod - Ricard SA(1) | 37,647 | 3,545,903 | ||||||
Publicis Groupe SA#(1) | 14,792 | 706,398 | ||||||
Safran SA(1) | 52,900 | 1,567,879 | ||||||
Sanofi(1) | 30,640 | 2,144,732 | ||||||
Schneider Electric SA(1) | 74,896 | 4,248,645 | ||||||
Technip SA(1) | 25,910 | 2,476,330 | ||||||
Total SA(1) | 17,366 | 897,085 | ||||||
Zodiac SA(1) | 21,220 | 1,740,348 | ||||||
43,138,245 | ||||||||
Germany — 8.1% |
| |||||||
Adidas AG(1) | 45,907 | 3,236,738 | ||||||
BASF SE(1) | 19,080 | 1,386,817 | ||||||
Bayer AG(1) | 48,152 | 3,163,429 | ||||||
Bayerische Motoren Werke AG(1) | 26,695 | 2,009,594 | ||||||
Beiersdorf AG(1) | 40,719 | 2,328,053 | ||||||
Deutsche Boerse AG†(1) | 23,661 | 1,444,733 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 56,999 | 3,895,221 | ||||||
Kabel Deutschland Holding AG†(1) | 49,738 | 2,759,206 | ||||||
Linde AG(1) | 32,275 | 4,956,180 | ||||||
Merck KGaA(1) | 16,102 | 1,599,289 | ||||||
Muenchener Rueckversicherungs AG(1) | 20,400 | 2,579,714 | ||||||
SAP AG(1) | �� | 130,070 | 7,760,356 | |||||
Siemens AG(1) | 20,780 | 2,097,294 | ||||||
ThyssenKrupp AG(1) | 20,040 | 517,023 | ||||||
39,733,647 | ||||||||
Hong Kong — 1.7% |
| |||||||
China Mobile, Ltd.(1) | 139,500 | 1,377,058 | ||||||
China Unicom Hong Kong, Ltd.#(1) | 572,000 | 1,231,978 | ||||||
China Unicom Hong Kong, Ltd. ADR# | 124,581 | 2,687,212 | ||||||
CNOOC, Ltd.(1) | 358,000 | 689,511 | ||||||
Hutchison Whampoa, Ltd.(1) | 180,000 | 1,585,903 | ||||||
Link REIT(1) | 272,500 | 982,982 | ||||||
8,554,644 | ||||||||
India — 0.8% |
| |||||||
HDFC Bank, Ltd. ADR# | 24,100 | 666,606 | ||||||
ICICI Bank, Ltd. ADR# | 54,250 | 1,579,217 | ||||||
Infosys, Ltd. ADR# | 37,200 | 1,920,264 | ||||||
4,166,087 | ||||||||
Indonesia — 0.4% |
| |||||||
Bank Mandiri Tbk PT(1) | 2,668,995 | 1,954,581 | ||||||
Ireland — 0.0% |
| |||||||
Anglo Irish Bank Corp., Ltd.†(2) | 58,907 | 0 | ||||||
Israel — 0.5% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 57,006 | 2,258,008 | ||||||
Italy — 1.4% |
| |||||||
Pirelli & C. SpA#(1) | 206,750 | 1,946,253 | ||||||
Prada SpA†(1) | 118,610 | 585,215 | ||||||
Saipem SpA(1) | 95,799 | 4,284,744 | ||||||
6,816,212 | ||||||||
Japan — 12.7% |
| |||||||
Canon, Inc.(1) | 107,800 | 4,878,454 | ||||||
Daihatsu Motor Co., Ltd.(1) | 161,000 | 2,829,733 | ||||||
Denso Corp.#(1) | 113,000 | 3,229,738 |
144
Table of Contents
VALIC Company I International Growth Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Dentsu, Inc.(1) | 26,600 | $ | 773,574 | |||||
FANUC Corp.(1) | 33,000 | 5,417,525 | ||||||
Fast Retailing Co., Ltd.#(1) | 7,700 | 1,247,059 | ||||||
Honda Motor Co., Ltd.(1) | 45,600 | 1,441,557 | ||||||
Hoya Corp.#(1) | 66,700 | 1,423,518 | ||||||
Inpex Corp.(1) | 370 | 2,486,584 | ||||||
Japan Tobacco, Inc.(1) | 590 | 2,812,817 | ||||||
JGC Corp.(1) | 55,000 | 1,381,620 | ||||||
Keyence Corp.#(1) | 5,200 | 1,330,114 | ||||||
Komatsu, Ltd.#(1) | 104,300 | 2,655,559 | ||||||
Konami Corp.(1) | 44,100 | 1,327,056 | ||||||
Lawson, Inc.#(1) | 54,600 | 3,237,367 | ||||||
Mitsubishi Corp.(1) | 127,800 | 2,640,094 | ||||||
Mitsubishi UFJ Financial Group, Inc.#(1) | 350,300 | 1,521,863 | ||||||
Murata Manufacturing Co., Ltd.#(1) | 35,000 | 2,072,862 | ||||||
Nidec Corp.#(1) | 16,400 | 1,481,143 | ||||||
Nitori Holdings Co., Ltd.#(1) | 21,200 | 1,982,763 | ||||||
ORIX Corp.#(1) | 31,410 | 2,644,410 | ||||||
Rakuten, Inc.#(1) | 2,425 | 2,594,972 | ||||||
Shin-Etsu Chemical Co., Ltd.#(1) | 53,000 | 2,660,881 | ||||||
Softbank Corp.(1) | 44,000 | 1,482,482 | ||||||
Sumitomo Realty & Development Co., Ltd.#(1) | 36,000 | 714,244 | ||||||
Toyota Motor Corp.(1) | 50,275 | 1,653,006 | ||||||
Unicharm Corp.#(1) | 45,400 | 2,150,532 | ||||||
Yamada Denki Co., Ltd.#(1) | 33,770 | 2,441,259 | ||||||
62,512,786 | ||||||||
Jersey — 2.3% |
| |||||||
Experian PLC(1) | 88,057 | 1,171,410 | ||||||
Informa PLC(1) | 191,051 | 1,087,430 | ||||||
Petrofac, Ltd.(1) | 54,806 | 1,252,855 | ||||||
Shire PLC(1) | 97,749 | 3,280,902 | ||||||
Wolseley PLC(1) | 43,480 | 1,303,937 | ||||||
WPP PLC(1) | 304,759 | 3,194,760 | ||||||
11,291,294 | ||||||||
Luxembourg — 0.5% |
| |||||||
Millicom International Cellular SA SDR(1) | 24,895 | 2,694,264 | ||||||
Mexico — 0.9% |
| |||||||
America Movil SAB de CV, Series L ADR | 72,589 | 1,729,070 | ||||||
Fomento Economico Mexicano SAB de CV ADR# | 24,414 | 1,665,279 | ||||||
Grupo Televisa SA ADR# | 54,972 | 1,141,219 | ||||||
4,535,568 | ||||||||
Netherlands — 3.5% |
| |||||||
Akzo Nobel NV(1) | 39,873 | 2,024,731 | ||||||
ASML Holding NV(1) | 29,270 | 1,142,105 | ||||||
European Aeronautic Defence and Space Co., NV#(1) | 73,470 | 2,203,392 | ||||||
Heineken NV#(1) | 76,390 | 3,587,641 | ||||||
ING Groep NV CVA†(1) | 294,154 | 2,293,921 | ||||||
Koninklijke Ahold NV(1) | 103,651 | 1,319,644 | ||||||
Koninklijke KPN NV(1) | 16,106 | 197,299 | ||||||
Randstad Holding NV(1) | 47,655 | 1,488,760 | ||||||
Unilever NV(1) | 52,409 | 1,784,855 | ||||||
Wolters Kluwer NV(1) | 37,123 | 646,504 | ||||||
X5 Retail Group NV GDR†(1) | 22,886 | 605,491 | ||||||
17,294,343 | ||||||||
Poland — 0.2% |
| |||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 111,827 | 1,123,692 | ||||||
Portugal — 0.6% |
| |||||||
Jeronimo Martins SGPS SA(1) | 161,350 | 2,945,472 | ||||||
Russia — 0.7% |
| |||||||
Gazprom OAO ADR(1) | 114,755 | 1,329,529 |
Security Description | Shares | Value (Note 2) | ||||||
Russia (continued) |
| |||||||
Sberbank of Russia(1) | 652,210 | $ | 1,884,532 | |||||
3,214,061 | ||||||||
Singapore — 1.4% |
| |||||||
DBS Group Holdings, Ltd.(1) | 119,000 | 1,184,794 | ||||||
Keppel Corp., Ltd.(1) | 498,500 | 3,710,361 | ||||||
Singapore Telecommunications, Ltd.#(1) | 246,950 | 599,677 | ||||||
United Overseas Bank, Ltd.(1) | 114,000 | 1,386,725 | ||||||
6,881,557 | ||||||||
South Africa — 0.2% |
| |||||||
MTN Group, Ltd.(1) | 67,055 | 1,206,450 | ||||||
South Korea — 2.3% |
| |||||||
Hyundai Mobis(1) | 5,733 | 1,586,796 | ||||||
Hyundai Motor Co.(1) | 13,483 | 2,613,626 | ||||||
NHN Corp†(1) | 9,203 | 2,038,207 | ||||||
Samsung Electronics Co., Ltd.(1) | 2,860 | 2,596,504 | ||||||
Samsung Electronics Co., Ltd. GDR (LSE)(1) | 5,153 | 2,356,597 | ||||||
Samsung Electronics Co., Ltd. GDR (OTC US)†* | 349 | 159,249 | ||||||
11,350,979 | ||||||||
Spain — 1.7% |
| |||||||
Amadeus IT Holding SA(1) | 108,886 | 1,841,308 | ||||||
Banco Bilbao Vizcaya Argentaria SA(1) | 200,734 | 1,703,798 | ||||||
Banco Santander SA(1) | 176,292 | 1,322,668 | ||||||
Grifols SA†(1) | 82,080 | 1,326,508 | ||||||
Inditex SA(1) | 20,060 | 1,703,562 | ||||||
Red Electrica Corp. SA(1) | 13,559 | 596,311 | ||||||
8,494,155 | ||||||||
Sweden — 2.2% |
| |||||||
Alfa Laval AB(1) | 55,400 | 1,068,612 | ||||||
Atlas Copco AB, Class A(1) | 88,550 | 1,903,127 | ||||||
Hennes & Mauritz AB, Class B(1) | 30,470 | 967,381 | ||||||
Kinnevik Investment AB, Class B(1) | 33,072 | 671,506 | ||||||
Svenska Cellulosa AB, Class B(1) | 12,011 | 178,688 | ||||||
Swedbank AB, Class A(1) | 176,036 | 2,356,658 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 268,430 | 2,856,710 | ||||||
Volvo AB, Class B(1) | 81,681 | 940,300 | ||||||
10,942,982 | ||||||||
Switzerland — 8.3% |
| |||||||
ABB, Ltd.†(1) | 103,591 | 1,963,139 | ||||||
Adecco SA†(1) | 17,037 | 740,148 | ||||||
Cie Financiere Richemont SA, Class A(1) | 16,837 | 910,393 | ||||||
Givaudan SA†(1) | 1,170 | 1,090,831 | ||||||
Julius Baer Group, Ltd.†(1) | 100,569 | 3,597,395 | ||||||
Nestle SA(1) | 185,730 | 10,414,255 | ||||||
Novartis AG(1) | 92,460 | 4,989,404 | ||||||
Roche Holding AG(1) | 25,164 | 4,002,499 | ||||||
SGS SA(1) | 640 | 1,080,517 | ||||||
Sonova Holding AG†(1) | 8,011 | 836,895 | ||||||
Swatch Group AG, Class B(1) | 4,470 | 1,742,251 | ||||||
Swiss Re AG†(1) | 16,188 | 852,799 | ||||||
Syngenta AG†(1) | 15,436 | 4,552,842 | ||||||
UBS AG†(1) | 241,430 | 2,967,747 | ||||||
Zurich Financial Services AG†(1) | 5,130 | 1,128,154 | ||||||
40,869,269 | ||||||||
Taiwan — 1.8% |
| |||||||
Hon Hai Precision Industry Co., Ltd.(1) | 745,100 | 2,022,588 | ||||||
HTC Corp.(1) | 29,100 | 478,562 | ||||||
MediaTek, Inc.(1) | 96,000 | 912,528 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 710,269 | 1,788,646 |
145
Table of Contents
VALIC Company I International Growth Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Taiwan (continued) |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR# | 297,810 | $ | 3,847,705 | |||||
9,050,029 | ||||||||
Thailand — 0.3% |
| |||||||
Kasikornbank PCL NVDR(1) | 393,900 | 1,515,516 | ||||||
Turkey — 0.4% |
| |||||||
Akbank TAS(1) | 261,997 | 927,911 | ||||||
Turkiye Garanti Bankasi AS(1) | 351,578 | 1,206,480 | ||||||
2,134,391 | ||||||||
United Kingdom — 20.6% |
| |||||||
Admiral Group PLC(1) | 68,575 | 994,927 | ||||||
Aggreko PLC(1) | 26,454 | 788,402 | ||||||
Antofagasta PLC(1) | 90,258 | 1,690,425 | ||||||
ARM Holdings PLC(1) | 255,500 | 2,398,493 | ||||||
Barclays PLC(1) | 201,260 | 579,105 | ||||||
BG Group PLC(1) | 361,788 | 7,764,056 | ||||||
British American Tobacco PLC(1) | 121,407 | 5,634,769 | ||||||
British Sky Broadcasting Group PLC(1) | 56,620 | 683,052 | ||||||
Burberry Group PLC(1) | 136,910 | 2,744,501 | ||||||
Capita Group PLC#(1) | 112,972 | 1,122,070 | ||||||
Carnival PLC(1) | 41,637 | 1,446,867 | ||||||
Centrica PLC(1) | 265,683 | 1,264,161 | ||||||
Compass Group PLC(1) | 661,871 | 6,129,286 | ||||||
Diageo PLC(1) | 148,188 | 3,167,934 | ||||||
GlaxoSmithKline PLC(1) | 156,129 | 3,459,541 | ||||||
Hays PLC(1) | 446,345 | 516,205 | ||||||
HSBC Holdings PLC (Hong Kong)#(1) | 188,940 | 1,490,106 | ||||||
HSBC Holdings PLC (London)#(1) | 479,618 | 3,740,264 | ||||||
Imperial Tobacco Group PLC(1) | 74,164 | 2,668,515 | ||||||
International Power PLC(1) | 179,564 | 949,143 | ||||||
Kingfisher PLC(1) | 661,474 | 2,665,530 | ||||||
Lloyds Banking Group PLC†(1) | 2,185,841 | 859,831 | ||||||
National Grid PLC(1) | 250,260 | 2,458,874 | ||||||
Next PLC(1) | 39,991 | 1,689,562 | ||||||
Reckitt Benckiser Group PLC(1) | 84,192 | 4,255,772 | ||||||
Reed Elsevier PLC(1) | 235,389 | 1,955,343 | ||||||
Rio Tinto PLC(1) | 108,520 | 5,744,553 | ||||||
Royal Dutch Shell PLC, Class A(1) | 69,430 | 2,433,429 | ||||||
Royal Dutch Shell PLC, Class B(1) | 181,915 | 6,553,271 | ||||||
Smith & Nephew PLC(1) | 127,570 | 1,167,373 | ||||||
Smiths Group PLC(1) | 76,633 | 1,144,716 | ||||||
Standard Chartered PLC(1) | 185,634 | 4,053,142 | ||||||
Tesco PLC(1) | 633,617 | 4,041,107 | ||||||
Unilever PLC(1) | 64,590 | 2,170,087 | ||||||
Vodafone Group PLC(1) | 1,281,983 | 3,477,906 | ||||||
Weir Group PLC(1) | 57,700 | 1,877,778 | ||||||
Whitbread PLC(1) | 40,040 | 1,035,009 | ||||||
WM Morrison Supermarkets PLC(1) | 566,240 | 2,868,414 | ||||||
Xstrata PLC(1) | 122,260 | 1,969,198 | ||||||
101,652,717 | ||||||||
United States — 0.3% |
| |||||||
MercadoLibre, Inc.# | 7,760 | 680,474 | ||||||
Synthes, Inc.*(1) | 4,179 | 691,069 | ||||||
1,371,543 | ||||||||
Total Common Stock |
| |||||||
(cost $458,728,335) | 473,420,758 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED STOCK — 1.0% |
| |||||||
Brazil — 0.7% |
| |||||||
Banco Bradesco SA ADR | 136,170 | $ | 2,246,805 | |||||
Petroleo Brasileiro SA ADR | 42,281 | 1,059,985 | ||||||
3,306,790 | ||||||||
Germany — 0.3% |
| |||||||
Volkswagen AG(1) | 8,778 | 1,507,442 | ||||||
Total Preferred Stock |
| |||||||
(cost $4,885,409) | 4,814,232 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $463,613,745) | 478,234,990 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.7% |
| |||||||
Collective Investment Pool — 11.1% |
| |||||||
Navigator Securities Lending Prime Portfolio(4) | 54,834,050 | 54,834,050 | ||||||
Commercial Paper — 0.01% | ||||||||
Barclays U.S. Funding LLC(1) | $ | 541,000 | 541,000 | |||||
Time Deposits — 2.5% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 | 12,307,000 | 12,307,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $67,682,049) | 67,682,050 | |||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $531,295,794)(3) | 110.6 | % | 545,917,040 | |||||
Liabilities in excess of other assets | (10.6 | ) | (52,157,608 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 493,759,432 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $850,318 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
** | See Note 1 |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $433,725,180 representing 87.8% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
GDR—Global Depository Receipt
LSE—London Stock Exchange
NVDR—Non-Voting Depository Receipt
NYSE—New York Stock Exchange
OTC—Over The Counter US
SDR—Swedish Depository Receipt
TSX—Toronto Stock Exchange
146
Table of Contents
VALIC Company I International Growth Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
France | $ | — | $ | 43,138,245 | # | $ | — | $ | 43,138,245 | |||||||
Germany | — | 39,733,647 | # | — | 39,733,647 | |||||||||||
Japan | — | 62,512,786 | # | — | 62,512,786 | |||||||||||
Switzerland | — | 40,869,269 | # | — | 40,869,269 | |||||||||||
United Kingdom | — | 101,652,717 | # | — | 101,652,717 | |||||||||||
Other Countries* | 41,203,020 | 144,311,074 | # | 0 | 185,514,094 | |||||||||||
Preferred Stock | 3,306,790 | 1,507,442 | # | — | 4,814,232 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 54,834,050 | — | 54,834,050 | ||||||||||||
Commercial Paper | — | 541,000 | — | 541,000 | ||||||||||||
Time Deposits | — | 12,307,000 | — | 12,307,000 | ||||||||||||
Total | $ | 44,509,810 | $ | 501,407,230 | $ | 0 | $ | 545,917,040 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
** | See Note 1 |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $433,725,180 representing 87.8% of net assets. See Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2011 | $ | 0 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized gain | — | |||
Realized loss | — | |||
Change in unrealized appreciation(1) | — | |||
Change in unrealized depreciation(1) | — | |||
Net purchases | — | |||
Net sales | — | |||
Transfers into Level 3(2) | — | |||
Transfers out of Level 3(2) | — | |||
Balance as of 11/30/2011 | $ | 0 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | ||||
$ | — | |||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
147
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 7.8 | % | ||
Oil Companies — Integrated | 6.9 | |||
Medical — Drugs | 5.3 | |||
Computers | 4.9 | |||
Diversified Banking Institutions | 4.4 | |||
Oil Companies — Exploration & Production | 3.1 | |||
Web Portals/ISP | 2.9 | |||
Semiconductor Components — Integrated Circuits | 2.8 | |||
Commercial Services — Finance | 2.7 | |||
Oil — Field Services | 2.7 | |||
Computer Services | 2.7 | |||
Tobacco | 2.6 | |||
Cosmetics & Toiletries | 2.5 | |||
Diversified Manufacturing Operations | 2.4 | |||
Food — Misc. | 2.4 | |||
Investment Management/Advisor Services | 2.3 | |||
Medical Products | 2.3 | |||
Electronic Security Devices | 2.3 | |||
Auto/Truck Parts & Equipment — Original | 2.2 | |||
Chemicals — Diversified | 2.1 | |||
Medical — HMO | 2.1 | |||
E-Commerce/Products | 2.0 | |||
Insurance — Reinsurance | 1.8 | |||
Repurchase Agreements | 1.8 | |||
Cable/Satellite TV | 1.7 | |||
Instruments — Controls | 1.7 | |||
Pharmacy Services | 1.7 | |||
Retail — Drug Store | 1.7 | |||
Enterprise Software/Service | 1.5 | |||
Beverages — Non-alcoholic | 1.5 | |||
Publishing — Periodicals | 1.4 | |||
Computers — Memory Devices | 1.3 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Banks — Fiduciary | 1.2 | |||
Banks — Super Regional | 1.0 | |||
Retail — Regional Department Stores | 1.0 | |||
Transport — Rail | 0.9 | |||
Beverages — Wine/Spirits | 0.9 | |||
Cellular Telecom | 0.9 | |||
Retail — Building Products | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Broadcast Services/Program | 0.9 | |||
Medical — Generic Drugs | 0.9 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Oil Field Machinery & Equipment | 0.9 | |||
Home Decoration Products | 0.9 | |||
Multimedia | 0.8 | |||
Entertainment Software | 0.8 | |||
Telecom Equipment — Fiber Optics | 0.7 | |||
Instruments — Scientific | 0.7 | |||
Applications Software | 0.6 | |||
Transport — Services | 0.6 | |||
Agricultural Chemicals | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Electronic Components — Semiconductors | 0.5 | |||
Electric — Integrated | 0.5 | |||
Vitamins & Nutrition Products | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
108.0 | % | |||
* | Calculated as a percentage of net assets |
148
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VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.4% | ||||||||
Aerospace/Defense - Equipment — 1.3% | ||||||||
United Technologies Corp. | 20,900 | $ | 1,600,940 | |||||
Agricultural Chemicals — 0.6% | ||||||||
Monsanto Co. | 6,713 | 493,070 | ||||||
Potash Corp. of Saskatchewan, Inc. | 5,546 | 240,363 | ||||||
733,433 | ||||||||
Applications Software — 0.6% | ||||||||
Microsoft Corp. | 31,270 | 799,887 | ||||||
Auto/Truck Parts & Equipment - Original — 2.2% | ||||||||
Delphi Automotive PLC† | 41,705 | 869,132 | ||||||
Johnson Controls, Inc. | 60,400 | 1,901,392 | ||||||
2,770,524 | ||||||||
Banks - Fiduciary — 1.2% | ||||||||
State Street Corp. | 37,553 | 1,488,976 | ||||||
Banks - Super Regional — 1.0% | ||||||||
Wells Fargo & Co. | 48,500 | 1,254,210 | ||||||
Beverages - Non-alcoholic — 1.5% | ||||||||
PepsiCo, Inc.# | 28,700 | 1,836,800 | ||||||
Beverages - Wine/Spirits — 0.9% | ||||||||
Diageo PLC ADR | 13,500 | 1,155,735 | ||||||
Broadcast Services/Program — 0.9% | ||||||||
Discovery Communications, Inc., Class A†# | 26,600 | 1,116,668 | ||||||
Cable/Satellite TV — 1.7% | ||||||||
Comcast Corp., Class A | 93,700 | 2,124,179 | ||||||
Cellular Telecom — 0.9% | ||||||||
Vodafone Group PLC ADR | 42,100 | 1,143,015 | ||||||
Chemicals - Diversified — 2.1% | ||||||||
Air Products & Chemicals, Inc.# | 10,000 | 837,500 | ||||||
Celanese Corp., Series A# | 24,900 | 1,157,601 | ||||||
E.I. du Pont de Nemours & Co. | 13,700 | 653,764 | ||||||
2,648,865 | ||||||||
Commercial Services - Finance — 2.7% | ||||||||
Mastercard, Inc., Class A | 9,000 | 3,370,950 | ||||||
Computer Services — 2.7% | ||||||||
International Business Machines Corp.# | 17,600 | 3,308,800 | ||||||
Computers — 4.9% | ||||||||
Apple, Inc.† | 15,900 | 6,076,980 | ||||||
Computers - Memory Devices — 1.3% | ||||||||
EMC Corp.† | 70,700 | 1,626,807 | ||||||
Cosmetics & Toiletries — 2.5% | ||||||||
Procter & Gamble Co. | 47,606 | 3,073,919 | ||||||
Diversified Banking Institutions — 4.4% | ||||||||
Citigroup, Inc. | 28,092 | 771,968 | ||||||
Goldman Sachs Group, Inc. | 16,100 | 1,543,346 | ||||||
JPMorgan Chase & Co. | 102,500 | 3,174,425 | ||||||
5,489,739 | ||||||||
Diversified Manufacturing Operations — 2.4% | ||||||||
General Electric Co. | 187,400 | 2,981,534 | ||||||
E-Commerce/Products — 2.0% | ||||||||
eBay, Inc.† | 85,900 | 2,541,781 | ||||||
Electric - Integrated — 0.5% | ||||||||
Exelon Corp. | 13,600 | 602,616 | ||||||
Electronic Components - Semiconductors — 0.5% | ||||||||
Rovi Corp.† | 22,246 | 617,326 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Security Devices — 2.3% | ||||||||
Tyco International, Ltd. | 58,600 | $ | 2,810,456 | |||||
Enterprise Software/Service — 1.5% | ||||||||
Oracle Corp. | 58,800 | 1,843,380 | ||||||
Entertainment Software — 0.8% | ||||||||
Electronic Arts, Inc.†# | 42,600 | 987,894 | ||||||
Food - Misc. — 2.4% | ||||||||
Kraft Foods, Inc., Class A | 48,901 | 1,767,771 | ||||||
Unilever NV | 34,595 | 1,180,036 | ||||||
2,947,807 | ||||||||
Home Decoration Products — 0.9% | ||||||||
Newell Rubbermaid, Inc.# | 69,700 | 1,066,410 | ||||||
Instruments - Controls — 1.7% | ||||||||
Honeywell International, Inc. | 39,200 | 2,122,680 | ||||||
Instruments - Scientific — 0.7% | ||||||||
Thermo Fisher Scientific, Inc.† | 17,500 | 826,875 | ||||||
Insurance - Multi - line — 0.6% | ||||||||
MetLife, Inc. | 23,200 | 730,336 | ||||||
Insurance - Reinsurance — 1.8% | ||||||||
Berkshire Hathaway, Inc., Class B† | 28,500 | 2,244,660 | ||||||
Investment Management/Advisor Services — 2.3% | ||||||||
BlackRock, Inc.# | 9,400 | 1,617,176 | ||||||
Invesco, Ltd.# | 63,200 | 1,279,800 | ||||||
2,896,976 | ||||||||
Medical Products — 2.3% | ||||||||
Baxter International, Inc. | 19,252 | 994,558 | ||||||
CareFusion Corp.† | 24,800 | 614,544 | ||||||
Covidien PLC | 26,598 | 1,211,539 | ||||||
2,820,641 | ||||||||
Medical - Biomedical/Gene — 0.9% | ||||||||
Celgene Corp.†# | 18,000 | 1,135,440 | ||||||
Medical - Drugs — 5.3% | ||||||||
Abbott Laboratories | 21,800 | 1,189,190 | ||||||
Johnson & Johnson | 42,016 | 2,719,276 | ||||||
Pfizer, Inc. | 134,100 | 2,691,387 | ||||||
6,599,853 | ||||||||
Medical - Generic Drugs — 0.9% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 28,100 | 1,113,041 | ||||||
Medical - HMO — 2.1% | ||||||||
Cigna Corp. | 27,996 | 1,238,263 | ||||||
WellPoint, Inc. | 19,800 | 1,396,890 | ||||||
2,635,153 | ||||||||
Medical - Wholesale Drug Distribution — 0.9% | ||||||||
Cardinal Health, Inc. | 26,132 | 1,109,565 | ||||||
Multimedia — 0.8% | ||||||||
Viacom, Inc., Class B | 22,300 | 998,148 | ||||||
Oil Companies - Exploration & Production — 3.1% | ||||||||
Apache Corp. | 13,400 | 1,332,496 | ||||||
Devon Energy Corp. | 19,400 | 1,269,924 | ||||||
Occidental Petroleum Corp. | 12,000 | 1,186,800 | ||||||
3,789,220 | ||||||||
149
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Companies - Integrated — 6.9% | ||||||||
Chevron Corp. | 30,800 | $ | 3,166,856 | |||||
ConocoPhillips | 21,200 | 1,511,984 | ||||||
Exxon Mobil Corp. | 47,800 | 3,845,032 | ||||||
8,523,872 | ||||||||
Oil Field Machinery & Equipment — 0.9% | ||||||||
National Oilwell Varco, Inc.# | 15,000 | 1,075,500 | ||||||
Oil - Field Services — 2.7% | ||||||||
Baker Hughes, Inc. | 23,500 | 1,283,335 | ||||||
Halliburton Co. | 21,301 | 783,877 | ||||||
Weatherford International, Ltd.† | 82,336 | 1,248,214 | ||||||
3,315,426 | ||||||||
Pharmacy Services — 1.7% | ||||||||
Express Scripts, Inc.†# | 21,000 | 958,650 | ||||||
Medco Health Solutions, Inc.† | 20,300 | 1,150,401 | ||||||
2,109,051 | ||||||||
Publishing - Periodicals — 1.4% | ||||||||
Nielsen Holdings NV† | 61,800 | 1,795,290 | ||||||
Retail - Building Products — 0.9% | ||||||||
Home Depot, Inc. | 29,000 | 1,137,380 | ||||||
Retail - Drug Store — 1.7% | ||||||||
CVS Caremark Corp. | 53,700 | 2,085,708 | ||||||
Retail - Regional Department Stores — 1.0% | ||||||||
Kohl’s Corp.# | 23,021 | 1,238,530 | ||||||
Semiconductor Components - Integrated Circuits — 2.8% |
| |||||||
Analog Devices, Inc. | 32,023 | 1,116,322 | ||||||
QUALCOMM, Inc. | 43,100 | 2,361,880 | ||||||
3,478,202 | ||||||||
Semiconductor Equipment — 0.3% | ||||||||
Lam Research Corp.† | 7,852 | 320,126 | ||||||
Telecom Equipment - Fiber Optics — 0.7% | ||||||||
Corning, Inc. | 64,905 | 861,289 | ||||||
Tobacco — 2.6% | ||||||||
Philip Morris International, Inc. | 43,100 | 3,285,944 | ||||||
Transport - Rail — 0.9% | ||||||||
Union Pacific Corp. | 11,300 | 1,168,533 | ||||||
Transport - Services — 0.6% | ||||||||
FedEx Corp. | 9,019 | 749,299 | ||||||
Vitamins & Nutrition Products — 0.3% | ||||||||
Herbalife, Ltd. | 7,400 | 409,220 | ||||||
Web Portals/ISP — 2.9% | ||||||||
Google, Inc., Class A† | 6,000 | 3,596,340 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $117,042,621) | 122,191,929 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.8% |
| |||||||
Collective Investment Pool — 7.8% | ||||||||
Navigator Securities Lending Prime Portfolio(1)(2) | 9,654,776 | 9,654,776 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 1.8% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01% dated 11/30/11 to be repurchased 12/01/11 in the amount of $2,186,001 and collateralized by $2,025,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.01%, due 01/15/14 and having an approximate value of $2,232,563 | $ | 2,186,000 | $ | 2,186,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $128,883,397)(3) | 108.0 | % | 134,032,705 | |||||
Liabilities in excess of other assets | (8.0 | ) | (9,925,833 | ) | ||||
NET ASSETS | 100.0 | % | $ | 124,106,872 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | At November 30, 2011, the Fund had loaned securities with a total value of $13,149,121. This was secured by collateral of $9,654,776, which was received in cash and subsequently invested in short-term investments currently valued at $9,654,776 as reported in the portfolio of investments. The remaining collateral of $3,378,656 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 07/15/14 | ||
Federal Home Loan Mtg. Corp. | 4.00% to 5.00% | 03/15/32 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/15/37 to 08/25/41 | ||
United States Treasury Bills | zero coupon | 12/22/11 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
150
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Medical-Drugs | $ | 6,599,853 | $ | — | $ | — | $ | 6,599,853 | ||||||||
Oil Companies - Integrated | 8,523,872 | — | — | 8,523,872 | ||||||||||||
Other Industries* | 107,068,204 | — | — | 107,068,204 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 9,654,776 | — | 9,654,776 | ||||||||||||
Repurchase Agreement | — | 2,186,000 | — | 2,186,000 | ||||||||||||
Total | $ | 122,191,929 | $ | 11,840,776 | $ | — | $ | 134,032,705 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
151
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Computers | 7.2 | % | ||
Web Portals/ISP | 4.8 | |||
Collective Investment Pool | 4.8 | |||
Oil Companies — Exploration & Production | 4.2 | |||
E-Commerce/Products | 3.3 | |||
Commercial Services — Finance | 3.2 | |||
Oil — Field Services | 3.1 | |||
Retail — Restaurants | 3.1 | |||
Computers — Memory Devices | 2.9 | |||
Cable/Satellite TV | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.6 | |||
Cosmetics & Toiletries | 2.5 | |||
Medical — Biomedical/Gene | 2.5 | |||
Computer Services | 2.4 | |||
Electronic Components — Semiconductors | 2.2 | |||
Applications Software | 2.1 | |||
Medical — Drugs | 1.9 | |||
Oil Field Machinery & Equipment | 1.8 | |||
Apparel Manufacturers | 1.7 | |||
Repurchase Agreements | 1.7 | |||
Retail — Discount | 1.6 | |||
Metal Processors & Fabrication | 1.5 | |||
Medical — HMO | 1.5 | |||
Wireless Equipment | 1.5 | |||
Transport — Rail | 1.5 | |||
Oil & Gas Drilling | 1.4 | |||
Athletic Footwear | 1.4 | |||
Medical Products | 1.4 | |||
Casino Hotels | 1.3 | |||
Engineering/R&D Services | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Networking Products | 1.2 | |||
Time Deposits | 1.1 | |||
Agricultural Chemicals | 1.1 | |||
Retail — Drug Store | 1.1 | |||
Transport — Services | 1.1 | |||
E-Commerce/Services | 1.1 | |||
Retail — Regional Department Stores | 1.0 | |||
Electronic Measurement Instruments | 1.0 | |||
Instruments — Controls | 1.0 | |||
Enterprise Software/Service | 0.9 | |||
Diversified Banking Institutions | 0.9 | |||
Medical Instruments | 0.9 | |||
Mining | 0.9 | |||
Pharmacy Services | 0.8 | |||
Machinery — Construction & Mining | 0.7 | |||
Computers — Integrated Systems | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Software Tools | 0.6 | |||
Electric Products — Misc. | 0.5 | |||
Coffee | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Metal — Copper | 0.5 | |||
Medical Information Systems | 0.5 | |||
Home Furnishings | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Transport — Truck | 0.4 | |||
Steel — Producers | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Vitamins & Nutrition Products | 0.4 | |||
Tobacco | 0.4 | |||
Electronic Design Automation | 0.4 | |||
Retail — Building Products | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Cellular Telecom | 0.3 | |||
Metal — Iron | 0.3 |
Retail — Auto Parts | 0.3 | |||
Hotels/Motels | 0.3 | |||
Semiconductor Equipment | 0.2 | |||
Coal | 0.2 | |||
Food — Retail | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Metal — Diversified | 0.1 | |||
104.4 | % | |||
* | Calculated as a percentage of net assets |
152
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.8% | ||||||||
Aerospace/Defense — 0.5% | ||||||||
Boeing Co. | 26,717 | $ | 1,835,191 | |||||
Agricultural Chemicals — 1.1% | ||||||||
Monsanto Co.# | 18,740 | 1,376,453 | ||||||
Mosaic Co. | 23,466 | 1,238,066 | ||||||
Potash Corp. of Saskatchewan, Inc. | 28,236 | 1,223,748 | ||||||
3,838,267 | ||||||||
Apparel Manufacturers — 1.7% | ||||||||
Coach, Inc. | 55,067 | 3,446,644 | ||||||
Prada SpA†(1) | 243,000 | 1,198,947 | ||||||
Ralph Lauren Corp.# | 7,853 | 1,114,027 | ||||||
5,759,618 | ||||||||
Applications Software — 2.1% | ||||||||
Check Point Software Technologies, Ltd.†# | 24,941 | 1,380,235 | ||||||
Citrix Systems, Inc.† | 32,368 | 2,310,752 | ||||||
Intuit, Inc. | 16,016 | 852,692 | ||||||
Red Hat, Inc.† | 18,631 | 933,040 | ||||||
Salesforce.com, Inc.†# | 14,947 | 1,770,024 | ||||||
7,246,743 | ||||||||
Athletic Footwear — 1.4% | ||||||||
NIKE, Inc., Class B | 50,179 | 4,826,216 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% | ||||||||
BorgWarner, Inc.†# | 9,985 | 658,211 | ||||||
Beverages - Non-alcoholic — 0.7% | ||||||||
Coca-Cola Co. | 24,094 | 1,619,840 | ||||||
Hansen Natural Corp.† | 9,495 | 875,439 | ||||||
2,495,279 | ||||||||
Cable/Satellite TV — 2.8% | ||||||||
Comcast Corp., Class A | 159,422 | 3,614,097 | ||||||
DIRECTV, Class A† | 129,051 | 6,093,788 | ||||||
9,707,885 | ||||||||
Casino Hotels — 1.3% | ||||||||
Las Vegas Sands Corp.† | 99,050 | 4,626,626 | ||||||
Cellular Telecom — 0.3% | ||||||||
America Movil SAB de CV, Series L ADR | 40,962 | 975,715 | ||||||
Chemicals - Diversified — 0.4% | ||||||||
FMC Corp. | 17,046 | 1,430,500 | ||||||
Coal — 0.2% | ||||||||
Alpha Natural Resources, Inc.† | 33,636 | 807,264 | ||||||
Coffee — 0.5% | ||||||||
Green Mountain Coffee Roasters, Inc.†# | 35,829 | 1,878,514 | ||||||
Commercial Services - Finance — 3.2% | ||||||||
Mastercard, Inc., Class A | 14,820 | 5,550,831 | ||||||
Visa, Inc., Class A | 56,605 | 5,488,987 | ||||||
11,039,818 | ||||||||
Computer Services — 2.4% | ||||||||
Accenture PLC, Class A | 18,664 | 1,081,206 | ||||||
Cognizant Technology Solutions Corp., Class A† | 54,486 | 3,669,632 | ||||||
International Business Machines Corp. | 18,088 | 3,400,544 | ||||||
8,151,382 | ||||||||
Computers — 7.2% | ||||||||
Apple, Inc.† | 65,102 | 24,881,984 | ||||||
Computers - Integrated Systems — 0.7% | ||||||||
Riverbed Technology, Inc.†# | 40,552 | 1,054,352 | ||||||
Teradata Corp.† | 27,395 | 1,485,631 | ||||||
2,539,983 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 2.9% | ||||||||
EMC Corp.†# | 309,974 | $ | 7,132,502 | |||||
NetApp, Inc.† | 58,864 | 2,167,961 | ||||||
SanDisk Corp.† | 12,599 | 621,257 | ||||||
9,921,720 | ||||||||
Cosmetics & Toiletries — 2.5% | ||||||||
Colgate - Palmolive Co. | 9,656 | 883,524 | ||||||
Estee Lauder Cos., Inc., Class A | 14,206 | 1,676,024 | ||||||
Procter & Gamble Co. | 94,295 | 6,088,628 | ||||||
8,648,176 | ||||||||
Diversified Banking Institutions — 0.9% | ||||||||
JPMorgan Chase & Co. | 103,656 | 3,210,226 | ||||||
Diversified Manufacturing Operations — 1.2% | ||||||||
Danaher Corp. | 61,304 | 2,965,887 | ||||||
Ingersoll - Rand PLC# | 39,198 | 1,298,238 | ||||||
4,264,125 | ||||||||
E-Commerce/Products — 3.3% | ||||||||
Amazon.com, Inc.† | 44,846 | 8,623,437 | ||||||
eBay, Inc.† | 49,923 | 1,477,222 | ||||||
MercadoLibre, Inc.# | 16,339 | 1,432,767 | ||||||
11,533,426 | ||||||||
E-Commerce/Services — 1.1% | ||||||||
IAC/InterActive Corp.# | 33,076 | 1,385,223 | ||||||
priceline.com, Inc.† | 4,605 | 2,237,523 | ||||||
3,622,746 | ||||||||
Electric Products - Misc. — 0.5% | ||||||||
AMETEK, Inc. | 43,920 | 1,881,533 | ||||||
Electronic Components - Semiconductors — 2.2% | ||||||||
Broadcom Corp., Class A† | 70,527 | 2,140,142 | ||||||
Rovi Corp.†# | 77,659 | 2,155,037 | ||||||
Texas Instruments, Inc. | 81,888 | 2,464,829 | ||||||
Xilinx, Inc. | 22,582 | 738,657 | ||||||
7,498,665 | ||||||||
Electronic Design Automation — 0.4% | ||||||||
Cadence Design Systems, Inc.†# | 115,883 | 1,267,760 | ||||||
Electronic Measurement Instruments — 1.0% | ||||||||
Agilent Technologies, Inc.† | 89,782 | 3,366,825 | ||||||
Engineering/R&D Services — 1.3% | ||||||||
ABB, Ltd. ADR† | 138,155 | 2,620,800 | ||||||
Foster Wheeler AG†# | 94,509 | 1,753,142 | ||||||
4,373,942 | ||||||||
Engines - Internal Combustion — 0.5% | ||||||||
Cummins, Inc. | 18,130 | 1,746,463 | ||||||
Enterprise Software/Service — 0.9% | ||||||||
Oracle Corp. | 104,181 | 3,266,074 | ||||||
Finance - Credit Card — 0.7% | ||||||||
American Express Co. | 50,327 | 2,417,709 | ||||||
Food - Retail — 0.2% | ||||||||
Kroger Co. | 34,225 | 793,336 | ||||||
Home Furnishings — 0.5% | ||||||||
Tempur - Pedic International, Inc.†# | 31,525 | 1,721,580 | ||||||
Hotel/Motels — 0.3% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 19,178 | 914,407 | ||||||
Instruments - Controls — 1.0% | ||||||||
Honeywell International, Inc. | 61,992 | 3,356,867 | ||||||
153
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Internet Infrastructure Software — 0.2% | ||||||||
F5 Networks, Inc.†# | 5,907 | $ | 667,668 | |||||
Investment Management/Advisor Services — 1.2% |
| |||||||
BlackRock, Inc. | 11,476 | 1,974,331 | ||||||
Invesco, Ltd. | 107,072 | 2,168,208 | ||||||
4,142,539 | ||||||||
Machinery - Construction & Mining — 0.7% | ||||||||
Caterpillar, Inc. | 26,128 | 2,557,409 | ||||||
Medical Information Systems — 0.5% | ||||||||
Allscripts Healthcare Solutions, Inc.†# | 88,688 | 1,725,868 | ||||||
Medical Instruments — 0.9% | ||||||||
Intuitive Surgical, Inc.† | 4,186 | 1,817,603 | ||||||
St. Jude Medical, Inc. | 34,465 | 1,324,835 | ||||||
3,142,438 | ||||||||
Medical Products — 1.4% | ||||||||
Baxter International, Inc. | 24,019 | 1,240,822 | ||||||
Covidien PLC | 39,354 | 1,792,575 | ||||||
Stryker Corp.# | 35,328 | 1,725,066 | ||||||
4,758,463 | ||||||||
Medical - Biomedical/Gene — 2.5% | ||||||||
Alexion Pharmaceuticals, Inc.†# | 23,791 | 1,633,490 | ||||||
Biogen Idec, Inc.† | 17,065 | 1,961,622 | ||||||
Celgene Corp.† | 38,638 | 2,437,285 | ||||||
Gilead Sciences, Inc.† | 61,039 | 2,432,404 | ||||||
8,464,801 | ||||||||
Medical - Drugs — 1.9% | ||||||||
Allergan, Inc. | 62,666 | 5,246,397 | ||||||
Pharmasset, Inc.†# | 9,718 | 1,272,961 | ||||||
6,519,358 | ||||||||
Medical - Generic Drugs — 0.3% | ||||||||
Watson Pharmaceuticals, Inc.†# | 15,638 | 1,010,528 | ||||||
Medical - HMO — 1.5% | ||||||||
UnitedHealth Group, Inc. | 108,654 | 5,299,056 | ||||||
Metal Processors & Fabrication — 1.5% | ||||||||
Precision Castparts Corp. | 32,331 | 5,326,532 | ||||||
Metal - Copper — 0.5% | ||||||||
Freeport - McMoRan Copper & Gold, Inc. | 43,927 | 1,739,509 | ||||||
Metal - Diversified — 0.1% | ||||||||
Molycorp, Inc.†# | 11,912 | 403,221 | ||||||
Metal - Iron — 0.3% | ||||||||
Cliffs Natural Resources, Inc. | 14,078 | 954,629 | ||||||
Mining — 0.9% | ||||||||
Goldcorp, Inc. | 56,892 | 3,054,531 | ||||||
Networking Products — 1.2% | ||||||||
Acme Packet, Inc.†# | 58,206 | 1,945,827 | ||||||
Cisco Systems, Inc. | 111,586 | 2,079,963 | ||||||
4,025,790 | ||||||||
Oil & Gas Drilling — 1.4% | ||||||||
Ensco PLC ADR | 96,161 | 4,997,487 | ||||||
Oil Companies - Exploration & Production — 4.2% |
| |||||||
Anadarko Petroleum Corp. | 77,112 | 6,266,892 | ||||||
Apache Corp. | 11,178 | 1,111,540 | ||||||
Cabot Oil & Gas Corp. | 23,821 | 2,110,303 | ||||||
Noble Energy, Inc. | 12,205 | 1,200,850 | ||||||
Occidental Petroleum Corp. | 37,467 | 3,705,486 | ||||||
14,395,071 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Field Machinery & Equipment — 1.8% | ||||||||
Cameron International Corp.† | 110,069 | $ | 5,942,625 | |||||
National Oilwell Varco, Inc.# | 5,005 | 358,859 | ||||||
6,301,484 | ||||||||
Oil - Field Services — 3.1% | ||||||||
Halliburton Co. | 137,537 | 5,061,362 | ||||||
Schlumberger, Ltd. | 46,483 | 3,501,564 | ||||||
Weatherford International, Ltd.† | 146,738 | 2,224,548 | ||||||
10,787,474 | ||||||||
Pharmacy Services — 0.8% | ||||||||
Express Scripts, Inc.† | 63,687 | 2,907,312 | ||||||
Retail - Auto Parts — 0.3% | ||||||||
AutoZone, Inc.† | 2,881 | 946,063 | ||||||
Retail - Building Products — 0.3% | ||||||||
Home Depot, Inc. | 26,499 | 1,039,291 | ||||||
Retail - Discount — 1.6% | ||||||||
Costco Wholesale Corp. | 28,604 | 2,439,921 | ||||||
Dollar Tree, Inc.†# | 6,714 | 547,124 | ||||||
Target Corp. | 46,940 | 2,473,738 | ||||||
5,460,783 | ||||||||
Retail - Drug Store — 1.1% | ||||||||
CVS Caremark Corp. | 95,611 | 3,713,531 | ||||||
Retail - Regional Department Stores — 1.0% | ||||||||
Macy’s, Inc. | 106,866 | 3,454,978 | ||||||
Retail - Restaurants — 3.1% | ||||||||
Chipotle Mexican Grill, Inc.†# | 2,191 | 704,538 | ||||||
McDonald’s Corp. | 43,700 | 4,174,224 | ||||||
Starbucks Corp. | 130,252 | 5,663,357 | ||||||
10,542,119 | ||||||||
Semiconductor Components - Integrated Circuits — 2.6% |
| |||||||
Atmel Corp.†# | 13,411 | 118,955 | ||||||
QUALCOMM, Inc. | 164,101 | 8,992,735 | ||||||
9,111,690 | ||||||||
Semiconductor Equipment — 0.2% | ||||||||
Lam Research Corp.† | 19,875 | 810,304 | ||||||
Software Tools — 0.6% | ||||||||
VMware, Inc., Class A† | 22,870 | 2,211,072 | ||||||
Steel - Producers — 0.4% | ||||||||
Carpenter Technology Corp.# | 27,965 | 1,514,025 | ||||||
Telecom Equipment - Fiber Optics — 0.5% | ||||||||
Corning, Inc. | 127,556 | 1,692,668 | ||||||
Tobacco — 0.4% |
| |||||||
Lorillard, Inc.# | 11,633 | 1,298,475 | ||||||
Transport - Rail — 1.5% |
| |||||||
Union Pacific Corp. | 50,584 | 5,230,891 | ||||||
Transport - Services — 1.1% |
| |||||||
United Parcel Service, Inc., Class B | 51,580 | 3,700,865 | ||||||
Transport - Truck — 0.4% |
| |||||||
J.B. Hunt Transport Services, Inc.# | 33,456 | 1,529,608 | ||||||
Vitamins & Nutrition Products — 0.4% |
| |||||||
Mead Johnson Nutrition Co. | 17,358 | 1,308,099 | ||||||
Web Portals/ISP — 4.8% |
| |||||||
Baidu, Inc. ADR† | 32,867 | 4,305,248 | ||||||
Google, Inc., Class A† | 20,414 | 12,235,948 | ||||||
16,541,196 | ||||||||
154
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Wireless Equipment — 1.5% |
| |||||||
American Tower Corp., Class A† | 59,749 | $ | 3,525,191 | |||||
Crown Castle International Corp.† | 40,563 | 1,716,627 | ||||||
5,241,818 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $307,613,407) | 335,033,420 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.9% |
| |||||||
Collective Investment Pool — 4.8% |
| |||||||
Navigator Securities Lending Prime Portfolio(2)(5) | 16,511,690 | 16,511,690 | ||||||
Time Deposits — 1.1% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 | $ | 3,893,000 | 3,893,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $20,404,690) | 20,404,690 | |||||||
REPURCHASE AGREEMENT — 1.7% |
| |||||||
State Street Bank & Trust Co., Joint Repurchase Agreement(3) | 5,727,000 | 5,727,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $333,745,097)(4) | 104.4 | % | 361,165,110 | |||||
Liabilities in excess of other assets | (4.4 | ) | (15,080,524 | ) | ||||
NET ASSETS | 100.0 | % | $ | 346,084,586 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $1,198,947 representing 0.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned. |
(3) | See Note 2 for details of Joint Repurchase Agreements. |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | At November 30, 2011, the Fund had loaned securities with a total value of $17,097,494. This was secured by collateral of $16,511,690, which was received in cash and subsequently invested in short-term investments currently valued at $16,511,690 as reported in the portfolio of investments. The remaining collateral of $269,005 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Mtg. Corp. | 0.26% | 01/10/13 | ||
United States Treasury Notes/Bonds | 0.75% to 1.88% | 04/30/12 to 07/15/19 |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Computers | $ | 24,881,984 | $ | — | $ | — | $ | 24,881,984 | ||||||||
Other Industries* | 308,952,489 | 1,198,947 | # | — | 310,151,436 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 16,511,690 | — | 16,511,690 | ||||||||||||
Time Deposits | — | 3,893,000 | — | 3,893,000 | ||||||||||||
Repurchase Agreement | — | 5,727,000 | — | 5,727,000 | ||||||||||||
Total | $ | 333,834,473 | $ | 27,330,637 | $ | — | $ | 361,165,110 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $1,198,947 representing 0.4% of net assets. See Note 2. |
See Notes to Financial Statements
155
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 13.2 | % | ||
Real Estate Investment Trusts | 7.9 | |||
Banks — Commercial | 3.6 | |||
Electric — Integrated | 3.5 | |||
Gas — Distribution | 2.5 | |||
Oil Companies — Exploration & Production | 2.4 | |||
Diversified Manufacturing Operations | 1.8 | |||
Distribution/Wholesale | 1.8 | |||
Retail — Apparel/Shoe | 1.8 | |||
Chemicals — Specialty | 1.7 | |||
Electronic Components — Semiconductors | 1.7 | |||
Oil — Field Services | 1.5 | |||
Computers — Integrated Systems | 1.4 | |||
Insurance — Property/Casualty | 1.4 | |||
Insurance — Reinsurance | 1.2 | |||
Containers — Paper/Plastic | 1.2 | |||
Medical Products | 1.2 | |||
Commercial Services — Finance | 1.2 | |||
Consulting Services | 1.1 | |||
Engineering/R&D Services | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Medical — Biomedical/Gene | 1.1 | |||
Investment Management/Advisor Services | 1.0 | |||
Retail — Discount | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Retail — Restaurants | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Savings & Loans/Thrifts | 0.9 | |||
Food — Misc. | 0.9 | |||
Medical — Hospitals | 0.9 | |||
Web Hosting/Design | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Medical — Generic Drugs | 0.8 | |||
Transport — Truck | 0.8 | |||
Steel — Producers | 0.8 | |||
Transactional Software | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Building — Residential/Commercial | 0.7 | |||
Electronic Design Automation | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Medical — HMO | 0.7 | |||
Transport — Marine | 0.7 | |||
Oil & Gas Drilling | 0.7 | |||
Instruments — Controls | 0.7 | |||
Transport — Rail | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Electric Products — Misc. | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Electronic Parts Distribution | 0.6 | |||
Coatings/Paint | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
Pharmacy Services | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Medical — Drugs | 0.6 | |||
Rental Auto/Equipment | 0.6 | |||
Consumer Products — Misc. | 0.6 | |||
Insurance Brokers | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Computer Aided Design | 0.5 | |||
Retail — Pet Food & Supplies | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Multimedia | 0.5 | |||
Telecom Services | 0.5 | |||
Filtration/Separation Products | 0.5 |
Retail — Gardening Products | 0.5 | |||
Data Processing/Management | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Batteries/Battery Systems | 0.5 | |||
Oil Refining & Marketing | 0.4 | |||
X-Ray Equipment | 0.4 | |||
Internet Infrastructure Software | 0.4 | |||
Coal | 0.4 | |||
Machinery — Farming | 0.4 | |||
Medical Instruments | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Recreational Vehicles | 0.4 | |||
Decision Support Software | 0.4 | |||
Food — Meat Products | 0.4 | |||
Respiratory Products | 0.4 | |||
Retail — Mail Order | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Human Resources | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Research & Development | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Medical Information Systems | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Building Products — Cement | 0.3 | |||
Applications Software | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Airlines | 0.3 | |||
Physicians Practice Management | 0.3 | |||
Retail — Catalog Shopping | 0.3 | |||
Textile — Home Furnishings | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Water | 0.3 | |||
Networking Products | 0.3 | |||
Publishing — Books | 0.3 | |||
Paper & Related Products | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Electronic Connectors | 0.3 | |||
Schools | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Quarrying | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Funeral Services & Related Items | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Retail — Automobile | 0.2 | |||
Food — Baking | 0.2 | |||
Casino Services | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Lighting Products & Systems | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Private Corrections | 0.2 | |||
Printing — Commercial | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Intimate Apparel | 0.2 | |||
Machinery — Print Trade | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Food — Retail | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 |
156
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Industry Allocation* (continued)
Medical Sterilization Products | 0.2 | % | ||
Building Products — Air & Heating | 0.2 | |||
Recreational Centers | 0.2 | |||
Wireless Equipment | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Transport — Services | 0.1 | |||
Computer Services | 0.1 | |||
Commercial Services | 0.1 | |||
Shipbuilding | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Building — Maintance & Services | 0.1 | |||
Advertising Sales | 0.1 | |||
Investment Companies | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Leisure Products | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Tobacco | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Retail — Hair Salons | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Retail — Bookstores | 0.1 | |||
Racetracks | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Food — Confectionery | 0.1 | |||
113.1 | % | |||
* | Calculated as a percentage of net assets |
157
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.7% |
| |||||||
Advertising Sales — 0.1% |
| |||||||
Lamar Advertising Co., Class A†# | 125,400 | $ | 3,045,966 | |||||
Aerospace/Defense — 0.2% |
| |||||||
Esterline Technologies Corp.† | 65,600 | 3,533,872 | ||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
Alliant Techsystems, Inc.# | 70,600 | 4,154,104 | ||||||
BE Aerospace, Inc.† | 221,100 | 8,611,845 | ||||||
Exelis, Inc. | 397,200 | 3,550,968 | ||||||
Triumph Group, Inc.# | 98,900 | 5,883,561 | ||||||
22,200,478 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.†# | 112,800 | 2,612,448 | ||||||
Airlines — 0.3% |
| |||||||
Alaska Air Group, Inc.† | 77,200 | 5,359,224 | ||||||
JetBlue Airways Corp.†# | 437,500 | 1,802,500 | ||||||
7,161,724 | ||||||||
Apparel Manufacturers — 0.5% |
| |||||||
Hanesbrands, Inc.† | 208,200 | 5,127,966 | ||||||
Under Armour, Inc., Class A†# | 78,500 | 6,384,405 | ||||||
11,512,371 | ||||||||
Applications Software — 0.3% |
| |||||||
Parametric Technology Corp.† | 251,700 | 5,242,911 | ||||||
Quest Software, Inc.† | 125,200 | 2,262,364 | ||||||
7,505,275 | ||||||||
Auction House/Art Dealers — 0.2% |
| |||||||
Sotheby’s# | 144,800 | 4,548,168 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Oshkosh Corp.† | 195,400 | 4,009,608 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
BorgWarner, Inc.†# | 234,900 | 15,484,608 | ||||||
Banks - Commercial — 3.6% |
| |||||||
Associated Banc-Corp. | 371,700 | 3,865,680 | ||||||
BancorpSouth, Inc.# | 155,700 | 1,525,860 | ||||||
Bank of Hawaii Corp.# | 101,000 | 4,297,550 | ||||||
Cathay General Bancorp, Class B# | 168,600 | 2,338,482 | ||||||
City National Corp. | 100,300 | 4,254,726 | ||||||
Commerce Bancshares, Inc. | 173,985 | 6,477,462 | ||||||
Cullen/Frost Bankers, Inc.# | 131,300 | 6,639,841 | ||||||
East West Bancorp, Inc. | 319,200 | 6,246,744 | ||||||
FirstMerit Corp. | 234,100 | 3,420,201 | ||||||
Fulton Financial Corp. | 428,200 | 4,007,952 | ||||||
Hancock Holding Co.# | 181,500 | 5,542,102 | ||||||
International Bancshares Corp.# | 114,300 | 2,043,684 | ||||||
Prosperity Bancshares, Inc.# | 100,500 | 4,018,995 | ||||||
Signature Bank† | 98,700 | 5,767,041 | ||||||
SVB Financial Group†# | 92,600 | 4,355,904 | ||||||
Synovus Financial Corp.# | 1,695,400 | 2,526,146 | ||||||
TCF Financial Corp.# | 342,200 | 3,442,532 | ||||||
Trustmark Corp.# | 137,400 | 3,072,264 | ||||||
Valley National Bancorp.# | 364,400 | 4,299,920 | ||||||
Webster Financial Corp.# | 157,600 | 3,104,720 | ||||||
Westamerica Bancorporation# | 61,100 | 2,805,101 | ||||||
84,052,907 | ||||||||
Batteries/Battery Systems — 0.5% |
| |||||||
Energizer Holdings, Inc.† | 147,400 | 10,654,072 | ||||||
Beverages - Non-alcoholic — 0.7% |
| |||||||
Hansen Natural Corp.† | 165,200 | 15,231,440 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Green Mountain Coffee Roasters, Inc.†# | 275,600 | $ | 14,449,708 | |||||
Building & Construction Products - Misc. — 0.3% |
| |||||||
Fortune Brands Home & Security, Inc.† | 331,100 | 5,522,748 | ||||||
Louisiana-Pacific Corp.†# | 283,300 | 2,260,734 | ||||||
7,783,482 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Lennox International, Inc. | 113,900 | 3,773,507 | ||||||
Building Products - Cement — 0.3% |
| |||||||
Martin Marietta Materials, Inc.# | 97,900 | 7,661,654 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Granite Construction, Inc.# | 74,600 | 1,857,540 | ||||||
Building - Maintance & Services — 0.1% |
| |||||||
Rollins, Inc.# | 138,500 | 3,074,700 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Thor Industries, Inc.# | 95,800 | 2,318,360 | ||||||
Building - Residential/Commercial — 0.7% |
| |||||||
KB Home# | 154,800 | 1,137,780 | ||||||
MDC Holdings, Inc.# | 80,500 | 1,436,925 | ||||||
NVR, Inc.† | 10,600 | 7,100,410 | ||||||
Ryland Group, Inc.# | 95,200 | 1,431,808 | ||||||
Toll Brothers, Inc.† | 315,300 | 6,403,743 | ||||||
17,510,666 | ||||||||
Cable/Satellite TV — 0.2% |
| |||||||
AMC Networks, Inc., Class A† | 122,900 | 4,424,400 | ||||||
Casino Services — 0.2% |
| |||||||
Bally Technologies, Inc.† | 95,100 | 3,646,134 | ||||||
Scientific Games Corp., Class A† | 124,400 | 1,069,840 | ||||||
4,715,974 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Olin Corp.# | 171,900 | 3,266,100 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Albemarle Corp. | 196,600 | 10,720,598 | ||||||
Ashland, Inc. | 167,200 | 9,299,664 | ||||||
Cabot Corp. | 140,200 | 4,651,836 | ||||||
Cytec Industries, Inc. | 106,300 | 5,013,108 | ||||||
Minerals Technologies, Inc.# | 38,700 | 2,244,600 | ||||||
NewMarket Corp.# | 23,400 | 4,630,626 | ||||||
Sensient Technologies Corp.# | 107,300 | 4,052,721 | ||||||
40,613,153 | ||||||||
Coal — 0.4% |
| |||||||
Arch Coal, Inc. | 456,700 | 7,485,313 | ||||||
Patriot Coal Corp.†# | 195,800 | 2,038,278 | ||||||
9,523,591 | ||||||||
Coatings/Paint — 0.6% |
| |||||||
RPM International, Inc. | 281,000 | 6,631,600 | ||||||
Valspar Corp.# | 200,300 | 7,387,064 | ||||||
14,018,664 | ||||||||
Commercial Services — 0.1% |
| |||||||
Convergys Corp.† | 257,200 | 3,323,024 | ||||||
Commercial Services - Finance — 1.2% |
| |||||||
Alliance Data Systems Corp.†# | 109,100 | 11,172,931 | ||||||
Global Payments, Inc. | 172,200 | 7,616,406 | ||||||
Lender Processing Services, Inc.# | 180,900 | 3,429,864 | ||||||
SEI Investments Co. | 320,900 | 5,391,120 | ||||||
27,610,321 | ||||||||
158
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 197,700 | $ | 12,251,469 | |||||
Computer Services — 0.1% |
| |||||||
DST Systems, Inc. | 71,800 | 3,412,654 | ||||||
Computers - Integrated Systems — 1.4% | ||||||||
Diebold, Inc. | 137,600 | 4,151,392 | ||||||
Jack Henry & Associates, Inc. | 185,200 | 6,150,492 | ||||||
MICROS Systems, Inc.† | 173,200 | 8,169,844 | ||||||
NCR Corp.† | 337,200 | 5,897,628 | ||||||
Riverbed Technology, Inc.† | 333,100 | 8,660,600 | ||||||
33,029,956 | ||||||||
Consulting Services — 1.1% |
| |||||||
CoreLogic, Inc.† | 228,100 | 3,029,168 | ||||||
Corporate Executive Board Co.# | 74,100 | 2,903,979 | ||||||
FTI Consulting, Inc.†# | 89,100 | 3,821,499 | ||||||
Gartner, Inc.† | 206,900 | 7,827,027 | ||||||
Towers Watson & Co., Class A | 112,800 | 7,350,048 | ||||||
24,931,721 | ||||||||
Consumer Products - Misc. — 0.6% |
| |||||||
American Greetings Corp., Class A# | 87,200 | 1,481,528 | ||||||
Scotts Miracle-Gro Co., Class A# | 95,700 | 4,219,413 | ||||||
Tupperware Brands Corp. | 122,900 | 7,160,154 | ||||||
12,861,095 | ||||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Greif, Inc., Class A | 65,900 | 3,072,258 | ||||||
Silgan Holdings, Inc.# | 106,700 | 4,154,898 | ||||||
7,227,156 | ||||||||
Containers - Paper/Plastic — 1.2% |
| |||||||
Packaging Corp. of America | 213,800 | 5,560,938 | ||||||
Rock-Tenn Co., Class A | 152,600 | 8,888,950 | ||||||
Sonoco Products Co. | 214,100 | 6,953,968 | ||||||
Temple-Inland, Inc.# | 232,900 | 7,413,207 | ||||||
28,817,063 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.†# | 174,800 | 2,174,512 | ||||||
Broadridge Financial Solutions, Inc. | 264,800 | 5,976,536 | ||||||
Fair Isaac Corp.# | 76,600 | 2,785,942 | ||||||
10,936,990 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc., Class A† | 258,200 | 8,714,250 | ||||||
Diagnostic Equipment — 0.3% | ||||||||
Gen-Probe, Inc.† | 103,300 | 6,506,867 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.†# | 121,800 | 9,158,142 | ||||||
Distribution/Wholesale — 1.8% |
| |||||||
Arrow Electronics, Inc.† | 246,300 | 9,004,728 | ||||||
Fossil, Inc.† | 113,600 | 10,177,424 | ||||||
Ingram Micro, Inc., Class A† | 337,500 | 6,078,375 | ||||||
LKQ Corp.† | 313,900 | 9,583,367 | ||||||
Owens & Minor, Inc.# | 136,700 | 4,210,360 | ||||||
Watsco, Inc.# | 60,700 | 3,854,450 | ||||||
42,908,704 | ||||||||
Diversified Manufacturing Operations — 1.8% |
| |||||||
Brink’s Co.# | 100,300 | 2,469,386 | ||||||
Carlisle Cos., Inc. | 132,000 | 5,887,200 | ||||||
Crane Co. | 104,500 | 5,014,955 | ||||||
Harsco Corp. | 173,000 | 3,570,720 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
ITT Corp. | 198,600 | $ | 4,005,762 | |||||
Matthews International Corp., Class A# | 62,700 | 2,079,759 | ||||||
Pentair, Inc.# | 211,700 | 8,050,951 | ||||||
SPX Corp. | 109,500 | 6,942,300 | ||||||
Trinity Industries, Inc. | 171,800 | 4,910,044 | ||||||
42,931,077 | ||||||||
E-Marketing/Info — 0.2% |
| |||||||
Digital River, Inc.†# | 80,100 | 1,280,799 | ||||||
ValueClick, Inc.†# | 177,600 | 2,745,696 | ||||||
4,026,495 | ||||||||
Electric Products - Misc. — 0.6% |
| |||||||
AMETEK, Inc. | 346,100 | 14,826,924 | ||||||
Electric - Integrated — 3.5% | ||||||||
Alliant Energy Corp. | 237,900 | 10,041,759 | ||||||
Black Hills Corp.# | 84,500 | 2,767,375 | ||||||
Cleco Corp.# | 130,900 | 4,730,726 | ||||||
Great Plains Energy, Inc. | 291,500 | 6,133,160 | ||||||
Hawaiian Electric Industries, Inc.# | 205,500 | 5,324,505 | ||||||
IDACORP, Inc.# | 106,600 | 4,369,534 | ||||||
MDU Resources Group, Inc. | 404,700 | 8,688,909 | ||||||
NSTAR | 222,000 | 10,098,780 | ||||||
NV Energy, Inc. | 505,800 | 7,758,972 | ||||||
OGE Energy Corp. | 210,000 | 11,121,600 | ||||||
PNM Resources, Inc. | 170,800 | 3,263,988 | ||||||
Westar Energy, Inc.# | 248,200 | 6,855,284 | ||||||
81,154,592 | ||||||||
Electronic Components - Misc. — 0.5% |
| |||||||
Gentex Corp.# | 306,800 | 9,044,464 | ||||||
Vishay Intertechnology, Inc.†# | 336,900 | 3,331,941 | ||||||
12,376,405 | ||||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
Cree, Inc.†# | 248,000 | 6,170,240 | ||||||
Fairchild Semiconductor International, Inc.† | 273,700 | 3,544,415 | ||||||
International Rectifier Corp.† | 150,100 | 3,156,603 | ||||||
Intersil Corp., Class A | 269,800 | 2,867,974 | ||||||
QLogic Corp.† | 222,800 | 3,324,176 | ||||||
Rovi Corp.† | 238,500 | 6,618,375 | ||||||
Semtech Corp.† | 140,100 | 3,250,320 | ||||||
Silicon Laboratories, Inc.†# | 89,700 | 3,876,834 | ||||||
Skyworks Solutions, Inc.† | 399,300 | 6,512,583 | ||||||
39,321,520 | ||||||||
Electronic Connectors — 0.3% |
| |||||||
Thomas & Betts Corp.† | 112,600 | 5,856,326 | ||||||
Electronic Design Automation — 0.7% |
| |||||||
Cadence Design Systems, Inc.† | 576,800 | 6,310,192 | ||||||
Mentor Graphics Corp.† | 200,000 | 2,548,000 | ||||||
Synopsys, Inc.† | 308,800 | 8,637,136 | ||||||
17,495,328 | ||||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Itron, Inc.† | 87,200 | 3,089,496 | ||||||
National Instruments Corp. | 198,300 | 5,215,290 | ||||||
Trimble Navigation, Ltd.† | 263,200 | 11,338,656 | ||||||
19,643,442 | ||||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Avnet, Inc.† | 327,500 | 9,756,225 | ||||||
Tech Data Corp.† | 93,000 | 4,578,390 | ||||||
14,334,615 | ||||||||
159
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Engineering/R&D Services — 1.1% |
| |||||||
Aecom Technology Corp.† | 256,000 | $ | 5,491,200 | |||||
KBR, Inc. | 323,200 | 9,340,480 | ||||||
Shaw Group, Inc.† | 154,800 | 3,842,136 | ||||||
URS Corp.† | 170,600 | 6,165,484 | ||||||
24,839,300 | ||||||||
Enterprise Software/Service — 0.8% | ||||||||
Advent Software, Inc.†# | 70,600 | 1,906,200 | ||||||
Concur Technologies, Inc.†# | 99,500 | 4,699,385 | ||||||
Informatica Corp.† | 228,700 | 10,281,209 | ||||||
ManTech International Corp., Class A# | 49,600 | 1,676,480 | ||||||
18,563,274 | ||||||||
Environmental Monitoring & Detection — 0.1% | ||||||||
Mine Safety Appliances Co.# | 65,900 | 2,320,998 | ||||||
Filtration/Separation Products — 0.5% | ||||||||
Donaldson Co., Inc. | 161,800 | 11,059,030 | ||||||
Finance - Investment Banker/Broker — 0.5% | ||||||||
Greenhill & Co., Inc.# | 62,400 | 2,406,144 | ||||||
Jefferies Group, Inc.# | 316,300 | 3,618,472 | ||||||
Raymond James Financial, Inc. | 219,800 | 6,552,238 | ||||||
12,576,854 | ||||||||
Food - Baking — 0.2% | ||||||||
Flowers Foods, Inc.# | 242,700 | 4,798,179 | ||||||
Food - Confectionery — 0.1% | ||||||||
Tootsie Roll Industries, Inc.# | 53,300 | 1,285,063 | ||||||
Food - Meat Products — 0.4% | ||||||||
Smithfield Foods, Inc.† | 353,700 | 8,662,113 | ||||||
Food - Misc. — 0.9% | ||||||||
Corn Products International, Inc. | 164,500 | 8,552,355 | ||||||
Lancaster Colony Corp.# | 42,800 | 3,013,120 | ||||||
RalCorp Holdings, Inc.† | 118,200 | 9,612,024 | ||||||
21,177,499 | ||||||||
Food - Retail — 0.2% | ||||||||
Ruddick Corp.# | 105,300 | 4,196,205 | ||||||
Footwear & Related Apparel — 0.4% | ||||||||
Deckers Outdoor Corp.†# | 82,600 | 8,998,857 | ||||||
Funeral Services & Related Items — 0.2% | ||||||||
Service Corp. International | 508,000 | 5,207,000 | ||||||
Gas - Distribution — 2.5% | ||||||||
AGL Resources, Inc.# | 168,200 | 6,934,886 | ||||||
Atmos Energy Corp. | 193,500 | 6,619,635 | ||||||
National Fuel Gas Co. | 177,300 | 10,274,535 | ||||||
Questar Corp. | 380,500 | 7,343,650 | ||||||
Southern Union Co. | 267,400 | 11,022,228 | ||||||
UGI Corp. | 239,600 | 7,178,416 | ||||||
Vectren Corp. | 175,300 | 5,101,230 | ||||||
WGL Holdings, Inc.# | 110,000 | 4,715,700 | ||||||
59,190,280 | ||||||||
Hazardous Waste Disposal — 0.3% | ||||||||
Clean Harbors, Inc.† | 101,100 | 6,062,967 | ||||||
Human Resources — 0.3% | ||||||||
Korn/Ferry International†# | 100,900 | 1,698,147 | ||||||
Manpower, Inc. | 175,600 | 6,432,228 | ||||||
8,130,375 | ||||||||
Industrial Automated/Robotic — 0.3% | ||||||||
Nordson Corp.# | 127,800 | 6,014,268 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments-Controls — 0.7% | ||||||||
Mettler-Toledo International, Inc.† | 68,300 | $ | 10,914,340 | |||||
Woodward, Inc.# | 128,300 | 5,432,222 | ||||||
16,346,562 | ||||||||
Insurance Brokers — 0.5% | ||||||||
Arthur J. Gallagher & Co. | 241,200 | 7,472,376 | ||||||
Brown & Brown, Inc. | 248,100 | 5,175,366 | ||||||
12,647,742 | ||||||||
Insurance - Life/Health — 0.3% | ||||||||
Protective Life Corp. | 181,500 | 4,027,485 | ||||||
StanCorp Financial Group, Inc.# | 95,500 | 3,367,330 | ||||||
7,394,815 | ||||||||
Insurance - Multi-line — 0.6% | ||||||||
American Financial Group, Inc. | 168,000 | 6,048,000 | ||||||
Kemper Corp. | 107,600 | 2,964,380 | ||||||
Old Republic International Corp.# | 547,400 | 4,499,628 | ||||||
13,512,008 | ||||||||
Insurance - Property/Casualty — 1.4% | ||||||||
Fidelity National Financial, Inc., Class A | 479,000 | 7,601,730 | ||||||
First American Financial Corp. | 225,800 | 2,619,280 | ||||||
Hanover Insurance Group, Inc. | 97,400 | 3,514,192 | ||||||
HCC Insurance Holdings, Inc. | 235,800 | 6,338,304 | ||||||
Mercury General Corp. | 77,600 | 3,490,448 | ||||||
WR Berkley Corp.# | 243,300 | 8,298,963 | ||||||
31,862,917 | ||||||||
Insurance - Reinsurance — 1.2% | ||||||||
Aspen Insurance Holdings, Ltd. | 151,800 | 4,025,736 | ||||||
Everest Re Group, Ltd. | 116,500 | 10,220,545 | ||||||
Reinsurance Group of America, Inc. | 158,800 | 8,178,200 | ||||||
Transatlantic Holdings, Inc. | 123,100 | 6,726,184 | ||||||
29,150,665 | ||||||||
Internet Infrastructure Software — 0.4% | ||||||||
TIBCO Software, Inc.† | 348,700 | 9,554,380 | ||||||
Intimate Apparel — 0.2% | ||||||||
Warnaco Group, Inc.†# | 86,800 | 4,399,892 | ||||||
Investment Companies — 0.1% | ||||||||
Apollo Investment Corp. | 421,000 | 3,035,410 | ||||||
�� | ||||||||
Investment Management/Advisor Services — 1.0% | ||||||||
Affiliated Managers Group, Inc.† | 111,600 | 10,554,012 | ||||||
Eaton Vance Corp.# | 251,500 | 6,043,545 | ||||||
Janus Capital Group, Inc.# | 399,900 | 2,639,340 | ||||||
Waddell & Reed Financial, Inc., Class A | 184,500 | 5,014,710 | ||||||
24,251,607 | ||||||||
Leisure Products — 0.1% | ||||||||
WMS Industries, Inc.†# | 119,500 | 2,505,915 | ||||||
Lighting Products & Systems — 0.2% | ||||||||
Acuity Brands, Inc.# | 92,900 | 4,668,225 | ||||||
Machine Tools & Related Products — 0.6% | ||||||||
Kennametal, Inc. | 174,200 | 6,638,762 | ||||||
Lincoln Electric Holdings, Inc. | 180,500 | 7,126,140 | ||||||
13,764,902 | ||||||||
Machinery - Construction & Mining — 0.2% | ||||||||
Terex Corp.†# | 234,900 | 3,624,507 | ||||||
Machinery - Electrical — 0.2% | ||||||||
Regal-Beloit Corp. | 89,000 | 4,686,740 | ||||||
160
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - Farming — 0.4% | ||||||||
AGCO Corp.† | 206,800 | $ | 9,461,100 | |||||
Machinery - General Industrial — 1.0% | ||||||||
Gardner Denver, Inc. | 112,200 | 9,617,784 | ||||||
IDEX Corp. | 178,100 | 6,493,526 | ||||||
Wabtec Corp. | 103,400 | 7,057,050 | ||||||
23,168,360 | ||||||||
Machinery - Print Trade — 0.2% | ||||||||
Zebra Technologies Corp., Class A† | 115,400 | 4,369,044 | ||||||
Machinery - Pumps — 0.2% | ||||||||
Graco, Inc. | 130,400 | 5,605,896 | ||||||
Medical Information Systems — 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc.† | 402,900 | 7,840,434 | ||||||
Medical Instruments — 0.4% | ||||||||
Techne Corp. | 79,500 | 5,365,455 | ||||||
Thoratec Corp.† | 128,100 | 3,896,802 | ||||||
9,262,257 | ||||||||
Medical Labs & Testing Services — 0.3% | ||||||||
Covance, Inc.†# | 130,200 | 5,977,482 | ||||||
Medical Products — 1.2% | ||||||||
Cooper Cos., Inc. | 102,300 | 6,266,898 | ||||||
Henry Schein, Inc.† | 198,100 | 12,745,754 | ||||||
Hill - Rom Holdings, Inc. | 135,400 | 4,278,640 | ||||||
Teleflex, Inc. | 87,200 | 5,308,736 | ||||||
28,600,028 | ||||||||
Medical Sterilization Products — 0.2% | ||||||||
STERIS Corp.# | 127,000 | 3,818,890 | ||||||
Medical - Biomedical/Gene — 1.1% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 42,100 | 3,970,030 | ||||||
Charles River Laboratories International, Inc.† | 110,100 | 3,121,335 | ||||||
United Therapeutics Corp.† | 111,200 | 4,549,192 | ||||||
Vertex Pharmaceuticals, Inc.† | 446,000 | 12,929,540 | ||||||
24,570,097 | ||||||||
Medical - Drugs — 0.6% | ||||||||
Endo Pharmaceuticals Holdings, Inc.† | 249,900 | 8,554,077 | ||||||
Medicis Pharmaceutical Corp., Class A | 135,800 | 4,433,870 | ||||||
12,987,947 | ||||||||
Medical - Generic Drugs — 0.8% | ||||||||
Perrigo Co.# | 198,900 | 19,472,310 | ||||||
Medical - HMO — 0.7% | ||||||||
AMERIGROUP Corp.† | 106,400 | 6,082,888 | ||||||
Health Net, Inc.† | 177,800 | 5,536,692 | ||||||
WellCare Health Plans, Inc.†# | 91,600 | 5,354,020 | ||||||
16,973,600 | ||||||||
Medical - Hospitals — 0.9% | ||||||||
Community Health Systems, Inc.† | 199,800 | 3,970,026 | ||||||
Health Management Associates, Inc., Class A† | 544,600 | 4,476,612 | ||||||
LifePoint Hospitals, Inc.†# | 103,300 | 4,052,459 | ||||||
Universal Health Services, Inc., Class B | 209,600 | 8,430,112 | ||||||
20,929,209 | ||||||||
Medical - Outpatient/Home Medical — 0.2% | ||||||||
Lincare Holdings, Inc.# | 189,800 | 4,498,260 | ||||||
Metal Processors & Fabrication — 0.6% | ||||||||
Commercial Metals Co. | 247,600 | 3,461,448 | ||||||
Timken Co. | 180,900 | 7,599,609 | ||||||
Worthington Industries, Inc.# | 118,300 | 2,080,897 | ||||||
13,141,954 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Miscellaneous Manufacturing — 0.3% | ||||||||
Aptargroup, Inc. | 143,100 | $ | 7,268,049 | |||||
Motion Pictures & Services — 0.1% | ||||||||
DreamWorks Animation SKG, Inc., Class A†# | 152,200 | 2,826,354 | ||||||
Multimedia — 0.5% | ||||||||
FactSet Research Systems, Inc.# | 98,200 | 9,155,186 | ||||||
Meredith Corp.# | 80,100 | 2,322,900 | ||||||
11,478,086 | ||||||||
Networking Products — 0.3% | ||||||||
Polycom, Inc.† | 379,100 | 6,406,790 | ||||||
Non-Hazardous Waste Disposal — 0.3% | ||||||||
Waste Connections, Inc.# | 242,300 | 7,940,171 | ||||||
Office Furnishings - Original — 0.2% | ||||||||
Herman Miller, Inc.# | 124,600 | 2,690,114 | ||||||
HNI Corp.# | 96,000 | 2,515,200 | ||||||
5,205,314 | ||||||||
Oil & Gas Drilling — 0.7% | ||||||||
Atwood Oceanics, Inc.†# | 121,100 | 4,965,100 | ||||||
Patterson-UTI Energy, Inc. | 333,600 | 7,012,272 | ||||||
Unit Corp.† | 88,800 | 4,495,056 | ||||||
16,472,428 | ||||||||
Oil Companies - Exploration & Production — 2.4% | ||||||||
Bill Barrett Corp.† | 101,900 | 3,974,100 | ||||||
Cimarex Energy Co. | 183,400 | 12,302,472 | ||||||
Comstock Resources, Inc.†# | 102,100 | 1,697,923 | ||||||
Energen Corp. | 154,500 | 7,836,240 | ||||||
Forest Oil Corp.† | 245,100 | 3,931,404 | ||||||
Northern Oil And Gas, Inc.†# | 135,300 | 3,313,497 | ||||||
Plains Exploration & Production Co.† | 302,200 | 10,752,276 | ||||||
Quicksilver Resources, Inc.†# | 256,700 | 2,079,270 | ||||||
SM Energy Co. | 136,600 | 10,858,334 | ||||||
56,745,516 | ||||||||
Oil Field Machinery & Equipment — 0.6% | ||||||||
Dresser-Rand Group, Inc.† | 161,200 | 8,393,684 | ||||||
Dril-Quip, Inc.† | 73,800 | 5,249,394 | ||||||
13,643,078 | ||||||||
Oil Refining & Marketing — 0.4% | ||||||||
HollyFrontier Corp. | 450,300 | 10,469,475 | ||||||
Oil - Field Services — 1.5% | ||||||||
CARBO Ceramics, Inc.# | 42,700 | 6,077,064 | ||||||
Exterran Holdings, Inc.†# | 137,000 | 1,570,020 | ||||||
Helix Energy Solutions Group, Inc.† | 227,100 | 4,028,754 | ||||||
Oceaneering International, Inc. | 232,600 | 11,062,456 | ||||||
Oil States International, Inc.† | 110,000 | 8,277,500 | ||||||
Superior Energy Services, Inc.† | 171,100 | 5,083,381 | ||||||
36,099,175 | ||||||||
Paper & Related Products — 0.3% | ||||||||
Domtar Corp. | 78,100 | 6,133,193 | ||||||
Patient Monitoring Equipment — 0.1% | ||||||||
Masimo Corp.†# | 128,500 | 2,654,810 | ||||||
Pharmacy Services — 0.6% | ||||||||
Catalyst Health Solutions, Inc.† | 106,900 | 5,560,938 | ||||||
Omnicare, Inc.# | 248,200 | 8,093,802 | ||||||
13,654,740 | ||||||||
Physicians Practice Management — 0.3% | ||||||||
Mednax, Inc.† | 104,500 | 7,043,300 | ||||||
161
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Power Converter/Supply Equipment — 0.4% | ||||||||
Hubbell, Inc., Class B | 128,500 | $ | 8,406,470 | |||||
Printing - Commercial — 0.2% | ||||||||
Deluxe Corp.# | 109,400 | 2,500,884 | ||||||
Valassis Communications, Inc.†# | 101,000 | 1,940,210 | ||||||
4,441,094 | ||||||||
Private Corrections — 0.2% | ||||||||
Corrections Corp. of America† | 213,300 | 4,479,300 | ||||||
Publishing - Books — 0.3% | ||||||||
John Wiley & Sons, Inc., Class A | 101,800 | 4,896,580 | ||||||
Scholastic Corp. | 54,000 | 1,461,780 | ||||||
6,358,360 | ||||||||
Publishing - Newspapers — 0.1% | ||||||||
New York Times Co., Class A†# | 259,100 | 1,886,248 | ||||||
Quarrying — 0.2% | ||||||||
Compass Minerals International, Inc. | 70,500 | 5,403,825 | ||||||
Racetracks — 0.1% | ||||||||
International Speedway Corp., Class A | 61,100 | 1,503,060 | ||||||
Real Estate Investment Trusts — 7.9% | ||||||||
Alexandria Real Estate Equities, Inc. | 132,700 | 8,699,812 | ||||||
American Campus Communities, Inc. | 149,000 | 5,861,660 | ||||||
BRE Properties, Inc. | 160,200 | 7,795,332 | ||||||
Camden Property Trust | 152,600 | 8,809,598 | ||||||
Corporate Office Properties Trust | 154,100 | 3,212,985 | ||||||
Cousins Properties, Inc.# | 222,300 | 1,322,685 | ||||||
Duke Realty Corp.# | 541,800 | 6,284,880 | ||||||
Equity One, Inc.# | 127,800 | 2,135,538 | ||||||
Essex Property Trust, Inc.# | 70,100 | 9,312,785 | ||||||
Federal Realty Investment Trust# | 134,600 | 11,902,678 | ||||||
Highwoods Properties, Inc.# | 155,200 | 4,475,968 | ||||||
Home Properties, Inc. | 100,700 | 5,535,479 | ||||||
Hospitality Properties Trust | 264,600 | 5,829,138 | ||||||
Liberty Property Trust | 247,900 | 7,389,899 | ||||||
Macerich Co. | 282,800 | 14,168,280 | ||||||
Mack-Cali Realty Corp. | 186,600 | 4,754,568 | ||||||
Omega Healthcare Investors, Inc.# | 221,000 | 3,962,530 | ||||||
Potlatch Corp.# | 86,100 | 2,768,976 | ||||||
Rayonier, Inc. | 261,100 | 10,611,104 | ||||||
Realty Income Corp.# | 271,900 | 9,206,534 | ||||||
Regency Centers Corp. | 192,700 | 7,160,732 | ||||||
Senior Housing Properties Trust | 345,900 | 7,578,669 | ||||||
SL Green Realty Corp. | 183,200 | 12,061,888 | ||||||
Taubman Centers, Inc. | 124,100 | 7,735,153 | ||||||
UDR, Inc. | 469,600 | 11,035,600 | ||||||
Weingarten Realty Investors# | 259,000 | 5,358,710 | ||||||
184,971,181 | ||||||||
Real Estate Management/Services — 0.3% | ||||||||
Jones Lang LaSalle, Inc. | 93,100 | 5,997,502 | ||||||
Recreational Centers — 0.2% | ||||||||
Life Time Fitness, Inc.†# | 90,700 | 3,694,211 | ||||||
Recreational Vehicles — 0.4% | ||||||||
Polaris Industries, Inc. | 148,200 | 8,906,820 | ||||||
Rental Auto/Equipment — 0.6% | ||||||||
Aaron’s, Inc. | 168,600 | 4,430,808 | ||||||
Rent-A-Center, Inc. | 132,100 | 4,748,995 | ||||||
United Rentals, Inc.†# | 134,300 | 3,779,202 | ||||||
12,959,005 | ||||||||
Research & Development — 0.3% | ||||||||
Pharmaceutical Product Development, Inc. | 244,100 | 8,106,561 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Respiratory Products — 0.4% | ||||||||
ResMed, Inc.†# | 324,800 | $ | 8,461,040 | |||||
Retail - Apparel/Shoe — 1.8% | ||||||||
Aeropostale, Inc.†# | 173,100 | 2,684,781 | ||||||
American Eagle Outfitters, Inc. | 417,800 | 5,811,598 | ||||||
ANN, Inc.†# | 112,000 | 2,627,520 | ||||||
Ascena Retail Group, Inc.†# | 147,300 | 4,053,696 | ||||||
Chico’s FAS, Inc. | 369,100 | 3,838,640 | ||||||
Collective Brands, Inc.†# | 129,800 | 1,810,710 | ||||||
Foot Locker, Inc. | 327,900 | 7,735,161 | ||||||
Guess?, Inc. | 143,200 | 4,026,784 | ||||||
PVH Corp. | 144,800 | 9,830,472 | ||||||
42,419,362 | ||||||||
Retail - Auto Parts — 0.5% | ||||||||
Advance Auto Parts, Inc. | 158,000 | 10,936,760 | ||||||
Retail - Automobile — 0.2% | ||||||||
Copart, Inc.† | 114,300 | 5,135,499 | ||||||
Retail - Bookstores — 0.1% | ||||||||
Barnes & Noble, Inc.†# | 87,700 | 1,529,488 | ||||||
Retail - Catalog Shopping — 0.3% | ||||||||
MSC Industrial Direct Co., Class A | 100,100 | 6,959,953 | ||||||
Retail - Consumer Electronics — 0.1% | ||||||||
RadioShack Corp.# | 213,900 | 2,455,572 | ||||||
Retail - Discount — 1.0% | ||||||||
99 Cents Only Stores† | 101,300 | 2,213,405 | ||||||
Dollar Tree, Inc.† | 261,500 | 21,309,635 | ||||||
23,523,040 | ||||||||
Retail - Gardening Products — 0.5% | ||||||||
Tractor Supply Co. | 153,100 | 11,058,413 | ||||||
Retail - Hair Salons — 0.1% | ||||||||
Regis Corp.# | 123,700 | 2,006,414 | ||||||
Retail - Jewelry — 0.4% | ||||||||
Signet Jewelers, Ltd. | 186,200 | 8,244,936 | ||||||
Retail - Mail Order — 0.4% | ||||||||
Williams-Sonoma, Inc. | 224,000 | 8,460,480 | ||||||
Retail - Major Department Stores — 0.1% | ||||||||
Saks, Inc.†# | 342,900 | 3,264,408 | ||||||
Retail - Office Supplies — 0.1% | ||||||||
Office Depot, Inc.† | 600,200 | 1,350,450 | ||||||
Retail - Pet Food & Supplies — 0.5% | ||||||||
PetSmart, Inc. | 241,700 | 11,662,025 | ||||||
Retail - Restaurants — 1.0% | ||||||||
Bob Evans Farms, Inc.# | 65,000 | 2,176,200 | ||||||
Brinker International, Inc.# | 177,200 | 4,266,976 | ||||||
Cheesecake Factory, Inc.†# | 120,800 | 3,425,888 | ||||||
Panera Bread Co., Class A† | 65,200 | 9,348,376 | ||||||
Wendy’s Co. | 645,300 | 3,200,688 | ||||||
22,418,128 | ||||||||
Retail - Sporting Goods — 0.3% | ||||||||
Dick’s Sporting Goods, Inc.† | 206,400 | 8,113,584 | ||||||
Savings & Loans/Thrifts — 0.9% | ||||||||
Astoria Financial Corp.# | 179,500 | 1,353,430 | ||||||
First Niagara Financial Group, Inc. | 632,000 | 5,561,600 | ||||||
New York Community Bancorp, Inc.# | 937,600 | 11,288,704 | ||||||
Washington Federal, Inc. | 236,400 | 3,075,564 | ||||||
21,279,298 | ||||||||
162
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VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Schools — 0.2% | ||||||||
Career Education Corp.† | 129,100 | $ | 911,446 | |||||
ITT Educational Services, Inc.†# | 43,400 | 2,385,264 | ||||||
Strayer Education, Inc.# | 25,700 | 2,499,582 | ||||||
5,796,292 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Atmel Corp.† | 997,900 | 8,851,373 | ||||||
Cypress Semiconductor Corp.†# | 332,800 | 6,346,496 | ||||||
Integrated Device Technology, Inc.†# | 313,300 | 1,817,140 | ||||||
17,015,009 | ||||||||
Semiconductor Equipment — 0.5% | ||||||||
Lam Research Corp.† | 265,300 | 10,816,281 | ||||||
Shipbuilding — 0.1% | ||||||||
Huntington Ingalls Industries, Inc.† | 104,600 | 3,321,050 | ||||||
Soap & Cleaning Preparation — 0.6% |
| |||||||
Church & Dwight Co., Inc. | 307,700 | 13,615,725 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 48,200 | 4,105,676 | ||||||
Steel - Producers — 0.8% |
| |||||||
Carpenter Technology Corp. | 94,700 | 5,127,058 | ||||||
Reliance Steel & Aluminum Co. | 160,500 | 7,882,155 | ||||||
Steel Dynamics, Inc. | 468,700 | 6,177,466 | ||||||
19,186,679 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Ciena Corp.†# | 207,700 | 2,515,247 | ||||||
Telecom Services — 0.5% |
| |||||||
NeuStar, Inc., Class A† | 157,200 | 5,303,928 | ||||||
tw telecom, Inc.† | 323,000 | 6,069,170 | ||||||
11,373,098 | ||||||||
Telecommunication Equipment — 0.3% |
| |||||||
ADTRAN, Inc.# | 138,100 | 4,561,443 | ||||||
Plantronics, Inc.# | 93,300 | 3,215,118 | ||||||
7,776,561 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone and Data Systems, Inc.# | 197,100 | 5,319,729 | ||||||
Textile - Home Furnishings — 0.3% |
| |||||||
Mohawk Industries, Inc.† | 122,300 | 6,672,688 | ||||||
Tobacco — 0.1% |
| |||||||
Universal Corp.# | 49,800 | 2,359,524 | ||||||
Transactional Software — 0.8% |
| |||||||
ACI Worldwide, Inc†# | 71,700 | 2,156,736 | ||||||
Solera Holdings, Inc. | 151,900 | 7,187,908 | ||||||
VeriFone Systems, Inc.† | 222,300 | 9,747,855 | ||||||
19,092,499 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 99,900 | 4,264,731 | ||||||
Transport - Marine — 0.7% |
| |||||||
Alexander & Baldwin, Inc. | 89,400 | 3,387,366 | ||||||
Kirby Corp.†# | 119,300 | 7,668,604 | ||||||
Tidewater, Inc.# | 111,200 | 5,604,480 | ||||||
16,660,450 | ||||||||
Transport - Rail — 0.7% |
| |||||||
Kansas City Southern† | 235,400 | 16,014,262 | ||||||
Transport - Services — 0.1% |
| |||||||
UTi Worldwide, Inc. | 220,300 | 3,427,868 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.8% |
| |||||||
Con-way, Inc. | 119,100 | $ | 3,345,519 | |||||
J.B. Hunt Transport Services, Inc. | 198,400 | 9,070,848 | ||||||
Landstar System, Inc. | 102,300 | 4,733,421 | ||||||
Werner Enterprises, Inc.# | 95,200 | 2,231,488 | ||||||
19,381,276 | ||||||||
Veterinary Diagnostics — 0.2% |
| |||||||
VCA Antech, Inc.†# | 185,600 | 3,648,896 | ||||||
Water — 0.3% |
| |||||||
Aqua America, Inc.# | 296,700 | 6,497,730 | ||||||
Web Hosting/Design — 0.8% |
| |||||||
Equinix, Inc.†# | 100,800 | 10,082,016 | ||||||
Rackspace Hosting, Inc.†# | 220,800 | 9,578,304 | ||||||
19,660,320 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
AOL, Inc.†# | 208,700 | 2,992,758 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
General Cable Corp.†# | 111,800 | 2,962,700 | ||||||
Wireless Equipment — 0.2% |
| |||||||
RF Micro Devices, Inc.†# | 592,400 | 3,690,652 | ||||||
X-Ray Equipment — 0.4% |
| |||||||
Hologic, Inc.† | 561,900 | 9,895,059 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $2,191,821,004) | 2,303,861,715 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.3% |
| |||||||
Collective Investment Pool — 13.2% |
| |||||||
Navigator Securities Lending Prime Portfolio(1)(5) | 308,900,225 | 308,900,225 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 2,760,000 | 2,760,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $311,660,225) | 311,660,225 | |||||||
REPURCHASE AGREEMENT — 1.1% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(3) | 24,833,000 | 24,833,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $2,528,314,229)(4) | 113.1 | % | 2,640,354,940 | |||||
Liabilities in excess of other assets | (13.1 | ) | (306,553,239 | ) | ||||
NET ASSETS | 100.0 | % | $ | 2,333,801,701 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2) |
(2) | The security or portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(3) | See Note 2 for details of Joint Repurchase Agreements. |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | At November 30, 2011, the Fund had loaned securities with a total value of $320,249,273. This was secured by collateral of $308,900,225, which was received in cash and subsequently invested in short-term investments currently valued at $308,900,225 as reported in the portfolio of investments. The remaining collateral of $1,938,720 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
163
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VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
United States Treasury Notes/Bonds | 4.00% to 4.25% | 02/15/12 to 08/15/15 |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
350 | Long | S&P Midcap 400 E-mini Index | December 2011 | $ | 30,726,357 | $ | 30,908,500 | $ | 182,143 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Real Estate Investment Trusts | $ | 184,971,181 | $ | — | $ | — | $ | 184,971,181 | ||||||||
Other Industries* | 2,118,890,534 | — | — | 2,118,890,534 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 308,900,225 | — | 308,900,225 | ||||||||||||
