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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, 2012
Table of Contents
Item 1. Reports to Stockholders
VALIC Company I, Semiannual Report at November 30, 2012.
Table of Contents
VALIC Company I
Semi-Annual Report, November 30, 2012
SAVING :INVESTING :PLANNING
Table of Contents
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2012
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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, 2012. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
The six-months of the reporting period generally saw positive returns within the global equity and domestic bond markets. The total return for the S&P 500® Index*, widely regarded as the best single gauge of the U.S. equity market, was up 9.32% for the six-month period. 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, posted an impressive 18.16% gain. And the domestic bond market continued to experience positive growth for the reporting period, although at a slower rate than the previous period. The Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, posted a total return of 1.99% for the reporting period.
A primary reason for these overall positive results was attributable by many market observers to the continued coordinated efforts of the world’s central banks and governments. In the U.S., the Federal Reserve extended its quantitative easing policies by indicating it would continue to buy mortgage debt until there was an improvement in the economy. In response to continued sluggish growth domestically, the Fed also announced in June that it would prolong through the end of the year Operation Twist, the Fed’s initiative of buying longer term Treasuries while simultaneously selling shorter dated issues. The Fed further pointed to its intention to keep shorter term interest rates near zero for the foreseeable future.
International equity market gains, in turn, were buoyed by the actions of the European Central Bank (ECB). Most notably, the president of the ECB indicated a “do whatever it takes” stance to keep the euro-zone together and announced an aggressive bond buying program, known as the Outright Monetary Policy (OMP), meant to help stabilize troubled debt markets by enabling the ECB to buy government debt (up to 3 years maturity) for countries that commit to a bailout program. Optimism in the international markets also were fueled by the governments of China and Japan announcing that they would take necessary steps to address slowing growth.
Global financial markets will likely continue to face numerous challenges and uncertainties. But no matter what the future may bring, we continue to believe the best approach to investing is to stick with sound investing practices with a well-diversified portfolio, invested across asset classes, investment styles and geographic borders. We encourage you to work with your financial advisor to understand your investments and their risks, and develop a plan to manage both towards your long-term investment goals.
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 MSCI 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. The index consists of 22 developed market country indices. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
*** | The Barclays U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. |
Indices are not managed and an investor cannot invest directly into an 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, 2012 (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, 2012 and held until November 30, 2012. 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, 2012” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2012” column and the “Expense Ratio as of November 30, 2012” 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, 2012” 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, 2012” column and the “Expense Ratio as of November 30, 2012” 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, 2012” 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, 2012 (Unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2012 | Ending Account Value Using Actual Return at November 30, 2012 | Expenses Paid During the Six Months Ended November 30, 2012* | Beginning Account Value at June 1, 2012 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2012 | Expenses Paid During the Six Months Ended November 30, 2012* | Expense Ratio as of November 30, 2012* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,063.36 | $ | 3.98 | $ | 1,000.00 | $ | 1,021.21 | $ | 3.90 | 0.77 | % | ||||||||||||||
Blue Chip Growth# | $ | 1,000.00 | $ | 1,073.09 | $ | 4.42 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,096.81 | $ | 4.47 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,024.73 | $ | 3.35 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,094.54 | $ | 4.20 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,088.96 | $ | 4.29 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 1,117.07 | $ | 5.20 | $ | 1,000.00 | $ | 1,020.16 | $ | 4.96 | 0.98 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 1,200.00 | $ | 4.63 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,154.16 | $ | 4.86 | $ | 1,000.00 | $ | 1,020.56 | $ | 4.56 | 0.90 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,135.57 | $ | 3.64 | $ | 1,000.00 | $ | 1,021.66 | $ | 3.45 | 0.68 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 1,170.03 | $ | 3.70 | $ | 1,000.00 | $ | 1,021.66 | $ | 3.45 | 0.68 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,014.11 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,065.98 | $ | 4.20 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,072.32 | $ | 4.42 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences | $ | 1,000.00 | $ | 1,130.85 | $ | 6.14 | $ | 1,000.00 | $ | 1,019.30 | $ | 5.82 | 1.15 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,036.78 | $ | 3.11 | $ | 1,000.00 | $ | 1,022.01 | $ | 3.09 | 0.61 | % | ||||||||||||||
International Equities | $ | 1,000.00 | $ | 1,162.84 | $ | 2.98 | $ | 1,000.00 | $ | 1,022.31 | $ | 2.79 | 0.55 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,064.98 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,167.18 | $ | 5.49 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Large Cap Core# | $ | 1,000.00 | $ | 1,109.63 | $ | 4.50 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,058.36 | $ | 4.02 | $ | 1,000.00 | $ | 1,021.16 | $ | 3.95 | 0.78 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,088.15 | $ | 1.99 | $ | 1,000.00 | $ | 1,023.16 | $ | 1.93 | 0.38 | % | ||||||||||||||
Mid Cap Strategic Growth# | $ | 1,000.00 | $ | 1,026.21 | $ | 4.32 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 1.10 | $ | 1,000.00 | $ | 1,023.97 | $ | 1.12 | 0.22 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,066.34 | $ | 2.75 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,053.03 | $ | 5.25 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.16 | 1.02 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,077.44 | $ | 5.16 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,087.12 | $ | 4.87 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,086.24 | $ | 2.30 | $ | 1,000.00 | $ | 1,022.86 | $ | 2.23 | 0.44 | % | ||||||||||||||
Small Cap Special Values# | $ | 1,000.00 | $ | 1,068.97 | $ | 4.67 | $ | 1,000.00 | $ | 1,020.56 | $ | 4.56 | 0.90 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,045.45 | $ | 5.13 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,091.43 | $ | 1.94 | $ | 1,000.00 | $ | 1,023.21 | $ | 1.88 | 0.37 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,109.03 | $ | 4.49 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 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 365 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, 2012” and the “Expense Ratios” would have been higher. |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Exchange — Traded Funds | 9.5 | % | ||
United States Treasury Notes | 6.5 | |||
Federal Home Loan Mtg. Corp. | 6.1 | |||
Federal National Mtg. Assoc. | 5.6 | |||
Oil Companies — Integrated | 4.3 | |||
Banks — Super Regional | 3.3 | |||
Diversified Financial Services | 3.1 | |||
Diversified Banking Institutions | 3.1 | |||
Medical — Drugs | 3.0 | |||
Computers | 2.3 | |||
Telephone — Integrated | 2.1 | |||
Time Deposits | 2.0 | |||
Banks — Commercial | 1.7 | |||
Diversified Manufacturing Operations | 1.7 | |||
Real Estate Investment Trusts | 1.6 | |||
Food — Misc./Diversified | 1.6 | |||
Computer Services | 1.6 | |||
Aerospace/Defense | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Electric — Integrated | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Retail — Building Products | 1.3 | |||
Tobacco | 1.2 | |||
Chemicals — Diversified | 1.1 | |||
Applications Software | 1.0 | |||
Beverages — Non-alcoholic | 0.9 | |||
Medical — HMO | 0.9 | |||
Medical Products | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Advertising Agencies | 0.7 | |||