U.S. Government Treasuries | — | 2,760,000 | — | 2,760,000 | ||||||||||||
Repurchase Agreement | — | 24,833,000 | — | 24,833,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 182,143 | — | — | 182,143 | ||||||||||||
Total | $ | 2,304,043,858 | $ | 336,493,225 | $ | — | $ | 2,640,537,083 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
See Notes to Financial Statements
164
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 15.4 | % | ||
Oil Companies — Exploration & Production | 4.5 | |||
Applications Software | 4.3 | |||
Commercial Services | 4.3 | |||
Medical Instruments | 3.8 | |||
Electronic Components — Semiconductors | 3.7 | |||
Consulting Services | 3.6 | |||
Wireless Equipment | 2.7 | |||
Multimedia | 2.4 | |||
Distribution/Wholesale | 2.4 | |||
Medical — Drugs | 2.4 | |||
Vitamins & Nutrition Products | 2.3 | |||
E-Commerce/Services | 2.2 | |||
Transport — Services | 2.2 | |||
Retail — Discount | 1.9 | |||
Decision Support Software | 1.8 | |||
Transactional Software | 1.7 | |||
Computer Software | 1.5 | |||
Retail — Restaurants | 1.4 | |||
Metal — Diversified | 1.2 | |||
Web Portals/ISP | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Chemicals — Diversified | 1.1 | |||
Medical Information Systems | 1.1 | |||
Computer Services | 1.1 | |||
E-Commerce/Products | 1.0 | |||
Electric — Distribution | 1.0 | |||
Internet Content — Information/News | 1.0 | |||
Machinery — Electrical | 1.0 | |||
Finance — Other Services | 1.0 | |||
Diagnostic Equipment | 1.0 | |||
Diagnostic Kits | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Oil Field Machinery & Equipment | 1.0 | |||
Hazardous Waste Disposal | 1.0 | |||
Commercial Services — Finance | 1.0 | |||
Time Deposits | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Schools | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Diversified Operations | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Retail — Sporting Goods | 0.8 | |||
Agricultural Chemicals | 0.7 | |||
Building Products — Cement | 0.7 | |||
Electronic Measurement Instruments | 0.7 | |||
Energy — Alternate Sources | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Food — Confectionery | 0.7 | |||
Internet Content — Entertainment | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Retail — Hypermarkets | 0.6 | |||
Retail — Gardening Products | 0.6 | |||
Cellular Telecom | 0.6 | |||
Television | 0.6 | |||
Medical — Generic Drugs | 0.6 | |||
Medical Products | 0.6 | |||
Motorcycle/Motor Scooter | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Cosmetics & Toiletries | 0.6 | |||
Internet Infrastructure Software | 0.6 | |||
Oil & Gas Drilling | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Coal | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Entertainment Software | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Oil — Field Services | 0.5 |
Banks — Commercial | 0.5 | |||
Steel — Producers | 0.5 | |||
Metal — Iron | 0.5 | |||
Industrial Gases | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Internet Security | 0.4 | |||
X-Ray Equipment | 0.4 | |||
Transport — Truck | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Food — Retail | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Medical — HMO | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Dialysis Centers | 0.4 | |||
Hotels/Motels | 0.4 | |||
Pharmacy Services | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Toys | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Advertising Agencies | 0.2 | |||
Diversified Manufacturing Operations | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Internet Application Software | 0.1 | |||
Physicians Practice Management | 0.1 | |||
115.2 | % | |||
* | Calculated as a percentage of net assets. |
165
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.7% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc.# | 45,560 | $ | 427,353 | |||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
BE Aerospace, Inc.† | 37,180 | 1,448,161 | ||||||
Goodrich Corp. | 3,220 | 392,872 | ||||||
1,841,033 | ||||||||
Agricultural Chemicals — 0.7% |
| |||||||
Intrepid Potash, Inc.†# | 84,725 | 1,962,231 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Ralph Lauren Corp. | 5,640 | 800,090 | ||||||
Applications Software — 4.3% |
| |||||||
Citrix Systems, Inc.† | 21,292 | 1,520,036 | ||||||
Red Hat, Inc.† | 112,748 | 5,646,420 | ||||||
Salesforce.com, Inc.†# | 28,415 | 3,364,904 | ||||||
SuccessFactors, Inc.†# | 37,005 | 947,328 | ||||||
11,478,688 | ||||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
Navistar International Corp.† | 24,500 | 912,135 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
BorgWarner, Inc.†# | 26,720 | 1,761,382 | ||||||
Banks - Commercial — 0.5% |
| |||||||
Zions Bancorporation# | 81,680 | 1,314,231 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
Fifth Third Bancorp# | 60,515 | 731,626 | ||||||
Beverages - Non - alcoholic — 0.3% |
| |||||||
Coca - Cola Enterprises, Inc. | 33,620 | 878,154 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Discovery Communications, Inc., Class A† | 27,025 | 1,134,510 | ||||||
Scripps Networks Interactive, Inc., Class A | 10,565 | 420,698 | ||||||
1,555,208 | ||||||||
Building Products - Cement — 0.7% |
| |||||||
Martin Marietta Materials, Inc.# | 24,144 | 1,889,509 | ||||||
Cellular Telecom — 0.6% |
| |||||||
Millicom International Cellular SA SDR(1) | 15,165 | 1,641,234 | ||||||
Chemicals - Diversified — 1.1% |
| |||||||
Celanese Corp., Series A | 10,585 | 492,097 | ||||||
Rockwood Holdings, Inc.† | 55,898 | 2,490,815 | ||||||
2,982,912 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
International Flavors & Fragrances, Inc. | 13,045 | 707,822 | ||||||
Coal — 0.5% |
| |||||||
Arch Coal, Inc. | 35,750 | 585,942 | ||||||
Consol Energy, Inc. | 20,590 | 857,368 | ||||||
1,443,310 | ||||||||
Commercial Services — 4.3% |
| |||||||
Edenred(1) | 229,976 | 6,133,969 | ||||||
Intertek Group PLC(1) | 83,807 | 2,540,705 | ||||||
Weight Watchers International, Inc.# | 46,877 | 2,754,961 | ||||||
11,429,635 | ||||||||
Commercial Services - Finance — 1.0% |
| |||||||
Morningstar, Inc.# | 41,909 | 2,525,017 | ||||||
Computer Services — 1.1% |
| |||||||
IHS, Inc., Class A†# | 31,665 | 2,798,553 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 1.5% |
| |||||||
Akamai Technologies, Inc.†# | 137,591 | $ | 3,977,756 | |||||
Computers - Integrated Systems — 0.5% |
| |||||||
Brocade Communications Systems, Inc.† | 220,900 | 1,188,442 | ||||||
Computers - Memory Devices — 0.4% |
| |||||||
Western Digital Corp.† | 34,575 | 1,005,095 | ||||||
Consulting Services — 3.6% |
| |||||||
Gartner, Inc.† | 69,904 | 2,644,468 | ||||||
Qualicorp SA† | 293,820 | 2,477,814 | ||||||
Verisk Analytics, Inc., Class A† | 111,146 | 4,365,815 | ||||||
9,488,097 | ||||||||
Containers - Metal/Glass — 0.4% |
| |||||||
Owens - Illinois, Inc.†# | 48,020 | 937,831 | ||||||
Cosmetics & Toiletries — 0.6% |
| |||||||
Natura Cosmeticos SA | 79,315 | 1,592,133 | ||||||
Decision Support Software — 1.8% |
| |||||||
MSCI, Inc., Class A†# | 137,751 | 4,649,096 | ||||||
Diagnostic Equipment — 1.0% |
| |||||||
Gen - Probe, Inc.† | 41,905 | 2,639,596 | ||||||
Diagnostic Kits — 1.0% |
| |||||||
IDEXX Laboratories, Inc.†# | 34,815 | 2,617,740 | ||||||
Dialysis Centers — 0.4% |
| |||||||
DaVita, Inc.† | 13,170 | 1,003,291 | ||||||
Distribution/Wholesale — 2.4% |
| |||||||
Fastenal Co.# | 135,074 | 5,625,832 | ||||||
Fossil, Inc.†# | 8,415 | 753,900 | ||||||
6,379,732 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Cooper Industries PLC | 6,795 | 377,326 | ||||||
Diversified Operations — 0.8% |
| |||||||
Leucadia National Corp.# | 91,891 | 2,152,087 | ||||||
E - Commerce/Products — 1.0% |
| |||||||
MercadoLibre, Inc.# | 8,783 | 770,181 | ||||||
Netflix, Inc.†# | 30,526 | 1,969,843 | ||||||
2,740,024 | ||||||||
E - Commerce/Services — 1.1% |
| |||||||
Alibaba.com, Ltd.(1) | 855,600 | 884,370 | ||||||
Ctrip.com International, Ltd. ADR†# | 61,038 | 1,660,234 | ||||||
Groupon, Inc., Class A†# | 23,456 | 410,480 | ||||||
2,955,084 | ||||||||
Electric Products - Misc. — 0.8% |
| |||||||
AMETEK, Inc. | 49,815 | 2,134,075 | ||||||
Electric - Distribution — 1.0% |
| |||||||
Brookfield Infrastructure Partners LP | 105,028 | 2,693,968 | ||||||
Electronic Components - Semiconductors — 3.7% |
| |||||||
Altera Corp. | 26,795 | 1,009,368 | ||||||
ARM Holdings PLC ADR# | 105,535 | 2,983,474 | ||||||
Avago Technologies, Ltd. | 27,765 | 830,729 | ||||||
First Solar, Inc.†# | 30,968 | 1,482,129 | ||||||
Microchip Technology, Inc.# | 29,995 | 1,047,125 | ||||||
NVIDIA Corp.†# | 37,512 | 586,313 | ||||||
ON Semiconductor Corp.† | 146,940 | 1,106,458 | ||||||
Skyworks Solutions, Inc.† | 32,300 | 526,813 | ||||||
Xilinx, Inc. | 9,055 | 296,189 | ||||||
9,868,598 | ||||||||
166
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Agilent Technologies, Inc.† | 50,145 | $ | 1,880,437 | |||||
Energy - Alternate Sources — 0.7% |
| |||||||
Covanta Holding Corp. | 123,974 | 1,850,932 | ||||||
Engineering/R&D Services — 0.6% |
| |||||||
KBR, Inc. | 55,155 | 1,593,979 | ||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Greenhill & Co., Inc.# | 29,170 | 1,124,795 | ||||||
Lazard, Ltd., Class A | 30,730 | 793,449 | ||||||
TD Ameritrade Holding Corp. | 15,320 | 249,563 | ||||||
2,167,807 | ||||||||
Finance - Other Services — 1.0% |
| |||||||
IntercontinentalExchange, Inc.† | 19,715 | 2,399,710 | ||||||
NASDAQ OMX Group, Inc.† | 10,045 | 263,681 | ||||||
2,663,391 | ||||||||
Food - Confectionery — 0.7% |
| |||||||
Hershey Co.# | 17,580 | 1,014,015 | ||||||
J.M. Smucker Co. | 10,840 | 823,623 | ||||||
1,837,638 | ||||||||
Food - Retail — 0.4% |
| |||||||
Whole Foods Market, Inc. | 15,850 | 1,079,385 | ||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Deckers Outdoor Corp.†# | 9,990 | 1,088,361 | ||||||
Hazardous Waste Disposal — 1.0% |
| |||||||
Stericycle, Inc.†# | 31,307 | 2,536,493 | ||||||
Hotel/Motels — 0.4% |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 20,740 | 988,883 | ||||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Rockwell Automation, Inc.# | 18,390 | 1,379,802 | ||||||
Industrial Gases — 0.5% |
| |||||||
Airgas, Inc. | 15,545 | 1,196,188 | ||||||
Insurance - Property/Casualty — 0.3% |
| |||||||
Arch Capital Group, Ltd.† | 18,890 | 713,475 | ||||||
Internet Content - Entertainment — 0.7% |
| |||||||
Renren, Inc. ADR†# | 34,795 | 128,741 | ||||||
Youku.com, Inc. ADR†# | 84,437 | 1,649,055 | ||||||
1,777,796 | ||||||||
Internet Content - Information/News — 1.0% |
| |||||||
LinkedIn Corp., Class A†# | 40,566 | 2,674,516 | ||||||
Internet Infrastructure Software — 0.6% |
| |||||||
TIBCO Software, Inc.† | 57,620 | 1,578,788 | ||||||
Internet Security — 0.4% |
| |||||||
Symantec Corp.† | 72,005 | 1,177,282 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Invesco, Ltd. | 14,715 | 297,979 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Kennametal, Inc. | 15,215 | 579,844 | ||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Joy Global, Inc. | 8,470 | 773,142 | ||||||
Machinery - Electrical — 1.0% |
| |||||||
Schindler Holding AG(1) | 22,260 | 2,671,719 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
Gardner Denver, Inc. | 17,820 | 1,527,530 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Roper Industries, Inc.# | 12,390 | $ | 1,055,504 | |||||
2,583,034 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Flowserve Corp. | 4,360 | 448,077 | ||||||
Medical Information Systems — 1.1% |
| |||||||
athenahealth, Inc.†# | 29,430 | 1,748,142 | ||||||
Cerner Corp.† | 18,270 | 1,114,105 | ||||||
2,862,247 | ||||||||
Medical Instruments — 3.8% |
| |||||||
Edwards Lifesciences Corp.† | 9,615 | 634,878 | ||||||
Intuitive Surgical, Inc.† | 13,766 | 5,977,335 | ||||||
St. Jude Medical, Inc. | 30,340 | 1,166,270 | ||||||
Techne Corp. | 32,124 | 2,168,049 | ||||||
9,946,532 | ||||||||
Medical Products — 0.6% |
| |||||||
Cooper Cos., Inc. | 18,750 | 1,148,625 | ||||||
Sirona Dental Systems, Inc.† | 10,565 | 469,509 | ||||||
1,618,134 | ||||||||
Medical - Biomedical/Gene — 1.2% |
| |||||||
Illumina, Inc.†# | 79,887 | 2,222,456 | ||||||
Inhibitex, Inc.† | 18,435 | 269,151 | ||||||
Seattle Genetics, Inc.†# | 34,495 | 573,652 | ||||||
3,065,259 | ||||||||
Medical - Drugs — 2.4% |
| |||||||
Ironwood Pharmaceuticals, Inc.†# | 168,630 | 2,035,364 | ||||||
Shire PLC ADR# | 13,120 | 1,329,319 | ||||||
Valeant Pharmaceuticals International, Inc.†# | 64,486 | 2,979,898 | ||||||
6,344,581 | ||||||||
Medical - Generic Drugs — 0.6% |
| |||||||
Watson Pharmaceuticals, Inc.†# | 25,080 | 1,620,670 | ||||||
Medical - HMO — 0.4% |
| |||||||
Centene Corp.†# | 26,505 | 1,026,009 | ||||||
Metal - Diversified — 1.2% |
| |||||||
Lynas Corp., Ltd.†(1) | 631,816 | 852,973 | ||||||
Molycorp, Inc.†# | 70,753 | 2,394,989 | ||||||
3,247,962 | ||||||||
Metal - Iron — 0.5% |
| |||||||
Cliffs Natural Resources, Inc.# | 18,765 | 1,272,455 | ||||||
Motion Pictures & Services — 0.1% |
| |||||||
Dolby Laboratories, Inc., Class A†# | 8,820 | 290,354 | ||||||
Motorcycle/Motor Scooter — 0.6% |
| |||||||
Harley - Davidson, Inc. | 43,455 | 1,597,840 | ||||||
Multimedia — 2.4% |
| |||||||
FactSet Research Systems, Inc.# | 27,943 | 2,605,126 | ||||||
McGraw - Hill Cos., Inc.# | 88,645 | 3,785,141 | ||||||
6,390,267 | ||||||||
Non - Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 21,825 | 599,096 | ||||||
Oil & Gas Drilling — 0.6% |
| |||||||
Rowan Cos., Inc.† | 46,155 | 1,565,116 | ||||||
Oil Companies - Exploration & Production — 4.5% |
| |||||||
Cabot Oil & Gas Corp. | 13,575 | 1,202,609 | ||||||
Energy XXI Bermuda, Ltd.†# | 21,320 | 670,301 |
167
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VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Pioneer Natural Resources Co. | 23,165 | $ | 2,190,019 | |||||
Range Resources Corp.# | 67,639 | 4,850,393 | ||||||
Ultra Petroleum Corp.†# | 80,951 | 2,850,285 | ||||||
11,763,607 | ||||||||
Oil Field Machinery & Equipment — 1.0% |
| |||||||
Cameron International Corp.† | 47,025 | 2,538,880 | ||||||
Oil - Field Services — 0.5% |
| |||||||
Weatherford International, Ltd.† | 89,785 | 1,361,141 | ||||||
Pharmacy Services — 0.4% |
| |||||||
SXC Health Solutions Corp.† | 16,520 | 971,706 | ||||||
Physicians Practice Management — 0.1% |
| |||||||
Mednax, Inc.†# | 3,825 | 257,805 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Lululemon Athletica, Inc.†# | 31,574 | 1,569,228 | ||||||
Vera Bradley, Inc.†# | 7,120 | 273,408 | ||||||
1,842,636 | ||||||||
Retail - Discount — 1.9% |
| |||||||
Dollar Tree, Inc.†# | 60,974 | 4,968,771 | ||||||
Retail - Gardening Products — 0.6% |
| |||||||
Tractor Supply Co.# | 22,975 | 1,659,484 | ||||||
Retail - Hypermarkets — 0.6% |
| |||||||
Sun Art Retail Group, Ltd.†(1) | 1,203,000 | 1,687,525 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 4,455 | 1,432,550 | ||||||
Dunkin’ Brands Group, Inc.†# | 94,334 | 2,386,650 | ||||||
3,819,200 | ||||||||
Retail - Sporting Goods — 0.8% |
| |||||||
Dick’s Sporting Goods, Inc.# | 52,780 | 2,074,782 | ||||||
Schools — 0.8% |
| |||||||
DeVry, Inc.# | 17,345 | 598,576 | ||||||
New Oriental Education & Technology Group ADR† | 65,050 | 1,641,862 | ||||||
2,240,438 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
Analog Devices, Inc. | 15,650 | 545,559 | ||||||
Atmel Corp.†# | 41,310 | 366,420 | ||||||
Linear Technology Corp.# | 10,485 | 321,155 | ||||||
Marvell Technology Group, Ltd.† | 73,540 | 1,038,385 | ||||||
2,271,519 | ||||||||
Steel - Producers — 0.5% |
| |||||||
Carpenter Technology Corp.# | 24,110 | 1,305,315 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
Juniper Networks, Inc.† | 46,170 | 1,048,521 | ||||||
Television — 0.6% |
| |||||||
CBS Corp., Class B | 62,450 | 1,626,198 | ||||||
Toys — 0.3% |
| |||||||
Hasbro, Inc. | 21,710 | 777,435 | ||||||
Transactional Software — 1.7% |
| |||||||
Solera Holdings, Inc. | 93,911 | 4,443,868 | ||||||
Transport - Services — 2.2% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 31,972 | 2,190,401 | ||||||
Expeditors International of Washington, Inc.# | 81,678 | 3,553,810 | ||||||
5,744,211 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.4% |
| |||||||
J.B. Hunt Transport Services, Inc. | 25,630 | $ | 1,171,804 | |||||
Vitamins & Nutrition Products — 2.3% |
| |||||||
Mead Johnson Nutrition Co. | 79,310 | 5,976,802 | ||||||
Web Portals/ISP — 1.2% |
| |||||||
Yandex NV, Class A†# | 144,144 | 3,168,285 | ||||||
Wireless Equipment — 2.7% |
| |||||||
Motorola Solutions, Inc. | 154,321 | 7,202,161 | ||||||
X - Ray Equipment — 0.4% |
| |||||||
Hologic, Inc.† | 66,550 | 1,171,945 | ||||||
Total Common Stock |
| |||||||
(cost $248,107,805) | 255,559,603 | |||||||
CONVERTIBLE PREFERRED STOCK — 1.6% |
| |||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Better Place LLC | 314,972 | 1,429,975 | ||||||
E - Commerce/Services — 1.1% |
| |||||||
Groupon, Inc. | 179,588 | 2,907,530 | ||||||
Total Convertible Preferred Stock |
| |||||||
(cost $2,205,727) | 4,337,505 | |||||||
PREFERRED STOCK — 0.6% |
| |||||||
Entertainment Software — 0.5% |
| |||||||
Zynga Game Network, Inc. | 98,966 | 1,388,405 | ||||||
Internet Application Software — 0.1% |
| |||||||
Workday, Inc. | 20,604 | 273,209 | ||||||
Total Preferred Stock |
| |||||||
(cost $1,661,614) | 1,661,614 | |||||||
Total Long - Term Investment Securities |
| |||||||
(cost $251,975,146) | 261,558,722 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 16.3% |
| |||||||
Collective Investment Pool — 15.4% |
| |||||||
Navigator Securities Lending Prime Portfolio(5)(6) | 40,498,065 | 40,498,065 | ||||||
Time Deposits — 0.9% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 2,431,000 | 2,431,000 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $42,929,065) | 42,929,065 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $294,904,211)(7) | 115.2 | % | 304,487,787 | |||||
Liabilities in excess of other assets | (15.2 | ) | (40,187,999 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 264,299,788 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $16,412,495 representing 6.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $5,999,119 representing 2.3% of net assets. |
(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 |
168
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Mid Cap Strategic Growth Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Better Place LLC | 01/25/10 | 262,477 | $ | 787,431 | ||||||||||||||||||||
11/30/11 | 52,495 | — | ||||||||||||||||||||||
314,972 | $ | 787,431 | $ | 1,429,975 | $ | 4.54 | 0.54 | % | ||||||||||||||||
Groupon, Inc. | 11/02/11 | 179,588 | 1,418,296 | 2,907,530 | 16.19 | 1.10 | % | |||||||||||||||||
Workday, Inc. | 10/12/11 | 20,604 | 273,209 | 273,209 | 13.26 | 0.10 | % | |||||||||||||||||
Zynga Game Network, Inc. | 02/17/11 | 49,483 | 1,388,405 | |||||||||||||||||||||
04/18/11 | 49,483 | – | ||||||||||||||||||||||
98,966 | 1,388,405 | 1,388,405 | 14.03 | 0.53 | % | |||||||||||||||||||
$ | 5,999,119 | 2.27 | % | |||||||||||||||||||||
(4) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(5) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(6) | At November 30, 2011, the Fund had loaned securities with a total value of $42,312,424. This was secured by collateral of $40,498,065 which was received in cash and subsequently invested in short-term investments currently valued at $40,498,065 as reported in the portfolio of investments. The remaining collateral of $791,386 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Mtg. Corp. | 0.29% to 5.00% | 01/10/13 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/25/41 | ||
United States Treasury Notes/Bonds | 0.75% to 1.88% | 04/30/12 to 07/15/19 |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
SDR—Swedish Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 239,147,108 | $ | 16,412,495 | # | $ | — | $ | 255,559,603 | |||||||
Convertible Preferred Stock | — | 2,907,530 | 1,429,975 | 4,337,505 | ||||||||||||
Preferred Stock | — | — | 1,661,614 | 1,661,614 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 40,498,065 | — | 40,498,065 | ||||||||||||
Time Deposits | — | 2,431,000 | — | 2,431,000 | ||||||||||||
Total | $ | 239,147,108 | $ | 62,249,090 | $ | 3,091,589 | $ | 304,487,787 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $16,412,495 representing 6.2% of net assets. See Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Convertible Preferred Stock | Preferred Stock | |||||||
Balance as of 5/31/2011 | $ | 3,532,844 | $ | 1,388,405 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | 642,544 | — | ||||||
Change in unrealized depreciation(1) | (1,327,117 | ) | — | |||||
Net purchases | — | 273,209 | ||||||
Net sales | (1,418,296 | ) | — | |||||
Transfers into Level 3(2) | — | — | ||||||
Transfers out of Level 3(2) | — | — | ||||||
Balance as of 11/30/2011 | $ | 1,429,975 | $ | 1,661,614 | ||||
169
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Convertible Preferred Stock | Preferred Stock | |||||||
$ | 642,544 | $ | — | |||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
170
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
U.S. Government Agencies | 59.6 | % | ||
Repurchase Agreement | 17.2 | |||
Money Center Banks | 5.9 | |||
U.S. Government Treasuries | 5.4 | |||
Commercial Banks — Canadian | 4.0 | |||
Super — Regional Banks — US | 4.0 | |||
Finance | 2.1 | |||
Diversified Financial Services | 1.8 | |||
100.0 | % | |||
Weighted Average Days to Maturity | 44.5 |
Credit Quality@#
A-1 | 100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poors. |
# | Calculated as a percentage of total debt issues. |
171
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 82.8% |
| |||||||
Certificates of Deposit — 10.0% |
| |||||||
Citibank NA | $ | 7,800,000 | $ | 7,800,000 | ||||
Rabobank Nederland NV | 8,750,000 | 8,751,671 | ||||||
Royal Bank of Canada FRS | 9,250,000 | 9,250,000 | ||||||
Royal Bank of Canada FRS | 8,000,000 | 8,000,898 | ||||||
UBS AG Stamford CT | 9,150,000 | 9,150,000 | ||||||
Total Certificates of Deposit |
| |||||||
(amortized cost $42,952,569) | 42,952,569 | |||||||
U.S. Corporate Bonds & Notes — 7.8% |
| |||||||
Bank of America NA | 9,000,000 | 9,000,000 | ||||||
Bear Stearns Cos. LLC FRS | 8,250,000 | 8,252,630 | ||||||
General Electric Capital Corp. FRS | 9,020,000 | 9,024,151 | ||||||
JPMorgan Chase & Co. FRS | 7,300,000 | 7,301,878 | ||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(amortized cost $33,578,659) | 33,578,659 | |||||||
U.S. Government Agencies — 59.6% |
| |||||||
Federal Farm Credit Bank FRS | ||||||||
0.16% due 10/19/12 | 7,000,000 | 6,999,382 | ||||||
0.21% due 05/23/12 | 6,300,000 | 6,301,829 | ||||||
0.23% due 03/27/12 | 7,050,000 | 7,049,775 | ||||||
0.23% due 02/11/13 | 16,000,000 | 16,000,000 | ||||||
0.23% due 08/17/12 | 2,400,000 | 2,399,827 | ||||||
0.26% due 11/13/12 | 2,000,000 | 2,000,972 | ||||||
Federal Home Loan Bank | ||||||||
0.01% due 01/20/12 | 18,000,000 | 17,999,750 | ||||||
0.02% due 02/27/12 | 8,000,000 | 7,999,562 | ||||||
0.03% due 01/20/12 | 4,000,000 | 3,999,833 | ||||||
0.03% due 02/15/12 | 10,000,000 | 9,999,472 | ||||||
0.03% due 03/16/12 | 5,000,000 | 4,999,558 | ||||||
0.08% due 04/16/12 | 3,000,000 | 2,999,087 | ||||||
0.09% due 04/13/12 | 3,300,000 | 3,298,894 | ||||||
0.11% due 02/08/12 | 7,400,000 | 7,398,440 | ||||||
0.11% due 08/01/12 | 4,200,000 | 4,196,869 | ||||||
0.12% due 03/01/12 | 3,500,000 | 3,498,938 | ||||||
0.12% due 06/25/12 | 11,450,000 | 11,442,099 | ||||||
0.17% due 01/04/12 | 6,500,000 | 6,498,956 | ||||||
0.19% due 10/03/12 | 3,000,000 | 2,995,139 | ||||||
Federal Home Loan Bank FRS | ||||||||
0.14% due 07/13/12 | 9,000,000 | 8,999,723 | ||||||
0.28% due 01/12/12 | 17,000,000 | 17,000,000 | ||||||
0.29% due 01/20/12 | 8,500,000 | 8,499,884 | ||||||
0.30% due 12/15/11 | 8,800,000 | 8,800,000 | ||||||
0.35% due 02/17/12 | 4,200,000 | 4,199,535 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.10% due 01/18/12 | 5,000,000 | 4,999,333 | ||||||
0.11% due 12/15/11 | 2,700,000 | 2,699,885 | ||||||
0.11% due 01/31/12 | 5,000,000 | 4,999,068 | ||||||
0.15% due 02/15/12 | 7,500,000 | 7,497,625 | ||||||
0.16% due 04/27/12 | 5,290,000 | 5,286,520 | ||||||
0.20% due 12/07/11 | 1,900,000 | 1,899,937 | ||||||
0.20% due 12/14/11 | 1,500,000 | 1,499,892 | ||||||
0.21% due 12/06/11 | 3,750,000 | 3,749,891 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
0.21% due 08/10/12 | 8,660,000 | 8,658,499 | ||||||
0.22% due 10/12/12 | 1,000,000 | 1,000,346 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Agencies (continued) |
| |||||||
Federal National Mtg. Assoc. | ||||||||
0.04% due 12/20/11 | $ | 450,000 | $ | 449,991 | ||||
0.10% due 12/02/11 | 3,000,000 | 2,999,992 | ||||||
0.10% due 01/04/12 | 9,000,000 | 8,999,192 | ||||||
0.14% due 02/17/12 | 10,000,000 | 9,996,967 | ||||||
0.15% due 01/17/12 | 3,640,000 | 3,639,287 | ||||||
0.16% due 01/03/12 | 13,100,000 | 13,098,739 | ||||||
Total U.S. Government Agencies |
| |||||||
(amortized cost $257,052,688) | 257,052,688 | |||||||
U.S. Government Treasuries — 5.4% |
| |||||||
United States Treasury Bills | ||||||||
0.02% due 12/22/11 | 11,500,000 | 11,499,899 | ||||||
0.02% due 03/01/12 | 3,300,000 | 3,299,875 | ||||||
0.10% due 12/22/11 | 1,420,000 | 1,419,921 | ||||||
0.11% due 12/08/11 | 3,250,000 | 3,249,931 | ||||||
United States Treasury Notes | 3,630,000 | 3,662,151 | ||||||
Total U.S. Government Treasuries |
| |||||||
(amortized cost $23,131,777) | 23,131,777 | |||||||
Total Short-Term Investment Securities — 82.8% |
| |||||||
(amortized cost $356,715,693) | 356,715,693 | |||||||
REPURCHASE AGREEMENT — 17.2% |
| |||||||
UBS Securities LLC Joint Repurchase Agreement(1) | 74,104,000 | 74,104,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $430,819,693)(2) | 100.0 | % | 430,819,693 | |||||
Other assets less liabilities | 0.0 | 1,354 | ||||||
NET ASSETS | 100.0 | % | $ | 430,821,047 | ||||
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(2) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.
172
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 42,952,569 | $ | — | $ | 42,952,569 | ||||||||
U.S. Corporate Bonds & Notes | — | 33,578,659 | — | 33,578,659 | ||||||||||||
U.S. Government Agencies | — | 257,052,688 | — | 257,052,688 | ||||||||||||
U.S. Government Treasuries | — | 23,131,777 | — | 23,131,777 | ||||||||||||
Repurchase Agreement | — | 74,104,000 | — | 74,104,000 | ||||||||||||
Total | $ | — | $ | 430,819,693 | $ | — | $ | 430,819,693 | ||||||||
See Notes to Financial Statements
173
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Computers | 15.0 | % | ||
Applications Software | 9.8 | |||
Web Portals/ISP | 8.0 | |||
Electronic Components — Semiconductors | 7.2 | |||
Enterprise Software/Service | 6.7 | |||
Medical — Biomedical/Gene | 6.5 | |||
Collective Investment Pool | 5.8 | |||
E-Commerce/Products | 4.9 | |||
Semiconductor Components — Integrated Circuits | 4.4 | |||
Networking Products | 3.9 | |||
Cable/Satellite TV | 3.1 | |||
Repurchase Agreements | 2.6 | |||
Retail — Discount | 1.8 | |||
E-Commerce/Services | 1.7 | |||
Medical — Generic Drugs | 1.4 | |||
Commercial Services — Finance | 1.4 | |||
Computers — Memory Devices | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Multimedia | 1.2 | |||
Cellular Telecom | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Computer Services | 0.9 | |||
Pharmacy Services | 0.9 | |||
Entertainment Software | 0.8 | |||
Transport — Services | 0.8 | |||
Internet Security | 0.7 | |||
Medical Instruments | 0.6 | |||
Retail — Bedding | 0.6 | |||
Casino Hotels | 0.6 | |||
Auto — Heavy Duty Trucks | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Internet Infrastructure Software | 0.6 | |||
Electronic Forms | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Food — Retail | 0.5 | |||
Electronic Components-Misc. | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Medical Information Systems | 0.4 | |||
Retail — Office Supplies | 0.4 | |||
Toys | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Data Processing/Management | 0.3 | |||
Beverages — Wine/Spirits | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Computer Aided Design | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Radio | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Telecom Services | 0.3 | |||
Schools | 0.3 | |||
Retail — Major Department Stores | 0.2 | |||
Medical Products | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Therapeutics | 0.1 | |||
Diagnostic Kits | 0.1 | |||
105.4 | % | |||
* | Calculated as a percentage of net assets |
174
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.7% |
| |||||||
Applications Software — 9.8% |
| |||||||
Check Point Software Technologies, Ltd.†# | 11,085 | $ | 613,444 | |||||
Citrix Systems, Inc.† | 10,054 | 717,755 | ||||||
Intuit, Inc. | 16,234 | 864,298 | ||||||
Microsoft Corp. | 447,398 | 11,444,441 | ||||||
13,639,938 | ||||||||
Auto - Heavy Duty Trucks — 0.6% |
| |||||||
PACCAR, Inc.# | 19,518 | 791,845 | ||||||
Beverages - Wine/Spirits — 0.3% |
| |||||||
Green Mountain Coffee Roasters, Inc.†# | 8,175 | 428,615 | ||||||
Cable/Satellite TV — 3.1% |
| |||||||
Comcast Corp., Class A | 111,586 | 2,529,655 | ||||||
DIRECTV, Class A†# | 39,424 | 1,861,601 | ||||||
4,391,256 | ||||||||
Casino Hotels — 0.6% |
| |||||||
Wynn Resorts, Ltd.# | 6,672 | 804,376 | ||||||
Cellular Telecom — 1.1% |
| |||||||
NII Holdings, Inc.†# | 9,137 | 210,243 | ||||||
Vodafone Group PLC ADR | 47,989 | 1,302,901 | ||||||
1,513,144 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Sigma - Aldrich Corp.# | 6,519 | 422,496 | ||||||
Commercial Services - Finance — 1.4% |
| |||||||
Automatic Data Processing, Inc. | 26,149 | 1,335,953 | ||||||
Paychex, Inc.# | 19,367 | 563,773 | ||||||
1,899,726 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.†# | 12,218 | 416,267 | ||||||
Computer Services — 0.9% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 16,215 | 1,092,080 | ||||||
Infosys Technologies, Ltd. ADR# | 4,496 | 232,084 | ||||||
1,324,164 | ||||||||
Computers — 15.0% |
| |||||||
Apple, Inc.† | 49,506 | 18,921,193 | ||||||
Dell, Inc.† | 97,423 | 1,535,387 | ||||||
Research In Motion, Ltd.† | 27,821 | 496,883 | ||||||
20,953,463 | ||||||||
Computers - Memory Devices — 1.2% |
| |||||||
NetApp, Inc.† | 19,886 | 732,401 | ||||||
SanDisk Corp.† | 12,775 | 629,935 | ||||||
Seagate Technology PLC# | 22,404 | 383,109 | ||||||
1,745,445 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
Fiserv, Inc.† | 7,559 | 435,852 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
DENTSPLY International, Inc.# | 7,547 | 272,522 | ||||||
Diagnostic Kits — 0.1% |
| |||||||
QIAGEN NV†# | 12,491 | 186,241 | ||||||
Distribution/Wholesale — 0.5% |
| |||||||
Fastenal Co. | 15,759 | 656,362 | ||||||
E - Commerce/Products — 4.9% |
| |||||||
Amazon.com, Inc.† | 24,240 | 4,661,110 | ||||||
eBay, Inc.† | 68,819 | 2,036,354 | ||||||
Netflix, Inc.†# | 2,805 | 181,007 | ||||||
6,878,471 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E - Commerce/Services — 1.7% |
| |||||||
Ctrip.com International, Ltd. ADR# | 7,840 | $ | 213,248 | |||||
Expedia, Inc.# | 13,278 | 369,327 | ||||||
Liberty Interactive Corp., Class A† | 30,581 | 497,247 | ||||||
priceline.com, Inc.† | 2,658 | 1,291,496 | ||||||
2,371,318 | ||||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Flextronics International, Ltd.† | 39,062 | 233,200 | ||||||
Garmin, Ltd.# | 10,364 | 379,219 | ||||||
612,419 | ||||||||
Electronic Components - Semiconductors — 7.2% |
| |||||||
Altera Corp.# | 17,302 | 651,766 | ||||||
Broadcom Corp., Class A† | 25,685 | 779,411 | ||||||
Intel Corp. | 280,402 | 6,984,814 | ||||||
Microchip Technology, Inc.# | 10,178 | 355,314 | ||||||
Micron Technology, Inc.†# | 53,612 | 321,136 | ||||||
NVIDIA Corp.†# | 32,239 | 503,896 | ||||||
Xilinx, Inc.# | 14,159 | 463,141 | ||||||
10,059,478 | ||||||||
Electronic Forms — 0.5% |
| |||||||
Adobe Systems, Inc.† | 26,372 | 723,120 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
FLIR Systems, Inc.# | 8,530 | 229,116 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
First Solar, Inc.†# | 4,609 | 220,587 | ||||||
Enterprise Software/Service — 6.7% |
| |||||||
BMC Software, Inc.† | 9,373 | 334,241 | ||||||
CA, Inc.# | 26,951 | 571,361 | ||||||
Oracle Corp. | 270,134 | 8,468,701 | ||||||
9,374,303 | ||||||||
Entertainment Software — 0.8% |
| |||||||
Activision Blizzard, Inc.# | 61,026 | 757,943 | ||||||
Electronic Arts, Inc.† | 17,619 | 408,585 | ||||||
1,166,528 | ||||||||
Food - Retail — 0.5% |
| |||||||
Whole Foods Market, Inc.# | 9,462 | 644,362 | ||||||
Hazardous Waste Disposal — 0.3% |
| |||||||
Stericycle, Inc.†# | 4,598 | 372,530 | ||||||
Internet Infrastructure Software — 0.6% |
| |||||||
Akamai Technologies, Inc.†# | 9,846 | 284,648 | ||||||
F5 Networks, Inc.†# | 4,311 | 487,272 | ||||||
771,920 | ||||||||
Internet Security — 0.7% |
| |||||||
Symantec Corp.† | 40,036 | 654,589 | ||||||
VeriSign, Inc.# | 8,886 | 298,392 | ||||||
952,981 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Joy Global, Inc. | 5,609 | 511,990 | ||||||
Medical Information Systems — 0.4% |
| |||||||
Cerner Corp.†# | 9,027 | 550,466 | ||||||
Medical Instruments — 0.6% |
| |||||||
Intuitive Surgical, Inc.† | 2,087 | 906,196 | ||||||
Medical Products — 0.2% |
| |||||||
Henry Schein, Inc.†# | 4,935 | 317,518 | ||||||
Medical - Biomedical/Gene — 6.5% |
| |||||||
Alexion Pharmaceuticals, Inc.†# | 9,854 | 676,576 |
175
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Amgen, Inc. | 49,346 | $ | 2,857,627 | |||||
Biogen Idec, Inc.† | 12,952 | 1,488,832 | ||||||
Celgene Corp.†# | 24,500 | 1,545,460 | ||||||
Gilead Sciences, Inc.† | 41,196 | 1,641,660 | ||||||
Illumina, Inc.†# | 6,640 | 184,725 | ||||||
Life Technologies Corp.† | 9,637 | 373,241 | ||||||
Vertex Pharmaceuticals, Inc.† | 11,112 | 322,137 | ||||||
9,090,258 | ||||||||
Medical - Generic Drugs — 1.4% |
| |||||||
Mylan, Inc.†# | 22,762 | 444,542 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 37,355 | 1,479,631 | ||||||
1,924,173 | ||||||||
Multimedia — 1.2% |
| |||||||
News Corp., Class A | 97,635 | 1,702,754 | ||||||
Networking Products — 3.9% |
| |||||||
Cisco Systems, Inc. | 293,709 | 5,474,736 | ||||||
Pharmacy Services — 0.9% |
| |||||||
Express Scripts, Inc.†# | 26,070 | 1,190,096 | ||||||
Radio — 0.3% |
| |||||||
Sirius XM Radio, Inc.†# | 210,886 | 379,595 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Ross Stores, Inc. | 6,245 | 556,367 | ||||||
Urban Outfitters, Inc.†# | 8,412 | 226,956 | ||||||
783,323 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 7,259 | 560,685 | ||||||
Retail - Bedding — 0.6% |
| |||||||
Bed Bath & Beyond, Inc.† | 13,311 | 805,449 | ||||||
Retail - Discount — 1.8% |
| |||||||
Costco Wholesale Corp. | 23,379 | 1,994,229 | ||||||
Dollar Tree, Inc.†# | 6,515 | 530,907 | ||||||
2,525,136 | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
Sears Holdings Corp.†# | 5,709 | 344,424 | ||||||
Retail - Office Supplies — 0.4% |
| |||||||
Staples, Inc.# | 37,871 | 545,721 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Starbucks Corp. | 39,842 | 1,732,330 | ||||||
Schools — 0.3% |
| |||||||
Apollo Group, Inc., Class A† | 7,331 | 355,407 | ||||||
Semiconductor Components - Integrated Circuits — 4.4% |
| |||||||
Linear Technology Corp.# | 12,170 | 372,767 | ||||||
Marvell Technology Group, Ltd.† | 32,649 | 461,004 | ||||||
Maxim Integrated Products, Inc. | 15,743 | 403,808 | ||||||
QUALCOMM, Inc. | 89,698 | 4,915,450 | ||||||
6,153,029 | ||||||||
Semiconductor Equipment — 1.0% |
| |||||||
Applied Materials, Inc. | 70,356 | 758,437 | ||||||
KLA - Tencor Corp.# | 8,918 | 411,120 | ||||||
Lam Research Corp.† | 6,610 | 269,490 | ||||||
1,439,047 | ||||||||
Telecom Services — 0.3% |
| |||||||
Virgin Media, Inc.# | 16,783 | 371,911 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Therapeutics — 0.1% |
| |||||||
Warner Chilcott PLC, Class A†# | 13,568 | $ | 213,289 | |||||
Toys — 0.4% |
| |||||||
Mattel, Inc.# | 18,310 | 527,511 | ||||||
Transport - Services — 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 8,806 | 603,299 | ||||||
Expeditors International of Washington, Inc.# | 11,325 | 492,751 | ||||||
1,096,050 | ||||||||
Web Portals/ISP — 8.0% |
| |||||||
Baidu, Inc. ADR† | 14,481 | 1,896,866 | ||||||
Google, Inc., Class A† | 13,575 | 8,136,719 | ||||||
Yahoo!, Inc.† | 67,423 | 1,059,216 | ||||||
11,092,801 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $109,943,255) | 134,852,740 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 6.1% |
| |||||||
Collective Investment Pool — 5.8% |
| |||||||
Navigator Securities Lending Prime Portfolio(1)(2) | 8,076,122 | 8,076,122 | ||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | $ | 400,000 | 400,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $8,476,122) | 8,476,122 | |||||||
REPURCHASE AGREEMENT — 2.6% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(4) | 3,703,000 | 3,703,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $122,122,377)(5) | 105.4 | % | 147,031,862 | |||||
Liabilities in excess of other assets | (5.4 | ) | (7,569,260 | ) | ||||
NET ASSETS | 100.0 | % | $ | 139,462,602 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2) |
(2) | At November 30, 2011, the Fund had loaned securities with a total value of $8,716,826. This was secured by collateral of $8,076,122, which was received in cash and subsequently invested in short-term investments currently valued at $8,076,122 as reported in the portfolio of investments. The remaining collateral of $493,464 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 07/15/14 | ||
Federal Home Loan Mortgage Corp. | 0.26% to 5.00% | 01/10/13 - 06/15/40 | ||
Federal National Mortgage Association | 4.00% | 08/25/41 | ||
United States Treasury Bills | zero coupon | 12/22/11 | ||
United States Treasury Notes/Bonds | 0.75% to 6.75% | 04/30/12 - 08/15/40 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
176
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Open Future Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
95 | Long | Nasdaq 100 E-mini Index | December 2011 | $ | 4,382,665 | $ | 4,360,500 | $ | (22,168 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Applications Software | $ | 13,639,938 | $ | — | $ | — | $ | 13,639,938 | ||||||||
Computers | 20,953,463 | — | — | 20,953,463 | ||||||||||||
Electronic Components-Semiconductors | 10,059,478 | — | — | 10,059,478 | ||||||||||||
Enterprise Software/Service | 9,374,303 | — | — | 9,374,303 | ||||||||||||
Medical — Biomedical/Gene | 9,090,258 | — | — | 9,090,258 | ||||||||||||
Web Portals/ISP | 11,092,801 | — | — | 11,092,801 | ||||||||||||
Other Industries* | 60,642,499 | — | — | 60,642,499 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 8,076,122 | — | 8,076,122 | ||||||||||||
U.S. Government Treasuries | — | 400,000 | — | 400,000 | ||||||||||||
Repurchase Agreement | — | 3,703,000 | — | 3,703,000 | ||||||||||||
Totals | $ | 134,852,740 | $ | 12,179,122 | $ | — | $ | 147,031,862 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts — Depreciation | $ | 22,168 | $ | — | $ | — | $ | 22,168 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
See Notes to Financial Statements
177
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VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Computers | 10.9 | % | ||
Web Portals/ISP | 9.5 | |||
Electronic Components — Semiconductors | 9.3 | |||
Applications Software | 8.7 | |||
Collective Investment Pool | 8.7 | |||
Enterprise Software/Service | 6.4 | |||
Networking Products | 4.6 | |||
Semiconductor Components — Integrated Circuits | 4.1 | |||
Commercial Services — Finance | 4.0 | |||
Wireless Equipment | 3.5 | |||
Computers — Memory Devices | 2.9 | |||
Computer Services | 2.9 | |||
Semiconductor Equipment | 2.8 | |||
E-Commerce/Services | 2.7 | |||
Time Deposits | 1.9 | |||
Internet Infrastructure Software | 1.8 | |||
E-Commerce/Products | 1.7 | |||
Toys | 1.6 | |||
Electric Products — Misc. | 1.3 | |||
Telecom Equipment — Fiber Optics | 1.3 | |||
Computer Aided Design | 1.1 | |||
Telecommunication Equipment | 1.1 | |||
Web Hosting/Design | 1.1 | |||
Internet Content — Information/News | 1.1 | |||
Commercial Services | 1.0 | |||
Entertainment Software | 0.8 | |||
Software Tools | 0.8 | |||
Consulting Services | 0.7 | |||
Computer Software | 0.7 | |||
Electronic Forms | 0.7 | |||
E-Services/Consulting | 0.7 | |||
Internet Content — Entertainment | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Computers — Periphery Equipment | 0.6 | |||
Multimedia | 0.5 | |||
Medical Information Systems | 0.5 | |||
Internet Security | 0.5 | |||
Metal Processors & Fabrication | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Electronic Security Devices | 0.4 | |||
Electronic Components — Misc. | 0.3 | |||
Medical Instruments | 0.3 | |||
Electronic Parts Distribution | 0.3 | |||
Virtual Reality Products | 0.3 | |||
Data Processing/Management | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Advanced Materials | 0.3 | |||
Medical — Biomedical/Gene | 0.3 | |||
Electronic Measurement Instruments | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Medical Products | 0.2 | |||
Internet Application Software | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Internet Connectivity Services | 0.1 | |||
Television | 0.1 | |||
Electric — Distribution | 0.1 | |||
108.6 | % | |||
* | Calculated as a percentage of net assets |
178
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VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.1% |
| |||||||
Advanced Materials — 0.3% |
| |||||||
STR Holdings, Inc.†# | 210,600 | $ | 1,929,096 | |||||
Agricultural Chemicals — 0.2% |
| |||||||
Monsanto Co. | 22,600 | 1,659,970 | ||||||
Applications Software — 8.7% |
| |||||||
Citrix Systems, Inc.† | 40,641 | 2,901,361 | ||||||
Intuit, Inc. | 198,930 | 10,591,033 | ||||||
Microsoft Corp. | 1,197,025 | 30,619,900 | ||||||
Nuance Communications, Inc.† | 173,235 | 4,258,116 | ||||||
Red Hat, Inc.† | 53,542 | 2,681,383 | ||||||
Salesforce.com, Inc.†# | 114,208 | 13,524,512 | ||||||
64,576,305 | ||||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla Motors, Inc.†# | 134,225 | 4,394,527 | ||||||
Commercial Services — 1.0% |
| |||||||
Alliance Data Systems Corp.†# | 61,973 | 6,346,655 | ||||||
ExlService Holdings, Inc.†# | 52,386 | 1,393,468 | ||||||
7,740,123 | ||||||||
Commercial Services - Finance — 4.0% |
| |||||||
Automatic Data Processing, Inc.# | 145,610 | 7,439,215 | ||||||
Mastercard, Inc., Class A | 13,625 | 5,103,244 | ||||||
Visa, Inc., Class A | 115,026 | 11,154,071 | ||||||
Western Union Co. | 338,950 | 5,911,288 | ||||||
29,607,818 | ||||||||
Computer Aided Design — 1.1% |
| |||||||
Autodesk, Inc.† | 247,200 | 8,422,104 | ||||||
Computer Services — 2.9% |
| |||||||
Accenture PLC, Class A# | 86,128 | 4,989,395 | ||||||
Cognizant Technology Solutions Corp., Class A† | 96,755 | 6,516,449 | ||||||
International Business Machines Corp. | 51,519 | 9,685,572 | ||||||
21,191,416 | ||||||||
Computer Software — 0.7% |
| |||||||
Akamai Technologies, Inc.† | 178,880 | 5,171,421 | ||||||
Computers — 10.9% |
| |||||||
Advantech Co., Ltd.(1) | 548,000 | 1,531,786 | ||||||
Apple, Inc.† | 139,651 | 53,374,612 | ||||||
Dell, Inc.† | 656,100 | 10,340,136 | ||||||
Hewlett - Packard Co.# | 553,090 | 15,458,866 | ||||||
80,705,400 | ||||||||
Computers - Integrated Systems — 0.4% |
| |||||||
Teradata Corp.†# | 56,822 | 3,081,457 | ||||||
Computers - Memory Devices — 2.9% |
| |||||||
EMC Corp.† | 465,310 | 10,706,783 | ||||||
NetApp, Inc.†# | 82,300 | 3,031,109 | ||||||
SanDisk Corp.† | 140,535 | 6,929,781 | ||||||
Spansion, Inc., Class A† | 81,202 | 709,705 | ||||||
21,377,378 | ||||||||
Computers - Periphery Equipment — 0.6% |
| |||||||
Synaptics, Inc.†# | 130,000 | 4,219,800 | ||||||
Consulting Services — 0.7% |
| |||||||
Genpact, Ltd.† | 175,302 | 2,729,452 | ||||||
Huron Consulting Group, Inc.†# | 80,555 | 2,796,870 | ||||||
5,526,322 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
CommVault Systems, Inc.†# | 39,800 | 1,975,274 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
E - Commerce/Products — 1.7% |
| |||||||
Amazon.com, Inc.†# | 63,760 | $ | 12,260,410 | |||||
E - Commerce/Services — 2.6% |
| |||||||
Ctrip.com International, Ltd. ADR† | 55,800 | 1,517,760 | ||||||
eBay, Inc.† | 165,055 | 4,883,977 | ||||||
Groupon, Inc., Class A† | 11,100 | 194,250 | ||||||
Groupon, Inc. Series G†(2)(3)(4) | 39,859 | 2,581,269 | ||||||
Liberty Interactive Corp., Class A†# | 220,900 | 3,591,834 | ||||||
priceline.com, Inc.†# | 14,445 | 7,018,681 | ||||||
19,787,771 | ||||||||
E - Services/Consulting — 0.7% |
| |||||||
Sapient Corp. | 414,874 | 5,094,653 | ||||||
Electric Products - Misc. — 1.3% |
| |||||||
Hitachi, Ltd.#(1) | 1,752,000 | 9,817,277 | ||||||
Electronic Components - Misc. — 0.3% |
| |||||||
E Ink Holdings, Inc.(1) | 435,000 | 803,040 | ||||||
Hon Hai Precision Industry Co., Ltd.(1) | 615,000 | 1,669,429 | ||||||
2,472,469 | ||||||||
Electronic Components - Semiconductors — 9.3% |
| |||||||
Advanced Micro Devices, Inc.†# | 399,000 | 2,270,310 | ||||||
Applied Micro Circuits Corp.†# | 313,300 | 2,337,218 | ||||||
Broadcom Corp., Class A†# | 36,200 | 1,098,489 | ||||||
Cavium, Inc.†# | 28,120 | 917,837 | ||||||
Cree, Inc.†# | 56,800 | 1,413,184 | ||||||
Intel Corp. | 379,595 | 9,455,711 | ||||||
Intersil Corp., Class A# | 136,400 | 1,449,932 | ||||||
First Solar, Inc.†# | 98,700 | 4,723,782 | ||||||
MEMC Electronic Materials, Inc.†# | 216,800 | 904,056 | ||||||
Micron Technology, Inc.†# | 1,535,500 | 9,197,645 | ||||||
NVIDIA Corp.†# | 372,800 | 5,826,864 | ||||||
ON Semiconductor Corp.†# | 759,600 | 5,719,788 | ||||||
Rovi Corp.†# | 74,103 | 2,056,358 | ||||||
Samsung Electronics Co., Ltd.(1) | 2,477 | 2,248,790 | ||||||
Samsung Electronics Co., Ltd. GDR†* | 21,155 | 9,653,027 | ||||||
Spreadtrum Communications, Inc. ADR | 148,980 | 3,687,255 | ||||||
Texas Instruments, Inc. | 191,690 | 5,769,869 | ||||||
68,730,115 | ||||||||
Electronic Forms — 0.7% |
| |||||||
Adobe Systems, Inc.† | 188,400 | 5,165,928 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Chroma ATE, Inc.(1) | 509,080 | 1,097,238 | ||||||
Trimble Navigation, Ltd.† | 15,000 | 646,200 | ||||||
1,743,438 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Synnex Technology International Corp.(1) | 686,000 | 1,645,355 | ||||||
Electronic Security Devices — 0.4% |
| |||||||
Taser International, Inc.†# | 435,100 | 2,619,302 | ||||||
Enterprise Software/Service — 6.4% |
| |||||||
Ariba, Inc.†# | 75,405 | 2,288,542 | ||||||
BMC Software, Inc.† | 45,200 | 1,611,832 | ||||||
CA, Inc.# | 246,300 | 5,221,560 | ||||||
hiSoft Technology International, Ltd. ADR†# | 105,220 | 1,244,753 | ||||||
Informatica Corp.† | 19,815 | 890,783 | ||||||
Oracle Corp.# | 1,047,294 | 32,832,667 | ||||||
QLIK Technologies, Inc.†# | 123,995 | 3,393,743 | ||||||
47,483,880 | ||||||||
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VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Entertainment Software — 0.8% |
| |||||||
Activision Blizzard, Inc. | 217,715 | $ | 2,704,020 | |||||
Electronic Arts, Inc.†# | 58,976 | 1,367,653 | ||||||
UBISOFT Entertainment†(1) | 232,700 | 1,692,598 | ||||||
5,764,271 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
Hamamatsu Photonics KK#(1) | 36,100 | 1,332,931 | ||||||
Internet Application Software — 0.2% |
| |||||||
RealNetworks, Inc.# | 178,324 | 1,353,479 | ||||||
Internet Connectivity Services — 0.1% |
| |||||||
M3, Inc.(1) | 209 | 1,038,188 | ||||||
Internet Content - Entertainment — 0.6% |
| |||||||
NetEase.com, Inc. ADR†# | 98,335 | 4,433,925 | ||||||
Renren, Inc. ADR†# | 1,156 | 4,277 | ||||||
Youku.com, Inc., Class A†(2)(3) | 16 | 18 | ||||||
4,438,220 | ||||||||
Internet Content - Information/News — 0.6% |
| |||||||
Angies List, Inc.(2)(3)(4) | 95,832 | 1,052,235 | ||||||
Kakaku.com, Inc.#(1) | 84,500 | 3,251,947 | ||||||
LinkedIn Corp., Class A† | 18,250 | 1,203,223 | ||||||
5,507,405 | ||||||||
Internet Infrastructure Software — 1.8% |
| |||||||
F5 Networks, Inc.† | 14,340 | 1,620,850 | ||||||
TIBCO Software, Inc.† | 415,815 | 11,393,331 | ||||||
13,014,181 | ||||||||
Internet Security — 0.5% |
| |||||||
VeriSign, Inc. | 99,360 | 3,336,509 | ||||||
Lighting Products & Systems — 0.0% |
| |||||||
Universal Display Corp.†# | 1,240 | 48,310 | ||||||
Medical Information Systems — 0.5% |
| |||||||
athenahealth, Inc.†# | 43,998 | 2,613,481 | ||||||
Cerner Corp.†# | 13,085 | 797,924 | ||||||
3,411,405 | ||||||||
Medical Instruments — 0.3% |
| |||||||
Medtronic, Inc. | 67,500 | 2,459,025 | ||||||
Medical Products — 0.2% |
| |||||||
Stryker Corp.# | 28,600 | 1,396,538 | ||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Amgen, Inc. | 32,800 | 1,899,448 | ||||||
Metal Processors & Fabrication — 0.4% |
| |||||||
Catcher Technology Co., Ltd. GDR | 135,622 | 3,164,061 | ||||||
Multimedia — 0.5% |
| |||||||
Time Warner, Inc.# | 109,200 | 3,802,344 | ||||||
Networking Products — 4.6% |
| |||||||
Calix, Inc.†# | 139,300 | 1,256,486 | ||||||
Cisco Systems, Inc. | 1,358,675 | 25,325,702 | ||||||
Ixia†# | 96,700 | 1,063,700 | ||||||
Juniper Networks, Inc.† | 295,215 | 6,704,333 | ||||||
34,350,221 | ||||||||
Semiconductor Components - Integrated Circuits — 4.1% |
| |||||||
Analog Devices, Inc.# | 171,775 | 5,988,077 | ||||||
Atmel Corp.† | 659,100 | 5,846,217 | ||||||
Cypress Semiconductor Corp.†# | 111,060 | 2,117,914 | ||||||
Linear Technology Corp.# | 52,700 | 1,614,201 | ||||||
Marvell Technology Group, Ltd.†# | 442,600 | 6,249,512 | ||||||
Maxim Integrated Products, Inc.# | 67,580 | 1,733,427 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 725,000 | $ | 1,825,742 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 153,545 | 1,983,801 | ||||||
TriQuint Semiconductor, Inc.† | 598,600 | 2,615,882 | ||||||
29,974,773 | ||||||||
Semiconductor Equipment — 2.8% |
| |||||||
Applied Materials, Inc. | 293,900 | 3,168,242 | ||||||
ASM Pacific Technology, Ltd.#(1) | 158,800 | 1,760,484 | ||||||
ASML Holding NV# | 150,180 | 5,936,615 | ||||||
Lam Research Corp.† | 153,700 | 6,266,349 | ||||||
Tokyo Electron, Ltd.(1) | 64,400 | 3,533,531 | ||||||
20,665,221 | ||||||||
Software Tools — 0.8% |
| |||||||
VMware, Inc., Class A†# | 57,330 | 5,542,664 | ||||||
Telecom Equipment - Fiber Optics — 1.3% |
| |||||||
Ciena Corp.†# | 149,200 | 1,806,812 | ||||||
IPG Photonics Corp.† | 100,900 | 3,867,497 | ||||||
JDS Uniphase Corp.†# | 332,700 | 3,653,046 | ||||||
9,327,355 | ||||||||
Telecommunication Equipment — 1.1% |
| |||||||
ADTRAN, Inc.# | 248,810 | 8,218,194 | ||||||
Television — 0.1% |
| |||||||
Phoenix New Media, Ltd. ADR†# | 118,711 | 731,260 | ||||||
Toys — 1.6% |
| |||||||
Nintendo Co., Ltd.(1) | 78,800 | 11,949,066 | ||||||
Virtual Reality Products — 0.3% |
| |||||||
RealD, Inc.†# | 229,000 | 2,193,820 | ||||||
Web Hosting/Design — 1.1% |
| |||||||
Equinix, Inc.†# | 42,100 | 4,210,842 | ||||||
Rackspace Hosting, Inc.†# | 89,345 | 3,875,786 | ||||||
8,086,628 | ||||||||
Web Portals/ISP — 9.5% |
| |||||||
AAC Acoustic Technologies Holdings, Inc.†#(1) | 1,050,000 | 2,531,815 | ||||||
Baidu, Inc. ADR† | 103,995 | 13,622,305 | ||||||
Bitauto Holdings, Ltd. ADR†# | 18,900 | 92,043 | ||||||
Facebook, Inc., Class A†(2)(3)(4) | 19,154 | 596,592 | ||||||
Facebook, Inc., Class B†(2)(3)(4) | 47,699 | 1,485,685 | ||||||
Google, Inc., Class A† | 70,240 | 42,101,154 | ||||||
SINA Corp.† | 102,575 | 6,778,156 | ||||||
Sohu.com, Inc.† | 20,200 | 998,688 | ||||||
Yahoo!, Inc.† | 138,775 | 2,180,155 | ||||||
70,386,593 | ||||||||
Wireless Equipment — 3.5% |
| |||||||
Aruba Networks, Inc.†# | 373,820 | 7,887,602 | ||||||
QUALCOMM, Inc. | 285,629 | 15,652,469 | ||||||
RF Micro Devices, Inc.† | 410,500 | 2,557,415 | ||||||
26,097,486 | ||||||||
Total Common Stock | ||||||||
(cost $691,207,024) | 717,888,605 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.5% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Silver Spring Networks | 46,800 | 421,200 | ||||||
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VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED STOCK (continued) |
| |||||||
Internet Content-Information/News — 0.5% |
| |||||||
Twitter, Inc. | 184,162 | $ | 2,578,268 | |||||
E - Commerce/Services — 0.1% |
| |||||||
Coupon.com, Inc.(2)(3)(4) | 108,436 | 595,677 | ||||||
Total Convertible Preferred Stock |
| |||||||
(cost $1,653,596) | 3,595,145 | |||||||
EQUITY CERTIFICATES — 0.1% |
| |||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Deutsche Bank AG - Synnex Technology | 269,000 | 629,460 | ||||||
PREFERRED STOCK — 0.1% |
| |||||||
Human Resources — 0.0% |
| |||||||
Workday, Inc., | 11,745 | 155,738 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $693,630,431) | 722,268,948 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.9% |
| |||||||
Collective Investment Pool — 8.7% |
| |||||||
Navigator Securities Lending Prime Portfolio(5)(7) | 64,291,027 | 64,291,027 | ||||||
Registered Investment Companies — 0.3% |
| |||||||
T. Rowe Price Reserve Investment Fund | 1,957,904 | 1,957,904 | ||||||
Time Deposits — 1.9% |
| |||||||
Euro Time Deposit with State Street | $ | 14,053,000 | 14,053,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $80,301,931) | 80,301,931 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $773,932,362)(6) | 108.6 | % | 802,570,879 | |||||
Liabilities in excess of other assets | (8.6 | ) | (63,581,817 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 738,989,062 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $10,282,487 representing 1.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $47,729,217 representing 6.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Science & Technology Fund held the following restricted securities: |
Name | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Angies | 03/15/11 | 85,152 | $ | 752,927 | ||||||||||||||||||||
05/17/11 | 10,680 | 94,434 | ||||||||||||||||||||||
95,832 | 847,361 | $ | 1,052,235 | $ | 5.49 | 0.14 | % | |||||||||||||||||
Coupon. | 06/01/11 | 54,218 | 595,677 | |||||||||||||||||||||
08/18/11 | 54,218 | 595,677 | ||||||||||||||||||||||
108,436 | 1,191,354 | 595,677 | 5.49 | 0.08 | % | |||||||||||||||||||
Deutsche | 09/24/10 | 269,000 | 614,073 | 629,460 | 2.34 | 0.09 | % | |||||||||||||||||
FaceBook | 08/12/11 | 19,154 | 596,592 | 596,592 | 31.15 | 0.08 | % | |||||||||||||||||
FaceBook | 03/31/11 | 41,658 | 1,041,450 | |||||||||||||||||||||
05/19/11 | 1,988 | 49,700 | ||||||||||||||||||||||
05/19/11 | 4,053 | 101,609 | ||||||||||||||||||||||
47,699 | 1,192,759 | 1,485,685 | 31.15 | 0.20 | % | |||||||||||||||||||
Groupon, | 12/17/10 | 159,436 | 1,259,146 | 2,581,269 | 64.76 | 0.35 | % | |||||||||||||||||
Silver | 12/11/09 | 46,800 | 468,000 | 421,200 | 9.00 | 0.06 | % | |||||||||||||||||
Twitter, | 09/24/09 | 38,367 | 613,197 | |||||||||||||||||||||
01/11/11 | 76,734 | 76,734 | ||||||||||||||||||||||
08/22/11 | 115,101 | 115,101 | ||||||||||||||||||||||
230,202 | 805,032 | 2,578,268 | 14.00 | 0.35 | % | |||||||||||||||||||
Workday, | 11,745 | 155,739 | 155,738 | 0.01 | 0.02 | |||||||||||||||||||
Youku.Com, | 07/11/11 | 16 | 0 | 18 | 1.13 | 0.00 | % | |||||||||||||||||
$ | 10,096,142 | 1.37 | % | |||||||||||||||||||||
(3) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $10,096,143 representing 1.4% of net assets. |
(4) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 1. |
(5) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(6) | See Note 5 for cost of investments on a tax basis. |
(7) | At November 30, 2011, the Fund had loaned securities with a total value of $66,759,642. This was secured by collateral of $64,291,027, which was received in cash and subsequently invested in short-term investments currently valued at $64,291,027 as reported in the portfolio of investments. The remaining collateral of $1,127,928 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 07/15/2014 | ||
Federal Home Loan Mtg. Corp. | 4.00% to 5.00% | 03/15/32 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/25/41 | ||
United States Treasury Bills | zero coupon | 12/22/11 | ||
United States Treasury Notes/Bonds | 1.13% to 4.38% | 12/15/12 to 05/15/41 |
ADR—American Depository Receipt
GDR—Global Depository Receipt
181
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VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Application Software | $ | 64,576,305 | $ | — | $ | — | $ | 64,576,305 | ||||||||
Computers | 79,173,614 | 1,531,786 | # | — | 80,705,400 | |||||||||||
Electronic Components — Semiconductors | 66,481,325 | 2,248,790 | # | — | 68,730,115 | |||||||||||
Enterprise Software/Service | 47,483,880 | — | — | 47,483,880 | ||||||||||||
Web Portals/ISP | 65,772,501 | 2,531,815 | # | 2,082,277 | 70,386,593 | |||||||||||
Other Industries* | 340,955,965 | 45,050,347 | # | — | 386,006,312 | |||||||||||
Convertible Preferred Stock | — | — | 3,595,145 | 3,595,145 | ||||||||||||
Equity Certificates | — | 629,460 | — | 629,460 | ||||||||||||
Preferred Stock | — | — | 155,738 | 155,738 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 64,291,027 | — | 64,291,027 | ||||||||||||
Registered Investment Companies | — | 1,957,904 | — | 1,957,904 | ||||||||||||
Time Deposits | — | 14,053,000 | — | 14,053,000 | ||||||||||||
Total | $ | 664,443,590 | $ | 132,294,129 | $ | 5,833,160 | $ | 802,570,879 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $47,729,217 representing 6.5% of net assets. See Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | Convertible Preferred Stock | Preferred Stock | ||||||||||
Balance as of 5/31/2011 | $ | 3,059,593 | $ | 5,322,924 | $ | — | ||||||
Accrued discounts | — | — | — | |||||||||
Accrued premiums | — | — | — | |||||||||
Realized gain | — | 488,265 | — | |||||||||
Realized loss | (5,754,683 | ) | — | — | ||||||||
Change in unrealized appreciation(1) | 4,323,823 | 1,350,450 | — | |||||||||
Change in unrealized depreciation(1) | — | — | — | |||||||||
Net purchases | 596,591 | 595,677 | 155,738 | |||||||||
Net sales | (143,047 | ) | (1,580,902 | ) | — | |||||||
Transfers into Level 3(2) | — | — | — | |||||||||
Transfers out of Level 3(2) | — | (2,581,269 | ) | — | ||||||||
Balance as of 11/30/2011 | $ | 2,082,277 | $ | 3,595,145 | $ | 155,738 | ||||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | Convertible Preferred Stock | Preferred Stock | ||||||||||
$ | 133,643 | $ | 1,206,525 | $ | — | |||||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
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VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 10.4 | % | ||
Medical — Biomedical/Gene | 4.2 | |||
Enterprise Software/Service | 4.1 | |||
Oil Companies — Exploration & Production | 3.6 | |||
Aerospace/Defense — Equipment | 3.3 | |||
Oil — Field Services | 3.1 | |||
Electronic Components — Semiconductors | 3.0 | |||
Transport — Truck | 2.9 | |||
Repurchase Agreements | 2.9 | |||
Consulting Services | 2.9 | |||
Medical Products | 2.7 | |||
Medical — Drugs | 2.6 | |||
Finance — Other Services | 2.6 | |||
Machinery — General Industrial | 2.1 | |||
Human Resources | 1.9 | |||
Footwear & Related Apparel | 1.9 | |||
Computer Data Security | 1.8 | |||
Apparel Manufacturers | 1.7 | |||
Containers — Paper/Plastic | 1.6 | |||
Retail — Gardening Products | 1.5 | |||
Networking Products | 1.5 | |||
Retail — Perfume & Cosmetics | 1.5 | |||
Therapeutics | 1.4 | |||
Computer Services | 1.4 | |||
Quarrying | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Commercial Services | 1.4 | |||
Distribution/Wholesale | 1.4 | |||
Metal Processors & Fabrication | 1.3 | |||
Medical Instruments | 1.3 | |||
Auto/Truck Parts & Equipment — Replacement | 1.3 | |||
Retail — Restaurants | 1.3 | |||
E-Marketing/Info | 1.3 | |||
Dental Supplies & Equipment | 1.2 | |||
Oil Field Machinery & Equipment | 1.2 | |||
Vitamins & Nutrition Products | 1.2 | |||
Finance — Consumer Loans | 1.2 | |||
Telecommunication Equipment | 1.2 | |||
Pharmacy Services | 1.2 | |||
Insurance — Property/Casualty | 1.2 | |||
Commercial Services — Finance | 1.1 | |||
Transactional Software | 1.1 | |||
Hazardous Waste Disposal | 1.1 | |||
Non-Ferrous Metals | 1.1 | |||
Computers — Integrated Systems | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Schools | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Food — Misc. | 1.0 | |||
Machinery — Pumps | 0.9 | |||
Advertising Agencies | 0.9 | |||
Wireless Equipment | 0.9 | |||
Banks — Commercial | 0.9 | |||
Research & Development | 0.9 | |||
Investment Management/Advisor Services | 0.8 | |||
Computer Aided Design | 0.8 | |||
Internet Content — Information/News | 0.8 | |||
Seismic Data Collection | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Hotels/Motels | 0.7 | |||
Internet Telephone | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Food — Wholesale/Distribution | 0.6 | |||
Cosmetics & Toiletries | 0.6 | |||
Diversified Operations/Commercial Services | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Advanced Materials | 0.4 | |||
Filtration/Separation Products | 0.3 | |||
110.2 | % | |||
* | Calculated as a percentage of net assets |
183
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VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.9% |
| |||||||
Advanced Materials — 0.4% |
| |||||||
Hexcel Corp.† | 12,630 | $ | 314,740 | |||||
Advertising Agencies — 0.9% |
| |||||||
MDC Partners, Inc., Class A# | 46,333 | 671,828 | ||||||
Aerospace/Defense - Equipment — 3.3% |
| |||||||
BE Aerospace, Inc.† | 31,210 | 1,215,629 | ||||||
Heico Corp. | 29,363 | 1,202,415 | ||||||
2,418,044 | ||||||||
Apparel Manufacturers — 1.7% |
| |||||||
Under Armour, Inc., Class A†# | 15,530 | 1,263,055 | ||||||
Auto/Truck Parts & Equipment - Replacement — 1.3% |
| |||||||
Commercial Vehicle Group, Inc.†# | 83,820 | 938,784 | ||||||
Banks - Commercial — 0.9% |
| |||||||
Signature Bank†# | 11,290 | 659,675 | ||||||
Chemicals - Specialty — 0.7% |
| |||||||
Balchem Corp.# | 12,050 | 500,075 | ||||||
Commercial Services — 1.4% |
| |||||||
HMS Holdings Corp.†# | 33,260 | 1,008,776 | ||||||
Commercial Services - Finance — 1.1% |
| |||||||
Wright Express Corp.†# | 16,041 | 841,832 | ||||||
Computer Aided Design — 0.8% |
| |||||||
Aspen Technology, Inc.† | 33,730 | 602,080 | ||||||
Computer Data Security — 1.8% |
| |||||||
Fortinet, Inc.† | 57,080 | 1,369,349 | ||||||
Computer Services — 1.4% |
| |||||||
j2 Global, Inc. | 39,400 | 1,068,134 | ||||||
Computers - Integrated Systems — 1.0% |
| |||||||
Riverbed Technology, Inc.†# | 29,320 | 762,320 | ||||||
Consulting Services — 2.9% |
| |||||||
Gartner, Inc.† | 22,950 | 868,198 | ||||||
Huron Consulting Group, Inc.†# | 16,740 | 581,213 | ||||||
ICF International, Inc.†# | 25,390 | 658,617 | ||||||
2,108,028 | ||||||||
Containers - Paper/Plastic — 1.6% |
| |||||||
Rock - Tenn Co., Class A# | 19,790 | 1,152,767 | ||||||
Cosmetics & Toiletries — 0.6% |
| |||||||
Elizabeth Arden, Inc.†# | 11,700 | 442,260 | ||||||
Dental Supplies & Equipment — 1.2% |
| |||||||
Align Technology, Inc.†# | 37,750 | 924,875 | ||||||
Distribution/Wholesale — 1.4% |
| |||||||
LKQ Corp.†# | 33,010 | 1,007,795 | ||||||
Diversified Operations/Commercial Services — 0.6% |
| |||||||
FirstService Corp.† | 17,005 | 439,919 | ||||||
E-Commerce/Services — 1.0% |
| |||||||
Ancestry.com, Inc.†# | 29,820 | 707,032 | ||||||
E-Marketing/Info — 1.3% |
| |||||||
comScore, Inc.†# | 46,990 | 933,691 | ||||||
Electronic Components - Misc. — 0.5% |
| |||||||
SemiLEDs Corp.†# | 123,023 | 377,681 | ||||||
Electronic Components - Semiconductors — 3.0% |
| |||||||
Cree, Inc.†# | 45,590 | 1,134,279 | ||||||
Inphi Corp.†# | 100,670 | 1,086,229 | ||||||
2,220,508 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service — 4.1% |
| |||||||
Concur Technologies, Inc.†# | 22,910 | $ | 1,082,039 | |||||
Informatica Corp.† | 22,160 | 996,203 | ||||||
Ultimate Software Group, Inc.†# | 14,730 | 976,894 | ||||||
3,055,136 | ||||||||
Filtration/Separation Products — 0.3% |
| |||||||
CLARCOR, Inc.# | 4,750 | 229,995 | ||||||
Finance - Consumer Loans — 1.2% |
| |||||||
Portfolio Recovery Associates, Inc.†# | 12,670 | 878,918 | ||||||
Finance - Other Services — 2.6% |
| |||||||
Higher One Holdings, Inc.†# | 54,183 | 971,501 | ||||||
MarketAxess Holdings, Inc.# | 32,088 | 928,627 | ||||||
1,900,128 | ||||||||
Food - Misc. — 1.0% |
| |||||||
Hain Celestial Group, Inc.† | 18,890 | 705,353 | ||||||
Food - Wholesale/Distribution — 0.6% |
| |||||||
Chefs’ Warehouse Holdings LLC† | 34,220 | 457,864 | ||||||
Footwear & Related Apparel — 1.9% |
| |||||||
Crocs, Inc.†# | 45,900 | 711,909 | ||||||
Deckers Outdoor Corp.†# | 6,430 | 700,516 | ||||||
1,412,425 | ||||||||
Hazardous Waste Disposal — 1.1% |
| |||||||
Clean Harbors, Inc.† | 13,128 | 787,286 | ||||||
Hotel/Motels — 0.7% |
| |||||||
Gaylord Entertainment Co.†# | 23,250 | 493,365 | ||||||
Human Resources — 1.9% |
| |||||||
Team Health Holdings, Inc.†# | 64,750 | 1,421,910 | ||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Amtrust Financial Services, Inc.# | 32,254 | 855,054 | ||||||
Internet Content - Information/News — 0.8% |
| |||||||
Dice Holdings, Inc.† | 74,600 | 579,642 | ||||||
Internet Telephone — 0.6% |
| |||||||
BroadSoft, Inc.†# | 13,490 | 473,229 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Financial Engines, Inc.†# | 27,530 | 604,834 | ||||||
Machinery - General Industrial — 2.1% |
| |||||||
Gardner Denver, Inc.# | 12,690 | 1,087,787 | ||||||
Robbins & Myers, Inc.# | 8,540 | 454,328 | ||||||
1,542,115 | ||||||||
Machinery - Pumps — 0.9% |
| |||||||
Graco, Inc. | 16,240 | 698,158 | ||||||
Medical Instruments — 1.3% |
| |||||||
DexCom, Inc.†# | 70,670 | 566,773 | ||||||
Endologix, Inc.†# | 34,100 | 386,694 | ||||||
953,467 | ||||||||
Medical Products — 2.7% |
| |||||||
ABIOMED, Inc.†# | 43,960 | 885,354 | ||||||
Cyberonics, Inc.†# | 19,870 | 602,657 | ||||||
Zoll Medical Corp.†# | 10,560 | 486,077 | ||||||
1,974,088 | ||||||||
Medical - Biomedical/Gene — 4.2% |
| |||||||
Aegerion Pharmaceuticals, Inc.†# | 33,080 | 530,272 | ||||||
Halozyme Therapeutics, Inc.†# | 83,120 | 787,978 | ||||||
Inhibitex, Inc.† | 33,490 | 488,954 | ||||||
Myriad Genetics, Inc.† | 28,100 | 597,125 |
184
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
NPS Pharmaceuticals, Inc.†# | 116,720 | $ | 662,970 | |||||
3,067,299 | ||||||||
Medical - Drugs — 2.6% |
| |||||||
Endocyte, Inc.†# | 38,010 | 391,123 | ||||||
Idenix Pharmaceuticals, Inc.† | 44,630 | 339,188 | ||||||
Medivation, Inc.†# | 25,860 | 1,188,267 | ||||||
1,918,578 | ||||||||
Metal Processors & Fabrication — 1.3% |
| |||||||
RBC Bearings, Inc.†# | 23,095 | 975,764 | ||||||
Networking Products — 1.5% |
| |||||||
Netgear, Inc.† | 29,660 | 1,126,783 | ||||||
Non-Ferrous Metals — 1.1% |
| |||||||
Globe Specialty Metals, Inc.# | 52,377 | 781,989 | ||||||
Oil Companies - Exploration & Production — 3.6% |
| |||||||
Berry Petroleum Co., Class A# | 17,609 | 772,683 | ||||||
Georesources, Inc.† | 28,140 | 802,271 | ||||||
Rosetta Resources, Inc.†# | 19,640 | 1,067,238 | ||||||
2,642,192 | ||||||||
Oil Field Machinery & Equipment — 1.2% |
| |||||||
Dril - Quip, Inc.†# | 12,983 | 923,481 | ||||||
Oil - Field Services — 3.1% |
| |||||||
CARBO Ceramics, Inc.# | 7,794 | 1,109,242 | ||||||
Core Laboratories NV | 10,070 | 1,168,624 | ||||||
2,277,866 | ||||||||
Pharmacy Services — 1.2% |
| |||||||
Catalyst Health Solutions, Inc.†# | 16,660 | 866,653 | ||||||
Quarrying — 1.4% |
| |||||||
Compass Minerals International, Inc. | 13,530 | 1,037,074 | ||||||
Research & Development — 0.9% |
| |||||||
AVEO Pharmaceuticals, Inc.†# | 38,360 | 648,284 | ||||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
Express, Inc.† | 31,310 | 710,424 | ||||||
Retail - Gardening Products — 1.5% |
| |||||||
Tractor Supply Co.# | 15,600 | 1,126,788 | ||||||
Retail - Perfume & Cosmetics — 1.5% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 15,600 | 1,086,228 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
BJ’s Restaurants, Inc.†# | 19,480 | 936,598 | ||||||
Schools — 1.0% |
| |||||||
Grand Canyon Education, Inc.†# | 45,810 | 707,764 | ||||||
Seismic Data Collection — 0.7% |
| |||||||
OYO Geospace Corp.† | 5,650 | 514,037 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
Hittite Microwave Corp.†# | 18,670 | 1,015,835 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Equipment — 0.6% |
| |||||||
Intermolecular, Inc.†# | 52,840 | $ | 466,577 | |||||
Telecom Equipment - Fiber Optics — 0.5% |
| |||||||
Oclaro, Inc.†# | 122,070 | 379,638 | ||||||
Telecommunication Equipment — 1.2% |
| |||||||
ADTRAN, Inc.# | 26,400 | 871,992 | ||||||
Therapeutics — 1.4% |
| |||||||
BioMarin Pharmaceutical, Inc.†# | 30,930 | 1,070,797 | ||||||
Transactional Software — 1.1% |
| |||||||
VeriFone Systems, Inc.†# | 18,970 | 831,834 | ||||||
Transport - Truck — 2.9% |
| |||||||
Old Dominion Freight Line, Inc.† | 28,640 | 1,111,518 | ||||||
Roadrunner Transportation Systems, Inc.†# | 73,669 | 1,050,520 | ||||||
2,162,038 | ||||||||
Vitamins & Nutrition Products — 1.2% |
| |||||||
Vitamin Shoppe, Inc.†# | 24,760 | 911,417 | ||||||
Wireless Equipment — 0.9% |
| |||||||
Aruba Networks, Inc.†# | 31,480 | 664,228 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $63,905,827) | 71,478,373 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.4% |
| |||||||
Collective Investment Pool — 10.4% |
| |||||||
Navigator Securities Lending Prime Portfolio(1) | 7,708,663 | 7,708,663 | ||||||
REPURCHASE AGREEMENT — 2.9% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/11, to be repurchased 12/01/11 in the amount of $2,125,000 and collateralized by $1,970,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.01% due 01/15/14 and having approximate value of $2,171,925 | $ | 2,125,000 | 2,125,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $73,739,490)(2) | 110.2 | % | 81,312,036 | |||||
Liabilities in excess of other assets | (10.2 | ) | (7,536,897 | ) | ||||
NET ASSETS | 100.0 | % | $ | 73,775,139 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2) |
(2) | See Note 5 for Cost of Investments on a tax basis. |
ADR — American Depository Receipt
185
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 71,478,373 | $ | — | $ | — | $ | 71,478,373 | ||||||||
Collective Investment Pool | — | 7,708,663 | — | 7,708,663 | ||||||||||||
Repurchase Agreement | — | 2,125,000 | — | 2,125,000 | ||||||||||||
Total | $ | 71,478,373 | $ | 9,833,663 | $ | — | $ | 81,312,036 | ||||||||
See Notes to Financial Statements
186
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.5 | % | ||
Banks — Commercial | 5.1 | |||
Retail — Apparel/Shoe | 4.5 | |||
Real Estate Investment Trusts | 4.4 | |||
Oil Companies — Exploration & Production | 3.6 | |||
Retail — Restaurants | 3.0 | |||
Medical — Biomedical/Gene | 2.9 | |||
Electronic Components — Semiconductors | 2.8 | |||
Enterprise Software/Service | 2.4 | |||
Medical — Drugs | 2.3 | |||
Auto/Truck Parts & Equipment-Original | 2.2 | |||
Oil — Field Services | 2.1 | |||
Medical Products | 2.0 | |||
Distribution/Wholesale | 2.0 | |||
Machinery — General Industrial | 2.0 | |||
Transport — Truck | 1.8 | |||
Oil Field Machinery & Equipment | 1.7 | |||
Chemicals — Diversified | 1.6 | |||
Applications Software | 1.6 | |||
Insurance — Property/Casualty | 1.5 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Lasers — System/Components | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Commercial Services | 1.2 | |||
Time Deposits | 1.2 | |||
Therapeutics | 1.1 | |||
Computers — Integrated Systems | 1.1 | |||
Medical — Hospitals | 1.0 | |||
Vitamins & Nutrition Products | 0.9 | |||
Food — Canned | 0.9 | |||
Gas — Distribution | 0.9 | |||
Steel Pipe & Tube | 0.8 | |||
Medical — Outpatient/Home Medical | 0.8 | |||
Wire & Cable Products | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Telecommunication Equipment | 0.8 | |||
Food — Misc. | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Internet Infrastructure Software | 0.8 | |||
Consulting Services | 0.8 | |||
Electric — Integrated | 0.8 | |||
E-Marketing/Info | 0.7 | |||
Paper & Related Products | 0.7 | |||
Retail — Regional Department Stores | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Insurance Brokers | 0.7 | |||
Miscellaneous Manufacturing | 0.7 | |||
Physicians Practice Management | 0.7 | |||
Alternative Waste Technology | 0.7 | |||
Quarrying | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Advertising Agencies | 0.6 | |||
Food — Wholesale/Distribution | 0.6 | |||
Retail — Automobile | 0.6 | |||
Transport — Services | 0.6 | |||
Building — Maintance & Services | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Chemicals — Plastics | 0.6 | |||
Savings & Loans/Thrifts | 0.6 | |||
Casino Services | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Gold Mining | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Metal Processors & Fabrication | 0.5 | |||
Medical — HMO | 0.4 | |||
Registered Investment Companies | 0.4 |
Human Resources | 0.4 | |||
Printing — Commercial | 0.3 | |||
Instruments — Controls | 0.3 | |||
Medical Instruments | 0.3 | |||
Leisure Products | 0.3 | |||
Advanced Materials | 0.3 | |||
Lighting Products & Systems | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Auto Repair Centers | 0.3 | |||
Coal | 0.3 | |||
Wireless Equipment | 0.3 | |||
Telephone — Integrated | 0.3 | |||
Steel — Producers | 0.2 | |||
Telecom Services | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Pharmacy Services | 0.2 | |||
Garden Products | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Computer Software | 0.2 | |||
Investment Companies | 0.2 | |||
Electronic Design Automation | 0.2 | |||
Internet Security | 0.2 | |||
Food — Retail | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Financial Guarantee Insurance | 0.2 | |||
Machinery — Pumps | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Retail — Discount | 0.1 | |||
Independent Power Producers | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Transport — Rail | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Airlines | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Publishing — Books | 0.1 | |||
Multimedia | 0.1 | |||
Home Furnishings | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Networking Products | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Data Processing/Management | 0.1 | |||
Medical Sterilization Products | 0.1 | |||
Diversified Minerals | 0.1 | |||
Transactional Software | 0.1 | |||
Computer Services | 0.1 | |||
Housewares | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Computer Data Security | 0.1 | |||
Retail — Appliances | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Hotels/Motels | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Office Furnishings — Original | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Professional Sports | 0.1 | |||
Communications Software | 0.1 |
187
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VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Industry Allocation* (continued)
Circuit Boards | 0.1 | % | ||
Retail — Leisure Products | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Diversified Operations | 0.1 | |||
Food — Baking | 0.1 | |||
Internet Application Software | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Casino Hotels | 0.1 | |||
116.8 | % | |||
* | Calculated as a percentage of net assets |
188
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VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.6% |
| |||||||
Advanced Materials — 0.3% |
| |||||||
Core Molding Technologies, Inc.† | 25,700 | $ | 211,254 | |||||
Hexcel Corp.† | 21,400 | 533,288 | ||||||
STR Holdings, Inc.†# | 24,600 | 225,336 | ||||||
969,878 | ||||||||
Advertising Agencies — 0.6% |
| |||||||
Interpublic Group of Cos., Inc. | 205,423 | 1,926,868 | ||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.†# | 43,666 | 1,332,250 | ||||||
TransDigm Group, Inc.† | 2,400 | 231,408 | ||||||
1,563,658 | ||||||||
Aerospace/Defense - Equipment — 1.3% |
| |||||||
AAR Corp.# | 80,776 | 1,474,970 | ||||||
Ducommun, Inc. | 6,400 | 76,608 | ||||||
LMI Aerospace, Inc.† | 6,100 | 101,260 | ||||||
Moog, Inc., Class A†# | 7,000 | 292,740 | ||||||
Triumph Group, Inc.# | 35,830 | 2,131,526 | ||||||
4,077,104 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 4,700 | 108,852 | ||||||
Agricultural Operations — 0.0% |
| |||||||
MGP Ingredients, Inc. | 13,100 | 65,369 | ||||||
Airlines — 0.1% |
| |||||||
Allegiant Travel Co.†# | 6,200 | 322,896 | ||||||
Pinnacle Airlines Corp.† | 16,700 | 33,567 | ||||||
356,463 | ||||||||
Alternative Waste Technology — 0.7% |
| |||||||
Darling International, Inc.†# | 143,476 | 2,061,750 | ||||||
Apparel Manufacturers — 0.2% |
| |||||||
Carter’s, Inc.†# | 5,600 | 222,712 | ||||||
Under Armour, Inc., Class A†# | 4,400 | 357,852 | ||||||
580,564 | ||||||||
Applications Software — 1.6% |
| |||||||
Actuate Corp.† | 25,000 | 165,000 | ||||||
Bsquare Corp.† | 13,900 | 60,326 | ||||||
Callidus Software, Inc† | 19,500 | 99,840 | ||||||
China TransInfo Technology Corp.† | 14,800 | 53,428 | ||||||
EPIQ Systems, Inc.# | 20,800 | 280,800 | ||||||
Imperva, Inc.† | 800 | 22,296 | ||||||
Parametric Technology Corp.† | 81,023 | 1,687,709 | ||||||
PDF Solutions, Inc.†# | 48,200 | 301,250 | ||||||
Progress Software Corp.† | 14,950 | 304,532 | ||||||
Quest Software, Inc.† | 97,772 | 1,766,740 | ||||||
RealPage, Inc.†# | 1,200 | 30,036 | ||||||
4,771,957 | ||||||||
Auto Repair Centers — 0.3% |
| |||||||
Midas, Inc.† | 13,400 | 113,364 | ||||||
Monro Muffler Brake, Inc.# | 16,425 | 659,464 | ||||||
TravelCenters of America LLC† | 24,000 | 104,400 | ||||||
877,228 | ||||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Tesla Motors, Inc.†# | 1,200 | 39,288 | ||||||
Auto/Truck Parts & Equipment - Original — 2.2% |
| |||||||
Dana Holding Corp.† | 125,076 | 1,558,447 | ||||||
Miller Industries, Inc. | 10,000 | 160,900 | ||||||
Modine Manufacturing Co.†# | 135,802 | 1,314,563 | ||||||
SORL Auto Parts, Inc.† | 15,300 | 44,064 |
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Strattec Security Corp. | 8,300 | $ | 169,901 | |||||
Titan International, Inc.# | 99,361 | 2,140,236 | ||||||
TRW Automotive Holdings Corp.† | 40,330 | 1,317,178 | ||||||
6,705,289 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Commercial Vehicle Group, Inc.† | 6,700 | 75,040 | ||||||
Banks - Commercial — 5.1% |
| |||||||
1st United Bancorp, Inc.† | 14,300 | 78,793 | ||||||