Multimedia | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Oil & Gas Drilling | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Transport — Rail | 0.6 | |||
Electronic Components — Semiconductors | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Cable/Satellite TV | 0.5 | |||
Electric Products — Misc. | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Transport — Services | 0.5 | |||
United States Treasury Bonds | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Web Portals/ISP | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Electric — Generation | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
Paper & Related Products | 0.4 | |||
Oil — Field Services | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Pharmacy Services | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Finance — Other Services | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Retail — Discount | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Networking Products | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Software Tools | 0.3 | |||
Food — Meat Products | 0.3 |
Banks — Fiduciary | 0.3 | |||
Telecom Services | 0.3 | |||
Containers — Metal/Glass | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Metal — Copper | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Pipelines | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Municipal Bonds | 0.2 | |||
Investment Companies | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Banks — Money Center | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Food — Retail | 0.2 | |||
Hotels/Motels | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Gas — Distribution | 0.2 | |||
Food — Confectionery | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Casino Hotels | 0.2 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Schools | 0.1 | |||
Special Purpose Entities | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Medical Instruments | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Regional Authority | 0.1 | |||
Diversified Minerals | 0.1 | |||
Data Processing/Management | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Brewery | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Security Services | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Sovereign | 0.1 | |||
Electronic Connectors | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Human Resources | 0.1 | |||
Non-Profit Charity | 0.1 | |||
Electric — Distribution | 0.1 | |||
Commercial Services | 0.1 | |||
Television | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Printing — Commercial | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Independent Power Producers | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Electronic Forms | 0.1 | |||
Trucking/Leasing | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Publishing — Books | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Athletic Footwear | 0.1 |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Industry Allocation* (continued)
Transport — Truck | 0.1 | % | ||
Finance — Commercial | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
99.5 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 52.2% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
STR Holdings, Inc.† | 605 | $ | 1,434 | |||||
Advertising Agencies — 0.5% |
| |||||||
Interpublic Group of Cos., Inc. | 4,652 | 50,335 | ||||||
Omnicom Group, Inc. | 13,762 | 684,522 | ||||||
734,857 | ||||||||
Aerospace/Defense — 1.2% |
| |||||||
Aerovironment, Inc.† | 292 | 5,960 | ||||||
Boeing Co. | 16,037 | 1,191,228 | ||||||
Cubic Corp. | 257 | 12,580 | ||||||
General Dynamics Corp. | 1,449 | 96,359 | ||||||
Lockheed Martin Corp. | 2,909 | 271,410 | ||||||
National Presto Industries, Inc. | 75 | 5,757 | ||||||
Northrop Grumman Corp. | 3,142 | 209,571 | ||||||
Teledyne Technologies, Inc.† | 591 | 37,233 | ||||||
1,830,098 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
AAR Corp. | 631 | 9,692 | ||||||
Curtiss-Wright Corp. | 753 | 23,893 | ||||||
GenCorp, Inc.† | 936 | 8,611 | ||||||
Kaman Corp. | 414 | 15,003 | ||||||
Moog, Inc., Class A† | 727 | 26,725 | ||||||
Orbital Sciences Corp.† | 925 | 12,108 | ||||||
96,032 | ||||||||
Agricultural Chemicals — 0.6% |
| |||||||
CF Industries Holdings, Inc. | 2,671 | 571,674 | ||||||
Monsanto Co. | 2,467 | 225,953 | ||||||
Mosaic Co. | 1,554 | 84,009 | ||||||
881,636 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Andersons, Inc. | 288 | 12,148 | ||||||
Airlines — 0.0% |
| |||||||
Allegiant Travel Co. | 238 | 17,617 | ||||||
SkyWest, Inc. | 822 | 9,527 | ||||||
27,144 | ||||||||
Alternative Waste Technology — 0.0% |
| |||||||
Calgon Carbon Corp.† | 892 | 12,077 | ||||||
Darling International, Inc.† | 1,887 | 31,834 | ||||||
43,911 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Coach, Inc. | 1,325 | 76,638 | ||||||
Maidenform Brands, Inc.† | 369 | 6,779 | ||||||
Oxford Industries, Inc. | 229 | 12,513 | ||||||
Quiksilver, Inc.† | 1,945 | 7,780 | ||||||
Ralph Lauren Corp. | 372 | 58,437 | ||||||
True Religion Apparel, Inc. | 404 | 10,540 | ||||||
172,687 | ||||||||
Applications Software — 0.9% |
| |||||||
Ebix, Inc. | 512 | 8,607 | ||||||
EPIQ Systems, Inc. | 502 | 6,019 | ||||||
Intuit, Inc. | 1,513 | 90,644 | ||||||
Microsoft Corp. | 44,086 | 1,173,569 | ||||||
Progress Software Corp.† | 1,017 | 20,452 | ||||||
Salesforce.com, Inc.† | 210 | 33,110 | ||||||
1,332,401 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
K-Swiss, Inc., Class A† | 391 | 1,208 | ||||||
NIKE, Inc., Class B | 831 | 81,006 | ||||||
82,214 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Audio/Video Products — 0.0% |
| |||||||
DTS, Inc.† | 303 | $ | 4,630 | |||||
Universal Electronics, Inc.† | 218 | 3,846 | ||||||
VOXX International Corp.† | 272 | 1,833 | ||||||
10,309 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro Muffler Brake, Inc. | 468 | 15,013 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
BorgWarner, Inc.† | 1,580 | 104,754 | ||||||
Spartan Motors, Inc. | 478 | 2,356 | ||||||
Superior Industries International, Inc. | 370 | 7,008 | ||||||
114,118 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Standard Motor Products, Inc. | 313 | 6,122 | ||||||
Banks - Commercial — 0.5% |
| |||||||
Bank of the Ozarks, Inc. | 472 | 15,000 | ||||||
Banner Corp. | 275 | 8,264 | ||||||
BBCN Bancorp, Inc. | 1,222 | 13,906 | ||||||
City Holding Co. | 238 | 7,997 | ||||||
Columbia Banking System, Inc. | 622 | 10,736 | ||||||
Community Bank System, Inc. | 633 | 17,015 | ||||||
CVB Financial Corp. | 1,379 | 14,011 | ||||||
First BanCorp† | 1,124 | 4,552 | ||||||
First Commonwealth Financial Corp. | 1,642 | 10,525 | ||||||
First Financial Bancorp | 917 | 13,324 | ||||||
First Financial Bankshares, Inc. | 480 | 18,677 | ||||||
First Midwest Bancorp, Inc. | 1,174 | 14,675 | ||||||
FNB Corp. | 2,242 | 24,214 | ||||||
Glacier Bancorp, Inc. | 1,154 | 16,768 | ||||||
Hanmi Financial Corp.† | 505 | 6,307 | ||||||
Home BancShares, Inc. | 370 | 12,269 | ||||||
Independent Bank Corp. | 356 | 10,217 | ||||||
National Penn Bancshares, Inc. | 1,934 | 18,315 | ||||||
NBT Bancorp, Inc. | 541 | 10,696 | ||||||
Old National Bancorp | 1,626 | 19,089 | ||||||
PacWest Bancorp | 526 | 13,103 | ||||||
Pinnacle Financial Partners, Inc.† | 542 | 10,314 | ||||||
PrivateBancorp, Inc. | 1,004 | 16,456 | ||||||
Regions Financial Corp. | 39,139 | 261,057 | ||||||
S&T Bancorp, Inc. | 453 | 7,687 | ||||||
Simmons First National Corp., Class A | 256 | 6,095 | ||||||
Sterling Bancorp | 484 | 4,501 | ||||||
Susquehanna Bancshares, Inc. | 2,991 | 30,748 | ||||||
Texas Capital Bancshares, Inc.† | 644 | 29,006 | ||||||
Tompkins Financial Corp. | 183 | 7,135 | ||||||
TrustCo Bank Corp. | 1,468 | 7,736 | ||||||
UMB Financial Corp. | 521 | 22,080 | ||||||
Umpqua Holdings Corp. | 1,795 | 20,930 | ||||||
United Bankshares, Inc. | 734 | 18,130 | ||||||
United Community Banks, Inc.† | 741 | 6,432 | ||||||
ViewPoint Financial Group, Inc. | 569 | 11,636 | ||||||
Wilshire Bancorp, Inc.† | 995 | 5,761 | ||||||
Wintrust Financial Corp. | 584 | 21,485 | ||||||
766,849 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Bank of New York Mellon Corp. | 9,044 | 216,513 | ||||||
Boston Private Financial Holdings, Inc. | 1,225 | 11,307 | ||||||
227,820 | ||||||||
Banks - Super Regional — 2.0% |
| |||||||
Capital One Financial Corp. | 13,352 | 769,075 | ||||||
Comerica, Inc. | 1,465 | 43,349 | ||||||
Fifth Third Bancorp | 6,445 | 94,355 |
6
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Banks - Super Regional (continued) |
| |||||||
US Bancorp | 6,974 | $ | 224,981 | |||||
Wells Fargo & Co. | 58,676 | 1,936,895 | ||||||
3,068,655 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
EnerSys, Inc.† | 771 | 26,862 | ||||||
Beverages - Non-alcoholic — 0.9% |
| |||||||
Coca-Cola Co. | 4,351 | 164,990 | ||||||
Coca-Cola Enterprises, Inc. | 4,912 | 153,156 | ||||||
Dr Pepper Snapple Group, Inc. | 9,668 | 433,610 | ||||||
Monster Beverage Corp.† | 3,396 | 176,762 | ||||||
PepsiCo, Inc. | 6,757 | 474,409 | ||||||
1,402,927 | ||||||||
Brewery — 0.0% |
| |||||||
Boston Beer Co., Inc., Class A† | 133 | 15,025 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Digital Generation, Inc.† | 432 | 4,588 | ||||||
Discovery Communications, Inc., Class A† | 2,221 | 134,170 | ||||||
138,758 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Drew Industries, Inc. | 300 | 9,738 | ||||||
Gibraltar Industries, Inc.† | 440 | 6,103 | ||||||
NCI Building Systems, Inc.† | 287 | 3,757 | ||||||
Quanex Building Products Corp. | 576 | 12,050 | ||||||
Simpson Manufacturing Co., Inc. | 636 | 20,803 | ||||||
52,451 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Aegion Corp.† | 615 | 12,681 | ||||||
Dycom Industries, Inc.† | 527 | 9,465 | ||||||
22,146 | ||||||||
Building Products - Air & Heating — 0.0% |
| |||||||
AAON, Inc. | 279 | 5,873 | ||||||
Comfort Systems USA, Inc. | 599 | 6,475 | ||||||
12,348 | ||||||||
Building Products-Cement — 0.0% |
| |||||||
Eagle Materials, Inc. | 738 | 39,276 | ||||||
Headwaters, Inc.† | 981 | 7,456 | ||||||
Texas Industries, Inc.† | 333 | 15,458 | ||||||
62,190 | ||||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 443 | 10,154 | ||||||
Griffon Corp. | 738 | 7,660 | ||||||
17,814 | ||||||||
Building Products-Wood — 0.0% |
| |||||||
Universal Forest Products, Inc. | 309 | 11,637 | ||||||
Building-Heavy Construction — 0.0% |
| |||||||
Orion Marine Group, Inc.† | 389 | 2,762 | ||||||
Building-Maintance & Services — 0.0% | ||||||||
ABM Industries, Inc. | 809 | 15,436 | ||||||
Building-Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Winnebago Industries, Inc.† | 469 | 6,669 | ||||||
Building-Residential/Commercial — 0.7% |
| |||||||
D.R. Horton, Inc. | 45,579 | 886,967 | ||||||
M/I Homes, Inc.† | 328 | 7,219 | ||||||
Meritage Homes Corp.† | 494 | 17,300 | ||||||
PulteGroup, Inc.† | 4,505 | 75,729 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial (continued) |
| |||||||
Ryland Group, Inc. | 718 | $ | 24,017 | |||||
Standard Pacific Corp.† | 1,774 | 11,886 | ||||||
1,023,118 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Comcast Corp., Class A | 13,417 | 498,844 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 903 | 4,967 | ||||||
Monarch Casino & Resort, Inc.† | 164 | 1,553 | ||||||
Wynn Resorts, Ltd. | 545 | 61,258 | ||||||
67,778 | ||||||||
Casino Services — 0.0% |
| |||||||
Multimedia Games Holding Co., Inc.† | 429 | 6,341 | ||||||
SHFL Entertainment, Inc.† | 875 | 12,040 | ||||||
18,381 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
MetroPCS Communications, Inc.† | 1,898 | 20,214 | ||||||
Chemicals - Diversified — 1.0% |
| |||||||
Air Products & Chemicals, Inc. | 261 | 21,647 | ||||||
Dow Chemical Co. | 21,989 | 663,848 | ||||||
E.I. du Pont de Nemours & Co. | 20,692 | 892,653 | ||||||
Innophos Holdings, Inc. | 342 | 16,385 | ||||||
1,594,533 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 381 | 12,676 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. | 463 | 12,121 | ||||||
PolyOne Corp. | 1,404 | 28,277 | ||||||
40,398 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Balchem Corp. | 459 | 16,409 | ||||||
H.B. Fuller Co. | 801 | 26,313 | ||||||
Hawkins, Inc. | 141 | 5,640 | ||||||
Kraton Performance Polymers, Inc.† | 505 | 11,862 | ||||||
OM Group, Inc.† | 508 | 10,145 | ||||||
Quaker Chemical Corp. | 203 | 9,882 | ||||||
Stepan Co. | 131 | 13,094 | ||||||
Zep, Inc. | 356 | 4,414 | ||||||
97,759 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Park Electrochemical Corp. | 310 | 7,555 | ||||||
TTM Technologies, Inc.† | 809 | 7,297 | ||||||
14,852 | ||||||||
Coal — 0.0% |
| |||||||
Cloud Peak Energy, Inc.† | 979 | 18,572 | ||||||
SunCoke Energy, Inc.† | 1,124 | 18,265 | ||||||
36,837 | ||||||||
Commercial Services — 0.1% |
| |||||||
Arbitron, Inc. | 415 | 15,093 | ||||||
ExlService Holdings, Inc.† | 416 | 11,170 | ||||||
Healthcare Services Group, Inc. | 1,079 | 25,378 | ||||||
Iron Mountain, Inc. | 287 | 9,069 | ||||||
Live Nation Entertainment, Inc.† | 2,261 | 19,852 | ||||||
Medifast, Inc.† | 219 | 6,947 | ||||||
TeleTech Holdings, Inc.† | 368 | 6,263 | ||||||
93,772 | ||||||||
7
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Commercial Services - Finance — 0.3% |
| |||||||
Cardtronics, Inc.† | 709 | $ | 16,264 | |||||
Heartland Payment Systems, Inc. | 624 | 18,489 | ||||||
Mastercard, Inc., Class A | 754 | 368,465 | ||||||
Total System Services, Inc. | 489 | 10,734 | ||||||
Western Union Co. | 2,381 | 30,024 | ||||||
443,976 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 404 | 3,939 | ||||||
Computer Aided Design — 0.0% |
| |||||||
Autodesk, Inc.† | 738 | 24,450 | ||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 573 | 8,773 | ||||||
Computer Services — 1.4% |
| |||||||
Accenture PLC, Class A | 2,541 | 172,585 | ||||||
CACI International, Inc., Class A† | 364 | 18,619 | ||||||
CIBER, Inc.† | 1,142 | 3,472 | ||||||
Computer Sciences Corp. | 1,589 | 60,477 | ||||||
iGATE Corp.† | 475 | 7,120 | ||||||
Insight Enterprises, Inc.† | 696 | 11,790 | ||||||
International Business Machines Corp. | 9,888 | 1,879,412 | ||||||
j2 Global, Inc. | 688 | 20,805 | ||||||
LivePerson, Inc.† | 804 | 10,605 | ||||||
Manhattan Associates, Inc.† | 318 | 18,202 | ||||||
Sykes Enterprises, Inc.† | 613 | 8,987 | ||||||
Virtusa Corp.† | 319 | 4,995 | ||||||
2,217,069 | ||||||||
Computer Software — 0.0% |
| |||||||
Avid Technology, Inc.† | 486 | 3,174 | ||||||
Blackbaud, Inc. | 725 | 16,196 | ||||||
19,370 | ||||||||
Computers — 2.3% |
| |||||||
Apple, Inc. | 5,970 | 3,494,122 | ||||||
Hewlett - Packard Co. | 5,894 | 76,563 | ||||||
3,570,685 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
3D Systems Corp.† | 765 | 34,203 | ||||||
Agilysys, Inc.† | 222 | 1,812 | ||||||
Mercury Systems, Inc.† | 485 | 4,263 | ||||||
MTS Systems Corp. | 252 | 12,184 | ||||||
NCI, Inc., Class A† | 110 | 462 | ||||||
Netscout Systems, Inc.† | 576 | 14,469 | ||||||
Radisys Corp.† | 332 | 747 | ||||||
Super Micro Computer, Inc.† | 442 | 4,124 | ||||||
72,264 | ||||||||
Computers - Memory Devices — 0.4% |
| |||||||
EMC Corp.† | 24,625 | 611,193 | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Electronics for Imaging, Inc.† | 742 | 13,623 | ||||||
Synaptics, Inc.† | 528 | 14,108 | ||||||
27,731 | ||||||||
Consulting Services — 0.0% |
| |||||||
Forrester Research, Inc. | 230 | 6,442 | ||||||
MAXIMUS, Inc. | 546 | 34,393 | ||||||
Navigant Consulting, Inc.† | 812 | 8,453 | ||||||
49,288 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
American Greetings Corp., Class A | 514 | 8,861 |
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. (continued) |
| |||||||
Blyth, Inc. | 183 | $ | 2,950 | |||||
Central Garden and Pet Co., Class A† | 639 | 7,496 | ||||||
Clorox Co. | 4,073 | 310,974 | ||||||
Helen of Troy, Ltd.† | 497 | 15,337 | ||||||
Prestige Brands Holdings, Inc.† | 788 | 17,021 | ||||||
WD-40 Co. | 238 | 11,243 | ||||||
373,882 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Ball Corp. | 8,097 | 361,855 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Colgate-Palmolive Co. | 1,022 | 110,887 | ||||||
Estee Lauder Cos., Inc., Class A | 2,200 | 128,150 | ||||||
Inter Parfums, Inc. | 241 | 4,825 | ||||||
Procter & Gamble Co. | 5,272 | 368,144 | ||||||
612,006 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
CommVault Systems, Inc.† | 671 | 44,528 | ||||||
CSG Systems International, Inc.† | 532 | 9,885 | ||||||
Fidelity National Information Services, Inc. | 735 | 26,533 | ||||||
Fiserv, Inc.† | 804 | 61,900 | ||||||
142,846 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence Group, Inc.† | 229 | 7,355 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 1,149 | 31,471 | ||||||
Patterson Cos., Inc. | 2,079 | 70,894 | ||||||
102,365 | ||||||||
Diagnostic Equipment — 0.0% |
| |||||||
Affymetrix, Inc.† | 1,104 | 3,676 | ||||||
Diagnostic Kits — 0.0% |
| |||||||
Meridian Bioscience, Inc. | 647 | 12,959 | ||||||
Direct Marketing — 0.0% |
| |||||||
Harte-Hanks, Inc. | 691 | 3,655 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
ICU Medical, Inc.† | 195 | 11,483 | ||||||
Merit Medical Systems, Inc.† | 659 | 9,147 | ||||||
20,630 | ||||||||
Distribution/Wholesale — 0.1% | ||||||||
Genuine Parts Co. | 941 | 61,250 | ||||||
MWI Veterinary Supply, Inc.† | 192 | 21,435 | ||||||
Pool Corp. | 744 | 31,166 | ||||||
ScanSource, Inc.† | 432 | 12,766 | ||||||
United Stationers, Inc. | 650 | 19,948 | ||||||
146,565 | ||||||||
Diversified Banking Institutions — 2.2% | ||||||||
Bank of America Corp. | 71,557 | 705,552 | ||||||
Citigroup, Inc. | 2,126 | 73,496 | ||||||
JPMorgan Chase & Co. | 40,631 | 1,669,121 | ||||||
Morgan Stanley | 51,457 | 868,080 | ||||||
3,316,249 | ||||||||
Diversified Manufacturing Operations — 1.5% | ||||||||
3M Co. | 3,916 | 356,160 | ||||||
A.O. Smith Corp. | 623 | 39,218 | ||||||
Actuant Corp., Class A | 1,169 | 33,632 | ||||||
AZZ, Inc. | 396 | 15,096 | ||||||
Barnes Group, Inc. | 753 | 15,881 |
8