Alliance Financial Corp. | 4,500 | 133,380 | ||||||
American River Bankshares† | 19,500 | 92,430 | ||||||
Ameris Bancorp† | 11,900 | 119,000 | ||||||
Banner Corp. | 8,471 | 137,061 | ||||||
Bryn Mawr Bank Corp. | 6,400 | 118,464 | ||||||
Capital City Bank Group, Inc. | 9,600 | 100,896 | ||||||
Citizens Holding Co. | 4,500 | 80,370 | ||||||
CNB Financial Corp. | 8,500 | 134,300 | ||||||
CoBiz Financial, Inc. | 10,900 | 58,097 | ||||||
Commerce Bancshares, Inc.# | 39,271 | 1,462,061 | ||||||
East West Bancorp, Inc. | 111,915 | 2,190,176 | ||||||
Enterprise Bancorp, Inc. | 10,621 | 153,367 | ||||||
Enterprise Financial Services Corp. | 10,000 | 144,400 | ||||||
Farmers Capital Bank Corp.† | 20,900 | 89,661 | ||||||
Financial Institutions, Inc. | 6,500 | 108,225 | ||||||
First Community Bancshares, Inc. | 9,300 | 115,320 | ||||||
First Merchants Corp. | 14,728 | 119,297 | ||||||
Glacier Bancorp, Inc.# | 25,571 | 307,108 | ||||||
Heritage Commerce Corp.† | 25,500 | 127,500 | ||||||
Heritage Financial Corp. | 8,300 | 102,422 | ||||||
LNB Bancorp, Inc. | 16,300 | 72,046 | ||||||
Merchants Bancshares, Inc. | 4,600 | 132,020 | ||||||
Northrim BanCorp, Inc. | 7,100 | 129,930 | ||||||
Ohio Valley Banc Corp. | 6,400 | 117,312 | ||||||
Pacific Continental Corp. | 13,000 | 123,110 | ||||||
Pinnacle Financial Partners, Inc.†# | 6,200 | 92,938 | ||||||
Preferred Bank† | 3,320 | 25,066 | ||||||
Prosperity Bancshares, Inc.# | 10,700 | 427,893 | ||||||
Sierra Bancorp | 9,400 | 95,034 | ||||||
Signature Bank† | 11,200 | 654,416 | ||||||
Southwest Bancorp, Inc.† | 13,500 | 66,555 | ||||||
Suffolk Bancorp | 9,100 | 79,534 | ||||||
Synovus Financial Corp.# | 53,800 | 80,162 | ||||||
TCF Financial Corp.# | 19,100 | 192,146 | ||||||
Texas Capital Bancshares, Inc.†# | 90,311 | 2,606,376 | ||||||
United Community Banks, Inc.† | 10,100 | 70,296 | ||||||
United Security Bancshares | 18,772 | 42,800 | ||||||
Valley National Bancorp.# | 24,831 | 293,006 | ||||||
Virginia Commerce Bancorp, Inc.† | 17,900 | 119,572 | ||||||
Washington Banking Co. | 13,800 | 155,526 | ||||||
Washington Trust Bancorp, Inc.# | 7,100 | 169,051 | ||||||
West Bancorporation, Inc. | 14,344 | 138,420 | ||||||
Westamerica Bancorporation# | 7,800 | 358,098 | ||||||
Western Alliance Bancorp† | 29,900 | 188,071 | ||||||
Wilshire Bancorp, Inc.†# | 34,400 | 110,080 | ||||||
Wintrust Financial Corp.# | 57,197 | 1,589,505 | ||||||
Zions Bancorporation# | 82,662 | 1,330,032 | ||||||
15,431,323 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 5,000 | 63,500 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
SkyPeople Fruit Juice, Inc.† | 21,900 | 42,048 | ||||||
Brewery — 0.0% |
| |||||||
Craft Brewers Alliance, Inc.† | 18,800 | 121,260 | ||||||
189
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VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Broadcast Services/Program — 0.1% |
| |||||||
Fisher Communications, Inc.† | 6,000 | $ | 179,400 | |||||
Outdoor Channel Holdings, Inc. | 18,800 | 131,412 | ||||||
310,812 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Gibraltar Industries, Inc.† | 6,950 | 94,173 | ||||||
Interline Brands, Inc.†# | 13,300 | 209,874 | ||||||
Quanex Building Products Corp. | 21,100 | 318,188 | ||||||
622,235 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Aegion Corp.†# | 5,500 | 83,380 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc.# | 1,100 | 86,086 | ||||||
Building - Maintance & Services — 0.6% |
| |||||||
ABM Industries, Inc.# | 80,803 | 1,755,849 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 3,400 | 138,346 | ||||||
Skyline Corp. | 6,500 | 37,505 | ||||||
175,851 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Meritage Homes Corp.†# | 13,200 | 288,024 | ||||||
Standard Pacific Corp.†# | 20,300 | 64,554 | ||||||
352,578 | ||||||||
Cable/Satellite TV — 0.1% | ||||||||
Knology, Inc.†# | 14,800 | 210,900 | ||||||
Casino Hotels — 0.1% | ||||||||
Monarch Casino & Resort, Inc.† | 15,000 | 143,850 | ||||||
Casino Services — 0.5% | ||||||||
Bally Technologies, Inc.†# | 35,893 | 1,376,138 | ||||||
Multimedia Games, Inc.† | 26,700 | 197,580 | ||||||
1,573,718 | ||||||||
Chemicals - Diversified — 1.6% |
| |||||||
FMC Corp. | 22,434 | 1,882,661 | ||||||
Innophos Holdings, Inc.# | 43,842 | 2,159,219 | ||||||
Rockwood Holdings, Inc.† | 16,900 | 753,064 | ||||||
4,794,944 | ||||||||
Chemicals - Plastics — 0.6% |
| |||||||
Landec Corp.† | 18,600 | 110,670 | ||||||
PolyOne Corp.# | 147,022 | 1,581,957 | ||||||
1,692,627 | ||||||||
Chemicals - Specialty — 0.0% |
| |||||||
KMG Chemicals, Inc. | 7,800 | 122,070 | ||||||
Circuit Boards — 0.1% |
| |||||||
DDi Corp. | 11,000 | 99,110 | ||||||
UQM Technologies, Inc.† | 57,300 | 88,242 | ||||||
187,352 | ||||||||
Coal — 0.3% |
| |||||||
Cloud Peak Energy, Inc.†# | 22,300 | 476,551 | ||||||
Walter Energy, Inc. | 2,600 | 186,420 | ||||||
Westmoreland Coal Co.†# | 19,700 | 201,925 | ||||||
864,896 | ||||||||
Commercial Services — 1.2% |
| |||||||
CPI Corp. | 10,200 | 48,960 | ||||||
HMS Holdings Corp.†# | 12,700 | 385,191 | ||||||
Intersections, Inc. | 12,500 | 129,125 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services (continued) |
| |||||||
Mac - Gray Corp. | 10,700 | $ | 132,145 | |||||
Providence Service Corp.† | 7,700 | 90,167 | ||||||
Quanta Services, Inc.† | 7,617 | 156,834 | ||||||
RPX Corp.†# | 2,100 | 29,652 | ||||||
Team, Inc.†# | 92,449 | 2,529,405 | ||||||
3,501,479 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Global Payments, Inc. | 7,100 | 314,033 | ||||||
Green Dot Corp., Class A†# | 1,300 | 43,420 | ||||||
357,453 | ||||||||
Communications Software — 0.1% |
| |||||||
Digi International, Inc.† | 13,300 | 146,167 | ||||||
Velti PLC†# | 5,600 | 41,440 | ||||||
187,607 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 9,100 | 218,309 | ||||||
Computer Services — 0.1% |
| |||||||
Carbonite, Inc.†# | 6,200 | 75,144 | ||||||
Dynamics Research Corp.† | 10,000 | 97,500 | ||||||
Tier Technologies, Inc.† | 23,100 | 80,157 | ||||||
252,801 | ||||||||
Computer Software — 0.2% |
| |||||||
Avid Technology, Inc.†# | 20,900 | 166,364 | ||||||
DynaVox, Inc., Class A†# | 10,000 | 39,700 | ||||||
SS&C Technologies Holdings, Inc.† | 19,700 | 316,185 | ||||||
522,249 | ||||||||
Computers - Integrated Systems — 1.1% |
| |||||||
3D Systems Corp.†# | 19,600 | 305,956 | ||||||
Adept Technology, Inc.† | 23,000 | 52,900 | ||||||
Cray, Inc.†# | 9,300 | 57,474 | ||||||
Jack Henry & Associates, Inc.# | 80,706 | 2,680,246 | ||||||
Mercury Computer Systems, Inc.† | 5,800 | 79,982 | ||||||
Radisys Corp.† | 15,700 | 68,138 | ||||||
3,244,696 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Dot Hill Systems Corp.† | 87,300 | 116,982 | ||||||
NetList, Inc.† | 37,900 | 108,773 | ||||||
Xyratex, Ltd.# | 11,500 | 155,940 | ||||||
381,695 | ||||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
iGo, Inc.† | 35,000 | 22,750 | ||||||
Immersion Corp.† | 25,600 | 155,648 | ||||||
Synaptics, Inc.†# | 11,400 | 370,044 | ||||||
548,442 | ||||||||
Consulting Services — 0.8% |
| |||||||
China Direct, Inc.† | 54,700 | 39,657 | ||||||
Forrester Research, Inc.†# | 4,700 | 152,139 | ||||||
Hackett Group, Inc.† | 27,900 | 105,462 | ||||||
Information Services Group, Inc.† | 42,400 | 53,000 | ||||||
MAXIMUS, Inc. | 47,283 | 1,966,973 | ||||||
Zillow, Inc.†# | 1,100 | 24,629 | ||||||
2,341,860 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 36,900 | ||||||
Kid Brands, Inc.† | 18,000 | 53,460 | ||||||
Prestige Brands Holdings, Inc.†# | 83,553 | 825,504 | ||||||
915,864 | ||||||||
190
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc. | 3,421 | $ | 17,276 | |||||
Data Processing/Management — 0.1% |
| |||||||
CommVault Systems, Inc.† | 5,800 | 287,854 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
Meridian Bioscience, Inc.# | 23,900 | 457,207 | ||||||
Direct Marketing — 0.0% |
| |||||||
ValueVision Media, Inc., Class A† | 18,400 | 34,960 | ||||||
Distribution/Wholesale — 2.0% |
| |||||||
Arrow Electronics, Inc.† | 60,616 | 2,216,121 | ||||||
Beacon Roofing Supply, Inc.†# | 96,076 | 1,876,364 | ||||||
Owens & Minor, Inc.# | 52,720 | 1,623,776 | ||||||
Pool Corp.# | 11,511 | 351,086 | ||||||
6,067,347 | ||||||||
Diversified Manufacturing Operations — 1.2% |
| |||||||
A.O. Smith Corp.# | 2,250 | 88,335 | ||||||
AZZ, Inc.# | 5,700 | 241,395 | ||||||
Colfax Corp.†# | 6,600 | 193,446 | ||||||
EnPro Industries, Inc.†# | 11,600 | 388,252 | ||||||
Fabrinet†# | 4,500 | 63,855 | ||||||
GP Strategies Corp.† | 13,700 | 178,785 | ||||||
Koppers Holdings, Inc. | 12,300 | 406,269 | ||||||
Lydall, Inc.† | 14,100 | 126,900 | ||||||
Park - Ohio Holdings Corp.† | 9,200 | 178,480 | ||||||
Trinity Industries, Inc. | 65,780 | 1,879,992 | ||||||
3,745,709 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
AMCOL International Corp.# | 8,300 | 274,979 | ||||||
Diversified Operations — 0.1% |
| |||||||
Resource America, Inc., Class A | 31,400 | 155,116 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Stamps.com, Inc.† | 6,300 | 172,431 | ||||||
E-Commerce/Services — 0.0% |
| |||||||
OpenTable, Inc.†# | 1,200 | 42,444 | ||||||
E-Marketing/Info — 0.7% |
| |||||||
Active Network, Inc.†# | 7,600 | 96,368 | ||||||
ValueClick, Inc.† | 139,369 | 2,154,645 | ||||||
2,251,013 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Keynote Systems, Inc. | 2,000 | 36,660 | ||||||
Saba Software, Inc.†# | 17,600 | 118,800 | ||||||
Sapient Corp.# | 17,400 | 213,672 | ||||||
369,132 | ||||||||
Electric Products - Misc. — 0.6% |
| |||||||
GrafTech International, Ltd.†# | 110,452 | 1,594,927 | ||||||
Graham Corp. | 5,800 | 135,604 | ||||||
1,730,531 | ||||||||
Electric - Integrated — 0.8% |
| |||||||
Cleco Corp. | 3,400 | 122,876 | ||||||
El Paso Electric Co. | 11,600 | 400,432 | ||||||
Empire District Electric Co. | 5,900 | 124,195 | ||||||
NorthWestern Corp. | 5,000 | 174,400 | ||||||
NV Energy, Inc. | 15,000 | 230,100 | ||||||
OGE Energy Corp. | 9,500 | 503,120 | ||||||
PNM Resources, Inc.# | 23,200 | 443,352 | ||||||
Unisource Energy Corp. | 7,600 | 280,288 | ||||||
2,278,763 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. — 0.8% |
| |||||||
OSI Systems, Inc.† | 47,928 | $ | 2,291,438 | |||||
Pulse Electronics Corp. | 30,400 | 92,112 | ||||||
2,383,550 | ||||||||
Electronic Components - Semiconductors — 2.8% |
| |||||||
AuthenTec, Inc.† | 40,000 | 121,600 | ||||||
Cavium, Inc.†# | 5,600 | 182,784 | ||||||
Diodes, Inc.†# | 106,147 | 2,176,014 | ||||||
GT Advanced Technologies, Inc.†# | 13,300 | 102,676 | ||||||
Intersil Corp., Class A | 21,600 | 229,608 | ||||||
Kopin Corp.†# | 17,100 | 60,192 | ||||||
Lattice Semiconductor Corp.†# | 342,862 | 2,362,319 | ||||||
Mindspeed Technologies, Inc.† | 2,902 | 14,945 | ||||||
PMC - Sierra, Inc.† | 65,400 | 365,586 | ||||||
Semtech Corp.† | 95,822 | 2,223,070 | ||||||
Silicon Laboratories, Inc.†# | 12,000 | 518,640 | ||||||
Supertex, Inc.†# | 4,100 | 75,891 | ||||||
8,433,325 | ||||||||
Electronic Design Automation — 0.2% |
| |||||||
Cadence Design Systems, Inc.† | 45,900 | 502,146 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
CyberOptics Corp.† | 18,900 | 147,609 | ||||||
ESCO Technologies, Inc.# | 11,500 | 311,650 | ||||||
LeCroy Corp.† | 14,300 | 129,415 | ||||||
Measurement Specialties, Inc.†# | 6,000 | 171,180 | ||||||
National Instruments Corp. | 2,200 | 57,860 | ||||||
Orbotech, Ltd.† | 13,300 | 136,325 | ||||||
954,039 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc.# | 4,500 | 329,445 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Ascent Solar Technologies, Inc.† | 33,000 | 23,100 | ||||||
Comverge, Inc.† | 17,400 | 23,664 | ||||||
FuelCell Energy, Inc.† | 49,000 | 45,570 | ||||||
Headwaters, Inc.† | 31,900 | 81,664 | ||||||
Ocean Power Technologies, Inc.† | 17,900 | 65,693 | ||||||
REX American Resources Corp.† | 4,600 | 84,548 | ||||||
324,239 | ||||||||
Enterprise Software/Service — 2.4% |
| |||||||
American Software, Inc., Class A | 21,500 | 181,460 | ||||||
Ariba, Inc.†# | 82,916 | 2,516,501 | ||||||
Concur Technologies, Inc.†# | 11,700 | 552,591 | ||||||
Informatica Corp.† | 1,300 | 58,441 | ||||||
MedAssets, Inc.† | 10,200 | 97,512 | ||||||
Omnicell, Inc.†# | 87,074 | 1,407,116 | ||||||
Open Text Corp.†# | 34,671 | 1,976,940 | ||||||
Opnet Technologies, Inc.# | 3,100 | 110,577 | ||||||
PROS Holdings, Inc.†# | 8,700 | 139,287 | ||||||
QLIK Technologies, Inc.†# | 6,900 | 188,853 | ||||||
Taleo Corp., Class A†# | 6,000 | 194,340 | ||||||
7,423,618 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Glu Mobile, Inc.† | 33,100 | 102,279 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co.# | 12,600 | 443,772 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
ASTA Funding, Inc. | 13,200 | 109,428 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Diamond Hill Investment Group, Inc. | 1,700 | 128,146 |
191
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Evercore Partners, Inc., Class A# | 60,012 | $ | 1,661,732 | |||||
Gleacher & Co., Inc.†# | 20,600 | 26,574 | ||||||
JMP Group, Inc. | 16,300 | 115,567 | ||||||
KBW, Inc.# | 6,400 | 87,232 | ||||||
Penson Worldwide, Inc.†# | 15,800 | 18,486 | ||||||
Piper Jaffray Cos.†# | 5,100 | 105,570 | ||||||
2,143,307 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
California First National Bancorp | 6,000 | 95,100 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Federal Agricultural Mtg. Corp., Class C | 5,000 | 84,950 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Assured Guaranty, Ltd.(1) | 14,300 | 138,710 | ||||||
MGIC Investment Corp.†# | 14,800 | 42,624 | ||||||
Radian Group, Inc.# | 29,500 | 63,720 | ||||||
245,054 | ||||||||
Food - Baking — 0.1% |
| |||||||
Flowers Foods, Inc.# | 7,800 | 154,206 | ||||||
Food - Canned — 0.9% |
| |||||||
Seneca Foods Corp., Class B† | 600 | 12,906 | ||||||
TreeHouse Foods, Inc.†# | 41,738 | 2,751,786 | ||||||
2,764,692 | ||||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co.† | 20,600 | 209,296 | ||||||
Food - Misc. — 0.8% |
| |||||||
Corn Products International, Inc. | 39,722 | 2,065,147 | ||||||
John B. Sanfilippo & Son, Inc.† | 12,100 | 95,590 | ||||||
Overhill Farms, Inc.† | 18,500 | 73,630 | ||||||
Senomyx, Inc.†# | 47,700 | 184,122 | ||||||
2,418,489 | ||||||||
Food - Retail — 0.2% |
| |||||||
Fresh Market, Inc.†# | 12,600 | 494,298 | ||||||
Food - Wholesale/Distribution — 0.6% |
| |||||||
United Natural Foods, Inc.†# | 49,410 | 1,893,885 | ||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Heelys, Inc.† | 56,600 | 102,446 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Dover Downs Gaming & Entertainment, Inc. | 5,034 | 10,118 | ||||||
Garden Products — 0.2% |
| |||||||
Toro Co. | 10,300 | 581,641 | ||||||
Gas - Distribution — 0.9% |
| |||||||
Chesapeake Utilities Corp.# | 1,500 | 64,485 | ||||||
Delta Natural Gas Co., Inc. | 3,800 | 126,882 | ||||||
Southwest Gas Corp. | 12,500 | 505,375 | ||||||
UGI Corp. | 63,387 | 1,899,075 | ||||||
2,595,817 | ||||||||
Gold Mining — 0.5% |
| |||||||
Allied Nevada Gold Corp.†# | 15,583 | 559,274 | ||||||
Detour Gold Corp.† | 18,763 | 546,913 | ||||||
Franco - Nevada Corp. | 9,800 | 414,983 | ||||||
Sandstorm Gold, Ltd.† | 28,600 | 37,855 | ||||||
1,559,025 | ||||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc.†# | 1,500 | 103,500 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Home Furnishings — 0.1% |
| |||||||
American Woodmark Corp. | 8,900 | $ | 113,297 | |||||
Ethan Allen Interiors, Inc.# | 2,700 | 54,810 | ||||||
Furniture Brands International, Inc.† | 64,000 | 64,640 | ||||||
Sealy Corp.† | 55,400 | 110,246 | ||||||
342,993 | ||||||||
Hotel/Motels — 0.1% |
| |||||||
Gaylord Entertainment Co.†# | 9,900 | 210,078 | ||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc.†# | 11,200 | 136,080 | ||||||
Lifetime Brands, Inc. | 8,000 | 95,360 | ||||||
231,440 | ||||||||
Human Resources — 0.4% |
| |||||||
Barrett Business Services, Inc. | 13,000 | 248,300 | ||||||
Cross Country Healthcare, Inc.† | 20,000 | 103,400 | ||||||
CTPartners Executive Search, Inc.†# | 3,400 | 17,408 | ||||||
Hudson Highland Group, Inc.†# | 23,600 | 111,392 | ||||||
Kforce, Inc.† | 21,200 | 259,700 | ||||||
Korn/Ferry International† | 9,000 | 151,470 | ||||||
On Assignment, Inc.† | 20,000 | 208,400 | ||||||
1,100,070 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
GenOn Energy, Inc.† | 150,180 | 408,490 | ||||||
Synthesis Energy Systems, Inc.†# | 4,300 | 5,977 | ||||||
414,467 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Iteris, Inc.† | 76,210 | 98,311 | ||||||
SRS Labs, Inc.† | 14,700 | 94,815 | ||||||
193,126 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Elster Group SE ADR† | 21,800 | 280,784 | ||||||
Watts Water Technologies, Inc., Class A# | 14,000 | 534,800 | ||||||
Woodward, Inc.# | 5,700 | 241,338 | ||||||
1,056,922 | ||||||||
Insurance Brokers — 0.7% |
| |||||||
Arthur J. Gallagher & Co. | 65,208 | 2,020,144 | ||||||
Brown & Brown, Inc. | 4,900 | 102,214 | ||||||
2,122,358 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Independence Holding Co. | 18,600 | 158,286 | ||||||
Insurance - Multi-line — 0.7% |
| |||||||
American Financial Group, Inc. | 54,926 | 1,977,336 | ||||||
Fortegra Financial Corp.†# | 9,600 | 55,680 | ||||||
2,033,016 | ||||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Hallmark Financial Services, Inc.† | 13,000 | 103,350 | ||||||
HCC Insurance Holdings, Inc. | 12,600 | 338,688 | ||||||
Infinity Property & Casualty Corp. | 12,200 | 700,646 | ||||||
Markel Corp.† | 1,200 | 481,680 | ||||||
RLI Corp.# | 5,000 | 354,350 | ||||||
SeaBright Insurance Holdings, Inc.# | 9,700 | 66,445 | ||||||
Selective Insurance Group, Inc.# | 25,700 | 423,536 | ||||||
Stewart Information Services Corp. | 13,200 | 139,260 | ||||||
Universal Insurance Holdings, Inc. | 28,300 | 97,918 | ||||||
WR Berkley Corp.# | 57,977 | 1,977,595 | ||||||
4,683,468 | ||||||||
192
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Internet Application Software — 0.1% |
| |||||||
Vocus, Inc.†# | 7,200 | $ | 152,784 | |||||
Internet Connectivity Services — 0.1% |
| |||||||
Cogent Communications Group, Inc.† | 4,400 | 74,844 | ||||||
PC - Tel, Inc. | 21,200 | 148,188 | ||||||
223,032 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Angie’s List, Inc.†# | 8,000 | 92,440 | ||||||
Bankrate, Inc.† | 14,700 | 266,511 | ||||||
358,951 | ||||||||
Internet Infrastructure Software — 0.8% |
| |||||||
Openwave Systems, Inc.† | 75,400 | 123,656 | ||||||
support.com, Inc.† | 31,500 | 64,575 | ||||||
TIBCO Software, Inc.† | 79,474 | 2,177,588 | ||||||
2,365,819 | ||||||||
Internet Security — 0.2% |
| |||||||
Sourcefire, Inc.†# | 11,500 | 380,880 | ||||||
Zix Corp.† | 41,500 | 114,540 | ||||||
495,420 | ||||||||
Investment Companies — 0.2% |
| |||||||
Arlington Asset Investment Corp., Class A | 6,300 | 125,622 | ||||||
Gladstone Capital Corp. | 12,000 | 90,000 | ||||||
Kohlberg Capital Corp. | 16,700 | 105,377 | ||||||
NGP Capital Resources Co. | 13,000 | 96,460 | ||||||
TICC Capital Corp. | 10,000 | 88,800 | ||||||
506,259 | ||||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Affiliated Managers Group, Inc.† | 16,202 | 1,532,223 | ||||||
Cohen & Steers, Inc.# | 11,200 | 304,864 | ||||||
Financial Engines, Inc.†# | 18,000 | 395,460 | ||||||
Pzena Investment Management, Inc., Class A | 3,700 | 18,204 | ||||||
Waddell & Reed Financial, Inc., Class A | 7,800 | 212,004 | ||||||
2,462,755 | ||||||||
Lasers - System/Components — 1.3% |
| |||||||
Cymer, Inc.†# | 44,188 | 1,976,088 | ||||||
Electro Scientific Industries, Inc.†# | 114,784 | 1,511,705 | ||||||
Newport Corp.† | 9,100 | 118,573 | ||||||
Rofin - Sinar Technologies, Inc.† | 10,800 | 259,848 | ||||||
3,866,214 | ||||||||
Leisure Products — 0.3% |
| |||||||
Brunswick Corp.# | 45,600 | 849,072 | ||||||
Marine Products Corp.† | 23,100 | 124,509 | ||||||
973,581 | ||||||||
Lighting Products & Systems — 0.3% |
| |||||||
Acuity Brands, Inc.# | 19,200 | 964,800 | ||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Terex Corp.†# | 2,600 | 40,118 | ||||||
Machinery - General Industrial — 2.0% |
| |||||||
DXP Enterprises, Inc.† | 9,100 | 275,275 | ||||||
Gardner Denver, Inc. | 34,475 | 2,955,197 | ||||||
IDEX Corp. | 54,966 | 2,004,060 | ||||||
Kadant, Inc.† | 7,300 | 149,212 | ||||||
Middleby Corp.†# | 2,000 | 182,560 | ||||||
Tennant Co.# | 5,700 | 239,286 | ||||||
Wabtec Corp. | 2,200 | 150,150 | ||||||
5,955,740 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Material Handling — 0.1% |
| |||||||
Cascade Corp. | 4,600 | $ | 200,146 | |||||
Machinery - Pumps — 0.1% |
| |||||||
Graco, Inc. | 10,400 | 447,096 | ||||||
Medical Instruments — 0.3% |
| |||||||
AngioDynamics, Inc.†# | 5,300 | 80,136 | ||||||
Bruker Corp.† | 11,000 | 137,720 | ||||||
Cardiovascular Systems, Inc.† | 12,200 | 125,538 | ||||||
CryoLife, Inc.† | 17,000 | 70,040 | ||||||
Edwards Lifesciences Corp.† | 1,200 | 79,236 | ||||||
Integra LifeSciences Holdings Corp.† | 3,000 | 96,390 | ||||||
Stereotaxis, Inc.†# | 11,800 | 12,154 | ||||||
Synergetics USA, Inc.† | 31,361 | 183,148 | ||||||
TranS1, Inc.† | 40,300 | 66,495 | ||||||
Vascular Solutions, Inc.† | 15,000 | 161,700 | ||||||
1,012,557 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
LCA - Vision, Inc.† | 18,900 | 53,298 | ||||||
Palomar Medical Technologies, Inc.† | 11,000 | 90,860 | ||||||
144,158 | ||||||||
Medical Products — 2.0% |
| |||||||
Accuray, Inc.†# | 1,037 | 4,158 | ||||||
Cardica, Inc.† | 33,400 | 71,810 | ||||||
Chindex International, Inc.† | 7,100 | 65,462 | ||||||
Cooper Cos., Inc. | 30,481 | 1,867,266 | ||||||
Greatbatch, Inc.†# | 82,810 | 1,831,757 | ||||||
Hanger Orthopedic Group, Inc.†# | 1,443 | 23,088 | ||||||
PSS World Medical, Inc.†# | 5,800 | 141,404 | ||||||
Span - America Medical Systems, Inc. | 6,200 | 87,420 | ||||||
Synovis Life Technologies, Inc.† | 8,400 | 158,256 | ||||||
Teleflex, Inc.# | 28,527 | 1,736,724 | ||||||
Tornier NV† | 1,600 | 28,752 | ||||||
Wright Medical Group, Inc.†# | 13,500 | 198,180 | ||||||
6,214,277 | ||||||||
Medical Sterilization Products — 0.1% |
| |||||||
STERIS Corp.# | 9,200 | 276,644 | ||||||
Medical - Biomedical/Gene — 2.9% |
| |||||||
Affymax, Inc.† | 17,200 | 90,644 | ||||||
Alexion Pharmaceuticals, Inc.† | 4,100 | 281,506 | ||||||
AMAG Pharmaceuticals, Inc.† | 3,900 | 69,420 | ||||||
American Oriental Bioengineering, Inc.† | 40,800 | 27,744 | ||||||
Astex Pharmaceuticals† | 59,400 | 89,694 | ||||||
Bio - Rad Laboratories, Inc., Class A† | 18,321 | 1,727,670 | ||||||
Biosante Pharmaceuticals, Inc.† | 42,700 | 102,480 | ||||||
Celldex Therapeutics, Inc.† | 5,500 | 14,630 | ||||||
Charles River Laboratories International, Inc.† | 51,271 | 1,453,533 | ||||||
Cubist Pharmaceuticals, Inc.†# | 66,575 | 2,567,798 | ||||||
Curis, Inc.† | 13,900 | 50,179 | ||||||
Enzo Biochem, Inc.† | 33,500 | 82,075 | ||||||
Exelixis, Inc.†# | 28,400 | 130,924 | ||||||
GTx, Inc.† | 37,700 | 102,544 | ||||||
Incyte Corp., Ltd.†# | 34,400 | 473,688 | ||||||
Maxygen, Inc.† | 18,100 | 102,989 | ||||||
Medicines Co.† | 11,500 | 217,465 | ||||||
Oncothyreon, Inc.† | 21,500 | 150,070 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 11,400 | 677,388 | ||||||
Repligen Corp.† | 34,500 | 116,610 | ||||||
Sangamo Biosciences, Inc.† | 16,900 | 51,207 | ||||||
Seattle Genetics, Inc.†# | 6,700 | 111,421 | ||||||
Vical, Inc.† | 60,285 | 265,857 | ||||||
8,957,536 | ||||||||
193
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Drugs — 2.3% |
| |||||||
Alkermes PLC†# | 17,000 | $ | 259,930 | |||||
Array Biopharma, Inc.† | 32,900 | 69,419 | ||||||
BioSpecifics Technologies Corp.† | 5,200 | 78,208 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 76,288 | ||||||
Cytori Therapeutics, Inc.† | 17,000 | 47,260 | ||||||
Endo Pharmaceuticals Holdings, Inc.† | 57,319 | 1,962,029 | ||||||
Idenix Pharmaceuticals, Inc.†# | 16,800 | 127,680 | ||||||
Myriad Pharmaceuticals, Inc.† | 28,100 | 74,746 | ||||||
Pacira Pharmaceuticals, Inc.† | 8,200 | 60,024 | ||||||
Pharmasset, Inc.† | 5,000 | 654,950 | ||||||
Pozen, Inc.† | 15,600 | 63,180 | ||||||
Progenics Pharmaceuticals, Inc.† | 18,000 | 120,960 | ||||||
Rigel Pharmaceuticals, Inc.†# | 9,900 | 75,438 | ||||||
Sciclone Pharmaceuticals, Inc.† | 33,600 | 151,536 | ||||||
Targacept, Inc.†# | 1,300 | 9,763 | ||||||
Vanda Pharmaceuticals, Inc.† | 16,600 | 82,834 | ||||||
Viropharma, Inc.†# | 123,858 | 2,973,831 | ||||||
XenoPort, Inc.†# | 7,800 | 37,284 | ||||||
Zalicus, Inc.† | 101,600 | 94,498 | ||||||
7,019,858 | ||||||||
Medical - HMO — 0.4% |
| |||||||
AMERIGROUP Corp.†# | 14,800 | 846,116 | ||||||
Centene Corp.† | 7,800 | 301,938 | ||||||
Metropolitan Health Networks, Inc.† | 27,500 | 199,100 | ||||||
1,347,154 | ||||||||
Medical - Hospitals — 1.0% |
| |||||||
Health Management Associates, Inc., Class A† | 45,900 | 377,298 | ||||||
LifePoint Hospitals, Inc.†# | 9,700 | 380,531 | ||||||
Universal Health Services, Inc., Class B# | 50,371 | 2,025,922 | ||||||
Vanguard Health Systems, Inc.† | 10,200 | 104,448 | ||||||
2,888,199 | ||||||||
Medical - Outpatient/Home Medical — 0.8% |
| |||||||
Amsurg Corp.†# | 83,926 | 2,188,790 | ||||||
Gentiva Health Services, Inc.†# | 50,501 | 293,916 | ||||||
2,482,706 | ||||||||
Metal Processors & Fabrication — 0.5% |
| |||||||
Dynamic Materials Corp. | 8,100 | 173,016 | ||||||
Haynes International, Inc.# | 7,700 | 461,692 | ||||||
NN, Inc.† | 14,900 | 98,191 | ||||||
RBC Bearings, Inc.† | 11,100 | 468,975 | ||||||
Sun Hydraulics Corp.# | 8,400 | 211,344 | ||||||
1,413,218 | ||||||||
Mining — 0.0% | ||||||||
Vista Gold Corp.† | 24,300 | 87,723 | ||||||
Miscellaneous Manufacturing — 0.7% |
| |||||||
Aptargroup, Inc. | 34,253 | 1,739,710 | ||||||
FreightCar America, Inc.† | 6,800 | 154,564 | ||||||
John Bean Technologies Corp. | 13,100 | 215,626 | ||||||
2,109,900 | ||||||||
Multimedia — 0.1% |
| |||||||
Media General, Inc., Class A† | 13,200 | 50,820 | ||||||
Meredith Corp.# | 10,200 | 295,800 | ||||||
346,620 | ||||||||
Networking Products — 0.1% |
| |||||||
Ixia†# | 26,300 | 289,300 | ||||||
Meru Networks, Inc.†# | 5,000 | 23,500 | ||||||
312,800 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Waste Connections, Inc.# | 72,591 | $ | 2,378,807 | |||||
Office Furnishings - Original — 0.1% |
| |||||||
Knoll, Inc.# | 13,400 | 203,144 | ||||||
Oil Companies - Exploration & Production — 3.6% |
| |||||||
Bill Barrett Corp.†# | 18,400 | 717,600 | ||||||
Callon Petroleum Co.† | 13,100 | 70,347 | ||||||
Clayton Williams Energy, Inc.†# | 4,800 | 355,008 | ||||||
Contango Oil & Gas Co.†# | 6,400 | 403,200 | ||||||
Crimson Exploration, Inc.† | 33,200 | 96,280 | ||||||
Double Eagle Petroleum Co.† | 11,000 | 78,760 | ||||||
Energen Corp. | 37,982 | 1,926,447 | ||||||
Evolution Petroleum Corp.† | 26,100 | 190,530 | ||||||
FieldPoint Petroleum Corp.† | 41,900 | 126,957 | ||||||
Forest Oil Corp.† | 89,733 | 1,439,317 | ||||||
FX Energy, Inc.† | 14,800 | 70,596 | ||||||
GeoMet, Inc.†# | 26,800 | 28,676 | ||||||
Goodrich Petroleum Corp.†# | 14,800 | 215,784 | ||||||
Lone Pine Resources, Inc.† | 6,247 | 46,790 | ||||||
Oasis Petroleum, Inc.†# | 27,500 | 837,925 | ||||||
PostRock Energy Corp.† | 24,600 | 68,634 | ||||||
RAM Energy Resources, Inc.† | 63,200 | 63,832 | ||||||
Rosetta Resources, Inc.†# | 43,600 | 2,369,224 | ||||||
SandRidge Energy, Inc.†# | 168,757 | 1,240,364 | ||||||
Swift Energy Co.† | 10,200 | 299,778 | ||||||
Triangle Petroleum Corp.† | 16,200 | 93,150 | ||||||
Venoco, Inc.† | 6,000 | 55,920 | ||||||
Warren Resources, Inc.† | 34,500 | 98,325 | ||||||
10,893,444 | ||||||||
Oil Field Machinery & Equipment — 1.7% |
| |||||||
Bolt Technology Corp. | 12,800 | 147,840 | ||||||
Complete Production Services, Inc.† | 20,300 | 707,861 | ||||||
Dresser - Rand Group, Inc.†# | 39,470 | 2,055,203 | ||||||
Gulf Island Fabrication, Inc. | 10,300 | 292,829 | ||||||
Lufkin Industries, Inc.# | 23,360 | 1,637,069 | ||||||
Mitcham Industries, Inc.† | 6,900 | 101,016 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 101,454 | ||||||
5,043,272 | ||||||||
Oil - Field Services — 2.1% |
| |||||||
Key Energy Services, Inc.† | 15,400 | 232,540 | ||||||
Oceaneering International, Inc.# | 49,278 | 2,343,661 | ||||||
Oil States International, Inc.† | 28,080 | 2,113,020 | ||||||
Superior Energy Services, Inc.† | 52,963 | 1,573,531 | ||||||
Union Drilling, Inc.†# | 22,500 | 164,700 | ||||||
6,427,452 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.† | 3,100 | 80,569 | ||||||
Paper & Related Products — 0.7% |
| |||||||
Neenah Paper, Inc. | 1,500 | 28,065 | ||||||
Schweitzer - Mauduit International, Inc.# | 30,980 | 2,206,396 | ||||||
2,234,461 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
CardioNet, Inc.† | 44,400 | 103,008 | ||||||
Masimo Corp.† | 1,000 | 20,660 | ||||||
123,668 | ||||||||
Pharmacy Services — 0.2% |
| |||||||
Catalyst Health Solutions, Inc.† | 8,300 | 431,766 | ||||||
SXC Health Solutions Corp.† | 3,000 | 176,460 | ||||||
608,226 | ||||||||
194
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
U.S. Physical Therapy, Inc. | 6,500 | $ | 127,855 | |||||
Physicians Practice Management — 0.7% |
| |||||||
Healthways, Inc.† | 5,700 | 37,107 | ||||||
IPC The Hospitalist Co., Inc.†# | 44,209 | 2,038,035 | ||||||
2,075,142 | ||||||||
Pollution Control — 0.0% |
| |||||||
Met-Pro Corp. | 11,500 | 103,845 | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Advanced Energy Industries, Inc.†# | 35,000 | 349,300 | ||||||
Power - One, Inc.†# | 24,800 | 105,648 | ||||||
PowerSecure International, Inc.† | 12,700 | 80,645 | ||||||
535,593 | ||||||||
Printing - Commercial — 0.3% |
| |||||||
American Reprographics Co.† | 31,000 | 146,010 | ||||||
Consolidated Graphics, Inc.† | 8,100 | 412,695 | ||||||
Multi - Color Corp.# | 19,050 | 499,491 | ||||||
1,058,196 | ||||||||
Professional Sports — 0.1% |
| |||||||
Madison Square Garden, Co., Class A† | 6,600 | 192,192 | ||||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp. | 7,700 | 85,085 | ||||||
Scholastic Corp. | 9,849 | 266,612 | ||||||
351,697 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
AH Belo Corp., Class A Class A | 18,221 | 75,253 | ||||||
Lee Enterprises, Inc.† | 86,500 | 46,796 | ||||||
122,049 | ||||||||
Quarrying — 0.7% |
| |||||||
Compass Minerals International, Inc. | 26,852 | 2,058,206 | ||||||
Real Estate Investment Trusts — 4.4% |
| |||||||
Acadia Realty Trust# | 8,200 | 160,556 | ||||||
CBL & Associates Properties, Inc.# | 30,800 | 440,132 | ||||||
Chesapeake Lodging Trust | 18,700 | 297,330 | ||||||
Colony Financial, Inc.# | 6,900 | 102,120 | ||||||
Cousins Properties, Inc. | 22,635 | 134,678 | ||||||
DiamondRock Hospitality Co. | 65,908 | 578,672 | ||||||
Douglas Emmett, Inc.# | 104,900 | 1,886,102 | ||||||
DuPont Fabros Technology, Inc.# | 86,300 | 1,944,339 | ||||||
EastGroup Properties, Inc.# | 11,200 | 476,784 | ||||||
Education Realty Trust, Inc.# | 199,900 | 1,863,068 | ||||||
Equity One, Inc.# | 16,700 | 279,057 | ||||||
Essex Property Trust, Inc.# | 1,600 | 212,560 | ||||||
First Potomac Realty Trust | 13,400 | 170,582 | ||||||
Kilroy Realty Corp.# | 8,500 | 306,765 | ||||||
LaSalle Hotel Properties | 91,440 | 2,140,611 | ||||||
Parkway Properties, Inc.# | 9,300 | 94,023 | ||||||
Pebblebrook Hotel Trust | 6,100 | 112,972 | ||||||
Starwood Property Trust, Inc. | 5,000 | 89,200 | ||||||
Tanger Factory Outlet Centers# | 74,700 | 2,117,745 | ||||||
13,407,296 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Jones Lang LaSalle, Inc. | 22,819 | 1,470,000 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Consolidated - Tomoka Land Co. | 3,100 | 81,809 | ||||||
Recreational Vehicles — 0.1% |
| |||||||
Arctic Cat, Inc.† | 8,000 | 159,040 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Electro Rent Corp. | 6,300 | $ | 103,257 | |||||
H&E Equipment Services, Inc.† | 22,100 | 280,891 | ||||||
384,148 | ||||||||
Resort/Theme Parks — 0.0% |
| |||||||
Great Wolf Resorts, Inc.† | 51,200 | 127,488 | ||||||
Retail - Apparel/Shoe — 4.5% |
| |||||||
American Eagle Outfitters, Inc.# | 11,300 | 157,183 | ||||||
ANN, Inc.†# | 28,750 | 674,475 | ||||||
Buckle, Inc.# | 45,948 | 1,836,082 | ||||||
Casual Male Retail Group, Inc.† | 39,600 | 127,908 | ||||||
Chico’s FAS, Inc. | 16,300 | 169,520 | ||||||
Christopher & Banks Corp. | 33,300 | 95,238 | ||||||
Express, Inc.† | 108,779 | 2,468,195 | ||||||
Finish Line, Inc., Class A# | 100,295 | 2,114,219 | ||||||
Francesca’s Holdings Corp.†# | 6,400 | 105,600 | ||||||
Genesco, Inc.†# | 50,889 | 3,004,995 | ||||||
HOT Topic, Inc.# | 26,600 | 188,860 | ||||||
PVH Corp. | 31,449 | 2,135,073 | ||||||
Rue21, Inc.†# | 10,000 | 240,400 | ||||||
Vera Bradley, Inc.†# | 1,500 | 57,600 | ||||||
Winmark Corp. | 4,000 | 219,600 | ||||||
13,594,948 | ||||||||
Retail - Appliances — 0.1% |
| |||||||
hhgregg, Inc.†# | 13,700 | 217,008 | ||||||
Retail - Automobile — 0.6% |
| |||||||
Penske Automotive Group, Inc.# | 92,080 | 1,868,303 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Pantry, Inc.† | 13,100 | 162,047 | ||||||
Susser Holdings Corp.† | 9,900 | 227,502 | ||||||
389,549 | ||||||||
Retail - Discount — 0.1% |
| |||||||
HSN, Inc. | 11,900 | 426,020 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Kirkland’s, Inc.† | 9,700 | 120,959 | ||||||
Pier 1 Imports, Inc.†# | 17,500 | 237,825 | ||||||
358,784 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Zale Corp.† | 37,900 | 130,376 | ||||||
Retail - Leisure Products — 0.1% |
| |||||||
MarineMax, Inc.†# | 29,400 | 187,278 | ||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
Gaiam, Inc. Class A | 17,400 | 65,076 | ||||||
Teavana Holdings, Inc.†# | 1,500 | 29,955 | ||||||
95,031 | ||||||||
Retail - Regional Department Stores — 0.7% |
| |||||||
Dillard’s, Inc., Class A# | 46,215 | 2,172,105 | ||||||
Retail - Restaurants — 3.0% |
| |||||||
BJ’s Restaurants, Inc.†# | 11,100 | 533,688 | ||||||
Brinker International, Inc.# | 17,200 | 414,176 | ||||||
Caribou Coffee Co., Inc.† | 9,600 | 129,696 | ||||||
Cheesecake Factory, Inc.†# | 13,600 | 385,696 | ||||||
DineEquity, Inc.†# | 40,507 | 1,907,069 | ||||||
Famous Dave’s of America, Inc.† | 16,700 | 151,469 | ||||||
Jack in the Box, Inc.†# | 20,400 | 418,200 | ||||||
Jamba, Inc.† | 2,600 | 3,770 | ||||||
Panera Bread Co., Class A†# | 5,200 | 745,576 | ||||||
Papa John’s International, Inc.†# | 39,906 | 1,512,437 | ||||||
PF Chang’s China Bistro, Inc.# | 35,296 | 1,070,528 |
195
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Restaurants (continued) |
| |||||||
Red Robin Gourmet Burgers, Inc.† | 6,200 | $ | 164,796 | |||||
Sonic Corp.† | 25,462 | 179,762 | ||||||
Texas Roadhouse, Inc.# | 119,907 | 1,605,555 | ||||||
9,222,418 | ||||||||
Retail - Sporting Goods — 0.3% |
| |||||||
Hibbett Sports, Inc.†# | 9,600 | 436,896 | ||||||
Zumiez, Inc.†# | 19,600 | 461,188 | ||||||
898,084 | ||||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Quality Care, Inc.† | 24,000 | 61,680 | ||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
Bank Mutual Corp. | 26,600 | 89,908 | ||||||
BankUnited, Inc. | 12,900 | 279,801 | ||||||
Capitol Federal Financial, Inc. | 21,040 | 238,173 | ||||||
Clifton Savings Bancorp, Inc. | 7,000 | 70,910 | ||||||
First Defiance Financial Corp. | 5,800 | 84,622 | ||||||
First Financial Holdings, Inc. | 13,400 | 109,478 | ||||||
First Pactrust Bancorp, Inc. | 10,000 | 114,000 | ||||||
Louisiana Bancorp, Inc.† | 5,700 | 91,599 | ||||||
OceanFirst Financial Corp. | 11,600 | 150,684 | ||||||
Pacific Premier Bancorp, Inc.† | 12,600 | 83,034 | ||||||
Territorial Bancorp, Inc. | 6,600 | 130,020 | ||||||
United Community Financial Corp.† | 92,900 | 91,042 | ||||||
United Financial Bancorp, Inc. | 8,687 | 146,549 | ||||||
1,679,820 | ||||||||
Schools — 0.0% |
| |||||||
Learning Tree International, Inc.† | 14,700 | 101,724 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 3,300 | 115,104 | ||||||
ION Geophysical Corp.†# | 23,200 | 134,792 | ||||||
T.G.C. Industries, Inc.† | 18,200 | 146,510 | ||||||
396,406 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Emulex Corp.† | 24,000 | 189,600 | ||||||
TriQuint Semiconductor, Inc.†# | 31,100 | 135,907 | ||||||
325,507 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Amtech Systems, Inc.† | 6,100 | 55,388 | ||||||
FSI International, Inc.† | 34,200 | 88,920 | ||||||
Mattson Technology, Inc.† | 34,500 | 40,710 | ||||||
Novellus Systems, Inc.†# | 63,503 | 2,198,474 | ||||||
Rudolph Technologies, Inc.† | 9,800 | 77,028 | ||||||
2,460,520 | ||||||||
Steel Pipe & Tube — 0.8% |
| |||||||
Valmont Industries, Inc.# | 30,197 | 2,572,180 | ||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.# | 20,400 | 172,584 | ||||||
Schnitzer Steel Industries, Inc., Class A# | 12,000 | 556,680 | ||||||
729,264 | ||||||||
Telecom Equipment - Fiber Optics — 0.6% |
| |||||||
Finisar Corp.†# | 21,074 | 388,605 | ||||||
Harmonic, Inc.† | 25,700 | 138,009 | ||||||
JDS Uniphase Corp.† | 101,398 | 1,113,350 | ||||||
KVH Industries, Inc.† | 14,357 | 111,697 | ||||||
1,751,661 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecom Services — 0.2% |
| |||||||
Aviat Networks, Inc.† | 46,800 | $ | 82,368 | |||||
FiberTower Corp.† | 27,000 | 7,025 | ||||||
Premiere Global Services, Inc.† | 21,900 | 181,113 | ||||||
tw telecom, Inc.† | 19,200 | 360,768 | ||||||
UniTek Global Services, Inc.† | 10,000 | 50,000 | ||||||
681,274 | ||||||||
Telecommunication Equipment — 0.8% |
| |||||||
ADTRAN, Inc.# | 67,703 | 2,236,230 | ||||||
ShoreTel, Inc.† | 12,100 | 72,963 | ||||||
Westell Technologies, Inc. Class A† | 41,700 | 92,991 | ||||||
ZST Digital Networks, Inc.† | 19,800 | 40,194 | ||||||
2,442,378 | ||||||||
Telephone - Integrated — 0.3% |
| |||||||
Alaska Communications Systems Group, Inc.# | 135,655 | 725,754 | ||||||
Warwick Valley Telephone Co. | 8,100 | 104,247 | ||||||
830,001 | ||||||||
Television — 0.0% |
| |||||||
Gray Television, Inc.† | 57,100 | 97,070 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Cherokee, Inc. | 6,400 | 82,432 | ||||||
Unifi, Inc.† | 6,000 | 46,800 | ||||||
129,232 | ||||||||
Therapeutics — 1.1% |
| |||||||
AVANIR Pharmaceuticals, Inc., Class A†# | 49,100 | 120,786 | ||||||
AVI BioPharma, Inc.† | 45,900 | 33,507 | ||||||
BioMarin Pharmaceutical, Inc.†# | 6,900 | 238,878 | ||||||
Cyclacel Pharmaceuticals, Inc.† | 51,600 | 29,933 | ||||||
Nabi Biopharmaceuticals† | 25,500 | 46,155 | ||||||
Onyx Pharmaceuticals, Inc.† | 2,400 | 105,840 | ||||||
Questcor Pharmaceuticals, Inc.†# | 56,597 | 2,544,035 | ||||||
Theragenics Corp.† | 36,700 | 61,656 | ||||||
Theravance, Inc.† | 3,300 | 77,022 | ||||||
3,257,812 | ||||||||
Transactional Software — 0.1% |
| |||||||
Bottomline Technologies, Inc.†# | 11,500 | 258,750 | ||||||
Transport - Rail — 0.1% |
| |||||||
RailAmerica, Inc.†# | 26,800 | 376,540 | ||||||
Transport - Services — 0.6% |
| |||||||
UTi Worldwide, Inc.# | 115,586 | 1,798,518 | ||||||
Transport - Truck — 1.8% |
| |||||||
Celadon Group, Inc. | 13,600 | 145,384 | ||||||
Covenant Transport, Inc. Class A† | 14,200 | 43,594 | ||||||
Heartland Express, Inc.# | 1,465 | 20,144 | ||||||
Knight Transportation, Inc.# | 30,975 | 463,386 | ||||||
Landstar System, Inc. | 44,427 | 2,055,637 | ||||||
Old Dominion Freight Line, Inc.† | 66,916 | 2,597,010 | ||||||
Saia, Inc.† | 9,600 | 111,648 | ||||||
5,436,803 | ||||||||
Travel Services — 0.0% |
| |||||||
Ambassadors Group, Inc. | 11,800 | 52,982 | ||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.†# | 14,200 | 136,036 | ||||||
Vitamins & Nutrition Products — 0.9% |
| |||||||
GNC Holdings, Inc., Class A†# | 89,928 | 2,452,337 | ||||||
Nutraceutical International Corp.† | 8,200 | 95,940 | ||||||
Omega Protein Corp.† | 9,000 | 75,870 | ||||||
Schiff Nutrition International, Inc.† | 14,100 | 167,649 | ||||||
2,791,796 | ||||||||
196
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Water — 0.0% |
| |||||||
York Water Co. | 7,500 | $ | 134,475 | |||||
Web Portals/ISP — 0.0% |
| |||||||
Pandora Media, Inc.† | 2,500 | 25,450 | ||||||
Wire & Cable Products — 0.8% |
| |||||||
Belden, Inc.# | 61,055 | 2,017,257 | ||||||
Coleman Cable, Inc.† | 100 | 882 | ||||||
General Cable Corp.†# | 17,300 | 458,450 | ||||||
2,476,589 | ||||||||
Wireless Equipment — 0.3% |
| |||||||
Aruba Networks, Inc.† | 12,700 | 267,970 | ||||||
Globecomm Systems, Inc.† | 7,300 | 99,937 | ||||||
RF Micro Devices, Inc.† | 17,800 | 110,894 | ||||||
SBA Communications Corp., Class A† | 4,800 | 196,272 | ||||||
Ubiquiti Networks, Inc. | 8,300 | 164,008 | ||||||
839,081 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Obagi Medical Products, Inc.†# | 11,900 | 120,309 | ||||||
Total Common Stock |
| |||||||
(cost $258,016,344) | 297,577,119 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.1% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Synovus Financial Corp. | 8,100 | 115,830 | ||||||
Electric - Distribution — 0.0% |
| |||||||
Silver Spring Networks(2)(3)(4) | 11,300 | 101,700 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Assured Guaranty, Ltd.(1) | 3,000 | 124,329 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
GeoMet, Inc.(5)(6) | 3,085 | 31,498 | ||||||
Total Convertible Preferred Stock |
| |||||||
(cost $498,222) | 373,357 | |||||||
PREFERRED STOCK — 0.1% |
| |||||||
E-Commerce/Services — 0.0% |
| |||||||
Coupon.com, Inc.(2)(3)(4) | 16,166 | 88,805 | ||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Terex Corp. | $ | 36,000 | 43,110 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $258,639,371) | 298,082,391 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 19.1% |
| |||||||
Collective Investment Pool — 17.5% |
| |||||||
Navigator Securities Lending Prime Portfolio(7)(8) | 53,494,230 | 53,494,230 | ||||||
Registered Investment Companies — 0.4% |
| |||||||
T. Rowe Price Reserve Investment Fund | 1,308,349 | 1,308,349 | ||||||
Security Description | Principal | Value (Note 2) | ||||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 3,499,000 | $ | 3,499,000 | ||||
Total Short-Term Investment Securities |
| |||||||
(cost $58,301,579) | 58,301,579 | |||||||
TOTAL INVESTMENTS(9) |
| |||||||
(cost $316,940,950)(9) | 116.8 | % | 356,383,970 | |||||
Liabilities in excess of other assets | (16.8 | ) | (51,372,733 | ) | ||||
NET ASSETS | 100.0 | % | $ | 305,011,237 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Small Cap Fund held the following restricted securities: |
Name | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Silver Springs Networks, Inc | 12/11/09 | 11,300 | $ | 113,000 | $ | 101,700 | $ | 9.00 | 0.03 | % | ||||||||||||||
Coupon.com, Inc. | 06/01/11 | 8,083 | 88,806 | |||||||||||||||||||||
08/18/11 | 8,083 | 88,806 | ||||||||||||||||||||||
16,166 | $ | 177,612 | 88,805 | 5.49 | 0.03 | % | ||||||||||||||||||
$ | 190,505 | 0.06 | % | |||||||||||||||||||||
(4) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $190,505 representing 0.1% of net assets. |
(5) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(6) | Income may be received in cash or additional bonds/shares at the discretion of the issuer. |
(7) | The security is purchased with the cash collateral received from securities loaned (see Note 2) |
(8) | At November 30, 2011, the Fund had loaned securities with a total value of $55,253,066. This was secured by collateral of $53,494,230, which was received in cash and subsequently invested in short-term investments currently valued at $53,494,230 as reported in the portfolio of investments. The remaining collateral of $205,677 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
197
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Mortgage Corp. | 0.26% | 01/10/13 | ||
United States Treasury Notes/Bonds | 0.75% to 4.38% | 04/30/12-05/15/41 |
(9) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks-Commercial | $ | 15,431,323 | $ | — | $ | — | $ | 15,431,323 | ||||||||
Other Industries* | 282,145,796 | — | — | 282,145,796 | ||||||||||||
Convertible Preferred Stock | 147,328 | 124,329 | 101,700 | 373,357 | ||||||||||||
Preferred Stock | — | — | 88,805 | 88,805 | ||||||||||||
Convertible Bonds & Notes | — | 43,110 | — | 43,110 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 53,494,230 | — | 53,494,230 | ||||||||||||
Registered Investment Companies | — | 1,308,349 | — | 1,308,349 | ||||||||||||
Time Deposits | — | 3,499,000 | — | 3,499,000 | ||||||||||||
Total | $ | 297,724,447 | $ | 58,469,018 | $ | 190,505 | $ | 356,383,970 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | Convertible Preferred Stock | Preferred Stock | ||||||||||
Balance as of 5/31/2011 | $ | 148,299 | $ | 67,800 | $ | — | ||||||
Accrued discounts | — | — | — | |||||||||
Accrued premiums | — | — | — | |||||||||
Realized gain | — | — | — | |||||||||
Realized loss | (161,310 | ) | — | — | ||||||||
Change in unrealized appreciation(1) | 34,361 | 33,900 | — | |||||||||
Change in unrealized depreciation(1) | — | — | — | |||||||||
Net purchases | — | — | 88,805 | |||||||||
Net sales | (21,350 | ) | — | — | ||||||||
Transfers into Level 3(2) | — | — | — | |||||||||
Transfers out of Level 3(2) | — | — | — | |||||||||
Balance as of 11/30/2011 | $ | — | $ | 101,700 | $ | 88,805 | ||||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | Convertible Preferred Stock | Preferred Stock | ||||||||||
$ | — | $ | 33,900 | $ | — | |||||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
198
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 15.4 | % | ||||
Real Estate Investment Trusts | 8.3 | |||||
Banks — Commercial | 6.0 | |||||
Oil Companies — Exploration & Production | 3.1 | |||||
Medical — Biomedical/Gene | 2.1 | |||||
Electric — Integrated | 2.0 | |||||
Medical — Drugs | 1.9 | |||||
Retail — Apparel/Shoe | 1.8 | |||||
Electronic Components — Semiconductors | 1.6 | |||||
Repurchase Agreements | 1.6 | |||||
Retail — Restaurants | 1.5 | |||||
Enterprise Software/Service | 1.4 | |||||
Gas — Distribution | 1.4 | |||||
Commercial Services | 1.3 | |||||
Insurance — Property/Casualty | 1.3 | |||||
Diversified Manufacturing Operations | 1.3 | |||||
Medical Products | 1.2 | |||||
Applications Software | 1.0 | |||||
Aerospace/Defense — Equipment | 1.0 | |||||
Medical — HMO | 1.0 | |||||
Distribution/Wholesale | 1.0 | |||||
Chemicals — Specialty | 1.0 | |||||
Oil — Field Services | 0.9 | |||||
Machinery — General Industrial | 0.9 | |||||
Savings & Loans/Thrifts | 0.9 | |||||
Therapeutics | 0.9 | |||||
Medical Instruments | 0.9 | |||||
Semiconductor Equipment | 0.9 | |||||
Consulting Services | 0.9 | |||||
Rental Auto/Equipment | 0.9 | |||||
Computer Services | 0.8 | |||||
Oil Field Machinery & Equipment | 0.8 | |||||
Food — Misc. | 0.8 | |||||
Investment Companies | 0.8 | |||||
Telecommunication Equipment | 0.8 | |||||
Semiconductor Components — Integrated Circuits | 0.7 | |||||
Metal Processors & Fabrication | 0.7 | |||||
Wireless Equipment | 0.7 | |||||
Auto/Truck Parts & Equipment — Original | 0.7 | |||||
Transport — Truck | 0.7 | |||||
Computers — Integrated Systems | 0.7 | |||||
Commercial Services — Finance | 0.7 | |||||
Finance — Investment Banker/Broker | 0.7 | |||||
Insurance — Reinsurance | 0.6 | |||||
Networking Products | 0.6 | |||||
Footwear & Related Apparel | 0.6 | |||||
Airlines | 0.6 | |||||
Electronic Components — Misc. | 0.6 | |||||
Insurance — Life/Health | 0.6 | |||||
Apparel Manufacturers | 0.6 | |||||
Human Resources | 0.5 | |||||
Paper & Related Products | 0.5 | |||||
Data Processing/Management | 0.5 | |||||
Transport-Marine | 0.5 | |||||
Building & Construction Products — Misc. | 0.5 | |||||
Aerospace/Defense | 0.5 | |||||
Chemicals — Diversified | 0.5 | |||||
Lasers — System/Components | 0.5 | |||||
Medical Information Systems | 0.4 | |||||
Retail — Automobile | 0.4 | |||||
Schools | 0.4 | |||||
Office Furnishings — Original | 0.4 | |||||
Consumer Products — Misc. | 0.4 | |||||
Food — Retail | 0.4 | |||||
E-Marketing/Info | 0.4 | |||||
Finance — Consumer Loans | 0.4 | |||||
Investment Management/Advisor Services | 0.4 | |||||
Internet Application Software | 0.4 | |||||
Food — Wholesale/Distribution | 0.4 |
Retail-Pawn Shops | 0.4 | |||
Instruments — Controls | 0.3 | |||
Telecom Services | 0.3 | |||
Lighting Products & Systems | 0.3 | |||
Non-Ferrous Metals | 0.3 | |||
Printing — Commercial | 0.3 | |||
Advanced Materials | 0.3 | |||
Transport — Services | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Water | 0.3 | |||
Retail — Discount | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Retail — Petroleum Products | 0.3 | |||
Computer Software | 0.3 | |||
Retail-Sporting Goods | 0.3 | |||
Precious Metals | 0.3 | |||
Coal | 0.3 | |||
Building — Maintance & Services | 0.3 | |||
Transactional Software | 0.3 | |||
Alternative Waste Technology | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Transport — Rail | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Multilevel Direct Selling | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Food — Canned | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Theaters | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Tobacco | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Home Furnishings | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Communications Software | 0.2 | |||
Telephone — Integrated | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Gold Mining | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Intimate Apparel | 0.2 | |||
Audio/Video Products | 0.2 | |||
Internet Security | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Finance — Other Services | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Satellite Telecom | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Hotels/Motels | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Silver Mining | 0.2 | |||
Funeral Services & Related Items | 0.2 | |||
Identification Systems | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
Recreational Centers | 0.2 |
199
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Industry Allocation* (continued)
Miscellaneous Manufacturing | 0.2 | % | ||
Building — Heavy Construction | 0.2 | |||
Leisure Products | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Research & Development | 0.2 | |||
Multimedia | 0.2 | |||
Auto/Truck Parts & Equipment-Replacement | 0.2 | |||
Pipelines | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Building Products — Cement | 0.1 | |||
Agricultural Operations | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Television | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Computer Aided Design | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Racetracks | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Circuit Boards | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Poultry | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Casino Services | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Entertainment Software | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Diversified Minerals | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Private Corrections | 0.1 | |||
Protection/Safety | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Platinum | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Retail-Major Department Stores | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Electric — Generation | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Casino Hotels | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Diversified Operations | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Retail — Hair Salons | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Machinery — Farming | 0.1 | |||
Brewery | 0.1 | |||
Publishing — Books | 0.1 | |||
Internet Incubators | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Rubber — Tires | 0.1 | |||
Heart Monitors | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Containers — Paper/Plastic | 0.1 |
Building Products — Air & Heating | 0.1 | |||
Coffee | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Internet Telephone | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Building Products-Doors & Windows | 0.1 | |||
Toys | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Forestry | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Independent Power Producers | 0.1 | |||
Travel Services | 0.1 | |||
Decision Support Software | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Retail-Auto Parts | 0.1 | |||
Venture Capital | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Food — Confectionery | 0.1 | |||
Ultra Sound Imaging Systems | 0.1 | |||
Cellular Telecom | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Building Products — Wood | 0.1 | |||
115.2 | % | |||
* | Calculated as a percentage of net assets |
200
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.9% |
| |||||||
Advanced Materials — 0.3% | ||||||||
Ceradyne, Inc.† | 18,181 | $ | 540,703 | |||||
Hexcel Corp.† | 71,533 | 1,782,602 | ||||||
Metabolix, Inc.†# | 24,865 | 118,358 | ||||||
STR Holdings, Inc.†# | 22,069 | 202,152 | ||||||
2,643,815 | ||||||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A# | 18,310 | 265,495 | ||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B# | 15,604 | 107,824 | ||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.†# | 12,346 | 376,677 | ||||||
Cubic Corp. | 11,540 | 489,642 | ||||||
Esterline Technologies Corp.† | 22,259 | 1,199,092 | ||||||
Kratos Defense & Security Solutions, Inc.† | 24,185 | 120,925 | ||||||
National Presto Industries, Inc.# | 3,507 | 331,306 | ||||||
Teledyne Technologies, Inc.† | 26,826 | 1,520,498 | ||||||
4,038,140 | ||||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
AAR Corp.# | 29,025 | 529,996 | ||||||
Astronics Corp.†# | 7,507 | 267,700 | ||||||
Astronics Corp., Class B† | 683 | 24,502 | ||||||
Curtiss - Wright Corp. | 33,904 | 1,117,137 | ||||||
Ducommun, Inc.# | 7,694 | 92,097 | ||||||
GenCorp, Inc.†# | 42,874 | 233,235 | ||||||
HEICO Corp.# | 30,468 | 1,807,971 | ||||||
Kaman Corp.# | 19,187 | 595,373 | ||||||
LMI Aerospace, Inc.† | 6,684 | 110,954 | ||||||
Moog, Inc., Class A† | 33,170 | 1,387,169 | ||||||
Orbital Sciences Corp.† | 42,674 | 633,709 | ||||||
Triumph Group, Inc.# | 27,470 | 1,634,190 | ||||||
8,434,033 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc.# | 2,586 | 46,393 | ||||||
Andersons, Inc. | 13,585 | 601,680 | ||||||
Cadiz, Inc.†# | 8,806 | 75,203 | ||||||
Griffin Land & Nurseries, Inc. | 1,822 | 51,016 | ||||||
Limoneira Co. | 5,712 | 96,990 | ||||||
MGP Ingredients, Inc.# | 8,782 | 43,822 | ||||||
Tejon Ranch Co.† | 10,393 | 256,395 | ||||||
1,171,499 | ||||||||
Airlines — 0.6% |
| |||||||
Alaska Air Group, Inc.†# | 26,168 | 1,816,583 | ||||||
Allegiant Travel Co.†# | 10,791 | 561,995 | ||||||
Hawaiian Holdings, Inc.† | 36,813 | 219,037 | ||||||
JetBlue Airways Corp.†# | 179,986 | 741,542 | ||||||
Republic Airways Holdings, Inc.†# | 35,199 | 134,812 | ||||||
SkyWest, Inc. | 38,627 | 468,546 | ||||||
Spirit Airlines, Inc.† | 11,384 | 183,624 | ||||||
US Airways Group, Inc.†# | 118,321 | 558,475 | ||||||
4,684,614 | ||||||||
Alternative Waste Technology — 0.3% |
| |||||||
Calgon Carbon Corp.†# | 41,244 | 613,711 | ||||||
Darling International, Inc.† | 85,453 | 1,227,960 | ||||||
Rentech, Inc.† | 162,774 | 242,533 | ||||||
2,084,204 | ||||||||
Apparel Manufacturers — 0.6% |
| |||||||
Carter’s, Inc.†# | 35,901 | 1,427,783 | ||||||
Columbia Sportswear Co.# | 8,864 | 450,291 | ||||||
Delta Apparel, Inc.†# | 5,173 | 93,114 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) |
| |||||||
G-III Apparel Group, Ltd.† | 12,059 | $ | 222,247 | |||||
Jones Group, Inc. | 63,874 | 693,033 | ||||||
Maidenform Brands, Inc.† | 17,094 | 315,213 | ||||||
Oxford Industries, Inc.# | 9,376 | 355,632 | ||||||
Quiksilver, Inc.† | 94,770 | 292,839 | ||||||
True Religion Apparel, Inc.† | 18,827 | 662,711 | ||||||
4,512,863 | ||||||||
Applications Software — 1.0% |
| |||||||
Actuate Corp.† | 26,243 | 173,204 | ||||||
Callidus Software, Inc† | 21,898 | 112,118 | ||||||
Deltek, Inc.† | 16,209 | 132,103 | ||||||
Ebix, Inc.# | 21,049 | 452,553 | ||||||
EPIQ Systems, Inc.# | 22,937 | 309,649 | ||||||
Geeknet, Inc.†# | 3,198 | 65,431 | ||||||
inContact, Inc.† | 22,414 | 98,622 | ||||||
NetSuite, Inc.†# | 19,877 | 805,814 | ||||||
Parametric Technology Corp.† | 86,994 | 1,812,085 | ||||||
PDF Solutions, Inc.† | 17,098 | 106,863 | ||||||
Progress Software Corp.† | 48,950 | 997,111 | ||||||
Quest Software, Inc.† | 44,665 | 807,097 | ||||||
RealPage, Inc.†# | 22,145 | 554,289 | ||||||
SuccessFactors, Inc.†# | 60,936 | 1,559,962 | ||||||
Tangoe, Inc.† | 7,485 | 101,646 | ||||||
Verint Systems, Inc.† | 15,468 | 437,590 | ||||||
8,526,137 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Black Diamond, Inc.† | 9,669 | 73,581 | ||||||
Athletic Footwear — 0.0% |
| |||||||
K-Swiss, Inc., Class A†# | 19,123 | 54,309 | ||||||
Auction House/Art Dealers — 0.2% |
| |||||||
Sotheby’s | 49,337 | 1,549,675 | ||||||
Audio/Video Products — 0.2% |
| |||||||
Audiovox Corp., Class A | 13,178 | 95,409 | ||||||
DTS, Inc.†# | 12,709 | 365,892 | ||||||
Skullcandy, Inc.†# | 7,035 | 104,258 | ||||||
TiVo, Inc.† | 87,077 | 860,321 | ||||||
Universal Electronics, Inc.†# | 10,971 | 179,047 | ||||||
1,604,927 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc.# | 22,267 | 894,020 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
Force Protection, Inc.† | 51,866 | 286,300 | ||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp.† | 50,028 | 367,206 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Accuride Corp.† | 29,541 | 180,495 | ||||||
American Axle & Manufacturing Holdings, Inc.†# | 48,766 | 427,678 | ||||||
Amerigon, Inc.†# | 16,243 | 254,690 | ||||||
Dana Holding Corp.† | 106,828 | 1,331,077 | ||||||
Fuel Systems Solutions, Inc.† | 12,152 | 216,306 | ||||||
Meritor, Inc.† | 68,984 | 410,455 | ||||||
Miller Industries, Inc. | 8,639 | 139,001 | ||||||
Modine Manufacturing Co.† | 33,989 | 329,014 | ||||||
Spartan Motors, Inc.# | 24,354 | 121,770 | ||||||
Superior Industries International, Inc.# | 17,097 | 278,339 | ||||||
Tenneco, Inc.† | 44,158 | 1,278,816 | ||||||
Titan International, Inc.# | 30,730 | 661,924 | ||||||
Tower International, Inc.† | 4,799 | 50,965 | ||||||
5,680,530 | ||||||||
201
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Commercial Vehicle Group, Inc.† | 21,020 | $ | 235,424 | |||||
Dorman Products, Inc.†# | 7,900 | 305,572 | ||||||
Douglas Dynamics, Inc. | 13,612 | 210,986 | ||||||
Exide Technologies†# | 56,533 | 156,031 | ||||||
Motorcar Parts of America, Inc.†# | 8,814 | 65,488 | ||||||
Standard Motor Products, Inc. | 14,369 | 280,627 | ||||||
1,254,128 | ||||||||
B2B/E - Commerce — 0.0% | ||||||||
ePlus, Inc.†# | 2,819 | 78,284 | ||||||
Global Sources, Ltd.† | 8,321 | 51,424 | ||||||
SPS Commerce, Inc.† | 6,152 | 144,264 | ||||||
273,972 | ||||||||
Banks - Commercial — 6.0% | ||||||||
1st Source Corp. | 11,112 | 279,022 | ||||||
1st United Bancorp, Inc.† | 19,886 | 109,572 | ||||||
Alliance Financial Corp.# | 3,466 | 102,732 | ||||||
Ameris Bancorp† | 17,358 | 173,580 | ||||||
Ames National Corp. | 6,056 | 98,047 | ||||||
Arrow Financial Corp.# | 7,403 | 175,155 | ||||||
Bancfirst Corp.# | 4,912 | 182,383 | ||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 20,324 | 332,501 | ||||||
Bancorp Rhode Island, Inc.# | 2,716 | 117,494 | ||||||
Bancorp, Inc.† | 21,360 | 170,880 | ||||||
BancorpSouth, Inc. | 60,978 | 597,584 | ||||||
Bank of Kentucky Financial Corp. | 4,206 | 88,999 | ||||||
Bank of Marin Bancorp# | 3,886 | 143,471 | ||||||
Bank of the Ozarks, Inc.# | 20,504 | 581,288 | ||||||
Banner Corp. | 12,074 | 195,357 | ||||||
BBCN Bancorp, Inc.† | 27,757 | 260,083 | ||||||
Bridge Bancorp, Inc. | 4,918 | 94,967 | ||||||
Bridge Capital Holdings†# | 6,679 | 69,261 | ||||||
Bryn Mawr Bank Corp.# | 7,920 | 146,599 | ||||||
Camden National Corp.# | 5,608 | 166,221 | ||||||
Capital Bank Corp.†# | 10,214 | 20,122 | ||||||
Capital City Bank Group, Inc.# | 8,343 | 87,685 | ||||||
Cardinal Financial Corp.# | 21,132 | 225,901 | ||||||
Cascade Bancorp† | 4,381 | 18,006 | ||||||
Cass Information Systems, Inc. | 6,153 | 238,183 | ||||||
Cathay General Bancorp, Class B | 57,433 | 796,596 | ||||||
Center Bancorp, Inc. | 8,828 | 87,927 | ||||||
Center Financial Corp.† | 26,032 | 191,856 | ||||||
Centerstate Banks, Inc. | 21,937 | 123,725 | ||||||
Central Pacific Financial Corp.† | 11,218 | 149,424 | ||||||
Century Bancorp, Inc., Class A# | 2,517 | 70,350 | ||||||
Chemical Financial Corp.# | 20,050 | 412,228 | ||||||
Citizens & Northern Corp.# | 8,898 | 151,355 | ||||||
City Holding Co.# | 11,130 | 362,393 | ||||||
CNB Financial Corp. | 8,976 | 141,821 | ||||||
CoBiz Financial, Inc. | 23,755 | 126,614 | ||||||
Columbia Banking System, Inc. | 28,838 | 519,084 | ||||||
Community Bank System, Inc.# | 26,869 | 709,879 | ||||||
Community Trust Bancorp, Inc.# | 10,115 | 285,142 | ||||||
CSF Holdings, Inc.†(1)(2) | 2,375 | 0 | ||||||
CVB Financial Corp.# | 65,237 | 641,280 | ||||||
Eagle Bancorp, Inc.† | 12,241 | 181,656 | ||||||
Encore Bancshares, Inc†# | 6,165 | 74,381 | ||||||
Enterprise Bancorp, Inc.# | 4,252 | 61,399 | ||||||
Enterprise Financial Services Corp. | 11,615 | 167,721 | ||||||
Financial Institutions, Inc. | 10,074 | 167,732 | ||||||
First Bancorp# | 11,030 | 129,933 | ||||||
First Bancorp, Inc.# | 6,407 | 93,030 | ||||||
First Busey Corp. | 56,292 | 296,096 | ||||||
First Commonwealth Financial Corp. | 76,623 | 356,297 | ||||||
First Community Bancshares, Inc.# | 11,607 | 143,927 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
First Connecticut Bancorp, Inc. | 13,059 | $ | 165,196 | |||||
First Financial Bancorp | 42,547 | 675,646 | ||||||
First Financial Bankshares, Inc.# | 22,961 | 757,713 | ||||||
First Financial Corp. | 8,136 | 270,847 | ||||||
First Interstate BancSystem, Inc.# | 11,515 | 135,647 | ||||||
First Merchants Corp. | 18,736 | 151,762 | ||||||
First Midwest Bancorp, Inc. | 54,441 | 517,189 | ||||||
First of Long Island Corp. | 5,575 | 144,671 | ||||||
FirstMerit Corp. | 79,792 | 1,165,761 | ||||||
FNB Corp.# | 92,693 | 988,107 | ||||||
Franklin Financial Corp.†# | 10,144 | 110,975 | ||||||
German American Bancorp, Inc. | 9,197 | 165,362 | ||||||
Glacier Bancorp, Inc.# | 52,526 | 630,837 | ||||||
Great Southern Bancorp, Inc. | 7,419 | 158,396 | ||||||
Hampton Roads Bankshares, Inc.† | 7,169 | 22,296 | ||||||
Hancock Holding Co. | 55,734 | 1,701,838 | ||||||
Hanmi Financial Corp.† | 110,477 | 96,712 | ||||||
Heartland Financial USA, Inc. | 9,725 | 149,862 | ||||||
Heritage Commerce Corp.† | 15,232 | 76,160 | ||||||
Heritage Financial Corp.# | 11,430 | 141,046 | ||||||
Home Bancshares, Inc.# | 16,377 | 407,132 | ||||||
Hudson Valley Holding Corp.# | 11,397 | 231,931 | ||||||
IBERIABANK Corp.# | 21,573 | 1,074,767 | ||||||
Independent Bank Corp.# | 15,655 | 409,222 | ||||||
International Bancshares Corp. | 38,716 | 692,242 | ||||||
Lakeland Bancorp, Inc.# | 15,830 | 136,929 | ||||||
Lakeland Financial Corp.# | 11,833 | 290,145 | ||||||
MainSource Financial Group, Inc. | 14,707 | 121,774 | ||||||
MB Financial, Inc.# | 39,753 | 675,006 | ||||||
Merchants Bancshares, Inc.# | 3,512 | 100,794 | ||||||
Metro Bancorp, Inc.† | 10,121 | 85,725 | ||||||
MidSouth Bancorp, Inc.# | 5,585 | 71,265 | ||||||
National Bankshares, Inc. | 5,066 | 138,555 | ||||||
National Penn Bancshares, Inc.# | 90,369 | 752,774 | ||||||
NBT Bancorp, Inc.# | 25,154 | 535,780 | ||||||
Old National Bancorp# | 69,192 | 776,334 | ||||||
OmniAmerican Bancorp, Inc.†# | 8,647 | 127,976 | ||||||
Oriental Financial Group, Inc. | 33,067 | 363,076 | ||||||
Orrstown Financial Services, Inc. | 5,104 | 44,099 | ||||||
Pacific Capital Bancorp NA†# | 3,004 | 77,653 | ||||||
Pacific Continental Corp. | 13,459 | 127,457 | ||||||
PacWest Bancorp | 22,093 | 412,697 | ||||||
Park National Corp.# | 9,425 | 573,982 | ||||||
Park Sterling Corp.†# | 23,398 | 91,018 | ||||||
Penns Woods Bancorp, Inc. | 2,802 | 107,457 | ||||||
Peoples Bancorp, Inc.# | 7,714 | 99,279 | ||||||
Pinnacle Financial Partners, Inc.†# | 24,932 | 373,731 | ||||||
PrivateBancorp, Inc. | 43,847 | 420,931 | ||||||
Prosperity Bancshares, Inc.# | 34,245 | 1,369,457 | ||||||
Renasant Corp.# | 18,301 | 271,221 | ||||||
Republic Bancorp, Inc., Class A | 7,233 | 153,340 | ||||||
S&T Bancorp, Inc.# | 20,492 | 378,282 | ||||||
S.Y. Bancorp, Inc. | 8,800 | 186,912 | ||||||
Sandy Spring Bancorp, Inc. | 17,593 | 304,535 | ||||||
SCBT Financial Corp.# | 10,205 | 290,638 | ||||||
Seacoast Banking Corp. of Florida† | 52,933 | 78,870 | ||||||
Sierra Bancorp | 8,684 | 87,795 | ||||||
Signature Bank† | 33,649 | 1,966,111 | ||||||
Simmons First National Corp., Class A# | 12,658 | 335,437 | ||||||
Southside Bancshares, Inc. | 12,008 | 260,453 | ||||||
Southwest Bancorp, Inc.†# | 14,198 | 69,996 | ||||||
State Bancorp, Inc.# | 11,051 | 129,186 | ||||||
State Bank Financial Corp.†# | 23,088 | 346,551 | ||||||
StellarOne Corp.# | 16,783 | 205,760 | ||||||
Sterling Bancorp | 22,589 | 197,202 |
202
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Banks - Commercial (continued) | ||||||||
Sterling Financial Corp.† | 19,590 | $ | 311,089 | |||||
Suffolk Bancorp | 7,094 | 62,002 | ||||||
Sun Bancorp, Inc.† | 27,466 | 70,862 | ||||||
Susquehanna Bancshares, Inc. | 114,438 | 906,349 | ||||||
SVB Financial Group†# | 31,324 | 1,473,481 | ||||||
Taylor Capital Group, Inc.†# | 7,925 | 67,838 | ||||||
Texas Capital Bancshares, Inc.† | 27,185 | 784,559 | ||||||
Tompkins Financial Corp.# | 5,937 | 238,074 | ||||||
Tower Bancorp, Inc. | 7,656 | 208,932 | ||||||
Towne Bank# | 17,783 | 221,043 | ||||||
TriCo Bancshares# | 10,266 | 151,629 | ||||||
Trustco Bank Corp. | 67,931 | 357,996 | ||||||
Trustmark Corp.# | 46,738 | 1,045,062 | ||||||
UMB Financial Corp.# | 23,378 | 834,595 | ||||||
Umpqua Holdings Corp.# | 83,734 | 1,046,675 | ||||||
Union First Market Bankshares Corp.# | 14,793 | 193,640 | ||||||
United Bankshares, Inc.# | 36,661 | 979,582 | ||||||
United Community Banks, Inc.†# | 30,361 | 211,313 | ||||||
Univest Corp. of Pennsylvania | 12,250 | 185,220 | ||||||
Virginia Commerce Bancorp, Inc.†# | 17,105 | 114,261 | ||||||
Washington Banking Co. | 11,199 | 126,213 | ||||||
Washington Trust Bancorp, Inc.# | 10,410 | 247,862 | ||||||
Webster Financial Corp. | 52,618 | 1,036,575 | ||||||
WesBanco, Inc. | 16,879 | 331,503 | ||||||
West Bancorporation, Inc.# | 11,364 | 109,663 | ||||||
West Coast Bancorp† | 14,084 | 228,865 | ||||||
Westamerica Bancorporation# | 21,092 | 968,334 | ||||||
Western Alliance Bancorp† | 50,643 | 318,544 | ||||||
Wilshire Bancorp, Inc.† | 44,935 | 143,792 | ||||||
Wintrust Financial Corp.# | 25,536 | 709,645 | ||||||
48,979,637 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc.# | 56,238 | 436,969 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 7,847 | 99,657 | ||||||
Batteries/Battery Systems — 0.1% |
| |||||||
A123 Systems, Inc.†# | 64,491 | 159,938 | ||||||
EnerSys† | 36,679 | 882,130 | ||||||
Valence Technology, Inc.†# | 52,748 | 48,101 | ||||||
1,090,169 | ||||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Coca - Cola Bottling Co. Consolidated# | 3,342 | 187,152 | ||||||
National Beverage Corp.†# | 8,170 | 136,602 | ||||||
Primo Water Corp.†# | 10,724 | 32,923 | ||||||
356,677 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Central European Distribution Corp.†# | 53,116 | 243,802 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 5,998 | 599,260 | ||||||
Craft Brewers Alliance, Inc.†# | 7,603 | 49,040 | ||||||
648,300 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Crown Media Holdings, Inc., Class A†# | 25,482 | 37,713 | ||||||
Digital Generation, Inc.† | 20,021 | 232,244 | ||||||
Fisher Communications, Inc.†# | 6,445 | 192,705 | ||||||
Nexstar Broadcasting Group, Inc., Class A†# | 8,000 | 63,600 | ||||||
Outdoor Channel Holdings, Inc.† | 10,493 | 73,346 | ||||||
World Wrestling Entertainment, Inc., Class A# | 19,906 | 191,496 | ||||||
791,104 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction Products - Misc. — 0.5% |
| |||||||
Broadwind Energy, Inc.†# | 102,041 | $ | 67,347 | |||||
Builders FirstSource, Inc.†# | 33,218 | 51,488 | ||||||
Drew Industries, Inc.# | 13,958 | 302,889 | ||||||
Gibraltar Industries, Inc.†# | 22,208 | 300,918 | ||||||
Interline Brands, Inc.† | 24,363 | 384,448 | ||||||
Louisiana-Pacific Corp.† | 96,521 | 770,238 | ||||||
NCI Building Systems, Inc.† | 14,419 | 134,385 | ||||||
Quanex Building Products Corp. | 27,682 | 417,444 | ||||||
Simpson Manufacturing Co., Inc. | 30,377 | 1,005,479 | ||||||
Trex Co., Inc.†# | 11,368 | 253,847 | ||||||
USG Corp.†# | 52,157 | 510,617 | ||||||
4,199,100 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
Aegion Corp.†# | 28,841 | 437,229 | ||||||
Dycom Industries, Inc.† | 25,720 | 515,686 | ||||||
Layne Christensen Co.†# | 14,341 | 358,812 | ||||||
MasTec, Inc.† | 41,359 | 662,158 | ||||||
MYR Group, Inc.† | 14,703 | 257,891 | ||||||
2,231,776 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc.# | 13,717 | 300,540 | ||||||
Comfort Systems USA, Inc. | 27,691 | 288,817 | ||||||
589,357 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Eagle Materials, Inc. | 32,496 | 752,283 | ||||||
Texas Industries, Inc. | 16,637 | 421,415 | ||||||
1,173,698 | ||||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 20,509 | 217,395 | ||||||
Griffon Corp. | 34,823 | 326,640 | ||||||
544,035 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc.# | 14,226 | 92,327 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Universal Forest Products, Inc.# | 14,261 | 397,454 | ||||||
Building - Heavy Construction — 0.2% |
| |||||||
Granite Construction, Inc. | 28,223 | 702,753 | ||||||
Orion Marine Group, Inc.† | 19,724 | 118,541 | ||||||
Sterling Construction Co., Inc.†# | 12,023 | 152,812 | ||||||
Tutor Perini Corp.† | 22,784 | 375,708 | ||||||
1,349,814 | ||||||||
Building - Maintance & Services — 0.3% |
| |||||||
ABM Industries, Inc.# | 38,725 | 841,494 | ||||||
Rollins, Inc.# | 46,409 | 1,030,280 | ||||||
Swisher Hygiene, Inc.†# | 61,798 | 239,158 | ||||||
2,110,932 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Cavco Industries, Inc.†# | 4,980 | 202,636 | ||||||
Skyline Corp.# | 5,007 | 28,890 | ||||||
Winnebago Industries, Inc.†# | 21,270 | 136,979 | ||||||
368,505 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Beazer Homes USA, Inc.†# | 55,647 | 119,641 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 44,737 | 63,079 | ||||||
KB Home# | 56,209 | 413,136 | ||||||
M/I Homes, Inc.†# | 13,666 | 123,541 | ||||||
MDC Holdings, Inc.# | 27,394 | 488,983 |
203
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Building - Residential/Commercial (continued) |
| |||||||
Meritage Homes Corp.†# | 20,414 | $ | 445,433 | |||||
Ryland Group, Inc. | 32,413 | 487,492 | ||||||
Standard Pacific Corp.†# | 77,584 | 246,717 | ||||||
2,388,022 | ||||||||
Cable/Satellite TV — 0.0% |
| |||||||
Knology, Inc.† | 21,942 | 312,673 | ||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.† | 32,244 | 266,980 | ||||||
Casino Hotels — 0.1% |
| |||||||
Ameristar Casinos, Inc. | 23,534 | 411,845 | ||||||
Boyd Gaming Corp.†# | 40,012 | 268,080 | ||||||
Monarch Casino & Resort, Inc.† | 6,506 | 62,393 | ||||||
742,318 | ||||||||
Casino Services — 0.1% |
| |||||||
Multimedia Games, Inc.†# | 19,645 | 145,373 | ||||||
Scientific Games Corp., Class A† | 42,497 | 365,474 | ||||||
Shuffle Master, Inc.† | 39,463 | 437,645 | ||||||
948,492 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Leap Wireless International, Inc.†# | 44,606 | 404,576 | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
Aceto Corp. | 19,443 | 133,185 | ||||||
Chemtura Corp.† | 70,333 | 819,379 | ||||||
Codexis, Inc.†# | 17,927 | 86,408 | ||||||
Georgia Gulf Corp.†# | 24,810 | 476,600 | ||||||
Innophos Holdings, Inc.# | 15,851 | 780,662 | ||||||
Innospec, Inc.† | 17,314 | 503,145 | ||||||
Olin Corp. | 58,203 | 1,105,857 | ||||||
3,905,236 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Zoltek Cos., Inc.†# | 20,288 | 166,564 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp.# | 16,314 | 208,167 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
A. Schulman, Inc. | 22,537 | 465,840 | ||||||
Landec Corp.†# | 19,272 | 114,668 | ||||||
PolyOne Corp. | 68,209 | 733,929 | ||||||
Spartech Corp.† | 22,546 | 96,046 | ||||||
1,410,483 | ||||||||
Chemicals - Specialty — 1.0% |
| |||||||
Balchem Corp.# | 21,075 | 874,613 | ||||||
Ferro Corp.† | 63,219 | 367,302 | ||||||
H.B. Fuller Co. | 36,101 | 832,489 | ||||||
Hawkins, Inc. | 6,344 | 250,652 | ||||||
KMG Chemicals, Inc.# | 5,239 | 81,990 | ||||||
Kraton Performance Polymers, Inc.† | 23,293 | 489,619 | ||||||
Minerals Technologies, Inc. | 13,343 | 773,894 | ||||||
NewMarket Corp.# | 6,583 | 1,302,710 | ||||||
Oil - Dri Corp. of America | 3,640 | 75,931 | ||||||
OM Group, Inc.†# | 22,644 | 515,151 | ||||||
Omnova Solutions, Inc.†# | 33,041 | 143,728 | ||||||
Quaker Chemical Corp.# | 9,353 | 363,925 | ||||||
Sensient Technologies Corp. | 36,564 | 1,381,022 | ||||||
Stepan Co. | 5,918 | 480,778 | ||||||
Zep, Inc. | 16,026 | 225,806 | ||||||
8,159,610 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Circuit Boards — 0.1% |
| |||||||
DDi Corp.# | 11,022 | $ | 99,308 | |||||
Multi - Fineline Electronix, Inc.† | 6,598 | 138,096 | ||||||
Park Electrochemical Corp. | 15,137 | 415,359 | ||||||
TTM Technologies, Inc.† | 37,952 | 417,852 | ||||||
1,070,615 | ||||||||
Coal — 0.3% |
| |||||||
Cloud Peak Energy, Inc.† | 44,520 | 951,392 | ||||||
Hallador Energy Co. | 3,267 | 32,115 | ||||||
James River Coal Co.†# | 25,944 | 215,076 | ||||||
L&L Energy, Inc.†# | 16,285 | 47,552 | ||||||
Patriot Coal Corp.†# | 66,677 | 694,108 | ||||||
SunCoke Energy, Inc.†# | 9,743 | 112,434 | ||||||
Westmoreland Coal Co.†# | 7,226 | 74,066 | ||||||
2,126,743 | ||||||||
Coffee — 0.1% |
| |||||||
Farmer Brothers Co.# | 4,947 | 38,488 | ||||||
Peet’s Coffee & Tea, Inc.† | 9,362 | 544,119 | ||||||
582,607 | ||||||||
Commercial Services — 1.3% |
| |||||||
Acacia Research - Acacia Technologies† | 31,239 | 1,087,742 | ||||||
Arbitron, Inc. | 19,818 | 745,355 | ||||||
Convergys Corp.† | 76,837 | 992,734 | ||||||
CoStar Group, Inc.† | 18,469 | 1,228,927 | ||||||
ExlService Holdings, Inc.†# | 11,805 | 314,013 | ||||||
Healthcare Services Group, Inc.# | 48,479 | 875,531 | ||||||
HMS Holdings Corp.† | 61,917 | 1,877,943 | ||||||
Intersections, Inc.# | 6,713 | 69,345 | ||||||
Live Nation Entertainment, Inc.† | 103,073 | 890,551 | ||||||
Mac - Gray Corp.# | 8,686 | 107,272 | ||||||
Medifast, Inc.†# | 10,064 | 139,990 | ||||||
National Research Corp.# | 1,333 | 44,829 | ||||||
PHH Corp.† | 41,088 | 631,112 | ||||||
Providence Service Corp.† | 9,467 | 110,858 | ||||||
RPX Corp.† | 6,980 | 98,557 | ||||||
ServiceSource International, Inc.† | 7,299 | 97,369 | ||||||
Standard Parking Corp.† | 11,558 | 209,200 | ||||||
Steiner Leisure, Ltd.† | 10,976 | 515,872 | ||||||
Team, Inc.† | 14,219 | 389,032 | ||||||
TeleTech Holdings, Inc.† | 18,522 | 326,172 | ||||||
TMS International Corp.†# | 9,404 | 94,040 | ||||||
10,846,444 | ||||||||
Commercial Services - Finance — 0.7% |
| |||||||
Advance America Cash Advance Centers, Inc. | 40,237 | 342,819 | ||||||
Cardtronics, Inc.† | 31,456 | 854,974 | ||||||
CBIZ, Inc.† | 28,787 | 173,298 | ||||||
DFC Global Corp.† | 31,739 | 576,063 | ||||||
Euronet Worldwide, Inc.†# | 37,401 | 673,218 | ||||||
Global Cash Access Holdings, Inc.† | 47,110 | 211,995 | ||||||
Heartland Payment Systems, Inc. | 28,152 | 634,828 | ||||||
MoneyGram International, Inc.† | 7,636 | 131,110 | ||||||
PRGX Global, Inc.†# | 14,266 | 85,881 | ||||||
TNS, Inc.† | 18,599 | 363,238 | ||||||
Wright Express Corp.† | 28,208 | 1,480,356 | ||||||
5,527,780 | ||||||||
Communications Software — 0.2% | ||||||||
Digi International, Inc.† | 18,507 | 203,392 | ||||||
Seachange International, Inc.† | 19,311 | 154,681 | ||||||
Smith Micro Software, Inc.†# | 26,199 | 26,985 | ||||||
SolarWinds, Inc.† | 41,614 | 1,364,523 | ||||||
1,749,581 | ||||||||
204
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Computer Aided Design — 0.1% |
| |||||||
Aspen Technology, Inc.† | 61,796 | $ | 1,103,059 | |||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc.† | 26,120 | 387,360 | ||||||
Computer Services — 0.8% |
| |||||||
CACI International, Inc., Class A†# | 19,286 | 1,087,345 | ||||||
Carbonite, Inc.†# | 5,249 | 63,618 | ||||||
CIBER, Inc.† | 46,705 | 193,359 | ||||||
Computer Task Group, Inc.†# | 11,041 | 143,975 | ||||||
Dynamics Research Corp.† | 6,530 | 63,667 | ||||||
iGate Corp.† | 22,594 | 350,659 | ||||||
Insight Enterprises, Inc.† | 34,120 | 499,517 | ||||||
j2 Global, Inc. | 33,587 | 910,543 | ||||||
KeyW Holding Corp.†# | 13,459 | 109,422 | ||||||
LivePerson, Inc.†# | 38,469 | 483,940 | ||||||
Manhattan Associates, Inc.† | 14,924 | 673,669 | ||||||
Stream Global Services, Inc.† | 6,691 | 20,675 | ||||||
SYKES Enterprises, Inc.† | 30,570 | 497,985 | ||||||
Syntel, Inc. | 11,250 | 538,200 | ||||||
Unisys Corp.† | 31,431 | 759,059 | ||||||
Virtusa Corp.†# | 11,044 | 173,832 | ||||||
6,569,465 | ||||||||
Computer Software — 0.3% |
| |||||||
Accelrys, Inc.†# | 40,455 | 288,444 | ||||||
Avid Technology, Inc.†# | 21,637 | 172,230 | ||||||
Blackbaud, Inc.# | 32,504 | 955,943 | ||||||
Convio, Inc.† | 8,838 | 90,678 | ||||||
Cornerstone OnDemand, Inc.†# | 8,333 | 134,328 | ||||||
DynaVox, Inc., Class A†# | 6,855 | 27,214 | ||||||
Envestnet, Inc.†# | 13,983 | 145,983 | ||||||
Guidance Software, Inc.†# | 10,150 | 61,610 | ||||||
SS&C Technologies Holdings, Inc.† | 18,417 | 295,593 | ||||||
2,172,023 | ||||||||
Computers — 0.0% |
| |||||||
Silicon Graphics International Corp.† | 22,633 | 337,684 | ||||||
Computers - Integrated Systems — 0.7% |
| |||||||
3D Systems Corp.†# | 30,612 | 477,853 | ||||||
Agilysys, Inc.†# | 13,065 | 106,218 | ||||||
Cray, Inc.† | 26,424 | 163,300 | ||||||
Echelon Corp.†# | 25,642 | 126,159 | ||||||
Jack Henry & Associates, Inc. | 63,053 | 2,093,990 | ||||||
Maxwell Technologies, Inc.† | 20,414 | 346,426 | ||||||
Mercury Computer Systems, Inc.† | 22,042 | 303,959 | ||||||
MTS Systems Corp. | 11,394 | 457,811 | ||||||
NCI, Inc., Class A†# | 4,866 | 58,879 | ||||||
Netscout Systems, Inc.† | 27,278 | 482,002 | ||||||
Radisys Corp.† | 14,186 | 61,567 | ||||||
Stratasys, Inc.† | 15,434 | 474,133 | ||||||
Super Micro Computer, Inc.† | 19,616 | 266,581 | ||||||
Wave Systems Corp., Class A†# | 60,515 | 136,159 | ||||||
5,555,037 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
Dot Hill Systems Corp.†# | 41,263 | 55,292 | ||||||
Imation Corp.†# | 21,941 | 129,013 | ||||||
OCZ Technology Group, Inc.†# | 37,529 | 262,328 | ||||||
Quantum Corp.† | 164,629 | 442,852 | ||||||
Spansion, Inc., Class A† | 36,747 | 321,169 | ||||||
STEC, Inc.†# | 30,012 | 273,709 | ||||||
Xyratex, Ltd.# | 20,685 | 280,489 | ||||||
1,764,852 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Electronics for Imaging, Inc.† | 34,094 | $ | 504,250 | |||||
Immersion Corp.† | 20,836 | 126,683 | ||||||
Rimage Corp. | 6,938 | 78,538 | ||||||
Synaptics, Inc.† | 23,486 | 762,356 | ||||||
1,471,827 | ||||||||
Consulting Services — 0.9% |
| |||||||
Accretive Health, Inc.†# | 29,222 | 674,444 | ||||||
Advisory Board Co.† | 11,576 | 837,871 | ||||||
Corporate Executive Board Co.# | 25,209 | 987,941 | ||||||
CRA International, Inc.† | 7,922 | 161,767 | ||||||
Forrester Research, Inc.†# | 10,748 | 347,913 | ||||||
Franklin Covey Co.†# | 9,743 | 91,292 | ||||||
FTI Consulting, Inc.† | 30,713 | 1,317,280 | ||||||
Hackett Group, Inc.† | 22,232 | 84,037 | ||||||
Hill International, Inc.† | 18,306 | 100,683 | ||||||
Huron Consulting Group, Inc.† | 16,214 | 562,950 | ||||||
ICF International, Inc.† | 14,362 | 372,550 | ||||||
MAXIMUS, Inc. | 25,348 | 1,054,477 | ||||||
Navigant Consulting, Inc.† | 37,668 | 424,518 | ||||||
Pendrell Corp.† | 110,415 | 301,433 | ||||||
Zillow, Inc.†# | 3,000 | 67,170 | ||||||
7,386,326 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
American Greetings Corp., Class A# | 29,524 | 501,613 | ||||||
AT Cross Co., Class A† | 6,991 | 76,552 | ||||||
Blyth, Inc.# | 3,793 | 249,655 | ||||||
Central Garden and Pet Co., Class A† | 34,594 | 307,195 | ||||||
CSS Industries, Inc. | 5,921 | 125,821 | ||||||
Helen of Troy, Ltd.†# | 22,543 | 673,359 | ||||||
Prestige Brands Holdings, Inc.† | 36,727 | 362,863 | ||||||
Spectrum Brands Holdings, Inc.† | 12,203 | 341,928 | ||||||
Summer Infant, Inc.†# | 9,738 | 66,803 | ||||||
WD - 40 Co. | 11,659 | 482,799 | ||||||
3,188,588 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
AEP Industries, Inc.†# | 3,136 | 76,362 | ||||||
Graphic Packaging Holding Co.† | 116,745 | 517,180 | ||||||
593,542 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Elizabeth Arden, Inc.†# | 17,853 | 674,844 | ||||||
Inter Parfums, Inc.# | 11,759 | 201,549 | ||||||
Revlon, Inc., Class A†# | 7,926 | 122,298 | ||||||
998,691 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.†# | 59,270 | 737,319 | ||||||
CommVault Systems, Inc.† | 32,164 | 1,596,299 | ||||||
CSG Systems International, Inc.† | 25,277 | 383,452 | ||||||
Fair Isaac Corp. | 29,093 | 1,058,112 | ||||||
FalconStor Software, Inc.† | 22,427 | 63,693 | ||||||
Pegasystems, Inc.# | 12,144 | 350,719 | ||||||
Schawk, Inc.# | 8,610 | 108,917 | ||||||
4,298,511 | ||||||||
Decision Support Software — 0.1% |
| |||||||
DemandTec, Inc.†# | 23,591 | 179,291 | ||||||
Interactive Intelligence Group† | 10,406 | 232,054 | ||||||
QAD, Inc.†# | 4,808 | 52,888 | ||||||
464,233 | ||||||||
205
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 44,787 | $ | 1,097,281 | |||||
Diagnostic Equipment — 0.2% |
| |||||||
Affymetrix, Inc.†# | 51,495 | 232,757 | ||||||
Cepheid, Inc.†# | 45,118 | 1,547,548 | ||||||
Hansen Medical, Inc.†# | 34,222 | 81,448 | ||||||
1,861,753 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
BG Medicine, Inc.†# | 5,609 | 26,026 | ||||||
Medtox Scientific, Inc.† | 5,530 | 77,641 | ||||||
Meridian Bioscience, Inc.# | 29,949 | 572,925 | ||||||
OraSure Technologies, Inc.† | 34,100 | 323,950 | ||||||
Quidel Corp.†# | 20,808 | 377,665 | ||||||
1,378,207 | ||||||||
Direct Marketing — 0.0% |
| |||||||
Harte - Hanks, Inc.# | 32,327 | 294,176 | ||||||
ValueVision Media, Inc., Class A†# | 29,886 | 56,783 | ||||||
350,959 | ||||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 8,873 | 390,501 | ||||||
Medical Action Industries, Inc.† | 11,966 | 56,838 | ||||||
Merit Medical Systems, Inc.† | 30,599 | 425,020 | ||||||
872,359 | ||||||||
Distribution/Wholesale — 1.0% |
| |||||||
Beacon Roofing Supply, Inc.†# | 33,577 | 655,759 | ||||||
Brightpoint, Inc.† | 49,808 | 497,582 | ||||||
Core - Mark Holding Co., Inc. | 8,319 | 320,781 | ||||||
Houston Wire & Cable Co. | 12,974 | 145,698 | ||||||
MWI Veterinary Supply, Inc.† | 9,168 | 633,600 | ||||||
Owens & Minor, Inc.# | 46,558 | 1,433,986 | ||||||
Pool Corp.# | 35,185 | 1,073,143 | ||||||
Rentrak Corp.† | 6,945 | 97,577 | ||||||
Scansource, Inc.†# | 19,724 | 692,510 | ||||||
School Specialty, Inc.†# | 11,756 | 49,140 | ||||||
Titan Machinery, Inc.† | 11,254 | 244,212 | ||||||
United Stationers, Inc. | 33,602 | 1,127,011 | ||||||
Watsco, Inc.# | 20,541 | 1,304,353 | ||||||
8,275,352 | ||||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
A.O. Smith Corp. | 27,766 | 1,090,093 | ||||||
Actuant Corp., Class A# | 50,102 | 1,148,338 | ||||||
AZZ, Inc.# | 9,162 | 388,011 | ||||||
Barnes Group, Inc.# | 39,774 | 990,770 | ||||||
Blount International, Inc.†# | 35,529 | 543,949 | ||||||
Brink’s Co.# | 34,091 | 839,320 | ||||||
Chase Corp. | 4,677 | 58,135 | ||||||
Colfax Corp.†# | 17,953 | 526,202 | ||||||
EnPro Industries, Inc.†# | 15,098 | 505,330 | ||||||
ESCO Technologies, Inc. | 19,432 | 526,607 | ||||||
Fabrinet† | 14,903 | 211,474 | ||||||
Federal Signal Corp.†# | 45,370 | 167,415 | ||||||
GP Strategies Corp.†# | 10,834 | 141,384 | ||||||
Handy & Harman, Ltd.† | 4,270 | 47,482 | ||||||
Koppers Holdings, Inc.# | 15,048 | 497,036 | ||||||
LSB Industries, Inc.†# | 13,413 | 419,425 | ||||||
Lydall, Inc.† | 12,530 | 112,770 | ||||||
Matthews International Corp., Class A# | 21,556 | 715,013 | ||||||
Park - Ohio Holdings Corp.† | 6,089 | 118,127 | ||||||
Raven Industries, Inc.# | 13,205 | 795,469 | ||||||
Standex International Corp. | 9,123 | 291,297 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Tredegar Corp.# | 17,437 | $ | 380,650 | |||||
10,514,297 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
AMCOL International Corp.# | 17,795 | 589,548 | ||||||
General Moly, Inc.†# | 49,242 | 164,961 | ||||||
United States Lime & Minerals, Inc.†# | 1,898 | 104,808 | ||||||
859,317 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Compass Diversified Holdings | 29,486 | 378,011 | ||||||
Harbinger Group, Inc.†# | 6,609 | 31,062 | ||||||
Horizon Pharma, Inc.† | 4,016 | 20,923 | ||||||
Primoris Services Corp. | 19,498 | 277,262 | ||||||
707,258 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Chemed Corp. | 15,536 | 833,662 | ||||||
Viad Corp. | 14,881 | 276,042 | ||||||
1,109,704 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Antares Pharma, Inc.†# | 64,048 | 167,806 | ||||||
Depomed, Inc.†# | 39,202 | 190,913 | ||||||
Nektar Therapeutics†# | 83,317 | 416,585 | ||||||
775,304 | ||||||||
E - Commerce/Products — 0.2% |
| |||||||
1-800-FLOWERS.COM, Inc., Class A† | 18,981 | 45,934 | ||||||
Blue Nile, Inc.†# | 9,381 | 356,384 | ||||||
Nutrisystem, Inc.# | 19,686 | 229,145 | ||||||
Overstock.com, Inc.† | 8,456 | 69,846 | ||||||
Shutterfly, Inc.†# | 21,758 | 589,207 | ||||||
Stamps.com, Inc.†# | 7,740 | 211,844 | ||||||
US Auto Parts Network, Inc.†# | 10,797 | 44,376 | ||||||
1,546,736 | ||||||||
E - Commerce/Services — 0.2% |
| |||||||
Ancestry.com, Inc.† | 23,128 | 548,365 | ||||||
Move, Inc.† | 28,981 | 188,376 | ||||||
OpenTable, Inc.†# | 17,196 | 608,223 | ||||||
Orbitz Worldwide, Inc.†# | 15,280 | 53,786 | ||||||
United Online, Inc. | 64,740 | 341,827 | ||||||
1,740,577 | ||||||||
E - Marketing/Info — 0.4% |
| |||||||
Active Network, Inc.† | 8,978 | 113,841 | ||||||
comScore, Inc.†# | 23,283 | 462,633 | ||||||
Constant Contact, Inc.†# | 21,521 | 470,880 | ||||||
Digital River, Inc.† | 28,961 | 463,086 | ||||||
Liquidity Services, Inc.† | 13,720 | 467,303 | ||||||
QuinStreet, Inc.† | 20,121 | 186,321 | ||||||
ReachLocal, Inc.† | 7,284 | 59,000 | ||||||
ValueClick, Inc.† | 57,468 | 888,455 | ||||||
3,111,519 | ||||||||
E - Services/Consulting — 0.2% |
| |||||||
Keynote Systems, Inc. | 10,187 | 186,727 | ||||||
Perficient, Inc.† | 17,648 | 151,773 | ||||||
Saba Software, Inc.†# | 20,669 | 139,516 | ||||||
Sapient Corp. | 79,787 | 979,784 | ||||||
Websense, Inc.† | 29,180 | 528,450 | ||||||
1,986,250 | ||||||||
206
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.† | 8,011 | $ | 55,516 | |||||
Electric Products - Misc. — 0.1% |
| |||||||
Graham Corp. | 7,187 | 168,032 | ||||||
Littelfuse, Inc. | 16,602 | 775,978 | ||||||
944,010 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
EnerNOC, Inc.† | 16,984 | 167,122 | ||||||
Genie Energy, Ltd.†# | 10,147 | 73,363 | ||||||
240,485 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Atlantic Power Corp.# | 59,634 | 784,187 | ||||||
Electric - Integrated — 2.0% |
| |||||||
Allete, Inc. | 23,291 | 928,146 | ||||||
Ameresco, Inc., Class A†# | 12,902 | 153,276 | ||||||
Avista Corp. | 42,091 | 1,052,275 | ||||||
Black Hills Corp. | 28,784 | 942,676 | ||||||
Central Vermont Public Service Corp. | 9,786 | 344,369 | ||||||
CH Energy Group, Inc. | 11,352 | 639,685 | ||||||
Cleco Corp.# | 44,538 | 1,609,603 | ||||||
El Paso Electric Co. | 30,755 | 1,061,663 | ||||||
Empire District Electric Co. | 30,513 | 642,299 | ||||||
IDACORP, Inc.# | 36,199 | 1,483,797 | ||||||
MGE Energy, Inc.# | 16,882 | 755,301 | ||||||
NorthWestern Corp. | 26,482 | 923,692 | ||||||
Otter Tail Corp.# | 26,337 | 570,986 | ||||||
Pike Electric Corp.† | 11,871 | 80,723 | ||||||
PNM Resources, Inc. | 63,305 | 1,209,759 | ||||||
Portland General Electric Co. | 55,017 | 1,378,176 | ||||||
UIL Holdings Corp.# | 36,904 | 1,285,735 | ||||||
Unisource Energy Corp. | 26,806 | 988,605 | ||||||
Unitil Corp. | 7,980 | 221,285 | ||||||
16,272,051 | ||||||||
Electronic Components - Misc. — 0.6% |
| |||||||
Bel Fuse, Inc., Class B# | 7,679 | 140,372 | ||||||
Benchmark Electronics, Inc.† | 44,346 | 612,418 | ||||||
CTS Corp. | 25,073 | 213,371 | ||||||
Daktronics, Inc.# | 25,285 | 237,679 | ||||||
Methode Electronics, Inc. | 26,980 | 239,582 | ||||||
Microvision, Inc.†# | 76,763 | 34,628 | ||||||
NVE Corp.† | 3,488 | 204,327 | ||||||
OSI Systems, Inc.† | 13,915 | 665,276 | ||||||
Plexus Corp.† | 25,964 | 704,923 | ||||||
Pulse Electronics Corp. | 30,384 | 92,064 | ||||||
Rogers Corp.† | 11,664 | 463,061 | ||||||
Sanmina - SCI Corp.† | 58,806 | 498,087 | ||||||
Stoneridge, Inc.†# | 19,319 | 158,802 | ||||||
Viasystems Group, Inc.†# | 2,085 | 38,030 | ||||||
Vishay Precision Group, Inc.†# | 8,983 | 128,008 | ||||||
Zagg, Inc.†# | 16,195 | 186,243 | ||||||
4,616,871 | ||||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Advanced Analogic Technologies, Inc.† | 31,385 | 180,307 | ||||||
Alpha & Omega Semiconductor, Ltd.†# | 10,731 | 94,004 | ||||||
Amkor Technology, Inc.†# | 77,210 | 342,812 | ||||||
Applied Micro Circuits Corp.†# | 46,278 | 345,234 | ||||||
AXT, Inc.†# | 23,353 | 98,316 | ||||||
Cavium, Inc.†# | 35,374 | 1,154,607 | ||||||
Ceva, Inc.†# | 16,826 | 484,757 | ||||||
Diodes, Inc.†# | 25,794 | 528,777 | ||||||
DSP Group, Inc.† | 17,101 | 100,554 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
eMagin Corp.†# | 13,611 | $ | 57,166 | |||||
Emcore Corp.†# | 64,519 | 61,293 | ||||||
Entropic Communications, Inc.† | 62,577 | 311,633 | ||||||
GSI Technology, Inc.†# | 14,727 | 72,162 | ||||||
GT Advanced Technologies, Inc.†# | 91,951 | 709,862 | ||||||
Inphi Corp.†# | 14,986 | 161,699 | ||||||
Integrated Silicon Solution, Inc.† | 19,550 | 182,402 | ||||||
IXYS Corp.†# | 17,643 | 203,600 | ||||||
Kopin Corp.†# | 47,155 | 165,986 | ||||||
Lattice Semiconductor Corp.† | 86,036 | 592,788 | ||||||
Microsemi Corp.† | 63,102 | 1,120,692 | ||||||
Mindspeed Technologies, Inc.†# | 24,459 | 125,964 | ||||||
MIPS Technologies, Inc.†# | 38,377 | 184,210 | ||||||
Monolithic Power Systems, Inc.† | 21,877 | 263,399 | ||||||
MoSys, Inc.†# | 23,832 | 74,594 | ||||||
Netlogic Microsystems, Inc.† | 49,893 | 2,465,712 | ||||||
OmniVision Technologies, Inc.†# | 42,343 | 456,881 | ||||||
PLX Technology, Inc.†# | 32,515 | 100,471 | ||||||
Rambus, Inc.† | 71,718 | 572,310 | ||||||
Richardson Electronics, Ltd. | 10,300 | 127,411 | ||||||
Rubicon Technology, Inc.† | 12,804 | 121,510 | ||||||
Semtech Corp.† | 47,656 | 1,105,619 | ||||||
Silicon Image, Inc.† | 58,062 | 285,084 | ||||||
Supertex, Inc.†# | 8,090 | 149,746 | ||||||
Volterra Semiconductor Corp.†# | 17,937 | 439,456 | ||||||
13,441,018 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Magma Design Automation, Inc.† | 48,773 | 278,982 | ||||||
Mentor Graphics Corp.† | 70,329 | 895,991 | ||||||
1,174,973 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Analogic Corp. | 9,164 | 513,275 | ||||||
Badger Meter, Inc.# | 10,995 | 341,615 | ||||||
FARO Technologies, Inc.† | 11,934 | 578,202 | ||||||
LeCroy Corp.† | 11,976 | 108,383 | ||||||
Measurement Specialties, Inc.† | 10,924 | 311,662 | ||||||
Zygo Corp.†# | 11,612 | 189,624 | ||||||
2,042,761 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc.# | 6,631 | 485,455 | ||||||
Identive Group, Inc.† | 28,262 | 54,828 | ||||||
Taser International, Inc.† | 44,279 | 266,560 | ||||||
806,843 | ||||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Amyris, Inc.†# | 12,883 | 145,192 | ||||||
Clean Energy Fuels Corp.†# | 36,201 | 474,233 | ||||||
FuelCell Energy, Inc.†# | 90,740 | 84,388 | ||||||
FutureFuel Corp.# | 13,638 | 172,521 | ||||||
Gevo, Inc.†# | 4,342 | 26,703 | ||||||
Green Plains Renewable Energy, Inc.† | 15,135 | 159,523 | ||||||
Headwaters, Inc.† | 44,415 | 113,702 | ||||||
KiOR, Inc., Class A†# | 7,888 | 138,671 | ||||||
REX American Resources Corp.† | 4,499 | 82,692 | ||||||
Solazyme, Inc.†# | 8,012 | 93,500 | ||||||
Syntroleum Corp.†# | 64,483 | 63,838 | ||||||
1,554,963 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc.# | 5,752 | 80,528 | ||||||
EMCOR Group, Inc. | 48,823 | 1,251,333 | ||||||
Exponent, Inc.†# | 10,235 | 484,934 |
207
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Engineering/R&D Services (continued) |
| |||||||
Michael Baker Corp.† | 6,105 | $ | 121,184 | |||||
Mistras Group, Inc.† | 10,750 | 252,948 | ||||||
VSE Corp.# | 3,017 | 78,714 | ||||||
2,269,641 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp.# | 36,833 | 555,073 | ||||||
Enterprise Software/Service — 1.4% |
| |||||||
Advent Software, Inc.†# | 23,969 | 647,163 | ||||||
American Software, Inc., Class A# | 16,592 | 140,036 | ||||||
Concur Technologies, Inc.†# | 32,607 | 1,540,029 | ||||||
JDA Software Group, Inc.† | 30,902 | 974,031 | ||||||
ManTech International Corp., Class A# | 17,021 | 575,310 | ||||||
MedAssets, Inc.†# | 34,805 | 332,736 | ||||||
MicroStrategy, Inc., Class A† | 5,834 | 718,340 | ||||||
Omnicell, Inc.† | 24,190 | 390,910 | ||||||
Opnet Technologies, Inc.# | 10,514 | 375,034 | ||||||
PROS Holdings, Inc.† | 15,705 | 251,437 | ||||||
QLIK Technologies, Inc.† | 51,410 | 1,407,092 | ||||||
RightNow Technologies, Inc.† | 18,006 | 772,818 | ||||||
SciQuest, Inc.† | 9,008 | 131,517 | ||||||
SYNNEX Corp.†# | 18,370 | 539,160 | ||||||
Taleo Corp., Class A† | 29,993 | 971,473 | ||||||
Tyler Technologies, Inc.†# | 23,402 | 750,034 | ||||||
Ultimate Software Group, Inc.†# | 18,872 | 1,251,591 | ||||||
11,768,711 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Glu Mobile, Inc.†# | 34,649 | 107,065 | ||||||
Take - Two Interactive Software, Inc.† | 53,686 | 748,920 | ||||||
THQ, Inc.† | 49,698 | 84,487 | ||||||
940,472 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc.† | 45,534 | 1,019,506 | ||||||
TRC Cos., Inc.†# | 12,946 | 64,730 | ||||||
1,084,236 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co.# | 19,835 | 698,589 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Columbia Laboratories, Inc.†# | 53,575 | 115,722 | ||||||
Female Health Co.# | 13,490 | 60,705 | ||||||
176,427 | ||||||||
Filtration/Separation Products — 0.3% |
| |||||||
CLARCOR, Inc.# | 36,822 | 1,782,921 | ||||||
PMFG, Inc.†# | 12,814 | 297,029 | ||||||
2,079,950 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Credit Acceptance Corp.†# | 4,878 | 400,045 | ||||||
Nicholas Financial, Inc.# | 7,099 | 78,657 | ||||||
478,702 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
NewStar Financial, Inc.†# | 19,926 | 197,068 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Encore Capital Group, Inc.† | 11,778 | 256,760 | ||||||
First Marblehead Corp.† | 40,275 | 45,511 | ||||||
Nelnet, Inc., Class A | 18,836 | 431,533 | ||||||
Ocwen Financial Corp.† | 54,407 | 716,540 | ||||||
Portfolio Recovery Associates, Inc.† | 12,493 | 866,639 | ||||||
World Acceptance Corp.†# | 10,988 | 753,997 | ||||||
3,070,980 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Cowen Group, Inc., Class A†# | 48,829 | $ | 120,119 | |||||
Diamond Hill Investment Group, Inc.# | 1,873 | 141,187 | ||||||
Duff & Phelps Corp., Class A | 22,181 | 327,835 | ||||||
Evercore Partners, Inc., Class A | 15,346 | 424,931 | ||||||
FBR & Co.†# | 36,903 | 69,747 | ||||||
FXCM, Inc., Class A# | 12,650 | 127,512 | ||||||
Gain Capital Holdings, Inc. | 5,445 | 36,318 | ||||||
GFI Group, Inc.# | 51,609 | 219,338 | ||||||
Gleacher & Co., Inc.†# | 57,546 | 74,234 | ||||||
INTL FCStone, Inc.† | 9,694 | 241,284 | ||||||
Investment Technology Group, Inc.† | 30,130 | 320,884 | ||||||
JMP Group, Inc. | 11,065 | 78,451 | ||||||
KBW, Inc.# | 26,388 | 359,668 | ||||||
Knight Capital Group, Inc., Class A†# | 73,304 | 925,830 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 77,742 | 182,694 | ||||||
Oppenheimer Holdings, Inc., Class A# | 7,534 | 116,476 | ||||||
Piper Jaffray Cos.† | 11,545 | 238,982 | ||||||
Stifel Financial Corp.†# | 39,236 | 1,243,781 | ||||||
SWS Group, Inc.# | 21,289 | 136,675 | ||||||
5,385,946 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
California First National Bancorp# | 1,483 | 23,506 | ||||||
Marlin Business Services Corp.# | 6,321 | 82,173 | ||||||
SeaCube Container Leasing, Ltd.# | 8,070 | 124,197 | ||||||
229,876 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Apollo Residential Mortgage, Inc.† | 7,303 | 107,719 | ||||||
Doral Financial Corp.† | 92,974 | 79,028 | ||||||
Federal Agricultural Mtg. Corp., Class C# | 7,185 | 122,073 | ||||||
Walter Investment Management Corp. | 18,974 | 424,259 | ||||||
733,079 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
BGC Parnters, Inc., Class A# | 55,208 | 348,915 | ||||||
Higher One Holdings, Inc.†# | 22,350 | 400,735 | ||||||
Imperial Holdings, Inc.† | 12,853 | 24,292 | ||||||
MarketAxess Holdings, Inc. | 20,960 | 606,582 | ||||||
Netspend Holdings, Inc.† | 21,715 | 137,022 | ||||||
1,517,546 | ||||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
MGIC Investment Corp.†# | 137,069 | 394,759 | ||||||
PMI Group, Inc.†# | 111,273 | 2,670 | ||||||
Primus Guaranty, Ltd.† | 18,396 | 107,433 | ||||||
Radian Group, Inc.# | 97,225 | 210,006 | ||||||
714,868 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.† | 44,009 | 135,548 | ||||||
Sturm Ruger & Co., Inc. | 13,783 | 443,261 | ||||||
578,809 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A† | 6,746 | 153,269 | ||||||
TreeHouse Foods, Inc.† | 25,931 | 1,709,631 | ||||||
1,862,900 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Tootsie Roll Industries, Inc.# | 17,367 | 418,718 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.†# | 3,350 | 34,539 | ||||||
208
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Food - Misc. — 0.8% |
| |||||||
B&G Foods, Inc. | 34,985 | $ | 776,317 | |||||
Cal - Maine Foods, Inc. | 10,353 | 350,553 | ||||||
Chiquita Brands International, Inc.† | 33,170 | 275,643 | ||||||
Diamond Foods, Inc.# | 16,081 | 446,248 | ||||||
Dole Food Co., Inc.† | 26,201 | 221,398 | ||||||
Hain Celestial Group, Inc.† | 26,154 | 976,590 | ||||||
J&J Snack Foods Corp. | 10,438 | 541,523 | ||||||
Lancaster Colony Corp.# | 13,668 | 962,227 | ||||||
M&F Worldwide Corp.†# | 7,738 | 192,986 | ||||||
Seaboard Corp.# | 228 | 458,214 | ||||||
Senomyx, Inc.†# | 28,902 | 111,562 | ||||||
Smart Balance, Inc.† | 43,451 | 230,725 | ||||||
Snyders - Lance, Inc.# | 34,503 | 729,048 | ||||||
6,273,034 | ||||||||
Food - Retail — 0.4% |
| |||||||
Arden Group, Inc., Class A# | 830 | 80,087 | ||||||
Fresh Market, Inc.† | 20,540 | 805,784 | ||||||
Ingles Markets, Inc., Class A# | 9,202 | 141,895 | ||||||
Ruddick Corp.# | 35,888 | 1,430,137 | ||||||
Village Super Market Inc., Class A | 4,565 | 140,054 | ||||||
Weis Markets, Inc.# | 8,035 | 320,757 | ||||||
Winn - Dixie Stores, Inc.†# | 40,769 | 225,453 | ||||||
3,144,167 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 8,646 | 229,638 | ||||||
Chefs’ Warehouse Holdings LLC† | 7,559 | 101,139 | ||||||
Fresh Del Monte Produce, Inc. | 26,663 | 668,975 | ||||||
Nash Finch Co.# | 8,844 | 245,421 | ||||||
Spartan Stores, Inc.# | 16,496 | 297,423 | ||||||
United Natural Foods, Inc.† | 35,327 | 1,354,084 | ||||||
2,896,680 | ||||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Crocs, Inc.† | 62,463 | 968,801 | ||||||
Iconix Brand Group, Inc.† | 53,274 | 919,509 | ||||||
R.G. Barry Corp.# | 6,276 | 81,588 | ||||||
Skechers U.S.A., Inc., Class A†# | 27,349 | 368,118 | ||||||
Steven Madden, Ltd.† | 27,630 | 985,286 | ||||||
Weyco Group, Inc.# | 5,232 | 129,021 | ||||||
Wolverine World Wide, Inc. | 36,251 | 1,335,487 | ||||||
4,787,810 | ||||||||
Forestry — 0.1% |
| |||||||
Deltic Timber Corp.# | 7,883 | 504,906 | ||||||
Funeral Services & Related Items — 0.2% |
| |||||||
Hillenbrand, Inc.# | 45,789 | 1,040,784 | ||||||
Stewart Enterprises, Inc., Class A# | 57,544 | 357,924 | ||||||
1,398,708 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Isle of Capri Casinos, Inc.† | 14,906 | 73,487 | ||||||
Pinnacle Entertainment, Inc.† | 45,225 | 478,028 | ||||||
551,515 | ||||||||
Gas - Distribution — 1.4% |
| |||||||
Chesapeake Utilities Corp.# | 6,976 | 299,898 | ||||||
Laclede Group, Inc.# | 16,367 | 656,808 | ||||||
New Jersey Resources Corp.# | 30,217 | 1,429,566 | ||||||
Nicor, Inc. | 33,265 | 1,866,832 | ||||||
Northwest Natural Gas Co.# | 19,482 | 916,823 | ||||||
Piedmont Natural Gas Co., Inc.# | 52,430 | 1,728,617 | ||||||
South Jersey Industries, Inc. | 21,877 | 1,229,050 | ||||||
Southwest Gas Corp. | 33,487 | 1,353,879 |
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution (continued) |
| |||||||
WGL Holdings, Inc.# | 37,415 | $ | 1,603,981 | |||||
11,085,454 | ||||||||
Gold Mining — 0.2% | ||||||||
Gold Resource Corp. | 20,747 | 418,259 | ||||||
Golden Star Resources, Ltd.†# | 188,848 | 390,915 | ||||||
Jaguar Mining, Inc.†# | 61,626 | 440,626 | ||||||
Midway Gold Corp.† | 62,630 | 147,807 | ||||||
US Gold Corp.†# | 76,998 | 319,542 | ||||||
1,717,149 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co.# | 47,045 | 265,804 | ||||||
Hazardous Waste Disposal — 0.3% |
| |||||||
Clean Harbors, Inc.† | 34,218 | 2,052,053 | ||||||
EnergySolutions, Inc.† | 58,288 | 184,190 | ||||||
Heritage - Crystal Clean, Inc.†# | 3,458 | 57,230 | ||||||
US Ecology, Inc. | 13,374 | 246,617 | ||||||
2,540,090 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
Corvel Corp.† | 4,525 | 215,888 | ||||||
ExamWorks Group, Inc.† | 19,758 | 132,774 | ||||||
Transcend Services, Inc.†# | 6,426 | 174,144 | ||||||
522,806 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Unilife Corp.† | 41,506 | 170,590 | ||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.†# | 8,774 | 605,406 | ||||||
Home Furnishings — 0.2% |
| |||||||
American Woodmark Corp. | 6,852 | 87,226 | ||||||
Ethan Allen Interiors, Inc. | 17,634 | 357,970 | ||||||
Furniture Brands International, Inc.†# | 30,629 | 30,935 | ||||||
Kimball International, Inc., Class B# | 22,884 | 138,906 | ||||||
La-Z-Boy, Inc.† | 37,881 | 375,022 | ||||||
Sealy Corp.†# | 36,119 | 71,877 | ||||||
Select Comfort Corp.†# | 40,600 | 752,318 | ||||||
1,814,254 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Gaylord Entertainment Co.†# | 26,032 | 552,399 | ||||||
Marcus Corp. | 14,892 | 182,427 | ||||||
Morgans Hotel Group Co.† | 16,109 | 100,037 | ||||||
Orient - Express Hotels, Ltd., Class A† | 69,603 | 500,445 | ||||||
Red Lion Hotels Corp.† | 10,715 | 75,005 | ||||||
1,410,313 | ||||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc.†# | 14,486 | 176,005 | ||||||
Lifetime Brands, Inc.# | 6,777 | 80,782 | ||||||
256,787 | ||||||||
Human Resources — 0.5% |
| |||||||
AMN Healthcare Services, Inc.†# | 28,912 | 132,706 | ||||||
Barrett Business Services, Inc. | 5,558 | 106,158 | ||||||
CDI Corp. | 9,291 | 121,247 | ||||||
Cross Country Healthcare, Inc.†# | 20,286 | 104,879 | ||||||
Heidrick & Struggles International, Inc. | 12,990 | 276,687 | ||||||
Hudson Highland Group, Inc.†# | 23,946 | 113,025 | ||||||
Insperity, Inc. | 16,733 | 414,811 | ||||||
Kelly Services, Inc., Class A | 19,468 | 281,897 | ||||||
Kenexa Corp.† | 19,287 | 482,175 | ||||||
Kforce, Inc.†# | 24,617 | 301,558 |
209
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Human Resources (continued) |
| |||||||
Korn/Ferry International† | 34,305 | $ | 577,353 | |||||
On Assignment, Inc.† | 26,999 | 281,330 | ||||||
Resources Connection, Inc. | 33,856 | 362,259 | ||||||
Team Health Holdings, Inc.† | 19,471 | 427,583 | ||||||
TrueBlue, Inc.† | 32,363 | 416,512 | ||||||
4,400,180 | ||||||||
Identification Systems — 0.2% | ||||||||
Brady Corp., Class A | 34,685 | 1,038,469 | ||||||
Checkpoint Systems, Inc.† | 29,280 | 353,702 | ||||||
1,392,171 | ||||||||
Independent Power Producers — 0.1% | ||||||||
Dynegy, Inc.† | 75,200 | 221,840 | ||||||
Ormat Technologies, Inc.# | 13,107 | 248,771 | ||||||
470,611 | ||||||||
Industrial Audio & Video Products — 0.0% | ||||||||
SRS Labs, Inc.† | 8,808 | 56,812 | ||||||
Industrial Automated/Robotic — 0.3% | ||||||||
Cognex Corp. | 30,281 | 1,080,123 | ||||||
Gerber Scientific, Inc.†#(1)(2) | 18,362 | 0 | ||||||
Hurco Cos., Inc.† | 4,704 | 111,626 | ||||||
Intermec, Inc.† | 43,379 | 318,402 | ||||||
iRobot Corp.†# | 17,350 | 550,863 | ||||||
2,061,014 | ||||||||
Instruments - Controls — 0.3% | ||||||||
Watts Water Technologies, Inc., Class A# | 21,977 | 839,521 | ||||||
Woodward, Inc.# | 44,913 | 1,901,617 | ||||||
X-Rite, Inc.†# | 19,269 | 92,491 | ||||||
2,833,629 | ||||||||
Instruments - Scientific — 0.1% | ||||||||
FEI Co.† | 28,262 | 1,140,654 | ||||||
Fluidigm Corp.† | 4,710 | 63,538 | ||||||
1,204,192 | ||||||||
Insurance Brokers — 0.0% | ||||||||
Crawford & Co., Class B# | 18,827 | 118,798 | ||||||
eHealth, Inc.†# | 15,621 | 236,971 | ||||||
355,769 | ||||||||
Insurance - Life/Health — 0.6% | ||||||||
American Equity Investment Life Holding Co.# | 43,456 | 480,623 | ||||||
CNO Financial Group, Inc.†# | 161,968 | 1,023,638 | ||||||
Delphi Financial Group, Inc., Class A | 35,253 | 969,457 | ||||||
FBL Financial Group, Inc., Class A# | 9,368 | 318,325 | ||||||
Independence Holding Co.# | 5,377 | 45,758 | ||||||
Kansas City Life Insurance Co. | 3,124 | 100,718 | ||||||
National Western Life Insurance Co., Class A# | 1,608 | 233,224 | ||||||
Phoenix Cos., Inc.†# | 84,944 | 153,749 | ||||||
Presidential Life Corp. | 15,833 | 161,813 | ||||||
Primerica, Inc. | 24,834 | 570,189 | ||||||
Symetra Financial Corp. | 49,350 | 465,864 | ||||||
4,523,358 | ||||||||
Insurance - Multi - line — 0.1% | ||||||||
Citizens, Inc.†# | 27,692 | 238,705 | ||||||
Fortegra Financial Corp.†# | 4,269 | 24,760 | ||||||
Horace Mann Educators Corp. | 29,131 | 355,690 | ||||||
United Fire & Casualty Co. | 15,727 | 308,092 | ||||||
927,247 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 1.3% | ||||||||
American Safety Insurance Holdings, Ltd.†# | 7,629 | $ | 167,838 | |||||
AMERISAFE, Inc.† | 13,436 | 314,940 | ||||||
Amtrust Financial Services, Inc.# | 17,599 | 466,549 | ||||||
Baldwin & Lyons, Inc., Class B# | 6,108 | 134,376 | ||||||
Donegal Group, Inc., Class A | 5,651 | 77,136 | ||||||
EMC Insurance Group, Inc.# | 3,360 | 68,813 | ||||||
Employers Holdings, Inc. | 28,165 | 489,226 | ||||||
Enstar Group, Ltd.† | 5,032 | 508,786 | ||||||
First American Financial Corp. | 76,818 | 891,089 | ||||||
Global Indemnity PLC† | 9,886 | 186,252 | ||||||
Hallmark Financial Services, Inc.† | 8,819 | 70,111 | ||||||
Harleysville Group, Inc.# | 8,904 | 525,069 | ||||||
Hilltop Holdings, Inc.† | 29,092 | 246,409 | ||||||
Infinity Property & Casualty Corp.# | 9,057 | 520,143 | ||||||
Meadowbrook Insurance Group, Inc. | 38,911 | 396,892 | ||||||
National Interstate Corp.# | 5,027 | 117,280 | ||||||
Navigators Group, Inc.† | 8,502 | 396,958 | ||||||
OneBeacon Insurance Group, Ltd. | 16,205 | 249,071 | ||||||
ProAssurance Corp. | 22,332 | 1,777,851 | ||||||
RLI Corp.# | 13,318 | 943,847 | ||||||
Safety Insurance Group, Inc. | 9,215 | 385,556 | ||||||
SeaBright Insurance Holdings, Inc. | 14,611 | 100,085 | ||||||
Selective Insurance Group, Inc. | 39,453 | 650,185 | ||||||
State Auto Financial Corp. | 10,690 | 127,425 | ||||||
Stewart Information Services Corp.# | 13,284 | 140,146 | ||||||
Tower Group, Inc.# | 26,929 | 565,240 | ||||||
Universal Insurance Holdings, Inc.# | 13,693 | 47,378 | ||||||
10,564,651 | ||||||||
Insurance - Reinsurance — 0.6% | ||||||||
Alterra Capital Holdings, Ltd.# | 66,272 | 1,520,942 | ||||||
Argo Group International Holdings, Ltd. | 20,045 | 587,319 | ||||||
Flagstone Reinsurance Holdings SA# | 38,273 | 313,073 | ||||||
Greenlight Capital Re, Ltd. Class A† | 20,470 | 488,005 | ||||||
Maiden Holdings, Ltd. | 36,919 | 321,195 | ||||||
Montpelier Re Holdings, Ltd.# | 45,551 | 775,278 | ||||||
Platinum Underwriters Holdings, Ltd. | 27,221 | 937,219 | ||||||
4,943,031 | ||||||||
Internet Application Software — 0.4% | ||||||||
DealerTrack Holdings, Inc.† | 30,030 | 777,777 | ||||||
eResearchTechnology, Inc.† | 35,836 | 164,129 | ||||||
interCLICK, Inc.† | 14,973 | 135,206 | ||||||
IntraLinks Holdings, Inc.†# | 23,342 | 123,012 | ||||||
KIT Digital, Inc.†# | 28,089 | 250,554 | ||||||
Lionbridge Technologies, Inc.† | 44,987 | 100,321 | ||||||
RealNetworks, Inc.# | 15,407 | 116,939 | ||||||
S1 Corp.†# | 39,030 | 380,152 | ||||||
VirnetX Holding Corp.†# | 29,731 | 589,863 | ||||||
Vocus, Inc.† | 12,866 | 273,017 | ||||||
2,910,970 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
AboveNet, Inc.† | 16,952 | 1,012,712 | ||||||
Boingo Wireless, Inc.†# | 4,205 | 35,743 | ||||||
Cogent Communications Group, Inc.†# | 33,577 | 571,145 | ||||||
Internap Network Services Corp.†# | 38,171 | 198,107 | ||||||
1,817,707 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
FriendFinder Networks. Inc.†# | 4,260 | 4,001 | ||||||
Limelight Networks, Inc.†# | 49,563 | 152,654 | ||||||
156,655 | ||||||||
210
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Internet Content - Information/News — 0.2% |
| |||||||
Archipelago Learning, Inc.† | 9,539 | $ | 100,159 | |||||
Bankrate, Inc.† | 16,794 | 304,475 | ||||||
Dice Holdings, Inc.† | 35,374 | 274,856 | ||||||
HealthStream, Inc.† | 11,215 | 189,197 | ||||||
Loopnet, Inc.† | 12,113 | 218,640 | ||||||
TechTarget, Inc.† | 10,661 | 57,569 | ||||||
Travelzoo, Inc.†# | 4,040 | 113,080 | ||||||
XO Group, Inc.† | 23,069 | 170,019 | ||||||
1,427,995 | ||||||||
Internet Incubators — 0.1% |
| |||||||
ICG Group, Inc.† | 27,086 | 233,211 | ||||||
ModusLink Global Solutions, Inc. | 31,986 | 139,139 | ||||||
Safeguard Scientifics, Inc.†# | 15,105 | 254,519 | ||||||
626,869 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
Openwave Systems, Inc.†# | 62,241 | 102,075 | ||||||
Responsys, Inc.†# | 6,922 | 57,729 | ||||||
support.com, Inc.†# | 35,412 | 72,595 | ||||||
TeleCommunication Systems, Inc., Class A†# | 33,881 | 91,140 | ||||||
323,539 | ||||||||
Internet Security — 0.2% |
| |||||||
Blue Coat Systems, Inc.† | 31,770 | 571,860 | ||||||
Sourcefire, Inc.†# | 20,768 | 687,836 | ||||||
VASCO Data Security International, Inc.†# | 19,739 | 166,400 | ||||||
Zix Corp.† | 48,492 | 133,838 | ||||||
1,559,934 | ||||||||
Internet Telephone — 0.1% |
| |||||||
BroadSoft, Inc.† | 16,467 | 577,662 | ||||||
Intimate Apparel — 0.2% |
| |||||||
Warnaco Group, Inc.† | 32,135 | 1,628,923 | ||||||
Investment Companies — 0.8% |
| |||||||
Apollo Investment Corp. | 143,093 | 1,031,701 | ||||||
Arlington Asset Investment Corp., Class A | 4,699 | 93,698 | ||||||
Blackrock Kelso Capital Corp | 53,328 | 463,954 | ||||||
Capital Southwest Corp.# | 2,141 | 184,083 | ||||||
Fifth Street Finance Corp.# | 52,821 | 516,589 | ||||||
Gladstone Capital Corp.# | 15,367 | 115,252 | ||||||
Gladstone Investment Corp. | 16,127 | 121,436 | ||||||
Golub Capital BDC, Inc.# | 7,484 | 119,744 | ||||||
Kohlberg Capital Corp. | 13,961 | 88,094 | ||||||
Main Street Capital Corp. | 16,755 | 326,890 | ||||||
MCG Capital Corp.# | 56,284 | 248,775 | ||||||
Medallion Financial Corp.# | 10,743 | 126,338 | ||||||
MVC Capital, Inc. | 17,523 | 224,820 | ||||||
New Mountain Finance Corp.# | 5,313 | 70,132 | ||||||
NGP Capital Resources Co. | 15,797 | 117,214 | ||||||
PennantPark Investment Corp.# | 33,292 | 352,895 | ||||||
Prospect Capital Corp.# | 79,622 | 738,892 | ||||||
Solar Capital, Ltd.# | 26,643 | 613,322 | ||||||
Solar Senior Capital, Ltd.# | 5,662 | 89,177 | ||||||
THL Credit, Inc. | 6,763 | 81,156 | ||||||
TICC Capital Corp. | 23,561 | 209,222 | ||||||
Triangle Capital Corp. | 16,159 | 292,639 | ||||||
6,226,023 | ||||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
Artio Global Investors, Inc.# | 22,848 | 133,889 | ||||||
Calamos Asset Management, Inc., Class A# | 13,853 | 163,881 | ||||||
CIFC Corp.†# | 8,654 | 48,376 | ||||||
Cohen & Steers, Inc.# | 12,977 | 353,234 | ||||||
Edelman Financial Group, Inc.# | 14,795 | 100,606 |
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services (continued) |
| |||||||
Epoch Holding Corp.# | 10,782 | $ | 262,326 | |||||
Financial Engines, Inc.†# | 27,973 | 614,567 | ||||||
GAMCO Investors, Inc., Class A# | 4,959 | 234,114 | ||||||
Medley Capital Corp. | 8,121 | 77,799 | ||||||
National Financial Partners Corp.† | 32,195 | 444,291 | ||||||
Pzena Investment Management, Inc., Class A | 6,367 | 31,326 | ||||||
Virtus Investment Partners, Inc.†# | 4,005 | 303,939 | ||||||
Westwood Holdings Group, Inc. | 4,555 | 173,227 | ||||||
2,941,575 | ||||||||
Lasers - System/Components — 0.5% |
| |||||||
Coherent, Inc.†# | 18,306 | 929,945 | ||||||
Cymer, Inc.† | 22,290 | 996,809 | ||||||
Electro Scientific Industries, Inc.† | 16,494 | 217,226 | ||||||
II-VI, Inc.† | 37,794 | 739,629 | ||||||
Newport Corp.† | 27,363 | 356,540 | ||||||
Rofin - Sinar Technologies, Inc.† | 20,775 | 499,846 | ||||||
3,739,995 | ||||||||
Leisure Products — 0.2% |
| |||||||
Brunswick Corp. | 65,034 | 1,210,933 | ||||||
Johnson Outdoors, Inc. Class A† | 3,526 | 58,144 | ||||||
Marine Products Corp.†# | 7,458 | 40,198 | ||||||
1,309,275 | ||||||||
Lighting Products & Systems — 0.3% |
| |||||||
Acuity Brands, Inc. | 31,630 | 1,589,408 | ||||||
Universal Display Corp.†# | 28,095 | 1,094,581 | ||||||
2,683,989 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
G&K Services, Inc., Class A | 13,666 | 408,613 | ||||||
UniFirst Corp. | 10,344 | 598,194 | ||||||
1,006,807 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc.† | 14,562 | 487,099 | ||||||
Machinery - Electrical — 0.1% |
| |||||||
Franklin Electric Co., Inc. | 16,992 | 799,813 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,877 | 138,507 | ||||||
Lindsay Corp. | 9,173 | 518,183 | ||||||
656,690 | ||||||||
Machinery - General Industrial — 0.9% |
| |||||||
Albany International Corp., Class A | 20,190 | 489,809 | ||||||
Altra Holdings, Inc.† | 19,622 | 348,094 | ||||||
Applied Industrial Technologies, Inc.# | 30,948 | 1,068,635 | ||||||
Chart Industries, Inc.† | 21,454 | 1,305,691 | ||||||
DXP Enterprises, Inc.† | 6,346 | 191,967 | ||||||
Flow International Corp.† | 34,570 | 90,573 | ||||||
Intevac, Inc.† | 16,681 | 124,941 | ||||||
Kadant, Inc.† | 8,987 | 183,694 | ||||||
Middleby Corp.†# | 13,687 | 1,249,349 | ||||||
Robbins & Myers, Inc. | 28,795 | 1,531,894 | ||||||
Sauer - Danfoss, Inc.† | 8,451 | 317,673 | ||||||
Tennant Co.# | 13,982 | 586,964 | ||||||
Twin Disc, Inc. | 6,179 | 261,990 | ||||||
7,751,274 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Cascade Corp. | 6,692 | 291,169 | ||||||
Columbus McKinnon Corp.† | 14,061 | 176,606 | ||||||
NACCO Industries, Inc., Class A | 4,260 | 338,031 | ||||||
805,806 | ||||||||
211
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - Pumps — 0.1% |
| |||||||
Gorman - Rupp Co. | 11,112 | $ | 327,582 | |||||
Tecumseh Products Co., Class A†# | 13,498 | 69,919 | ||||||
397,501 | ||||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc.†# | 11,507 | 267,883 | ||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp. | 42,957 | 259,890 | ||||||
Odyssey Marine Exploration, Inc.†# | 53,168 | 135,578 | ||||||
395,468 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
IRIS International, Inc.† | 12,999 | 126,220 | ||||||
Merge Healthcare, Inc.† | 37,915 | 205,120 | ||||||
331,340 | ||||||||
Medical Information Systems — 0.4% |
| |||||||
athenahealth, Inc.† | 25,469 | 1,512,858 | ||||||
Computer Programs & Systems, Inc. | 8,080 | 366,832 | ||||||
EPocrates, Inc.† | 4,598 | 39,221 | ||||||
Medidata Solutions, Inc.† | 15,366 | 310,086 | ||||||
MedQuist Holdings, Inc.†# | 23,091 | 215,670 | ||||||
Quality Systems, Inc.# | 28,300 | 1,000,405 | ||||||
3,445,072 | ||||||||
Medical Instruments — 0.9% |
| |||||||
Abaxis, Inc.†# | 16,447 | 455,089 | ||||||
AngioDynamics, Inc.† | 18,242 | 275,819 | ||||||
Arthrocare Corp.† | 19,948 | 594,650 | ||||||
AtriCure, Inc.† | 10,259 | 104,026 | ||||||
Cardiovascular Systems, Inc.†# | 10,572 | 108,786 | ||||||
Conceptus, Inc.†# | 22,780 | 249,555 | ||||||
CONMED Corp.†# | 20,671 | 543,441 | ||||||
CryoLife, Inc.† | 20,402 | 84,056 | ||||||
Delcath Systems, Inc.†# | 35,099 | 90,555 | ||||||
DexCom, Inc.† | 48,989 | 392,892 | ||||||
Endologix, Inc.† | 35,733 | 405,212 | ||||||
Genomic Health, Inc.†# | 12,419 | 337,673 | ||||||
Integra LifeSciences Holdings Corp.† | 15,228 | 489,276 | ||||||
Kensey Nash Corp.† | 6,230 | 158,242 | ||||||
MAKO Surgical Corp.†# | 23,364 | 672,883 | ||||||
Natus Medical, Inc.† | 21,184 | 177,310 | ||||||
Neoprobe Corp.† | 69,115 | 171,405 | ||||||
NuVasive, Inc.†# | 28,977 | 399,883 | ||||||
Solta Medical, Inc.†# | 44,261 | 100,473 | ||||||
Spectranetics Corp.† | 24,353 | 173,880 | ||||||
Stereotaxis, Inc.†# | 32,212 | 33,178 | ||||||
SurModics, Inc.†# | 11,143 | 138,173 | ||||||
Symmetry Medical, Inc.† | 26,566 | 208,012 | ||||||
Synergetics USA, Inc.† | 16,248 | 94,888 | ||||||
Vascular Solutions, Inc.† | 12,378 | 133,435 | ||||||
Volcano Corp.† | 38,084 | 939,532 | ||||||
Young Innovations, Inc.# | 4,124 | 119,596 | ||||||
7,651,920 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Bio - Reference Labs, Inc.† | 17,940 | 222,456 | ||||||
NeoStem, Inc.†# | 33,293 | 16,646 | ||||||
239,102 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
BioLase Technology, Inc.†# | 22,352 | 65,045 | ||||||
Cynosure, Inc. Class A†# | 7,060 | 86,485 | ||||||
Palomar Medical Technologies, Inc.†# | 13,882 | 114,666 | ||||||
266,196 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 1.2% |
| |||||||
ABIOMED, Inc.†# | 23,134 | $ | 465,919 | |||||
Accuray, Inc.†# | 49,942 | 200,267 | ||||||
Alphatec Holdings, Inc.† | 39,383 | 80,341 | ||||||
Atrion Corp.# | 1,151 | 279,486 | ||||||
Bacterin International Holdings, Inc.† | 16,297 | 36,831 | ||||||
BioMimetic Therapeutics, Inc.†# | 14,022 | 44,029 | ||||||
Cantel Medical Corp. | 9,635 | 253,497 | ||||||
Cerus Corp.† | 34,766 | 103,950 | ||||||
Chindex International, Inc.†# | 8,296 | 76,489 | ||||||
Cyberonics, Inc.† | 20,706 | 628,013 | ||||||
Exactech, Inc.†# | 6,210 | 93,833 | ||||||
Greatbatch, Inc.† | 17,021 | 376,505 | ||||||
Haemonetics Corp.† | 18,758 | 1,111,036 | ||||||
Hanger Orthopedic Group, Inc.† | 24,466 | 391,456 | ||||||
Invacare Corp. | 20,940 | 430,108 | ||||||
Luminex Corp.†# | 27,605 | 573,080 | ||||||
NxStage Medical, Inc.† | 32,596 | 638,230 | ||||||
Orthofix International NV†# | 13,187 | 451,918 | ||||||
PSS World Medical, Inc.†# | 40,514 | 987,731 | ||||||
Rockwell Medical Technologies, Inc.†# | 11,716 | 88,456 | ||||||
Synovis Life Technologies, Inc.† | 8,371 | 157,710 | ||||||
Tornier NV† | 7,698 | 138,333 | ||||||
Uroplasty, Inc.† | 15,093 | 60,825 | ||||||
West Pharmaceutical Services, Inc.# | 24,459 | 942,405 | ||||||
Wright Medical Group, Inc.† | 28,500 | 418,380 | ||||||
Zoll Medical Corp.† | 16,006 | 736,756 | ||||||
9,765,584 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 43,253 | 1,300,618 | ||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
Acorda Therapeutics, Inc.† | 28,822 | 667,229 | ||||||
Aegerion Pharmaceuticals, Inc.† | 6,675 | 107,000 | ||||||
Affymax, Inc.†# | 25,844 | 136,198 | ||||||
Alnylam Pharmaceuticals, Inc.†# | 26,885 | 190,884 | ||||||
AMAG Pharmaceuticals, Inc.† | 15,455 | 275,099 | ||||||
Arena Pharmaceuticals, Inc.†# | 106,559 | 168,363 | ||||||
Ariad Pharmaceuticals, Inc.† | 96,407 | 1,165,561 | ||||||
Arqule, Inc.†# | 38,987 | 218,717 | ||||||
Astex Pharmaceuticals† | 41,186 | 62,191 | ||||||
BioCryst Pharmaceuticals, Inc.† | 21,113 | 60,805 | ||||||
Biosante Pharmaceuticals, Inc.†# | 80,024 | 192,058 | ||||||
BioTime, Inc.† | 18,035 | 80,616 | ||||||
Cambrex Corp.† | 21,487 | 148,475 | ||||||
Cell Therapeutics, Inc.†# | 140,874 | 157,779 | ||||||
Celldex Therapeutics, Inc.† | 32,232 | 85,737 | ||||||
Chelsea Therapeutics International, Inc.† | 39,119 | 203,419 | ||||||
Cleveland Biolabs, Inc.†# | 20,694 | 60,633 | ||||||
Clinical Data, Inc.†(1)(2) | 9,058 | 0 | ||||||
Complete Genomics, Inc.†# | 7,249 | 26,821 | ||||||
Cubist Pharmaceuticals, Inc.† | 43,784 | 1,688,749 | ||||||
Curis, Inc.†# | 55,765 | 201,312 | ||||||
Dynavax Technologies Corp.†# | 90,143 | 280,345 | ||||||
Emergent Biosolutions, Inc.† | 17,791 | 303,159 | ||||||
Enzo Biochem, Inc.†# | 27,947 | 68,470 | ||||||
Enzon Pharmaceuticals, Inc.†# | 27,488 | 194,340 | ||||||
Exact Sciences Corp.†# | 38,140 | 323,809 | ||||||
Exelixis, Inc.†# | 93,369 | 430,431 | ||||||
Geron Corp.†# | 94,213 | 157,336 | ||||||
GTx, Inc.†# | 15,993 | 43,501 | ||||||
Halozyme Therapeutics, Inc.†# | 59,919 | 568,032 | ||||||
Harvard Bioscience, Inc.† | 16,816 | 74,327 | ||||||
Immunogen, Inc.†# | 54,867 | 666,634 | ||||||
Immunomedics, Inc.†# | 48,033 | 161,391 | ||||||
Incyte Corp., Ltd.†# | 64,607 | 889,638 |
212
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Inhibitex, Inc.† | 46,431 | $ | 677,893 | |||||
Insmed, Inc.†# | 18,134 | 58,391 | ||||||
InterMune, Inc.† | 39,485 | 717,048 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 124,544 | 145,716 | ||||||
Ligand Pharmaceuticals, Inc., Class B†# | 14,343 | 168,243 | ||||||
Maxygen, Inc.†# | 22,058 | 125,510 | ||||||
Medicines Co.† | 39,360 | 744,298 | ||||||
Micromet, Inc.† | 66,852 | 409,803 | ||||||
Momenta Pharmaceuticals, Inc.† | 33,688 | 506,668 | ||||||
Novavax, Inc.†# | 70,167 | 96,830 | ||||||
NPS Pharmaceuticals, Inc.† | 62,814 | 356,784 | ||||||
Nymox Pharmaceutical Corp.† | 14,175 | 116,519 | ||||||
OncoGenex Pharmaceutical, Inc.† | 7,098 | 84,608 | ||||||
Oncothyreon, Inc.† | 30,381 | 212,059 | ||||||
Pacific Biosciences of California, Inc.† | 24,775 | 70,609 | ||||||
PDL BioPharma, Inc.# | 102,020 | 652,928 | ||||||
Peregrine Pharmaceuticals, Inc.†# | 58,092 | 56,930 | ||||||
PharmAthene, Inc.†# | 26,038 | 33,329 | ||||||
RTI Biologics, Inc.† | 40,287 | 172,025 | ||||||
Sangamo Biosciences, Inc.†# | 38,213 | 115,785 | ||||||
Seattle Genetics, Inc.†# | 70,469 | 1,171,899 | ||||||
Sequenom, Inc.†# | 72,350 | 302,423 | ||||||
Sunesis Pharmaceuticals, Inc.† | 20,775 | 25,761 | ||||||
Transcept Pharmaceuticals, Inc.†# | 3,770 | 26,277 | ||||||
Trius Therapeutics, Inc.† | 5,604 | 41,582 | ||||||
Vical, Inc.†# | 52,379 | 230,991 | ||||||
ZIOPHARM Oncology, Inc.†# | 42,735 | 222,222 | ||||||
17,602,190 | ||||||||
Medical - Drugs — 1.9% |
| |||||||
Achillion Pharmaceuticals, Inc.†# | 34,642 | 230,369 | ||||||
Akorn, Inc.†# | 40,951 | 440,633 | ||||||
Alimera Sciences, Inc.†# | 8,196 | 10,819 | ||||||
Alkermes PLC†# | 69,642 | 1,064,826 | ||||||
Amicus Therapeutics, Inc.†# | 11,520 | 32,947 | ||||||
Ampio Pharmaceuticals, Inc.†# | 14,478 | 105,110 | ||||||
Anacor Pharmaceuticals, Inc.† | 7,939 | 39,933 | ||||||
Anthera Pharmaceuticals, Inc.† | 15,376 | 89,488 | ||||||
Ardea Biosciences, Inc.†# | 12,251 | 228,849 | ||||||
Array Biopharma, Inc.† | 41,647 | 87,875 | ||||||
Auxilium Pharmaceuticals, Inc.† | 34,942 | 609,039 | ||||||
BioSpecifics Technologies Corp.† | 3,615 | 54,370 | ||||||
Cadence Pharmaceuticals, Inc.† | 27,760 | 121,866 | ||||||
Corcept Therapeutics, Inc.† | 29,991 | 94,772 | ||||||
Cytori Therapeutics, Inc.†# | 35,372 | 98,334 | ||||||
Durect Corp.† | 58,939 | 80,157 | ||||||
Dusa Pharmaceuticals, Inc.† | 17,846 | 65,852 | ||||||
Endocyte, Inc.† | 12,573 | 129,376 | ||||||
Furiex Pharmaceuticals, Inc.† | 7,217 | 129,906 | ||||||
Hi - Tech Pharmacal Co., Inc.†# | 7,570 | 314,306 | ||||||
Idenix Pharmaceuticals, Inc.†# | 40,035 | 304,266 | ||||||
Infinity Pharmaceuticals, Inc.† | 13,960 | 127,455 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 36,843 | 444,695 | ||||||
Jazz Pharmaceuticals, Inc.† | 16,128 | 638,991 | ||||||
K - V Pharmaceutical Co., Class A†# | 37,612 | 47,391 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 50,454 | 133,199 | ||||||
Lannett Co., Inc.† | 11,860 | 46,847 | ||||||
MAP Pharmaceuticals, Inc.†# | 15,966 | 219,532 | ||||||
Medicis Pharmaceutical Corp., Class A | 45,092 | 1,472,254 | ||||||
Medivation, Inc.† | 22,891 | 1,051,841 | ||||||
Opko Health, Inc.†# | 79,533 | 394,484 | ||||||
Optimer Pharmaceuticals, Inc.†# | 33,853 | 389,987 | ||||||
Orexigen Therapeutics, Inc.†# | 23,528 | 42,115 | ||||||
Pacira Pharmaceuticals, Inc.† | 3,575 | 26,169 | ||||||
Pain Therapeutics, Inc.†# | 26,940 | 104,258 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Pernix Therapeutics Holdings†# | 2,722 | $ | 21,776 | |||||
PharMerica Corp.†# | 21,447 | 335,646 | ||||||
Pozen, Inc.† | 19,330 | 78,287 | ||||||
Progenics Pharmaceuticals, Inc.†# | 21,436 | 144,050 | ||||||
Raptor Pharmaceutical Corp.† | 34,379 | 189,772 | ||||||
Rigel Pharmaceuticals, Inc.†# | 50,089 | 381,678 | ||||||
Sagent Pharmaceuticals, Inc.†# | 4,857 | 100,443 | ||||||
Salix Pharmaceuticals, Ltd.† | 42,655 | 1,882,792 | ||||||
Santarus, Inc.†# | 38,920 | 113,257 | ||||||
Savient Pharmaceuticals, Inc.†# | 51,886 | 130,234 | ||||||
Sciclone Pharmaceuticals, Inc.† | 25,246 | 113,859 | ||||||
SIGA Technologies, Inc.†# | 25,119 | 52,750 | ||||||
Sucampo Pharmaceuticals, Inc. Class A†# | 9,262 | 34,455 | ||||||
Synta Pharmaceuticals Corp.†# | 17,006 | 71,255 | ||||||
Targacept, Inc.†# | 20,122 | 151,116 | ||||||
Vanda Pharmaceuticals, Inc.†# | 20,526 | 102,425 | ||||||
Viropharma, Inc.† | 51,676 | 1,240,741 | ||||||
Vivus, Inc.†# | 64,902 | 657,457 | ||||||
XenoPort, Inc.† | 25,824 | 123,439 | ||||||
Zalicus, Inc.†# | 54,314 | 50,517 | ||||||
Zogenix, Inc.† | 15,445 | 27,801 | ||||||
15,476,061 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Acura Pharmaceuticals, Inc.†# | 7,858 | 29,075 | ||||||
Impax Laboratories, Inc.† | 47,681 | 960,295 | ||||||
Par Pharmaceutical Cos., Inc.†# | 26,447 | 857,147 | ||||||
1,846,517 | ||||||||
Medical - HMO — 1.0% |
| |||||||
Centene Corp.† | 36,500 | 1,412,915 | ||||||
Healthspring, Inc.† | 49,489 | 2,703,089 | ||||||
Magellan Health Services, Inc.† | 23,434 | 1,187,166 | ||||||
Metropolitan Health Networks, Inc.†# | 30,916 | 223,835 | ||||||
Molina Healthcare, Inc.†# | 20,497 | 447,860 | ||||||
Triple - S Management Corp., Class B†# | 14,435 | 281,194 | ||||||
Universal American Corp. | 23,578 | 309,579 | ||||||
WellCare Health Plans, Inc.† | 31,086 | 1,816,977 | ||||||
8,382,615 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Select Medical Holdings Corp.†# | 32,677 | 283,310 | ||||||
Vanguard Health Systems, Inc.† | 22,288 | 228,229 | ||||||
511,539 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Assisted Living Concepts, Inc., Class A | 14,270 | 196,070 | ||||||
Ensign Group, Inc. | 11,908 | 282,338 | ||||||
Kindred Healthcare, Inc.†# | 37,957 | 470,667 | ||||||
National Healthcare Corp.# | 7,475 | 311,334 | ||||||
Skilled Healthcare Group, Inc. Class A†# | 14,140 | 60,378 | ||||||
Sun Healthcare Group, Inc.†# | 18,327 | 56,447 | ||||||
1,377,234 | ||||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Air Methods Corp.†# | 8,273 | 667,797 | ||||||
Almost Family, Inc.†# | 6,006 | 89,910 | ||||||
Amedisys, Inc.† | 21,527 | 255,525 | ||||||
Amsurg Corp.† | 22,833 | 595,485 | ||||||
Gentiva Health Services, Inc.† | 22,333 | 129,978 | ||||||
LHC Group, Inc.† | 11,525 | 160,197 | ||||||
1,898,892 | ||||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
Ampco - Pittsburgh Corp. | 6,224 | 127,903 |
213
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Metal Processors & Fabrication (continued) |
| |||||||
CIRCOR International, Inc.# | 12,587 | $ | 409,078 | |||||
Dynamic Materials Corp. | 9,737 | 207,982 | ||||||
Haynes International, Inc. | 8,913 | 534,424 | ||||||
Kaydon Corp. | 23,811 | 751,951 | ||||||
LB Foster Co., Class A# | 6,947 | 199,518 | ||||||
Mueller Industries, Inc. | 27,649 | 1,054,533 | ||||||
NN, Inc.† | 12,272 | 80,873 | ||||||
RBC Bearings, Inc.† | 16,013 | 676,549 | ||||||
RTI International Metals, Inc.†# | 22,049 | 601,938 | ||||||
Sun Hydraulics Corp.# | 14,640 | 368,342 | ||||||
Worthington Industries, Inc. | 41,985 | 738,516 | ||||||
5,751,607 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.† | 12,207 | 166,015 | ||||||
Lawson Products, Inc.# | 2,548 | 40,157 | ||||||
Olympic Steel, Inc.# | 6,679 | 158,559 | ||||||
364,731 | ||||||||
Metal - Aluminum — 0.1% | ||||||||
Century Aluminum Co.†# | 37,669 | 362,753 | ||||||
Kaiser Aluminum Corp.# | 11,892 | 554,167 | ||||||
Noranda Aluminium Holding Corp. | 16,595 | 136,411 | ||||||
1,053,331 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Revett Minerals, Inc.† | 18,300 | 91,500 | ||||||
Mining — 0.0% |
| |||||||
Vista Gold Corp.†# | 51,884 | 187,301 | ||||||
Miscellaneous Manufacturing — 0.2% |
| |||||||
American Railcar Industries, Inc.† | 7,111 | 169,171 | ||||||
FreightCar America, Inc.† | 8,727 | 198,365 | ||||||
John Bean Technologies Corp. | 20,920 | 344,343 | ||||||
Movado Group, Inc. | 12,633 | 198,717 | ||||||
NL Industries, Inc.# | 4,869 | 66,754 | ||||||
Trimas Corp.† | 18,665 | 380,952 | ||||||
1,358,302 | ||||||||
Motion Pictures & Services — 0.0% | ||||||||
Lions Gate Entertainment Corp.†# | 32,921 | 289,376 | ||||||
MRI/Medical Diagnostic Imaging — 0.0% | ||||||||
Alliance HealthCare Services, Inc.†# | 17,878 | 21,811 | ||||||
RadNet, Inc.† | 22,269 | 53,668 | ||||||
75,479 | ||||||||
Multilevel Direct Selling — 0.2% |
| |||||||
Nu Skin Enterprises, Inc., Class A# | 40,017 | 1,910,412 | ||||||
Multimedia — 0.2% |
| |||||||
Demand Media, Inc.† | 5,773 | 40,931 | ||||||
Entravision Communications Corp., Class A# | 36,715 | 57,642 | ||||||
EW Scripps Co., Class A† | 24,880 | 211,480 | ||||||
Journal Communications, Inc., Class A† | 31,553 | 132,523 | ||||||
Martha Stewart Living Omnimedia, Class A# | 19,876 | 59,230 | ||||||
Meredith Corp.# | 26,539 | 769,631 | ||||||
1,271,437 | ||||||||
Networking Products — 0.6% |
| |||||||
Anixter International, Inc.† | 21,172 | 1,300,172 | ||||||
Black Box Corp. | 13,126 | 374,485 | ||||||
Calix, Inc.†# | 27,479 | 247,861 | ||||||
Dialogic, Inc.† | 11,282 | 14,102 | ||||||
Extreme Networks, Inc.†# | 67,255 | 203,110 | ||||||
Infinera Corp.†# | 76,357 | 526,863 | ||||||
Ixia† | 28,201 | 310,211 |
Security Description | Shares | Value (Note 2) | ||||||
Networking Products (continued) |
| |||||||
LogMeIn, Inc.†# | 14,879 | $ | 639,946 | |||||
Meru Networks, Inc.†# | 7,868 | 36,980 | ||||||
NeoPhotonics Corp.†# | 6,320 | 29,957 | ||||||
Netgear, Inc.† | 26,734 | 1,015,625 | ||||||
Procera Networks, Inc.† | 10,511 | 169,122 | ||||||
4,868,434 | ||||||||
Non - Ferrous Metals — 0.3% |
| |||||||
Globe Specialty Metals, Inc.# | 46,033 | 687,273 | ||||||
Horsehead Holding Corp.† | 31,901 | 296,360 | ||||||
Materion Corp.† | 14,905 | 366,514 | ||||||
Thompson Creek Metals Co., Inc.†# | 111,560 | 779,804 | ||||||
Ur - Energy, Inc.† | 75,587 | 82,390 | ||||||
Uranerz Energy Corp.†# | 47,154 | 91,007 | ||||||
Uranium Energy Corp.†# | 54,965 | 167,643 | ||||||
Uranium Resources, Inc.†# | 68,214 | 70,943 | ||||||
USEC, Inc.†# | 84,767 | 119,522 | ||||||
2,661,456 | ||||||||
Non - Hazardous Waste Disposal — 0.0% |
| |||||||
Casella Waste Systems, Inc., Class A†# | 18,491 | 115,014 | ||||||
WCA Waste Corp.†# | 12,291 | 60,349 | ||||||
175,363 | ||||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc.# | 840 | 13,037 | ||||||
Herman Miller, Inc. | 41,844 | 903,412 | ||||||
HNI Corp. | 32,671 | 855,980 | ||||||
Interface, Inc., Class A | 38,475 | 442,462 | ||||||
Knoll, Inc. | 34,942 | 529,721 | ||||||
Steelcase, Inc., Class A# | 58,093 | 455,449 | ||||||
3,200,061 | ||||||||
Office Supplies & Forms — 0.1% |
| |||||||
ACCO Brands Corp.† | 40,282 | 379,859 | ||||||
Ennis, Inc.# | 19,022 | 282,477 | ||||||
662,336 | ||||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Hercules Offshore, Inc.†# | 84,120 | 327,227 | ||||||
Parker Drilling Co.† | 85,218 | 593,117 | ||||||
Vantage Drilling Co.†# | 127,572 | 153,086 | ||||||
1,073,430 | ||||||||
Oil Companies - Exploration & Production — 3.1% |
| |||||||
Abraxas Petroleum Corp.†# | 60,100 | 216,961 | ||||||
Apco Oil & Gas International, Inc. | 6,665 | 529,534 | ||||||
Approach Resources, Inc.†# | 16,379 | 512,335 | ||||||
ATP Oil & Gas Corp.†# | 32,516 | 238,667 | ||||||
Berry Petroleum Co., Class A# | 37,644 | 1,651,819 | ||||||
Bill Barrett Corp.† | 34,468 | 1,344,252 | ||||||
BPZ Resources, Inc.†# | 74,571 | 237,882 | ||||||
Callon Petroleum Co.† | 28,568 | 153,410 | ||||||
CAMAC Energy, Inc.†# | 42,844 | 42,844 | ||||||
Carrizo Oil & Gas, Inc.†# | 28,439 | 809,374 | ||||||
Clayton Williams Energy, Inc.†# | 4,309 | 318,694 | ||||||
Comstock Resources, Inc.†# | 34,785 | 578,475 | ||||||
Contango Oil & Gas Co.†# | 8,913 | 561,519 | ||||||
Crimson Exploration, Inc.† | 15,942 | 46,232 | ||||||
DLB Oil & Gas, Inc.†(1)(2) | 3,000 | 0 | ||||||
Endeavour International Corp.†# | 27,121 | 187,406 | ||||||
Energy Partners, Ltd.† | 21,136 | 292,100 | ||||||
Energy XXI Bermuda, Ltd.† | 55,006 | 1,729,389 | ||||||
Evolution Petroleum Corp.† | 11,733 | 85,651 | ||||||
FX Energy, Inc.† | 38,211 | 182,266 | ||||||
Gastar Exploration, Ltd.†# | 42,400 | 135,680 |
214
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Georesources, Inc.†# | 14,653 | $ | 417,757 | |||||
GMX Resources, Inc.†# | 43,801 | 57,817 | ||||||
Goodrich Petroleum Corp.†# | 18,926 | 275,941 | ||||||
Gulfport Energy Corp.† | 30,502 | 968,439 | ||||||
Harvest Natural Resources, Inc.†# | 24,815 | 227,057 | ||||||
Houston American Energy Corp.†# | 12,069 | 169,087 | ||||||
Hyperdynamics Corp.†# | 113,620 | 418,122 | ||||||
Isramco, Inc.† | 782 | 63,921 | ||||||
Kodiak Oil & Gas Corp.†# | 152,856 | 1,357,361 | ||||||
Magnum Hunter Resources Corp.†# | 81,340 | 391,245 | ||||||
McMoRan Exploration Co.†# | 71,745 | 1,146,485 | ||||||
Miller Energy Resources, Inc.†# | 22,686 | 69,192 | ||||||
Northern Oil And Gas, Inc.† | 46,114 | 1,129,332 | ||||||
Oasis Petroleum, Inc.†# | 43,474 | 1,324,653 | ||||||
Panhandle Oil and Gas, Inc., Class A# | 5,137 | 173,271 | ||||||
Penn Virginia Corp.# | 33,357 | 176,792 | ||||||
PetroCorp, Inc.†(1)(2) | 2,364 | 0 | ||||||
Petroleum Development Corp.†# | 17,162 | 575,785 | ||||||
Petroquest Energy, Inc.†# | 40,920 | 281,120 | ||||||
Resolute Energy Corp.† | 33,711 | 456,784 | ||||||
Rex Energy Corp.†# | 25,475 | 411,421 | ||||||
Rosetta Resources, Inc.†# | 38,706 | 2,103,284 | ||||||
Stone Energy Corp.† | 35,792 | 1,012,556 | ||||||
Swift Energy Co.† | 30,985 | 910,649 | ||||||
Triangle Petroleum Corp.†# | 31,365 | 180,349 | ||||||
U.S. Energy Corp.†# | 17,817 | 48,284 | ||||||
Vaalco Energy, Inc.† | 37,355 | 235,337 | ||||||
Venoco, Inc.† | 21,593 | 201,247 | ||||||
Voyager Oil & Gas, Inc.† | 34,308 | 87,485 | ||||||
W&T Offshore, Inc. | 25,455 | 509,609 | ||||||
Warren Resources, Inc.†# | 52,164 | 148,667 | ||||||
Zion Oil & Gas, Inc.† | 22,183 | 58,341 | ||||||
25,441,880 | ||||||||
Oil Field Machinery & Equipment — 0.8% |
| |||||||
Complete Production Services, Inc.† | 57,646 | 2,010,116 | ||||||
Dril - Quip, Inc.† | 25,103 | 1,785,576 | ||||||
Flotek Industries, Inc.†# | 36,468 | 332,224 | ||||||
Gulf Island Fabrication, Inc. | 10,479 | 297,918 | ||||||
Lufkin Industries, Inc. | 22,249 | 1,559,210 | ||||||
Mitcham Industries, Inc.† | 8,782 | 128,568 | ||||||
Natural Gas Services Group, Inc.† | 8,922 | 122,321 | ||||||
Thermon Group Holdings, Inc.† | 7,304 | 112,920 | ||||||
6,348,853 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Alon USA Energy, Inc.# | 8,280 | 70,794 | ||||||
Cheniere Energy, Inc.†# | 60,480 | 610,848 | ||||||
CVR Energy, Inc.† | 64,121 | 1,167,002 | ||||||
Delek US Holdings, Inc. | 10,380 | 114,076 | ||||||
Western Refining, Inc.†# | 38,538 | 458,217 | ||||||
2,420,937 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Basic Energy Services, Inc.† | 17,600 | 331,584 | ||||||
C&J Energy Services, Inc.† | 8,705 | 170,966 | ||||||
Cal Dive International, Inc.†# | 69,681 | 164,447 | ||||||
Exterran Holdings, Inc.†# | 46,686 | 535,021 | ||||||
Global Industries, Ltd.† | 73,936 | 590,009 | ||||||
Helix Energy Solutions Group, Inc.† | 77,429 | 1,373,590 | ||||||
Hornbeck Offshore Services, Inc.† | 16,683 | 562,884 | ||||||
Key Energy Services, Inc.† | 91,127 | 1,376,018 | ||||||
Matrix Service Co.† | 19,310 | 180,742 | ||||||
Newpark Resources, Inc.† | 66,020 | 591,539 | ||||||
Pioneer Drilling Co.† | 45,005 | 494,155 |
Security Description | Shares | Value (Note 2) | ||||||
Oil - Field Services (continued) |
| |||||||
Targa Resources Corp. | 12,001 | $ | 414,875 | |||||
Tesco Corp.† | 22,040 | 293,793 | ||||||
Tetra Technologies, Inc.† | 56,109 | 515,081 | ||||||
Union Drilling, Inc.†# | 11,059 | 80,952 | ||||||
Willbros Group, Inc.† | 28,533 | 110,423 | ||||||
7,786,079 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.† | 4,577 | 118,956 | ||||||
Optical Supplies — 0.0% |
| |||||||
STAAR Surgical Co.† | 25,959 | 255,177 | ||||||
Paper & Related Products — 0.5% |
| |||||||
Boise, Inc. | 76,160 | 454,675 | ||||||
Buckeye Technologies, Inc. | 29,137 | 902,664 | ||||||
Clearwater Paper Corp.† | 16,826 | 592,107 | ||||||
KapStone Paper and Packaging Corp.† | 28,534 | 473,094 | ||||||
Neenah Paper, Inc. | 10,897 | 203,883 | ||||||
P.H. Glatfelter Co.# | 33,626 | 487,577 | ||||||
Schweitzer - Mauduit International, Inc. | 11,766 | 837,975 | ||||||
Verso Paper Corp.†# | 10,916 | 12,553 | ||||||
Wausau Paper Corp. | 35,917 | 277,279 | ||||||
Xerium Technologies, Inc.† | 8,039 | 59,569 | ||||||
4,301,376 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
CardioNet, Inc.† | 17,796 | 41,287 | ||||||
Insulet Corp.† | 33,572 | 623,768 | ||||||
Masimo Corp.† | 38,366 | 792,641 | ||||||
1,457,696 | ||||||||
Petrochemicals — 0.0% |
| |||||||
TPC Group, Inc.† | 9,689 | 232,536 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.† | 29,727 | 182,524 | ||||||
Photo Equipment & Supplies — 0.0% |
| |||||||
Eastman Kodak Co.†# | 196,502 | 212,222 | ||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
Healthsouth Corp.† | 69,479 | 1,200,597 | ||||||
U.S. Physical Therapy, Inc. | 8,620 | 169,556 | ||||||
1,370,153 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
American Dental Partners, Inc.† | 11,268 | 212,289 | ||||||
Healthways, Inc.†# | 24,805 | 161,480 | ||||||
IPC The Hospitalist Co., Inc.†# | 11,956 | 551,172 | ||||||
924,941 | ||||||||
Pipelines — 0.1% |
| |||||||
Crosstex Energy, Inc. | 29,651 | 354,923 | ||||||
SemGroup Corp., Class A† | 30,314 | 853,339 | ||||||
1,208,262 | ||||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.† | 75,252 | 820,999 | ||||||
Pollution Control — 0.0% |
| |||||||
Fuel Tech, Inc.†# | 13,322 | 77,135 | ||||||
Met - Pro Corp.# | 10,707 | 96,684 | ||||||
173,819 | ||||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.†# | 36,970 | 212,208 | ||||||
Sanderson Farms, Inc.# | 16,170 | 832,270 | ||||||
1,044,478 | ||||||||
215
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Active Power, Inc.† | 58,427 | $ | 40,899 | |||||
Advanced Energy Industries, Inc.† | 31,813 | 317,494 | ||||||
Capstone Turbine Corp.†# | 179,663 | 186,849 | ||||||
Generac Holdings, Inc.† | 18,209 | 456,500 | ||||||
Powell Industries, Inc.†# | 6,440 | 195,261 | ||||||
Power - One, Inc.† | 49,728 | 211,841 | ||||||
PowerSecure International, Inc.† | 13,755 | 87,344 | ||||||
Satcon Technology Corp.†# | 66,252 | 50,345 | ||||||
Vicor Corp. | 14,310 | 114,766 | ||||||
1,661,299 | ||||||||
Precious Metals — 0.3% |
| |||||||
Coeur d’Alene Mines Corp.† | 65,386 | 1,913,848 | ||||||
Paramount Gold and Silver Corp.†# | 85,548 | 225,847 | ||||||
2,139,695 | ||||||||
Printing - Commercial — 0.3% |
| |||||||
American Reprographics Co.† | 27,051 | 127,410 | ||||||
Cenveo, Inc.†# | 40,219 | 122,668 | ||||||
Consolidated Graphics, Inc.† | 6,570 | 334,742 | ||||||
Deluxe Corp. | 37,554 | 858,484 | ||||||
Multi - Color Corp.# | 8,327 | 218,334 | ||||||
Quad Graphics, Inc.# | 18,433 | 295,297 | ||||||
Valassis Communications, Inc.†# | 35,887 | 689,389 | ||||||
2,646,324 | ||||||||
Private Corrections — 0.1% |
| |||||||
Geo Group, Inc.† | 47,386 | 838,732 | ||||||
Protection/Safety — 0.1% |
| |||||||
Ascent Media Corp., Class A† | 10,516 | 489,310 | ||||||
Landauer, Inc.# | 6,881 | 349,073 | ||||||
838,383 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Cambium Learning Group, Inc.†# | 12,059 | 38,589 | ||||||
Courier Corp.# | 7,519 | 83,085 | ||||||
Scholastic Corp. | 19,405 | 525,293 | ||||||
646,967 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp., Class A Class A# | 13,621 | 56,255 | ||||||
Dolan Co.† | 22,181 | 202,513 | ||||||
McClatchy Co., Class A†# | 42,150 | 49,315 | ||||||
New York Times Co., Class A†# | 100,186 | 729,354 | ||||||
1,037,437 | ||||||||
Publishing - Periodicals — 0.0% |
| |||||||
Value Line, Inc.# | 983 | 11,708 | ||||||
Racetracks — 0.1% |
| |||||||
Churchill Downs, Inc. | 9,174 | 445,306 | ||||||
International Speedway Corp., Class A | 21,508 | 529,097 | ||||||
Speedway Motorsports, Inc.# | 8,624 | 120,563 | ||||||
1,094,966 | ||||||||
Radio — 0.0% |
| |||||||
Cumulus Media, Inc., Class A† | 27,524 | 83,673 | ||||||
Entercom Communications Corp., Class A†# | 17,668 | 98,234 | ||||||
Saga Communications, Inc., Class A†# | 2,633 | 92,945 | ||||||
Westwood One, Inc.# | 3,679 | 14,753 | ||||||
289,605 | ||||||||
Real Estate Investment Trusts — 8.3% |
| |||||||
Acadia Realty Trust | 29,451 | 576,651 | ||||||
AG Mortgage Investment Trust, Inc.# | 4,601 | 82,588 | ||||||
Agree Realty Corp.# | 7,199 | 175,584 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Alexander’s, Inc. | 1,499 | $ | 594,518 | |||||
American Assets Trust, Inc. | 23,531 | 485,680 | ||||||
American Campus Communities, Inc. | 49,604 | 1,951,421 | ||||||
American Capital Mortgage Investment Corp.# | 5,843 | 104,064 | ||||||
Anworth Mortgage Asset Corp. | 92,418 | 585,006 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 15,017 | 204,231 | ||||||
ARMOUR Residential REIT, Inc.# | 55,922 | 399,283 | ||||||
Ashford Hospitality Trust, Inc.# | 38,119 | 303,427 | ||||||
Associated Estates Realty Corp.# | 30,277 | 488,671 | ||||||
BioMed Realty Trust, Inc.# | 95,862 | 1,707,302 | ||||||
Campus Crest Communities, Inc. | 22,342 | 225,207 | ||||||
CapLease, Inc.# | 49,707 | 206,284 | ||||||
Capstead Mortgage Corp. | 61,641 | 769,280 | ||||||
CBL & Associates Properties, Inc. | 108,362 | 1,548,493 | ||||||
Cedar Realty Trust, Inc. | 40,949 | 136,770 | ||||||
Chatham Lodging Trust | 10,095 | 108,117 | ||||||
Chesapeake Lodging Trust | 23,486 | 373,427 | ||||||
Cogdell Spencer, Inc. | 32,549 | 122,059 | ||||||
Colonial Properties Trust | 60,969 | 1,209,625 | ||||||
Colony Financial, Inc.# | 24,036 | 355,733 | ||||||
Coresite Realty Corp.# | 14,510 | 243,042 | ||||||
Cousins Properties, Inc. | 66,608 | 396,318 | ||||||
CreXus Investment Corp. | 41,747 | 407,451 | ||||||
CubeSmart | 72,631 | 724,131 | ||||||
CYS Investments, Inc.# | 60,306 | 791,818 | ||||||
DCT Industrial Trust, Inc.# | 179,433 | 863,073 | ||||||
DiamondRock Hospitality Co. | 122,248 | 1,073,337 | ||||||
DuPont Fabros Technology, Inc. | 42,961 | 967,911 | ||||||
Dynex Capital, Inc.# | 29,451 | 262,114 | ||||||
EastGroup Properties, Inc.# | 19,757 | 841,055 | ||||||
Education Realty Trust, Inc. | 52,752 | 491,649 | ||||||
Entertainment Properties Trust# | 34,067 | 1,522,795 | ||||||
Equity Lifestyle Properties, Inc.# | 22,479 | 1,389,877 | ||||||
Equity One, Inc. | 39,189 | 654,848 | ||||||
Excel Trust, Inc.# | 22,608 | 248,462 | ||||||
Extra Space Storage, Inc.# | 68,570 | 1,652,537 | ||||||
FelCor Lodging Trust, Inc.† | 90,918 | 239,114 | ||||||
First Industrial Realty Trust, Inc.† | 63,254 | 600,913 | ||||||
First Potomac Realty Trust | 36,547 | 465,243 | ||||||
Franklin Street Properties Corp.# | 51,569 | 562,618 | ||||||
Getty Realty Corp.# | 18,853 | 301,648 | ||||||
Gladstone Commercial Corp.# | 7,995 | 136,715 | ||||||
Glimcher Realty Trust | 78,267 | 680,923 | ||||||
Government Properties Income Trust | 25,855 | 562,346 | ||||||
Hatteras Financial Corp.# | 54,594 | 1,463,119 | ||||||
Healthcare Realty Trust, Inc.# | 56,845 | 1,001,609 | ||||||
Hersha Hospitality Trust | 102,810 | 442,083 | ||||||
Highwoods Properties, Inc.# | 52,678 | 1,519,234 | ||||||
Home Properties, Inc.# | 35,084 | 1,928,567 | ||||||
Hudson Pacific Properties, Inc. | 16,106 | 206,801 | ||||||
Inland Real Estate Corp. | 56,319 | 417,887 | ||||||
Invesco Mortgage Capital, Inc. | 84,276 | 1,329,033 | ||||||
Investors Real Estate Trust# | 58,629 | 411,576 | ||||||
iStar Financial, Inc.†# | 67,540 | 375,522 | ||||||
Kilroy Realty Corp.# | 42,696 | 1,540,899 | ||||||
Kite Realty Group Trust | 40,668 | 171,619 | ||||||
LaSalle Hotel Properties | 62,146 | 1,454,838 | ||||||
Lexington Realty Trust | 87,448 | 662,856 | ||||||
LTC Properties, Inc. | 22,156 | 636,985 | ||||||
Medical Properties Trust, Inc. | 81,596 | 780,058 | ||||||
MFA Financial, Inc. | 260,060 | 1,789,213 | ||||||
Mid - America Apartment Communities, Inc. | 26,804 | 1,536,405 | ||||||
Mission West Properties, Inc. | 12,935 | 99,211 | ||||||
Monmouth Real Estate Invesment Corp., Class A | 25,866 | 219,602 | ||||||
MPG Office Trust, Inc.† | 35,821 | 74,149 |
216
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
National Health Investors, Inc.# | 17,810 | $ | 753,541 | |||||
National Retail Properties, Inc. | 69,663 | 1,843,283 | ||||||
Newcastle Investment Corp. | 76,818 | 341,840 | ||||||
NorthStar Realty Finance Corp.# | 70,014 | 307,361 | ||||||
Omega Healthcare Investors, Inc. | 74,217 | 1,330,711 | ||||||
One Liberty Properties, Inc. | 8,104 | 131,852 | ||||||
Parkway Properties, Inc. | 16,041 | 162,175 | ||||||
Pebblebrook Hotel Trust | 37,169 | 688,370 | ||||||
Pennsylvania Real Estate Investment Trust | 40,645 | 379,218 | ||||||
PennyMac Mortgage Investment Trust# | 20,278 | 326,881 | ||||||
Post Properties, Inc. | 36,401 | 1,455,676 | ||||||
Potlatch Corp. | 29,319 | 942,899 | ||||||
PS Business Parks, Inc. | 13,592 | 716,298 | ||||||
RAIT Financial Trust# | 27,776 | 123,881 | ||||||
Ramco - Gershenson Properties Trust | 28,136 | 238,875 | ||||||
Redwood Trust, Inc. | 57,370 | 592,632 | ||||||
Resource Capital Corp.# | 52,019 | 277,261 | ||||||
Retail Opportunity Investments Corp.# | 30,731 | 362,011 | ||||||
RLJ Lodging Trust | 20,110 | 321,760 | ||||||
Sabra Healthcare REIT, Inc. | 26,928 | 285,437 | ||||||
Saul Centers, Inc. | 5,365 | 187,292 | ||||||
Sovran Self Storage, Inc. | 20,221 | 842,002 | ||||||
STAG Industrial, Inc.# | 11,594 | 121,621 | ||||||
Starwood Property Trust, Inc. | 68,078 | 1,214,512 | ||||||
Strategic Hotels & Resorts, Inc.† | 127,671 | 640,908 | ||||||
Summit Hotel Properties, Inc. | 19,929 | 167,802 | ||||||
Sun Communities, Inc. | 15,511 | 554,363 | ||||||
Sunstone Hotel Investors, Inc.† | 86,319 | 657,751 | ||||||
Tanger Factory Outlet Centers | 62,751 | 1,778,991 | ||||||
Terreno Realty Corp.# | 6,786 | 86,861 | ||||||
Two Harbors Investment Corp. | 102,677 | 961,057 | ||||||
UMH Properties, Inc.# | 8,410 | 77,456 | ||||||
Universal Health Realty Income Trust | 8,670 | 320,010 | ||||||
Urstadt Biddle Properties, Inc., Class A | 16,827 | 283,871 | ||||||
Washington Real Estate Investment Trust# | 48,165 | 1,310,570 | ||||||
Whitestone REIT, Class B# | 5,486 | 65,558 | ||||||
Winthrop Realty Trust | 20,953 | 195,701 | ||||||
67,902,913 | ||||||||
Real Estate Management/Services — 0.1% | ||||||||
HFF, Inc., Class A† | 21,203 | 237,898 | ||||||
Kennedy - Wilson Holdings, Inc.# | 17,373 | 192,145 | ||||||
430,043 | ||||||||
Real Estate Operations & Development — 0.1% | ||||||||
Avatar Holdings, Inc.†# | 6,520 | 38,729 | ||||||
Consolidated - Tomoka Land Co. | 3,063 | 80,833 | ||||||
Forestar Group, Inc.† | 25,872 | 393,254 | ||||||
512,816 | ||||||||
Recreational Centers — 0.2% | ||||||||
Life Time Fitness, Inc.†# | 30,889 | 1,258,109 | ||||||
Town Sports International Holdings, Inc.† | 14,965 | 108,796 | ||||||
1,366,905 | ||||||||
Recreational Vehicles — 0.0% | ||||||||
Arctic Cat, Inc.† | 8,862 | 176,177 | ||||||
Recycling — 0.0% | ||||||||
Metalico, Inc.†# | 29,307 | 103,454 | ||||||
Rental Auto/Equipment — 0.9% | ||||||||
Avis Budget Group, Inc.† | 76,680 | 904,824 | ||||||
Dollar Thrifty Automotive Group, Inc.†# | 21,129 | 1,417,333 | ||||||
Electro Rent Corp.# | 13,714 | 224,772 | ||||||
Essex Rental Corp.† | 12,507 | 36,020 |
Security Description | Shares | Value (Note 2) | ||||||
Rental Auto/Equipment (continued) | ||||||||
H&E Equipment Services, Inc.† | 20,876 | $ | 265,334 | |||||
McGrath RentCorp | 17,749 | 496,795 | ||||||
Rent-A-Center, Inc. | 46,470 | 1,670,597 | ||||||
RSC Holdings, Inc.† | 49,484 | 601,725 | ||||||
United Rentals, Inc.†# | 45,651 | 1,284,619 | ||||||
Zipcar, Inc.†# | 7,481 | 119,397 | ||||||
7,021,416 | ||||||||
Research & Development — 0.2% | ||||||||
Albany Molecular Research, Inc.†# | 16,073 | 36,807 | ||||||
AVEO Pharmaceuticals, Inc.† | 22,885 | 386,757 | ||||||
PAREXEL International Corp.† | 42,999 | 862,130 | ||||||
1,285,694 | ||||||||
Resorts/Theme Parks — 0.3% | ||||||||
Six Flags Entertainment Corp. | 30,452 | 1,157,176 | ||||||
Vail Resorts, Inc.# | 26,299 | 1,170,305 | ||||||
2,327,481 | ||||||||
Retail - Apparel/Shoe — 1.8% | ||||||||
Aeropostale, Inc.† | 58,959 | 914,454 | ||||||
ANN, Inc.† | 38,019 | 891,926 | ||||||
Ascena Retail Group, Inc.† | 45,876 | 1,262,508 | ||||||
Bebe Stores, Inc. | 28,059 | 206,514 | ||||||
Body Central Corp.† | 8,587 | 183,590 | ||||||
Brown Shoe Co., Inc.# | 30,655 | 257,195 | ||||||
Buckle, Inc. | 19,675 | 786,213 | ||||||
Casual Male Retail Group, Inc.†# | 30,774 | 99,400 | ||||||
Cato Corp., Class A | 20,201 | 516,944 | ||||||
Charming Shoppes, Inc.†# | 84,899 | 329,408 | ||||||
Children’s Place Retail Stores, Inc.†# | 19,057 | 1,026,601 | ||||||
Christopher & Banks Corp.# | 26,143 | 74,769 | ||||||
Collective Brands, Inc.†# | 44,958 | 627,164 | ||||||
Destination Maternity Corp. | 7,837 | 114,812 | ||||||
Express, Inc.† | 40,358 | 915,723 | ||||||
Finish Line, Inc., Class A | 37,856 | 798,004 | ||||||
Francesca’s Holdings Corp.† | 7,313 | 120,664 | ||||||
Genesco, Inc.† | 17,302 | 1,021,683 | ||||||
HOT Topic, Inc. | 32,683 | 232,049 | ||||||
Jos. A. Bank Clothiers, Inc.†# | 20,178 | 994,372 | ||||||
Kenneth Cole Productions, Inc., Class A† | 5,511 | 58,582 | ||||||
Liz Claiborne, Inc.†# | 69,088 | 571,358 | ||||||
Men’s Wearhouse, Inc. | 37,601 | 1,046,436 | ||||||
New York & Co., Inc.†# | 19,860 | 53,225 | ||||||
Pacific Sunwear of California, Inc.†# | 34,642 | 48,152 | ||||||
Rue21, Inc.† | 10,939 | 262,974 | ||||||
Shoe Carnival, Inc.†# | 6,686 | 158,993 | ||||||
Stein Mart, Inc.† | 20,060 | 131,794 | ||||||
Talbots, Inc.†# | 51,058 | 101,605 | ||||||
Vera Bradley, Inc.†# | 14,467 | 555,533 | ||||||
Wet Seal, Inc., Class A† | 66,108 | 228,073 | ||||||
Winmark Corp. | 1,648 | 90,475 | ||||||
14,681,193 | ||||||||
Retail - Appliances — 0.0% | ||||||||
Conn’s, Inc.† | 10,582 | 119,365 | ||||||
hhgregg, Inc.†# | 13,202 | 209,120 | ||||||
328,485 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
PEP Boys - Manny Moe & Jack# | 38,457 | 436,872 | ||||||
Retail - Automobile — 0.4% |
| |||||||
America’s Car - Mart, Inc.†# | 6,258 | 224,913 | ||||||
Asbury Automotive Group, Inc.† | 21,321 | 420,450 | ||||||
Group 1 Automotive, Inc.# | 17,545 | 861,635 |
217
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Automobile (continued) |
| |||||||
Lithia Motors, Inc., Class A | 16,116 | $ | 357,936 | |||||
Penske Automotive Group, Inc.# | 32,609 | 661,637 | ||||||
Rush Enterprises, Inc., Class A† | 23,664 | 453,402 | ||||||
Sonic Automotive, Inc., Class A | 29,391 | 434,105 | ||||||
3,414,078 | ||||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble, Inc.†# | 21,210 | 369,902 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.† | 16,894 | 286,184 | ||||||
Retail - Catalog Shopping — 0.0% |
| |||||||
Coldwater Creek, Inc.†# | 53,172 | 45,914 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,796 | 68,843 | ||||||
Systemax, Inc.†# | 7,890 | 115,983 | ||||||
184,826 | ||||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc. | 27,719 | 1,479,640 | ||||||
Pantry, Inc.† | 16,789 | 207,680 | ||||||
Susser Holdings Corp.† | 5,869 | 134,870 | ||||||
1,822,190 | ||||||||
Retail - Discount — 0.3% |
| |||||||
99 Cents Only Stores† | 34,211 | 747,510 | ||||||
Citi Trends, Inc.†# | 10,936 | 97,002 | ||||||
Fred’s, Inc., Class A# | 28,714 | 386,491 | ||||||
Gordmans Stores, Inc.† | 3,893 | 50,025 | ||||||
HSN, Inc. | 29,194 | 1,045,145 | ||||||
Tuesday Morning Corp.†# | 31,481 | 101,999 | ||||||
2,428,172 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Rite Aid Corp.†# | 430,438 | 525,134 | ||||||
Retail - Hair Salons — 0.1% |
| |||||||
Regis Corp.# | 42,194 | 684,387 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Cost Plus, Inc.† | 13,871 | 112,216 | ||||||
Haverty Furniture Cos., Inc.# | 13,720 | 165,875 | ||||||
Kirkland’s, Inc.† | 12,235 | 152,571 | ||||||
Pier 1 Imports, Inc.† | 71,660 | 973,859 | ||||||
1,404,521 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Zale Corp.†# | 23,470 | 80,737 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.†# | 16,968 | 108,086 | ||||||
Steinway Musical Instruments, Inc.† | 4,816 | 130,706 | ||||||
West Marine, Inc.†# | 10,808 | 105,486 | ||||||
344,278 | ||||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Saks, Inc.†# | 84,231 | 801,879 | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Pricesmart, Inc.# | 12,993 | 881,575 | ||||||
Teavana Holdings, Inc.†# | 5,216 | 104,164 | ||||||
985,739 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc.† | 202,734 | 456,152 | ||||||
OfficeMax, Inc.† | 62,791 | 291,978 | ||||||
748,130 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Pawn Shops — 0.4% |
| |||||||
Cash America International, Inc.# | 21,472 | $ | 1,067,373 | |||||
EZCORP, Inc., Class A† | 34,276 | 997,089 | ||||||
First Cash Financial Services, Inc.† | 22,868 | 830,108 | ||||||
2,894,570 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc. | 15,803 | 147,284 | ||||||
Retail - Petroleum Products — 0.3% |
| |||||||
World Fuel Services Corp.# | 51,715 | 2,217,022 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Bon - Ton Stores, Inc.# | 9,018 | 23,717 | ||||||
Stage Stores, Inc. | 22,723 | 284,947 | ||||||
308,664 | ||||||||
Retail - Restaurants — 1.5% |
| |||||||
AFC Enterprises, Inc.† | 18,084 | 283,919 | ||||||
Benihana, Inc.† | 9,729 | 99,528 | ||||||
Biglari Holdings, Inc.† | 886 | 304,625 | ||||||
BJ’s Restaurants, Inc.†# | 17,568 | 844,669 | ||||||
Bob Evans Farms, Inc.# | 22,134 | 741,046 | ||||||
Bravo Brio Restaurant Group, Inc.† | 14,067 | 242,374 | ||||||
Buffalo Wild Wings, Inc.†# | 13,381 | 862,807 | ||||||
Caribou Coffee Co., Inc.†# | 9,432 | 127,426 | ||||||
Carrols Restaurant Group, Inc.† | 9,200 | 96,508 | ||||||
CEC Entertainment, Inc. | 14,495 | 488,192 | ||||||
Cheesecake Factory, Inc.†# | 42,180 | 1,196,225 | ||||||
Cracker Barrel Old Country Store, Inc.# | 16,764 | 797,296 | ||||||
Denny’s Corp.† | 72,246 | 245,636 | ||||||
DineEquity, Inc.†# | 11,298 | 531,910 | ||||||
Domino’s Pizza, Inc.† | 42,507 | 1,400,181 | ||||||
Einstein Noah Restaurant Group, Inc. | 4,351 | 59,870 | ||||||
Jack in the Box, Inc.† | 33,879 | 694,519 | ||||||
Jamba, Inc.† | 48,134 | 69,794 | ||||||
Krispy Kreme Doughnuts, Inc.†# | 42,714 | 321,209 | ||||||
Luby’s, Inc.†# | 13,736 | 66,620 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc.† | 9,764 | 84,947 | ||||||
O’Charley’s, Inc.†# | 13,465 | 86,715 | ||||||
Papa John’s International, Inc.† | 14,405 | 545,949 | ||||||
PF Chang’s China Bistro, Inc. | 16,601 | 503,508 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 9,477 | 251,899 | ||||||
Ruby Tuesday, Inc.† | 47,547 | 348,519 | ||||||
Ruth’s Hospitality Group, Inc.† | 25,697 | 127,457 | ||||||
Sonic Corp.†# | 45,139 | 318,681 | ||||||
Texas Roadhouse, Inc.# | 45,958 | 615,378 | ||||||
12,357,407 | ||||||||
Retail - Sporting Goods — 0.3% |
| |||||||
Big 5 Sporting Goods Corp. | 16,057 | 146,440 | ||||||
Cabela’s, Inc.†# | 31,597 | 744,741 | ||||||
Hibbett Sports, Inc.†# | 20,014 | 910,837 | ||||||
Zumiez, Inc.† | 15,511 | 364,974 | ||||||
2,166,992 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 12,146 | 97,047 | ||||||
Retail - Video Rentals — 0.1% |
| |||||||
Coinstar, Inc.†# | 22,901 | 977,644 | ||||||
Retirement/Aged Care — 0.1% |
| |||||||
Capital Senior Living Corp.† | 20,118 | 149,477 | ||||||
Emeritus Corp.†# | 22,315 | 354,808 | ||||||
Five Star Quality Care, Inc.†# | 30,647 | 78,763 | ||||||
Sunrise Senior Living, Inc.†# | 41,920 | 210,858 | ||||||
793,906 | ||||||||
218
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 45,355 | $ | 607,757 | |||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 23,144 | 283,745 | ||||||
Satellite Telecom — 0.2% |
| |||||||
DigitalGlobe, Inc.† | 25,743 | 383,571 | ||||||
GeoEye, Inc.†# | 16,194 | 307,524 | ||||||
Globalstar, Inc.†# | 74,691 | 32,789 | ||||||
Iridium Communications, Inc.†# | 31,824 | 226,269 | ||||||
Loral Space & Communications, Inc.† | 7,982 | 496,081 | ||||||
1,446,234 | ||||||||
Savings & Loans/Thrifts — 0.9% |
| |||||||
Astoria Financial Corp.# | 63,521 | 478,948 | ||||||
Bank Mutual Corp.# | 33,590 | 113,534 | ||||||
BankFinancial Corp.# | 15,391 | 86,497 | ||||||
Beneficial Mutual Bancorp, Inc.†# | 24,289 | 212,286 | ||||||
Berkshire Hills Bancorp, Inc.# | 15,144 | 301,668 | ||||||
BofI Holding, Inc.† | 6,464 | 103,941 | ||||||