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Diversified Manufacturing Operations (continued) | ||||||||
Danaher Corp. | 2,199 | $ | 118,680 | |||||
Dover Corp. | 12,923 | 821,774 | ||||||
EnPro Industries, Inc.† | 323 | 12,687 | ||||||
Federal Signal Corp.† | 1,000 | 5,880 | ||||||
General Electric Co. | 15,331 | 323,944 | ||||||
Illinois Tool Works, Inc. | 1,150 | 70,805 | ||||||
Koppers Holdings, Inc. | 325 | 11,502 | ||||||
LSB Industries, Inc.† | 301 | 10,062 | ||||||
Lydall, Inc.† | 244 | 3,194 | ||||||
Parker Hannifin Corp. | 2,105 | 172,926 | ||||||
Standex International Corp. | 198 | 9,753 | ||||||
Textron, Inc. | 8,461 | 198,749 | ||||||
Tredegar Corp. | 367 | 6,918 | ||||||
2,226,861 | ||||||||
Diversified Minerals — 0.0% | ||||||||
AMCOL International Corp. | 395 | 11,925 | ||||||
Diversified Operations/Commercial Services — 0.0% | ||||||||
Chemed Corp. | 301 | 20,492 | ||||||
Viad Corp. | 325 | 7,306 | ||||||
27,798 | ||||||||
E-Commerce/Products — 0.1% | ||||||||
Amazon.com, Inc.† | 590 | 148,709 | ||||||
Blue Nile, Inc.† | 195 | 7,671 | ||||||
eBay, Inc.† | 796 | 42,045 | ||||||
Nutrisystem, Inc. | 419 | 3,348 | ||||||
Stamps.com, Inc.† | 237 | 6,013 | ||||||
207,786 | ||||||||
E-Commerce/Services — 0.3% | ||||||||
Expedia, Inc. | 3,498 | 216,386 | ||||||
OpenTable, Inc.† | 354 | 15,891 | ||||||
priceline.com, Inc.† | 284 | 188,338 | ||||||
United Online, Inc. | 1,418 | 8,111 | ||||||
428,726 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
comScore, Inc.† | 514 | 6,842 | ||||||
Liquidity Services, Inc.† | 388 | 15,931 | ||||||
QuinStreet, Inc.† | 381 | 2,381 | ||||||
25,154 | ||||||||
E-Services/Consulting — 0.0% | ||||||||
Perficient, Inc.† | 500 | 5,445 | ||||||
Websense, Inc.† | 583 | 8,139 | ||||||
13,584 | ||||||||
Electric Products - Misc. — 0.5% | ||||||||
Emerson Electric Co. | 10,984 | 551,726 | ||||||
Littelfuse, Inc. | 350 | 20,199 | ||||||
Molex, Inc. | 5,544 | 146,251 | ||||||
718,176 | ||||||||
Electric - Generation — 0.2% | ||||||||
AES Corp. | 28,740 | 306,656 | ||||||
Electric - Integrated — 0.9% | ||||||||
ALLETE, Inc. | 553 | 21,683 | ||||||
Ameren Corp. | 3,069 | 91,978 | ||||||
Avista Corp. | 943 | 22,359 | ||||||
CH Energy Group, Inc. | 234 | 15,259 | ||||||
CMS Energy Corp. | 920 | 22,476 | ||||||
El Paso Electric Co. | 644 | 20,511 | ||||||
Exelon Corp. | 9,179 | 277,389 | ||||||
FirstEnergy Corp. | 1,275 | 54,137 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
Integrys Energy Group, Inc. | 4,147 | $ | 220,496 | |||||
NextEra Energy, Inc. | 5,324 | 365,812 | ||||||
NorthWestern Corp. | 597 | 20,710 | ||||||
Public Service Enterprise Group, Inc. | 5,643 | 169,798 | ||||||
UIL Holdings Corp. | 813 | 29,162 | ||||||
UNS Energy Corp. | 662 | 28,188 | ||||||
1,359,958 | ||||||||
Electronic Components - Misc. — 0.3% | ||||||||
Bel Fuse, Inc., Class B | 172 | 2,733 | ||||||
Benchmark Electronics, Inc.† | 903 | 14,032 | ||||||
CTS Corp. | 545 | 4,829 | ||||||
Daktronics, Inc. | 578 | 6,046 | ||||||
Jabil Circuit, Inc. | 19,756 | 375,364 | ||||||
Methode Electronics, Inc. | 580 | 5,237 | ||||||
OSI Systems, Inc.† | 300 | 18,384 | ||||||
Plexus Corp.† | 561 | 12,987 | ||||||
Rogers Corp.† | 255 | 11,330 | ||||||
450,942 | ||||||||
Electronic Components - Semiconductors — 0.5% | ||||||||
Broadcom Corp., Class A | 8,649 | 280,055 | ||||||
Ceva, Inc.† | 351 | 5,303 | ||||||
Diodes, Inc.† | 578 | 8,751 | ||||||
DSP Group, Inc.† | 317 | 1,877 | ||||||
Entropic Communications, Inc.† | 1,379 | 7,157 | ||||||
GT Advanced Technologies, Inc.† | 1,904 | 6,416 | ||||||
Intel Corp. | 13,938 | 272,767 | ||||||
Kopin Corp.† | 935 | 3,001 | ||||||
Microsemi Corp.† | 1,427 | 27,313 | ||||||
Monolithic Power Systems, Inc.† | 498 | 10,538 | ||||||
NVIDIA Corp. | 5,695 | 68,226 | ||||||
Rubicon Technology, Inc.† | 238 | 1,528 | ||||||
Supertex, Inc. | 191 | 3,472 | ||||||
Texas Instruments, Inc. | 3,137 | 92,447 | ||||||
Volterra Semiconductor Corp.† | 398 | 6,989 | ||||||
795,840 | ||||||||
Electronic Connectors — 0.1% | ||||||||
Amphenol Corp., Class A | 2,096 | 129,784 | ||||||
Electronic Forms — 0.1% | ||||||||
Adobe Systems, Inc.† | 2,949 | 102,065 | ||||||
Electronic Measurement Instruments — 0.0% | ||||||||
Analogic Corp. | 192 | 14,145 | ||||||
Badger Meter, Inc. | 225 | 10,138 | ||||||
ESCO Technologies, Inc. | 419 | 15,377 | ||||||
FARO Technologies, Inc.† | 265 | 9,349 | ||||||
Measurement Specialties, Inc.† | 236 | 7,328 | ||||||
56,337 | ||||||||
Electronic Security Devices — 0.1% | ||||||||
American Science & Engineering, Inc. | 134 | 8,560 | ||||||
Tyco International, Ltd. | 4,245 | 120,431 | ||||||
128,991 | ||||||||
Electronics - Military — 0.0% | ||||||||
L-3 Communications Holdings, Inc. | 135 | 10,375 | ||||||
Engineering/R&D Services — 0.5% | ||||||||
EMCOR Group, Inc. | 1,068 | 35,084 | ||||||
Engility Holdings, Inc.† | 253 | 4,645 | ||||||
Exponent, Inc.† | 210 | 11,222 | ||||||
Foster Wheeler AG† | 28,846 | 647,881 | ||||||
698,832 | ||||||||
9
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Engines - Internal Combustion — 0.0% | ||||||||
Briggs & Stratton Corp. | 762 | $ | 15,461 | |||||
Cummins, Inc. | 446 | 43,779 | ||||||
59,240 | ||||||||
Enterprise Software/Service — 0.7% | ||||||||
CA, Inc. | 3,972 | 88,019 | ||||||
Digital River, Inc.† | 578 | 8,445 | ||||||
JDA Software Group, Inc.† | 687 | 30,681 | ||||||
MicroStrategy, Inc., Class A† | 139 | 12,300 | ||||||
Omnicell, Inc.† | 526 | 8,032 | ||||||
Opnet Technologies, Inc. | 233 | 9,679 | ||||||
Oracle Corp. | 24,967 | 801,441 | ||||||
SYNNEX Corp.† | 425 | 14,033 | ||||||
Tyler Technologies, Inc.† | 418 | 19,613 | ||||||
992,243 | ||||||||
Entertainment Software — 0.0% | ||||||||
Take-Two Interactive Software, Inc.† | 1,447 | 17,899 | ||||||
Environmental Consulting & Engineering — 0.0% | ||||||||
Tetra Tech, Inc.† | 1,021 | 26,301 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
Encore Capital Group, Inc.† | 370 | 9,834 | ||||||
Portfolio Recovery Associates, Inc.† | 268 | 26,484 | ||||||
SLM Corp. | 5,983 | 99,019 | ||||||
World Acceptance Corp.† | 210 | 15,332 | ||||||
150,669 | ||||||||
Finance - Credit Card — 0.3% | ||||||||
Visa, Inc., Class A | 3,054 | 457,214 | ||||||
Finance - Investment Banker/Broker — 0.1% | ||||||||
E*TRADE Financial Corp.† | 5,380 | 45,300 | ||||||
Interactive Brokers Group, Inc., Class A | 655 | 10,015 | ||||||
Investment Technology Group, Inc.† | 605 | 5,409 | ||||||
Piper Jaffray Cos.† | 262 | 7,433 | ||||||
Stifel Financial Corp.† | 799 | 24,305 | ||||||
SWS Group, Inc.† | 419 | 2,011 | ||||||
94,473 | ||||||||
Finance - Other Services — 0.2% | ||||||||
Higher One Holdings, Inc.† | 526 | 4,650 | ||||||
IntercontinentalExchange, Inc.† | 1,649 | 217,915 | ||||||
MarketAxess Holdings, Inc. | 595 | 18,362 | ||||||
NASDAQ OMX Group, Inc. | 3,878 | 93,964 | ||||||
334,891 | ||||||||
Firearms & Ammunition — 0.0% | ||||||||
Sturm Ruger & Co., Inc. | 300 | 17,577 | ||||||
Food - Canned — 0.0% | ||||||||
Seneca Foods Corp., Class A† | 129 | 3,997 | ||||||
TreeHouse Foods, Inc.† | 580 | 30,415 | ||||||
34,412 | ||||||||
Food - Confectionery — 0.2% | ||||||||
Hershey Co. | 3,024 | 221,568 | ||||||
Food - Dairy Products — 0.0% | ||||||||
Dean Foods Co.† | 2,172 | 37,228 | ||||||
Food - Meat Products — 0.3% | ||||||||
Hormel Foods Corp. | 11,656 | 361,453 | ||||||
Tyson Foods, Inc., Class A | 2,261 | 43,343 | ||||||
404,796 | ||||||||
Food - Misc./Diversified — 1.5% | ||||||||
B&G Foods, Inc. | 834 | 24,336 | ||||||
Cal - Maine Foods, Inc. | 224 | 10,297 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified (continued) | ||||||||
Campbell Soup Co. | 7,193 | $ | 264,343 | |||||
ConAgra Foods, Inc. | 7,568 | 225,980 | ||||||
Diamond Foods, Inc. | 346 | 4,927 | ||||||
Hain Celestial Group, Inc.† | 721 | 43,455 | ||||||
J&J Snack Foods Corp. | 240 | 15,096 | ||||||
Kellogg Co. | 11,073 | 614,108 | ||||||
Kraft Foods Group, Inc.† | 9,290 | 420,094 | ||||||
Mondelez International, Inc., Class A | 27,874 | 721,658 | ||||||
Snyders-Lance, Inc. | 770 | 18,542 | ||||||
2,362,836 | ||||||||
Food - Retail — 0.2% | ||||||||
Kroger Co. | 5,111 | 134,113 | ||||||
Safeway, Inc. | 6,190 | 105,911 | ||||||
240,024 | ||||||||
Food - Wholesale/Distribution — 0.0% | ||||||||
Calavo Growers, Inc. | 204 | 4,908 | ||||||
Nash Finch Co. | 181 | 3,819 | ||||||
Spartan Stores, Inc. | 339 | 5,099 | ||||||
United Natural Foods, Inc.† | 785 | 40,639 | ||||||
54,465 | ||||||||
Footwear & Related Apparel — 0.1% | ||||||||
Crocs, Inc.† | 1,448 | 19,331 | ||||||
Iconix Brand Group, Inc.† | 1,111 | 22,398 | ||||||
Skechers U.S.A., Inc., Class A† | 611 | 11,890 | ||||||
Steven Madden, Ltd.† | 654 | 29,110 | ||||||
Wolverine World Wide, Inc. | 784 | 33,931 | ||||||
116,660 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 171 | 11,808 | ||||||
Gambling (Non - Hotel) — 0.0% |
| |||||||
Pinnacle Entertainment, Inc.† | 928 | 11,990 | ||||||
Garden Products — 0.0% |
| |||||||
Toro Co. | 938 | 42,079 | ||||||
Gas - Distribution — 0.1% |
| |||||||
Laclede Group, Inc. | 336 | 13,678 | ||||||
New Jersey Resources Corp. | 667 | 27,067 | ||||||
Northwest Natural Gas Co. | 431 | 18,904 | ||||||
Piedmont Natural Gas Co., Inc. | 1,156 | 35,674 | ||||||
South Jersey Industries, Inc. | 495 | 24,735 | ||||||
Southwest Gas Corp. | 740 | 31,036 | ||||||
151,094 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 1,111 | 7,488 | ||||||
Health Care Cost Containment — 0.0% |
| |||||||
Corvel Corp.† | 100 | 4,195 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc. | 1,835 | 40,021 | ||||||
Home Furnishings — 0.0% |
| |||||||
Ethan Allen Interiors, Inc. | 407 | 11,807 | ||||||
La-Z-Boy, Inc. | 839 | 12,518 | ||||||
Select Comfort Corp.† | 903 | 24,182 | ||||||
48,507 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Marcus Corp. | 317 | 3,753 | ||||||
Marriott International, Inc., Class A | 4,722 | 171,361 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,189 | 64,159 | ||||||
239,273 | ||||||||
10
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Human Resources — 0.1% |
| |||||||
AMN Healthcare Services, Inc.† | 696 | $ | 7,607 | |||||
CDI Corp. | 223 | 3,684 | ||||||
Cross Country Healthcare, Inc.† | 454 | 1,821 | ||||||
Heidrick & Struggles International, Inc. | 282 | 3,706 | ||||||
Insperity, Inc. | 355 | 10,721 | ||||||
Kelly Services, Inc., Class A | 445 | 6,079 | ||||||
Korn/Ferry International† | 765 | 11,031 | ||||||
On Assignment, Inc.† | 675 | 13,453 | ||||||
Resources Connection, Inc. | 658 | 7,639 | ||||||
Robert Half International, Inc. | 1,854 | 52,394 | ||||||
TrueBlue, Inc.† | 633 | 9,020 | ||||||
127,155 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 759 | 24,242 | ||||||
Checkpoint Systems, Inc.† | 650 | 5,623 | ||||||
29,865 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 640 | 22,925 | ||||||
Intermec, Inc.† | 899 | 6,787 | ||||||
iRobot Corp.† | 430 | 8,101 | ||||||
Rockwell Automation, Inc. | 2,503 | 198,338 | ||||||
236,151 | ||||||||
Instruments - Controls — 0.0% |
| |||||||
Watts Water Technologies, Inc., Class A | 446 | 18,237 | ||||||
Instruments - Scientific — 0.4% |
| |||||||
FEI Co. | 611 | 33,623 | ||||||
PerkinElmer, Inc. | 16,989 | 537,702 | ||||||
571,325 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
eHealth, Inc.† | 317 | 8,179 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
Aflac, Inc. | 5,898 | 312,535 | ||||||
Lincoln National Corp. | 1,854 | 45,794 | ||||||
Presidential Life Corp. | 342 | 4,791 | ||||||
Principal Financial Group, Inc. | 5,958 | 161,760 | ||||||
Prudential Financial, Inc. | 285 | 14,854 | ||||||
Unum Group | 377 | 7,687 | ||||||
547,421 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
ACE, Ltd. | 3,990 | 316,128 | ||||||
Assurant, Inc. | 5,818 | 199,034 | ||||||
Horace Mann Educators Corp. | 621 | 11,873 | ||||||
MetLife, Inc. | 3,506 | 116,364 | ||||||
United Fire Group, Inc. | 351 | 7,276 | ||||||
650,675 | ||||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
AMERISAFE, Inc.† | 285 | 7,376 | ||||||
Chubb Corp. | 110 | 8,469 | ||||||
Employers Holdings, Inc. | 491 | 9,373 | ||||||
Infinity Property & Casualty Corp. | 188 | 10,287 | ||||||
Meadowbrook Insurance Group, Inc. | 779 | 4,331 | ||||||
Navigators Group, Inc.† | 166 | 8,700 | ||||||
ProAssurance Corp. | 492 | 44,614 | ||||||
Progressive Corp. | 6,472 | 137,530 | ||||||
RLI Corp. | 272 | 17,528 | ||||||
Safety Insurance Group, Inc. | 204 | 9,158 | ||||||
Selective Insurance Group, Inc. | 882 | 16,476 | ||||||
Stewart Information Services Corp. | 281 | 7,671 | ||||||
Tower Group, Inc. | 554 | 9,363 | ||||||
Travelers Cos., Inc. | 648 | 45,891 | ||||||
336,767 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 5,823 | $ | 512,890 | |||||
Internet Application Software — 0.0% |
| |||||||
DealerTrack Holdings, Inc.† | 684 | 18,393 | ||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 271 | 1,751 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
Dice Holdings, Inc.† | 854 | 7,344 | ||||||
HealthStream, Inc.† | 305 | 7,235 | ||||||
XO Group, Inc.† | 430 | 3,397 | ||||||
17,976 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 163 | 15,270 | ||||||
Internet Security — 0.0% |
| |||||||
Sourcefire, Inc.† | 480 | 23,630 | ||||||
Symantec Corp.† | 1,332 | 24,988 | ||||||
VASCO Data Security International, Inc.† | 421 | 3,162 | ||||||
51,780 | ||||||||
Investment Companies — 0.0% |
| |||||||
Prospect Capital Corp. | 2,808 | 29,568 | ||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Ameriprise Financial, Inc. | 1,407 | 85,363 | ||||||
BlackRock, Inc. | 1,583 | 311,914 | ||||||
Calamos Asset Management, Inc., Class A | 327 | 3,205 | ||||||
Federated Investors, Inc., Class B | 939 | 18,639 | ||||||
Financial Engines, Inc.† | 652 | 17,095 | ||||||
Legg Mason, Inc. | 20,991 | 535,900 | ||||||
National Financial Partners Corp.† | 636 | 10,564 | ||||||
Virtus Investment Partners, Inc.† | 93 | 10,682 | ||||||
993,362 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Coherent, Inc.† | 378 | 17,482 | ||||||
Cymer, Inc.† | 498 | 43,675 | ||||||
Electro Scientific Industries, Inc. | 400 | 4,336 | ||||||
II-VI, Inc.† | 860 | 14,715 | ||||||
Newport Corp.† | 599 | 7,631 | ||||||
Rofin-Sinar Technologies, Inc.† | 447 | 9,454 | ||||||
97,293 | ||||||||
Leisure Products — 0.0% |
| |||||||
Brunswick Corp. | 1,435 | 36,980 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
Cintas Corp. | 1,413 | 58,555 | ||||||
G&K Services, Inc., Class A | 295 | 10,001 | ||||||
UniFirst Corp. | 241 | 17,007 | ||||||
85,563 | ||||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Astec Industries, Inc. | 336 | 9,727 | ||||||
Machinery - Electrical — 0.0% |
| |||||||
Franklin Electric Co., Inc. | 308 | 18,344 | ||||||
Machinery - Farming — 0.0% |
| |||||||
Lindsay Corp. | 199 | 15,739 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Albany International Corp., Class A | 463 | 9,959 | ||||||
Applied Industrial Technologies, Inc. | 673 | 26,940 | ||||||
Intevac, Inc.† | 334 | 1,580 | ||||||
Robbins & Myers, Inc. | 688 | 40,867 | ||||||
Tennant Co. | 295 | 11,252 | ||||||
90,598 | ||||||||
11
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - Material Handling — 0.0% |
| |||||||
Cascade Corp. | 135 | $ | 8,771 | |||||
Medical Information Systems — 0.0% |
| |||||||
Computer Programs & Systems, Inc. | 173 | 8,662 | ||||||
Medidata Solutions, Inc.† | 352 | 14,080 | ||||||
Quality Systems, Inc. | 622 | 11,327 | ||||||
34,069 | ||||||||
Medical Instruments — 0.1% |
| |||||||
Abaxis, Inc.† | 340 | 12,831 | ||||||
CONMED Corp. | 443 | 12,240 | ||||||
CryoLife, Inc. | 406 | 2,412 | ||||||
Integra LifeSciences Holdings Corp.† | 313 | 12,132 | ||||||
Natus Medical, Inc.† | 462 | 5,230 | ||||||
NuVasive, Inc.† | 698 | 10,135 | ||||||
St. Jude Medical, Inc. | 4,317 | 147,987 | ||||||
SurModics, Inc.† | 175 | 3,524 | ||||||
Symmetry Medical, Inc.† | 588 | 5,733 | ||||||
212,224 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio-Reference Labs, Inc.† | 387 | 10,190 | ||||||
Quest Diagnostics, Inc. | 1,038 | 59,975 | ||||||
70,165 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Palomar Medical Technologies, Inc.† | 268 | 2,431 | ||||||
Medical Products — 0.6% | ||||||||
Cantel Medical Corp. | 342 | 9,385 | ||||||
CareFusion Corp.† | 765 | 21,359 | ||||||
Covidien PLC | 6,901 | 401,017 | ||||||
Cyberonics, Inc.† | 388 | 20,060 | ||||||
Greatbatch, Inc.† | 370 | 8,355 | ||||||
Haemonetics Corp.† | 411 | 33,303 | ||||||
Hanger, Inc.† | 549 | 14,334 | ||||||
Invacare Corp. | 465 | 6,570 | ||||||
Luminex Corp.† | 613 | 10,556 | ||||||
PSS World Medical, Inc.† | 790 | 22,468 | ||||||
West Pharmaceutical Services, Inc. | 546 | 29,500 | ||||||
Zimmer Holdings, Inc. | 6,088 | 401,625 | ||||||
978,532 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Acorda Therapeutics, Inc.† | 640 | 16,115 | ||||||
Amgen, Inc. | 1,157 | 102,742 | ||||||
Arqule, Inc.† | 975 | 2,593 | ||||||
Biogen Idec, Inc.† | 3,196 | 476,492 | ||||||
Cambrex Corp.† | 475 | 5,211 | ||||||
Cubist Pharmaceuticals, Inc.† | 1,024 | 41,585 | ||||||
Emergent Biosolutions, Inc.† | 391 | 5,873 | ||||||
Enzo Biochem, Inc.† | 491 | 1,355 | ||||||
Life Technologies Corp.† | 1,210 | 59,713 | ||||||
Medicines Co.† | 864 | 18,550 | ||||||
Momenta Pharmaceuticals, Inc.† | 730 | 7,811 | ||||||
Spectrum Pharmaceuticals, Inc.† | 821 | 9,721 | ||||||
747,761 | ||||||||
Medical - Drugs — 2.5% |
| |||||||
Abbott Laboratories | 8,484 | 551,460 | ||||||
Akorn, Inc.† | 1,058 | 14,272 | ||||||
Allergan, Inc. | 165 | 15,304 | ||||||
Bristol-Myers Squibb Co. | 27,197 | 887,438 | ||||||
Eli Lilly & Co. | 19,460 | 954,318 | ||||||
Hi-Tech Pharmacal Co., Inc.† | 164 | 4,953 | ||||||
Johnson & Johnson | 3,229 | 225,158 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Merck & Co., Inc. | 2,111 | $ | 93,517 | |||||
Pfizer, Inc. | 37,688 | 942,954 | ||||||
PharMerica Corp.† | 462 | 6,671 | ||||||
Salix Pharmaceuticals, Ltd.† | 801 | 34,323 | ||||||
ViroPharma, Inc.† | 1,093 | 27,096 | ||||||