Brookline Bancorp, Inc.# | 43,145 | 346,886 | ||||||
Cape Bancorp, Inc.†# | 8,382 | 61,189 | ||||||
Charter Financial Corp.# | 4,964 | 51,427 | ||||||
Clifton Savings Bancorp, Inc.# | 6,242 | 63,231 | ||||||
Dime Community Bancshares, Inc. | 22,733 | 269,159 | ||||||
ESB Financial Corp. | 9,102 | 122,513 | ||||||
ESSA Bancorp, Inc.# | 8,278 | 91,969 | ||||||
First Defiance Financial Corp.# | 7,102 | 103,618 | ||||||
First Financial Holdings, Inc.# | 12,071 | 98,620 | ||||||
First Pactrust Bancorp, Inc. | 7,396 | 84,314 | ||||||
Flagstar Bancorp, Inc.† | 142,806 | 74,259 | ||||||
Flushing Financial Corp. | 22,925 | 296,650 | ||||||
Fox Chase Bancorp, Inc.# | 10,627 | 135,069 | ||||||
Home Federal Bancorp, Inc.# | 12,097 | 129,922 | ||||||
Investors Bancorp, Inc.†# | 33,806 | 462,804 | ||||||
Kearny Financial Corp.# | 9,731 | 95,753 | ||||||
Meridian Interstate Bancorp, Inc.†# | 6,416 | 79,045 | ||||||
Northfield Bancorp, Inc. | 12,451 | 178,672 | ||||||
Northwest Bancshares, Inc.# | 77,490 | 962,426 | ||||||
OceanFirst Financial Corp. | 10,709 | 139,110 | ||||||
Oritani Financial Corp.# | 37,312 | 485,429 | ||||||
Provident Financial Services, Inc.# | 44,160 | 578,054 | ||||||
Provident New York Bancorp.# | 27,780 | 193,627 | ||||||
Rockville Financial, Inc. | 21,550 | 218,733 | ||||||
Roma Financial Corp. | 5,484 | 54,401 | ||||||
Territorial Bancorp, Inc. | 8,751 | 172,395 | ||||||
United Financial Bancorp, Inc. | 11,762 | 198,425 | ||||||
ViewPoint Financial Group | 25,446 | 326,727 | ||||||
Westfield Financial, Inc.# | 20,484 | 149,533 | ||||||
WSFS Financial Corp.# | 4,690 | 171,373 | ||||||
7,692,207 | ||||||||
Schools — 0.4% |
| |||||||
American Public Education, Inc.†# | 13,061 | 500,497 | ||||||
Bridgepoint Education, Inc.†# | 13,048 | 287,056 | ||||||
Capella Education Co.†# | 10,558 | 358,972 | ||||||
Corinthian Colleges, Inc.†# | 56,917 | 149,692 | ||||||
Grand Canyon Education, Inc.†# | 20,937 | 323,477 | ||||||
K12, Inc.†# | 18,984 | 474,030 | ||||||
Lincoln Educational Services Corp. | 16,493 | 121,223 | ||||||
National American University Holdings, Inc.# | 6,468 | 48,510 | ||||||
Strayer Education, Inc. | 8,941 | 869,602 | ||||||
Universal Technical Institute, Inc.† | 15,588 | 199,215 | ||||||
3,332,274 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.†# | 5,784 | $ | 201,746 | |||||
Geokinetics, Inc.† | 7,798 | 19,807 | ||||||
Global Geophysical Services, Inc.† | 13,230 | 92,081 | ||||||
ION Geophysical Corp.†# | 95,952 | 557,481 | ||||||
OYO Geospace Corp.† | 3,171 | 288,497 | ||||||
1,159,612 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Aeroflex Holding Corp.†# | 14,491 | 139,693 | ||||||
Anadigics, Inc.†# | 49,252 | 110,817 | ||||||
Cirrus Logic, Inc.† | 48,368 | 787,915 | ||||||
Emulex Corp.† | 64,096 | 506,359 | ||||||
Exar Corp.† | 26,728 | 168,386 | ||||||
Hittite Microwave Corp.† | 22,888 | 1,245,336 | ||||||
Integrated Device Technology, Inc.† | 108,223 | 627,694 | ||||||
MaxLinear, Inc., Class A† | 11,683 | 56,312 | ||||||
Micrel, Inc. | 36,825 | 382,980 | ||||||
Pericom Semiconductor Corp.†# | 18,281 | 142,409 | ||||||
Power Integrations, Inc.# | 21,061 | 740,294 | ||||||
Sigma Designs, Inc.†# | 23,228 | 161,899 | ||||||
Standard Microsystems Corp.† | 16,807 | 420,679 | ||||||
TriQuint Semiconductor, Inc.†# | 119,941 | 524,142 | ||||||
6,014,915 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Amtech Systems, Inc.† | 6,993 | 63,496 | ||||||
ATMI, Inc.† | 23,114 | 478,460 | ||||||
Axcelis Technologies, Inc.† | 77,491 | 98,414 | ||||||
Brooks Automation, Inc. | 48,312 | 460,896 | ||||||
Cabot Microelectronics Corp.† | 17,175 | 713,965 | ||||||
Cohu, Inc. | 17,560 | 177,707 | ||||||
Entegris, Inc.† | 98,125 | 827,194 | ||||||
Formfactor, Inc.†# | 36,993 | 218,998 | ||||||
FSI International, Inc.†# | 28,265 | 73,489 | ||||||
GSI Group, Inc.† | 18,878 | 208,036 | ||||||
Kulicke & Soffa Industries, Inc.† | 52,587 | 478,542 | ||||||
LTX - Credence Corp.† | 36,127 | 220,013 | ||||||
MKS Instruments, Inc. | 38,173 | 1,025,327 | ||||||
Nanometrics, Inc.†# | 14,706 | 242,208 | ||||||
Photronics, Inc.† | 42,936 | 248,599 | ||||||
Rudolph Technologies, Inc.†# | 23,118 | 181,707 | ||||||
Tessera Technologies, Inc.† | 37,336 | 647,780 | ||||||
Ultra Clean Holdings, Inc.†# | 16,618 | 93,892 | ||||||
Ultratech, Inc.† | 18,367 | 426,114 | ||||||
Veeco Instruments, Inc.†# | 29,755 | 740,602 | ||||||
7,625,439 | ||||||||
Silver Mining — 0.2% |
| |||||||
Golden Minerals Co.†# | 20,368 | 140,132 | ||||||
Hecla Mining Co.# | 203,920 | 1,262,265 | ||||||
1,402,397 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Furmanite Corp.† | 26,986 | 183,775 | ||||||
Mueller Water Products, Inc., Class A# | 113,560 | 254,374 | ||||||
Northwest Pipe Co.†# | 6,801 | 158,395 | ||||||
Omega Flex, Inc.† | 2,012 | 27,102 | ||||||
623,646 | ||||||||
Steel - Producers — 0.0% |
| |||||||
Metals USA Holdings Corp.† | 8,464 | 95,305 | ||||||
Shiloh Industries, Inc.# | 3,928 | 33,152 | ||||||
128,457 | ||||||||
219
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy† | 5,189 | $ | 196,248 | |||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc.†# | 26,843 | 483,979 | ||||||
Wesco Aircraft Holdings, Inc.† | 15,337 | 203,369 | ||||||
687,348 | ||||||||
Sugar — 0.0% |
| |||||||
Imperial Sugar Co.# | 8,944 | 39,532 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 32,625 | 129,521 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Finisar Corp.† | 65,466 | 1,207,193 | ||||||
Harmonic, Inc.†# | 83,842 | 450,232 | ||||||
KVH Industries, Inc.†# | 10,865 | 84,530 | ||||||
Oclaro, Inc.† | 36,857 | 114,625 | ||||||
Oplink Communications, Inc.† | 14,266 | 235,532 | ||||||
Sycamore Networks, Inc.# | 14,593 | 288,941 | ||||||
2,381,053 | ||||||||
Telecom Services — 0.3% |
| |||||||
Aviat Networks, Inc.†# | 44,272 | 77,919 | ||||||
Cbeyond, Inc.† | 20,403 | 151,186 | ||||||
Consolidated Communications Holdings, Inc.# | 19,091 | 352,611 | ||||||
Fairpoint Communications, Inc.†# | 15,746 | 74,794 | ||||||
Lumos Networks Corp. | 10,978 | 160,608 | ||||||
Motricity, Inc.†# | 27,037 | 36,770 | ||||||
Neutral Tandem, Inc.†# | 22,943 | 248,014 | ||||||
NTELOS Holdings Corp.# | 10,978 | 231,746 | ||||||
ORBCOMM, Inc.† | 25,295 | 83,473 | ||||||
PAETEC Holding Corp.†# | 91,550 | 491,623 | ||||||
Premiere Global Services, Inc.†# | 38,158 | 315,567 | ||||||
RigNet, Inc.†# | 4,273 | 70,334 | ||||||
UniTek Global Services, Inc.† | 8,020 | 40,100 | ||||||
USA Mobility, Inc. | 16,142 | 226,311 | ||||||
Vonage Holdings Corp.†# | 101,237 | 261,191 | ||||||
2,822,247 | ||||||||
Telecommunication Equipment — 0.8% |
| |||||||
8x8, Inc.†# | 45,366 | 166,947 | ||||||
ADTRAN, Inc. | 47,234 | 1,560,139 | ||||||
Anaren, Inc.†# | 11,041 | 184,716 | ||||||
Arris Group, Inc.† | 90,399 | 971,789 | ||||||
Communications Systems, Inc.# | 4,856 | 66,916 | ||||||
Comtech Telecommunications Corp. | 17,137 | 519,080 | ||||||
Numerex Corp., Class A†# | 6,979 | 56,111 | ||||||
Opnext, Inc.† | 31,908 | 33,503 | ||||||
Plantronics, Inc. | 35,134 | 1,210,718 | ||||||
Preformed Line Products Co. | 1,779 | 94,589 | ||||||
ShoreTel, Inc.† | 34,450 | 207,734 | ||||||
Sonus Networks, Inc.†# | 154,115 | 402,240 | ||||||
Symmetricom, Inc.† | 31,600 | 162,740 | ||||||
Tekelec† | 44,992 | 495,812 | ||||||
Westell Technologies, Inc. Class A†# | 38,780 | 86,479 | ||||||
6,219,513 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Alaska Communications Systems Group, Inc.# | 32,991 | 176,502 | ||||||
Atlantic Tele - Network, Inc.# | 6,847 | 283,466 | ||||||
Cincinnati Bell, Inc.†# | 145,193 | 426,867 | ||||||
General Communication, Inc., Class A† | 30,267 | 308,421 | ||||||
HickoryTech Corp.# | 9,757 | 105,473 | ||||||
IDT Corp., Class B# | 10,147 | 131,911 | ||||||
Shenandoah Telecomunications Co.# | 17,359 | 191,643 |
Security Description | Shares | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
SureWest Communications | 10,269 | $ | 117,991 | |||||
1,742,274 | ||||||||
Television — 0.1% |
| |||||||
Belo Corp., Class A | 67,626 | 395,612 | ||||||
Central European Media Enterprises, Ltd., Class A† | 26,755 | 225,545 | ||||||
Gray Television, Inc.† | 36,230 | 61,591 | ||||||
LIN TV Corp., Class A† | 21,654 | 73,840 | ||||||
Sinclair Broadcast Group, Inc., Class A | 36,836 | 380,884 | ||||||
1,137,472 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Cherokee, Inc.# | 6,213 | 80,024 | ||||||
Perry Ellis International, Inc.† | 9,470 | 135,421 | ||||||
Unifi, Inc.†# | 10,174 | 79,357 | ||||||
294,802 | ||||||||
Theaters — 0.2% |
| |||||||
Cinemark Holdings, Inc. | 67,878 | 1,329,730 | ||||||
National CineMedia, Inc. | 40,273 | 525,160 | ||||||
1,854,890 | ||||||||
Therapeutics — 0.9% |
| |||||||
Allos Therapeutics, Inc.† | 57,546 | 76,536 | ||||||
AVANIR Pharmaceuticals Inc., Class A†# | 90,637 | 222,967 | ||||||
AVI BioPharma, Inc.† | 99,015 | 72,281 | ||||||
Cornerstone Therapeutics, Inc.† | 5,875 | 34,310 | ||||||
Dyax Corp.†# | 72,096 | 102,376 | ||||||
Isis Pharmaceuticals, Inc.† | 72,742 | 539,746 | ||||||
ISTA Pharmaceuticals, Inc.† | 23,418 | 87,818 | ||||||
MannKind Corp.†# | 56,411 | 172,618 | ||||||
Nabi Biopharmaceuticals† | 31,258 | 56,577 | ||||||
Neurocrine Biosciences, Inc.†# | 36,004 | 235,466 | ||||||
Onyx Pharmaceuticals, Inc.† | 46,274 | 2,040,683 | ||||||
Osiris Therapeutics, Inc.†# | 12,178 | 56,628 | ||||||
Pharmacyclics, Inc.†# | 33,539 | 510,799 | ||||||
Questcor Pharmaceuticals, Inc.† | 38,785 | 1,743,386 | ||||||
Spectrum Pharmaceuticals, Inc.† | 38,011 | 526,452 | ||||||
Theravance, Inc.†# | 50,365 | 1,175,519 | ||||||
7,654,162 | ||||||||
Tobacco — 0.2% |
| |||||||
Alliance One International, Inc.†# | 63,606 | 178,097 | ||||||
Star Scientific, Inc.†# | 78,196 | 206,437 | ||||||
Universal Corp.# | 16,916 | 801,480 | ||||||
Vector Group, Ltd.# | 35,141 | 634,647 | ||||||
1,820,661 | ||||||||
Toys — 0.1% |
| |||||||
Jakks Pacific, Inc.# | 19,872 | 379,357 | ||||||
Leapfrog Enterprises, Inc.† | 30,266 | 164,647 | ||||||
544,004 | ||||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc† | 24,407 | 734,163 | ||||||
Bottomline Technologies, Inc.† | 26,235 | 590,287 | ||||||
Ellie Mae, Inc.† | 6,167 | 32,685 | ||||||
InnerWorkings, Inc.†# | 18,829 | 170,967 | ||||||
Synchronoss Technologies, Inc.† | 19,300 | 576,877 | ||||||
2,104,979 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 39,315 | 190,285 | ||||||
Atlas Air Worldwide Holdings, Inc.†# | 19,184 | 810,524 | ||||||
1,000,809 | ||||||||
220
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
Aircastle, Ltd. | 42,395 | $ | 492,630 | |||||
Amerco, Inc.† | 6,330 | 493,740 | ||||||
Greenbrier Cos., Inc.†# | 13,462 | 298,856 | ||||||
TAL International Group, Inc.# | 16,051 | 422,462 | ||||||
Textainer Group Holdings, Ltd.# | 8,315 | 225,337 | ||||||
1,933,025 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Baltic Trading, Ltd.# | 11,908 | 61,207 | ||||||
CAI International, Inc.† | 8,835 | 135,529 | ||||||
DHT Holdings, Inc. | 47,071 | 38,598 | ||||||
Eagle Bulk Shipping, Inc.†# | 45,693 | 50,719 | ||||||
Excel Maritime Carriers, Ltd.†# | 33,388 | 63,103 | ||||||
Frontline, Ltd.# | 37,646 | 116,703 | ||||||
Genco Shipping & Trading, Ltd.†# | 21,584 | 163,607 | ||||||
General Maritime Corp.†# | 84,753 | 1,653 | ||||||
Golar LNG, Ltd. | 29,131 | 1,270,111 | ||||||
GulfMark Offshore, Inc., Class A† | 17,342 | 777,442 | ||||||
International Shipholding Corp.# | 3,965 | 74,621 | ||||||
Knightsbridge Tankers, Ltd.# | 16,056 | 250,313 | ||||||
Nordic American Tankers, Ltd.# | 34,492 | 432,185 | ||||||
Overseas Shipholding Group, Inc.# | 19,448 | 205,176 | ||||||
Scorpio Tankers, Inc.†# | 18,154 | 120,906 | ||||||
Ship Finance International, Ltd.# | 32,883 | 329,159 | ||||||
Teekay Tankers, Ltd., Class A Class A# | 30,957 | 117,637 | ||||||
Ultrapetrol Bahamas, Ltd.†# | 15,594 | 42,260 | ||||||
4,250,929 | ||||||||
Transport - Rail — 0.2% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 28,941 | 1,767,427 | ||||||
RailAmerica, Inc.†# | 15,591 | 219,053 | ||||||
1,986,480 | ||||||||
Transport - Services — 0.3% |
| |||||||
Bristow Group, Inc. | 26,526 | 1,221,788 | ||||||
Echo Global Logistics, Inc.† | 8,227 | 129,328 | ||||||
Hub Group, Inc., Class A† | 26,885 | 800,635 | ||||||
Pacer International, Inc.†# | 25,555 | 109,375 | ||||||
PHI, Inc.†# | 9,528 | 227,910 | ||||||
Universal Truckload Services, Inc.# | 4,005 | 55,069 | ||||||
2,544,105 | ||||||||
Transport - Truck — 0.7% |
| |||||||
Arkansas Best Corp. | 18,568 | 355,020 | ||||||
Celadon Group, Inc. | 14,653 | 156,641 | ||||||
Covenant Transport, Inc. Class A†# | 6,110 | 18,758 | ||||||
Forward Air Corp.# | 21,456 | 688,738 | ||||||
Heartland Express, Inc.# | 36,828 | 506,385 | ||||||
Knight Transportation, Inc.# | 44,555 | 666,543 | ||||||
Marten Transport, Ltd.# | 11,352 | 209,558 | ||||||
Old Dominion Freight Line, Inc.† | 34,655 | 1,344,961 | ||||||
Patriot Transportation Holding, Inc.†# | 4,507 | 102,669 | ||||||
Quality Distribution, Inc.† | 10,924 | 110,332 | ||||||
Roadrunner Transportation Systems, Inc.† | 6,639 | 94,672 | ||||||
Saia, Inc.†# | 11,632 | 135,280 | ||||||
Swift Transporation Co.† | 57,863 | 492,993 | ||||||
Werner Enterprises, Inc. | 32,008 | 750,267 | ||||||
5,632,817 | ||||||||
Travel Services — 0.1% |
| |||||||
Ambassadors Group, Inc.# | 12,928 | 58,046 | ||||||
Interval Leisure Group, Inc.† | 29,378 | 411,586 | ||||||
469,632 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ultra Sound Imaging Systems — 0.1% |
| |||||||
SonoSite, Inc.†# | 10,084 | $ | 417,478 | |||||
Venture Capital — 0.1% |
| |||||||
Fidus Investment Corp. | 3,922 | 49,025 | ||||||
Harris & Harris Group, Inc.† | 22,643 | 81,062 | ||||||
Hercules Technology Growth Capital, Inc.# | 31,990 | 301,986 | ||||||
432,073 | ||||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Neogen Corp.† | 16,938 | 596,726 | ||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.†# | 29,989 | 287,295 | ||||||
Vitamins & Nutrition Products — 0.2% |
| |||||||
GNC Holdings, Inc., Class A† | 16,686 | 455,027 | ||||||
Nature’s Sunshine Products, Inc.† | 8,157 | 144,053 | ||||||
Nutraceutical International Corp.† | 6,719 | 78,612 | ||||||
Omega Protein Corp.† | 14,138 | 119,183 | ||||||
Schiff Nutrition International, Inc.† | 8,914 | 105,987 | ||||||
Synutra International, Inc.†# | 12,639 | 71,663 | ||||||
USANA Health Sciences, Inc.†# | 4,969 | 169,642 | ||||||
Vitamin Shoppe, Inc.† | 18,123 | 667,108 | ||||||
1,811,275 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 13,630 | 480,866 | ||||||
Artesian Resources Corp., Class A Class A | 4,749 | 87,856 | ||||||
California Water Service Group | 30,495 | 562,023 | ||||||
Connecticut Water Service, Inc.# | 6,273 | 181,917 | ||||||
Consolidated Water Co., Ltd.# | 10,634 | 87,518 | ||||||
Middlesex Water Co.# | 11,388 | 210,678 | ||||||
Pennichuck Corp. | 3,420 | 98,735 | ||||||
PICO Holdings, Inc.†# | 16,580 | 367,081 | ||||||
SJW Corp.# | 10,298 | 254,258 | ||||||
York Water Co.# | 9,290 | 166,570 | ||||||
2,497,502 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
Energy Recovery, Inc.†# | 33,429 | 96,276 | ||||||
Heckmann Corp.†# | 67,485 | 394,787 | ||||||
491,063 | ||||||||
Web Hosting/Design — 0.1% |
| |||||||
NIC, Inc. | 46,724 | 607,412 | ||||||
Web.Com Group, Inc.† | 21,230 | 218,881 | ||||||
826,293 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
EarthLink, Inc.# | 80,351 | 506,211 | ||||||
InfoSpace, Inc.† | 27,050 | 260,762 | ||||||
Quepasa Corp.†# | 4,987 | 20,447 | ||||||
Towerstream Corp.†# | 30,918 | 64,000 | ||||||
851,420 | ||||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 34,603 | 1,143,283 | ||||||
Coleman Cable, Inc.† | 6,111 | 53,899 | ||||||
Encore Wire Corp.# | 13,551 | 351,242 | ||||||
Insteel Industries, Inc.# | 12,865 | 134,182 | ||||||
1,682,606 | ||||||||
Wireless Equipment — 0.7% |
| |||||||
Aruba Networks, Inc.† | 62,330 | 1,315,163 | ||||||
Globecomm Systems, Inc.† | 16,377 | 224,201 | ||||||
InterDigital, Inc. | 33,128 | 1,456,307 | ||||||
Novatel Wireless, Inc.† | 23,408 | 75,140 |
221
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Wireless Equipment (continued) |
| |||||||
Powerwave Technologies, Inc.† | 23,129 | $ | 53,659 | |||||
RF Micro Devices, Inc.†# | 201,674 | 1,256,429 | ||||||
TeleNav, Inc.† | 12,029 | 98,879 | ||||||
Viasat, Inc.†# | 26,498 | 1,253,885 | ||||||
5,733,663 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Obagi Medical Products, Inc.† | 13,538 | 136,869 | ||||||
Total Common Stock |
| |||||||
(cost $824,257,029) | 805,195,890 | |||||||
RIGHTS — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Taylor Capital Group, Inc. | 7,925 | 861 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Lexicon Pharmaceuticals, Inc. | 124,544 | 2,128 | ||||||
Total Rights |
| |||||||
(cost $0) | 2,989 | |||||||
WARRANTS — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Magnum Hunter Resources Corp. | 8,134 | 0 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $824,257,029) | 805,198,879 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 15.7% |
| |||||||
Collective Investment Pool — 15.4% |
| |||||||
Navigator Securities Lending Prime Portfolio(3)(4) | 126,186,068 | 126,186,068 | ||||||
U.S. Government Treasuries — 0.3% | ||||||||
United States Treasury Bills | $ | 2,500,000 | 2,500,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $128,686,068) | 128,686,068 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 1.6% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(6) | $ | 13,049,000 | $ | 13,049,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $965,992,097)(7) | 115.2 | % | 946,933,947 | |||||
Liabilities in excess of other assets | (15.2 | ) | (124,891,422 | ) | ||||
NET ASSETS | 100.0 | % | $ | 822,042,525 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | At November 30, 2011, the Fund had loaned securities with a total value of $129,849,788. This was secured by collateral of $126,186,068, which was received in cash and subsequently invested in short-term investments currently valued at $126,186,068 as reported in the portfolio of investments. The remaining collateral of $25,852 was received in the form of short-term 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 short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
United States Treasury Notes/Bonds | 1.13% to 4.38% | 12/15/12 to 05/15/41 |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 2 for details of Joint Repurchase Agreements. |
(7) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
224 | Long | Russell 2000 Mini Index | December 2011 | $ | 15,155,242 | $ | 16,502,080 | $ | 1,346,838 | |||||||||||||
222
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VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks — Commercial | $ | 48,979,637 | $ | — | $ | 0 | $ | 48,979,637 | ||||||||
Real Estate Investment Trusts | 67,902,913 | — | — | 67,902,913 | ||||||||||||
Other Industries* | 688,313,340 | — | 0 | 688,313,340 | ||||||||||||
Rights | 2,989 | — | — | 2,989 | ||||||||||||
Warrants | 0 | — | — | 0 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 126,186,068 | — | 126,186,068 | ||||||||||||
U.S. Government Treasuries | — | 2,500,000 | — | 2,500,000 | ||||||||||||
Repurchase Agreement | — | 13,049,000 | — | 13,049,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts — Appreciation | 1,346,838 | — | — | 1,346,838 | ||||||||||||
Totals | $ | 806,545,717 | $ | 141,735,068 | $ | 0 | $ | 948,280,785 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2011 | $ | 63,224 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized gain | — | |||
Realized loss | (50,081 | ) | ||
Change in unrealized appreciation(1) | 38,015 | |||
Change in unrealized depreciation(1) | — | |||
Net purchases | — | |||
Net sales | (51,158 | ) | ||
Transfers into Level 3(2) | — | |||
Transfers out of Level 3(2) | — | |||
Balance as of 11/30/2011 | $ | 0 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes: |
Common Stock | ||||
$ | — | |||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
223
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.6 | % | ||
Banks — Commercial | 9.0 | |||
Electric — Integrated | 4.4 | |||
Consumer Products — Misc. | 3.9 | |||
Time Deposits | 3.6 | |||
Diversified Manufacturing Operations | 3.0 | |||
Oil Companies — Exploration & Production | 2.8 | |||
Real Estate Investment Trusts | 2.8 | |||
Electronic Components — Semiconductors | 2.6 | |||
Paper & Related Products | 2.6 | |||
Insurance — Reinsurance | 2.4 | |||
Building & Construction Products — Misc. | 2.4 | |||
Medical Products | 1.9 | |||
Electronic Components — Misc. | 1.9 | |||
Funeral Services & Related Items | 1.7 | |||
Machinery — General Industrial | 1.6 | |||
Retail — Restaurants | 1.6 | |||
Computers — Memory Devices | 1.5 | |||
Retail — Apparel/Shoe | 1.5 | |||
Apparel Manufacturers | 1.4 | |||
Gold Mining | 1.3 | |||
Human Resources | 1.3 | |||
Insurance — Property/Casualty | 1.1 | |||
Computer Services | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
Medical — Biomedical/Gene | 1.0 | |||
Batteries/Battery Systems | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Oil — Field Services | 0.9 | |||
Investment Companies | 0.9 | |||
Computers — Integrated Systems | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Telecommunication Equipment | 0.9 | |||
Auto/Truck Parts & Equipment — Replacement | 0.8 | |||
Exchange — Traded Funds | 0.8 | |||
Web Portals/ISP | 0.8 | |||
Transactional Software | 0.7 | |||
Medical Sterilization Products | 0.7 | |||
Footwear & Related Apparel | 0.7 | |||
Transport — Truck | 0.7 | |||
Electronic Measurement Instruments | 0.7 | |||
Computers — Periphery Equipment | 0.7 | |||
Diversified Operations/Commercial Services | 0.7 | |||
Precious Metals | 0.7 | |||
Chemicals — Plastics | 0.7 | |||
Savings & Loans/Thrifts | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Networking Products | 0.6 | |||
Office Supplies & Forms | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Building — Mobile Home/Manufactured Housing | 0.6 | |||
Home Furnishings | 0.6 | |||
Gas — Distribution | 0.5 | |||
Food — Misc. | 0.5 | |||
Transport — Services | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Medical — HMO | 0.5 | |||
Toys | 0.5 | |||
Recreational Centers | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Rubber — Tires | 0.4 |
Insurance Brokers | 0.4 | |||
Finance — Leasing Companies | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Racetracks | 0.4 | |||
Medical — Hospitals | 0.4 | |||
Wire & Cable Products | 0.4 | |||
Multimedia | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Publishing — Books | 0.4 | |||
Tobacco | 0.4 | |||
Applications Software | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Private Corrections | 0.4 | |||
Dental Supplies & Equipment | 0.3 | |||
Publishing — Newspapers | 0.3 | |||
Transport — Marine | 0.3 | |||
Medical — Drugs | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Food — Retail | 0.3 | |||
Non — Ferrous Metals | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Food — Canned | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Coal | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Textile — Products | 0.2 | |||
Insurance — Multi-line | 0.1 | |||
Commercial Services | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Telecom Services | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
117.1 | % | |||
* | Calculated as a percentage of net assets |
224
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.1% | ||||||||
Aerospace/Defense — 0.4% |
| |||||||
Esterline Technologies Corp.† | 13,857 | $ | 746,477 | |||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
Alliant Techsystems, Inc. | 13,275 | 781,101 | ||||||
Curtiss - Wright Corp. | 28,336 | 933,671 | ||||||
1,714,772 | ||||||||
Apparel Manufacturers — 1.4% |
| |||||||
Delta Apparel, Inc.†#(1) | 38,594 | 694,692 | ||||||
Hanesbrands, Inc.†# | 27,925 | 687,792 | ||||||
Jones Group, Inc.# | 67,588 | 733,330 | ||||||
Maidenform Brands, Inc.†# | 26,054 | 480,436 | ||||||
2,596,250 | ||||||||
Applications Software — 0.4% |
| |||||||
Progress Software Corp.†# | 26,776 | 545,427 | ||||||
Quest Software, Inc.† | 9,489 | 171,466 | ||||||
716,893 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.0% |
| |||||||
American Axle & Manufacturing Holdings, Inc.†# | 73,225 | 642,183 | ||||||
Modine Manufacturing Co.†# | 137,492 | 1,330,923 | ||||||
1,973,106 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.8% |
| |||||||
Commercial Vehicle Group, Inc.†# | 60,669 | 679,493 | ||||||
Douglas Dynamics, Inc.# | 49,300 | 764,150 | ||||||
1,443,643 | ||||||||
Banks - Commercial — 9.0% |
| |||||||
Associated Banc-Corp. | 68,705 | 714,532 | ||||||
BancorpSouth, Inc.# | 43,854 | 429,769 | ||||||
Bank of Hawaii Corp.# | 18,980 | 807,599 | ||||||
Chemical Financial Corp.# | 4,350 | 89,436 | ||||||
City National Corp.# | 12,859 | 545,479 | ||||||
East West Bancorp, Inc. | 21,600 | 422,712 | ||||||
First Citizens BancShares, Inc., Class A | 27,817 | 4,775,066 | ||||||
First Commonwealth Financial Corp.# | 59,887 | 278,475 | ||||||
FirstMerit Corp.# | 56,525 | 825,830 | ||||||
Fulton Financial Corp.# | 89,450 | 837,252 | ||||||
Glacier Bancorp, Inc.# | 6,757 | 81,152 | ||||||
Hancock Holding Co.# | 22,875 | 698,488 | ||||||
Independent Bank Corp.# | 3,050 | 79,727 | ||||||
International Bancshares Corp.# | 4,197 | 75,042 | ||||||
Lakeland Financial Corp. | 3,450 | 84,594 | ||||||
NBT Bancorp, Inc.# | 3,625 | 77,213 | ||||||
Old National Bancorp# | 89,697 | 1,006,400 | ||||||
Prosperity Bancshares, Inc.# | 10,067 | 402,579 | ||||||
TCF Financial Corp.# | 14,015 | 140,991 | ||||||
UMB Financial Corp.# | 102,610 | 3,663,177 | ||||||
Umpqua Holdings Corp.# | 7,525 | 94,063 | ||||||
Webster Financial Corp.# | 13,925 | 274,322 | ||||||
WesBanco, Inc.# | 3,804 | 74,711 | ||||||
Wintrust Financial Corp.# | 22,839 | 634,696 | ||||||
17,113,305 | ||||||||
Batteries/Battery Systems — 1.0% |
| |||||||
EnerSys† | 76,471 | 1,839,128 | ||||||
Building & Construction Products - Misc. — 2.4% |
| |||||||
Builders FirstSource, Inc.†# | 86,152 | 133,536 | ||||||
Quanex Building Products Corp.# | 175,016 | 2,639,241 | ||||||
Simpson Manufacturing Co., Inc.# | 45,472 | 1,505,123 | ||||||
Trex Co., Inc.†# | 12,033 | 268,697 | ||||||
4,546,597 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction — 0.5% |
| |||||||
Tutor Perini Corp.†# | 54,551 | $ | 899,546 | |||||
Building - Mobile Home/Manufactured Housing — 0.6% |
| |||||||
Cavco Industries, Inc.†# | 19,368 | 788,084 | ||||||
Thor Industries, Inc.# | 12,861 | 311,236 | ||||||
1,099,320 | ||||||||
Chemicals - Diversified — 0.6% |
| |||||||
Huntsman Corp. | 36,810 | 402,333 | ||||||
Olin Corp.# | 39,375 | 748,125 | ||||||
1,150,458 | ||||||||
Chemicals - Plastics — 0.7% |
| |||||||
A. Schulman, Inc. | 61,782 | 1,277,034 | ||||||
Chemicals - Specialty — 0.9% |
| |||||||
American Pacific Corp.†(1) | 25,912 | 209,628 | ||||||
Cabot Corp. | 18,275 | 606,364 | ||||||
H.B. Fuller Co.# | 12,262 | 282,762 | ||||||
OM Group, Inc.†# | 24,940 | 567,385 | ||||||
1,666,139 | ||||||||
Coal — 0.2% |
| |||||||
James River Coal Co.†# | 43,748 | 362,671 | ||||||
Commercial Services — 0.1% |
| |||||||
Medifast, Inc.†# | 17,288 | 240,476 | ||||||
Commercial Services - Finance — 0.3% |
| |||||||
Global Payments, Inc. | 4,625 | 204,564 | ||||||
TNS, Inc.† | 14,082 | 275,021 | ||||||
479,585 | ||||||||
Computer Services — 1.1% |
| |||||||
CACI International, Inc., Class A†# | 15,035 | 847,673 | ||||||
DST Systems, Inc. | 17,700 | 841,281 | ||||||
SYKES Enterprises, Inc.† | 20,336 | 331,274 | ||||||
2,020,228 | ||||||||
Computers - Integrated Systems — 0.9% |
| |||||||
NCR Corp.† | 40,960 | 716,390 | ||||||
Netscout Systems, Inc.† | 56,724 | 1,002,313 | ||||||
1,718,703 | ||||||||
Computers - Memory Devices — 1.5% |
| |||||||
Imation Corp.†# | 367,781 | 2,162,552 | ||||||
Quantum Corp.†# | 279,216 | 751,091 | ||||||
2,913,643 | ||||||||
Computers - Periphery Equipment — 0.7% |
| |||||||
Lexmark International, Inc., Class A# | 23,000 | 769,580 | ||||||
Synaptics, Inc.†# | 16,046 | 520,853 | ||||||
1,290,433 | ||||||||
Consumer Products - Misc. — 3.9% |
| |||||||
Blyth, Inc.# | 37,270 | 2,453,111 | ||||||
Central Garden & Pet Co.†# | 27,167 | 234,995 | ||||||
Central Garden and Pet Co., Class A†# | 29,303 | 260,211 | ||||||
Helen of Troy, Ltd.†# | 27,975 | 835,613 | ||||||
Jarden Corp.# | 27,931 | 869,771 | ||||||
Prestige Brands Holdings, Inc.†# | 73,478 | 725,963 | ||||||
Spectrum Brands Holdings, Inc.†# | 29,343 | 822,191 | ||||||
WD-40 Co. | 28,281 | 1,171,116 | ||||||
7,372,971 | ||||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
Align Technology, Inc.†# | 26,382 | 646,359 | ||||||
225
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Disposable Medical Products — 0.4% |
| |||||||
ICU Medical, Inc.†# | 15,756 | $ | 693,422 | |||||
Distribution/Wholesale — 0.4% |
| |||||||
Owens & Minor, Inc.# | 24,942 | 768,214 | ||||||
Diversified Manufacturing Operations — 3.0% |
| |||||||
Barnes Group, Inc.# | 39,120 | 974,479 | ||||||
Brink’s Co. | 37,200 | 915,864 | ||||||
Carlisle Cos., Inc. | 18,649 | 831,745 | ||||||
Harsco Corp.# | 34,950 | 721,368 | ||||||
ITT Corp. | 26,285 | 530,169 | ||||||
SPX Corp. | 15,050 | 954,170 | ||||||
Tredegar Corp.# | 35,133 | 766,953 | ||||||
5,694,748 | ||||||||
Diversified Operations/Commercial Services — 0.7% |
| |||||||
Viad Corp.# | 69,482 | 1,288,891 | ||||||
E - Services/Consulting — 0.1% | ||||||||
Websense, Inc.†# | 8,516 | 154,225 | ||||||
Electric - Integrated — 4.4% | ||||||||
Allete, Inc.# | 117,192 | 4,670,101 | ||||||
IDACORP, Inc. | 24,725 | 1,013,478 | ||||||
NV Energy, Inc. | 53,608 | 822,347 | ||||||
Portland General Electric Co. | 33,060 | 828,153 | ||||||
TECO Energy, Inc.# | 51,275 | 962,944 | ||||||
8,297,023 | ||||||||
Electronic Components - Misc. — 1.9% |
| |||||||
AVX Corp.# | 122,912 | 1,590,481 | ||||||
Benchmark Electronics, Inc.†# | 39,738 | 548,782 | ||||||
Pulse Electronics Corp.# | 138,514 | 419,697 | ||||||
Vishay Intertechnology, Inc.†# | 94,928 | 938,838 | ||||||
3,497,798 | ||||||||
Electronic Components - Semiconductors — 2.6% |
| |||||||
Amkor Technology, Inc.†# | 130,108 | 577,680 | ||||||
DSP Group, Inc.† | 124,197 | 730,278 | ||||||
Lattice Semiconductor Corp.† | 148,966 | 1,026,376 | ||||||
MEMC Electronic Materials, Inc.†# | 64,369 | 268,419 | ||||||
Microsemi Corp.† | 46,400 | 824,064 | ||||||
PMC - Sierra, Inc.† | 130,150 | 727,538 | ||||||
QLogic Corp.† | 55,542 | 828,687 | ||||||
4,983,042 | ||||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Orbotech, Ltd.† | 130,653 | 1,339,193 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
BioFuel Energy Corp.† | 191,570 | 101,245 | ||||||
Engineering/R&D Services — 0.4% |
| |||||||
EMCOR Group, Inc. | 32,925 | 843,868 | ||||||
Engines - Internal Combustion — 0.5% |
| |||||||
Briggs & Stratton Corp.# | 65,210 | 982,715 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
JDA Software Group, Inc.†# | 25,113 | 791,562 | ||||||
Finance - Investment Banker/Broker — 1.1% |
| |||||||
Investment Technology Group, Inc.† | 114,417 | 1,218,541 | ||||||
Knight Capital Group, Inc., Class A†# | 62,295 | 786,786 | ||||||
2,005,327 | ||||||||
Finance - Leasing Companies — 0.4% |
| |||||||
Aircastle, Ltd.# | 69,152 | 803,546 | ||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A†# | 19,867 | 451,378 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc. — 0.5% |
| |||||||
Corn Products International, Inc. | 16,393 | $ | 852,272 | |||||
Diamond Foods, Inc. | 4,947 | 137,279 | ||||||
989,551 | ||||||||
Food - Retail — 0.3% |
| |||||||
Winn-Dixie Stores, Inc.†# | 95,837 | 529,979 | ||||||
Footwear & Related Apparel — 0.7% |
| |||||||
Skechers U.S.A., Inc., Class A†# | 40,089 | 539,598 | ||||||
Wolverine World Wide, Inc.# | 22,650 | 834,426 | ||||||
1,374,024 | ||||||||
Funeral Services & Related Items — 1.7% |
| |||||||
Hillenbrand, Inc.# | 78,702 | 1,788,896 | ||||||
Matthews International Corp., Class A# | 43,794 | 1,452,647 | ||||||
3,241,543 | ||||||||
Gas - Distribution — 0.5% |
| |||||||
Vectren Corp. | 34,900 | 1,015,590 | ||||||
Gold Mining — 1.3% |
| |||||||
AuRico Gold, Inc.† | 78,501 | 784,225 | ||||||
Aurizon Mines, Ltd.† | 104,257 | 635,968 | ||||||
Royal Gold, Inc. | 13,057 | 1,063,492 | ||||||
2,483,685 | ||||||||
Home Furnishings — 0.6% |
| |||||||
Furniture Brands International, Inc.†# | 78,542 | 79,327 | ||||||
La - Z - Boy, Inc.†# | 100,981 | 999,712 | ||||||
1,079,039 | ||||||||
Human Resources — 1.3% |
| |||||||
AMN Healthcare Services, Inc.†# | 59,061 | 271,090 | ||||||
Heidrick & Struggles International, Inc.# | 77,918 | 1,659,654 | ||||||
Korn/Ferry International†# | 29,433 | 495,357 | ||||||
2,426,101 | ||||||||
Instruments - Scientific — 0.4% |
| |||||||
PerkinElmer, Inc. | 36,900 | 698,148 | ||||||
Insurance Brokers — 0.4% |
| |||||||
Brown & Brown, Inc.# | 38,970 | 812,914 | ||||||
Insurance - Life/Health — 0.5% |
| |||||||
Protective Life Corp. | 41,075 | 911,454 | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
Fortegra Financial Corp.†# | 44,910 | 260,478 | ||||||
Insurance - Property/Casualty — 1.1% |
| |||||||
Hanover Insurance Group, Inc. | 19,790 | 714,023 | ||||||
Stewart Information Services Corp.# | 131,452 | 1,386,819 | ||||||
2,100,842 | ||||||||
Insurance - Reinsurance — 2.4% |
| |||||||
Aspen Insurance Holdings, Ltd.# | 32,950 | 873,834 | ||||||
Endurance Specialty Holdings, Ltd. | 37,928 | 1,371,856 | ||||||
Platinum Underwriters Holdings, Ltd.# | 42,197 | 1,452,842 | ||||||
Validus Holdings, Ltd. | 30,698 | 923,703 | ||||||
4,622,235 | ||||||||
�� | ||||||||
Investment Companies — 0.9% |
| |||||||
Apollo Investment Corp.# | 22,997 | 165,808 | ||||||
Kohlberg Capital Corp. | 44,496 | 280,770 | ||||||
Steel Excel, Inc.† | 49,920 | 1,302,912 | ||||||
1,749,490 | ||||||||
226
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
CIFC Corp.†#(1) | 33,696 | $ | 188,360 | |||||
Waddell & Reed Financial, Inc., Class A | 29,665 | 806,295 | ||||||
Westwood Holdings Group, Inc.#(1) | 26,589 | 1,011,180 | ||||||
2,005,835 | ||||||||
Machinery - Electrical — 0.6% |
| |||||||
Franklin Electric Co., Inc.# | 25,348 | 1,193,130 | ||||||
Machinery - General Industrial — 1.6% |
| |||||||
Kadant, Inc.†# | 146,920 | 3,003,045 | ||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio - Reference Labs, Inc.† | 12,096 | 149,990 | ||||||
Medical Products — 1.9% |
| |||||||
Haemonetics Corp.†# | 15,493 | 917,650 | ||||||
Hanger Orthopedic Group, Inc.†# | 22,152 | 354,432 | ||||||
Hill - Rom Holdings, Inc.# | 17,691 | 559,036 | ||||||
Teleflex, Inc.# | 16,075 | 978,646 | ||||||
West Pharmaceutical Services, Inc.# | 20,382 | 785,318 | ||||||
3,595,082 | ||||||||
Medical Sterilization Products — 0.7% |
| |||||||
STERIS Corp.# | 45,709 | 1,374,470 | ||||||
Medical - Biomedical/Gene — 1.0% |
| |||||||
Cambrex Corp.†# | 131,944 | 911,733 | ||||||
Charles River Laboratories International, Inc.† | 25,475 | 722,216 | ||||||
Myriad Genetics, Inc.† | 10,994 | 233,623 | ||||||
1,867,572 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
Lannett Co., Inc.†# | 79,262 | 313,085 | ||||||
Salix Pharmaceuticals, Ltd.†# | 6,694 | 295,473 | ||||||
608,558 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Par Pharmaceutical Cos., Inc.†# | 12,233 | 396,472 | ||||||
Medical - HMO — 0.5% |
| |||||||
Healthspring, Inc.†# | 16,454 | 898,717 | ||||||
Medical - Hospitals — 0.4% |
| |||||||
LifePoint Hospitals, Inc.†# | 19,825 | 777,735 | ||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Amedisys, Inc.†# | 29,198 | 346,580 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Kaydon Corp.# | 7,970 | 251,693 | ||||||
Worthington Industries, Inc.# | 49,048 | 862,754 | ||||||
1,114,447 | ||||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
John Bean Technologies Corp.# | 31,022 | 510,622 | ||||||
Multimedia — 0.4% |
| |||||||
Meredith Corp.# | 26,575 | 770,675 | ||||||
Networking Products — 0.6% |
| |||||||
Black Box Corp.# | 24,555 | 700,554 | ||||||
Ixia†# | 44,772 | 492,492 | ||||||
1,193,046 | ||||||||
Non - Ferrous Metals — 0.3% |
| |||||||
Thompson Creek Metals Co., Inc.†# | 73,850 | 516,212 | ||||||
Office Supplies & Forms — 0.6% |
| |||||||
ACCO Brands Corp.†# | 122,818 | 1,158,174 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — 2.8% |
| |||||||
Comstock Resources, Inc.†# | 100,551 | $ | 1,672,163 | |||||
Energen Corp. | 16,459 | 834,801 | ||||||
Penn Virginia Corp.# | 22,131 | 117,294 | ||||||
Stone Energy Corp.†# | 42,898 | 1,213,584 | ||||||
Swift Energy Co.†# | 21,687 | 637,381 | ||||||
W&T Offshore, Inc.# | 38,647 | 773,713 | ||||||
5,248,936 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Tesoro Corp.†# | 35,032 | 836,914 | ||||||
Oil - Field Services — 0.9% |
| |||||||
Atwood Oceanics, Inc.†# | 19,825 | 812,825 | ||||||
Cal Dive International, Inc.†# | 102,322 | 241,480 | ||||||
Superior Energy Services, Inc.† | 24,525 | 728,638 | ||||||
1,782,943 | ||||||||
Paper & Related Products — 2.6% |
| |||||||
Clearwater Paper Corp.†# | 25,572 | 899,879 | ||||||
Neenah Paper, Inc.# | 110,567 | 2,068,708 | ||||||
P.H. Glatfelter Co.# | 47,798 | 693,071 | ||||||
Schweitzer-Mauduit International, Inc.# | 11,156 | 794,530 | ||||||
Wausau Paper Corp.# | 57,783 | 446,085 | ||||||
4,902,273 | ||||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Advanced Energy Industries, Inc.†# | 57,738 | 576,225 | ||||||
Precious Metals — 0.7% |
| |||||||
Coeur d’Alene Mines Corp.†# | 34,423 | 1,007,561 | ||||||
Minefinders Corp.†# | 23,207 | 278,252 | ||||||
1,285,813 | ||||||||
Private Corrections — 0.4% |
| |||||||
Geo Group, Inc.† | 38,464 | 680,813 | ||||||
Publishing - Books — 0.4% |
| |||||||
Courier Corp.# | 67,032 | 740,704 | ||||||
Publishing - Newspapers — 0.3% |
| |||||||
AH Belo Corp., Class A# | 152,804 | 631,081 | ||||||
Publishing - Periodicals — 0.0% |
| |||||||
Dex One Corp.†# | 36,923 | 48,369 | ||||||
Racetracks — 0.4% |
| |||||||
International Speedway Corp., Class A | 31,825 | 782,895 | ||||||
Real Estate Investment Trusts — 2.8% |
| |||||||
Brandywine Realty Trust# | 85,275 | 742,745 | ||||||
CBL & Associates Properties, Inc.# | 58,350 | 833,822 | ||||||
CommonWealth REIT | 37,043 | 620,100 | ||||||
Duke Realty Corp.# | 67,804 | 786,526 | ||||||
Hospitality Properties Trust# | 32,699 | 720,359 | ||||||
Omega Healthcare Investors, Inc.# | 47,625 | 853,916 | ||||||
Pennsylvania Real Estate Investment Trust | 70,150 | 654,500 | ||||||
5,211,968 | ||||||||
Recreational Centers — 0.4% |
| |||||||
Life Time Fitness, Inc.†# | 20,746 | 844,985 | ||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Ascena Retail Group, Inc.†# | 22,015 | 605,853 | ||||||
Christopher & Banks Corp.# | 78,566 | 224,699 | ||||||
Collective Brands, Inc.†# | 64,328 | 897,375 | ||||||
Kenneth Cole Productions, Inc., Class A†# | 107,083 | 1,138,292 | ||||||
2,866,219 | ||||||||
227
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Restaurants — 1.6% |
| |||||||
Brinker International, Inc.# | 35,050 | $ | 844,004 | |||||
Denny’s Corp.†# | 434,799 | 1,478,317 | ||||||
Sonic Corp.† | 86,268 | 609,052 | ||||||
2,931,373 | ||||||||
Rubber - Tires — 0.4% |
| |||||||
Cooper Tire & Rubber Co.# | 61,741 | 827,329 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Plastec Technologies, Ltd.† | 25,038 | 200,304 | ||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
Provident New York Bancorp.# | 64,084 | 446,665 | ||||||
Washington Federal, Inc. | 58,775 | 764,663 | ||||||
1,211,328 | ||||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
Exar Corp.†# | 187,868 | 1,183,568 | ||||||
Standard Microsystems Corp.† | 25,593 | 640,593 | ||||||
1,824,161 | ||||||||
Semiconductor Equipment — 1.0% |
| |||||||
ATMI, Inc.†# | 92,022 | 1,904,855 | ||||||
Telecom Services — 0.1% |
| |||||||
Aviat Networks, Inc.†# | 103,119 | 181,489 | ||||||
Telecommunication Equipment — 0.9% |
| |||||||
Arris Group, Inc.† | 76,113 | 818,215 | ||||||
Plantronics, Inc.# | 23,725 | 817,563 | ||||||
1,635,778 | ||||||||
Textile - Products — 0.2% |
| |||||||
Dixie Group, Inc.†#(1) | 107,282 | 305,754 | ||||||
Tobacco — 0.4% |
| |||||||
Universal Corp.# | 15,384 | 728,894 | ||||||
Toys — 0.5% |
| |||||||
Jakks Pacific, Inc.# | 46,950 | 896,276 | ||||||
Transactional Software — 0.7% |
| |||||||
ACI Worldwide, Inc† | 46,461 | 1,397,547 | ||||||
Transport - Marine — 0.3% |
| |||||||
Diana Shipping, Inc.† | 81,675 | 611,746 | ||||||
Transport - Services — 0.5% |
| |||||||
Ryder System, Inc. | 18,875 | 986,785 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.7% |
| |||||||
Arkansas Best Corp. | 51,292 | $ | 980,703 | |||||
Forward Air Corp.# | 12,019 | 385,810 | ||||||
1,366,513 | ||||||||
Web Portals/ISP — 0.8% |
| |||||||
EarthLink, Inc.# | 226,205 | 1,425,092 | ||||||
Wire & Cable Products — 0.4% |
| |||||||
General Cable Corp.†# | 29,267 | 775,576 | ||||||
Total Common Stock | ||||||||
(cost $186,773,192) | 179,950,307 | |||||||
EXCHANGE - TRADED FUNDS — 0.8% |
| |||||||
iShares Russell 2000 Index Fund# | 19,358 | 1,426,878 | ||||||
WARRANTS — 0.0% |
| |||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Plastec Technologies, Ltd.† | 19,280 | 1,928 | ||||||
Total Long - Term Investment Securities |
| |||||||
(cost $188,162,406) | 181,379,113 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 21.2% |
| |||||||
Collective Investment Pool — 17.6% |
| |||||||
Navigator Securities Lending Prime Portfolio(2) | 33,314,966 | 33,314,966 | ||||||
Time Deposits — 3.6% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 6,907,000 | 6,907,000 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $40,221,966) | 40,221,966 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $228,384,372)(3) | 117.1 | % | 221,601,079 | |||||
Liabilities in excess of other assets | (17.1 | ) | (32,339,502 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 189,261,577 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Illiquid security. At November 30, 2011, the aggregate value of these securities was $2,409,614 representing 1.3% of net assets. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | See Note 5 for cost of investments on a tax basis. |
228
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks — Commercial | $ | 17,113,305 | $ | — | $ | — | $ | 17,113,305 | ||||||||
Other Industries* | 162,837,002 | — | — | 162,837,002 | ||||||||||||
Exchange-Traded Funds | 1,426,878 | — | — | 1,426,878 | ||||||||||||
Warrants | 1,928 | — | — | 1,928 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 33,314,966 | — | 33,314,966 | ||||||||||||
Time Deposits | — | 6,907,000 | — | 6,907,000 | ||||||||||||
Total | $ | 181,379,113 | $ | 40,221,966 | $ | — | $ | 221,601,079 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
229
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Collective Investment Pool | 14.5 | % | ||
Enterprise Software/Service | 4.6 | |||
Medical Products | 3.6 | |||
Machinery — General Industrial | 3.2 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Medical — Biomedical/Gene | 2.8 | |||
Networking Products | 2.6 | |||
Electronic Components — Semiconductors | 2.4 | |||
Time Deposits | 2.3 | |||
Commercial Services — Finance | 2.2 | |||
Retail — Apparel/Shoe | 2.1 | |||
Internet Connectivity Services | 2.1 | |||
Transactional Software | 2.0 | |||
Vitamins & Nutrition Products | 1.9 | |||
Oil Field Machinery & Equipment | 1.9 | |||
Computer Services | 1.8 | |||
Oil — Field Services | 1.7 | |||
Web Hosting/Design | 1.7 | |||
Footwear & Related Apparel | 1.7 | |||
Computers — Integrated Systems | 1.7 | |||
Internet Infrastructure Software | 1.6 | |||
Communications Software | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Medical — Drugs | 1.5 | |||
Agricultural Chemicals | 1.4 | |||
Retail — Perfume & Cosmetics | 1.4 | |||
Retail — Sporting Goods | 1.4 | |||
Pharmacy Services | 1.4 | |||
Medical Instruments | 1.3 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Finance — Other Services | 1.3 | |||
Therapeutics | 1.3 | |||
Computer Aided Design | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Aerospace/Defense — Equipment | 1.2 | |||
Investment Management/Advisor Services | 1.1 | |||
Machinery — Farming | 1.1 | |||
E-Marketing/Info | 1.1 | |||
Retail — Restaurants | 1.1 | |||
Transport — Rail | 1.1 | |||
Machine Tools & Related Products | 1.0 | |||
Retail — Auto Parts | 1.0 | |||
Food — Wholesale/Distribution | 1.0 | |||
Retail — Home Furnishings | 1.0 | |||
Computer Software | 1.0 | |||
Retail — Discount | 1.0 | |||
Instruments — Controls | 1.0 | |||
Batteries/Battery Systems | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Medical Information Systems | 1.0 | |||
Filtration/Separation Products | 1.0 | |||
Home Furnishings | 0.9 | |||
Retail — Catalog Shopping | 0.9 | |||
Metal Processors & Fabrication | 0.9 | |||
Commercial Services | 0.9 | |||
Internet Security | 0.8 | |||
Gambling (Non-Hotel) | 0.8 | |||
Non-Ferrous Metals | 0.8 | |||
Medical — HMO | 0.7 | |||
Steel — Producers | 0.7 | |||
Transport — Truck | 0.7 | |||
Advanced Materials | 0.7 | |||
Physicians Practice Management | 0.7 | |||
Chemicals — Diversified | 0.6 | |||
Casino Services | 0.6 | |||
Wireless Equipment | 0.5 | |||
Internet Application Software | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 |
Apparel Manufacturers | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
B2B/E-Commerce | 0.5 | |||
E-Commerce/Services | 0.4 | |||
Toys | 0.4 | |||
Auction Houses/Art Dealers | 0.4 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Schools | 0.3 | |||
Transport — Air Freight | 0.3 | |||
Hotels/Motels | 0.3 | |||
Internet Content — Information/News | 0.2 | |||
Seismic Data Collection | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Retail — Video Rentals | 0.1 | |||
115.2 | % | |||
* | Calculated as a percentage of net assets |
230
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.4% | ||||||||
Advanced Materials — 0.7% |
| |||||||
Hexcel Corp.† | 27,114 | $ | 675,681 | |||||
Aerospace/Defense - Equipment — 1.2% |
| |||||||
BE Aerospace, Inc.† | 30,150 | 1,174,342 | ||||||
Agricultural Chemicals — 1.4% |
| |||||||
Intrepid Potash, Inc.†# | 63,062 | 1,460,516 | ||||||
Apparel Manufacturers — 0.5% |
| |||||||
Oxford Industries, Inc.# | 12,800 | 485,504 | ||||||
Auction House/Art Dealers — 0.4% |
| |||||||
Sotheby’s# | 11,700 | 367,497 | ||||||
Auto/Truck Parts & Equipment - Original — 1.3% |
| |||||||
Dana Holding Corp.† | 37,900 | 472,234 | ||||||
Titan International, Inc.# | 41,123 | 885,789 | ||||||
1,358,023 | ||||||||
B2B/E-Commerce — 0.5% |
| |||||||
SPS Commerce, Inc.†# | 19,846 | 465,389 | ||||||
Batteries/Battery Systems — 1.0% |
| |||||||
EnerSys† | 42,500 | 1,022,125 | ||||||
Casino Services — 0.6% |
| |||||||
Shuffle Master, Inc.†# | 50,700 | 562,263 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
Rockwood Holdings, Inc.† | 13,970 | 622,503 | ||||||
Commercial Services — 0.9% |
| |||||||
HMS Holdings Corp.†# | 29,700 | 900,801 | ||||||
Commercial Services - Finance — 2.2% |
| |||||||
Cardtronics, Inc.† | 44,700 | 1,214,946 | ||||||
Moody’s Corp.# | 30,600 | 1,062,126 | ||||||
2,277,072 | ||||||||
Communications Software — 1.6% |
| |||||||
SolarWinds, Inc.†# | 50,100 | 1,642,779 | ||||||
Computer Aided Design — 1.3% |
| |||||||
ANSYS, Inc.†# | 20,600 | 1,276,582 | ||||||
Computer Services — 1.8% |
| |||||||
KEYW Holding Corp.†# | 71,198 | 578,840 | ||||||
LivePerson, Inc.†# | 40,270 | 506,596 | ||||||
Syntel, Inc.# | 15,700 | 751,088 | ||||||
1,836,524 | ||||||||
Computer Software — 1.0% |
| |||||||
Akamai Technologies, Inc.†# | 35,950 | 1,039,315 | ||||||
Computers - Integrated Systems — 1.7% |
| |||||||
Riverbed Technology, Inc.† | 66,000 | 1,716,000 | ||||||
Consumer Products - Misc. — 0.5% |
| |||||||
SodaStream International, Ltd.†# | 15,800 | 471,630 | ||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Elizabeth Arden, Inc.†# | 12,600 | 476,280 | ||||||
Distribution/Wholesale — 0.5% |
| |||||||
MWI Veterinary Supply, Inc.†# | 7,150 | 494,137 | ||||||
Diversified Manufacturing Operations — 1.2% |
| |||||||
Barnes Group, Inc.# | 47,600 | 1,185,716 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Shutterfly, Inc.†# | 5,800 | 157,064 | ||||||
E-Commerce/Services — 0.4% |
| |||||||
OpenTable, Inc.†# | 13,000 | 459,810 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Marketing/Info — 1.1% |
| |||||||
comScore, Inc.†# | 54,838 | $ | 1,089,631 | |||||
Electronic Components - Semiconductors — 2.4% |
| |||||||
Cavium, Inc.†# | 26,700 | 871,488 | ||||||
Mellanox Technologies, Ltd.†# | 8,200 | 287,082 | ||||||
Silicon Image, Inc.† | 93,700 | 460,067 | ||||||
Volterra Semiconductor Corp.†# | 35,000 | 857,500 | ||||||
2,476,137 | ||||||||
Enterprise Software/Service — 4.6% |
| |||||||
Concur Technologies, Inc.†# | 27,200 | 1,284,656 | ||||||
QLIK Technologies, Inc.† | 35,300 | 966,161 | ||||||
Taleo Corp., Class A† | 39,626 | 1,283,486 | ||||||
Ultimate Software Group, Inc.†# | 17,251 | 1,144,086 | ||||||
4,678,389 | ||||||||
Filtration/Separation Products — 1.0% |
| |||||||
Polypore International, Inc.†# | 20,006 | 981,294 | ||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Stifel Financial Corp.†# | 11,200 | 355,040 | ||||||
Finance - Other Services — 1.3% |
| |||||||
Higher One Holdings, Inc.†# | 35,800 | 641,894 | ||||||
MarketAxess Holdings, Inc. | 24,400 | 706,136 | ||||||
1,348,030 | ||||||||
Food - Wholesale/Distribution — 1.0% |
| |||||||
United Natural Foods, Inc.† | 27,200 | 1,042,576 | ||||||
Footwear & Related Apparel — 1.7% |
| |||||||
Deckers Outdoor Corp.†# | 10,700 | 1,165,711 | ||||||
Iconix Brand Group, Inc.†# | 31,900 | 550,594 | ||||||
1,716,305 | ||||||||
Gambling (Non-Hotel) — 0.8% |
| |||||||
Pinnacle Entertainment, Inc.†# | 75,000 | 792,750 | ||||||
Home Furnishings — 0.9% |
| |||||||
Tempur - Pedic International, Inc.†# | 17,650 | 963,867 | ||||||
Hotel/Motels — 0.3% |
| |||||||
Gaylord Entertainment Co.†# | 12,100 | 256,762 | ||||||
Instruments - Controls — 1.0% |
| |||||||
Sensata Technologies Holding NV†# | 32,750 | 1,023,438 | ||||||
Internet Application Software — 0.5% |
| |||||||
Vocus, Inc.†# | 25,232 | 535,423 | ||||||
Internet Connectivity Services — 2.1% |
| |||||||
AboveNet, Inc.†# | 17,050 | 1,018,567 | ||||||
Cogent Communications Group, Inc.†# | 68,000 | 1,156,680 | ||||||
2,175,247 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
Angie’s List, Inc.†# | 19,160 | 221,394 | ||||||
Internet Infrastructure Software — 1.6% |
| |||||||
F5 Networks, Inc.† | 12,600 | 1,424,178 | ||||||
support.com, Inc.†# | 121,756 | 249,600 | ||||||
1,673,778 | ||||||||
Internet Security — 0.8% |
| |||||||
Sourcefire, Inc.†# | 26,000 | 861,120 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
Financial Engines, Inc.†# | 52,000 | 1,142,440 | ||||||
Machine Tools & Related Products — 1.0% |
| |||||||
Kennametal, Inc.# | 27,600 | 1,051,836 | ||||||
231
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - Farming — 1.1% |
| |||||||
AGCO Corp.† | 24,450 | $ | 1,118,587 | |||||
Machinery - General Industrial — 3.2% |
| |||||||
Chart Industries, Inc.† | 16,350 | 995,061 | ||||||
Gardner Denver, Inc.# | 13,000 | 1,114,360 | ||||||
Roper Industries, Inc. | 13,700 | 1,167,103 | ||||||
3,276,524 | ||||||||
Medical Information Systems — 1.0% |
| |||||||
Allscripts Healthcare Solutions, Inc.†# | 50,600 | 984,676 | ||||||
Medical Instruments — 1.3% |
| |||||||
DexCom, Inc.†# | 78,908 | 632,842 | ||||||
Volcano Corp.†# | 30,059 | 741,556 | ||||||
1,374,398 | ||||||||
Medical Products — 3.6% |
| |||||||
CareFusion Corp.† | 37,300 | 924,294 | ||||||
Cooper Cos., Inc. | 14,950 | 915,837 | ||||||
Cyberonics, Inc.†# | 38,400 | 1,164,672 | ||||||
NxStage Medical, Inc.†# | 34,400 | 673,552 | ||||||
3,678,355 | ||||||||
Medical - Biomedical/Gene — 2.8% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 15,350 | 1,053,931 | ||||||
Ariad Pharmaceuticals, Inc.†# | 20,300 | 245,427 | ||||||
Cubist Pharmaceuticals, Inc.†# | 18,700 | 721,259 | ||||||
Exact Sciences Corp.†# | 64,500 | 547,605 | ||||||
Incyte Corp., Ltd.†# | 24,100 | 331,857 | ||||||
2,900,079 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
Salix Pharmaceuticals, Ltd.†# | 33,850 | 1,494,139 | ||||||
Medical - HMO — 0.7% |
| |||||||
Coventry Health Care, Inc.† | 23,750 | 758,575 | ||||||
Metal Processors & Fabrication — 0.9% |
| |||||||
RBC Bearings, Inc.†# | 21,500 | 908,375 | ||||||
Networking Products — 2.6% |
| |||||||
Acme Packet, Inc.†# | 36,500 | 1,220,195 | ||||||
LogMeIn, Inc.†# | 33,500 | 1,440,835 | ||||||
2,661,030 | ||||||||
Non-Ferrous Metals — 0.8% |
| |||||||
Materion Corp.† | 31,852 | 783,241 | ||||||
Oil Companies - Exploration & Production — 3.2% |
| |||||||
Berry Petroleum Co., Class A# | 15,500 | 680,140 | ||||||
Energy XXI Bermuda, Ltd.†# | 18,000 | 565,920 | ||||||
McMoRan Exploration Co.†# | 29,200 | 466,616 | ||||||
Rosetta Resources, Inc.†# | 9,300 | 505,362 | ||||||
Whiting Petroleum Corp.†# | 22,400 | 1,041,824 | ||||||
3,259,862 | ||||||||
Oil Field Machinery & Equipment — 1.9% |
| |||||||
Dril - Quip, Inc.†# | 16,600 | 1,180,758 | ||||||
Lufkin Industries, Inc.# | 10,100 | 707,808 | ||||||
1,888,566 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
CVR Energy, Inc.† | 10,500 | 191,100 | ||||||
Oil - Field Services — 1.7% |
| |||||||
CARBO Ceramics, Inc.# | 8,250 | 1,174,140 | ||||||
Key Energy Services, Inc.†# | 39,000 | 588,900 | ||||||
1,763,040 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pharmacy Services — 1.4% |
| |||||||
SXC Health Solutions Corp.† | 23,400 | $ | 1,376,388 | |||||
Physicians Practice Management — 0.7% |
| |||||||
IPC The Hospitalist Co., Inc.†# | 14,464 | 666,790 | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
Essex Property Trust, Inc.# | 7,500 | 996,375 | ||||||
Retail - Apparel/Shoe — 2.1% |
| |||||||
DSW, Inc., Class A | 20,600 | 927,000 | ||||||
Lululemon Athletica, Inc.†# | 8,700 | 432,390 | ||||||
Vera Bradley, Inc.†# | 21,500 | 825,600 | ||||||
2,184,990 | ||||||||
Retail - Auto Parts — 1.0% |
| |||||||
O’Reilly Automotive, Inc.† | 13,600 | 1,050,464 | ||||||
Retail - Catalog Shopping — 0.9% |
| |||||||
MSC Industrial Direct Co., Class A | 13,500 | 938,655 | ||||||
Retail - Discount — 1.0% |
| |||||||
Dollar Tree, Inc.†# | 12,700 | 1,034,923 | ||||||
Retail - Home Furnishings — 1.0% |
| |||||||
Pier 1 Imports, Inc.† | 76,550 | 1,040,315 | ||||||
Retail - Perfume & Cosmetics — 1.4% |
| |||||||
Sally Beauty Holdings, Inc.†# | 37,450 | 752,745 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.†# | 9,700 | 675,411 | ||||||
1,428,156 | ||||||||
Retail - Restaurants — 1.1% |
| |||||||
Buffalo Wild Wings, Inc.†# | 16,800 | 1,083,264 | ||||||
Retail - Sporting Goods — 1.4% |
| |||||||
Dick’s Sporting Goods, Inc.† | 24,600 | 967,026 | ||||||
Zumiez, Inc.†# | 17,400 | 409,422 | ||||||
1,376,448 | ||||||||
Retail - Video Rentals — 0.1% |
| |||||||
Coinstar, Inc.†# | 1,700 | 72,573 | ||||||
Schools — 0.3% |
| |||||||
K12, Inc.†# | 11,500 | 287,155 | ||||||
Seismic Data Collection — 0.2% |
| |||||||
ION Geophysical Corp.†# | 35,900 | 208,579 | ||||||
Semiconductor Components - Integrated Circuits — 1.5% |
| |||||||
Power Integrations, Inc.# | 44,600 | 1,567,690 | ||||||
Steel - Producers — 0.7% |
| |||||||
Steel Dynamics, Inc.# | 57,000 | 751,260 | ||||||
Telecom Equipment - Fiber Optics — 0.5% |
| |||||||
IPG Photonics Corp.† | 12,850 | 492,541 | ||||||
Therapeutics — 1.3% |
| |||||||
Questcor Pharmaceuticals, Inc.† | 29,450 | 1,323,777 | ||||||
Toys — 0.4% |
| |||||||
Leapfrog Enterprises, Inc.†# | 75,700 | 411,808 | ||||||
Transactional Software — 2.0% |
| |||||||
InnerWorkings, Inc.†# | 90,367 | 820,532 | ||||||
VeriFone Systems, Inc.† | 27,200 | 1,192,720 | ||||||
2,013,252 | ||||||||
Transport - Air Freight — 0.3% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 6,600 | 278,850 | ||||||
Transport - Rail — 1.1% |
| |||||||
Kansas City Southern† | 15,900 | 1,081,677 | ||||||
232
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Transport - Truck — 0.7% |
| |||||||
Forward Air Corp.# | 22,689 | $ | 728,317 | |||||
Vitamins & Nutrition Products — 1.9% |
| |||||||
Herbalife, Ltd.# | 17,850 | 987,105 | ||||||
Vitamin Shoppe, Inc.† | 24,746 | 910,900 | ||||||
1,898,005 | ||||||||
Web Hosting/Design — 1.7% |
| |||||||
Equinix, Inc.† | 10,200 | 1,020,204 | ||||||
Rackspace Hosting, Inc.†# | 16,500 | 715,770 | ||||||
1,735,974 | ||||||||
Wireless Equipment — 0.5% |
| |||||||
Aruba Networks, Inc.†# | 25,500 | 538,050 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $92,089,422) | 100,119,833 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 16.8% |
| |||||||
Collective Investment Pool — 14.5% | ||||||||
Navigator Securities Lending Prime Portfolio(1) | 14,695,165 | $ | 14,695,165 | |||||
Time Deposits — 2.3% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 | $ | 2,367,000 | 2,367,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $17,062,165) | 17,062,165 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $109,151,587)(2) | 115.2 | % | 117,181,998 | |||||
Liabilities in excess of other assets | (15.2 | ) | (15,500,562 | ) | ||||
NET ASSETS | 100.0 | % | $ | 101,681,436 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 100,119,833 | $ | — | $ | — | $ | 100,119,833 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 14,695,165 | — | 14,695,165 | ||||||||||||
Time Deposits | — | 2,367,000 | — | 2,367,000 | ||||||||||||
Total | $ | 100,119,833 | $ | 17,062,165 | $ | — | $ | 117,181,998 | ||||||||
See Notes to Financial Statements
233
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 6.6 | % | ||
Collective Investment Pool | 6.2 | |||
Medical — Drugs | 5.7 | |||
Computers | 3.8 | |||
Electric — Integrated | 3.3 | |||
Diversified Manufacturing Operations | 3.0 | |||
Diversified Banking Institutions | 2.8 | |||
Oil Companies — Exploration & Production | 2.8 | |||
Telephone — Integrated | 2.7 | |||
Computer Services | 2.5 | |||
Banks — Super Regional | 2.4 | |||
Beverages — Non-alcoholic | 2.4 | |||
Applications Software | 2.2 | |||
Cosmetics & Toiletries | 2.1 | |||
Electronic Components — Semiconductors | 2.0 | |||
Tobacco | 1.9 | |||
Real Estate Investment Trusts | 1.7 | |||
Retail — Discount | 1.6 | |||
Multimedia | 1.6 | |||
Retail — Restaurants | 1.5 | |||
Web Portals/ISP | 1.5 | |||
Oil — Field Services | 1.4 | |||
Commercial Services — Finance | 1.3 | |||
Food — Misc. | 1.3 | |||
Medical — Biomedical/Gene | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Aerospace/Defense | 1.2 | |||
Medical — HMO | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Transport — Services | 1.0 | |||
Insurance — Multi - line | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Medical Products | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
E-Commerce/Products | 0.9 | |||
Networking Products | 0.9 | |||
Transport — Rail | 0.9 | |||
Retail — Building Products | 0.8 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Medical Instruments | 0.7 | |||
Retail — Drug Store | 0.7 | |||
Computers — Memory Devices | 0.7 | |||
Repurchase Agreements | 0.7 | |||
Machinery — Construction & Mining | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Pipelines | 0.6 | |||
Agricultural Chemicals | 0.6 | |||
Finance — Credit Card | 0.5 | |||
Oil Field Machinery & Equipment | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Wireless Equipment | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Pharmacy Services | 0.4 | |||
Instruments — Controls | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Metal — Copper | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Athletic Footwear | 0.3 | |||
Finance — Other Services | 0.3 | |||
Industrial Gases | 0.3 | |||
Banks — Commercial | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Retail — Apparel/Shoe | 0.3 |
Gold Mining | 0.3 | |||
Food — Retail | 0.3 | |||
Machinery — Farming | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Insurance Brokers | 0.3 | |||
Gas — Distribution | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Oil & Gas Drilling | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Coal | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Hotels/Motels | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Agricultural Operations | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Internet Security | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Data Processing/Management | 0.2 | |||
Food — Confectionery | 0.2 | |||
Paper & Related Products | 0.2 | |||
Television | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Steel — Producers | 0.2 | |||
Electronic Measurement Instruments | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Advertising Agencies | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Cruise Lines | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Retail — Bedding | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Toys | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Electronic Forms | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Cellular Telecom | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Food — Meat Products | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Commercial Services | 0.1 | |||
Metal — Iron | 0.1 | |||
Casino Hotels | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Medical Information Systems | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Retail — Automobile | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Electric — Generation | 0.1 | |||
Dental Supplies & Equipment | 0.1 |
234
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)
Industry Allocation* (continued)
Computer Aided Design | 0.1 | % | ||
Schools | 0.1 | |||
Entertainment Software | 0.1 | |||
Electronic Connectors | 0.1 | |||
Coatings/Paint | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Dialysis Centers | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Airlines | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Brewery | 0.1 | |||
Electronics — Military | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
106.0 | % | |||
* | Calculated as a percentage of net assets |
235
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.0% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 134,900 | $ | 1,265,362 | |||||
Omnicom Group, Inc.# | 78,800 | 3,401,796 | ||||||
4,667,158 | ||||||||
Aerospace/Defense — 1.2% |
| |||||||
Boeing Co. | 209,000 | 14,356,210 | ||||||
General Dynamics Corp. | 102,000 | 6,738,120 | ||||||
Lockheed Martin Corp. | �� | 77,600 | 6,064,440 | |||||
Northrop Grumman Corp.# | 73,700 | 4,206,059 | ||||||
Raytheon Co. | 99,700 | 4,543,329 | ||||||
Rockwell Collins, Inc.# | 43,300 | 2,377,170 | ||||||
38,285,328 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Goodrich Corp. | 35,200 | 4,294,752 | ||||||
United Technologies Corp. | 256,200 | 19,624,920 | ||||||
23,919,672 | ||||||||
Agricultural Chemicals — 0.6% |
| |||||||
CF Industries Holdings, Inc. | 18,400 | 2,572,320 | ||||||
Monsanto Co. | 150,800 | 11,076,260 | ||||||
Mosaic Co. | 84,000 | 4,431,840 | ||||||
18,080,420 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Archer - Daniels - Midland Co. | 190,600 | 5,740,872 | ||||||
Airlines — 0.1% |
| |||||||
Southwest Airlines Co. | 226,700 | 1,899,746 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Coach, Inc. | 81,500 | 5,101,085 | ||||||
Ralph Lauren Corp. | 18,300 | 2,596,038 | ||||||
VF Corp. | 24,400 | 3,384,036 | ||||||
11,081,159 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp.# | 21,500 | 1,054,790 | ||||||
Applications Software — 2.2% |
| |||||||
Citrix Systems, Inc.† | 53,100 | 3,790,809 | ||||||
Compuware Corp.† | 61,600 | 508,816 | ||||||
Intuit, Inc. | 85,700 | 4,562,668 | ||||||
Microsoft Corp. | 2,102,500 | 53,781,950 | ||||||
Red Hat, Inc.† | 54,400 | 2,724,352 | ||||||
Salesforce.com, Inc.† | 38,200 | 4,523,644 | ||||||
69,892,239 | ||||||||
Athletic Footwear — 0.3% |
| |||||||
NIKE, Inc., Class B | 107,100 | 10,300,878 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc. | 19,700 | 813,610 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Ford Motor Co.†# | 1,071,400 | 11,356,840 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc.# | 103,100 | 4,182,767 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Johnson Controls, Inc. | 191,700 | 6,034,716 | ||||||
Banks - Commercial — 0.3% |
| |||||||
BB&T Corp. | 196,500 | 4,552,905 | ||||||
First Horizon National Corp.# | 74,400 | 572,880 | ||||||
M&T Bank Corp.# | 35,400 | 2,583,492 | ||||||
Regions Financial Corp. | 354,900 | 1,458,639 | ||||||
Zions Bancorporation# | 52,000 | 836,680 | ||||||
10,004,596 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 347,600 | $ | 6,764,296 | |||||
Northern Trust Corp. | 68,000 | 2,558,840 | ||||||
State Street Corp. | 142,100 | 5,634,265 | ||||||
14,957,401 | ||||||||
Banks - Super Regional — 2.4% |
| |||||||
Capital One Financial Corp.# | 129,500 | 5,783,470 | ||||||
Comerica, Inc. | 56,700 | 1,429,974 | ||||||
Fifth Third Bancorp | 259,400 | 3,136,146 | ||||||
Huntington Bancshares, Inc. | 243,400 | 1,277,850 | ||||||
KeyCorp | 268,700 | 1,958,823 | ||||||
PNC Financial Services Group, Inc. | 148,400 | 8,044,764 | ||||||
SunTrust Banks, Inc. | 151,400 | 2,744,882 | ||||||
US Bancorp | 541,600 | 14,038,272 | ||||||
Wells Fargo & Co. | 1,488,700 | 38,497,782 | ||||||
76,911,963 | ||||||||
Beverages - Non-alcoholic — 2.4% |
| |||||||
Coca - Cola Co.# | 647,400 | 43,524,702 | ||||||
Coca - Cola Enterprises, Inc. | 89,900 | 2,348,188 | ||||||
Dr Pepper Snapple Group, Inc. | 61,200 | 2,235,636 | ||||||
PepsiCo, Inc. | 446,200 | 28,556,800 | ||||||
76,665,326 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Beam, Inc. | 43,600 | 2,289,872 | ||||||
Brown - Forman Corp., Class B | 28,400 | 2,266,604 | ||||||
Constellation Brands, Inc., Class A†# | 49,100 | 955,977 | ||||||
5,512,453 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 45,900 | 1,863,081 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A†# | 77,200 | 3,240,856 | ||||||
Scripps Networks Interactive, Inc., Class A | 27,800 | 1,106,996 | ||||||
4,347,852 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp.# | 100,900 | 966,622 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc.# | 78,400 | 933,744 | ||||||
Lennar Corp., Class A# | 45,300 | 833,973 | ||||||
PulteGroup, Inc.†# | 95,000 | 580,450 | ||||||
2,348,167 | ||||||||
Cable/Satellite TV — 1.0% |
| |||||||
Cablevision Systems Corp., Class A | 63,400 | 951,000 | ||||||
Comcast Corp., Class A | 775,200 | 17,573,784 | ||||||
DIRECTV, Class A† | 208,200 | 9,831,204 | ||||||
Time Warner Cable, Inc. | 91,700 | 5,546,016 | ||||||
33,902,004 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd.# | 22,500 | 2,712,600 | ||||||
Casino Services — 0.0% |
| |||||||
International Game Technology | 84,200 | 1,436,452 | ||||||
Cellular Telecom — 0.1% |
| |||||||
MetroPCS Communications, Inc.† | 82,700 | 693,026 | ||||||
Sprint Nextel Corp.† | 844,300 | 2,279,610 | ||||||
2,972,636 | ||||||||
Chemicals - Diversified — 1.0% |
| |||||||
Air Products & Chemicals, Inc. | 60,100 | 5,033,375 | ||||||
Dow Chemical Co. | 333,100 | 9,230,201 |
236
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Chemicals - Diversified (continued) |
| |||||||
E.I. du Pont de Nemours & Co. | 262,900 | $ | 12,545,588 | |||||
FMC Corp. | 20,200 | 1,695,184 | ||||||
PPG Industries, Inc. | 44,400 | 3,896,100 | ||||||
32,400,448 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Eastman Chemical Co. | 39,600 | 1,568,952 | ||||||
Ecolab, Inc.# | 84,600 | 4,823,892 | ||||||
International Flavors & Fragrances, Inc. | 22,800 | 1,237,128 | ||||||
Sigma - Aldrich Corp.# | 34,400 | 2,229,464 | ||||||
9,859,436 | ||||||||
Coal — 0.2% |
| |||||||
Alpha Natural Resources, Inc.† | 63,800 | 1,531,200 | ||||||
Consol Energy, Inc.# | 63,900 | 2,660,796 | ||||||
Peabody Energy Corp. | 76,400 | 2,997,172 | ||||||
7,189,168 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin - Williams Co. | 24,900 | 2,162,067 | ||||||
Commercial Services — 0.1% |
| |||||||
Iron Mountain, Inc. | 52,400 | 1,591,388 | ||||||
Quanta Services, Inc.†# | 59,800 | 1,231,282 | ||||||
2,822,670 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
Automatic Data Processing, Inc. | 138,100 | 7,055,529 | ||||||
Equifax, Inc. | 34,500 | 1,281,675 | ||||||
H&R Block, Inc.# | 86,200 | 1,355,926 | ||||||
Mastercard, Inc., Class A | 30,100 | 11,273,955 | ||||||
Moody’s Corp.# | 56,700 | 1,968,057 | ||||||
Paychex, Inc. | 90,900 | 2,646,099 | ||||||
Total System Services, Inc.# | 46,200 | 925,848 | ||||||
Visa, Inc., Class A | 144,200 | 13,983,074 | ||||||
Western Union Co. | 177,000 | 3,086,880 | ||||||
43,577,043 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 64,500 | 2,197,515 | ||||||
Computer Services — 2.5% |
| |||||||
Accenture PLC, Class A | 181,700 | 10,525,881 | ||||||
Cognizant Technology Solutions Corp., Class A† | 85,600 | 5,765,160 | ||||||
Computer Sciences Corp. | 43,700 | 1,067,591 | ||||||
International Business Machines Corp. | 336,700 | 63,299,600 | ||||||
80,658,232 | ||||||||
Computers — 3.8% |
| |||||||
Apple, Inc.† | 261,400 | 99,907,080 | ||||||
Dell, Inc.† | 437,300 | 6,891,848 | ||||||
Hewlett - Packard Co. | 584,800 | 16,345,160 | ||||||
123,144,088 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Teradata Corp.† | 47,500 | 2,575,925 | ||||||
Computers - Memory Devices — 0.7% |
| |||||||
EMC Corp.† | 582,200 | 13,396,422 | ||||||
NetApp, Inc.† | 103,900 | 3,826,637 | ||||||
SanDisk Corp.† | 67,500 | 3,328,425 | ||||||
Western Digital Corp.† | 65,800 | 1,912,806 | ||||||
22,464,290 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Lexmark International, Inc., Class A# | 20,200 | 675,892 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 0.0% |
| |||||||
SAIC, Inc.† | 77,900 | $ | 938,695 | |||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co.# | 37,100 | 2,410,016 | ||||||
Kimberly - Clark Corp.# | 110,500 | 7,897,435 | ||||||
10,307,451 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 46,100 | 1,618,571 | ||||||
Owens - Illinois, Inc.† | 46,300 | 904,239 | ||||||
2,522,810 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Bemis Co., Inc.# | 29,200 | 861,108 | ||||||
Sealed Air Corp. | 45,500 | 801,710 | ||||||
1,662,818 | ||||||||
Cosmetics & Toiletries — 2.1% |
| |||||||
Avon Products, Inc. | 121,400 | 2,063,800 | ||||||
Colgate - Palmolive Co.# | 137,200 | 12,553,800 | ||||||
Estee Lauder Cos., Inc., Class A | 31,900 | 3,763,562 | ||||||
Procter & Gamble Co. | 774,800 | 50,028,836 | ||||||
68,409,998 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp. | 130,400 | 4,329,280 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Dun & Bradstreet Corp. | 13,900 | 971,193 | ||||||
Fidelity National Information Services, Inc. | 69,900 | 1,683,891 | ||||||
Fiserv, Inc.†# | 39,900 | 2,300,634 | ||||||
4,955,718 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc.# | 39,900 | 1,440,789 | ||||||
Patterson Cos., Inc.# | 26,400 | 796,488 | ||||||
2,237,277 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 26,300 | 2,003,534 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 24,400 | 2,127,436 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Fastenal Co. | 83,200 | 3,465,280 | ||||||
Genuine Parts Co. | 44,200 | 2,585,700 | ||||||
WW Grainger, Inc. | 17,100 | 3,195,990 | ||||||
9,246,970 | ||||||||
Diversified Banking Institutions — 2.8% |
| |||||||
Bank of America Corp. | 2,857,500 | 15,544,800 | ||||||
Citigroup, Inc. | 822,800 | 22,610,544 | ||||||
Goldman Sachs Group, Inc. | 142,600 | 13,669,636 | ||||||
JPMorgan Chase & Co. | 1,099,400 | 34,048,418 | ||||||
Morgan Stanley | 418,600 | 6,191,094 | ||||||
92,064,492 | ||||||||
Diversified Manufacturing Operations — 3.0% |
| |||||||
3M Co. | 200,100 | 16,216,104 | ||||||
Cooper Industries PLC | 46,500 | 2,582,145 | ||||||
Danaher Corp. | 160,400 | 7,760,152 | ||||||
Dover Corp.# | 52,500 | 2,885,925 | ||||||
Eaton Corp. | 96,200 | 4,320,342 | ||||||
General Electric Co. | 2,988,900 | 47,553,399 | ||||||
Illinois Tool Works, Inc. | 138,600 | 6,297,984 | ||||||
Ingersoll - Rand PLC# | 88,000 | 2,914,560 | ||||||
Leggett & Platt, Inc.# | 39,900 | 892,962 | ||||||
Parker Hannifin Corp. | 43,700 | 3,617,486 |
237
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Textron, Inc.# | 78,200 | $ | 1,519,426 | |||||
96,560,485 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp.# | 55,900 | 1,309,178 | ||||||
E - Commerce/Products — 0.9% |
| |||||||
Amazon.com, Inc.† | 102,400 | 19,690,496 | ||||||
eBay, Inc.† | 323,400 | 9,569,406 | ||||||
Netflix, Inc.†# | 15,600 | 1,006,668 | ||||||
30,266,570 | ||||||||
E - Commerce/Services — 0.3% |
| |||||||
Expedia, Inc.# | 54,900 | 1,527,043 | ||||||
priceline.com, Inc.† | 14,000 | 6,802,460 | ||||||
8,329,503 | ||||||||
Electric Products - Misc. — 0.4% |
| |||||||
Emerson Electric Co. | �� | 210,000 | 10,972,500 | |||||
Molex, Inc.# | 38,600 | 962,684 | ||||||
11,935,184 | ||||||||
Electric - Generation — 0.1% |
| |||||||
AES Corp.† | 185,300 | 2,238,424 | ||||||
Electric - Integrated — 3.3% |
| |||||||
Ameren Corp. | 68,100 | 2,302,461 | ||||||
American Electric Power Co., Inc. | 136,000 | 5,396,480 | ||||||
CMS Energy Corp.# | 71,000 | 1,485,320 | ||||||
Consolidated Edison, Inc.# | 82,600 | 4,908,092 | ||||||
Constellation Energy Group, Inc. | 56,800 | 2,281,088 | ||||||
Dominion Resources, Inc. | 160,500 | 8,285,010 | ||||||
DTE Energy Co. | 47,700 | 2,511,405 | ||||||
Duke Energy Corp.# | 375,500 | 7,829,175 | ||||||
Edison International | 91,900 | 3,612,589 | ||||||
Entergy Corp.# | 49,800 | 3,503,928 | ||||||
Exelon Corp. | 186,900 | 8,281,539 | ||||||
FirstEnergy Corp. | 117,900 | 5,243,013 | ||||||
Integrys Energy Group, Inc.# | 22,000 | 1,132,780 | ||||||
NextEra Energy, Inc. | 119,100 | 6,602,904 | ||||||
Northeast Utilities | 49,900 | 1,727,039 | ||||||
Pepco Holdings, Inc.# | 63,800 | 1,261,964 | ||||||
PG&E Corp. | 113,400 | 4,404,456 | ||||||
Pinnacle West Capital Corp. | 30,800 | 1,460,228 | ||||||
PPL Corp. | 162,900 | 4,890,258 | ||||||
Progress Energy, Inc. | 83,100 | 4,518,978 | ||||||
Public Service Enterprise Group, Inc. | 142,600 | 4,697,244 | ||||||
SCANA Corp.# | 32,400 | 1,413,288 | ||||||
Southern Co. | 241,800 | 10,617,438 | ||||||
TECO Energy, Inc.# | 60,800 | 1,141,824 | ||||||
Wisconsin Energy Corp.# | 65,900 | 2,186,562 | ||||||
Xcel Energy, Inc. | 136,600 | 3,591,214 | ||||||
105,286,277 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Jabil Circuit, Inc.# | 51,400 | 1,041,878 | ||||||
TE Connectivity, Ltd.# | 122,200 | 3,874,962 | ||||||
4,916,840 | ||||||||
Electronic Components - Semiconductors — 2.0% |
| |||||||
Advanced Micro Devices, Inc.†# | 163,700 | 931,453 | ||||||
Altera Corp. | 91,400 | 3,443,038 | ||||||
Broadcom Corp., Class A† | 135,800 | 4,120,851 | ||||||
Intel Corp. | 1,480,600 | 36,881,746 | ||||||
LSI Corp.† | 161,500 | 907,630 | ||||||
MEMC Electronic Materials, Inc.†# | 65,000 | 271,050 | ||||||
Microchip Technology, Inc.# | 53,700 | 1,874,667 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Micron Technology, Inc.†# | 283,100 | $ | 1,695,769 | |||||
NVIDIA Corp.†# | 170,200 | 2,660,226 | ||||||
Texas Instruments, Inc. | 325,800 | 9,806,580 | ||||||
Xilinx, Inc. | 74,800 | 2,446,708 | ||||||
65,039,718 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 47,900 | 2,171,307 | ||||||
Electronic Forms — 0.1% |
| |||||||
Adobe Systems, Inc.†# | 139,300 | 3,819,606 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc.† | 97,900 | 3,671,250 | ||||||
FLIR Systems, Inc.# | 45,000 | 1,208,700 | ||||||
4,879,950 | ||||||||
Electronic Security Devices — 0.2% |
| |||||||
Tyco International, Ltd. | 130,900 | 6,277,964 | ||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 28,100 | 1,863,030 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
First Solar, Inc.†# | 16,500 | 789,690 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 49,000 | 2,686,180 | ||||||
Jacobs Engineering Group, Inc.† | 36,000 | 1,495,440 | ||||||
4,181,620 | ||||||||
Engines - Internal Combustion — 0.2% |
| |||||||
Cummins, Inc. | 54,900 | 5,288,517 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
BMC Software, Inc.† | 49,500 | 1,765,170 | ||||||
CA, Inc. | 106,700 | 2,262,040 | ||||||
Oracle Corp. | 1,114,100 | 34,927,035 | ||||||
38,954,245 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc.† | 94,300 | 2,186,817 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp. | 32,800 | 1,787,272 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
SLM Corp. | 145,000 | 1,867,600 | ||||||
Finance - Credit Card — 0.5% |
| |||||||
American Express Co. | 292,800 | 14,066,112 | ||||||
Discover Financial Services | 153,900 | 3,665,898 | ||||||
17,732,010 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 303,900 | 3,634,644 | ||||||
E*Trade Financial Corp.† | 71,600 | 657,288 | ||||||
4,291,932 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
CME Group, Inc. | 18,900 | 4,711,392 | ||||||
IntercontinentalExchange, Inc.† | 20,700 | 2,519,604 | ||||||
NASDAQ OMX Group, Inc.† | 35,900 | 942,375 | ||||||
NYSE Euronext | 73,800 | 2,107,728 | ||||||
10,281,099 | ||||||||
Food - Confectionery — 0.2% |
| |||||||
Hershey Co. | 43,600 | 2,514,848 | ||||||
J.M. Smucker Co. | 32,100 | 2,438,958 | ||||||
4,953,806 | ||||||||
238
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co.† | 51,800 | $ | 526,288 | |||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 39,200 | 1,180,312 | ||||||
Tyson Foods, Inc., Class A | 83,600 | 1,683,704 | ||||||
2,864,016 | ||||||||
Food - Misc. — 1.3% |
| |||||||
Campbell Soup Co.# | 50,700 | 1,652,820 | ||||||
ConAgra Foods, Inc. | 116,900 | 2,952,894 | ||||||
General Mills, Inc.# | 182,300 | 7,282,885 | ||||||
H.J. Heinz Co.# | 90,500 | 4,764,825 | ||||||
Kellogg Co. | 70,400 | 3,460,864 | ||||||
Kraft Foods, Inc., Class A | 498,000 | 18,002,700 | ||||||
McCormick & Co., Inc.# | 37,300 | 1,816,510 | ||||||
Sara Lee Corp. | 166,000 | 3,147,360 | ||||||
43,080,858 | ||||||||
Food - Retail — 0.3% |
| |||||||
Kroger Co. | 170,600 | 3,954,508 | ||||||
Safeway, Inc.# | 98,700 | 1,974,000 | ||||||
SUPERVALU, Inc.# | 59,800 | 439,530 | ||||||
Whole Foods Market, Inc.# | 44,500 | 3,030,450 | ||||||
9,398,488 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp.# | 167,100 | 4,769,034 | ||||||
Gas - Distribution — 0.3% |
| |||||||
CenterPoint Energy, Inc. | 120,100 | 2,389,990 | ||||||
Nicor, Inc.# | 12,800 | 718,336 | ||||||