3,757,464 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Aetna, Inc. | 2,452 | 105,902 | ||||||
Centene Corp.† | 827 | 36,314 | ||||||
Cigna Corp. | 1,226 | 64,083 | ||||||
Humana, Inc. | 4,971 | 325,153 | ||||||
Magellan Health Services, Inc.† | 439 | 22,775 | ||||||
Molina Healthcare, Inc.† | 478 | 13,308 | ||||||
UnitedHealth Group, Inc. | 5,067 | 275,594 | ||||||
843,129 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Tenet Healthcare Corp.† | 1,729 | 50,072 | ||||||
Medical - Nursing Homes — 0.0% | ||||||||
Ensign Group, Inc. | 279 | 7,195 | ||||||
Kindred Healthcare, Inc.† | 829 | 8,995 | ||||||
16,190 | ||||||||
Medical - Outpatient/Home Medical — 0.0% |
| |||||||
Air Methods Corp.† | 186 | 20,306 | ||||||
Almost Family, Inc.† | 124 | 2,460 | ||||||
Amedisys, Inc.† | 472 | 4,942 | ||||||
Amsurg Corp.† | 496 | 13,898 | ||||||
Gentiva Health Services, Inc.† | 442 | 4,552 | ||||||
LHC Group, Inc.† | 232 | 4,495 | ||||||
50,653 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
Cardinal Health, Inc. | 6,221 | 251,639 | ||||||
McKesson Corp. | 2,716 | 256,581 | ||||||
508,220 | ||||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
CIRCOR International, Inc. | 273 | 9,866 | ||||||
Haynes International, Inc. | 192 | 8,936 | ||||||
Kaydon Corp. | 502 | 11,561 | ||||||
Mueller Industries, Inc. | 451 | 21,540 | ||||||
RTI International Metals, Inc.† | 475 | 11,780 | ||||||
63,683 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.† | 239 | 3,050 | ||||||
Olympic Steel, Inc. | 139 | 2,748 | ||||||
5,798 | ||||||||
Metal - Aluminum — 0.0% |
| |||||||
Alcoa, Inc. | 2,648 | 22,269 | ||||||
Century Aluminum Co.† | 827 | 6,426 | ||||||
Kaiser Aluminum Corp. | 270 | 16,435 | ||||||
45,130 | ||||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 9,355 | 364,939 | ||||||
Miscellaneous Manufacturing — 0.0% |
| |||||||
Hillenbrand, Inc. | 1,004 | 21,245 | ||||||
John Bean Technologies Corp. | 454 | 7,396 | ||||||
Movado Group, Inc. | 276 | 9,574 | ||||||
38,215 | ||||||||
12
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 1,300 | $ | 61,048 | |||||
Multimedia — 0.6% | ||||||||
EW Scripps Co., Class A† | 494 | 5,029 | ||||||
News Corp., Class A | 7,184 | 177,014 | ||||||
Viacom, Inc., Class B | 5,468 | 282,203 | ||||||
Walt Disney Co. | 7,571 | 375,976 | ||||||
840,222 | ||||||||
Networking Products — 0.3% |
| |||||||
Anixter International, Inc. | 437 | 26,692 | ||||||
Black Box Corp. | 274 | 6,754 | ||||||
Cisco Systems, Inc. | 18,762 | 354,789 | ||||||
LogMeIn, Inc.† | 357 | 7,640 | ||||||
NETGEAR, Inc.† | 611 | 21,300 | ||||||
417,175 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Globe Specialty Metals, Inc. | 1,024 | 14,193 | ||||||
Materion Corp. | 320 | 6,560 | ||||||
20,753 | ||||||||
Non-Hazardous Waste Disposal — 0.0% |
| |||||||
Republic Services, Inc. | 2,189 | 62,321 | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 7,428 | 83,119 | ||||||
Xerox Corp. | 11,328 | 77,144 | ||||||
160,263 | ||||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 910 | 13,368 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 1,403 | 46,930 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Diamond Offshore Drilling, Inc. | 3,715 | 256,335 | ||||||
Ensco PLC, Class A | 1,628 | 94,799 | ||||||
Helmerich & Payne, Inc. | 4,517 | 235,787 | ||||||
586,921 | ||||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Anadarko Petroleum Corp. | 6,075 | 444,629 | ||||||
Apache Corp. | 2,970 | 228,957 | ||||||
Approach Resources, Inc.† | 532 | 12,497 | ||||||
Cabot Oil & Gas Corp. | 389 | 18,322 | ||||||
Carrizo Oil & Gas, Inc.† | 580 | 12,035 | ||||||
Comstock Resources, Inc.† | 719 | 11,792 | ||||||
Contango Oil & Gas Co. | 200 | 8,198 | ||||||
Gulfport Energy Corp.† | 795 | 30,242 | ||||||
Occidental Petroleum Corp. | 2,113 | 158,919 | ||||||
PDC Energy, Inc.† | 473 | 16,971 | ||||||
Penn Virginia Corp. | 864 | 3,828 | ||||||
PetroQuest Energy, Inc.† | 894 | 4,765 | ||||||
Southwestern Energy Co.† | 547 | 18,986 | ||||||
Stone Energy Corp.† | 795 | 16,480 | ||||||
Swift Energy Co.† | 671 | 10,387 | ||||||
WPX Energy, Inc.† | 1,093 | 17,258 | ||||||
1,014,266 | ||||||||
Oil Companies - Integrated — 3.6% |
| |||||||
Chevron Corp. | 17,210 | 1,818,925 | ||||||
ConocoPhillips | 7,199 | 409,911 | ||||||
Exxon Mobil Corp. | 33,434 | 2,946,873 | ||||||
Marathon Petroleum Corp. | 3,761 | 223,930 | ||||||
Phillips 66 | 1,280 | 67,033 | ||||||
5,466,672 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Gulf Island Fabrication, Inc. | 231 | $ | 5,375 | |||||
Lufkin Industries, Inc. | 539 | 29,516 | ||||||
34,891 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Tesoro Corp. | 2,713 | 114,706 | ||||||
Valero Energy Corp. | 7,793 | 251,402 | ||||||
366,108 | ||||||||
Oil - Field Services — 0.2% |
| |||||||
Basic Energy Services, Inc.† | 468 | 5,157 | ||||||
Exterran Holdings, Inc.† | 1,041 | 21,726 | ||||||
Halliburton Co. | 2,388 | 79,640 | ||||||
Hornbeck Offshore Services, Inc.† | 511 | 18,381 | ||||||
Matrix Service Co.† | 382 | 4,190 | ||||||
Pioneer Energy Services Corp.† | 969 | 7,006 | ||||||
Schlumberger, Ltd. | 1,163 | 83,294 | ||||||
SEACOR Holdings, Inc.† | 319 | 28,901 | ||||||
TETRA Technologies, Inc.† | 1,216 | 8,512 | ||||||
256,807 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Buckeye Technologies, Inc. | 641 | 17,769 | ||||||
Clearwater Paper Corp.† | 367 | 14,588 | ||||||
KapStone Paper and Packaging Corp. | 613 | 13,437 | ||||||
Neenah Paper, Inc. | 248 | 6,959 | ||||||
P.H. Glatfelter Co. | 682 | 11,587 | ||||||
Schweitzer-Mauduit International, Inc. | 500 | 18,735 | ||||||
Wausau Paper Corp. | 773 | 6,485 | ||||||
89,560 | ||||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.† | 9,305 | 501,074 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 538 | 5,821 | ||||||
IPC The Hospitalist Co., Inc.† | 260 | 9,815 | ||||||
15,636 | ||||||||
Poultry — 0.0% |
| |||||||
Sanderson Farms, Inc. | 321 | 15,398 | ||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Advanced Energy Industries, Inc.† | 564 | 7,213 | ||||||
Powell Industries, Inc.† | 140 | 5,606 | ||||||
Vicor Corp.† | 286 | 1,530 | ||||||
14,349 | ||||||||
Printing - Commercial — 0.1% |
| |||||||
Consolidated Graphics, Inc.† | 133 | 4,527 | ||||||
R.R. Donnelley & Sons Co. | 11,345 | 106,643 | ||||||
111,170 | ||||||||
Private Corrections — 0.0% |
| |||||||
Geo Group, Inc. | 986 | 27,805 | ||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 148 | 8,818 | ||||||
Publishing - Books — 0.1% |
| |||||||
McGraw-Hill Cos., Inc. | 1,675 | 88,959 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Dolan Co.† | 440 | 1,509 | ||||||
Gannett Co., Inc. | 4,132 | 73,963 | ||||||
Washington Post Co., Class B | 110 | 40,377 | ||||||
115,849 | ||||||||
13
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Real Estate Investment Trusts — 1.5% |
| |||||||
Acadia Realty Trust | 788 | $ | 19,558 | |||||
Apartment Investment & Management Co., Class A | 13,853 | 347,295 | ||||||
AvalonBay Communities, Inc. | 512 | 67,477 | ||||||
Cedar Realty Trust, Inc. | 891 | 4,829 | ||||||
Colonial Properties Trust | 1,328 | 27,091 | ||||||
Cousins Properties, Inc. | 1,455 | 11,946 | ||||||
DiamondRock Hospitality Co. | 3,131 | 27,365 | ||||||
Digital Realty Trust, Inc. | 10,810 | 697,677 | ||||||
EastGroup Properties, Inc. | 468 | 24,467 | ||||||
EPR Properties | 752 | 34,103 | ||||||
Equity Residential | 6,382 | 354,265 | ||||||
Extra Space Storage, Inc. | 1,643 | 57,751 | ||||||
Franklin Street Properties Corp. | 1,129 | 13,040 | ||||||
Getty Realty Corp. | 429 | 7,224 | ||||||
Government Properties Income Trust | 687 | 15,835 | ||||||
Healthcare Realty Trust, Inc. | 1,380 | 32,913 | ||||||
Host Hotels & Resorts, Inc. | 7,955 | 116,859 | ||||||
Inland Real Estate Corp. | 1,214 | 9,676 | ||||||
Kilroy Realty Corp. | 1,186 | 53,489 | ||||||
Kite Realty Group Trust | 1,167 | 6,232 | ||||||
LaSalle Hotel Properties | 1,384 | 33,368 | ||||||
Lexington Realty Trust | 2,327 | 22,316 | ||||||
LTC Properties, Inc. | 477 | 15,607 | ||||||
Medical Properties Trust, Inc. | 2,175 | 25,382 | ||||||
Mid-America Apartment Communities, Inc. | 660 | 41,131 | ||||||
Parkway Properties, Inc. | 351 | 4,717 | ||||||
Pennsylvania Real Estate Investment Trust | 845 | 14,078 | ||||||
Post Properties, Inc. | 870 | 42,743 | ||||||
PS Business Parks, Inc. | 292 | 18,831 | ||||||
Sabra Health Care REIT, Inc. | 578 | 12,543 | ||||||
Saul Centers, Inc. | 203 | 8,648 | ||||||
Simon Property Group, Inc. | 117 | 17,799 | ||||||
Sovran Self Storage, Inc. | 473 | 29,227 | ||||||
Tanger Factory Outlet Centers | 1,506 | 49,517 | ||||||
Universal Health Realty Income Trust | 198 | 9,651 | ||||||
Urstadt Biddle Properties, Inc., Class A | 395 | 7,422 | ||||||
2,282,072 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
HFF, Inc., Class A | 521 | 7,726 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Forestar Group, Inc.† | 543 | 8,026 | ||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc.† | 211 | 7,940 | ||||||
Research & Development — 0.0% |
| |||||||
PAREXEL International Corp.† | 966 | 31,192 | ||||||
Resort/Theme Parks — 0.0% |
| |||||||
Marriott Vacations Worldwide Corp.† | 458 | 18,233 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Brown Shoe Co., Inc. | 644 | 12,268 | ||||||
Buckle, Inc. | 438 | 22,404 | ||||||
Cato Corp., Class A | 432 | 12,554 | ||||||
Children’s Place Retail Stores, Inc.† | 387 | 18,812 | ||||||
Christopher & Banks Corp.† | 514 | 2,349 | ||||||
Fifth & Pacific Cos., Inc.† | 1,815 | 21,871 | ||||||
Finish Line, Inc., Class A | 814 | 16,793 | ||||||
Gap, Inc. | 4,041 | 139,253 | ||||||
Genesco, Inc.† | 390 | 21,579 | ||||||
Hot Topic, Inc. | 661 | 6,597 | ||||||
Jos. A. Bank Clothiers, Inc.† | 448 | 19,309 | ||||||
Men’s Wearhouse, Inc. | 765 | 24,816 | ||||||
rue21, Inc.† | 246 | 7,062 | ||||||
Stein Mart, Inc. | 398 | 3,399 | ||||||
329,066 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Auto Parts — 0.1% |
| |||||||
O’Reilly Automotive, Inc.† | 898 | $ | 84,484 | |||||
Pep Boys-Manny Moe & Jack | 828 | 8,752 | ||||||
93,236 | ||||||||
Retail - Automobile — 0.0% |
| |||||||
Group 1 Automotive, Inc. | 343 | 20,841 | ||||||
Lithia Motors, Inc., Class A | 339 | 12,129 | ||||||
Sonic Automotive, Inc., Class A | 592 | 11,686 | ||||||
44,656 | ||||||||
Retail - Building Products — 1.3% |
| |||||||
Home Depot, Inc. | 28,369 | 1,845,971 | ||||||
Lowe’s Cos., Inc. | 4,864 | 175,541 | ||||||
Lumber Liquidators Holdings, Inc.† | 432 | 23,190 | ||||||
2,044,702 | ||||||||
Retail - Catalog Shopping — 0.0% |
| |||||||
Coldwater Creek, Inc.† | 312 | 1,785 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A | 2,018 | 52,973 | ||||||
Retail - Convenience Store — 0.0% |
| |||||||
Casey’s General Stores, Inc. | 615 | 30,381 | ||||||
Retail - Discount — 0.3% |
| |||||||
Costco Wholesale Corp. | 284 | 29,533 | ||||||
Fred’s, Inc., Class A | 541 | 7,195 | ||||||
Target Corp. | 361 | 22,790 | ||||||
Tuesday Morning Corp.† | 623 | 3,931 | ||||||
Wal-Mart Stores, Inc. | 5,142 | 370,327 | ||||||
433,776 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Caremark Corp. | 10,642 | 494,959 | ||||||
Retail - Home Furnishings — 0.0% |
| |||||||
Haverty Furniture Cos., Inc. | 315 | 5,276 | ||||||
Kirkland’s, Inc.† | 227 | 2,064 | ||||||
7,340 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Zale Corp.† | 419 | 2,045 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 337 | 2,784 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
TJX Cos., Inc. | 6,746 | 299,118 | ||||||
Retail - Office Supplies — 0.0% |
| |||||||
OfficeMax, Inc. | 1,357 | 13,570 | ||||||
Staples, Inc. | 954 | 11,162 | ||||||
24,732 | ||||||||
Retail - Pawn Shops — 0.0% |
| |||||||
Cash America International, Inc. | 471 | 17,540 | ||||||
Ezcorp, Inc.† | 723 | 13,896 | ||||||
First Cash Financial Services, Inc.† | 422 | 20,387 | ||||||
51,823 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc. | 310 | 3,577 | ||||||
Retail-Regional Department Stores — 0.3% |
| |||||||
Kohl’s Corp. | 8,685 | 387,785 | ||||||
Macy’s, Inc. | 208 | 8,050 | ||||||
Stage Stores, Inc. | 505 | 13,064 | ||||||
408,899 | ||||||||
14
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Restaurants — 0.2% |
| |||||||
Biglari Holdings, Inc.† | 19 | $ | 6,906 | |||||
BJ’s Restaurants, Inc.† | 395 | 13,545 | ||||||
Buffalo Wild Wings, Inc.† | 298 | 21,587 | ||||||
CEC Entertainment, Inc. | 270 | 8,451 | ||||||
Chipotle Mexican Grill, Inc.† | 117 | 30,862 | ||||||
Cracker Barrel Old Country Store, Inc. | 373 | 22,921 | ||||||
DineEquity, Inc.† | 247 | 15,573 | ||||||
Jack in the Box, Inc.† | 715 | 19,698 | ||||||
McDonald’s Corp. | 1,503 | 130,821 | ||||||
Papa John’s International, Inc.† | 277 | 14,662 | ||||||
Red Robin Gourmet Burgers, Inc.† | 211 | 6,910 | ||||||
Ruby Tuesday, Inc.† | 999 | 7,802 | ||||||
Ruth’s Hospitality Group, Inc.† | 525 | 3,938 | ||||||
Sonic Corp.† | 876 | 8,874 | ||||||
Texas Roadhouse, Inc. | 943 | 15,663 | ||||||
328,213 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp. | 272 | 3,808 | ||||||
Hibbett Sports, Inc.† | 420 | 22,571 | ||||||
Zumiez, Inc.† | 344 | 7,114 | ||||||
33,493 | ||||||||
Retail - Video Rentals — 0.0% |
| |||||||
Coinstar, Inc.† | 502 | 23,614 | ||||||
�� | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Vitamin Shoppe, Inc.† | 477 | 28,267 | ||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co.† | 2,314 | 29,156 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 511 | 7,599 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Bank Mutual Corp. | 665 | 2,760 | ||||||
Brookline Bancorp, Inc. | 1,098 | 9,289 | ||||||
Dime Community Bancshares, Inc. | 443 | 6,180 | ||||||
Northwest Bancshares, Inc. | 1,571 | 18,742 | ||||||
Oritani Financial Corp. | 624 | 9,111 | ||||||
People’s United Financial, Inc. | 869 | 10,593 | ||||||
Provident Financial Services, Inc. | 868 | 12,577 | ||||||
69,252 | ||||||||
Schools — 0.0% |
| |||||||
American Public Education, Inc.† | 283 | 9,729 | ||||||
Apollo Group, Inc., Class A† | 1,724 | 33,084 | ||||||
Capella Education Co.† | 189 | 5,230 | ||||||
Career Education Corp.† | 795 | 2,377 | ||||||
Corinthian Colleges, Inc.† | 1,233 | 2,737 | ||||||
Lincoln Educational Services Corp. | 328 | 1,269 | ||||||
Universal Technical Institute, Inc. | 336 | 3,182 | ||||||
57,608 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.† | 200 | 15,234 | ||||||
ION Geophysical Corp.† | 1,926 | 11,479 | ||||||
26,713 | ||||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
Cirrus Logic, Inc.† | 16,410 | 513,961 | ||||||
Exar Corp.† | 709 | 5,814 | ||||||
Hittite Microwave Corp.† | 440 | 26,699 | ||||||
Micrel, Inc. | 773 | 7,429 | ||||||
Pericom Semiconductor Corp.† | 367 | 2,760 | ||||||
Power Integrations, Inc. | 463 | 14,404 | ||||||
QUALCOMM, Inc. | 23,244 | 1,478,783 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
Sigma Designs, Inc.† | 535 | $ | 3,076 | |||||
TriQuint Semiconductor, Inc.† | 2,641 | 13,363 | ||||||
2,066,289 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
ATMI, Inc.† | 500 | 9,960 | ||||||
Brooks Automation, Inc. | 1,039 | 8,000 | ||||||
Cabot Microelectronics Corp. | 369 | 12,037 | ||||||
Cohu, Inc. | 344 | 3,337 | ||||||
KLA-Tencor Corp. | 3,787 | 172,195 | ||||||
Kulicke & Soffa Industries, Inc.† | 1,160 | 13,259 | ||||||
MKS Instruments, Inc. | 848 | 20,564 | ||||||
Nanometrics, Inc.† | 340 | 4,916 | ||||||
Rudolph Technologies, Inc.† | 518 | 5,729 | ||||||
Teradyne, Inc.† | 4,864 | 76,073 | ||||||
Tessera Technologies, Inc. | 813 | 13,211 | ||||||
Ultratech, Inc.† | 411 | 13,489 | ||||||
Veeco Instruments, Inc.† | 628 | 17,873 | ||||||
370,643 | ||||||||
Software Tools — 0.3% |
| |||||||
VMware, Inc., Class A† | 4,466 | 406,183 | ||||||
Steel - Producers — 0.0% |
| |||||||
AK Steel Holding Corp. | 2,076 | 8,325 | ||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc.† | 609 | 12,156 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Harmonic, Inc.† | 1,842 | 8,436 | ||||||
Oplink Communications, Inc.† | 288 | 4,464 | ||||||
12,900 | ||||||||
Telecom Services — 0.0% |
| |||||||
Cbeyond, Inc.† | 460 | 3,418 | ||||||
Lumos Networks Corp. | 214 | 2,095 | ||||||
Neutral Tandem, Inc. | 498 | 1,340 | ||||||
NTELOS Holdings Corp. | 236 | 3,044 | ||||||
USA Mobility, Inc. | 326 | 3,768 | ||||||
13,665 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Arris Group, Inc.† | 1,817 | 25,384 | ||||||
Comtech Telecommunications Corp. | 277 | 7,080 | ||||||
Harris Corp. | 725 | 34,169 | ||||||
Nortel Networks Corp.† | 62 | 0 | ||||||
Symmetricom, Inc.† | 623 | 3,707 | ||||||
70,340 | ||||||||
Telephone - Integrated — 1.7% |
| |||||||
AT&T, Inc. | 50,984 | 1,740,084 | ||||||
Atlantic Tele-Network, Inc. | 150 | 5,532 | ||||||
CenturyLink, Inc. | 4,080 | 158,467 | ||||||
Cincinnati Bell, Inc.† | 3,167 | 16,880 | ||||||
General Communication, Inc., Class A† | 485 | 4,089 | ||||||
Verizon Communications, Inc. | 15,395 | 679,227 | ||||||
2,604,279 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 2,537 | 91,281 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 196 | 4,249 | ||||||
Therapeutics — 0.0% |
| |||||||
Questcor Pharmaceuticals, Inc. | 957 | 24,834 | ||||||
15
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Tobacco — 1.2% |
| |||||||
Alliance One International, Inc.† | 1,268 | $ | 4,172 | |||||
Lorillard, Inc. | 4,134 | 500,875 | ||||||
Philip Morris International, Inc. | 14,887 | 1,338,044 | ||||||
1,843,091 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc. | 329 | 4,106 | ||||||
Transactional Software — 0.0% |
| |||||||
Bottomline Technologies, Inc.† | 576 | 14,118 | ||||||
Synchronoss Technologies, Inc.† | 428 | 7,815 | ||||||
21,933 | ||||||||
Transport - Rail — 0.5% |
| |||||||
CSX Corp. | 1,785 | 35,272 | ||||||
Norfolk Southern Corp. | 6,586 | 397,663 | ||||||
Union Pacific Corp. | 2,808 | 344,766 | ||||||
777,701 | ||||||||
Transport - Services — 0.4% |
| |||||||
Bristow Group, Inc. | 574 | 29,905 | ||||||
FedEx Corp. | 228 | 20,413 | ||||||