NiSource, Inc.# | 79,100 | 1,812,181 | ||||||
Sempra Energy | 67,500 | 3,590,325 | ||||||
8,510,832 | ||||||||
Gold Mining — 0.3% |
| |||||||
Newmont Mining Corp. | 139,300 | 9,594,984 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.†# | 24,300 | 1,968,786 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc. | 82,200 | 1,257,660 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Marriott International, Inc., Class A | 75,600 | 2,314,872 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 54,200 | 2,584,256 | ||||||
Wyndham Worldwide Corp. | 43,100 | 1,527,895 | ||||||
6,427,023 | ||||||||
Human Resources — 0.0% |
| |||||||
Monster Worldwide, Inc.†# | 36,400 | 266,084 | ||||||
Robert Half International, Inc.# | 40,800 | 1,080,792 | ||||||
1,346,876 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc.†# | 68,000 | 1,338,240 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc.# | 40,400 | 3,031,212 | ||||||
Industrial Gases — 0.3% |
| |||||||
Airgas, Inc. | 19,200 | 1,477,440 | ||||||
Praxair, Inc. | 85,200 | 8,690,400 | ||||||
10,167,840 | ||||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 220,600 | 11,945,490 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Scientific — 0.2% |
| |||||||
PerkinElmer, Inc. | 31,900 | $ | 603,548 | |||||
Thermo Fisher Scientific, Inc.† | 107,700 | 5,088,825 | ||||||
Waters Corp.† | 25,800 | 2,064,000 | ||||||
7,756,373 | ||||||||
Insurance Brokers — 0.3% |
| |||||||
Aon Corp. | 92,100 | 4,233,837 | ||||||
Marsh & McLennan Cos., Inc. | 152,700 | 4,610,013 | ||||||
8,843,850 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Aflac, Inc. | 131,700 | 5,721,048 | ||||||
Lincoln National Corp. | 86,900 | 1,753,642 | ||||||
Principal Financial Group, Inc. | 88,400 | 2,133,092 | ||||||
Prudential Financial, Inc. | 137,000 | 6,937,680 | ||||||
Torchmark Corp.# | 29,600 | 1,260,664 | ||||||
Unum Group | 85,600 | 1,926,856 | ||||||
19,732,982 | ||||||||
Insurance - Multi-line — 1.0% |
| |||||||
ACE, Ltd. | 95,300 | 6,626,209 | ||||||
Allstate Corp. | 145,700 | 3,903,303 | ||||||
American International Group, Inc.†#(6) | 123,200 | 2,871,792 | ||||||
Assurant, Inc. | 26,600 | 1,043,784 | ||||||
Cincinnati Financial Corp.# | 46,000 | 1,363,900 | ||||||
Genworth Financial, Inc., Class A† | 138,400 | 912,056 | ||||||
Hartford Financial Services Group, Inc.# | 125,600 | 2,230,656 | ||||||
Loews Corp. | 87,700 | 3,370,311 | ||||||
MetLife, Inc. | 298,200 | 9,387,336 | ||||||
XL Group PLC | 92,600 | 1,909,412 | ||||||
33,618,759 | ||||||||
Insurance - Property/Casualty — 0.5% |
| |||||||
Chubb Corp. | 80,600 | 5,435,664 | ||||||
Progressive Corp. | 180,100 | 3,396,686 | ||||||
Travelers Cos., Inc. | 118,100 | 6,643,125 | ||||||
15,475,475 | ||||||||
Insurance - Reinsurance — 1.2% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 495,900 | 39,057,084 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 52,000 | 1,503,320 | ||||||
F5 Networks, Inc.† | 22,800 | 2,577,084 | ||||||
4,080,404 | ||||||||
Internet Security — 0.2% |
| |||||||
Symantec Corp.† | 211,400 | 3,456,390 | ||||||
VeriSign, Inc.# | 46,900 | 1,574,902 | ||||||
5,031,292 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Ameriprise Financial, Inc. | 66,600 | 3,057,606 | ||||||
BlackRock, Inc. | 28,300 | 4,868,732 | ||||||
Federated Investors, Inc., Class B# | 26,200 | 415,794 | ||||||
Franklin Resources, Inc. | 41,000 | 4,133,620 | ||||||
Invesco, Ltd. | 127,100 | 2,573,775 | ||||||
Legg Mason, Inc.# | 35,100 | 931,203 | ||||||
T. Rowe Price Group, Inc. | 72,300 | 4,103,748 | ||||||
20,084,478 | ||||||||
Linen Supply & Related Items — 0.0% |
| |||||||
Cintas Corp.# | 31,400 | 954,560 | ||||||
Machinery - Construction & Mining — 0.6% |
| |||||||
Caterpillar, Inc. | 182,200 | 17,833,736 |
239
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - Construction & Mining (continued) |
| |||||||
Joy Global, Inc. | 29,600 | $ | 2,701,888 | |||||
20,535,624 | ||||||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 116,700 | 9,248,475 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Industries, Inc. | 27,100 | 2,308,649 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 15,700 | 1,613,489 | ||||||
Xylem, Inc. | 52,200 | 1,247,580 | ||||||
2,861,069 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 41,000 | 2,500,180 | ||||||
Medical Instruments — 0.7% |
| |||||||
Boston Scientific Corp.† | 431,600 | 2,546,440 | ||||||
Edwards Lifesciences Corp.† | 32,400 | 2,139,372 | ||||||
Intuitive Surgical, Inc.† | 11,000 | 4,776,310 | ||||||
Medtronic, Inc. | 297,700 | 10,845,211 | ||||||
St. Jude Medical, Inc. | 92,900 | 3,571,076 | ||||||
23,878,409 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
Laboratory Corp. of America Holdings† | 28,500 | 2,443,020 | ||||||
Quest Diagnostics, Inc. | 44,600 | 2,616,236 | ||||||
5,059,256 | ||||||||
Medical Products — 1.0% |
| |||||||
Baxter International, Inc. | 160,200 | 8,275,932 | ||||||
Becton, Dickinson and Co.# | 61,300 | 4,522,714 | ||||||
CareFusion Corp.† | 63,100 | 1,563,618 | ||||||
Covidien PLC | 139,100 | 6,336,005 | ||||||
Hospira, Inc.†# | 46,500 | 1,310,835 | ||||||
Stryker Corp.# | 93,100 | 4,546,073 | ||||||
Varian Medical Systems, Inc.†# | 33,000 | 2,053,590 | ||||||
Zimmer Holdings, Inc.† | 50,500 | 2,552,775 | ||||||
31,161,542 | ||||||||
Medical - Biomedical/Gene — 1.3% |
| |||||||
Amgen, Inc.# | 247,200 | 14,315,352 | ||||||
Biogen Idec, Inc.† | 68,400 | 7,862,580 | ||||||
Celgene Corp.† | 129,400 | 8,162,552 | ||||||
Gilead Sciences, Inc.† | 217,500 | 8,667,375 | ||||||
Life Technologies Corp.† | 50,900 | 1,971,357 | ||||||
40,979,216 | ||||||||
Medical - Drugs — 5.7% |
| |||||||
Abbott Laboratories | 438,900 | 23,941,995 | ||||||
Allergan, Inc. | 86,700 | 7,258,524 | ||||||
Bristol - Myers Squibb Co. | 480,900 | 15,735,048 | ||||||
Eli Lilly & Co.# | 287,300 | 10,874,305 | ||||||
Forest Laboratories, Inc.† | 77,400 | 2,318,904 | ||||||
Johnson & Johnson | 772,700 | 50,009,144 | ||||||
Merck & Co., Inc. | 868,700 | 31,056,025 | ||||||
Pfizer, Inc. | 2,199,900 | 44,151,993 | ||||||
185,345,938 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc.† | 120,200 | 2,347,506 | ||||||
Watson Pharmaceuticals, Inc.†# | 35,500 | 2,294,010 | ||||||
4,641,516 | ||||||||
Medical - HMO — 1.1% |
| |||||||
Aetna, Inc. | 105,100 | 4,395,282 | ||||||
Cigna Corp. | 80,500 | 3,560,515 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO (continued) |
| |||||||
Coventry Health Care, Inc.† | 41,900 | $ | 1,338,286 | |||||
Humana, Inc. | 47,000 | 4,167,960 | ||||||
UnitedHealth Group, Inc. | 303,400 | 14,796,818 | ||||||
WellPoint, Inc. | 101,700 | 7,174,935 | ||||||
35,433,796 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Tenet Healthcare Corp.† | 122,400 | 569,160 | ||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
AmerisourceBergen Corp.# | 75,900 | 2,819,685 | ||||||
Cardinal Health, Inc. | 97,200 | 4,127,112 | ||||||
McKesson Corp. | 69,400 | 5,642,914 | ||||||
12,589,711 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Precision Castparts Corp. | 40,600 | 6,688,850 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc. | 300,100 | 3,007,002 | ||||||
Metal - Copper — 0.3% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 267,300 | 10,585,080 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cliffs Natural Resources, Inc. | 41,200 | 2,793,772 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley - Davidson, Inc. | 66,700 | 2,452,559 | ||||||
Multimedia — 1.6% | ||||||||
McGraw-Hill Cos., Inc. | 85,000 | 3,629,500 | ||||||
News Corp., Class A | 644,400 | 11,238,336 | ||||||
Time Warner, Inc. | 294,600 | 10,257,972 | ||||||
Viacom, Inc., Class B | 162,000 | 7,251,120 | ||||||
Walt Disney Co. | 523,300 | 18,760,305 | ||||||
51,137,233 | ||||||||
Networking Products — 0.9% | ||||||||
Cisco Systems, Inc. | 1,550,900 | 28,908,776 | ||||||
Non-Ferrous Metals — 0.0% | ||||||||
Titanium Metals Corp.# | 23,600 | 367,688 | ||||||
Non-Hazardous Waste Disposal — 0.2% | ||||||||
Republic Services, Inc. | 90,200 | 2,475,990 | ||||||
Waste Management, Inc.# | 133,100 | 4,166,030 | ||||||
6,642,020 | ||||||||
Office Automation & Equipment — 0.1% | ||||||||
Pitney Bowes, Inc.# | 57,000 | 1,061,910 | ||||||
Xerox Corp. | 395,700 | 3,224,955 | ||||||
4,286,865 | ||||||||
Office Supplies & Forms — 0.0% | ||||||||
Avery Dennison Corp. | 29,900 | 783,679 | ||||||
Oil & Gas Drilling — 0.2% | ||||||||
Diamond Offshore Drilling, Inc.# | 19,600 | 1,178,940 | ||||||
Helmerich & Payne, Inc.# | 30,200 | 1,720,192 | ||||||
Nabors Industries, Ltd.† | 81,100 | 1,454,934 | ||||||
Noble Corp.† | 71,200 | 2,458,536 | ||||||
Rowan Cos., Inc.† | 35,900 | 1,217,369 | ||||||
8,029,971 | ||||||||
Oil Companies - Exploration & Production — 2.8% |
| |||||||
Anadarko Petroleum Corp. | 140,400 | 11,410,308 | ||||||
Apache Corp. | 108,300 | 10,769,352 | ||||||
Cabot Oil & Gas Corp. | 29,500 | 2,613,405 | ||||||
Chesapeake Energy Corp. | 186,300 | 4,720,842 |
240
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Denbury Resources, Inc.† | 113,400 | $ | 1,916,460 | |||||
Devon Energy Corp. | 117,400 | 7,685,004 | ||||||
EOG Resources, Inc. | 75,700 | 7,853,118 | ||||||
EQT Corp. | 42,100 | 2,610,621 | ||||||
Newfield Exploration Co.† | 37,300 | 1,708,340 | ||||||
Noble Energy, Inc. | 49,800 | 4,899,822 | ||||||
Occidental Petroleum Corp. | 229,200 | 22,667,880 | ||||||
Pioneer Natural Resources Co.# | 32,900 | 3,110,366 | ||||||
QEP Resources, Inc. | 49,900 | 1,629,235 | ||||||
Range Resources Corp. | 45,400 | 3,255,634 | ||||||
Southwestern Energy Co.†# | 98,100 | 3,732,705 | ||||||
90,583,092 | ||||||||
Oil Companies - Integrated — 6.6% | ||||||||
Chevron Corp. | 564,800 | 58,072,736 | ||||||
ConocoPhillips | 387,100 | 27,607,972 | ||||||
Exxon Mobil Corp. | 1,370,900 | 110,275,196 | ||||||
Hess Corp. | 85,300 | 5,136,766 | ||||||
Marathon Oil Corp. | 201,300 | 5,628,348 | ||||||
Marathon Petroleum Corp. | 100,500 | 3,355,695 | ||||||
Murphy Oil Corp. | 54,600 | 3,053,232 | ||||||
213,129,945 | ||||||||
Oil Field Machinery & Equipment — 0.5% | ||||||||
Cameron International Corp.† | 69,100 | 3,730,709 | ||||||
FMC Technologies, Inc.†# | 67,700 | 3,544,772 | ||||||
National Oilwell Varco, Inc. | 119,500 | 8,568,150 | ||||||
15,843,631 | ||||||||
Oil Refining & Marketing — 0.2% | ||||||||
Sunoco, Inc.# | 30,500 | 1,183,705 | ||||||
Tesoro Corp.†# | 40,600 | 969,934 | ||||||
Valero Energy Corp. | 161,300 | 3,592,151 | ||||||
5,745,790 | ||||||||
Oil - Field Services — 1.4% | ||||||||
Baker Hughes, Inc. | 123,000 | 6,717,030 | ||||||
Halliburton Co. | 259,300 | 9,542,240 | ||||||
Schlumberger, Ltd. | 380,500 | 28,663,065 | ||||||
44,922,335 | ||||||||
Paper & Related Products — 0.2% | ||||||||
International Paper Co. | 123,200 | 3,498,880 | ||||||
MeadWestvaco Corp. | 48,100 | 1,435,785 | ||||||
4,934,665 | ||||||||
Pharmacy Services — 0.4% | ||||||||
Express Scripts, Inc.† | 137,700 | 6,286,005 | ||||||
Medco Health Solutions, Inc.† | 108,700 | 6,160,029 | ||||||
12,446,034 | ||||||||
Pipelines — 0.6% | ||||||||
El Paso Corp. | 217,200 | 5,432,172 | ||||||
ONEOK, Inc. | 29,200 | 2,428,272 | ||||||
Spectra Energy Corp. | 183,400 | 5,395,628 | ||||||
Williams Cos., Inc. | 166,000 | 5,358,480 | ||||||
18,614,552 | ||||||||
Printing - Commercial — 0.0% | ||||||||
R.R. Donnelley & Sons Co.# | 53,000 | 796,060 | ||||||
Publishing - Newspapers — 0.0% | ||||||||
Gannett Co., Inc.# | 67,900 | 737,394 | ||||||
Washington Post Co., Class B# | 1,400 | 502,474 | ||||||
1,239,868 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Quarrying — 0.0% | ||||||||
Vulcan Materials Co.# | 36,400 | $ | 1,180,816 | |||||
Real Estate Investment Trusts — 1.7% | ||||||||
Apartment Investment & Management Co., Class A# | 34,100 | 742,698 | ||||||
AvalonBay Communities, Inc.# | 26,500 | 3,308,525 | ||||||
Boston Properties, Inc. | 41,400 | 3,948,732 | ||||||
Equity Residential | 83,600 | 4,613,884 | ||||||
HCP, Inc. | 114,800 | 4,437,020 | ||||||
Health Care REIT, Inc. | 53,100 | 2,664,027 | ||||||
Host Hotels & Resorts, Inc. | 199,100 | 2,817,265 | ||||||
Kimco Realty Corp.# | 114,800 | 1,810,396 | ||||||
Plum Creek Timber Co., Inc.# | 45,700 | 1,683,588 | ||||||
ProLogis, Inc. | 129,400 | 3,599,908 | ||||||
Public Storage# | 39,900 | 5,262,810 | ||||||
Simon Property Group, Inc. | 82,800 | 10,295,352 | ||||||
Ventas, Inc.# | 81,200 | 4,284,112 | ||||||
Vornado Realty Trust | 52,000 | 3,871,400 | ||||||
Weyerhaeuser Co. | 151,900 | 2,550,401 | ||||||
55,890,118 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
CBRE Group, Inc.† | 91,700 | 1,541,477 | ||||||
Resort/Theme Parks — 0.0% |
| |||||||
Marriott Vacations Worldwide Corp.† | 7,560 | 120,809 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Abercrombie & Fitch Co., Class A# | 24,500 | 1,173,795 | ||||||
Gap, Inc. | 97,800 | 1,827,882 | ||||||
Limited Brands, Inc. | 69,800 | 2,954,634 | ||||||
Ross Stores, Inc. | 32,600 | 2,904,334 | ||||||
Urban Outfitters, Inc.†# | 31,300 | 844,474 | ||||||
9,705,119 | ||||||||
Retail - Auto Parts — 0.2% |
| |||||||
AutoZone, Inc.† | 8,200 | 2,692,716 | ||||||
O’Reilly Automotive, Inc.† | 36,100 | 2,788,364 | ||||||
5,481,080 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.†# | 14,000 | 505,540 | ||||||
CarMax, Inc.†# | 63,800 | 1,834,888 | ||||||
2,340,428 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 69,000 | 4,175,190 | ||||||
Retail - Building Products — 0.8% |
| |||||||
Home Depot, Inc. | 441,100 | 17,299,942 | ||||||
Lowe’s Cos., Inc. | 355,400 | 8,533,154 | ||||||
25,833,096 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A†# | 39,200 | 906,304 | ||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc.# | 85,400 | 2,313,486 | ||||||
Retail - Discount — 1.6% |
| |||||||
Big Lots, Inc.† | 18,500 | 742,035 | ||||||
Costco Wholesale Corp. | 123,400 | 10,526,020 | ||||||
Family Dollar Stores, Inc. | 33,900 | 2,014,338 | ||||||
Target Corp. | 190,400 | 10,034,080 | ||||||
Wal - Mart Stores, Inc. | 495,600 | 29,190,840 | ||||||
52,507,313 | ||||||||
Retail - Drug Store — 0.7% |
| |||||||
CVS Caremark Corp. | 379,200 | 14,728,128 |
241
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Drug Store (continued) |
| |||||||
Walgreen Co. | 255,300 | $ | 8,608,716 | |||||
23,336,844 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 35,900 | 2,406,736 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
J.C. Penney Co., Inc.# | 40,300 | 1,291,212 | ||||||
Nordstrom, Inc. | 46,200 | 2,091,936 | ||||||
Sears Holdings Corp.†# | 10,900 | 657,597 | ||||||
TJX Cos., Inc. | 107,400 | 6,626,580 | ||||||
10,667,325 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Staples, Inc. | 200,000 | 2,882,000 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Kohl’s Corp. | 79,300 | 4,266,340 | ||||||
Macy’s, Inc. | 120,400 | 3,892,532 | ||||||
8,158,872 | ||||||||
Retail - Restaurants — 1.5% |
| |||||||
Chipotle Mexican Grill, Inc.† | 8,800 | 2,829,728 | ||||||
Darden Restaurants, Inc.# | 37,900 | 1,808,209 | ||||||
McDonald’s Corp. | 290,900 | 27,786,768 | ||||||
Starbucks Corp. | 210,400 | 9,148,192 | ||||||
Yum! Brands, Inc. | 130,900 | 7,335,636 | ||||||
48,908,533 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co.† | 68,900 | 963,911 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Hudson City Bancorp, Inc. | 148,700 | 831,233 | ||||||
People’s United Financial, Inc.# | 106,200 | 1,322,190 | ||||||
2,153,423 | ||||||||
Schools — 0.1% |
| |||||||
Apollo Group, Inc., Class A† | 32,800 | 1,590,144 | ||||||
DeVry, Inc. | 17,400 | 600,474 | ||||||
2,190,618 | ||||||||
Semiconductor Components-Integrated Circuits — 1.0% |
| |||||||
Analog Devices, Inc. | 84,400 | 2,942,184 | ||||||
Linear Technology Corp. | 64,300 | 1,969,509 | ||||||
QUALCOMM, Inc. | 473,600 | 25,953,280 | ||||||
30,864,973 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
Applied Materials, Inc. | 371,500 | 4,004,770 | ||||||
KLA-Tencor Corp.# | 47,100 | 2,171,310 | ||||||
Novellus Systems, Inc.†# | 19,600 | 678,552 | ||||||
Teradyne, Inc.†# | 52,500 | 706,650 | ||||||
7,561,282 | ||||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.# | 31,100 | 263,106 | ||||||
Nucor Corp.# | 89,200 | 3,517,156 | ||||||
United States Steel Corp.# | 40,600 | 1,108,380 | ||||||
4,888,642 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc. | 30,000 | 1,506,600 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Corning, Inc. | 443,000 | 5,878,610 | ||||||
JDS Uniphase Corp.† | 64,300 | 706,014 | ||||||
6,584,624 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecommunication Equipment — 0.2% |
| |||||||
Harris Corp.# | 33,900 | $ | 1,206,840 | |||||
Juniper Networks, Inc.† | 150,300 | 3,413,313 | ||||||
Tellabs, Inc. | 102,900 | 408,513 | ||||||
5,028,666 | ||||||||
Telephone - Integrated — 2.7% |
| |||||||
AT&T, Inc. | 1,670,900 | 48,422,682 | ||||||
CenturyLink, Inc. | 173,800 | 6,520,976 | ||||||
Frontier Communications Corp.# | 280,600 | 1,605,032 | ||||||
Verizon Communications, Inc. | 798,100 | 30,112,313 | ||||||
Windstream Corp.# | 162,700 | 1,913,352 | ||||||
88,574,355 | ||||||||
Television — 0.2% |
| |||||||
CBS Corp., Class B | 188,900 | 4,918,956 | ||||||
Tobacco — 1.9% |
| |||||||
Altria Group, Inc. | 584,000 | 16,754,960 | ||||||
Lorillard, Inc. | 39,000 | 4,353,180 | ||||||
Philip Morris International, Inc. | 495,300 | 37,761,672 | ||||||
Reynolds American, Inc.# | 95,300 | 3,989,258 | ||||||
62,859,070 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 16,400 | 841,320 | ||||||
Stanley Black & Decker, Inc. | 47,500 | 3,107,925 | ||||||
3,949,245 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 34,100 | 1,221,121 | ||||||
Mattel, Inc.# | 96,700 | 2,785,927 | ||||||
4,007,048 | ||||||||
Transport - Rail — 0.9% |
| |||||||
CSX Corp. | 308,800 | 6,704,048 | ||||||
Norfolk Southern Corp. | 98,100 | 7,410,474 | ||||||
Union Pacific Corp. | 137,600 | 14,229,216 | ||||||
28,343,738 | ||||||||
Transport - Services — 1.0% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 46,500 | 3,185,715 | ||||||
Expeditors International of Washington, Inc. | 59,800 | 2,601,898 | ||||||
FedEx Corp. | 89,400 | 7,427,352 | ||||||
Ryder System, Inc. | 14,400 | 752,832 | ||||||
United Parcel Service, Inc., Class B | 276,500 | 19,838,875 | ||||||
33,806,672 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co. | 57,500 | 4,333,200 | ||||||
Web Portals/ISP — 1.5% |
| |||||||
Google, Inc., Class A† | 71,000 | 42,556,690 | ||||||
Yahoo!, Inc.† | 356,000 | 5,592,760 | ||||||
48,149,450 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
American Tower Corp., Class A | 111,600 | 6,584,400 | ||||||
Motorola Mobility Holdings, Inc.† | 73,800 | 2,878,200 | ||||||
Motorola Solutions, Inc. | 80,700 | 3,766,269 | ||||||
13,228,869 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $2,624,635,800) | 3,203,837,025 | |||||||
242
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 6.3% |
| |||||||
Collective Investment Pool — 6.2% |
| |||||||
Navigator Securities Lending Prime Portfolio(1)(2) | 199,593,663 | $ | 199,593,663 | |||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 3,200,000 | 3,200,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $202,793,663) | 202,793,663 | |||||||
REPURCHASE AGREEMENT — 0.7% |
| |||||||
State Street Bank & Trust Co. Joint | 21,948,000 | 21,948,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $2,849,377,463)(5) | 106.0 | % | 3,428,578,688 | |||||
Liabilities in excess of other assets | (6.0 | ) | (192,787,064 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,235,791,624 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | At November 30, 2011, the Fund had loaned securities with a total value of $226,035,324. This was secured by collateral of $199,593,663, which was received in cash and subsequently invested in short-term investments currently valued at $199,593,663 as reported in the portfolio of investments. The remaining collateral of $23,274,533 was received in the form of short-term 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 short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Bank | 5.20% | 07/15/14 | ||
Federal Home Loan Mtg. Corp. | 0.29% to 5.00% | 01/10/13 to 06/15/40 | ||
Federal National Mtg. Assoc. | 4.00% | 08/15/37 to 08/25/41 | ||
United States Treasury Notes/Bonds | 0.75% to 4.63% | 04/30/12 to 08/15/40 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Security represents an investment in an affiliated company (see Note 3). |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2011 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
509 | Long | S&P 500 E-Mini Index | December 2011 | $ | 30,476,476 | $ | 31,710,700 | $ | 1,234,224 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Medical — Drugs | $ | 185,345,938 | $ | — | $ | — | $ | 185,345,938 | ||||||||
Oil Companies — Integrated | 213,129,945 | — | — | 213,129,945 | ||||||||||||
Other Industries* | 2,805,361,142 | — | — | 2,805,361,142 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 199,593,663 | — | 199,593,663 | ||||||||||||
U.S. Government Treasuries | — | 3,200,000 | — | 3,200,000 | ||||||||||||
Repurchase Agreement | — | 21,948,000 | — | 21,948,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts — Appreciation | 1,234,224 | — | — | 1,234,224 | ||||||||||||
Total | $ | 3,205,071,249 | $ | 224,741,663 | $ | — | $ | 3,429,812,912 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
See Notes to Financial Statements
243
Table of Contents
PORTFOLIO PROFILE — November 30, 2011 (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 7.0 | % | ||
Banks — Super Regional | 6.7 | |||
Medical — Drugs | 5.3 | |||
Diversified Manufacturing Operations | 5.2 | |||
Diversified Banking Institutions | 5.1 | |||
Oil Companies — Exploration & Production | 4.8 | |||
Medical Products | 3.8 | |||
Electric — Integrated | 3.8 | |||
Electronic Components — Semiconductors | 3.7 | |||
Telephone — Integrated | 3.1 | |||
Investment Management/Advisor Services | 2.5 | |||
Insurance — Multi-line | 2.4 | |||
Chemicals — Diversified | 2.2 | |||
Food — Misc. | 2.1 | |||
Cable/Satellite TV | 2.0 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Retail — Building Products | 1.8 | |||
Tools — Hand Held | 1.8 | |||
Insurance Brokers | 1.8 | |||
Networking Products | 1.7 | |||
Electronic Security Devices | 1.6 | |||
Agricultural Chemicals | 1.6 | |||
Tobacco | 1.6 | |||
Medical — HMO | 1.5 | |||
Insurance — Property/Casualty | 1.5 | |||
Steel — Producers | 1.5 | |||
Applications Software | 1.4 | |||
Retail — Drug Store | 1.4 | |||
Retail — Regional Department Stores | 1.3 | |||
Toys | 1.2 | |||
Medical — Biomedical/Gene | 1.1 | |||
Brewery | 1.1 | |||
Beverages — Non-alcoholic | 1.1 | |||
Oil — Field Services | 1.1 | |||
Insurance — Life/Health | 1.1 | |||
Medical — Generic Drugs | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Auto — Heavy Duty Trucks | 0.9 | |||
Insurance — Reinsurance | 0.8 | |||
Retail — Major Department Stores | 0.8 | |||
Computers | 0.7 | |||
Non-Hazardous Waste Disposal | 0.7 | |||
Medical — Hospitals | 0.6 | |||
Containers — Metal/Glass | 0.5 | |||
Oil & Gas Drilling | 0.5 | |||
Television | 0.5 | |||
Rubber — Tires | 0.5 | |||
Agricultural Operations | 0.5 | |||
Retail — Office Supplies | 0.5 | |||
Time Deposits | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Auto — Cars/Light Trucks | 0.3 | |||
99.6 | % | |||
* | Calculated as a percentage of net assets |
244
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.2% | ||||||||
Aerospace/Defense — 1.1% | ||||||||
Boeing Co. | 17,847 | $ | 1,225,910 | |||||
Agricultural Chemicals — 1.6% | ||||||||
CF Industries Holdings, Inc. | 5,979 | 835,864 | ||||||
Mosaic Co. | 19,254 | 1,015,841 | ||||||
1,851,705 | ||||||||
Agricultural Operations — 0.5% | ||||||||
Archer - Daniels - Midland Co. | 19,870 | 598,484 | ||||||
Applications Software — 1.4% | ||||||||
Microsoft Corp. | 64,004 | 1,637,222 | ||||||
Auto - Cars/Light Trucks — 0.3% | ||||||||
General Motors Co.† | 15,924 | 339,022 | ||||||
Auto - Heavy Duty Trucks — 0.9% | ||||||||
PACCAR, Inc. | 24,110 | 978,143 | ||||||
Banks - Super Regional — 6.7% | ||||||||
PNC Financial Services Group, Inc. | 41,248 | 2,236,054 | ||||||
US Bancorp | 70,463 | 1,826,401 | ||||||
Wells Fargo & Co. | 138,881 | 3,591,463 | ||||||
7,653,918 | ||||||||
Beverages - Non-alcoholic — 1.1% | ||||||||
PepsiCo, Inc. | 19,942 | 1,276,288 | ||||||
Brewery — 1.1% | ||||||||
Anheuser - Busch InBev NV ADR | 21,320 | 1,279,200 | ||||||
Cable/Satellite TV — 2.0% | ||||||||
Comcast Corp., Class A | 100,049 | 2,268,111 | ||||||
Chemicals - Diversified — 2.2% | ||||||||
Dow Chemical Co. | 48,743 | 1,350,669 | ||||||
E.I. du Pont de Nemours & Co. | 24,532 | 1,170,667 | ||||||
2,521,336 | ||||||||
Computers — 0.7% | ||||||||
Hewlett - Packard Co. | 29,764 | 831,904 | ||||||
Containers - Metal/Glass — 0.5% | ||||||||
Rexam PLC ADR | 23,058 | 623,949 | ||||||
Diversified Banking Institutions — 5.1% | ||||||||
Bank of America Corp. | 160,172 | 871,336 | ||||||
Credit Suisse Group AG ADR | 28,779 | 696,739 | ||||||
Goldman Sachs Group, Inc. | 14,717 | 1,410,772 | ||||||
JPMorgan Chase & Co. | 93,697 | 2,901,796 | ||||||
5,880,643 | ||||||||
Diversified Manufacturing Operations — 5.2% | ||||||||
3M Co. | 12,740 | 1,032,450 | ||||||
General Electric Co. | 146,269 | 2,327,140 | ||||||
Illinois Tool Works, Inc. | 27,637 | 1,255,825 | ||||||
Ingersoll - Rand PLC | 41,724 | 1,381,899 | ||||||
5,997,314 | ||||||||
Electric - Integrated — 3.8% | ||||||||
Edison International | 26,944 | 1,059,169 | ||||||
Entergy Corp. | 16,175 | 1,138,073 | ||||||
NextEra Energy, Inc. | 10,210 | 566,042 | ||||||
Northeast Utilities | 32,184 | 1,113,888 | ||||||
PPL Corp. | 14,850 | 445,797 | ||||||
4,322,969 | ||||||||
Electronic Components - Semiconductors — 3.7% | ||||||||
Intel Corp. | 106,112 | 2,643,250 | ||||||
Xilinx, Inc. | 50,781 | 1,661,046 | ||||||
4,304,296 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Security Devices — 1.6% | ||||||||
Tyco International, Ltd. | 39,450 | $ | 1,892,022 | |||||
Food - Misc. — 2.1% | ||||||||
General Mills, Inc. | 25,666 | 1,025,356 | ||||||
Kraft Foods, Inc., Class A | 37,185 | 1,344,238 | ||||||
2,369,594 | ||||||||
Food - Wholesale/Distribution — 0.4% | ||||||||
Sysco Corp. | 16,065 | 458,495 | ||||||
Insurance Brokers — 1.8% | ||||||||
Marsh & McLennan Cos., Inc. | 68,955 | 2,081,751 | ||||||
Insurance - Life/Health — 1.1% | ||||||||
Principal Financial Group, Inc. | 51,399 | 1,240,258 | ||||||
Insurance - Multi-line — 2.4% | ||||||||
ACE, Ltd. | 39,594 | 2,752,971 | ||||||
Insurance - Property/Casualty — 1.5% | ||||||||
Chubb Corp. | 24,918 | 1,680,470 | ||||||
Insurance - Reinsurance — 0.8% | ||||||||
Swiss Re AG†(1) | 17,428 | 918,124 | ||||||
Investment Management/Advisor Services — 2.5% | ||||||||
Ameriprise Financial, Inc. | 24,161 | 1,109,231 | ||||||
BlackRock, Inc. | 9,998 | 1,720,056 | ||||||
2,829,287 | ||||||||
Medical Products — 3.8% | ||||||||
Baxter International, Inc. | 20,590 | 1,063,679 | ||||||
Covidien PLC | 30,462 | 1,387,544 | ||||||
Johnson & Johnson | 19,843 | 1,284,239 | ||||||
Zimmer Holdings, Inc.† | 13,203 | 667,412 | ||||||
4,402,874 | ||||||||
Medical - Biomedical/Gene — 1.1% | ||||||||
Amgen, Inc. | 22,156 | 1,283,054 | ||||||
Medical - Drugs — 5.3% | ||||||||
Abbott Laboratories | 20,300 | 1,107,365 | ||||||
Merck & Co., Inc. | 52,318 | 1,870,369 | ||||||
Pfizer, Inc. | 154,704 | 3,104,909 | ||||||
6,082,643 | ||||||||
Medical - Generic Drugs — 1.1% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 31,227 | 1,236,901 | ||||||
Medical - HMO — 1.5% | ||||||||
UnitedHealth Group, Inc. | 36,475 | 1,778,886 | ||||||
Medical - Hospitals — 0.6% | ||||||||
HCA Holdings, Inc.† | 30,130 | 734,569 | ||||||
Networking Products — 1.7% | ||||||||
Cisco Systems, Inc. | 103,409 | 1,927,544 | ||||||
Non-Hazardous Waste Disposal — 0.7% | ||||||||
Republic Services, Inc. | 29,110 | 799,070 | ||||||
Oil & Gas Drilling — 0.5% | ||||||||
Noble Corp.† | 17,600 | 607,728 | ||||||
Oil Companies - Exploration & Production — 4.8% | ||||||||
Apache Corp. | 11,183 | 1,112,038 | ||||||
EOG Resources, Inc. | 7,980 | 827,845 | ||||||
Occidental Petroleum Corp. | 27,700 | 2,739,530 | ||||||
Southwestern Energy Co.† | 22,959 | 873,590 | ||||||
5,553,003 | ||||||||
Oil Companies - Integrated — 7.0% |
| |||||||
Chevron Corp. | 39,396 | 4,050,697 |
245
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Companies - Integrated (continued) |
| |||||||
Exxon Mobil Corp. | 22,017 | $ | 1,771,047 | |||||
Marathon Oil Corp. | 32,647 | 912,810 | ||||||
Royal Dutch Shell PLC ADR | 17,300 | 1,248,887 | ||||||
7,983,441 | ||||||||
Oil - Field Services — 1.1% |
| |||||||
Baker Hughes, Inc. | 23,290 | 1,271,867 | ||||||
Retail - Building Products — 1.8% |
| |||||||
Home Depot, Inc. | 38,104 | 1,494,439 | ||||||
Lowe’s Cos., Inc. | 24,600 | 590,646 | ||||||
2,085,085 | ||||||||
Retail - Drug Store — 1.4% |
| |||||||
CVS Caremark Corp. | 41,974 | 1,630,270 | ||||||
Retail - Major Department Stores — 0.8% |
| |||||||
Nordstrom, Inc. | 19,935 | 902,657 | ||||||
Retail - Office Supplies — 0.5% |
| |||||||
Staples, Inc. | 40,189 | 579,124 | ||||||
Retail - Regional Department Stores — 1.3% |
| |||||||
Kohl’s Corp. | 27,323 | 1,469,977 | ||||||
Rubber - Tires — 0.5% |
| |||||||
Goodyear Tire & Rubber Co.† | 43,250 | 605,068 | ||||||
Semiconductor Components - Integrated Circuits — 1.9% |
| |||||||
Analog Devices, Inc. | 33,139 | 1,155,226 | ||||||
Maxim Integrated Products, Inc. | 37,883 | 971,699 | ||||||
2,126,925 | ||||||||
Steel - Producers — 1.5% |
| |||||||
Nucor Corp. | 15,040 | 593,027 | ||||||
Steel Dynamics, Inc. | 82,121 | 1,082,355 | ||||||
1,675,382 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated — 3.1% |
| |||||||
AT&T, Inc. | 122,718 | $ | 3,556,368 | |||||
Television — 0.5% |
| |||||||
CBS Corp., Class B | 23,335 | 607,643 | ||||||
Tobacco — 1.6% |
| |||||||
Philip Morris International, Inc. | 23,382 | 1,782,644 | ||||||
Tools - Hand Held — 1.8% |
| |||||||
Stanley Black & Decker, Inc. | 31,858 | 2,084,469 | ||||||
Toys — 1.2% |
| |||||||
Mattel, Inc. | 47,924 | 1,380,690 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $118,699,987) | 113,961,268 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.4% |
| |||||||
Time Deposits — 0.4% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 473,000 | 473,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $119,172,987)(2) | 99.6 | % | 114,434,268 | |||||
Other assets less liabilities | 0.4 | 430,009 | ||||||
NET ASSETS | 100.0 | % | $ | 114,864,277 | ||||
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $918,124 representing 0.8% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks — Super Regional | $ | 7,653,918 | $ | — | $ | — | $ | 7,653,918 | ||||||||
Diversified Banking Institutions | 5,880,643 | — | — | 5,880,643 | ||||||||||||
Diversified Manufacturing Operations | 5,997,314 | — | — | 5,997,314 | ||||||||||||
Medical — Drugs | 6,082,643 | — | — | 6,082,643 | ||||||||||||
Oil Companies-Integrated | 7,983,441 | — | — | 7,983,441 | ||||||||||||
Other Industries* | 79,445,185 | 918,124 | — | 80,363,309 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 473,000 | — | 473,000 | ||||||||||||
Total | $ | 113,043,144 | $ | 1,391,124 | $ | — | $ | 114,434,268 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
246
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | EMERGING | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 135,497,521 | $ | 394,683,588 | $ | 26,027,044 | $ | 174,913,489 | $ | 231,255,217 | $ | 266,675,613 | $ | 277,035,427 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 1,755,000 | – | |||||||||||||||||||||
Total Investments | 135,497,521 | 394,683,588 | 26,027,044 | 174,913,489 | 231,255,217 | 268,430,613 | 277,035,427 | |||||||||||||||||||||
Cash | 26,254 | 35,720 | 427 | 2,093 | – | 1,135 | 808 | |||||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | 242,048 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 55,704 | 192,005 | 42,927 | 1,645 | 3,685 | 201,263 | 2,642,318 | |||||||||||||||||||||
Dividends and interest | 631,483 | 458,814 | 83,729 | 920,765 | 834,941 | 937,004 | 362,282 | |||||||||||||||||||||
Investments sold | 849,733 | 1,027,948 | 17,393 | 2,065,693 | 3,383,430 | – | – | |||||||||||||||||||||
Securities lending income | – | 10,279 | – | 1,226 | 11,335 | – | 2,557 | |||||||||||||||||||||
Prepaid expenses and other assets | 18,523 | 4,974 | 2,581 | 6,702 | 8,593 | 4,129 | 3,384 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 5,065 | 8,317 | – | 25,537 | 28,913 | – | |||||||||||||||||||||
Variation margin on futures contracts | 165,302 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 137,244,520 | 396,418,393 | 26,182,418 | 177,911,613 | 235,522,738 | 269,603,057 | 280,288,824 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 33,728 | 51,570 | 15,025 | 1,588,458 | 83,205 | 56,176 | 25,575 | |||||||||||||||||||||
Investments purchased | 1,454,830 | 2,631,875 | – | 10,664,058 | 3,581,444 | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | 308,061 | |||||||||||||||||||||
Investment advisory and management fees | 55,002 | 231,276 | 14,492 | 65,911 | 137,817 | 160,349 | 168,741 | |||||||||||||||||||||
Administrative service fee | 7,702 | 21,836 | 1,449 | 9,227 | 12,059 | 14,992 | 14,606 | |||||||||||||||||||||
Transfer agent fees and expenses | 92 | 141 | 97 | 92 | 138 | – | 73 | |||||||||||||||||||||
Directors’ fees and expenses | 2,822 | 3,919 | 1,473 | 2,125 | 7,162 | 3,550 | 2,821 | |||||||||||||||||||||
Other accrued expenses | 75,767 | 72,789 | 31,557 | 50,074 | 54,677 | 57,222 | 74,134 | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 9,753,116 | – | 6,875,683 | 18,796,990 | – | 16,053,991 | |||||||||||||||||||||
Due to custodian | – | – | – | – | 34,134 | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,629,943 | 12,766,522 | 64,093 | 19,255,628 | 22,707,626 | 292,289 | 16,648,002 | |||||||||||||||||||||
NET ASSETS | $ | 135,614,577 | $ | 383,651,871 | $ | 26,118,325 | $ | 158,655,985 | $ | 212,815,112 | $ | 269,310,768 | $ | 263,640,822 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 128,938 | $ | 359,512 | $ | 26,603 | $ | 159,670 | $ | 177,933 | $ | 298,465 | $ | 354,728 | ||||||||||||||
Additional paid-in capital | 132,288,575 | 319,111,009 | 27,590,781 | 150,591,300 | 312,304,251 | 276,343,050 | 369,340,504 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,857,129 | 71,378 | 403,997 | 7,241,251 | 4,113,295 | 6,970,707 | 3,500,780 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (3,199,216 | ) | (27,066,724 | ) | (3,045,312 | ) | (2,553,466 | ) | (112,408,023 | ) | (37,435,558 | ) | (135,573,361 | ) | ||||||||||||||
Unrealized appreciation (depreciation) on investments | 1,386,371 | 91,176,696 | 1,142,256 | 3,217,230 | 8,627,656 | 23,134,119 | 26,323,094 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 152,780 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | (15 | ) | 3,138 | ||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | (308,061 | ) | ||||||||||||||||||||
NET ASSETS | $ | 135,614,577 | $ | 383,651,871 | $ | 26,118,325 | $ | 158,655,985 | $ | 212,815,112 | $ | 269,310,768 | $ | 263,640,822 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 12,893,835 | 35,951,156 | 2,660,311 | 15,967,011 | 17,793,299 | 29,846,506 | 35,472,836 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.52 | $ | 10.67 | $ | 9.82 | $ | 9.94 | $ | 11.96 | $ | 9.02 | $ | 7.43 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 134,111,150 | $ | 303,506,892 | $ | 24,884,788 | $ | 171,696,259 | $ | 222,627,561 | $ | 243,541,494 | $ | 250,712,333 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 240,705 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | 19,489,571 | $ | – | $ | 7,367,380 | $ | 20,937,662 | $ | – | $ | 16,136,354 | ||||||||||||||
* | See Note 1 |
See Notes to Financial Statements
247
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)
FOREIGN VALUE FUND | GLOBAL REAL FUND | GLOBAL SOCIAL FUND | GLOBAL STRATEGY FUND | GOVERNMENT FUND | GROWTH FUND | GROWTH & FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 895,630,990 | $ | 265,001,254 | $ | 268,440,285 | $ | 489,759,980 | $ | 120,140,882 | $ | 761,758,740 | $ | 81,147,737 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 10,446,000 | – | 3,051,000 | |||||||||||||||||||||
Total Investments | 895,630,990 | 265,001,254 | 268,440,285 | 489,759,980 | 130,586,882 | 761,758,740 | 84,198,737 | |||||||||||||||||||||
Cash | 299 | 690 | 777 | 1,567 | 1,025 | 618 | 630 | |||||||||||||||||||||
Foreign cash* | 940,055 | 145,446 | 143,937 | 461,865 | – | 46,752 | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 277,615 | 195,556 | 42,787 | 7,903 | 48,329 | 20,835 | 16,376 | |||||||||||||||||||||
Dividends and interest | 2,427,024 | 440,688 | 785,128 | 3,506,248 | 697,016 | 1,562,837 | 201,011 | |||||||||||||||||||||
Investments sold | 7,530,546 | 820,344 | – | – | – | 2,161,060 | 1,245,274 | |||||||||||||||||||||
Securities lending income | 71,208 | – | 1,884 | 9,972 | 90 | 16,376 | 881 | |||||||||||||||||||||
Prepaid expenses and other assets | 7,587 | 2,523 | 13,176 | 4,694 | 64,658 | 10,358 | 4,580 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | 27,109 | 8,948 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 247,500 | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 1,656,356 | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 906,885,324 | 266,606,501 | 269,675,474 | 495,408,585 | 131,398,000 | 765,604,685 | 85,676,437 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 108,751 | 39,183 | 15,886 | 830,768 | 96,216 | 296,446 | 13,965 | |||||||||||||||||||||
Investments purchased | 3,428,406 | 821,106 | – | 266 | 3,377,768 | 2,079,779 | 1,767,378 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | 29,328 | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 469,150 | 160,876 | 105,126 | 190,233 | 51,657 | 412,136 | 47,794 | |||||||||||||||||||||
Administrative service fee | 48,713 | 15,066 | 14,718 | 26,633 | 7,232 | 40,490 | 4,461 | |||||||||||||||||||||
Transfer agent fees and expenses | 155 | 150 | 149 | 96 | 159 | 116 | 118 | |||||||||||||||||||||
Directors’ fees and expenses | 8,997 | 1,874 | 6,305 | 4,695 | 2,542 | 11,104 | 2,357 | |||||||||||||||||||||
Other accrued expenses | 250,299 | 92,134 | 92,872 | 143,014 | 39,709 | 135,194 | 42,633 | |||||||||||||||||||||
Collateral upon return of securities loaned | 36,360,133 | – | 8,335,371 | 24,171,041 | 1,254,750 | 49,053,185 | 4,741,397 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 3,694,852 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 40,674,604 | 1,130,389 | 8,570,427 | 29,090,926 | 4,830,033 | 52,028,450 | 6,620,103 | |||||||||||||||||||||
NET ASSETS | $ | 866,210,720 | $ | 265,476,112 | $ | 261,105,047 | $ | 466,317,659 | $ | 126,567,967 | $ | 713,576,235 | $ | 79,056,334 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,041,680 | $ | 347,142 | $ | 186,616 | $ | 421,474 | $ | 112,222 | $ | 646,702 | $ | 68,404 | ||||||||||||||
Additional paid-in capital | 1,037,101,560 | 243,342,575 | 421,128,578 | 466,128,095 | 115,128,654 | 763,339,727 | 106,955,559 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 34,156,854 | 1,280,450 | 7,290,348 | 29,457,138 | 4,203,361 | 7,720,400 | 1,060,414 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (100,328,161 | ) | 25,384,466 | (159,408,447 | ) | (16,644,233 | ) | 2,051,001 | (125,615,103 | ) | (31,792,591 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | (105,737,366 | ) | (4,877,425 | ) | (8,530,708 | ) | (10,864,396 | ) | 5,072,729 | 67,487,019 | 2,764,548 | |||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | 444,700 | – | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (23,847 | ) | (1,096 | ) | (6,040 | ) | (2,151,091 | ) | – | (2,510 | ) | – | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | (29,328 | ) | – | – | – | ||||||||||||||||||||
NET ASSETS | $ | 866,210,720 | $ | 265,476,112 | $ | 261,105,047 | $ | 466,317,659 | $ | 126,567,967 | $ | 713,576,235 | $ | 79,056,334 | ||||||||||||||
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 | 104,168,013 | 34,714,215 | 18,661,621 | 42,147,372 | 11,222,216 | 64,670,183 | 6,840,415 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.32 | $ | 7.65 | $ | 13.99 | $ | 11.06 | $ | 11.28 | $ | 11.03 | $ | 11.56 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 1,001,368,356 | $ | 269,878,679 | $ | 276,970,993 | $ | 500,624,376 | $ | 115,068,153 | $ | 694,271,721 | $ | 78,383,189 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 943,293 | $ | 146,286 | $ | 144,104 | $ | 458,535 | $ | – | $ | 49,440 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 36,164,678 | $ | – | $ | 8,999,250 | $ | 24,174,230 | $ | 1,206,350 | $ | 53,923,023 | $ | 4,955,354 | ||||||||||||||
See Notes to Financial Statements
248
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)
HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL FUND* | LARGE CAP CORE FUND | LARGE CAPITAL FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 214,837,061 | $ | 371,516,406 | $ | 960,789,857 | $ | 205,851,982 | $ | 545,917,040 | $ | 131,846,705 | $ | 355,438,110 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 289,000 | – | – | 2,186,000 | 5,727,000 | |||||||||||||||||||||
Total Investments | 214,837,061 | 371,516,406 | 961,078,857 | 205,851,982 | 545,917,040 | 134,032,705 | 361,165,110 | |||||||||||||||||||||
Cash | – | 31,167 | 58,161 | 266,454 | 2,115 | 582 | 845 | |||||||||||||||||||||
Foreign cash* | 376,497 | 159 | 1,169,520 | 1,358,162 | 183,024 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 225,021 | 695,242 | 10,732 | 117,762 | 2,150,649 | 486,146 | 6,099 | |||||||||||||||||||||
Dividends and interest | 108,894 | 1,693,723 | 3,401,476 | 2,275,351 | 1,597,289 | 292,190 | 349,920 | |||||||||||||||||||||
Investments sold | 298,695 | 841,764 | 2,536,947 | 3,981,661 | 2,795,613 | 325,167 | 8,168,033 | |||||||||||||||||||||
Securities lending income | – | – | 51,880 | – | 21,050 | 819 | 3,989 | |||||||||||||||||||||
Prepaid expenses and other assets | 3,797 | 2,542 | 24,344 | 4,873 | 8,989 | 2,015 | 14,257 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 58,712 | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 2,672,685 | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 25,135 | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 215,849,965 | 374,781,003 | 971,004,602 | 213,881,380 | 552,734,481 | 135,139,624 | 369,708,253 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 50,912 | 64,606 | 1,413,840 | 45,041 | 47,330 | 28,340 | 368,762 | |||||||||||||||||||||
Investments purchased | 46,234 | 4,823,956 | 3,143,798 | 9,258,755 | 3,491,336 | 1,234,126 | 6,467,887 | |||||||||||||||||||||
Accrued foreign tax on capital gains | 95,764 | – | 16,175 | – | 4,911 | – | – | |||||||||||||||||||||
Investment advisory and management fees | 164,803 | 144,225 | 219,790 | 83,802 | 367,021 | 69,764 | 180,623 | |||||||||||||||||||||
Administrative service fee | 11,536 | 20,841 | 50,066 | 11,732 | 27,754 | 6,977 | 19,756 | |||||||||||||||||||||
Transfer agent fees and expenses | 162 | 86 | 708 | 136 | 159 | 96 | 117 | |||||||||||||||||||||
Directors’ fees and expenses | 2,916 | 2,355 | 11,339 | 2,838 | 8,582 | 1,189 | 4,143 | |||||||||||||||||||||
Other accrued expenses | 58,258 | 67,002 | 271,824 | 68,012 | 193,906 | 37,484 | 70,689 | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | 78,877,144 | – | 54,834,050 | 9,654,776 | 16,511,690 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | 5,077,639 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 63,541 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 5,508,224 | 5,123,071 | 84,004,684 | 9,533,857 | 58,975,049 | 11,032,752 | 23,623,667 | |||||||||||||||||||||
NET ASSETS | $ | 210,341,741 | $ | 369,657,932 | $ | 886,999,918 | $ | 204,347,523 | $ | 493,759,432 | $ | 124,106,872 | $ | 346,084,586 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 181,969 | $ | 323,280 | $ | 1,548,559 | $ | 158,813 | $ | 481,238 | $ | 112,556 | $ | 313,690 | ||||||||||||||
Additional paid-in capital | 160,871,336 | 330,098,371 | 1,142,577,414 | 190,049,148 | 549,374,939 | 100,294,851 | 320,196,357 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | (684,253 | ) | 10,938,685 | 33,377,415 | 6,468,903 | 10,927,834 | 1,909,515 | 1,235,593 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 17,653,935 | (2,112,584 | ) | (232,149,447 | ) | 4,855,482 | (81,708,848 | ) | 16,640,642 | (3,083,560 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 32,507,972 | 30,413,254 | (61,117,442 | ) | 2,907,778 | 14,621,246 | 5,149,308 | 27,420,013 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (82,692 | ) | – | 2,802,290 | – | – | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (10,762 | ) | (3,074 | ) | (22,696 | ) | (92,601 | ) | 67,934 | – | 2,493 | |||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (95,764 | ) | – | (16,175 | ) | – | (4,911 | ) | – | – | ||||||||||||||||||
NET ASSETS | $ | 210,341,741 | $ | 369,657,932 | $ | 886,999,918 | $ | 204,347,523 | $ | 493,759,432 | $ | 124,106,872 | $ | 346,084,586 | ||||||||||||||
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 | 18,196,911 | 32,327,952 | 154,855,913 | 15,881,263 | 48,123,772 | 11,255,627 | 31,368,973 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.56 | $ | 11.43 | $ | 5.73 | $ | 12.87 | $ | 10.26 | $ | 11.03 | $ | 11.03 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 182,329,089 | $ | 341,103,152 | $ | 1,021,907,299 | $ | 202,944,204 | $ | 531,295,794 | $ | 126,697,397 | $ | 328,018,097 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 386,926 | $ | 151 | $ | 1,167,781 | $ | 1,384,538 | $ | 181,079 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | 4,994,947 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | – | $ | 77,077,864 | $ | – | $ | 53,289,800 | $ | 13,149,121 | $ | 17,097,494 | ||||||||||||||
* | See Note 1 |
See Notes to Financial Statements
249
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)
MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | NASDAQ-100 INDEX | SCIENCE & FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 2,615,521,940 | $ | 304,487,787 | $ | 356,715,693 | $ | 143,328,862 | $ | 802,570,879 | $ | 79,187,036 | $ | 356,383,970 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 24,833,000 | – | 74,104,000 | 3,703,000 | – | 2,125,000 | – | |||||||||||||||||||||
Total Investments | 2,640,354,940 | 304,487,787 | 430,819,693 | 147,031,862 | 802,570,879 | 81,312,036 | 356,383,970 | |||||||||||||||||||||
Cash | 802 | 425 | 415 | 66 | 759 | 3,513 | 810 | |||||||||||||||||||||
Foreign cash* | – | – | – | – | 119,430 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 79,329 | 34,391 | 234,716 | 135,735 | 4,539 | 46,930 | 27,170 | |||||||||||||||||||||
Dividends and interest | 2,993,526 | 214,206 | 100,859 | 313,629 | 657,692 | 6,724 | 217,044 | |||||||||||||||||||||
Investments sold | 1,398,381 | 1,005,838 | – | – | 3,697,543 | 1,794,172 | 2,341,902 | |||||||||||||||||||||
Securities lending income | 79,143 | 42,253 | – | 8,730 | 47,541 | 2,685 | 23,750 | |||||||||||||||||||||
Prepaid expenses and other assets | 42,803 | 5,906 | 13,913 | 2,520 | 247,245 | 1,679 | 17,958 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 29,409 | 129,961 | 29,802 | – | 22,200 | 34,786 | |||||||||||||||||||||
Variation margin on futures contracts | 1,389,500 | – | – | 156,750 | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 2,646,338,424 | 305,820,215 | 431,299,557 | 147,679,094 | 807,345,628 | 83,189,939 | 359,047,390 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 2,652,332 | 39,530 | 188,204 | 29,861 | 318,984 | 53,200 | 59,157 | |||||||||||||||||||||
Investments purchased | – | 745,843 | – | – | 2,995,009 | 1,566,834 | 138,588 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 511,364 | 150,388 | 141,376 | 45,258 | 538,640 | 50,076 | 217,985 | |||||||||||||||||||||
Administrative service fee | 131,707 | 15,095 | 24,741 | 7,920 | 42,671 | 4,124 | 17,108 | |||||||||||||||||||||
Transfer agent fees and expenses | 843 | 172 | 895 | 470 | 661 | 96 | 79 | |||||||||||||||||||||
Directors’ fees and expenses | 35,411 | 2,930 | 9,029 | 1,688 | 18,025 | 704 | 8,068 | |||||||||||||||||||||
Other accrued expenses | 304,841 | 68,404 | 114,265 | 55,173 | 151,549 | 31,103 | 100,938 | |||||||||||||||||||||
Collateral upon return of securities loaned | 308,900,225 | 40,498,065 | – | 8,076,122 | 64,291,027 | 7,708,663 | 53,494,230 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 312,536,723 | 41,520,427 | 478,510 | 8,216,492 | 68,356,566 | 9,414,800 | 54,036,153 | |||||||||||||||||||||
NET ASSETS | $ | 2,333,801,701 | $ | 264,299,788 | $ | 430,821,047 | $ | 139,462,602 | $ | 738,989,062 | $ | 73,775,139 | $ | 305,011,237 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,156,078 | $ | 223,273 | $ | 4,314,880 | $ | 223,019 | $ | 473,926 | $ | 67,925 | $ | 306,193 | ||||||||||||||
Additional paid-in capital | 2,046,178,345 | 255,463,761 | 427,171,937 | 95,384,059 | 982,807,959 | 63,850,438 | 295,688,716 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 36,048,439 | 268,274 | 1,134 | 977,588 | 228,535 | (182,912 | ) | 137,241 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 138,195,985 | (1,238,855 | ) | (666,904 | ) | 17,990,619 | (273,166,582 | ) | 2,467,142 | (30,563,925 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 112,040,711 | 9,583,576 | – | 24,909,485 | 28,638,517 | 7,572,546 | 39,443,020 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 182,143 | – | – | (22,168 | ) | – | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (241 | ) | – | – | 6,707 | – | (8 | ) | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 2,333,801,701 | $ | 264,299,788 | $ | 430,821,047 | $ | 139,462,602 | $ | 738,989,062 | $ | 73,775,139 | $ | 305,011,237 | ||||||||||||||
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 | 115,607,831 | 22,327,268 | 431,487,957 | 22,301,878 | 47,392,554 | 6,792,455 | 30,619,291 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 20.19 | $ | 11.84 | $ | 1.00 | $ | 6.25 | $ | 15.59 | $ | 10.86 | $ | 9.96 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 2,503,481,229 | $ | 294,904,211 | $ | 356,715,693 | $ | 118,419,377 | $ | 773,932,362 | $ | 71,614,490 | $ | 316,940,950 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | 115,340 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 320,249,273 | $ | 42,312,424 | $ | – | $ | 8,716,826 | $ | 66,759,642 | $ | 7,922,369 | $ | 55,253,066 | ||||||||||||||
See Notes to Financial Statements
250
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)
SMALL CAP INDEX | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 933,884,947 | $ | 221,601,079 | $ | 117,181,998 | $ | 3,403,758,896 | $ | 114,434,268 | ||||||||||
Investment securities, at value (affiliated)*† | – | – | – | 2,871,792 | – | |||||||||||||||
Repurchase agreements (cost approximates value) | 13,049,000 | – | – | 21,948,000 | – | |||||||||||||||
Total Investments | 946,933,947 | 221,601,079 | 117,181,998 | 3,428,578,688 | 114,434,268 | |||||||||||||||
Cash | 4,430 | 5,425 | 785 | 693 | 818 | |||||||||||||||
Foreign cash* | – | – | – | – | – | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Fund shares sold | 16,052 | 8,196 | 143 | 646,780 | 13,816 | |||||||||||||||
Dividends and interest | 773,178 | 275,705 | 15,611 | 8,833,562 | 431,776 | |||||||||||||||
Investments sold | 13,318 | 1,427,568 | 663,680 | 56,636 | 198,854 | |||||||||||||||
Securities lending income | 184,602 | 7,305 | 7,848 | 51,393 | – | |||||||||||||||
Prepaid expenses and other assets | 13,025 | 3,054 | 4,085 | 137,333 | 101,039 | |||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 11,765 | 7,051 | – | 24,278 | |||||||||||||||
Variation margin on futures contracts | 902,720 | – | – | 1,259,775 | – | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | |||||||||||||||
TOTAL ASSETS | 948,841,272 | 223,340,097 | 117,881,201 | 3,439,564,860 | 115,204,849 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Fund shares reacquired | 166,871 | 136,617 | 51,235 | 1,203,882 | 11,008 | |||||||||||||||
Investments purchased | 3,967 | 430,599 | 1,329,985 | 1,628,772 | 215,062 | |||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | |||||||||||||||
Investment advisory and management fees | 205,717 | 114,181 | 69,268 | 684,781 | 72,191 | |||||||||||||||
Administrative service fee | 46,126 | 10,657 | 5,704 | 182,296 | 6,479 | |||||||||||||||
Transfer agent fees and expenses | 705 | 155 | 96 | 928 | 158 | |||||||||||||||
Directors’ fees and expenses | 12,681 | 2,274 | 1,110 | 67,989 | 1,745 | |||||||||||||||
Other accrued expenses | 176,612 | 69,071 | 47,202 | 410,925 | 33,929 | |||||||||||||||
Collateral upon return of securities loaned | 126,186,068 | 33,314,966 | 14,695,165 | 199,593,663 | – | |||||||||||||||
Due to custodian | – | – | – | – | – | |||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | |||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | |||||||||||||||
TOTAL LIABILITIES | 126,798,747 | 34,078,520 | 16,199,765 | 203,773,236 | 340,572 | |||||||||||||||
NET ASSETS | $ | 822,042,525 | $ | 189,261,577 | $ | 101,681,436 | $ | 3,235,791,624 | $ | 114,864,277 | ||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 602,217 | $ | 217,561 | $ | 98,792 | $ | 1,294,390 | $ | 124,075 | ||||||||||
Additional paid-in capital | 844,807,907 | 234,767,580 | 102,377,482 | 2,442,225,874 | 174,168,167 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 14,302,426 | 2,329,769 | (254,018 | ) | 85,742,287 | 2,667,180 | ||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (19,958,771 | ) | (41,270,040 | ) | (8,571,231 | ) | 126,093,624 | (57,356,426 | ) | |||||||||||
Unrealized appreciation (depreciation) on investments | (19,058,150 | ) | (6,783,293 | ) | 8,030,411 | 579,201,225 | (4,738,719 | ) | ||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written | 1,346,838 | – | – | 1,234,224 | – | |||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 58 | – | – | – | – | |||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
NET ASSETS | $ | 822,042,525 | $ | 189,261,577 | $ | 101,681,436 | $ | 3,235,791,624 | $ | 114,864,277 | ||||||||||
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 | |||||||||||||||
Outstanding | 60,221,728 | 21,756,088 | 9,879,219 | 129,439,001 | 12,407,501 | |||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 13.65 | $ | 8.70 | $ | 10.29 | $ | 25.00 | $ | 9.26 | ||||||||||
* Cost | ||||||||||||||||||||
Investment securities (unaffiliated) | $ | 952,943,097 | $ | 228,384,372 | $ | 109,151,587 | $ | 2,823,891,364 | $ | 119,172,987 | ||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | 3,538,099 | $ | – | ||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
† Including securities on loan | $ | 129,849,788 | $ | 34,439,572 | $ | 15,149,967 | $ | 226,035,324 | $ | – | ||||||||||
See Notes to Financial Statements
251
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | EMERGING ECONOMIES FUND† | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 761,365 | $ | 1,664,282 | $ | 374,424 | $ | 7,775 | $ | 2,459,731 | $ | 3,975,910 | $ | 1,936,762 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | – | 41,021 | – | 8,512 | 42,368 | – | 49,491 | |||||||||||||||||||||
Interest (unaffiliated) | 1,215,377 | 1,703 | 44 | 2,828,216 | 80 | 761 | – | |||||||||||||||||||||
Total investment income* | 1,976,742 | 1,707,006 | 374,468 | 2,844,503 | 2,502,179 | 3,976,671 | 1,986,253 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 340,076 | 1,465,422 | 90,785 | 389,654 | 878,855 | 848,351 | 962,371 | |||||||||||||||||||||
Administrative service fee | 47,611 | 138,472 | 9,078 | 54,552 | 76,900 | 79,209 | 83,222 | |||||||||||||||||||||
Transfer agent fees and expenses | 642 | 730 | 485 | 659 | 583 | 570 | 543 | |||||||||||||||||||||
Custodian fees | 92,032 | 32,907 | 12,372 | 32,710 | 31,164 | 39,889 | 72,812 | |||||||||||||||||||||
Reports to shareholders | 9,878 | 24,355 | 2,453 | 11,975 | 15,017 | 20,856 | 28,856 | |||||||||||||||||||||
Audit and tax fees | 14,869 | 15,326 | 18,027 | 16,563 | 15,125 | 15,333 | 21,116 | |||||||||||||||||||||
Legal fees | 7,179 | 10,301 | 1,745 | 6,412 | 8,345 | 1,933 | 26,768 | |||||||||||||||||||||
Directors’ fees and expenses | 3,680 | 10,963 | 16 | 4,286 | 1,224 | 5,559 | 6,200 | |||||||||||||||||||||
Interest expense | – | – | 75 | – | 66 | – | 703 | |||||||||||||||||||||
Other expenses | 18,082 | 12,715 | 5,885 | 4,942 | 8,966 | 7,864 | 10,073 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 534,049 | 1,711,191 | 140,921 | 521,753 | 1,036,245 | 1,019,564 | 1,212,664 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (29,748 | ) | (30,683 | ) | – | (157,386 | ) | (91,685 | ) | – | |||||||||||||||||
Fees paid indirectly (Note 7) | (569 | ) | (3,263 | ) | (2,577 | ) | – | (5,472 | ) | – | – | |||||||||||||||||
Net expenses | 533,480 | 1,678,180 | 107,661 | 521,753 | 873,387 | 927,879 | 1,212,664 | |||||||||||||||||||||
Net investment income (loss) | 1,443,262 | 28,826 | 266,807 | 2,322,750 | 1,628,792 | 3,048,792 | 773,589 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 1,658,421 | 9,706,709 | (133,012 | ) | 1,107,898 | (2,623,925 | ) | 1,530,727 | (35,349,111 | ) | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (168,617 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | 3,899 | – | – | – | (14,122 | ) | (1,234,642 | ) | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,489,804 | 9,710,608 | (133,012 | ) | 1,107,898 | (2,623,925 | ) | 1,516,605 | (36,583,753 | ) | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (9,911,797 | ) | (29,741,731 | ) | (2,681,212 | ) | (818,540 | ) | (26,861,764 | ) | (7,442,881 | ) | 2,041,658 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 46,620 | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (2,146 | ) | – | – | – | 75 | 94,674 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | (257,865 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,865,177 | ) | (29,743,877 | ) | (2,681,212 | ) | (818,540 | ) | (26,861,764 | ) | (7,442,806 | ) | 1,878,467 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (8,375,373 | ) | (20,033,269 | ) | (2,814,224 | ) | 289,358 | (29,485,689 | ) | (5,926,201 | ) | (34,705,286 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (6,932,111 | ) | $ | (20,004,443 | ) | $ | (2,547,417 | ) | $ | 2,612,108 | $ | (27,856,897 | ) | $ | (2,877,409 | ) | $ | (33,931,697 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | (8 | ) | $ | 1,733 | $ | – | $ | 188 | $ | 37,461 | $ | 28,665 | $ | 99,683 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† | See Note 1 |
See Notes to Financial Statements
252
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)
FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 12,633,322 | $ | 4,680,613 | $ | 2,951,813 | $ | 3,869,948 | $ | – | $ | 5,707,995 | $ | 744,726 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 478,298 | – | 16,791 | 112,161 | 15,474 | 107,664 | 9,890 | |||||||||||||||||||||
Interest (unaffiliated) | 10,320 | 37,541 | 318 | 4,817,238 | 1,962,899 | 274 | 134 | |||||||||||||||||||||
Total investment income* | 13,121,940 | 4,718,154 | 2,968,922 | 8,799,347 | 1,978,373 | 5,815,933 | 754,750 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,062,431 | 1,015,262 | 670,528 | 1,221,203 | 321,396 | 2,574,801 | 303,065 | |||||||||||||||||||||
Administrative service fee | 319,635 | 95,305 | 93,874 | 171,238 | 44,995 | 253,338 | 28,286 | |||||||||||||||||||||
Transfer agent fees and expenses | 775 | 956 | 899 | 528 | 885 | 582 | 550 | |||||||||||||||||||||
Custodian fees | 275,018 | 79,911 | 67,372 | 145,136 | 15,868 | 96,508 | 20,139 | |||||||||||||||||||||
Reports to shareholders | 71,077 | 17,803 | 18,026 | 43,623 | 6,909 | 57,965 | 5,496 | |||||||||||||||||||||
Audit and tax fees | 20,904 | 21,937 | 23,668 | 20,558 | 16,834 | 16,483 | 15,126 | |||||||||||||||||||||
Legal fees | 17,552 | 14,760 | 6,877 | 20,033 | 7,098 | 16,086 | 6,805 | |||||||||||||||||||||
Directors’ fees and expenses | 25,182 | 7,488 | 7,267 | 13,523 | 3,381 | 20,050 | 2,187 | |||||||||||||||||||||
Interest expense | 2,437 | – | – | 2,177 | 3,238 | 103 | – | |||||||||||||||||||||
Other expenses | 16,919 | 12,272 | 17,405 | 15,282 | 4,689 | 25,099 | 8,330 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 3,811,930 | 1,265,694 | 905,916 | 1,653,301 | 425,293 | 3,061,015 | 389,984 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser | – | – | – | – | – | (129,540 | ) | (46,510 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (8,587 | ) | (435 | ) | (17,351 | ) | (682 | ) | – | – | (5,105 | ) | ||||||||||||||||
Net expenses | 3,803,343 | 1,265,259 | 888,565 | 1,652,619 | 425,293 | 2,931,475 | 338,369 | |||||||||||||||||||||
Net investment income (loss) | 9,318,597 | 3,452,895 | 2,080,357 | 7,146,728 | 1,553,080 | 2,884,458 | 416,381 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 2,414,395 | 10,279,875 | (6,668,904 | ) | 8,276,339 | 4,140,215 | 15,542,567 | (3,896,605 | ) | |||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | (685,730 | ) | – | – | – | – | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (17,984 | ) | (75,879 | ) | (88,091 | ) | 1,143,908 | – | (11,786 | ) | – | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | (59,141 | ) | – | – | ||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | 59,141 | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,396,411 | 10,203,996 | (7,442,725 | ) | 9,420,247 | 4,140,215 | 15,530,781 | (3,896,605 | ) | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (204,967,887 | ) | (59,112,818 | ) | (28,337,823 | ) | (62,586,691 | ) | 1,204,045 | (73,979,895 | ) | (5,319,596 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | (63,269 | ) | – | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (186,744 | ) | (7,529 | ) | (49,563 | ) | (3,289,800 | ) | – | 3,019 | – | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | (29,328 | ) | – | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (205,154,631 | ) | (59,120,347 | ) | (28,450,655 | ) | (65,905,819 | ) | 1,204,045 | (73,976,876 | ) | (5,319,596 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (202,758,220 | ) | (48,916,351 | ) | (35,893,380 | ) | (56,485,572 | ) | 5,344,260 | (58,446,095 | ) | (9,216,201 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (193,439,623 | ) | $ | (45,463,456 | ) | $ | (33,813,023 | ) | $ | (49,338,844 | ) | $ | 6,897,340 | $ | (55,561,637 | ) | $ | (8,799,820 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,118,687 | $ | 192,526 | $ | 114,514 | $ | 325,684 | $ | – | $ | 43,615 | $ | 742 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
253
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)
HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND† | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 452,129 | $ | 191,097 | $ | 11,489,372 | $ | – | $ | 4,991,452 | $ | 1,217,948 | $ | 1,548,150 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | – | – | 474,822 | – | 165,022 | 31,470 | 28,769 | |||||||||||||||||||||
Interest (unaffiliated) | 3,954 | 6,304,885 | 6,939 | 3,738,292 | – | 324 | 610 | |||||||||||||||||||||
Total investment income* | 456,083 | 6,495,982 | 11,971,133 | 3,738,292 | 5,156,474 | 1,249,742 | 1,577,529 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,034,377 | 850,801 | 1,409,356 | 487,377 | 2,422,073 | 439,084 | 1,154,045 | |||||||||||||||||||||
Administrative service fee | 72,406 | 122,625 | 324,671 | 68,233 | 184,205 | 43,908 | 126,224 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,035 | 882 | 4,724 | 678 | 681 | 528 | 560 | |||||||||||||||||||||
Custodian fees | 48,785 | 31,597 | 332,714 | 41,179 | 240,778 | 9,634 | 30,295 | |||||||||||||||||||||
Reports to shareholders | 17,495 | 34,652 | 66,337 | 15,545 | 38,849 | 10,174 | 25,422 | |||||||||||||||||||||
Audit and tax fees | 15,442 | 20,145 | 34,775 | 23,596 | 23,709 | 15,005 | 15,393 | |||||||||||||||||||||
Legal fees | 7,039 | 10,701 | 49,000 | 8,474 | 13,603 | 7,621 | 9,913 | |||||||||||||||||||||
Directors’ fees and expenses | 5,870 | 10,697 | 25,418 | 5,494 | 14,486 | 3,557 | 9,754 | |||||||||||||||||||||
Interest expense | – | 254 | – | – | 1,721 | – | – | |||||||||||||||||||||
Other expenses | 10,049 | 4,203 | 35,215 | 3,230 | 23,635 | 7,278 | 10,689 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, | 1,212,498 | 1,086,557 | 2,282,210 | 653,806 | 2,963,740 | 536,789 | 1,382,295 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | (305,924 | ) | (3,617 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | (1,028 | ) | – | – | – | (1,193 | ) | – | (21,493 | ) | ||||||||||||||||||
Net expenses | 1,211,470 | 1,086,557 | 2,282,210 | 653,806 | 2,656,623 | 533,172 | 1,360,802 | |||||||||||||||||||||
Net investment income (loss) | (755,387 | ) | 5,409,425 | 9,688,923 | 3,084,486 | 2,499,851 | 716,570 | 216,727 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 6,014,979 | 1,495,529 | (36,706,897 | ) | 3,147,959 | 160,437 | 13,387,402 | 653,787 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 367,460 | – | (4,056,207 | ) | – | – | – | – | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (16,672 | ) | (27,756 | ) | (197,973 | ) | (122,862 | ) | (65,152 | ) | 18,223 | 106 | ||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | ||||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,365,767 | 1,467,773 | (40,961,077 | ) | 3,025,097 | 95,285 | 13,405,625 | 653,893 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (26,564,620 | ) | 10,596,244 | (139,414,293 | ) | (6,107,358 | ) | (91,165,490 | ) | (29,088,064 | ) | (42,452,692 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (1,295,496 | ) | – | 2,270,189 | – | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (19,408 | ) | (5,220 | ) | (216,410 | ) | (111,194 | ) | (53,755 | ) | (431 | ) | (1,103 | ) | ||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (43,047 | ) | – | (16,175 | ) | – | (4,911 | ) | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,922,571 | ) | 10,591,024 | (137,376,689 | ) | (6,218,552 | ) | (91,224,156 | ) | (29,088,495 | ) | (42,453,795 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (21,556,804 | ) | 12,058,797 | (178,337,766 | ) | (3,193,455 | ) | (91,128,871 | ) | (15,682,870 | ) | (41,799,902 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (22,312,191 | ) | $ | 17,468,222 | $ | (168,648,843 | ) | $ | (108,969 | ) | $ | (88,629,020 | ) | $ | (14,966,300 | ) | $ | (41,583,175 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 5,216 | $ | 3,519 | 662,240 | $ | 804 | $ | 320,849 | $ | – | $ | 2,550 | |||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 12,726 | $ | – | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
† | See Note 1 |
See Notes to Financial Statements
254
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)
MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | NASDAQ-100 INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 17,608,307 | $ | 803,559 | $ | – | $ | 745,711 | $ | 3,498,054 | $ | 148,859 | $ | 1,405,796 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 645,251 | 350,503 | – | 62,166 | 401,018 | 46,479 | 155,059 | |||||||||||||||||||||
Interest (unaffiliated) | 1,442 | 270 | 378,318 | 270 | 3,485 | 110 | 1,806 | |||||||||||||||||||||
Total investment income* | 18,255,000 | 1,154,332 | 378,318 | 808,147 | 3,902,557 | 195,448 | 1,562,661 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,221,954 | 1,013,111 | 931,229 | 256,352 | 3,415,606 | 322,244 | 1,378,047 | |||||||||||||||||||||
Administrative service fee | 832,147 | 102,377 | 162,965 | 44,862 | 270,991 | 26,538 | 108,339 | |||||||||||||||||||||
Transfer agent fees and expenses | 5,792 | 760 | 6,017 | 4,286 | 4,484 | 528 | 570 | |||||||||||||||||||||
Custodian fees | 124,110 | 59,734 | 27,987 | 19,870 | 94,341 | 11,681 | 72,644 | |||||||||||||||||||||
Reports to shareholders | 225,129 | 50,873 | 28,508 | 12,217 | 62,558 | 22,001 | 25,957 | |||||||||||||||||||||
Audit and tax fees | 14,886 | 15,123 | 17,072 | 15,404 | 17,873 | 14,994 | 15,206 | |||||||||||||||||||||
Legal fees | 34,808 | 14,766 | 11,643 | 5,046 | 13,853 | 20,321 | 9,609 | |||||||||||||||||||||
Directors’ fees and expenses | 66,462 | 8,129 | 12,532 | 3,459 | 21,098 | 2,023 | 6,065 | |||||||||||||||||||||
Interest expense | – | – | – | – | 206 | – | 21 | |||||||||||||||||||||
Other expenses | 42,446 | 9,936 | 7,055 | 18,376 | 51,659 | 7,451 | 32,991 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 4,567,734 | 1,274,809 | 1,205,008 | 379,872 | 3,952,669 | 427,781 | 1,649,449 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (31,658 | ) | (850,064 | ) | (40,210 | ) | – | (52,460 | ) | (210,086 | ) | ||||||||||||||||
Fees paid indirectly (Note 7) | – | (15,657 | ) | – | – | (46,005 | ) | – | (20,279 | ) | ||||||||||||||||||
Net expenses | 4,567,734 | 1,227,494 | 354,944 | 339,662 | 3,906,664 | 375,321 | 1,419,084 | |||||||||||||||||||||
Net investment income (loss) | 13,687,266 | (73,162 | ) | 23,374 | 468,485 | (4,107 | ) | (179,873 | ) | 143,577 | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 42,791,900 | 9,318,229 | 1,872 | 2,386,503 | 32,764,300 | (1,996,477 | ) | 11,195,836 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (4,857,946 | ) | – | – | (84,210 | ) | – | – | – | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (77,197 | ) | – | – | 145,555 | – | (85 | ) | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | 173,000 | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 37,933,954 | 9,241,032 | 174,872 | 2,302,293 | 32,909,855 | (1,996,477 | ) | 11,195,751 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (352,584,161 | ) | (53,215,236 | ) | – | (5,854,091 | ) | (131,987,417 | ) | (10,395,337 | ) | (52,209,018 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 359,539 | – | – | (48,284 | ) | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (2,742 | ) | – | – | (127,884 | ) | – | (8 | ) | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (352,224,622 | ) | (53,217,978 | ) | – | (5,902,375 | ) | (132,115,301 | ) | (10,395,337 | ) | (52,209,026 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (314,290,668 | ) | (43,976,946 | ) | 174,872 | (3,600,082 | ) | (99,205,446 | ) | (12,391,814 | ) | (41,013,275 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (300,603,402 | ) | $ | (44,050,108 | ) | $ | 198,246 | $ | (3,131,597 | ) | $ | (99,209,553 | ) | $ | (12,571,687 | ) | $ | (40,869,698 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | $ | 9,188 | $ | – | $ | 3,531 | $ | 104,695 | $ | 1,342 | $ | 343 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
255
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends (unaffiliated) | $ | 6,199,557 | $ | 1,561,791 | $ | 166,032 | $ | 35,875,318 | $ | 1,594,981 | ||||||||||
Dividends (affiliated) | – | – | – | – | – | |||||||||||||||
Securities lending income | 1,093,243 | 72,278 | 54,353 | 491,803 | – | |||||||||||||||
Interest (unaffiliated) | 1,248 | 868 | 86 | 1,791 | 495 | |||||||||||||||
Total investment income* | 7,294,048 | 1,634,937 | 220,471 | 36,368,912 | 1,595,476 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory and management fees | 1,296,241 | 734,563 | 444,867 | 4,232,802 | 483,304 | |||||||||||||||
Administrative service fee | 292,948 | 68,559 | 36,636 | 1,131,815 | 43,374 | |||||||||||||||
Transfer agent fees and expenses | 4,780 | 775 | 528 | 6,206 | 697 | |||||||||||||||
Custodian fees | 129,030 | 56,089 | 37,471 | 157,009 | 14,649 | |||||||||||||||
Reports to shareholders | 68,886 | 14,575 | 7,811 | 302,100 | 28,785 | |||||||||||||||
Audit and tax fees | 16,363 | 15,248 | 15,131 | 15,023 | 14,951 | |||||||||||||||
Legal fees | 15,902 | 8,165 | 7,167 | 43,652 | 10,628 | |||||||||||||||
Directors’ fees and expenses | 22,905 | 5,136 | 2,862 | 87,546 | 3,327 | |||||||||||||||
Interest expense | – | 364 | 1,716 | – | – | |||||||||||||||
Other expenses | 6,115 | 10,830 | 9,606 | 58,442 | 3,858 | |||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,853,170 | 914,304 | 563,795 | 6,034,595 | 603,573 | |||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (32,825 | ) | (40,422 | ) | – | (76,893 | ) | ||||||||||||
Fees paid indirectly (Note 7) | – | (2,419 | ) | (14,928 | ) | – | (967 | ) | ||||||||||||
Net expenses | 1,853,170 | 879,060 | 508,445 | 6,034,595 | 525,713 | |||||||||||||||
Net investment income (loss) | 5,440,878 | 755,877 | (287,974 | ) | 30,334,317 | 1,069,763 | ||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 34,438,392 | 3,344,682 | 2,219,022 | 38,773,807 | (2,794,876 | ) | ||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | (1,221,105 | ) | – | ||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (4,001,072 | ) | – | – | (1,177,797 | ) | – | |||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (303 | ) | – | – | – | (632 | ) | |||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | (334,751 | ) | – | – | ||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | 334,751 | – | – | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 30,437,017 | 3,344,682 | 2,219,022 | 36,374,905 | (2,795,508 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (157,946,586 | ) | (27,296,866 | ) | (16,786,699 | ) | (296,574,033 | ) | (14,599,933 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | 573,812 | – | |||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,047,683 | – | – | 943,058 | – | |||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 58 | – | – | – | – | |||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (156,898,845 | ) | (27,296,866 | ) | (16,786,699 | ) | (295,057,163 | ) | (14,599,933 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (126,461,828 | ) | (23,952,184 | ) | (14,567,677 | ) | (258,682,258 | ) | (17,395,441 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (121,020,950 | ) | $ | (23,196,307 | ) | $ | (14,855,651 | ) | $ | (228,347,941 | ) | $ | (16,325,678 | ) | |||||
* Net of foreign withholding taxes on interest and dividends of | $ | 5,205 | $ | – | $ | – | $ | 3,299 | $ | 2,935 | ||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
See Notes to Financial Statements
256
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,443,262 | $ | 3,299,894 | $ | 28,826 | $ | 55,144 | $ | 266,807 | $ | 380,012 | $ | 2,322,750 | $ | 4,770,112 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,489,804 | 12,924,705 | 9,710,608 | 42,599,563 | (133,012 | ) | 360,444 | 1,107,898 | 3,880,394 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,865,177 | ) | 8,466,256 | (29,743,877 | ) | 56,775,870 | (2,681,212 | ) | 4,674,970 | (818,540 | ) | 1,502,778 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (6,932,111 | ) | 24,690,855 | (20,004,443 | ) | 99,430,577 | (2,547,417 | ) | 5,415,426 | 2,612,108 | 10,153,284 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,715,898 | ) | – | (164,917 | ) | – | (389,897 | ) | – | (4,468,964 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (2,715,898 | ) | – | (164,917 | ) | – | (389,897 | ) | – | (4,468,964 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,502,289 | ) | (4,055,265 | ) | (40,435,676 | ) | (80,139,859 | ) | (357,299 | ) | 3,695,938 | 13,391,645 | 6,810,891 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (9,434,400 | ) | 17,919,692 | (60,440,119 | ) | 19,125,801 | (2,904,716 | ) | 8,721,467 | 16,003,753 | 12,495,211 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 145,048,977 | 127,129,285 | 444,091,990 | 424,966,189 | 29,023,041 | 20,301,574 | 142,652,232 | 130,157,021 | ||||||||||||||||||||||||
End of period† | $ | 135,614,577 | $ | 145,048,977 | $ | 383,651,871 | $ | 444,091,990 | $ | 26,118,325 | $ | 29,023,041 | $ | 158,655,985 | $ | 142,652,232 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 4,857,129 | $ | 3,413,867 | $ | 71,378 | $ | 42,552 | $ | 403,997 | $ | 137,190 | $ | 7,241,251 | $ | 4,918,501 | ||||||||||||||||
See Notes to Financial Statements
257
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | EMERGING ECONOMIES FUND* | FOREIGN VALUE FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,628,792 | $ | 2,483,519 | $ | 3,048,792 | $ | 3,888,479 | $ | 773,589 | $ | 2,661,452 | $ | 9,318,597 | $ | 24,935,819 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (2,623,925 | ) | 23,492,484 | 1,516,605 | (1,543,795 | ) | (36,583,753 | ) | 18,664,996 | 2,396,411 | 35,953,964 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (26,861,764 | ) | 28,303,895 | (7,442,806 | ) | 33,290,350 | 1,878,467 | 34,550,976 | (205,154,631 | ) | 212,427,984 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (27,856,897 | ) | 54,279,898 | (2,877,409 | ) | 35,635,034 | (33,931,697 | ) | 55,877,424 | (193,439,623 | ) | 273,317,767 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,827,908 | ) | – | (1,825,993 | ) | – | (4,203,630 | ) | – | (15,826,838 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (2,827,908 | ) | – | (1,825,993 | ) | – | (4,203,630 | ) | – | (15,826,838 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (11,289,770 | ) | (19,662,215 | ) | 80,868,840 | 35,741,649 | 40,012,276 | (15,315,026 | ) | (7,926,569 | ) | 44,819,419 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (39,146,667 | ) | 31,789,775 | 77,991,431 | 69,550,690 | 6,080,579 | 36,358,768 | (201,366,192 | ) | 302,310,348 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 251,961,779 | 220,172,004 | 191,319,337 | 121,768,647 | 257,560,243 | 221,201,475 | 1,067,576,912 | 765,266,564 | ||||||||||||||||||||||||
End of period† | $ | 212,815,112 | $ | 251,961,779 | $ | 269,310,768 | $ | 191,319,337 | $ | 263,640,822 | $ | 257,560,243 | $ | 866,210,720 | $ | 1,067,576,912 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 4,113,295 | $ | 2,484,503 | $ | 6,970,707 | $ | 3,921,915 | $ | 3,500,780 | $ | 2,727,191 | $ | 34,156,854 | $ | 24,838,257 | ||||||||||||||||
* | See Note 1 |
See Notes to Financial Statements
258
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,452,895 | $ | 5,513,840 | $ | 2,080,357 | $ | 4,946,257 | $ | 7,146,728 | $ | 15,427,752 | $ | 1,553,080 | $ | 2,622,302 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 10,203,996 | 55,556,329 | (7,442,725 | ) | 20,199,416 | 9,420,247 | 21,302,012 | 4,140,215 | 490,988 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (59,120,347 | ) | 16,856,569 | (28,450,655 | ) | 44,077,728 | (65,905,819 | ) | 66,504,787 | 1,204,045 | 624,131 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (45,463,456 | ) | 77,926,738 | (33,813,023 | ) | 69,223,401 | (49,338,844 | ) | 103,234,551 | 6,897,340 | 3,737,421 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (16,597,111 | ) | – | (4,402,588 | ) | – | (15,053,864 | ) | – | (3,564,524 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (3,335,070 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (19,932,181 | ) | – | (4,402,588 | ) | – | (15,053,864 | ) | – | (3,564,524 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,841,468 | ) | (20,901,235 | ) | 2,683,913 | (32,731,268 | ) | (30,843,481 | ) | 63,771,084 | 8,552,219 | (14,107,974 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (48,304,924 | ) | 37,093,322 | (31,129,110 | ) | 32,089,545 | (80,182,325 | ) | 151,951,771 | 15,449,559 | (13,935,077 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 313,781,036 | 276,687,714 | 292,234,157 | 260,144,612 | 546,499,984 | 394,548,213 | 111,118,408 | 125,053,485 | ||||||||||||||||||||||||
End of period† | $ | 265,476,112 | $ | 313,781,036 | $ | 261,105,047 | $ | 292,234,157 | $ | 466,317,659 | $ | 546,499,984 | $ | 126,567,967 | $ | 111,118,408 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 1,280,450 | $ | (2,172,445 | ) | $ | 7,290,348 | $ | 5,209,991 | $ | 29,457,138 | $ | 22,310,410 | $ | 4,203,361 | $ | 2,650,281 | |||||||||||||||
See Notes to Financial Statements
259
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,884,458 | $ | 5,127,071 | $ | 416,381 | $ | 652,589 | $ | (755,387 | ) | $ | 14,661 | $ | 5,409,425 | $ | 8,841,915 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 15,530,781 | 92,344,631 | (3,896,605 | ) |
| 7,079,621 |
| 6,365,767 | 13,652,789 | 1,467,773 | 2,095,230 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (73,976,876 | ) | 88,976,179 | (5,319,596 | ) | 10,198,659 | (27,922,571 | ) | 52,270,045 | 10,591,024 | 14,361,197 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (55,561,637 | ) | 186,447,881 | (8,799,820 | ) | 17,930,869 | (22,312,191 | ) | 65,937,495 | 17,468,222 | 25,298,342 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (4,559,911 | ) | – | (1,026,650 | ) | – | – | – | (5,626,559 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (4,559,911 | ) | – | (1,026,650 | ) | – | – | – | (5,626,559 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (30,884,614 | ) | (38,245,637 | ) | (3,258,142 | ) | (5,391,896 | ) | 3,584,959 | (7,084,090 | ) | 4,243,210 | 97,736,511 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (86,446,251 | ) | 143,642,333 | (12,057,962 | ) | 11,512,323 | (18,727,232 | ) | 58,853,405 | 21,711,432 | 117,408,294 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 800,022,486 | 656,380,153 | 91,114,296 | 79,601,973 | 229,068,973 | 170,215,568 | 347,946,500 | 230,538,206 | ||||||||||||||||||||||||
End of period† | $ | 713,576,235 | $ | 800,022,486 | $ | 79,056,334 | $ | 91,114,296 | $ | 210,341,741 | $ | 229,068,973 | $ | 369,657,932 | $ | 347,946,500 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 7,720,400 | $ | 4,835,942 | $ | 1,060,414 | $ | 644,033 | $ | (684,253 | ) | $ | 71,134 | $ | 10,938,685 | $ | 5,529,260 | |||||||||||||||
See Notes to Financial Statements
260
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND* | LARGE CAP CORE FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 9,688,923 | $ | 23,177,250 | $ | 3,084,486 | $ | 5,450,749 | $ | 2,499,851 | $ | 8,518,720 | $ | 716,570 | $ | 1,185,814 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (40,961,077 | ) | 14,672,833 | 3,025,097 | 6,837,108 | 95,285 | 32,656,067 | 13,405,625 | 8,705,697 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (137,376,689 | ) | 196,033,529 | (6,218,552 | ) | 7,410,859 | (91,224,156 | ) | 120,323,490 | (29,088,495 | ) | 30,025,034 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (168,648,843 | ) | 233,883,612 | (108,969 | ) | 19,698,716 | (88,629,020 | ) | 161,498,277 | (14,966,300 | ) | 39,916,545 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (21,806,627 | ) | – | (7,384,808 | ) | – | (7,823,021 | ) | – | (1,344,726 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (21,806,627 | ) | – | (7,384,808 | ) | – | (7,823,021 | ) | – | (1,344,726 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 27,451,881 | 32,280,461 | 15,147,167 | 29,063,386 | (35,331,338 | ) | (7,719,280 | ) | (6,902,104 | ) | (8,823,763 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (141,196,962 | ) | 244,357,446 | 15,038,198 | 41,377,294 | (123,960,358 | ) | 145,955,976 | (21,868,404 | ) | 29,748,056 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,028,196,880 | 783,839,434 | 189,309,325 | 147,932,031 | 617,719,790 | 471,763,814 | 145,975,276 | 116,227,220 | ||||||||||||||||||||||||
End of period† | $ | 886,999,918 | $ | 1,028,196,880 | $ | 204,347,523 | $ | 189,309,325 | $ | 493,759,432 | $ | 617,719,790 | $ | 124,106,872 | $ | 145,975,276 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 33,377,415 | $ | 23,688,492 | $ | 6,468,903 | $ | 3,384,417 | $ | 10,927,834 | $ | 8,427,983 | $ | 1,909,515 | $ | 1,192,945 | ||||||||||||||||
* | See Note 1 |
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 216,727 | $ | 1,003,021 | $ | 13,687,266 | $ | 22,232,866 | $ | (73,162 | ) | $ | 349,167 | $ | 23,374 | $ | 51,205 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 653,893 | 45,651,594 | 37,933,954 | 123,248,272 | 9,241,032 | 33,241,876 | 174,872 | (1,181 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (42,453,795 | ) | 42,624,972 | (352,224,622 | ) | 532,464,733 | (53,217,978 | ) | 58,188,422 | – | – | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (41,583,175 | ) | 89,279,587 | (300,603,402 | ) | 677,945,871 | (44,050,108 | ) | 91,779,465 | 198,246 | 50,024 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,510,142 | ) | – | (23,994,410 | ) | – | (170,688 | ) | (23,374 | ) | (49,917 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions to shareholders | – | (1,510,142 | ) | – | (23,994,410 | ) | – | (170,688 | ) | (23,374 | ) | (49,917 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (15,308,786 | ) | (32,524,355 | ) | (101,826,752 | ) | (19,360,540 | ) | (32,891,034 | ) | 1,522,985 | (42,796,786 | ) | (67,715,711 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (56,891,961 | ) | 55,245,090 | (402,430,154 | ) | 634,590,921 | (76,941,142 | ) | 93,131,762 | (42,621,914 | ) | (67,715,604 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 402,976,547 | 347,731,457 | 2,736,231,855 | 2,101,640,934 | 341,240,930 | 248,109,168 | 473,442,961 | 541,158,565 | ||||||||||||||||||||||||
End of period† | $ | 346,084,586 | $ | 402,976,547 | $ | 2,333,801,701 | $ | 2,736,231,855 | $ | 264,299,788 | $ | 341,240,930 | $ | 430,821,047 | $ | 473,442,961 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,235,593 | $ | 1,018,866 | $ | 36,048,439 | $ | 22,361,173 | $ | 268,274 | $ | 341,436 | $ | 1,134 | $ | 1,134 | ||||||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
NASDAQ-100 INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 468,485 | $ | 500,384 | $ | (4,107 | ) | $ | (1,711,180 | ) | $ | (179,873 | ) | $ | (516,630 | ) | $ | 143,577 | $ | 192,239 | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,302,293 | 19,620,399 | 32,909,855 | 156,171,141 | (1,996,477 | ) | 9,881,623 | 11,195,751 | 25,052,548 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (5,902,375 | ) | 8,441,720 | (132,115,301 | ) | 88,685,393 | (10,395,337 | ) | 12,848,410 | (52,209,026 | ) | 70,272,977 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,131,597 | ) | 28,562,503 | (99,209,553 | ) | 243,145,354 | (12,571,687 | ) | 22,213,403 | (40,869,698 | ) | 95,517,764 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (280,420 | ) | – | (20,804 | ) | – | – | – | (532,422 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (280,420 | ) | – | (20,804 | ) | – | – | – | (532,422 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 15,434,228 | (3,824,815 | ) | (50,719,292 | ) | (64,303,894 | ) | (4,979,162 | ) | (17,598,157 | ) | (11,689,745 | ) | (24,202,691 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 12,302,631 | 24,457,268 | (149,928,845 | ) | 178,820,656 | (17,550,849 | ) | 4,615,246 | (52,559,443 | ) | 70,782,651 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 127,159,971 | 102,702,703 | 888,917,907 | 710,097,251 | 91,325,988 | 86,710,742 | 357,570,680 | 286,788,029 | ||||||||||||||||||||||||
End of period† | $ | 139,462,602 | $ | 127,159,971 | $ | 738,989,062 | $ | 888,917,907 | $ | 73,775,139 | $ | 91,325,988 | $ | 305,011,237 | $ | 357,570,680 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 977,588 | $ | 509,103 | $ | 228,535 | $ | 232,642 | $ | (182,912 | ) | $ | (3,039 | ) | $ | 137,241 | $ | (6,336 | ) | |||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | ||||||||||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 5,440,878 | $ | 8,209,617 | $ | 755,877 | $ | 1,414,327 | $ | (287,974 | ) | $ | (634,749 | ) | ||||||||||
Net realized gain (loss) on investments and foreign currencies | 30,437,017 | 13,949,563 | 3,344,682 | 16,742,114 | 2,219,022 | 24,992,987 | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (156,898,845 | ) | 205,108,020 | (27,296,866 | ) | 22,304,486 | (16,786,699 | ) | 9,678,253 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (121,020,950 | ) | 227,267,200 | (23,196,307 | ) | 40,460,927 | (14,855,651 | ) | 34,036,491 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | – | (7,454,783 | ) | – | (1,370,590 | ) | – | (719 | ) | |||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | ||||||||||||||||||
Total distributions to shareholders | – | (7,454,783 | ) | – | (1,370,590 | ) | – | (719 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (35,528,504 | ) | (50,238,624 | ) | (15,492,635 | ) | (20,260,747 | ) | (4,496,275 | ) | (8,321,449 | ) | ||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (156,549,454 | ) | 169,573,793 | (38,688,942 | ) | 18,829,590 | (19,351,926 | ) | 25,714,323 | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 978,591,979 | 809,018,186 | 227,950,519 | 209,120,929 | 121,033,362 | 95,319,039 | ||||||||||||||||||
End of period† | $ | 822,042,525 | $ | 978,591,979 | $ | 189,261,577 | $ | 227,950,519 | $ | 101,681,436 | $ | 121,033,362 | ||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 14,302,426 | $ | 8,861,548 | $ | 2,329,769 | $ | 1,573,892 | $ | (254,018 | ) | $ | 33,956 | |||||||||||
See Notes to Financial Statements
264
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | For the Six Months Ended November 30, 2011 (Unaudited) | For the Year Ended May 31, 2011 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 30,334,317 | $ | 55,561,020 | $ | 1,069,763 | $ | 1,572,748 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 36,374,905 | 172,249,100 | (2,795,508 | ) | 23,062,372 | |||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (295,057,163 | ) | 518,340,529 | (14,599,933 | ) | 6,502,293 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (228,347,941 | ) | 746,150,649 | (16,325,678 | ) | 31,137,413 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (51,510,288 | ) | – | (999,315 | ) | ||||||||||
Net realized gain on securities | – | (48,916,826 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (100,427,114 | ) | – | (999,315 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (87,467,831 | ) | (84,704,900 | ) | (21,266,675 | ) | (32,716,079 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (315,815,772 | ) | 561,018,635 | (37,592,353 | ) | (2,577,981 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 3,551,607,396 | 2,990,588,761 | 152,456,630 | 155,034,611 | ||||||||||||
End of period† | $ | 3,235,791,624 | $ | 3,551,607,396 | $ | 114,864,277 | $ | 152,456,630 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 85,742,287 | $ | 55,407,970 | $ | 2,667,180 | $ | 1,597,417 | ||||||||
See Notes to Financial Statements
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1 — Organization
VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). 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 33 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund | International Growth Fund (formerly International Growth I Fund)* | |
Blue Chip Growth Fund | International Government Bond Fund | |
Broad Cap Value Income Fund | Large Cap Core Fund | |
Capital Conservation Fund | Large Capital Growth Fund | |
Core Equity Fund | Mid Cap Index Fund | |
Dividend Value Fund | Mid Cap Strategic Growth Fund | |
Emerging Economies Fund (formerly Global Equity Fund)* | Money Market I Fund | |
Foreign Value Fund | Nasdaq-100® Index Fund | |
Global Real Estate Fund | Science & Technology Fund | |
Global Social Awareness Fund | Small Cap Aggressive Growth Fund | |
Global Strategy Fund | Small Cap Fund | |
Government Securities Fund | Small Cap Index Fund | |
Growth Fund | Small Cap Special Values Fund | |
Growth & Income Fund | Small-Mid Growth Fund | |
Health Sciences Fund | Stock Index Fund | |
Inflation Protected Fund | Value Fund | |
International Equities Fund |
* | On October 1, 2011, the name of the Global Equity Fund was changed to Emerging Economies Fund and the name of the International Growth I Fund was changed to International Growth Fund. |
Each Fund is diversified with the exception of International Government Bond Fund, Nasdaq-100® Index Fund and Inflation Protected 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 these estimates and those differences could be significant. The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements:
A. Security Valuation
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges for which the securities are principally traded. 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, 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, a fund uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on 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 the 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 of Directors (“the Board”) to reflect what it believes to be the fair value of the securities as of the close of regular trading on the New York Stock Exchange. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. For foreign equity securities and foreign equity futures contracts, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.
Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. The pricing services 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, and maturity date, option adjusted spreads models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day.
Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade. Options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market.
Investments in open end and closed end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open end and closed end 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.
For the Money Market I Fund, securities are valued at amortized cost, which approximates market value. 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 Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the 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 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.
Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.
The various inputs that may be used to determine the value of the Fund’s investments are summarized into three broad levels listed below:
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, 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)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The summary of the inputs used to value the Fund’s net assets as of November 30, 2011 are reported on a schedule following the Portfolio of Investments.
B. Derivative Instruments
The following tables represent the value of derivatives held as of November 30, 2011, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the period ended November 30, 2011:
Asset Allocation Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Interest rate contracts(2)(4) | Variation margin on futures contracts | $ | 161,005 | Variation margin on futures contracts | $ | — | ||||||
Equity contracts(3)(4) | Variation margin on futures contracts | 4,297 | Variation margin on futures contracts | — | ||||||||
$ | 165,302 | $ | — | |||||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Interest rate contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (2,860 | ) | $ | 6,916 | ||||
Equity contracts(3) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (165,757 | ) | 39,704 | ||||||
$ | (168,617 | ) | $ | 46,620 | ||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for interest rate futures contracts was $237,130 |
(3) | The average value outstanding for equity futures contracts was $2,147,566 |
(4) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $152,780 as reported in the Portfolio of Investments. |
Emerging Economies Fund† | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | — | Unrealized depreciation on forward foreign currency contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(2) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | (861,465 | ) | $ | 131,002 | ||||
† | See Note 1 |
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for forward foreign currency contracts was $71,505,447 |
Global Social Awareness Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 247,500 | Variation margin on futures contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(3) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (685,730 | ) | $ | (63,269 | ) | |||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $444,700 as reported in the Portfolio of Investments. |
(3) | The average value outstanding for equity futures contracts was $8,722,242 |
Global Strategy Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | 1,656,356 | Unrealized depreciation on forward foreign currency contracts | $ | 3,694,852 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(2) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | 1,179,569 | $ | (3,065,649 | ) | ||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principals generally accepted in the United States of America. |
(2) | The average notional amount outstanding for forward foreign currency contracts was $157,433,189. |
Growth Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | — | Unrealized depreciation on forward foreign currency contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on Derivatives Recognized in Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(2) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | (18,572 | ) | $ | 20,215 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for forward foreign currency contracts was $16,529. |
Health Sciences Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3)(5) | Call and put options written, at value | $ | — | Call and put options written, at value | $ | 5,077,639 | ||||||
Call and put options purchased, at value | 158,050 | Call and put options purchased, at value | — | |||||||||
$ | 158,050 | $ | 5,077,639 | |||||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2)(3)(4)(6) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 367,460 | $ | (1,295,496 | ) | ||||
Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options | (11,876 | ) | 68,421 | |||||||
$ | 355,584 | $ | (1,227,075 | ) | ||||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for written options equity contracts was $5,159,013 |
(3) | The average value outstanding for purchased options equity contracts was $55,277 |
(4) | The options purchased are included in net realized gain (loss) on investments |
(5) | Purchased options contracts are included in investments at value (unaffiliated) |
(6) | The change in unrealized appreciation (depreciation) on purchased options contracts is included in change in unrealized appreciation (depreciation) on investments (unaffiliated) |
International Equities Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 2,672,685 | Variation margin on futures contracts | $ | — | ||||||
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Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (4,056,207 | ) | $ | 2,270,189 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $31,837,712 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $2,802,290 as reported in the Portfolio of Investments. |
International Government Bond Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | 25,135 | Unrealized depreciation on forward foreign currency contracts | $ | 63,541 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(2) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | (92,392 | ) | $ | 13,128 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for forward foreign currency contracts was $6,326,821 |
Mid Cap Index Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 1,389,500 | Variation margin on futures contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (4,857,946 | ) | $ | 359,539 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $26,786,722 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $182,143 as reported in the Portfolio of Investments. |
Nasdaq-100® Index Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 156,750 | Variation margin on futures contracts | $ | — | ||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (84,210 | ) | $ | (48,284 | ) | |||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $4,234,026 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(22,168) as reported in the Portfolio of Investments. |
Small Cap Index Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 902,720 | Variation margin on futures contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (4,001,072 | ) | $ | 1,047,683 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $22,010,745 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,346,838 as reported in the Portfolio of Investments. |
Stock Index Fund | ||||||||||||
Asset Derivatives 2011 | Liability Derivatives 2011 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 1,259,775 | Variation margin on futures contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (1,177,797 | ) | $ | 943,058 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $30,876,895 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,234,224 as reported in the Portfolio of Investments. |
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated Fund transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance return. During the period ended November 30, 2011, the Emerging Economies Fund used Forward Currency Contracts to hedge portfolio exposure to benchmark currency allocations and enhance returns. The Growth Fund and International Government Bond Fund used Forward Foreign Currency Contracts to protect securities and related receivables and payables against changes in
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
future foreign exchange rates. The Global Strategy Fund used Forward Contracts to protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. As of November 30, 2011, the following Funds had open forward contracts: Global Strategy Fund and International Government Bond Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.
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 the Fund as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. On the settlement date, the 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 the Funds 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, the 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 risk due to counterparty credit 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 reflected 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 Fund 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.
Futures Contracts. Certain of the Funds may enter into futures contracts for various purposes, including 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, to manage duration and yield curve positioning or to enhance income or total return. During the period ended November 30, 2011, the Asset Allocation Fund, Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund, used futures contracts to increase exposure to equity or bond markets. As of November 30, 2011, the following Funds had open futures contracts: Asset Allocation Fund, Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.
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”). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.
A Fund’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When a contract is closed, the Funds record 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 the Funds 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(ies). 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 the Funds 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, a Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty credit risk to the Funds since the futures are generally exchange-traded.
Options. Certain Funds may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Fund’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Fund’s securities or an increase in prices of securities that may be purchased, or to generate income. During the period ended November 30, 2011, the Health Sciences Fund used options contracts to generate income and seek protection against a decline in the value of the Fund’s securities or an increase in prices of securities that may be purchased. As of November 30, 2011, the Health Sciences Fund had open option contracts, which are reported on a schedule following the Fund’s Portfolio of Investments.
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 the 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 the 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 the 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 over-the-counter (OTC) market.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Risks to the Funds of entering into option contracts include credit risk, market risk and, with respect to OTC options, illiquidity risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the 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. There is also the risk the 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.
During the period ended November 30, 2011 the following Funds had options written:
Written Options | ||||||||
Health Sciences | ||||||||
Number of Contracts | Premiums Received | |||||||
Options Outstanding as of May 31, 2011 | 7,507 | $ | 4,663,729 | |||||
Options Written | 4,753 | 2,393,724 | ||||||
Options terminated in closing purchase transactions | (2,454 | ) | (1,392,074 | ) | ||||
Options exercised | (353 | ) | (261,273 | ) | ||||
Options expired | (1,564 | ) | (409,159 | ) | ||||
Options Outstanding as of November 30, 2011 | 7,889 | $ | 4,994,947 | |||||
C. Repurchase Agreements
The Funds, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, 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. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements. 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 the Fund may be delayed or limited.
As of November 30, 2011, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:
Fund | Percentage Ownership | Principal Amount | ||||||
Dividend Value | 0.52 | % | $ | 1,755,000 | ||||
Government Securities | 1.40 | % | 4,695,000 | |||||
Growth & Income | 0.91 | % | 3,051,000 | |||||
Large Capital Growth | 1.71 | % | 5,727,000 | |||||
Mid Cap Index | 7.39 | % | 24,833,000 | |||||
Nasdaq-100® Index | 1.10 | % | 3,703,000 | |||||
Small Cap Index | 3.89 | % | 13,049,000 | |||||
Stock Index | 6.53 | % | 21,948,000 |
As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:
State Street Bank & Trust Co., dated November 30, 2011, bearing interest at a rate of 0.01% per annum, with a principal amount of $335,868,000, a repurchase price of $335,868,093, and a maturity date of December 1, 2011. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | ||||||||||||
U.S. Treasury Notes | 0.75 | % | 12/15/13 | $ | 152,580,000 | $ | 154,487,250 | |||||||||
U.S. Treasury Notes | 1.00 | % | 01/15/14 | 75,000,000 | 76,312,500 | |||||||||||
U.S. Treasury Notes | 1.38 | % | 11/30/15 | 50,000,000 | 51,351,550 | |||||||||||
U.S. Treasury Notes | 1.75 | % | 07/31/15 | 50,000,000 | 52,375,000 | |||||||||||
U.S. Treasury Notes | 2.25 | % | 11/30/17 | 7,625,000 | 8,063,438 |
As of November 30, 2011, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities LLC:
Fund | Percentage Ownership | Principal Amount | ||||||
Money Market I | 29.64 | % | $ | 74,104,000 |
As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
UBS Securities LLC, dated November 30, 2011, bearing interest at a rate of 0.08% per annum, with a principal amount of $250,000,000, a repurchase price of 250,000,556 and a maturity date of December 1, 2011. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | ||||||||||||
U.S. Treasury Inflation Index Notes | 1.88 | % | 07/15/19 | $ | 34,182,600 | $ | 42,856,435 | |||||||||
U.S. Treasury Inflation Index Notes | 2.00 | % | 07/15/14 | 115,000,000 | 150,793,750 | |||||||||||
U.S. Treasury Inflation Index Notes | 2.38 | % | 01/15/25 | 40,000,000 | 61,350,000 |
D. Foreign Currency Translation
The books and records of the Series 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 Series does 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 Series does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of fund securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and changes in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statement 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 a Fund’s 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 rate.
E. Investment Securities Loaned
To realize additional income, a Fund, except for the Money Market I Fund, may lend portfolio securities with a value of up to 33 1/3% of its total assets. Any such loans 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, letters of credit, or other collateral as deemed appropriate. The 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 Custodian 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 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 borrower, less expenses associated with the loan. 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.
F. Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders
Security transactions are recorded on a trade date basis. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and capital gains distributions received are recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions received from Real Estate Investment Trusts (“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. Interest income is accrued daily except when collection is not expected. For financial statement purposes, VC I amortizes all premiums and accretes all discounts on fixed income securities. 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 at various rates. India, Thailand and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund. Common expenses incurred by VC I 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.
Dividends from net investment income, if any, are normally declared and paid annually, except for the 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 Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. 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 investment income (loss), net realized gain (loss) and net assets are not affected by these reclassifications.
Each Fund 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 realized gain on investments, to its shareholders. Therefore, no federal tax provision is required. Each Fund is considered a separate entity for tax purposes.
The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2007.
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G. Mortgage-Backed Dollar Rolls
During the period ended November 30, 2011, the Government Securities Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Fund accounts for the 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 into which the transaction is entered. As of November 30, 2011, none of the Funds had TBA Rolls outstanding.
Dollar roll transactions involve the risk that the market value of the securities held by the 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 dollar roll transaction files bankruptcy or becomes insolvent, the 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. The return earned by the Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the period ended November 30, 2011, the Government Securities Fund had realized gains from mortgage-backed dollar rolls of $351,563.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC, an indirect wholly owned subsidiary of AIG, 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 Fund | 0.35% on the first $500 million | |
0.25% on the next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund | 0.75% on the first $250 million | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund | 0.80% on the first $250 million | |
0.75% on the next $250 million | ||
0.70% on the next $500 million | ||
0.65% on assets over $1 billion | ||
Growth & Income Fund | 0.75% on the first $500 million | |
0.725% on assets over $500 million | ||
Science & Technology Fund | 0.90% on first $500 million | |
0.85% on assets over $500 million | ||
Small Cap Fund | 0.90% on the first $250 million | |
0.85% on the next $250 million | ||
0.80% on the next $500 million | ||
0.75% on assets over $1 billion | ||
Health Sciences Fund | 1.00% on first $500 million | |
0.95% on assets over $500 million | ||
Inflation Protected Fund | 0.50% on the first $250 million | |
0.45% on the next $250 million | ||
0.40% on assets over $500 million | ||
International Growth Fund† | 0.95% on the first $250 million | |
0.90% on the next $250 million | ||
0.85% on the next $500 million | ||
0.80% on assets over $1 billion | ||
Large Capital Growth Fund | 0.64% on the first $750 million | |
0.59% on assets over $750 million | ||
Mid Cap Strategic Growth Fund | 0.70% on the first $250 million | |
0.65% on the next $250 million | ||
0.60% on assets over $500 million |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Asset Allocation Fund | 0.50% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million | ||
Global Social Awareness Fund | 0.50% on first $500 million | |
0.475% on next $500 million | ||
0.45% on assets over $1 billion | ||
Global Strategy Fund | 0.50% on the first $500 million | |
0.46% on assets over $500 million | ||
Capital Conservation Fund | 0.50% on the first $250 million | |
Government Securities Fund | 0.45% on the next $250 million | |
International Government Bond Fund | 0.40% on the next $500 million | |
0.35% on assets over $1 billion | ||
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 | 0.75% on the first $250 million | |
0.72% on the next $250 million | ||
0.67% on the next $500 million | ||
0.62% on assets over $1 billion | ||
Value Fund | 0.78% on the first $250 million | |
0.73% on the next $250 million | ||
0.68% on the next $500 million | ||
0.63% on assets over $1 billion | ||
Broad Cap Value Income Fund | 0.70% on the first $250 million | |
Large Cap Core Fund | 0.65% on the next $250 million | |
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
Foreign Value Fund | 0.73% on the first $250 million | |
0.68% on the next $250 million | ||
0.63% on the next $500 million | ||
0.58% on assets over $1 billion | ||
Emerging Economies Fund† | 0.81% on the first $250 million | |
0.76% on the next $250 million | ||
0.71% on the next $500 million | ||
0.66% on assets over $1 billion | ||
Small Cap Aggressive Growth Fund | 0.85% on the first $250 million | |
Small-Mid Growth Fund | 0.75% on assets over $250 million | |
Small Cap Special Values Fund | 0.75% on the first $500 million | |
0.70% on assets over $500 million | ||
Growth Fund | 0.73% on the first $500 million | |
0.67% on the next $500 million | ||
0.64% on the next $500 million | ||
0.61% on assets over $1.5 billion | ||
Global Real Estate Fund | 0.75% on the first $250 million | |
0.70% on the next $250 million | ||
0.65% on assets over $500 million |
† | See Note 1 |
VALIC contractually agreed to waive fees and/or reimburse expenses, if necessary, at or below the following percentages of each Fund’s average net assets through September 30, 2012. For the purposes of the waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be 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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Fund | Maximum Expense Limitation | |||
Blue Chip Growth | 0.85 | % | ||
Broad Cap Value Income | 0.85 | % | ||
Core Equity | 0.80 | % | ||
Dividend Value | 0.82 | % | ||
Global Real Estate | 0.95 | % | ||
Government Securities | 0.67 | % | ||
Growth | 0.81 | % | ||
Growth & Income | 0.85 | % | ||
Inflation Protected | 0.65 | % | ||
International Growth* | 1.01 | % | ||
Large Cap Core | 0.85 | % | ||
Large Capital Growth | 0.80 | % | ||
Mid Cap Strategic Growth | 0.85 | % | ||
Money Market I | 0.55 | % | ||
Nasdaq-100® Index | 0.53 | % | ||
Small Cap Aggressive Growth | 0.99 | % | ||
Small Cap | 0.93 | % | ||
Small Cap Special Values | 0.90 | % | ||
Small-Mid Growth | 1.00 | % | ||
Value | 0.85 | % |
For the period ended November 30, 2011, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Blue Chip Growth | $ | 29,748 | ||
Broad Cap Value Income | 30,683 | |||
Core Equity | 157,386 | |||
Dividend Value | 91,685 | |||
Growth | 129,540 | |||
Growth & Income | 46,510 | |||
International Growth* | 305,924 | |||
Large Cap Core | 3,617 | |||
Mid Cap Strategic Growth | 31,658 | |||
Nasdaq-100® Index | 40,210 | |||
Small Cap Aggressive Growth | 52,460 | |||
Small Cap | 210,086 | |||
Small Cap Special Values | 32,825 | |||
Small-Mid Growth | 40,422 | |||
Value | 76,893 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the 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 Money Market I Fund will be able to avoid a negative yield. For the period ended November 30, 2011, VALIC voluntarily waived $850,064 of expenses for the Money Market I Fund.
VALIC has entered into sub-advisory agreements with the following:
American Century Investment Management, Inc. (“American Century”)—subadviser for the Growth Fund and a portion of the International Growth Fund.
Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.
BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.
Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.
Century Capital Management, LLC (“Century Capital”)—subadviser for a portion of the Small-Mid Growth Fund.
Columbia Management Investment Advisers, LLC (“Columbia”)#—subadviser for the Large Cap Core Fund.
Dreman Value Management, LLC—subadviser for a portion of the Small Cap Special Values Fund.
Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.
Goldman Sachs Asset Management, L.P.—subadviser for a portion of the Global Real Estate Fund.
Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the Large Capital Growth Fund, a portion of the International Growth Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.
* | See Note 1 |
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J.P. Morgan Investment Management, Inc. (“JPMIM”)*@—subadviser for the Emerging Economies Fund and a portion of the Government Securities Fund.
Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Growth Fund.
Morgan Stanley Investment Management, Inc.—subadviser for a portion of the Mid Cap Strategic Growth Fund.
PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, and International Government Bond Fund.
RCM Capital Management, LLC (“RCM”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.
RS Investment Management Co. LLC (“RS Investments”)†—subadviser for the Small Cap Aggressive Growth Fund
SunAmerica Asset Management Corp. (“SunAmerica”)—subadviser for the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, a portion of the Government Securities Fund and a portion of the Large Capital Growth Fund.
T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.
Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.
Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.
Wellington Management Company, LLP—subadviser for the Value Fund and a portion of the Science & Technology Fund.
Wells Capital Management, Inc. —subadviser for a portion of the Small-Mid Growth Fund and a portion of the Small Cap Special Values Fund.
† | Effective August 22, 2011, RS Investments replaced Wells Capital Management, Inc. as subadviser of the Small Cap Aggressive Growth Fund. |
* | Effective October 1, 2011, JPMIM replaced BlackRock as subadviser for the Emerging Economies Fund. |
@ | Effective November 14, 2011, JPMIM became a subadviser for a portion of the Government Securities Fund. |
# | Effective November 14, 2011, Columbia replaced Wells Capital Management, Inc. as subadviser for the Large Cap Core Fund. |
The subadvisers are compensated for their services by VALIC.
VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”). SunAmerica receives from each Fund, an annual fee of 0.07% based on the average daily net asset value of the Fund. Pursuant to the Administrative Services Agreement, SunAmerica provides administrative services to the Board, 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 November 30, 2011, VC I expensed $5,559,538 for accounting and administrative services.
VC I, on behalf of each Fund has entered into a Transfer Agency and Services Agreement with VALIC. Under this agreement, VALIC provides services which include the issuance and redemption of shares, payment of dividends between the Series and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. For the period ended November 30, 2011, the Series expensed $54,231 in transfer agency and services fees.
On January 23, 2001, the Board of Directors 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 up to six different investment options that are specified in the plan as selected by the directors. For the period ended November 30, 2011, certain directors of VC I have deferred $11,700 of director compensation.
On January 23, 2001, the Board of Directors approved a retirement plan for its independent directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. The Series and VALIC Company II are responsible for the payment of the retirement benefits, as well as all expenses of administration of the plan. Generally, benefits vested under the Retirement Plan are payable for a ten-year period. In the event of a Director’s death prior to complete distribution of benefits, the Director’s beneficiary or estate will be entitled to receive installments or a discounted lump-sum payment of the remaining benefits.
Effective April 27, 2009, the Retirement Plan was terminated. As a result of terminating the retirement plan, (1) the Retirement Plan was frozen as to future accruals for active Participants as of December 31, 2008, and (2) permits active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2010. The freeze of future accruals does not apply to Directors that have commenced receiving benefits under the retirement plan on or before December 31, 2008. On May 24, 2010, VC I made lump-sum payments to the Directors in accordance with the terms of the Retirement Plan.
The following amounts for the Retirement Plan liability are included in the payable for Directors’ fees and expenses line on the Statement of Assets and Liabilities and the amounts for the Retirement Plan expenses are included in the Directors’ fees and expenses line on the Statement of Operations:
Fund | Retirement Plan Liability as of November 30, 2011 | Retirement Plan Expense | Retirement Plan Payments | |||||||||
For the period ended November 30, 2011 | ||||||||||||
Asset Allocation | $ | — | $ | — | $ | 200 | ||||||
Blue Chip Growth | — | — | — |
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Fund | Retirement Plan Liability as of November 30, 2011 | Retirement Plan Expense | Retirement Plan Payments | |||||||||
For the period ended November 30, 2011 | ||||||||||||
Broad Cap Value Income | $ | — | $ | — | $ | — | ||||||
Capital Conservation | — | — | 193 | |||||||||
Core Equity | — | — | 355 | |||||||||
Dividend Value | — | — | — | |||||||||
Emerging Economies** | — | — | — | |||||||||
Foreign Value | — | — | — | |||||||||
Global Real Estate | — | — | — | |||||||||
Global Social Awareness | — | — | 426 | |||||||||
Global Strategy | — | — | — | |||||||||
Government Securities | — | — | 206 | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | — | — | 129 | |||||||||
Health Sciences | — | — | — | |||||||||
Inflation Protected | — | — | — | |||||||||
International Equities | — | — | 1,344 | |||||||||
International Government Bond | — | — | 245 | |||||||||
International Growth** | — | — | — | |||||||||
Large Cap Core | — | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | 3,187 | |||||||||
Mid Cap Strategic Growth | — | — | — | |||||||||
Money Market I | — | — | 951 | |||||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | — | — | 1,091 | |||||||||
Small Cap Aggressive Growth | — | — | — | |||||||||
Small Cap | — | — | — | |||||||||
Small Cap Index | — | — | 1,208 | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | — | — | — | |||||||||
Stock Index | — | — | 4,765 | |||||||||
Value | — | — | — |
At November 30, 2011, VALIC and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:
Fund | VALIC | AGL | ||||||
Asset Allocation | 100.00% | — | ||||||
Blue Chip Growth | 99.97% | * | ||||||
Broad Cap Value Income | 100.00% | — | ||||||
Capital Conservation | 100.00% | — | ||||||
Core Equity | 100.00% | — | ||||||
Dividend Value | 99.98% | * | ||||||
Emerging Economies** | 100.00% | — | ||||||
Foreign Value | 100.00% | — | ||||||
Global Real Estate | 100.00% | — | ||||||
Global Social Awareness | 100.00% | — | ||||||
Global Strategy | 100.00% | — | ||||||
Government Securities | 97.28% | — | ||||||
Growth | 100.00% | — | ||||||
Growth & Income | 96.44% | — | ||||||
Health Sciences | 99.96% | * | ||||||
Inflation Protected | 100.00% | — | ||||||
International Equities | 99.51% | * | ||||||
International Government Bond | 100.00% | — | ||||||
International Growth** | 100.00% | — | ||||||
Large Cap Core | 100.00% | — | ||||||
Large Capital Growth | 100.00% | — | ||||||
Mid Cap Index | 99.22% | * |
** | See Note 1 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | VALIC | AGL | ||||||
Mid Cap Strategic Growth | 100.00% | — | ||||||
Money Market I | 92.53% | 6.48% | ||||||
Nasdaq-100® Index | 97.26% | * | ||||||
Science & Technology | 99.80% | * | ||||||
Small Cap Aggressive Growth | 100.00% | — | ||||||
Small Cap | 100.00% | — | ||||||
Small Cap Index | 98.84% | * | ||||||
Small Cap Special Values | 100.00% | — | ||||||
Small-Mid Growth | 100.00% | — | ||||||
Stock Index | 97.88% | * | ||||||
Value | 100.00% | — |
* | Less than 5% ownership. |
As disclosed in the Portfolio of Investments, certain funds own securities issued by AIG or an affiliate thereof. During the period ended November 30, 2011, the following Funds recorded realized gains (losses) and income on security transactions of AIG and subsidiaries of AIG as follows:
Fund | Security | Income | Market Value at 05/31/11 | Purchases | Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Market Value at 11/30/11 | ||||||||||||||||||||||
Stock Index | American International Group, Inc. Common Stock | — | $ | 3,562,500 | $ | 23,655 | $ | 67,072 | $ | (1,221,095 | ) | $ | 573,804 | $ | 2,871,792 | |||||||||||||||
Stock Index | American International Group, Inc. Warrants | — | 9 | — | 7 | (10 | ) | 8 | — |
During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:
Affiliated Broker | Global Real Estate Fund | |||
Goldman Sachs International | $ | 213 |
On August 16, 2011, SAAMCo, the subadviser to the Government Securities Fund, purchased $10,000,000 par value of the foreign security Temasek Financial I, Ltd, 4.50%, due 09/21/2015, causing the Fund to exceed its 20% limit on investments in high quality foreign securities. On August 25, 2011, the Fund reduced its high quality foreign investment exposure to below 20% by selling $6,000,000 par value of Province of Ontario 2.30%, due 05/10/2016. The over purchase of Temasek Financial I, Ltd., 4.50%, due 09/21/2015 resulted in a loss to the Fund of $59,141.
From September 2010 through June 2011, Century Capital Management LLC, a subadviser to a portion of the Small-Mid Growth Fund, periodically placed trades that were affected by inaccurate weightings in its trading system. On June 6, 2011, securities were bought and sold to correct the weightings, resulting in a net loss of $334,751 to the Fund, which was reimbursed by Century Capital Management LLC.
As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market I Fund, VALIC made capital contributions to the Money Market I Fund in the amount of $173,000 and $0 for the periods ended November 30, 2011 and May 31, 2011, respectively.
On September 22, 2008, American International Group, Inc. (“AIG”), the ultimate parent of VALIC, the Funds’ investment adviser, American General Distributors, Inc., the Funds’ distributor and SunAmerica, the subadvisor to a portion of the Government Securities Fund, Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Large Capital Growth Fund and the Funds’ administrator, entered into a revolving credit facility (“FRBNY Credit Facility”) with the Federal Reserve Bank of New York (“NY Fed”). In connection with the FRBNY Credit Facility, on March 4, 2009, AIG issued its Series C Perpetual, Convertible, Participating Preferred Stock (the “Series C Preferred Stock”) to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the “Trust”). The Series C Preferred Stock was entitled to approximately 77.8% of the voting power of AIG’s outstanding stock.
On January 14, 2011, AIG completed a series of previously announced integrated transactions (the “Recapitalization”) to recapitalize AIG. In the Recapitalization, AIG repaid the NY Fed approximately $21 billion in cash, representing all amounts owing under the FRBNY Credit Facility and the facility was terminated. Also as part of the Recapitalization, (i) the Series C Preferred Stock was exchanged for shares of AIG Common Stock, which was then transferred to the U.S. Department of the Treasury, and the Trust, which had previously held all shares of the Series C Preferred Stock, was terminated, and, (ii) AIG’s Series E Preferred Shares and Series F Preferred Shares were exchanged for shares of AIG Common Stock and a new Series G Preferred Shares (which functions as a $2 billion commitment to provide funding that AIG will have the discretion and option to use). As a result of the Recapitalization, the United States Treasury held a majority of outstanding shares of AIG Common Stock.
Note 4 — Investment Activity
The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended November 30, 2011, were as follows:
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 | ||||||||||||
Asset Allocation | $ | 64,563,598 | $ | 59,438,773 | $ | 12,657,727 | $ | 11,241,039 | ||||||||
Blue Chip Growth | 51,880,329 | 89,669,397 | — | — | ||||||||||||
Broad Cap Value Income | 3,870,392 | 3,679,480 | — | — | ||||||||||||
Capital Conservation | 65,684,032 | 63,256,027 | 56,405,007 | 37,543,965 | ||||||||||||
Core Equity | 87,155,857 | 95,587,626 | — | — | ||||||||||||
Dividend Value | 105,392,806 | 28,447,163 | — | — | ||||||||||||
Emerging Economies* | 312,531,832 | 277,281,960 | — | — | ||||||||||||
Foreign Value | 159,136,201 | 150,367,845 | — | — | ||||||||||||
Global Real Estate | 125,505,652 | 122,715,155 | — | — | ||||||||||||
Global Social Awareness | 150,269,915 | 141,713,783 | — | — | ||||||||||||
Global Strategy | 55,798,229 | 49,452,575 | — | — | ||||||||||||
Government Securities | 44,154,666 | 24,427,948 | 214,275,703 | 231,183,475 | ||||||||||||
Growth | 370,679,441 | 401,468,193 | — | — | ||||||||||||
Growth & Income | 75,024,465 | 78,708,670 | — | — | ||||||||||||
Health Sciences | 32,445,762 | 26,376,599 | — | — | ||||||||||||
Inflation Protected | 66,647,793 | 55,233,391 | 22,577,678 | 31,347,048 | ||||||||||||
International Equities | 555,224,171 | 574,505,958 | — | — | ||||||||||||
International Government Bond | 98,548,633 | 89,828,330 | 23,544,204 | 12,372,581 | ||||||||||||
International Growth* | 130,819,406 | 163,951,914 | — | — | ||||||||||||
Large Cap Core | 90,755,426 | 88,887,552 | — | — | ||||||||||||
Large Capital Growth | 253,010,234 | 274,103,522 | — | — | ||||||||||||
Mid Cap Index | 135,429,710 | 158,822,923 | — | — | ||||||||||||
Mid Cap Strategic Growth | 96,552,387 | 126,653,251 | — | — | ||||||||||||
Nasdaq-100® Index | 22,835,373 | 8,012,093 | — | — | ||||||||||||
Science & Technology | 419,071,470 | 466,680,313 | — | — | ||||||||||||
Small Cap Aggressive Growth | 84,860,179 | 91,843,738 | — | — | ||||||||||||
Small Cap | 64,646,665 | 76,028,983 | — | — | ||||||||||||
Small Cap Index | 91,256,614 | 93,842,120 | — | — | ||||||||||||
Small Cap Special Values | 63,653,172 | 77,501,857 | — | — | ||||||||||||
Small-Mid Growth | 66,610,999 | 80,446,210 | — | — | ||||||||||||
Stock Index | 56,870,340 | 113,639,545 | — | — | ||||||||||||
Value | 5,568,851 | 24,449,423 | — | — |
Note 5 — Federal Income Taxes
The following tables detail the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities due to temporary book/tax differences primarily arising from wash sales, partnerships, post October losses, defaulted securities, deferred compensation, foreign taxes payable, investments in passive foreign investment companies, and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2011.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 135,050,286 | $ | 7,428,351 | $ | (6,981,116 | ) | $ | 447,235 | |||||||
Blue Chip Growth | 304,822,434 | 97,549,124 | (7,687,970 | ) | 89,861,154 | |||||||||||
Broad Cap Value Income | 25,068,119 | 3,067,082 | (2,108,157 | ) | 958,925 | |||||||||||
Capital Conservation | 171,812,981 | 5,788,418 | (2,687,910 | ) | 3,100,508 | |||||||||||
Core Equity | 226,864,581 | 17,750,513 | (13,359,877 | ) | 4,390,636 | |||||||||||
Dividend Value | 247,978,477 | 28,919,798 | (8,467,662 | ) | 20,452,136 | |||||||||||
Emerging Economies* | 1,001,867,982 | 80,809,645 | (187,046,637 | ) | (106,236,992 | ) | ||||||||||
Foreign Value | 251,082,047 | 28,748,672 | (2,795,292 | ) | 25,953,380 | |||||||||||
Global Real Estate | 283,337,310 | 17,014,702 | (35,350,758 | ) | (18,336,056 | ) | ||||||||||
Global Social Awareness | 279,495,899 | 17,386,870 | (28,442,484 | ) | (11,055,614 | ) | ||||||||||
Global Strategy | 500,579,846 | 40,796,447 | (51,616,313 | ) | (10,819,866 | ) | ||||||||||
Government Securities | 125,740,161 | 5,395,832 | (549,111 | ) | 4,846,721 |
* | See Note 1 |
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Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Growth | $ | 703,483,907 | $ | 87,146,714 | $ | (28,871,881 | ) | $ | 58,274,833 | |||||||
Growth & Income | 83,123,242 | 4,738,576 | (3,663,081 | ) | 1,075,495 | |||||||||||
Health Sciences | 185,106,811 | 51,936,186 | (22,205,936 | ) | 29,730,250 | |||||||||||
Inflation Protected | 341,107,121 | 36,179,082 | (5,769,797 | ) | 30,409,285 | |||||||||||
International Equities | 1,051,770,562 | 43,886,886 | (134,578,591 | ) | (90,691,705 | ) | ||||||||||
International Government Bond* | 203,108,624 | 8,750,066 | (6,006,708 | ) | 2,743,358 | |||||||||||
International Growth** | 539,881,873 | 46,980,558 | (40,945,391 | ) | 6,035,167 | |||||||||||
Large Cap Core | 129,980,610 | 7,294,005 | (3,241,910 | ) | 4,052,095 | |||||||||||
Large Capital Growth | 335,516,042 | 36,905,216 | (11,256,148 | ) | 25,649,068 | |||||||||||
Mid Cap Index | 2,571,376,043 | 411,566,169 | (342,587,272 | ) | 68,978,897 | |||||||||||
Mid Cap Strategic Growth | 297,366,798 | 33,568,842 | (26,447,854 | ) | 7,120,988 | |||||||||||
Money Market I | 430,819,693 | — | — | — | ||||||||||||
Nasdaq-100® Index | 123,241,134 | 30,977,474 | (7,186,746 | ) | 23,790,728 | |||||||||||
Science & Technology | 793,346,501 | 77,284,581 | (68,060,203 | ) | 9,224,378 | |||||||||||
Small Cap Aggressive Growth | 74,504,351 | 10,044,114 | (3,236,429 | ) | 6,807,685 | |||||||||||
Small Cap | 318,861,925 | 64,733,679 | (27,211,634 | ) | 37,522,045 | |||||||||||
Small Cap Index | 970,792,093 | 166,792,372 | (190,650,518 | ) | (23,858,146 | ) | ||||||||||
Small Cap Special Values | 232,161,068 | 18,507,916 | (29,067,905 | ) | (10,559,989 | ) | ||||||||||
Small-Mid Growth | 110,101,476 | 12,680,850 | (5,600,328 | ) | 7,080,522 | |||||||||||
Stock Index | 2,948,023,830 | 969,092,559 | (488,537,701 | ) | 480,554,858 | |||||||||||
Value | 120,311,480 | 7,207,693 | (13,084,905 | ) | (5,877,212 | ) |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2011. |
The tax basis distributable earnings at May 31, 2011 and the tax character of distributions paid during the year ended May 31, 2011 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2011 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)† | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 3,429,852 | $ | (3,643,724 | ) | $ | 10,359,032 | $ | 2,715,898 | $ | — | |||||||||
Blue Chip Growth | 69,981 | (35,487,093 | ) | 119,605,031 | 164,917 | — | ||||||||||||||
Broad Cap Value | 137,325 | (2,728,968 | ) | 3,640,137 | 389,897 | — | ||||||||||||||
Capital Conservation | 4,938,015 | (3,552,006 | ) | 3,919,048 | 4,468,964 | — | ||||||||||||||
Core Equity | 2,493,466 | (105,544,814 | ) | 31,252,400 | 2,827,908 | — | ||||||||||||||
Dividend Value | 3,936,226 | (36,270,182 | ) | 27,894,927 | 1,825,993 | — | ||||||||||||||
Foreign Value | 25,185,079 | (102,303,188 | ) | 98,893,792 | 15,826,838 | — | ||||||||||||||
Emerging Economies** | 2,741,053 | (98,747,255 | ) | 23,900,930 | 4,203,630 | — | ||||||||||||||
Global Real Estate | 9,971,969 | 16,495,424 | 40,783,195 | 16,597,111 | 3,335,070 | |||||||||||||||
Global Social Awareness | 5,476,438 | (149,127,957 | ) | 17,325,732 | 4,402,588 | — | ||||||||||||||
Global Strategy | 22,146,749 | (26,119,523 | ) | 53,597,138 | 15,053,864 | — | ||||||||||||||
Government Securities | 3,795,043 | — | 3,642,676 | 3,564,524 | — | |||||||||||||||
Growth | 5,228,447 | (132,262,957 | ) | 132,249,260 | 4,559,911 | — | ||||||||||||||
Growth & Income | 649,859 | (26,206,846 | ) | 6,395,091 | 1,026,650 | — | ||||||||||||||
Health Sciences | 4,686,128 | 9,542,159 | 57,463,603 | — | — | |||||||||||||||
Inflation Protected | 5,725,808 | (3,576,388 | ) | 19,815,187 | 5,626,559 | — | ||||||||||||||
International Equities | 27,457,051 | (164,885,798 | ) | 48,916,302 | 21,806,627 | — | ||||||||||||||
International Government Bond* | 7,282,500 | 2,117,005 | 3,560,348 | 7,384,808 | — | |||||||||||||||
International Growth** | 8,988,884 | (73,753,204 | ) | 97,324,022 | 7,823,021 | — | ||||||||||||||
Large Cap Core | 1,184,532 | 4,344,944 | 33,140,590 | 1,344,726 | — | |||||||||||||||
Large Capital Growth | 1,035,533 | (1,980,626 | ) | 68,105,356 | 1,510,142 | — | ||||||||||||||
Mid Cap Index | 29,971,390 | 135,307,414 | 421,563,059 | 23,994,410 | — | |||||||||||||||
Mid Cap Strategic Growth | 1,341,519 | (9,036,660 | ) | 60,338,796 | 170,688 | — | ||||||||||||||
Money Market I | 8,577 | (840,492 | ) | — | 49,917 | — | ||||||||||||||
Nasdaq-100® Index | 518,181 | 16,828,508 | 29,644,818 | 280,420 | — | |||||||||||||||
Science & Technology | — | (286,688,971 | ) | 141,346,386 | 20,804 | — | ||||||||||||||
Small Cap Aggressive Growth | — | 5,225,815 | 17,203,021 | — | — | |||||||||||||||
Small Cap | 413,165 | (40,243,835 | ) | 89,731,063 | 532,422 | — |
** | See Note 1 |
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Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2011 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)† | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Small Cap Index | $ | 8,530,986 | $ | (45,475,869 | ) | $ | 134,088,440 | $ | 7,454,783 | $ | — | |||||||||
Small Cap Special Values | 1,537,790 | (40,927,307 | ) | 16,736,877 | 1,370,590 | — | ||||||||||||||
Small-Mid Growth | — | (9,843,000 | ) | 23,867,221 | 719 | — | ||||||||||||||
Stock Index | 59,349,036 | 185,980,211 | 776,555,079 | 57,526,788 | 42,900,326 | |||||||||||||||
Value | 1,598,533 | (53,422,423 | ) | 8,722,721 | 999,315 | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2011. |
† | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2011, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, and are available to offset future capital gains, if any:
Capital Loss Carryforward | ||||||||||||||||||||||||||||||||
Fund | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,643,724 | $ | — | ||||||||||||||||
Blue Chip Growth | — | — | — | — | — | — | 35,487,093 | — | ||||||||||||||||||||||||
Broad Cap Value | — | — | — | — | — | 953,767 | 1,775,201 | — | ||||||||||||||||||||||||
Capital Conservation | — | — | — | — | — | 3,552,006 | — | — | ||||||||||||||||||||||||
Core Equity | 32,639,490 | — | — | — | — | 24,335,917 | 48,569,407 | — | ||||||||||||||||||||||||
Dividend Value | — | — | — | — | — | 9,349,929 | 21,908,895 | 5,011,358 | ||||||||||||||||||||||||
Foreign Value | — | — | — | — | — | — | 102,303,188 | — | ||||||||||||||||||||||||
Emerging Economies** | — | — | — | — | — | 26,872,567 | 71,874,688 | — | ||||||||||||||||||||||||
Global Real Estate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Global Social Awareness | — | — | — | — | — | 47,411,740 | 101,716,217 | — | ||||||||||||||||||||||||
Global Strategy | — | — | — | — | — | — | 26,119,523 | — | ||||||||||||||||||||||||
Government Securities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth | — | — | — | — | — | 32,339,809 | 99,923,148 | — | ||||||||||||||||||||||||
Growth & Income | — | — | — | — | — | 7,729,966 | 18,476,880 | — | ||||||||||||||||||||||||
Health Sciences | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Inflation Protected | — | — | — | — | — | 288,881 | 3,287,507 | — | ||||||||||||||||||||||||
International Equities | — | — | — | — | — | 36,713,038 | 128,172,760 | — | ||||||||||||||||||||||||
International Government Bond* | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
International Growth** | — | — | — | — | — | 13,782,961 | 59,970,243 | — | ||||||||||||||||||||||||
Large Cap Core | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Large Capital Growth | — | — | — | — | — | — | 1,980,626 | — | ||||||||||||||||||||||||
Mid Cap Index | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Strategic Growth | — | — | — | — | — | — | 9,036,660 | — | ||||||||||||||||||||||||
Money Market I | — | — | — | — | — | 840,492 | — | — | ||||||||||||||||||||||||
Nasdaq-100® Index | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Science & Technology | 171,964,888 | — | — | — | — | 38,732,224 | 75,991,859 | — | ||||||||||||||||||||||||
Small Cap Aggressive Growth | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap | — | — | — | — | — | 10,977,204 | 29,266,631 | — | ||||||||||||||||||||||||
Small Cap Index | — | — | — | — | — | — | 45,475,869 | — | ||||||||||||||||||||||||
Small Cap Special Values | — | — | — | — | — | 2,847,582 | 38,079,725 | — | ||||||||||||||||||||||||
Small-Mid Growth | — | — | — | — | — | 2,088,621 | 7,754,379 | — | ||||||||||||||||||||||||
Stock Index | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Value | — | — | — | — | — | 4,825,365 | 48,597,058 | — |
* | The Capital Loss Carryforward for International Government Bond Fund are for the 12 months ended, September 30, 2011. |
Under the current tax law, capital losses related to securities and foreign currency losses realized after October 31 and prior to the Fund’s fiscal year end may be deferred as occurring on the first day of the following year. For the fiscal year ended May 31, 2011, the Funds elected to defer capital losses as follows:
Fund | Deferred Post-October Capital Loss | Deferred Post-October Currency Loss | ||||||
Asset Allocation | $ | — | $ | — | ||||
Blue Chip Growth | — | — | ||||||
Broad Cap Value | — | — | ||||||
Capital Conservation | — | — |
** | See Note 1 |
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Fund | Deferred Post-October Capital Loss | Deferred Post-October Currency Loss | ||||||
Core Equity | $ | — | $ | — | ||||
Dividend Value | — | — | ||||||
Foreign Value | — | — | ||||||
Emerging Economies* | — | — | ||||||
Global Real Estate | — | — | ||||||
Global Social Awareness | — | — | ||||||
Global Strategy | — | — | ||||||
Government Securities | 2,995,709 | — | ||||||
Growth | — | 51,036 | ||||||
Growth & Income | — | — | ||||||
Health Sciences | — | — | ||||||
Inflation Protected | — | 195,350 | ||||||
International Equities | — | — | ||||||
International Government Bond† | — | — | ||||||
International Growth* | — | 95,203 | ||||||
Large Cap Core | — | 3,672 | ||||||
Large Capital Growth | — | — | ||||||
Mid Cap Index | — | — | ||||||
Mid Cap Strategic Growth | — | 17,301 | ||||||
Money Market I | 1,282 | — | ||||||
Nasdaq-100® Index | — | — | ||||||
Science & Technology | — | — | ||||||
Small Cap Aggressive Growth | — | — | ||||||
Small Cap | — | 466 | ||||||
Small Cap Index | — | — | ||||||
Small Cap Special Values | — | — | ||||||
Small-Mid Growth | — | — | ||||||
Stock Index | — | — | ||||||
Value | — | — |
† | The deferred Post-October Capital Loss for International Government Bond Fund is for the tax year ended September 30, 2011. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 808,965 | $ | 8,413,985 | 1,803,437 | $ | 18,537,203 | 1,559,121 | $ | 16,300,589 | 3,967,012 | $ | 40,911,994 | ||||||||||||||||||||
Reinvested dividends | — | — | 262,152 | 2,715,898 | — | — | 15,842 | 164,917 | ||||||||||||||||||||||||
Shares redeemed | (1,044,109 | ) | (10,916,274 | ) | (2,487,715 | ) | (25,308,366 | ) | (5,314,784 | ) | (56,736,265 | ) | (12,729,006 | ) | (121,216,770 | ) | ||||||||||||||||
Net increase (decrease) | (235,144 | ) | $ | (2,502,289 | ) | (422,126 | ) | $ | (4,055,265 | ) | (3,755,663 | ) | $ | (40,435,676 | ) | (8,746,152 | ) | $ | (80,139,859 | ) | ||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 458,046 | $ | 4,420,170 | 679,149 | $ | 6,608,810 | 2,835,650 | $ | 27,915,854 | 3,623,815 | $ | 34,775,098 | ||||||||||||||||||||
Reinvested dividends | — | — | 40,488 | 389,897 | — | — | 476,944 | 4,468,964 | ||||||||||||||||||||||||
Shares redeemed | (505,876 | ) | (4,777,469 | ) | (348,546 | ) | (3,302,769 | ) | (1,468,044 | ) | (14,524,209 | ) | (3,372,395 | ) | (32,433,171 | ) | ||||||||||||||||
Net increase (decrease) | (47,830 | ) | $ | (357,299 | ) | 371,091 | $ | 3,695,938 | 1,367,606 | $ | 13,391,645 | 728,364 | $ | 6,810,891 | ||||||||||||||||||
* | See Note 1 |
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Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 634,906 | $ | 7,369,370 | 539,407 | $ | 6,343,213 | 11,084,607 | $ | 96,580,951 | 6,346,030 | $ | 53,675,216 | ||||||||||||||||||||
Reinvested dividends | — | — | 234,876 | 2,827,908 | — | — | 215,329 | 1,825,993 | ||||||||||||||||||||||||
Shares redeemed | (1,584,346 | ) | (18,659,140 | ) | (2,476,456 | ) | (28,833,336 | ) | (1,797,509 | ) | (15,712,111 | ) | (2,352,299 | ) | (19,759,560 | ) | ||||||||||||||||
Net increase (decrease) | (949,440 | ) | $ | (11,289,770 | ) | (1,702,173 | ) | $ | (19,662,215 | ) | 9,287,098 | $ | 80,868,840 | 4,209,060 | $ | 35,741,649 | ||||||||||||||||
Emerging Economies† | Foreign Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 7,266,920 | $ | 54,805,805 | 1,972,015 | $ | 15,218,930 | 7,286,140 | $ | 62,899,063 | 15,818,648 | $ | 133,779,124 | ||||||||||||||||||||
Reinvested dividends | — | — | 522,190 | 4,203,630 | — | — | 1,743,044 | 15,826,838 | ||||||||||||||||||||||||
Shares redeemed | (1,981,157 | ) | (14,793,529 | ) | (4,459,765 | ) | (34,737,586 | ) | (8,000,917 | ) | (70,825,632 | ) | (11,551,550 | ) | (104,786,543 | ) | ||||||||||||||||
Net increase (decrease) | 5,285,763 | $ | 40,012,276 | (1,965,560 | ) | $ | (15,315,026 | ) | (714,777 | ) | $ | (7,926,569 | ) | 6,010,142 | $ | 44,819,419 | ||||||||||||||||
Global Real Estate | Global Social Awareness | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,942,309 | $ | 22,898,658 | 4,708,438 | $ | 39,510,559 | 1,343,121 | $ | 19,495,909 | 1,591,521 | $ | 21,923,931 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,488,412 | 19,932,181 | — | — | 302,583 | 4,402,588 | ||||||||||||||||||||||||
Shares redeemed | (3,097,149 | ) | (25,740,126 | ) | (9,526,468 | ) | (80,343,975 | ) | (1,187,630 | ) | (16,811,996 | ) | (4,101,249 | ) | (59,057,787 | ) | ||||||||||||||||
Net increase (decrease) | (154,840 | ) | $ | (2,841,468 | ) | (2,329,618 | ) | $ | (20,901,235 | ) | 155,491 | $ | 2,683,913 | (2,207,145 | ) | $ | (32,731,268 | ) | ||||||||||||||
Global Strategy | Government Securities | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,603,377 | $ | 18,586,979 | 7,819,489 | $ | 88,143,514 | 3,609,317 | $ | 39,292,525 | 1,246,712 | $ | 13,454,267 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,357,427 | 15,053,864 | — | — | 345,400 | 3,564,524 | ||||||||||||||||||||||||
Shares redeemed | (4,274,063 | ) | (49,430,460 | ) | (3,527,982 | ) | (39,426,294 | ) | (2,775,996 | ) | (30,740,306 | ) | (2,923,820 | ) | (31,126,765 | ) | ||||||||||||||||
Net increase (decrease) | (2,670,686 | ) | $ | (30,843,481 | ) | 5,648,934 | $ | 63,771,084 | 833,321 | $ | 8,552,219 | (1,331,708 | ) | $ | (14,107,974 | ) | ||||||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,597,203 | $ | 17,342,480 | 3,272,922 | $ | 35,934,644 | 365,470 | $ | 4,136,374 | 464,776 | $ | 5,430,704 | ||||||||||||||||||||
Reinvested dividends | — | — | 415,671 | 4,559,911 | — | — | 85,984 | 1,026,650 | ||||||||||||||||||||||||
Shares redeemed | (4,412,679 | ) | (48,227,094 | ) | (7,568,638 | ) | (78,740,192 | ) | (643,594 | ) | (7,394,516 | ) | (1,030,236 | ) | (11,849,250 | ) | ||||||||||||||||
Net increase (decrease) | (2,815,476 | ) | $ | (30,884,614 | ) | (3,880,045 | ) | $ | (38,245,637 | ) | (278,124 | ) | $ | (3,258,142 | ) | (479,476 | ) | $ | (5,391,896 | ) | ||||||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,494,829 | $ | 17,311,021 | 1,708,528 | $ | 18,668,858 | 4,365,281 | $ | 49,061,882 | 11,885,599 | $ | 125,547,162 | ||||||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 543,629 | 5,626,559 | ||||||||||||||||||||||||
Shares redeemed | (1,217,793 | ) | (13,726,062 | ) | (2,564,590 | ) | (25,752,948 | ) | (3,993,320 | ) | (44,818,672 | ) | (3,146,565 | ) | (33,437,210 | ) | ||||||||||||||||
Net increase (decrease) | 277,036 | $ | 3,584,959 | (856,062 | ) | $ | (7,084,090 | ) | 371,961 | $ | 4,243,210 | 9,282,663 | $ | 97,736,511 | ||||||||||||||||||
† | See Note 1 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
International Equities | International Government Bond | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 16,395,752 | $ | 101,324,979 | 19,835,124 | $ | 126,182,913 | 2,860,387 | $ | 37,330,253 | 4,962,751 | $ | 62,894,888 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,455,884 | 21,806,627 | — | — | 604,321 | 7,384,808 | ||||||||||||||||||||||||
Shares redeemed | (11,960,439 | ) | (73,873,098 | ) | (18,663,416 | ) | (115,709,079 | ) | (1,699,677 | ) | (22,183,086 | ) | (3,255,665 | ) | (41,216,310 | ) | ||||||||||||||||
Net increase (decrease) | 4,435,313 | $ | 27,451,881 | 4,627,592 | $ | 32,280,461 | 1,160,710 | $ | 15,147,167 | 2,311,407 | $ | 29,063,386 | ||||||||||||||||||||
International Growth† | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,691,088 | $ | 29,093,451 | 7,338,854 | $ | 79,914,358 | 891,198 | $ | 9,946,321 | 3,995,492 | $ | 39,914,483 | ||||||||||||||||||||
Reinvested dividends | — | — | 714,431 | 7,823,022 | — | — | 120,387 | 1,344,726 | ||||||||||||||||||||||||
Shares redeemed | (5,861,499 | ) | (64,424,789 | ) | (8,966,485 | ) | (95,456,660 | ) | (1,478,096 | ) | (16,848,425 | ) | (4,679,519 | ) | (50,082,972 | ) | ||||||||||||||||
Net increase (decrease) | (3,170,411 | ) | $ | (35,331,338 | ) | (913,200 | ) | $ | (7,719,280 | ) | (586,898 | ) | $ | (6,902,104 | ) | (563,640 | ) | $ | (8,823,763 | ) | ||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 738,367 | $ | 8,105,380 | 878,422 | $ | 9,616,180 | 4,434,351 | $ | 88,867,533 | 9,424,919 | $ | 185,485,284 | ||||||||||||||||||||
Reinvested dividends | — | — | 131,775 | 1,510,142 | — | — | 1,174,469 | 23,994,410 | ||||||||||||||||||||||||
Shares redeemed | (2,104,094 | ) | (23,414,166 | ) | (4,011,224 | ) | (43,650,677 | ) | (9,300,940 | ) | (190,694,285 | ) | (11,583,528 | ) | (228,840,234 | ) | ||||||||||||||||
Net increase (decrease) | (1,365,727 | ) | $ | (15,308,786 | ) | (3,001,027 | ) | $ | (32,524,355 | ) | (4,866,589 | ) | $ | (101,826,752 | ) | (984,140 | ) | $ | (19,360,540 | ) | ||||||||||||
Mid Cap Strategic Growth | Money Market I | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 860,192 | $ | 10,576,424 | 3,121,922 | $ | 37,079,109 | 120,804,264 | $ | 120,804,264 | 251,095,249 | $ | 251,095,246 | ||||||||||||||||||||
Reinvested dividends | — | — | 13,945 | 170,688 | 23,374 | 23,374 | 49,917 | 49,917 | ||||||||||||||||||||||||
Shares redeemed | (3,584,980 | ) | (43,467,458 | ) | (3,092,830 | ) | (35,726,812 | ) | (163,624,420 | ) | (163,624,424 | ) | (318,860,874 | ) | (318,860,874 | ) | ||||||||||||||||
Net increase (decrease) | (2,724,788 | ) | $ | (32,891,034 | ) | 43,037 | $ | 1,522,985 | (42,796,782 | ) | $ | (42,796,786 | ) | (67,715,708 | ) | $ | (67,715,711 | ) | ||||||||||||||
Nasdaq-100® Index | Science & Technology | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 5,035,070 | $ | 30,398,649 | 3,195,572 | $ | 18,572,201 | 1,387,124 | $ | 21,368,997 | 2,004,173 | $ | 31,080,555 | ||||||||||||||||||||
Reinvested dividends | — | — | 46,504 | 280,420 | — | — | 1,299 | 20,804 | ||||||||||||||||||||||||
Shares redeemed | (2,446,215 | ) | (14,964,421 | ) | (3,951,637 | ) | (22,677,436 | ) | (4,576,629 | ) | (72,088,289 | ) | (6,335,484 | ) | (95,405,253 | ) | ||||||||||||||||
Net increase (decrease) | 2,588,855 | $ | 15,434,228 | (709,561 | ) | $ | (3,824,815 | ) | (3,189,505 | ) | $ | (50,719,292 | ) | (4,330,012 | ) | $ | (64,303,894 | ) | ||||||||||||||
Small Cap Aggressive | Small Cap | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 559,784 | $ | 6,035,583 | 1,850,476 | $ | 18,640,333 | 1,267,338 | $ | 12,647,517 | 1,903,287 | $ | 17,266,173 | ||||||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 53,189 | 532,422 | ||||||||||||||||||||||||
Shares redeemed | (997,584 | ) | (11,014,745 | ) | (3,429,156 | ) | (36,238,490 | ) | (2,505,237 | ) | (24,337,262 | ) | (4,608,226 | ) | (42,001,286 | ) | ||||||||||||||||
Net increase (decrease) | (437,800 | ) | $ | (4,979,162 | ) | (1,578,680 | ) | $ | (17,598,157 | ) | (1,237,899 | ) | $ | (11,689,745 | ) | (2,651,750 | ) | $ | (24,202,691 | ) | ||||||||||||
† | See Note 1 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Small Cap Index | Small Cap Special Values | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,627,246 | $ | 34,657,211 | 3,274,051 | $ | 43,537,191 | 1,343,960 | $ | 11,861,234 | 1,439,048 | $ | 12,268,556 | ||||||||||||||||||||
Reinvested dividends | — | — | 520,585 | 7,454,783 | — | — | 150,284 | 1,370,590 | ||||||||||||||||||||||||
Shares redeemed | (5,155,254 | ) | (70,185,715 | ) | (7,648,768 | ) | (101,230,598 | ) | (3,157,260 | ) | (27,353,869 | ) | (3,887,179 | ) | (33,899,893 | ) | ||||||||||||||||
Net increase (decrease) | (2,528,008 | ) | $ | (35,528,504 | ) | (3,854,132 | ) | $ | (50,238,624 | ) | (1,813,300 | ) | $ | (15,492,635 | ) | (2,297,847 | ) | $ | (20,260,747 | ) | ||||||||||||
Small-Mid Growth | Stock Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 390,620 | $ | 4,036,014 | 740,318 | $ | 7,191,329 | 6,924,615 | $ | 168,785,812 | 8,875,956 | $ | 213,232,632 | ||||||||||||||||||||
Reinvested dividends | — | — | 68 | 719 | — | — | 4,085,725 | 100,427,114 | ||||||||||||||||||||||||
Shares redeemed | (840,214 | ) | (8,532,289 | ) | (1,576,981 | ) | (15,513,497 | ) | (10,459,606 | ) | (256,253,643 | ) | (16,368,264 | ) | (398,364,646 | ) | ||||||||||||||||
Net increase (decrease) | (449,594 | ) | $ | (4,496,275 | ) | (836,595 | ) | $ | (8,321,449 | ) | (3,534,991 | ) | $ | (87,467,831 | ) | (3,406,583 | ) | $ | (84,704,900 | ) | ||||||||||||
Value | ||||||||||||||||||||||||||||||||
For the six months ended November 30, 2011 (Unaudited) | For the year ended May 31, 2011 | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold | 725,478 | $ | 6,808,741 | 1,132,752 | $ | 10,478,791 | ||||||||||||||||||||||||||
Reinvested dividends | — | — | 104,860 | 999,315 | ||||||||||||||||||||||||||||
Shares redeemed | (3,142,849 | ) | (28,075,416 | ) | (5,128,398 | ) | (44,194,185 | ) | ||||||||||||||||||||||||
Net increase (decrease) | (2,417,371 | ) | $ | (21,266,675 | ) | (3,890,786 | ) | $ | (32,716,079 | ) | ||||||||||||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the Funds’ expenses have been reduced. For the period ended November 30, 2011, the amount of expense reductions received by each fund, used to offset the Funds’ non-affiliated expenses, were as follows:
Fund | Expense Reductions | |||
Asset Allocation | $ | 569 | ||
Blue Chip Growth | 3,263 | |||
Broad Cap Value Income | 2,577 | |||
Core Equity | 5,472 | |||
Foreign Value | 8,587 | |||
Global Real Estate | 435 | |||
Global Social Awareness | 17,351 | |||
Global Strategy | 682 | |||
Growth & Income | 5,105 | |||
Health Sciences | 1,028 | |||
International Growth* | 1,193 | |||
Large Capital Growth | 21,493 | |||
Mid Cap Strategic Growth | 15,657 | |||
Science & Technology | 46,005 | |||
Small Cap | 20,279 | |||
Small Cap Special Values | 2,419 | |||
Small-Mid Growth | 14,928 | |||
Value | 967 |
Note 8 — Investment Concentration
The Funds 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 government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund,
* | See Note 1 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Government Securities Fund, and Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At the end of the period, the Funds had 37.8%, 64.6% and 59.6%, respectively, of their total net assets invested in such securities.
Some of the Funds may 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. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. 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, Foreign Value Fund, Global Real Estate Fund, International Equities Fund, International Growth Fund, and the International Government Bond Fund. The Emerging Economies Fund had 18.9%, 16.8% and 11.6% of its net assets invested in equities domiciled in Brazil, South Korea and China, respectively. The Foreign Value had 19.4% and 12.4% of its net assets invested in equity securities domiciled in the United Kingdom and France, respectively. The Global Real Estate Fund had 10.4% and 10.4% of its net assets invested in equity securities domiciled in Japan and Hong Kong, respectively. The International Equities Fund had 18.4% and 18.3% of its net assets invested in equity securities domiciled in Japan and the United Kingdom, respectively. The International Growth Fund had 20.6%, and 12.7% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively. The International Government Bond Fund had 20.0% of its net assets invested in securities domiciled in Japan.
The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.
The Nasdaq-100® Index Fund and Science & Technology Fund are concentrated in the technology sector. As a result, the Funds are subject to greater volatility than a fund that does not concentrate in a particular sector. Because the Nasdaq-100® Index may invest in companies within relatively more concentrated industry sectors, the Fund’s performance may be more susceptible to developments which affect those sectors emphasized by the Index.
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. The Fund 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 the 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. As of November 30, 2011, the Global Real Estate Fund had 69.9% of its net assets invested in Real Estate Investment Trusts.
Note 9 — Lines of Credit
The Series and VALIC Company II have established a $85 million committed and $40 million uncommitted line of credit with State Street Bank & Trust Company, the Funds’ custodian. Interest is currently payable at the greater of (i) Federal Funds Rate plus 125 basis points or (ii) overnight LIBOR plus 125 basis points on the committed line of credit. State Street’s discretionary bid rate is used on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum for the daily unused portion of the committed line of credit, which is included in other expenses on the Statement of Operations. Prior to October 14, 2011, the commitment fee was 12.5 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when a Fund’s shortfall exceeds $100,000. For the period ended November 30, 2011, the following funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Broad Cap Value Income | 5 | $ | 75 | $ | 388,112 | 1.40 | % | |||||||||
Core Equity | 11 | 66 | 154,552 | 1.39 | % | |||||||||||
Emerging Economies* | 3 | 703 | 6,055,867 | 1.39 | % | |||||||||||
Foreign Value | 1 | 2,437 | 63,104,686 | 1.39 | % | |||||||||||
Global Strategy | 27 | 2,177 | 2,104,180 | 1.38 | % | |||||||||||
Government Securities | 39 | 3,238 | 2,145,230 | 1.39 | % | |||||||||||
Growth | 12 | 103 | 222,122 | 1.39 | % | |||||||||||
Inflation Protected | 9 | 254 | 729,024 | 1.39 | % | |||||||||||
International Growth* | 67 | 1,721 | 666,358 | 1.39 | % | |||||||||||
Science & Technology | 18 | 206 | 295,867 | 1.39 | % | |||||||||||
Small Cap | 4 | 21 | 133,064 | 1.39 | % | |||||||||||
Small Cap Special Values | 6 | 364 | 1,570,112 | 1.39 | % | |||||||||||
Small-Mid Growth | 7 | 1,716 | 6,410,196 | 1.38 | % |
At November 30, 2011, there were no borrowings outstanding.
* | See Note 1 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Note 10 — Interfund Lending Agreement
Pursuant to exemptive relief granted by the Securities and Exchange Commission, 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 loan 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 November 30, 2011, none of the Funds participated in the 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 of Directors. The affiliated Funds involved in such transaction 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 transaction. For the period November 30, 2011, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | |||||||||
Blue Chip Growth | $ | — | $ | 208,131 | $ | (27,935 | ) | |||||
Core Equity | 69,706 | 9,445 | (5,243 | ) | ||||||||
Emerging Economies* | 180,172 | — | — | |||||||||
Growth | 514,089 | 917,684 | (98,474 | ) | ||||||||
Health Sciences | 105,504 | — | — | |||||||||
International Growth* | 5,180 | 65,652 | 11,433 | |||||||||
Large Capital Growth | 1,018,314 | 523,194 | 6,808 | |||||||||
Mid Cap Strategic Growth | 555,599 | 5,592,610 | 1,383,273 | |||||||||
Science & Technology | 249,777 | 219,600 | 147,533 |
Note 12 — Unfunded Commitment
At November 30, 2011, the Health Sciences Fund had the following unfunded commitment:
Name | Type | Amount | ||||
Tesaro, Inc. | Convertible Preferred Stock Series B | $ | 206,139 | |||
* | See Note 1 |
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 12.16 | $ | 12.01 | $ | 11.18 | $ | 8.77 | $ | 7.29 | $ | 10.54 | $ | 10.80 | $ | 8.92 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.25 | 0.20 | 0.25 | 0.31 | 0.34 | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.03 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.64 | ) | 1.63 | 1.36 | (2.06 | ) | (0.75 | ) | 1.71 | (0.51 | ) | 2.41 | 1.50 | (3.25 | ) | (0.23 | ) | 1.87 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.53 | ) | 1.88 | 1.56 | (1.81 | ) | (0.44 | ) | 2.05 | (0.51 | ) | 2.41 | 1.50 | (3.23 | ) | (0.20 | ) | 1.90 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.26 | ) | (0.34 | ) | (0.35 | ) | (0.21 | ) | – | (0.00 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.45 | ) | (0.69 | ) | (1.69 | ) | – | – | – | (0.01 | ) | (0.04 | ) | – | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (0.26 | ) | (0.79 | ) | (1.04 | ) | (1.90 | ) | – | (0.00 | ) | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.52 | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 12.16 | $ | 10.67 | $ | 11.18 | $ | 8.77 | $ | 7.29 | $ | 10.54 | $ | 10.80 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (4.80 | )% | 20.16 | % | 19.38 | %(e) | (16.41 | )% | (3.84 | )%(f) | 18.14 | % | (4.56 | )% | 27.53 | % | 20.54 | % | (30.63 | )% | (1.84 | )%(g) | 21.30 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | %@ | 0.74 | % | 0.78 | % | 0.73 | % | 0.69 | % | 0.70 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.87 | % | 0.96 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | %@ | 0.74 | % | 0.78 | % | 0.73 | % | 0.69 | % | 0.70 | % | 0.87 | %@ | 0.87 | % | 0.88 | % | 0.89 | % | 0.91 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.02 | % | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.12 | %@ | 2.43 | % | 2.18 | % | 2.88 | % | 2.71 | % | 2.87 | % | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.29 | % | 0.31 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.12 | %@ | 2.43 | % | 2.18 | % | 2.88 | % | 2.71 | % | 2.87 | % | (0.00 | )%@ | (0.01 | )% | (0.02 | )% | 0.25 | % | 0.27 | % | 0.32 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 54 | % | 133 | % | 143 | % | 108 | % | 124 | % | 129 | % | 13 | % | 38 | % | 47 | % | 58 | % | 20 | % | 25 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 12,894 | 13,129 | 13,551 | 13,693 | 14,626 | 14,567 | 35,951 | 39,707 | 48,453 | 49,573 | 39,703 | 10,495 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 135,615 | $ | 145,049 | $ | 127,129 | $ | 110,655 | $ | 156,260 | $ | 177,095 | $ | 383,652 | $ | 444,092 | $ | 424,966 | $ | 361,592 | $ | 418,429 | $ | 113,352 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate. |
(g) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
290
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 12.65 | $ | 10.21 | $ | 9.77 | $ | 9.38 | $ | 8.78 | $ | 9.54 | $ | 9.91 | $ | 9.45 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.15 | 0.16 | 0.20 | 0.19 | 0.17 | 0.15 | 0.32 | 0.34 | 0.43 | 0.52 | 0.48 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.00 | ) | 2.04 | 1.58 | (3.41 | ) | (1.69 | ) | 2.38 | 0.02 | 0.38 | 0.70 | (0.46 | ) | (0.31 | ) | 0.13 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.90 | ) | 2.19 | 1.74 | (3.21 | ) | (1.50 | ) | 2.55 | 0.17 | 0.70 | 1.04 | (0.03 | ) | 0.21 | 0.61 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.16 | ) | (0.17 | ) | (0.21 | ) | (0.19 | ) | (0.11 | ) | – | (0.31 | ) | (0.44 | ) | (0.73 | ) | (0.58 | ) | (0.15 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.00 | ) | (0.42 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.16 | ) | (0.17 | ) | (0.21 | ) | (0.61 | ) | (0.11 | ) | – | (0.31 | ) | (0.44 | ) | (0.73 | ) | (0.58 | ) | (0.15 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.82 | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 12.65 | $ | 9.94 | $ | 9.77 | $ | 9.38 | $ | 8.78 | $ | 9.54 | $ | 9.91 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (8.40 | )% | 25.42 | % | 24.41 | % | (30.34 | )% | (12.08 | )% | 25.09 | % | 1.74 | % | 7.56 | % | 12.04 | %(e)(f) | (0.06 | )% | 2.09 | % | 6.46 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.67 | %@ | 0.67 | % | 0.69 | % | 0.69 | % | 0.68 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | %@ | 1.15 | % | 1.14 | % | 1.26 | % | 1.03 | % | 1.05 | % | 0.67 | %@ | 0.67 | % | 0.69 | % | 0.69 | % | 0.68 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.04 | %@ | 1.60 | % | 1.90 | % | 2.57 | % | 1.65 | % | 1.50 | % | 2.98 | %@ | 3.37 | % | 3.71 | % | 4.83 | % | 5.27 | % | 4.89 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.80 | %@ | 1.30 | % | 1.61 | % | 2.16 | % | 1.47 | % | 1.30 | % | 2.98 | %@ | 3.37 | % | 3.71 | % | 4.83 | % | 5.27 | % | 4.89 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 14 | % | 21 | % | 22 | % | 24 | % | 21 | % | 27 | % | 67 | % | 164 | % | 170 | % | 122 | % | 136 | % | 203 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 2,660 | 2,708 | 2,337 | 2,330 | 2,481 | 2,582 | 15,967 | 14,599 | 13,871 | 12,387 | 13,389 | 17,897 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 26,118 | $ | 29,023 | $ | 20,302 | $ | 16,590 | $ | 26,151 | $ | 32,646 | $ | 158,656 | $ | 142,652 | $ | 130,157 | $ | 108,805 | $ | 127,695 | $ | 177,290 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
(f) | The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
291
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 15.37 | $ | 13.00 | $ | 9.31 | $ | 7.45 | $ | 6.49 | $ | 10.66 | $ | 12.98 | $ | 10.41 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.13 | 0.14 | 0.17 | 0.12 | 0.12 | 0.11 | 0.21 | 0.12 | 0.18 | 0.20 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.57 | ) | 2.69 | 1.59 | (4.66 | ) | (1.50 | ) | 2.35 | (0.40 | ) | 1.75 | 1.02 | (3.64 | ) | (1.89 | ) | 2.47 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.48 | ) | 2.82 | 1.73 | (4.49 | ) | (1.38 | ) | 2.47 | (0.29 | ) | 1.96 | 1.14 | (3.46 | ) | (1.69 | ) | 2.66 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.15 | ) | (0.20 | ) | (0.12 | ) | (0.14 | ) | (0.10 | ) | – | (0.10 | ) | (0.18 | ) | (0.24 | ) | (0.22 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | (0.47 | ) | (0.41 | ) | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.15 | ) | (0.20 | ) | (0.12 | ) | (0.14 | ) | (0.10 | ) | – | (0.10 | ) | (0.18 | ) | (0.71 | ) | (0.63 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.96 | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 15.37 | $ | 9.02 | $ | 9.31 | $ | 7.45 | $ | 6.49 | $ | 10.66 | $ | 12.98 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (11.01 | )% | 26.32 | % | 18.73 | %(h) | (32.34 | )% | (9.00 | )%(f) | 19.02 | %(e) | (3.11 | )% | 26.50 | % | 17.49 | % | (32.20 | )% | (13.28 | )%(g) | 25.67 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.80 | % | 0.80 | % | 0.82 | % | 0.85 | % | 0.85 | % | 0.82 | %@ | 0.82 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.94 | %@ | 0.94 | % | 0.95 | % | 0.95 | % | 0.91 | % | 0.90 | % | 0.90 | %@ | 0.96 | % | 1.00 | % | 0.97 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.48 | %@ | 1.07 | % | 1.30 | % | 1.65 | % | 0.84 | % | 0.85 | % | 2.69 | %@ | 2.58 | % | 1.60 | % | 2.35 | % | 1.75 | % | 1.61 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.33 | %@ | 0.93 | % | 1.16 | % | 1.52 | % | 0.78 | % | 0.79 | % | 2.61 | %@ | 2.44 | % | 1.43 | % | 2.21 | % | 1.65 | % | 1.51 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 39 | % | 103 | % | 103 | % | 88 | % | 69 | % | 110 | % | 13 | % | 70 | % | 41 | % | 39 | % | 37 | % | 30 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,793 | 18,743 | 20,445 | 21,909 | 25,275 | 29,484 | 29,847 | 20,559 | 16,350 | 15,228 | 16,855 | 19,083 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 212,815 | $ | 251,962 | $ | 220,172 | $ | 202,490 | $ | 349,995 | $ | 453,147 | $ | 269,311 | $ | 191,319 | $ | 121,769 | $ | 98,820 | $ | 179,697 | $ | 247,711 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by 0.66% from a reimbursement by an affiliate. |
(g) | The Fund’s performance figure was increased by 0.16% from a reimbursement by an affiliate. |
(h) | The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
292
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Emerging Economies Fund† | Foreign Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.53 | $ | 6.88 | $ | 6.17 | $ | 11.67 | $ | 13.82 | $ | 10.74 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 12.41 | $ | 13.21 | $ | 10.76 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.09 | 0.10 | 0.17 | 0.18 | 0.17 | 0.09 | 0.24 | 0.17 | 0.23 | 0.36 | 0.25 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.12 | ) | 1.70 | 0.63 | (4.85 | ) | (1.44 | ) | 3.06 | (1.95 | ) | 2.35 | 0.52 | (4.23 | ) | (0.67 | ) | 2.33 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.10 | ) | 1.79 | 0.73 | (4.68 | ) | (1.26 | ) | 3.23 | (1.86 | ) | 2.59 | 0.69 | (4.00 | ) | (0.31 | ) | 2.58 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.02 | ) | (0.12 | ) | (0.23 | ) | (0.15 | ) | – | (0.15 | ) | (0.21 | ) | (0.36 | ) | (0.11 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.70 | ) | (0.66 | ) | (0.00 | ) | – | – | – | (0.79 | ) | (0.38 | ) | 0.00 | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.14 | ) | (0.02 | ) | (0.82 | ) | (0.89 | ) | (0.15 | ) | – | (0.15 | ) | (0.21 | ) | (1.15 | ) | (0.49 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 7.43 | $ | 8.53 | $ | 6.88 | $ | 6.17 | $ | 11.67 | $ | 13.82 | $ | 8.32 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 12.41 | $ | 13.21 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (12.90 | )% | 26.09 | %(f) | 11.86 | %(e) | (39.30 | )% | (9.39 | )% | 30.35 | % | (18.27 | )% | 33.69 | % | 9.23 | % | (30.15 | )% | (2.44 | )% | 24.08 | % | ||||||||||||||||||||||||
RATIOS/ | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.02 | %@ | 1.00 | % | 1.02 | % | 1.01 | % | 0.97 | % | 0.95 | % | 0.83 | %@ | 0.84 | % | 0.84 | % | 0.94 | % | 0.86 | % | 0.86 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.02 | %@ | 1.00 | % | 1.02 | % | 1.01 | % | 0.97 | % | 0.95 | % | 0.83 | %@ | 0.84 | % | 0.84 | % | 0.94 | % | 0.86 | % | 0.86 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | 0.01 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.65 | %@ | 1.09 | % | 1.44 | % | 2.32 | % | 1.38 | % | 1.41 | % | 2.04 | %@ | 2.60 | % | 1.98 | % | 3.01 | % | 2.82 | % | 2.17 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.65 | %@ | 1.09 | % | 1.44 | % | 2.32 | % | 1.38 | % | 1.41 | % | 2.04 | %@ | 2.60 | % | 1.98 | % | 3.01 | % | 2.82 | % | 2.17 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 116 | % | 131 | % | 236 | % | 109 | % | 93 | % | 86 | % | 16 | % | 25 | % | 28 | % | 22 | % | 34 | % | 31 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 35,473 | 30,187 | 32,153 | 34,373 | 33,870 | 34,198 | 104,168 | 104,883 | 98,873 | 91,924 | 76,318 | 79,082 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 263,641 | $ | 257,560 | $ | 221,201 | $ | 212,124 | $ | 395,426 | $ | 472,642 | $ | 866,211 | $ | 1,067,577 | $ | 765,267 | $ | 667,342 | $ | 946,934 | $ | 1,044,980 |
# | Unaudited |
@ | Annualized |
† | See Note 1 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from reimbursement for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
293
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Real Estate Fund | Global Social Awareness Fund | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | March 10, 2008* to May 31, 2008 | Six Months Ended November 30, 2011# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.00 | $ | 7.44 | $ | 6.45 | $ | 11.21 | $ | 10.00 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 20.21 | $ | 24.25 | $ | 20.82 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.16 | 0.20 | 0.20 | 0.04 | 0.11 | 0.25 | 0.21 | 0.27 | 0.41 | 0.30 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.45 | ) | 2.04 | 1.64 | (4.87 | ) | 1.17 | (1.91 | ) | 3.21 | 1.48 | (7.47 | ) | (1.71 | ) | 4.25 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.35 | ) | 2.20 | 1.84 | (4.67 | ) | 1.21 | (1.80 | ) | 3.46 | 1.69 | (7.20 | ) | (1.30 | ) | 4.55 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.53 | ) | (0.85 | ) | (0.09 | ) | – | – | (0.23 | ) | (0.34 | ) | (0.40 | ) | (0.29 | ) | (0.16 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | (0.11 | ) | – | – | – | – | – | – | (1.40 | ) | (2.45 | ) | (0.96 | ) | |||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.64 | ) | (0.85 | ) | (0.09 | ) | – | – | (0.23 | ) | (0.34 | ) | (1.80 | ) | (2.74 | ) | (1.12 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 7.65 | $ | 9.00 | $ | 7.44 | $ | 6.45 | $ | 11.21 | $ | 13.99 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 20.21 | $ | 24.25 | ||||||||||||||||||||||
TOTAL RETURN(a) | (15.00 | )% | 30.56 | % | 28.56 | % | (41.58 | )% | 12.10 | % | (11.40 | )% | 27.71 | % | 14.88 | % | (34.56 | )% | (5.35 | )%(e) | 22.35 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | %@ | 0.92 | % | 0.93 | % | 0.95 | % | 0.95 | %@ | 0.68 | %@ | 0.67 | % | 0.69 | % | 0.72 | % | 0.65 | % | 0.62 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | %@ | 0.92 | % | 0.93 | % | 1.01 | % | 5.04 | %@ | 0.68 | %@ | 0.67 | % | 0.69 | % | 0.72 | % | 0.65 | % | 0.62 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.54 | %@ | 1.88 | % | 2.68 | % | 3.54 | % | 2.22 | %@ | 1.54 | %@ | 1.74 | % | 1.63 | % | 2.03 | % | 1.95 | % | 1.31 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.54 | %@ | 1.88 | % | 2.68 | % | 3.48 | % | (1.87 | )%@ | 1.54 | %@ | 1.74 | % | 1.63 | % | 2.03 | % | 1.95 | % | 1.31 | % | ||||||||||||||||||||||
Portfolio turnover rate | 45 | % | 75 | % | 86 | % | 88 | % | 11 | % | 54 | % | 119 | % | 91 | % | 95 | % | 165 | % | 153 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 34,714 | 34,869 | 37,199 | 35,436 | 2,599 | 18,662 | 18,506 | 20,713 | 24,562 | 27,983 | 19,308 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 265,476 | $ | 313,781 | $ | 276,688 | $ | 228,590 | $ | 29,131 | $ | 261,105 | $ | 292,234 | $ | 260,145 | $ | 275,293 | $ | 565,483 | $ | 468,159 |
# | Unaudited |
@ | Annualized |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by 0.12% from a reimbursement by an affiliate. |
See Notes to Financial Statements
294
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Strategy Fund | Government Securities Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.19 | $ | 10.07 | $ | 9.74 | $ | 12.77 | $ | 13.08 | $ | 10.92 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 10.42 | $ | 10.12 | $ | 9.86 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.17 | 0.36 | 0.37 | 0.32 | 0.41 | 0.31 | 0.13 | 0.24 | 0.28 | 0.28 | 0.40 | 0.43 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.30 | ) | 2.11 | 0.99 | (2.39 | ) | (0.33 | ) | 2.05 | 0.45 | 0.12 | 0.29 | 0.05 | 0.36 | 0.07 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.13 | ) | 2.47 | 1.36 | (2.07 | ) | 0.08 | 2.36 | 0.58 | 0.36 | 0.57 | 0.33 | 0.76 | 0.50 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.35 | ) | (1.03 | ) | (0.71 | ) | (0.19 | ) | (0.16 | ) | – | (0.33 | ) | (0.40 | ) | (0.25 | ) | (0.46 | ) | (0.24 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.25 | ) | (0.20 | ) | (0.04 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.35 | ) | (1.03 | ) | (0.96 | ) | (0.39 | ) | (0.20 | ) | – | (0.33 | ) | (0.40 | ) | (0.25 | ) | (0.46 | ) | (0.24 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.06 | $ | 12.19 | $ | 10.07 | $ | 9.74 | $ | 12.77 | $ | 13.08 | $ | 11.28 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 10.42 | $ | 10.12 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (9.27 | )% | 24.85 | % | 13.79 | %(e) | (15.60 | )% | 0.63 | % | 21.86 | % | 5.42 | %(f) | 3.45 | % | 5.56 | %(e) | 3.04 | % | 7.54 | % | 5.12 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.68 | %@ | 0.68 | % | 0.68 | % | 0.71 | % | 0.73 | % | 0.71 | % | 0.66 | %@ | 0.65 | % | 0.71 | % | 0.65 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.68 | %@ | 0.68 | % | 0.68 | % | 0.71 | % | 0.73 | % | 0.71 | % | 0.66 | %@ | 0.65 | % | 0.71 | % | 0.65 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.92 | %@ | 3.26 | % | 3.47 | % | 3.16 | % | 3.17 | % | 2.60 | % | 2.42 | %@ | 2.22 | % | 2.58 | % | 2.63 | % | 3.92 | % | 4.22 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.92 | %@ | 3.26 | % | 3.47 | % | 3.16 | % | 3.17 | % | 2.60 | % | 2.42 | %@ | 2.22 | % | 2.58 | % | 2.63 | % | 3.92 | % | 4.22 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 17 | % | 20 | % | 25 | % | 25 | % | 31 | % | 202 | % | 353 | % | 216 | % | 126 | % | 67 | % | 141 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 42,147 | 44,818 | 39,169 | 36,697 | 38,838 | 38,988 | 11,222 | 10,389 | 11,721 | 13,789 | 16,472 | 10,221 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 466,318 | $ | 546,500 | $ | 394,548 | $ | 357,538 | $ | 495,975 | $ | 509,885 | $ | 126,568 | $ | 111,118 | $ | 125,053 | $ | 144,793 | $ | 171,641 | $ | 103,483 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
(f) | The Fund’s performance was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions (Note 3). |
See Notes to Financial Statements
295
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth Fund | Growth & Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.85 | $ | 9.20 | $ | 7.60 | $ | 11.17 | $ | 10.26 | $ | 9.22 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 16.14 | $ | 17.73 | $ | 14.70 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.07 | 0.06 | 0.05 | 0.02 | (0.01 | ) | 0.06 | 0.09 | 0.13 | 0.24 | 0.26 | 0.19 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.86 | ) | 2.65 | 1.61 | (3.62 | ) | 0.89 | 1.05 | (1.30 | ) | 2.37 | 1.24 | (5.79 | ) | (0.85 | ) | 2.95 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.82 | ) | 2.72 | 1.67 | (3.57 | ) | 0.91 | 1.04 | (1.24 | ) | 2.46 | 1.37 | (5.55 | ) | (0.59 | ) | 3.14 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.07 | ) | (0.07 | ) | 0.00 | – | 0.00 | – | (0.14 | ) | (0.24 | ) | (0.28 | ) | (0.22 | ) | (0.11 | ) | |||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | 0.00 | – | – | – | – | – | (0.96 | ) | (0.78 | ) | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.07 | ) | (0.07 | ) | 0.00 | – | 0.00 | – | (0.14 | ) | (0.24 | ) | (1.24 | ) | (1.00 | ) | (0.11 | ) | |||||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.03 | $ | 11.85 | $ | 9.20 | $ | 7.60 | $ | 11.17 | $ | 10.26 | $ | 11.56 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 16.14 | $ | 17.73 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (6.92 | )% | 29.60 | % | 22.01 | %(f) | (31.94 | )% | 8.87 | % | 11.29 | % | (9.69 | )% | 23.60 | % | 14.58 | %(f) | (33.90 | )% | (3.44 | )%(e) | 21.40 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | %@ | 0.81 | % | 0.85 | % | 0.94 | % | 0.95 | % | 0.94 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.85 | %@ | 0.85 | % | 0.88 | % | 0.94 | % | 0.95 | % | 0.94 | % | 0.97 | %@ | 0.96 | % | 0.95 | % | 0.95 | % | 0.89 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.02 | % | 0.03 | % | 0.02 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.80 | %@ | 0.71 | % | 0.67 | % | 0.64 | % | 0.22 | % | (0.09 | )% | 1.02 | %@ | 0.76 | % | 1.21 | % | 2.15 | % | 1.53 | % | 1.18 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.76 | %@ | 0.67 | % | 0.64 | % | 0.64 | % | 0.22 | % | (0.09 | )% | 0.90 | %@ | 0.65 | % | 1.11 | % | 2.05 | % | 1.49 | % | 1.13 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 51 | % | 95 | % | 99 | % | 114 | % | 203 | % | 103 | % | 94 | % | 167 | % | 174 | % | 189 | % | 238 | % | 169 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 64,670 | 67,486 | 71,366 | 75,864 | 86,259 | 99,984 | 6,840 | 7,119 | 7,598 | 7,861 | 8,034 | 8,422 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 713,576 | $ | 800,022 | $ | 656,380 | $ | 576,502 | $ | 963,368 | $ | 1,025,501 | $ | 79,056 | $ | 91,114 | $ | 79,602 | $ | 73,508 | $ | 129,657 | $ | 149,283 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
296
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.78 | $ | 9.07 | $ | 7.18 | $ | 10.56 | $ | 11.53 | $ | 10.64 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 10.01 | $ | 9.59 | $ | 9.60 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.04 | ) | 0.00 | (0.05 | ) | (0.04 | ) | (0.07 | ) | (0.06 | ) | 0.17 | 0.34 | 0.24 | 0.20 | 0.49 | 0.39 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.18 | ) | 3.71 | 1.94 | (2.45 | ) | 0.13 | 2.37 | 0.37 | 0.62 | 0.81 | (0.61 | ) | 0.29 | (0.07 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.22 | ) | 3.71 | 1.89 | (2.49 | ) | 0.06 | 2.31 | 0.54 | 0.96 | 1.05 | (0.41 | ) | 0.78 | 0.32 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | (0.24 | ) | (0.08 | ) | (0.39 | ) | (0.36 | ) | (0.33 | ) | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.89 | ) | (1.03 | ) | (1.42 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | (0.01 | ) | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | – | – | (0.89 | ) | (1.03 | ) | (1.42 | ) | – | (0.24 | ) | (0.08 | ) | (0.40 | ) | (0.36 | ) | (0.33 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.56 | $ | 12.78 | $ | 9.07 | $ | 7.18 | $ | 10.56 | $ | 11.53 | $ | 11.43 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 10.01 | $ | 9.59 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (9.55 | )% | 40.90 | % | 26.32 | % | (23.05 | )% | 0.05 | % | 23.19 | % | 4.96 | % | 9.57 | % | 11.47 | % | (4.08 | )% | 8.22 | % | 3.35 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.17 | %@ | 1.17 | % | 1.18 | % | 1.19 | % | 1.17 | % | 1.17 | % | 0.62 | %@ | 0.63 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.17 | %@ | 1.17 | % | 1.18 | % | 1.19 | % | 1.17 | % | 1.17 | % | 0.62 | %@ | 0.63 | % | 0.65 | % | 0.66 | % | 0.73 | % | 1.05 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.73 | )%@ | 0.01 | % | (0.62 | )% | (0.55 | )% | (0.63 | )% | (0.57 | )% | 3.09 | %@ | 3.30 | % | 2.55 | % | 2.18 | % | 5.59 | % | 4.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.73 | )%@ | 0.01 | % | (0.62 | )% | (0.55 | )% | (0.63 | )% | (0.57 | )% | 3.09 | %@ | 3.30 | % | 2.55 | % | 2.16 | % | 5.51 | % | 3.61 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 38 | % | 38 | % | 43 | % | 44 | % | 47 | % | 25 | % | 49 | % | 48 | % | 39 | % | 70 | % | 37 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,197 | 17,920 | 18,776 | 19,699 | 18,782 | 17,035 | 32,328 | 31,956 | 22,673 | 16,219 | 15,887 | 1,640 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 210,342 | $ | 229,069 | $ | 170,216 | $ | 141,470 | $ | 198,368 | $ | 196,444 | $ | 369,658 | $ | 347,947 | $ | 230,538 | $ | 149,178 | $ | 159,074 | $ | 15,722 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
297
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.84 | $ | 5.38 | $ | 5.15 | $ | 10.37 | $ | 11.29 | $ | 9.79 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 12.39 | $ | 12.05 | $ | 12.08 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.16 | 0.13 | 0.19 | 0.31 | 0.25 | 0.20 | 0.42 | 0.45 | 0.46 | 0.49 | 0.49 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.17 | ) | 1.45 | 0.25 | (4.18 | ) | (0.75 | ) | 2.02 | (0.19 | ) | 1.12 | 0.40 | (0.56 | ) | 0.57 | 0.42 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.11 | ) | 1.61 | 0.38 | (3.99 | ) | (0.44 | ) | 2.27 | 0.01 | 1.54 | 0.85 | (0.10 | ) | 1.06 | 0.91 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.15 | ) | (0.15 | ) | (0.28 | ) | (0.26 | ) | (0.16 | ) | – | (0.60 | ) | (0.48 | ) | (0.73 | ) | (0.63 | ) | (0.52 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.95 | ) | (0.22 | ) | (0.61 | ) | – | – | – | (0.01 | ) | (0.09 | ) | (0.42 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.15 | ) | (0.15 | ) | (1.23 | ) | (0.48 | ) | (0.77 | ) | – | (0.60 | ) | (0.48 | ) | (0.74 | ) | (0.72 | ) | (0.94 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 5.73 | $ | 6.84 | $ | 5.38 | $ | 5.15 | $ | 10.37 | $ | 11.29 | $ | 12.87 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 12.39 | $ | 12.05 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (16.23 | )% | 30.18 | % | 7.06 | % | (37.10 | )% | (3.91 | )% | 24.05 | % | 0.08 | % | 13.16 | % | 7.32 | % | (0.70 | )% | 8.94 | % | 7.60 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.49 | %@ | 0.47 | % | 0.52 | % | 0.55 | % | 0.51 | % | 0.50 | % | 0.67 | %@ | 0.67 | % | 0.68 | % | 0.72 | % | 0.68 | % | 0.70 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.49 | %@ | 0.47 | % | 0.52 | % | 0.55 | % | 0.51 | % | 0.50 | % | 0.67 | %@ | 0.67 | % | 0.68 | % | 0.72 | % | 0.68 | % | 0.70 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.09 | %@ | 2.53 | % | 2.29 | % | 3.18 | % | 2.87 | % | 2.45 | % | 3.16 | %@ | 3.34 | % | 3.70 | % | 3.96 | % | 4.07 | % | 4.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.09 | %@ | 2.53 | % | 2.29 | % | 3.18 | % | 2.87 | % | 2.45 | % | 3.16 | %@ | 3.34 | % | 3.70 | % | 3.96 | % | 4.07 | % | 4.04 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 61 | % | 56 | % | 66 | % | 81 | % | 104 | % | 47 | % | 54 | % | 113 | % | 147 | % | 224 | % | 183 | % | 164 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 154,856 | 150,421 | 145,793 | 141,492 | 106,313 | 97,164 | 15,881 | 14,721 | 12,409 | 13,016 | 14,457 | 11,264 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 887,000 | $ | 1,028,197 | $ | 783,839 | $ | 728,784 | $ | 1,102,850 | $ | 1,097,046 | $ | 204,348 | $ | 189,309 | $ | 147,932 | $ | 150,314 | $ | 179,191 | $ | 135,777 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
298
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund† | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.04 | $ | 9.04 | $ | 8.29 | $ | 13.15 | $ | 12.91 | $ | 10.30 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 10.78 | $ | 11.91 | $ | 10.10 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment | 0.05 | 0.17 | 0.13 | 0.18 | 0.20 | 0.14 | 0.06 | 0.09 | 0.10 | 0.13 | 0.11 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized | (1.83 | ) | 2.98 | 0.80 | (4.86 | ) | 0.16 | 2.65 | (1.36 | ) | 2.98 | 1.47 | (2.51 | ) | (0.65 | ) | 1.78 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.78 | ) | 3.15 | 0.93 | (4.68 | ) | 0.36 | 2.79 | (1.30 | ) | 3.07 | 1.57 | (2.38 | ) | (0.54 | ) | 1.91 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.12 | ) | (0.18 | ) | – | (0.11 | ) | (0.12 | ) | (0.04 | ) | (0.09 | ) | (0.10 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | (0.44 | ) | (0.50 | ) | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.12 | ) | (0.18 | ) | – | (0.11 | ) | (0.12 | ) | (0.48 | ) | (0.59 | ) | (0.10 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.26 | $ | 12.04 | $ | 9.04 | $ | 8.29 | $ | 13.15 | $ | 12.91 | $ | 11.03 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 10.78 | $ | 11.91 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (14.78 | )% | 35.00 | %(e) | 11.07 | % | (35.39 | )% | 2.78 | % | 27.31 | % | (10.54 | )% | 32.94 | % | 19.81 | % | (21.36 | )% | (4.73 | )% | 19.01 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.01 | %@ | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.13 | %@ | 1.12 | % | 1.12 | % | 1.14 | % | 1.11 | % | 1.11 | % | 0.86 | %@ | 0.85 | % | 0.88 | % | 0.89 | % | 1.00 | % | 0.91 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.95 | %@ | 1.53 | % | 1.35 | % | 2.11 | % | 1.56 | % | 1.19 | % | 1.14 | %@ | 0.85 | % | 1.08 | % | 1.60 | % | 0.96 | % | 1.15 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.83 | %@ | 1.42 | % | 1.24 | % | 1.97 | % | 1.46 | % | 1.09 | % | 1.14 | %@ | 0.85 | % | 1.05 | % | 1.56 | % | 0.81 | % | 1.09 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 25 | % | 67 | % | 79 | % | 70 | % | 64 | % | 74 | % | 73 | % | 44 | % | 33 | % | 41 | % | 62 | % | 24 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 48,124 | 51,294 | 52,207 | 53,649 | 55,226 | 51,765 | 11,256 | 11,843 | 12,406 | 12,312 | 7,869 | 7,405 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 493,759 | $ | 617,720 | $ | 471,764 | $ | 444,783 | $ | 726,258 | $ | 668,274 | $ | 124,107 | $ | 145,975 | $ | 116,227 | $ | 97,480 | $ | 84,844 | $ | 88,186 |
# | Unaudited |
@ | Annualized |
† | See Note 1 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
299
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.31 | $ | 9.73 | $ | 8.23 | $ | 12.45 | $ | 12.38 | $ | 10.43 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 23.88 | $ | 26.62 | $ | 23.72 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.03 | 0.04 | 0.06 | 0.03 | 0.05 | 0.12 | 0.18 | 0.19 | 0.25 | 0.26 | 0.30 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.29 | ) | 2.59 |
| 1.53 |
| (4.01 | ) | 0.07 | 1.93 | (2.64 | ) | 5.43 |
| 4.40 |
| (8.65 | ) | (1.05 | ) | 4.38 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.28 | ) | 2.62 | 1.57 | (3.95 | ) | 0.10 | 1.98 | (2.52 | ) | 5.61 | 4.59 | (8.40 | ) | (0.79 | ) | 4.68 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.04 | ) | (0.07 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | – | (0.20 | ) | (0.25 | ) | (0.27 | ) | (0.30 | ) | (0.12 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.24 | ) | – | – | – | – | (0.36 | ) | (1.89 | ) | (1.65 | ) | (1.66 | ) | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.04 | ) | (0.07 | ) | (0.27 | ) | (0.03 | ) | (0.03 | ) | – | (0.20 | ) | (0.61 | ) | (2.16 | ) | (1.95 | ) | (1.78 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.03 | $ | 12.31 | $ | 9.73 | $ | 8.23 | $ | 12.45 | $ | 12.38 | $ | 20.19 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 23.88 | $ | 26.62 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (10.40 | )% | 27.01 | % | 19.08 | %(f) | (31.55 | )% | 0.78 | %(e) | 18.97 | % | (11.10 | )% | 32.54 | %(e) | 34.73 | % | (33.91 | )% | (2.73 | )% | 20.77 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | %@ | 0.78 | % | 0.78 | % | 0.79 | % | 0.78 | % | 0.76 | % | 0.38 | %@ | 0.39 | % | 0.39 | % | 0.40 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.77 | %@ | 0.78 | % | 0.78 | % | 0.79 | % | 0.78 | % | 0.76 | % | 0.38 | %@ | 0.39 | % | 0.39 | % | 0.40 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.11 | %@ | 0.25 | % | 0.41 | % | 0.61 | % | 0.27 | % | 0.42 | % | 1.15 | %@ | 0.93 | % | 1.17 | % | 1.64 | % | 1.08 | % | 1.27 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.11 | %@ | 0.25 | % | 0.41 | % | 0.61 | % | 0.27 | % | 0.42 | % | 1.15 | %@ | 0.93 | % | 1.17 | % | 1.64 | % | 1.08 | % | 1.27 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 71 | % | 129 | % | 59 | % | 49 | % | 49 | % | 78 | % | 6 | % | 18 | % | 12 | % | 22 | % | 21 | % | 14 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 31,369 | 32,735 | 35,736 | 38,018 | 41,724 | 47,394 | 115,608 | 120,474 | 121,459 | 123,279 | 112,050 | 115,417 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 346,085 | $ | 402,977 | $ | 347,731 | $ | 312,755 | $ | 519,294 | $ | 586,875 | $ | 2,333,802 | $ | 2,736,232 | $ | 2,101,641 | $ | 1,642,120 | $ | 2,676,198 | $ | 3,071,995 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate. |
See Notes to Financial Statements
300
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.62 | $ | 9.92 | $ | 7.83 | $ | 15.03 | $ | 14.14 | $ | 11.76 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.00 | ) | 0.01 | (0.00 | ) | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | 0.05 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.78 | ) | 3.70 | 2.14 | (5.95 | ) | 1.23 | 2.39 | 0.00 | (0.00 | ) | 0.00 | – | – | – | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.78 | ) | 3.71 | 2.14 | (5.93 | ) | 1.24 | 2.39 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | 0.05 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | (0.05 | ) | – | – | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (1.27 | ) | (0.35 | ) | – | – | – | (0.00 | ) | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.01 | ) | (0.05 | ) | (1.27 | ) | (0.35 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 11.84 | $ | 13.62 | $ | 9.92 | $ | 7.83 | $ | 15.03 | $ | 14.14 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (13.07 | )% | 37.37 | % | 27.35 | %(f) | (37.52 | )% | 8.71 | % | 20.30 | % | 0.01 | %(g) | 0.01 | % | 0.04 | %(e) | 1.33 | % | 3.82 | % | 4.90 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.84 | % | 0.85 | % | 0.85 | % | 0.84 | % | 0.83 | % | 0.15 | %@ | 0.24 | % | 0.41 | % | 0.54 | % | 0.51 | % | 0.52 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | %@ | 0.84 | % | 0.86 | % | 0.87 | % | 0.84 | % | 0.83 | % | 0.52 | %@ | 0.52 | % | 0.55 | % | 0.59 | % | 0.51 | % | 0.52 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.02 | % | 0.04 | % | 0.04 | % | 0.01 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.06 | )%@ | 0.10 | % | (0.09 | )% | 0.21 | % | 0.03 | % | 0.00 | % | 0.01 | %@ | 0.01 | % | 0.03 | % | 1.31 | % | 3.72 | % | 4.80 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.08 | )%@ | 0.10 | % | (0.10 | )% | 0.19 | % | 0.03 | % | 0.00 | % | (0.36 | )%@ | (0.27 | )% | (0.10 | )% | 1.26 | % | 3.72 | % | 4.80 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 33 | % | 134 | % | 239 | % | 293 | % | 151 | % | 242 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,327 | 25,052 | 25,009 | 26,125 | 24,438 | 23,317 | 431,488 | 474,285 | 542,000 | 612,933 | 572,369 | 516,352 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 264,300 | $ | 341,241 | $ | 248,109 | $ | 204,470 | $ | 367,295 | $ | 329,635 | $ | 430,821 | $ | 473,443 | $ | 541,159 | $ | 611,356 | $ | 572,434 | $ | 516,352 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(g) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (See Note 3). |
See Notes to Financial Statements
301
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Nasdaq-100® Index Fund | Science & Technology Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.45 | $ | 5.03 | $ | 3.89 | $ | 5.62 | $ | 5.34 | $ | 4.38 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 14.41 | $ | 13.67 | $ | 11.50 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | (0.00 | ) | (0.03 | ) | (0.02 | ) | 0.01 | (0.01 | ) | (0.05 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.22 | ) | 1.41 | 1.14 | (1.68 | ) | 0.27 | 0.96 | (1.98 | ) | 4.67 | 2.98 | (4.44 | ) | 0.75 | 2.22 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.20 | ) | 1.43 | 1.15 | (1.67 | ) | 0.28 | 0.96 | (1.98 | ) | 4.64 | 2.96 | (4.43 | ) | 0.74 | 2.17 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | (0.01 | ) | (0.01 | ) | – | (0.00 | ) | – | (0.00 | ) | (0.01 | ) | – | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.05 | ) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.01 | ) | (0.01 | ) | (0.06 | ) | – | (0.00 | ) | – | (0.00 | ) | (0.01 | ) | – | – | – | ||||||||||||||||||||||||||||||
Net asset value at end of period | $ | 6.25 | $ | 6.45 | $ | 5.03 | $ | 3.89 | $ | 5.62 | $ | 5.34 | $ | 15.59 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 14.41 | $ | 13.67 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (3.10 | )% | 28.53 | % | 29.60 | %(f) | (29.36 | )% | 5.32 | % | 22.01 | % | (11.27 | )% | 35.89 | % | 29.67 | %(f) | (30.74 | )%(e) | 5.41 | % | 18.87 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.53 | %@ | 0.53 | % | 0.54 | % | 0.55 | % | 0.56 | % | 0.63 | % | 1.02 | %@ | 1.02 | % | 1.02 | % | 1.06 | % | 1.00 | % | 1.03 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.59 | %@ | 0.63 | % | 0.60 | % | 0.66 | % | 0.60 | % | 0.63 | % | 1.02 | %@ | 1.02 | % | 1.02 | % | 1.06 | % | 1.00 | % | 1.03 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.73 | %@ | 0.43 | % | 0.25 | % | 0.35 | % | 0.27 | % | 0.08 | % | (0.01 | )%@ | (0.22 | )% | (0.20 | )% | 0.09 | % | (0.11 | )% | (0.39 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.67 | %@ | 0.33 | % | 0.18 | % | 0.24 | % | 0.23 | % | 0.08 | % | (0.01 | )%@ | (0.22 | )% | (0.20 | )% | 0.09 | % | (0.11 | )% | (0.39 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 29 | % | 6 | % | 9 | % | 8 | % | 5 | % | 55 | % | 111 | % | 138 | % | 150 | % | 145 | % | 163 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,302 | 19,713 | 20,423 | 18,892 | 17,471 | 15,678 | 47,393 | 50,582 | 54,912 | 56,476 | 63,061 | 70,630 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 139,463 | $ | 127,160 | $ | 102,703 | $ | 73,521 | $ | 98,269 | $ | 83,647 | $ | 738,989 | $ | 888,918 | $ | 710,097 | $ | 563,610 | $ | 908,590 | $ | 965,650 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by 0.07% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate. |
See Notes to Financial Statements
302
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Aggressive Growth Fund | Small Cap Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.63 | $ | 9.84 | $ | 7.05 | $ | 11.17 | $ | 11.71 | $ | 10.22 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 9.82 | $ | 13.22 | $ | 12.64 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.06 | ) | (0.05 | ) | (0.03 | ) | (0.05 | ) | (0.08 | ) | 0.00 | 0.01 | 0.01 | 0.03 | 0.04 | 0.01 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.74 | ) | 2.85 | 2.84 | (3.17 | ) | (0.49 | ) | 1.58 | (1.26 | ) | 2.92 | 1.95 | (2.98 | ) | (2.04 | ) | 1.58 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.77 | ) | 2.79 | 2.79 | (3.20 | ) | (0.54 | ) | 1.50 | (1.26 | ) | 2.93 | 1.96 | (2.95 | ) | (2.00 | ) | 1.59 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | (0.00 | ) | – | – | – | – | (0.02 | ) | (0.04 | ) | (0.04 | ) | – | – | ||||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.92 | ) | – | (0.01 | ) | – | – | – | (0.44 | ) | (1.40 | ) | (1.01 | ) | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | – | (0.00 | ) | (0.92 | ) | – | (0.01 | ) | – | (0.02 | ) | (0.04 | ) | (0.48 | ) | (1.40 | ) | (1.01 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.86 | $ | 12.63 | $ | 9.84 | $ | 7.05 | $ | 11.17 | $ | 11.71 | $ | 9.96 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 9.82 | $ | 13.22 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (14.01 | )% | 28.35 | % | 39.59 | %(e) | (26.42 | )% | (4.59 | )% | 14.70 | % | (11.23 | )% | 35.24 | % | 30.65 | % | (29.56 | )% | (15.29 | )% | 13.29 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 1.00 | % | 1.00 | % | 0.93 | %@ | 0.93 | % | 0.94 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.13 | %@ | 1.05 | % | 1.10 | % | 1.12 | % | 1.14 | % | 1.15 | % | 1.07 | %@ | 1.05 | % | 1.06 | % | 1.07 | % | 1.05 | % | 1.02 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.04 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.02 | % | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.47 | )%@ | (0.62 | )% | (0.56 | )% | (0.37 | )% | (0.52 | )% | (0.83 | )% | 0.08 | %@ | 0.05 | % | 0.13 | % | 0.40 | % | 0.31 | % | 0.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.61 | )%@ | (0.68 | )% | (0.66 | )% | (0.50 | )% | (0.66 | )% | (0.98 | )% | (0.06 | )%@ | (0.07 | )% | 0.00 | % | 0.28 | % | 0.21 | % | (0.03 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 112 | % | 42 | % | 73 | % | 74 | % | 98 | % | 192 | % | 21 | % | 38 | % | 37 | % | 40 | % | 119 | % | 87 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 6,792 | 7,230 | 8,809 | 6,553 | 5,823 | 4,434 | 30,619 | 31,857 | 34,509 | 37,152 | 39,852 | 41,863 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 73,775 | $ | 91,326 | $ | 86,711 | $ | 46,179 | $ | 65,033 | $ | 51,911 | $ | 305,011 | $ | 357,571 | $ | 286,788 | $ | 237,444 | $ | 391,306 | $ | 553,319 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate. |
See Notes to Financial Statements
303
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.60 | $ | 12.15 | $ | 9.43 | $ | 15.80 | $ | 19.41 | $ | 17.24 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 9.73 | $ | 12.62 | $ | 10.59 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.13 | 0.11 | 0.18 | 0.23 | 0.21 | 0.03 | 0.06 | 0.05 | 0.10 | 0.12 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (2.04 | ) | 3.44 | 3.06 | (5.35 | ) | (2.27 | ) | 2.93 | (1.00 | ) | 1.59 | 2.12 | (3.43 | ) | (2.31 | ) | 2.01 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.95 | ) | 3.57 | 3.17 | (5.17 | ) | (2.04 | ) | 3.14 | (0.97 | ) | 1.65 | 2.17 | (3.33 | ) | (2.19 | ) | 2.14 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.12 | ) | (0.18 | ) | (0.23 | ) | (0.20 | ) | (0.07 | ) | – | (0.06 | ) | (0.12 | ) | (0.10 | ) | (0.09 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.27 | ) | (0.97 | ) | (1.37 | ) | (0.90 | ) | – | – | – | (0.27 | ) | (0.61 | ) | (0.05 | ) | |||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.12 | ) | (0.45 | ) | (1.20 | ) | (1.57 | ) | (0.97 | ) | – | (0.06 | ) | (0.12 | ) | (0.37 | ) | (0.70 | ) | (0.11 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.65 | $ | 15.60 | $ | 12.15 | $ | 9.43 | $ | 15.80 | $ | 19.41 | $ | 8.70 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 9.73 | $ | 12.62 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (12.50 | )% | 29.44 | % | 34.01 | % | (32.19 | )% | (10.71 | )% | 18.66 | % | (10.03 | )% | 20.40 | % | 36.20 | %(e) | (33.97 | )% | (17.39 | )% | 20.30 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.44 | %@ | 0.44 | % | 0.46 | % | 0.47 | % | 0.42 | % | 0.43 | % | 0.90 | %@ | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.44 | %@ | 0.44 | % | 0.46 | % | 0.47 | % | 0.42 | % | 0.43 | % | 0.93 | %@ | 0.92 | % | 0.98 | % | 0.96 | % | 0.92 | % | 0.90 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.04 | % | 0.03 | % | 0.02 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.30 | %@ | 0.95 | % | 0.98 | % | 1.65 | % | 1.34 | % | 1.20 | % | 0.77 | %@ | 0.65 | % | 0.69 | % | 1.48 | % | 1.09 | % | 1.10 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.30 | %@ | 0.95 | % | 0.98 | % | 1.65 | % | 1.34 | % | 1.20 | % | 0.74 | %@ | 0.63 | % | 0.61 | % | 1.42 | % | 1.07 | % | 1.10 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 13 | % | 15 | % | 24 | % | 20 | % | 18 | % | 33 | % | 41 | % | 98 | % | 67 | % | 51 | % | 64 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 60,222 | 62,750 | 66,604 | 67,300 | 62,690 | 62,786 | 21,756 | 23,569 | 25,867 | 26,857 | 26,379 | 30,647 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 822,043 | $ | 978,592 | $ | 809,018 | $ | 634,336 | $ | 990,398 | $ | 1,218,827 | $ | 189,262 | $ | 227,951 | $ | 209,121 | $ | 162,069 | $ | 256,767 | $ | 386,817 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
304
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small-Mid Growth Fund | Stock Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.72 | $ | 8.54 | $ | 6.79 | $ | 10.05 | $ | 11.65 | $ | 10.33 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 34.60 | $ | 39.80 | $ | 33.87 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.06 | ) | (0.05 | ) | 0.01 | (0.03 | ) | (0.02 | ) | 0.23 | 0.41 | 0.37 | 0.53 | 0.60 | 0.58 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.40 | ) | 3.24 | 1.82 | (2.98 | ) | (1.57 | ) | 1.34 | (1.94 | ) | 5.12 | 3.66 | (12.20 | ) | (3.30 | ) | 6.86 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.43 | ) | 3.18 | 1.77 | (2.97 | ) | (1.60 | ) | 1.32 | (1.71 | ) | 5.53 | 4.03 | (11.67 | ) | (2.70 | ) | 7.44 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.00 | ) | (0.02 | ) | (0.01 | ) | – | – | – | (0.43 | ) | (0.49 | ) | (0.70 | ) | (0.61 | ) | (0.31 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.28 | ) | – | – | – | (0.32 | ) | (0.67 | ) | (3.17 | ) | (1.89 | ) | (1.20 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.00 | ) | (0.02 | ) | (0.29 | ) | – | – | – | (0.75 | ) | (1.16 | ) | (3.87 | ) | (2.50 | ) | (1.51 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.29 | $ | 11.72 | $ | 8.54 | $ | 6.79 | $ | 10.05 | $ | 11.65 | $ | 25.00 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 34.60 | $ | 39.80 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (12.20 | )%(f) | 37.24 | % | 26.03 | %(e) | (29.01 | )% | (13.73 | )% | 12.78 | % | (6.40 | )% | 25.55 | % | 21.06 | % | (32.99 | )% | (6.98 | )% | 22.37 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.00 | %@ | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.37 | %@ | 0.38 | % | 0.38 | % | 0.39 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.08 | %@ | 1.15 | % | 1.09 | % | 1.15 | % | 1.03 | % | 1.01 | % | 0.37 | %@ | 0.38 | % | 0.38 | % | 0.39 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.03 | %@ | 0.02 | % | 0.04 | % | 0.06 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.58 | )%@ | (0.61 | )% | (0.63 | )% | 0.01 | % | (0.33 | )% | (0.20 | )% | 1.88 | %@ | 1.70 | % | 1.70 | % | 2.31 | % | 1.64 | % | 1.58 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.66 | )%@ | (0.76 | )% | (0.72 | )% | (0.14 | )% | (0.36 | )% | (0.21 | )% | 1.88 | %@ | 1.70 | % | 1.70 | % | 2.31 | % | 1.64 | % | 1.58 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 62 | % | 155 | % | 74 | % | 91 | % | 196 | % | 83 | % | 2 | % | 11 | % | 7 | % | 7 | % | 5 | % | 4 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 9,879 | 10,329 | 11,165 | 11,464 | 11,803 | 13,987 | 129,439 | 132,974 | 136,381 | 130,783 | 124,600 | 133,576 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 101,681 | $ | 121,033 | $ | 95,319 | $ | 77,843 | $ | 118,628 | $ | 162,946 | $ | 3,235,792 | $ | 3,551,607 | $ | 2,990,589 | $ | 2,493,280 | $ | 4,311,083 | $ | 5,316,922 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement from an affiliate. |
(f) | The Fund’s performance was increased by 0.26% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions (Note 3). |
See Notes to Financial Statements
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FINANCIAL HIGHLIGHTS — (continued)
Value Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2011# | Year Ended May 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.28 | $ | 8.28 | $ | 7.20 | $ | 11.01 | $ | 13.41 | $ | 12.19 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.10 | 0.05 | 0.15 | 0.15 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.10 | ) | 1.97 | 1.20 | (3.76 | ) | (1.65 | ) | 3.10 | |||||||||||||||
Total income (loss) from investment operations | (1.02 | ) | 2.07 | 1.25 | (3.61 | ) | (1.50 | ) | 3.18 | |||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.07 | ) | (0.17 | ) | (0.09 | ) | (0.04 | ) | (0.24 | ) | |||||||||||||
Net realized gain on securities | – | – | – | (0.11 | ) | (0.86 | ) | (1.72 | ) | |||||||||||||||
Return of capital | – | – | – | – | – | – | ||||||||||||||||||
Total distributions | – | (0.07 | ) | (0.17 | ) | (0.20 | ) | (0.90 | ) | (1.96 | ) | |||||||||||||
Net asset value at end of period | $ | 9.26 | $ | 10.28 | $ | 8.28 | $ | 7.20 | $ | 11.01 | $ | 13.41 | ||||||||||||
TOTAL RETURN(a) | (9.92 | )% | 25.03 | % | 17.30 | % | (32.55 | )%(e) | (11.44 | )% | 28.42 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.88 | % | 1.03 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | %@ | 0.93 | % | 0.94 | % | 0.94 | % | 0.93 | % | 1.03 | % | ||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | – | – | – | – | – | |||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.72 | %@ | 1.10 | % | 0.56 | % | 1.89 | % | 1.39 | % | 0.65 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.60 | %@ | 1.02 | % | 0.47 | % | 1.79 | % | 1.34 | % | 0.64 | % | ||||||||||||
Portfolio turnover rate | 4 | % | 157 | % | 105 | % | 173 | % | 142 | % | 116 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 12,408 | 14,825 | 18,716 | 21,631 | 25,199 | 6,691 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 114,864 | $ | 152,457 | $ | 155,035 | $ | 155,725 | $ | 277,346 | $ | 89,740 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited)
At an in-person meeting held on October 24-25, 2011, the Board of Directors (the “Board”), 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 amendment to the existing investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and J.P. Morgan Investment Management Inc. (“JPMIM”) to reflect that JPMIM will manage a portion of the assets of the Government Securities Fund (“Government Securities Fund”) (the “Amended JPMIM Sub-Advisory Agreement”). In addition, the Board approved an investment advisory agreement between VALIC and Columbia Management Investment Advisers, LLC (“Columbia”) with respect to the Large Cap Core Fund (“Large Cap Core Fund”) (the “Columbia Sub-Advisory Agreement”).
The Amended JPMIM Sub-Advisory Agreement and the Columbia Sub-Advisory Agreement are collectively referred to as the “Sub-Advisory Agreements” and each a “Sub-Advisory Agreement.” JPMIM and Columbia are collectively referred to as the “Sub-advisers” and each a “Sub-adviser.” Government Securities Fund and Large Cap Core Fund are collectively referred to as the “Funds,” and each a “Fund.”
In connection with the approval of the Sub-Advisory Agreements, the Board approved the termination of Wells Capital Management, Inc. (“Wells Capital”) as the existing sub-adviser to Large Cap Core Fund. It was noted that SunAmerica Asset Management Corp. (“SAAMCo”) will continue to serve as a co-sub-adviser of Government Securities Fund.
Factors Considered by the Board of Directors
At an in-person meeting held on October 24-25, 2011 (the “Meeting”), the Board, including the Independent Directors, approved the Amended JPMIM Sub-Advisory Agreement and the Columbia Sub-Advisory Agreement. As indicated above, JPMIM was appointed as an additional sub-adviser to the Government Securities Fund and Columbia was appointed as sub-adviser to the Large Cap Core Fund, replacing Wells Capital as the existing sub-adviser. The Board also approved the termination of Wells Capital as the sub-adviser of the Large-Cap Core Fund.
The Board received materials relating to certain factors the Board considered in determining to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of services to be provided by the Sub-advisers; (2) each Sub-adviser’s sub-advisory fee rate compared to the sub-advisory fee rates of a peer group of funds with similar investment objectives (“Sub-advisory Expense Group/Universe”), as selected by Lipper, Inc., an independent third-party provider of investment company data; (3) the investment performance of each Fund compared to the performance of comparable funds in its Morningstar category (“Performance Group”), and against each Fund’s benchmark (“Benchmark”), and the investment performance of a comparable fund managed by each Sub-adviser against the relevant Fund’s Performance Group and Benchmark; (4) the costs of services and the benefits potentially to be derived by the Sub-advisers; (5) whether the Funds would benefit from possible economies of scale by engaging the Sub-advisers; (6) the profitability of the Sub-advisers; and (7) the terms of the Sub-Advisory Agreements.
In considering whether to approve the Sub-Advisory Agreements, the Board also took into account presentations made at the Meeting by members of management as well as presentations made by representatives from each Sub-adviser who responded to questions posed by the Board and management. The Independent Directors were separately represented by independent counsel in connection with their consideration of the approval of the Sub-Advisory Agreements. The matters discussed below were also considered separately by the Independent Directors in executive session.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by the Sub-advisers. The Board also considered that each Sub-adviser’s management of a Fund is subject to the oversight of VALIC and the Board, and each Fund must be managed in accordance with its investment objective, policies and restrictions as set forth in its prospectus and statement of additional information. The Board considered information provided to it regarding the services to be provided by the Sub-advisers. The Board considered the qualifications, background and responsibilities of the Sub-advisers’ investment personnel who would be responsible for providing investment management services to the Funds. The Board also considered the investment strategies, investment style and investment processes that would be implemented by the Sub-advisers’ portfolio management teams. The Board further took into account the financial condition of the Sub-advisers. In addition, the Board noted that JPMIM currently sub-advises the VALIC Company II (“VC II”) Small Cap Growth Fund and a portion of VC II Small Cap Value Fund and that management is familiar with JPMIM’s business, legal, operations and compliance staff.
The Board, including a majority of the Independent Directors, concluded that the scope and quality of advisory services to be provided by the Sub-advisers under the Sub-Advisory Agreements would be satisfactory.
Fees and Expenses; Investment Performance. The Board received and reviewed each Fund’s sub-advisory fee rates compared against the relevant Sub-advisory Expense Group/Universe. The Board also considered that VALIC negotiated the sub-advisory fee rates at arms-length and that the sub-advisory fees are paid by VALIC out of the advisory fees it receives from the Funds. The Board considered that the sub-advisory fee rate payable to each Sub-adviser contains breakpoints. The Sub-adviser provided, and the Board also considered, expense information of comparable accounts managed by the Sub-advisers, as applicable.
Government Securities Fund. The Board considered that the sub-advisory fee payable to JPMIM is equal to the sub-advisory fee payable to SAAMCo based on the Fund’s current assets but that once the Fund’s assets exceed $150 million the sub-advisory fee payable to JPMIM would be lower than the sub-advisory fee payable to SAAMCo. The Board further noted that once Fund assets exceed $150 million, the amount of the advisory fee that VALIC retains would increase relative to what it would retain under the existing fee and structure with SAAMCo as the sole sub-adviser. The Board also considered that the sub-advisory fee rate payable to JPMIM was equal to the median in the Sub-advisory Expense Group (which consisted of only two other funds) and above the median of the Fund’s Sub-advisory Expense Universe.
Large Cap Core Fund. The Board considered that the sub-advisory fee payable to Columbia under the Columbia Sub-Advisory Agreement is equal to the sub-advisory fee payable to Wells Capital on assets below $100 million and on assets above $250 million, and higher than the sub-advisory fee payable to Wells Capital on assets between $100 million and $250 million. The Board considered that the Fund’s total assets as of September 30, 2011 were approximately $111 million, and that at this asset level, the sub-advisory fee payable to Columbia would be higher than the sub-advisory fee payable to Wells Capital which would reduce the amount of the advisory fee that VALIC retains. The Board also considered that the sub-advisory fee rate payable to Columbia was equal to the median of the Sub-advisory Expense Group (which consisted of only three other funds) and was above the median of the Fund’s Sub-advisory Expense Universe.
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board also took into account management’s discussion of each Fund’s expenses, and noted that each Fund’s advisory fee rate would remain the same.
The Board received and reviewed information prepared by management regarding the Funds’ investment performance compared against the Benchmark and their respective Performance Group as of the period ended August 31, 2011. The Board also noted that it regularly reviews detailed performance information about the Funds.
With respect to the Government Securities Fund’s performance, the Board considered that management has closely monitored the Fund’s performance for more than two years, and that performance has been inconsistent with periods of underperformance outweighing stronger periods. The Board also considered the performance of another fund managed by JPMIM with a similar investment objective and investment style as the Fund (the “JPMIM Comparable Fund”). The Board noted that the JPMIM Comparable Fund outperformed the Fund’s Benchmark and Performance Group for the year-to-date, one- and three-year periods ended August 31, 2011. The Board also considered information presented by management regarding the hypothetical performance of the Fund had it been sub-advised by JPMIM with the proposed allocation between JPMIM and the Fund’s current sub-adviser, SAAMCo.
With respect to the Large Cap Core Fund’s performance, the Board considered the performance of another fund managed by Columbia with a similar investment objective and investment style as the Fund (the “Columbia Comparable Fund” and together with the “JPMIM Comparable Fund,” the “Comparable Funds”). The Board noted that the Columbia Comparable Fund underperformed the Benchmark for the year-to-date period ended August 31, 2011, and outperformed the Benchmark for the one-, three- and five-year periods ended August 31, 2011. The Board also noted that the Columbia Comparable Fund outperformed its Performance Group for the year-to-date, one-, three- and five-year periods ended August 31, 2011.
The Board concluded that the sub-advisory fees payable to each Sub-adviser are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also took into account management’s discussion of each Fund’s past performance and the performance of the Comparable Funds.
Cost of Services and Benefits Derived and Profitability/Economies of Scale. The Board was provided with information relating to the cost of services and benefits derived in connection with the Sub-Advisory Agreements. Management reported that it believed that any indirect costs are inconsequential to the analysis of the adequacy of the advisory and sub-advisory fees and that any collateral benefits derived as a result of providing advisory services to a Fund are de minimis. Because sub-advisory fees are paid by VALIC and not by a Fund, the Board concluded that the costs of the services to be provided by each Sub-adviser and the profitability to each Sub-adviser from its relationship with the Funds was not a material factor in its deliberations with respect to consideration of approval of the Sub-Advisory Agreements. For similar reasons, the Board also concluded that the potential for economies of scale in each Sub-adviser’s management of the Funds was not a material factor in approving the Sub-Advisory Agreements although the Board noted that the proposed sub-advisory fee schedules contained breakpoints.
Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements, including the duties and responsibilities undertaken by each Sub-adviser. The Board also reviewed the terms of payment for services to be rendered by each Sub-adviser and noted that VALIC would compensate each Sub-adviser out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreements and other terms contained therein. The Board concluded that the terms of the Sub-Advisory Agreements were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it, the considerations described above, and its deliberations, the Board, including a majority of the Independent Directors, concluded that it was in the best interests of the Funds and their shareholders to approve the Sub-Advisory Agreements.
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VALIC Company I
Supplement to the Prospectus dated October 1, 2011
Growth & Income Fund and Large Capital Growth Fund (the “Funds”)
In each Fund’s Portfolio Summary, in the Investment Adviser section, the information about the current portfolio manager John Massey is deleted in its entirety and replaced with the following:
Name | Portfolio Manager | Title | ||
Janet Walsh | 2011 | Senior Vice President and Portfolio Manager |
In the Management section under Investment Sub-Advisers – SunAmerica Asset Management Corp. (“SAAMCo”), the portfolio manager information for each Fund with respect to John Massey is deleted in its entirety and replaced with the following:
The Growth & Income Fund is managed by Steven A. Neimeth and Janet Walsh. Ms. Walsh joined SAAMCo in September 2011 as Senior Vice President and Portfolio Manager and co-heads the SAAMCo Large Cap Equity Team. Ms. Walsh has over 15 years of investment experience with extensive expertise in the technology and telecom sectors. Prior to joining SAAMCo, she was a portfolio manager and Global Technology Sector Head at AllianceBernstein L.P.
A portion of the assets of the Large Capital Growth Fund is managed by Janet Walsh. Please see above for Ms. Walsh’s biography.
All changes reflected herein are effective immediately.
Date: October 11, 2011
Supplement to the Prospectus dated October 1, 2011
At a meeting held on October 24-25, 2011, the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the appointment of J.P. Morgan Investment Management Inc. (“JPMIM”) as an additional sub-adviser to the Government Securities Fund (“Government Securities”); the termination of Wells Capital Management Incorporated (“Wells Capital”) as the sub-adviser to the Large Cap Core Fund (“Large Cap Core”) and approved the appointment of Columbia Management Investment Advisers, LLC (“Columbia”) as the sub-adviser to Large Cap Core. At the meeting, the Board approved a new investment sub-advisory agreement between each of The Variable Annuity Life Insurance Company (“VALIC”) and JPMIM and between VALIC and Columbia (collectively, the “Sub-Advisory Agreements”) to specifically include Government Securities and Large Cap Core, respectively.
With respect to the Sub-Advisory Agreements, the Board has authority, pursuant to an exemptive order granted by the Securities and Exchange Commission, to enter into sub-advisory agreements without a shareholder vote; however, an information statement explaining each respective sub-adviser change will be mailed to the shareholders of Government Securities and Large Cap Core. The effective date of each Sub-advisory Agreement will be on or about November 14, 2011 (the “Effective Date”). The following changes will take place upon the Effective Date:
Government Securities
The “Investment Adviser” section of the Fund Summary is amended to reflect the addition of “J.P. Morgan Investment Management Inc.” as an additional sub-adviser to the Fund and the addition of the following portfolio managers:
Name | Portfolio Manager | Title | ||||||
Michael Sais | 2011 | Portfolio Manager | ||||||
Robert Manning | 2011 | Portfolio Manager |
Large Cap Core
The “Principal Investment Strategies of the Fund” in the Fund Summary is modified by deleting the first sentence in the third paragraph referencing convertible bonds, including junk bonds and convertible preferred stock
The “Principal Risks of Investing in the Fund” in the Fund Summary is modified by deleting Convertible Securities Risk and Interest Rate Risk and adding Growth Style Risk and Value Style Risk as described below.
Growth Style Risk. Growth stocks can be volatile for several reasons. Since the issuers usually reinvest a high portion of earnings in their own business, growth stocks may lack the comfortable dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded.
Value Style Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Sub-adviser’s future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.
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VALIC Company I
SUPPLEMENT TO PROSPECTUS — (continued)
The “Performance Information” section of the Fund Summary is modified to reflect that effective November 14, 2011 the Fund will transition its benchmark from the S&P 500 Index to the Russell 1000 Index because management believes the Russell 1000 Index better reflects the investment style of the new sub-adviser, Columbia.
Average Annual Total Returns (For the period ended December 31, 2010)
1 Year | 5 Years | Since Inception (12/05/2005) | ||||||||||
Fund | 16.74 | % | 6.79 | % | 5.41 | % | ||||||
S&P 500® Index | 15.06 | % | 2.29 | % | 2.01 | % | ||||||
Russell 1000 Index | 16.10 | % | 2.59 | % | 2.32 | % |
The “Investment Adviser” section of the Fund Summary is amended to delete Wells Capital as a sub-adviser of the Fund, to reflect the addition of “Columbia Management Investment Advisers, LLC” as the sub-adviser to the Fund and the addition of the following portfolio managers:
Name | Portfolio Manager | Title | ||||
Guy Pope | 2011 | Portfolio Manager |
The “Additional Information About the Funds’ Investment Strategies and Risks” for the Fund is deleted in its entirety and replaced with the following disclosure:
The sub-adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund’s portfolio. The sub-adviser considers, among other factors:
• | Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The sub-adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation. |
• | Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors. |
• | The financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation. |
• | Overall economic and market conditions. |
The sub-adviser may sell a security when the security’s price reaches a target set by the sub-adviser; if the sub-adviser believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.
The Fund will be able to invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes. The Fund may also invest in real estate securities and in REITs, warrants and rights and in unseasoned issuers.
The “Management – Investment Sub-Advisers” section is amended to add JPMIM as serving as sub-adviser to Government Securities and to delete references to Wells Capital as serving as sub-adviser to Large Cap Core and add information that Columbia serves as sub-adviser to Large Cap Core as follows:
The Government Securities Fund is managed by a team led by Michael Sais and Robert Manning. Mr. Sais is the Managing Director of JPMIM. He is a Fixed Income Fund Manager for the Insurance Asset Management Team responsible for managing investments consistent with the unique requirements of insurance industry clients. Additionally, he is a member of the Columbus Taxable Bond Team where he has served as lead manager for the JPMIM Ultra Short-Term Bond Fund since 1995 and Government Bond Products since 1996. Mr. Sais joined the firm in 1994 as a senior fixed income research analyst responsible for the valuation and analysis of the mortgage-backed securities market. Mr. Manning is Vice President of JPMIM. He is a portfolio manager for Insurance Solutions. Previously, he was a member of the Fixed Income Portfolio Management Group that supports Mid-Institutional Portfolios. Mr. Manning joined the firm in 1999.
Large Cap Core Fund
Columbia Management Investment Advisers, LLC (“Columbia”)
225 Franklin Street, Boston, MA 02110
Columbia is a registered investment adviser and a wholly-owned subsidiary of Ameriprise Financial, Inc., which is a financial planning and financial services company that has been offering solutions for clients’ asset accumulation, income management and protection needs for more than 110 years. Columbia’s management experience covers all major asset classes, including equity securities, fixed-income securities and money market instruments. In addition to serving as an investment adviser to mutual funds, Columbia acts as an investment manager for itself, its affiliates, individuals, corporations, retirement plans, private investment companies and financial intermediaries. Columbia managed $327 billion in assets as of June 30, 2011.
The Large Cap Core Fund is managed by Guy Pope. Mr. Pope is a managing Director and a Senior Portfolio Manager for Columbia. He joined the firm as part of its acquisition of the long-term asset management business of Columbia Management Group, LLC (“CMG”) from Bank of America. Mr. Pope joined CMG in 1993 and has been a member of the investment community since 1993.
Date: October 26, 2011
Table of Contents
VALIC Company I
SUPPLEMENT TO PROSPECTUS — (continued)
Supplement to the Prospectus dated October 1, 2011
Mid Cap Index Fund, Nasdaq 100 Index Fund, Small Cap Index Fund and the Stock Index Fund (the “Funds”)
In each Fund’s Portfolio Summary, in the Investment Adviser section, the information about the current portfolio manager James Kurtz is deleted in its entirety and replaced with the following:
Name | Portfolio Manager | Title | ||||||
Brendan Voege | 2011 | Portfolio Manager |
In the Management section under Investment Sub-Advisers – SunAmerica Asset Management Corp. (“SAAMCo”), the portfolio manager information for each Fund with respect to James Kurtz is deleted in its entirety and replaced with the following:
Brendan Voege serves as the portfolio manager of the Nasdaq-100 Index Fund, Mid Cap Index Fund, Small Cap Index Fund and Stock Index Fund. Mr. Voege is a portfolio manager and quantitative analyst at SAAMCo. He evaluates portfolios on the theory and application of attribution, risk characteristics, and style analysis. Mr. Voege joined SAAMCo in November 2004. He holds the CFA designation
All changes reflected herein are effective December 23, 2011.
Date: December 22, 2011
Supplement to the Statutory Prospectus dated October 1, 2011
Emerging Economies Fund.
Effective October 1, 2011, Fund Summary disclosure with respect to the “Principal Investment Strategies of the Fund” section is amended by adding the following as the last paragraph:
“The Fund may also invest in depositary receipts.”
Additionally, Fund Summary disclosure with respect to the “Principal Risks of Investing in the Fund” section is amended to include the following disclosure “Depositary Receipts Risk” as a principal investment risk of the Fund:
“Depositary Receipts Risk: Depositary receipts are generally subject to the same risks as foreign securities. Unlike sponsored depositary receipts, the issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, such information may not be reflected in the market value of such depositary receipts.”
Accordingly, in the section Additional Information About the Funds’ Investment Strategies and Principal Risks, the Fund’s disclosure is amended to include reference to “Depositary Receipts Risk.”
In the Management section under How VALIC is Paid for its Services, the first sentence is deleted and replaced with the following disclosure:
“Each Fund pays VALIC a monthly fee calculated on net asset value.”
Date: January 17, 2012
Table of Contents
VALIC Company I
BOARD OF DIRECTORS
Thomas J. Brown
Judith L. Craven
William F. Devin
Timothy J. Ebner
Gustavo E. Gonzales, Jr.
Peter A. Harbeck
John W. Lancaster
Kenneth J. Lavery
John E. Maupin, Jr.
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
Houston, Texas 77019
INVESTMENT SUB-ADVISERS
American Century Investment Management, Inc.
4500 Main Street
Kansas City, MO 64111
Barrow, Hanley, Mewhinney & Strauss, LLC
2200 Ross Avenue, 31st Floor
Dallas, TX 75201-2761
BlackRock Investment Management, LLC
1 University Square Drive
Princeton, NJ 08540
Bridgeway Capital Management, Inc.
20 Greenway Plaza
Suite 450
Houston, TX 77046
Century Capital Management, LLC
100 Federal Street
Boston, MA 02110
Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
Dreman Value Management, LLC
Harborside Financial Center
Plaza 10, Suite 800
Jersey City, NJ 07311
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
J.P. Morgan Investment Management, Inc.
270 Park Avenue
New York, NY 10017
Massachusetts Financial Services Company
500 Boylston Street
Boston, MA 02116
Morgan Stanley Investment Management, Inc.
522 Fifth Avenue
New York, NY 10036
Pinebridge Investments, LLC
399 Park Avenue
New York, NY 10022
RCM Capital Management, LLC
555 Mission St. Suite 1700
San Francisco, CA 94105
RS Investment Management Co., LLC
388 Market Street, Suite 1700
San Francisco, CA 94111
SunAmerica Asset Management Corp.
Harborside Financial Center
3200 Plaza 5
Jersey City, NJ 07311
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
Templeton Global Advisors Ltd.
Lyford Cay
Nassau, Bahamas
Templeton Investment Counsel, LLC
300 SE 2nd Street
Ft. Lauderdale, FL 33301
Wellington Management Company, LLP
280 Congress Street
Boston, MA 02210
Wells Capital Management, Inc.
525 Market St.
10th Floor
San Francisco, CA 94105
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
1201 Louisiana Street, Suite 2900
Houston, TX 77002
TRANSFER AND SHAREHOLDER SERVICE AGENT
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
Houston, Texas 77019
OFFICERS
Kurt W. Bernlohr,
President and Principal Executive Officer
John Packs,
Vice President and Senior Investment Officer
Gregory R. Kingston,
Treasurer and Principal Financial Officer
Nori L. Gabert,
Vice President, Chief Legal Officer and Secretary
Gregory N. Bressler,
Vice President
Katherine Stoner,
Vice President and Chief Compliance Officer
Donna Handel,
Vice President and Assistant Treasurer
Diedre L. Shepherd,
Assistant Treasurer
Shawn Parry,
Assistant Treasurer
Shana L. Walker,
Assistant Secretary
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
Thomas M. Ward,
Vice President
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VALIC Company I
DISCLOSURE OF QUARTERLY FUND HOLDINGS
VC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. VC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).
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, may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
313
Table of Contents
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Sign up for Personal Deliver-e® to get:
Go paperless
Sign up for Personal Deliver-e today!
CLICK VALIC.com
CALL 1-800-448-2542
VISIT your VALIC financial advisor
| Convenience. See your account statements, certain regulatory documents and transaction confirmations online, print as you wish. Days faster than paper delivery through the mail.
Security. Password-protected documents online are more secure than paper.
Eco-friendly delivery. Less paper, less waste. One more way that together we can make a difference.
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> Visit our website at VALIC.com
> Select “Access Your Account” under Links to Login
> Follow the registration instructions
> You can also enroll by contacting our Client Care Center at 1-800-448-2542
We know privacy is important to you, so please be assured that your e-mail address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.
Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member FINRA and an SEC-registered investment advisor.
VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.
| |||
Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 10855 (12/2010) 79619 EE |
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VALIC Online — Account Access
You will need to create an online security profile with a unique user ID and password. With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1.800.448.2542.
Account access
Manage your VALIC account online today
CLICK VALIC.com
CALL 1.800.448.2542
VISIT your VALIC financial advisor
| Manage your account online!
Enjoy quick, easy and secure access—now or anytime.
Powerful features:
You’ll find a long list of powerful features to track and analyze your portfolio values with graphs and charts. You can print and download account transaction confirmations and tax statements, view transaction history and download it to Quicken using Direct ConnectSM. The Account Aggregation Feature allows you to display information from other accounts in addition to your VALIC accounts. Account information is also available for viewing on your cell phone or mobile device.
You can easily manage your personal profile to update your contact information (phone, address, e-mail), reset your password and more. Your financial advisor’s contact information is also readily accessible. You can also request forms for a variety of services.
With VALIC Online you can initiate account transactions including:
• Allocation changes
• Transfer money among investment options
• Rebalance account to your desired allocation mix
• Change contributions
Personal Deliver-e® is an electronic document delivery service with these attractive features:
• Elect to receive notification when account statements, certain regulatory documents and transaction confirmations are available for viewing and printing
• Select which notifications you want to receive electronically
• Days faster than paper delivery
• Less paper, less waste
Start exploring VALIC Online today!
> Go to VALIC.com and click on Access Your Account in the “Links to Login” section
> Click “Register Now” to begin the registration process
> Enter the information to set up your security profile
> Click “I Agree” to accept the VALIC access agreement (required)
> Verify and/or update your address, e-mail and telephone number
> Click “Continue” to update your record and proceed to the Summary screen
Copyright © The Variable Annuity Life Insurance Company. All rights reserved.
VC 23800 (12/2011) J80543 EE |
Table of Contents
VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 4873 (11/2011) J74499
Table of Contents
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 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 registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a) | (1) Not applicable. |
(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) Not applicable. |
(b) | Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ Kurt W. Bernlohr | |
Kurt W. Bernlohr | ||
President |
Date: February 7, 2012
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/ Kurt W. Bernlohr | |
Kurt W. Bernlohr | ||
President |
Date: February 7, 2012
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 7, 2012