Hub Group, Inc., Class A† | 570 | 18,451 | ||||||
United Parcel Service, Inc., Class B | 6,606 | 482,965 | ||||||
551,734 | ||||||||
Transport - Truck — 0.1% |
| |||||||
Arkansas Best Corp. | 373 | 3,088 | ||||||
Forward Air Corp. | 456 | 15,162 | ||||||
Heartland Express, Inc. | 741 | 10,174 | ||||||
Knight Transportation, Inc. | 923 | 13,873 | ||||||
Old Dominion Freight Line, Inc.† | 1,134 | 37,921 | ||||||
80,218 | ||||||||
Travel Services — 0.0% |
| |||||||
Interval Leisure Group, Inc. | 629 | 11,844 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 357 | 16,261 | ||||||
Water — 0.0% |
| |||||||
American States Water Co. | 295 | 13,423 | ||||||
Web Portals/ISP — 0.4% |
| |||||||
Blucora, Inc.† | 627 | 9,248 | ||||||
Google, Inc., Class A† | 882 | 615,963 | ||||||
625,211 | ||||||||
Wire & Cable Products — 0.0% |
| |||||||
Belden, Inc. | 713 | 26,866 | ||||||
Encore Wire Corp. | 291 | 9,120 | ||||||
35,986 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
ViaSat, Inc.† | 636 | 24,314 | ||||||
Total Common Stock |
| |||||||
(cost $72,000,606) | 80,391,897 | |||||||
EXCHANGE - TRADED FUNDS — 9.5% |
| |||||||
iShares Core S&P Small-Cap ETF | 12,651 | 965,271 | ||||||
iShares MSCI All Country Asia ex-Japan Index Fund | 127,370 | 7,412,934 | ||||||
SPDR Gold Shares† | 5,823 | 966,909 | ||||||
SPDR S&P 500 ETF Trust, Series 1 | 6,910 | 981,635 | ||||||
Vanguard MSCI Emerging Markets ETF | 101,820 | 4,280,513 | ||||||
Total Exchange - Traded Funds | ||||||||
(cost $13,814,946) | 14,607,262 | |||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
PREFERRED STOCK — 0.1% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
City National Corp. | 3,625 | $ | 88,087 | |||||
Banks - Super Regional — 0.1% |
| |||||||
US Bancorp FRS | 137 | 117,820 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 45,000 | 5 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Federal Home Loan Mtg. Corp. FRS | 2,200 | 3,564 | ||||||
Total Preferred Stock | ||||||||
(cost $220,279) | 209,476 | |||||||
WARRANTS† — 0.0% |
| |||||||
Publishing - Periodicals — 0.0% |
| |||||||
Reader’s Digest Assoc., Inc. | 143 | 0 | ||||||
Television — 0.0% |
| |||||||
ION Media Networks, Inc. | 9 | 3,150 | ||||||
ION Media Networks, Inc. | 9 | 2,250 | ||||||
5,400 | ||||||||
Total Warrants | ||||||||
(cost $148) | 5,400 | |||||||
ASSET BACKED SECURITIES — 2.5% |
| |||||||
Diversified Financial Services — 2.5% |
| |||||||
Ally Auto Receivables Trust | $ | 80,000 | 80,235 | |||||
AmeriCredit Automobile Receivables Trust | 51,000 | 51,628 | ||||||
Banc of America Funding Corp. FRS | 188,532 | 186,496 | ||||||
Banc of America Funding Corp. | 219,205 | 221,657 | ||||||
Banc of America Funding Corp. | 48,000 | 47,937 | ||||||
Cajun Global LLC | 94,091 | 100,689 | ||||||
Citigroup Commercial Mtg. Trust VRS | 1,000,000 | 1,185,951 | ||||||
Commercial Mtg. Pass Through Certs. | 47,768 | 49,610 | ||||||
Countrywide Alternative Loan Trust | 74,257 | 73,708 | ||||||
Countrywide Asset-Backed Certs. FRS | 23,329 | 22,143 | ||||||
Countrywide Asset-Backed Certs. FRS | 48,922 | 45,566 |
16
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) |
| |||||||
Diversified Financial Services (continued) |
| |||||||
Discover Card Master Trust | $ | 200,000 | $ | 243,346 | ||||
Entergy Arkansas Restoration Funding LLC | 163,699 | 171,183 | ||||||
GS Mtg. Securities Corp II | 66,000 | 67,518 | ||||||
HLSS Servicer Advance Receivables Backed Notes | 108,000 | 108,162 | ||||||
Huntington Auto Trust | 175,000 | 175,064 | ||||||
Marriott Vacation Club Owner Trust | 113,550 | 118,381 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 100,000 | 103,489 | ||||||
MortgageIT Trust FRS | 54,847 | 52,883 | ||||||
MortgageIT Trust FRS | 23,553 | 20,836 | ||||||
New Century Home Equity Loan Trust VRS | 75,568 | 75,194 | ||||||
UBS-Barclays Commercial Mtg. Trust | 40,756 | 42,462 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 84,000 | 92,231 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 50,000 | 56,153 | ||||||
Wells Fargo Mtg. Backed Securities Trust | 433,638 | 434,795 | ||||||
WF-RBS Commercial Mtg. Trust | 38,154 | 39,330 | ||||||
Total Asset Backed Securities | ||||||||
(cost $3,786,215) | 3,866,647 | |||||||
U.S. CORPORATE BONDS & NOTES — 11.1% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 155,000 | 152,316 | ||||||
Interpublic Group of Cos., Inc. | 115,000 | 124,056 | ||||||
276,372 | ||||||||
Advertising Services — 0.0% |
| |||||||
Visant Corp. | 37,000 | 32,190 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Aerospace/Defense — 0.2% |
| |||||||
General Dynamics Corp. | $ | 215,000 | $ | 212,611 | ||||
Lockheed Martin Corp. | 59,000 | 78,095 | ||||||
290,706 | ||||||||
Airlines — 0.0% |
| |||||||
Atlas Air, Inc. Pass Through Certs. | 37,751 | 37,751 | ||||||
Atlas Air, Inc. Pass Through Certs. | 12,178 | 10,473 | ||||||
48,224 | ||||||||
Alternative Waste Technology — 0.0% |
| |||||||
ADS Waste Holdings, Inc. | 34,000 | 35,530 | ||||||
Applications Software — 0.1% |
| |||||||
Microsoft Corp. | 42,000 | 41,921 | ||||||
Microsoft Corp. | 109,000 | 106,423 | ||||||
148,344 | ||||||||
Auction House/Art Dealers — 0.0% |
| |||||||
Sotheby’s | 34,000 | 34,340 | ||||||
Auto-Cars/Light Trucks — 0.0% |
| |||||||
Chrysler Group LLC/CG Co-Issuer, Inc. | 50,000 | 55,062 | ||||||
Banks-Commercial — 0.5% |
| |||||||
Associated Banc-Corp. | 133,000 | 146,364 | ||||||
CIT Group, Inc. | 30,000 | 31,950 | ||||||
Regions Bank | 57,000 | 68,400 | ||||||
Union Bank NA | 256,000 | 263,971 | ||||||
Zions Bancorporation | 208,000 | 218,432 | ||||||
729,117 | ||||||||
Banks-Fiduciary — 0.1% |
| |||||||
Bank of New York Mellon Corp. | 130,000 | 131,446 | ||||||
17
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks-Money Center — 0.1% |
| |||||||
Chase Capital III FRS | $ | 72,000 | $ | 56,308 | ||||
Comerica Bank | 53,000 | 61,412 | ||||||
117,720 | ||||||||
Banks-Super Regional — 1.2% |
| |||||||
Capital One Capital VI | 39,000 | 39,215 | ||||||
Capital One Financial Corp. FRS | 49,000 | 49,553 | ||||||
Capital One Financial Corp. | 172,000 | 175,884 | ||||||
Huntington Bancshares, Inc. | 54,000 | 65,834 | ||||||
JPMorgan Chase Bank NA | 270,000 | 317,678 | ||||||
JPMorgan Chase Bank NA | 609,000 | 721,263 | ||||||
PNC Preferred Funding Trust I FRS | 100,000 | 84,500 | ||||||
SunTrust Banks, Inc. | 13,000 | 14,503 | ||||||
US Bancorp | 111,000 | 113,578 | ||||||
Wachovia Corp. | 112,000 | 134,954 | ||||||
Wells Fargo & Co. FRS | 50,000 | 57,437 | ||||||
1,774,399 | ||||||||
Beverages-Non-alcoholic — 0.0% |
| |||||||
Innovation Ventures LLC/Innovation Ventures Finance Corp. | 35,000 | 32,637 | ||||||
Building Products-Cement — 0.0% |
| |||||||
Headwaters, Inc. | 40,000 | 42,100 | ||||||
Building-Residential/Commercial — 0.0% |
| |||||||
Standard Pacific Corp. | 30,000 | 34,650 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 50,000 | 53,937 | ||||||
Comcast Corp. | 39,000 | 45,676 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Cable/Satellite TV (continued) |
| |||||||
TCI Communications, Inc. | $ | 55,000 | $ | 73,523 | ||||
Time Warner Cable, Inc. | 73,000 | 71,236 | ||||||
244,372 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp. | 10,000 | 9,950 | ||||||
Casino Hotels — 0.1% |
| |||||||
CityCenter Holdings LLC/CityCenter Finance Corp. | 32,297 | 34,800 | ||||||
Harrah’s Operating Co., Inc. | 25,000 | 26,859 | ||||||
Station Casinos LLC | 30,000 | 25,425 | ||||||
87,084 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
Cricket Communications, Inc. | 15,000 | 15,488 | ||||||
Sprint Nextel Corp. | 17,000 | 18,317 | ||||||
33,805 | ||||||||
Chemicals-Specialty — 0.1% |
| |||||||
Lubrizol Corp. | 51,000 | 71,202 | ||||||
Tronox Finance LLC | 30,000 | 29,550 | ||||||
100,752 | ||||||||
Coal — 0.0% |
| |||||||
Arch Coal, Inc. | 38,000 | 34,105 | ||||||
Commercial Services — 0.0% |
| |||||||
Ceridian Corp. | 25,000 | 26,750 | ||||||
Computer Services — 0.2% |
| |||||||
Affiliated Computer Services, Inc. | 45,000 | 48,511 | ||||||
International Business Machines Corp. | 120,000 | 164,406 | ||||||
SunGard Data Systems, Inc. | 20,000 | 20,400 | ||||||
233,317 | ||||||||
18
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Consulting Services — 0.0% |
| |||||||
FTI Consulting, Inc. | $ | 15,000 | $ | 15,938 | ||||
Consumer Products-Misc. — 0.0% |
| |||||||
American Achievement Corp. | 17,000 | 14,110 | ||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | 35,000 | 35,787 | ||||||
49,897 | ||||||||
Containers-Metal/Glass — 0.0% |
| |||||||
Crown Cork & Seal Co., Inc. | 22,000 | 24,090 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Dun & Bradstreet Corp. | 49,000 | 49,114 | ||||||
Direct Marketing — 0.0% |
| |||||||
Catalina Marketing Corp. | 7,600 | 7,486 | ||||||
Disposable Medical Products — 0.0% | ||||||||
CR Bard, Inc. | 56,000 | 56,503 | ||||||
Diversified Banking Institutions — 0.9% |
| |||||||
Ally Financial, Inc. | 20,000 | 21,300 | ||||||
BAC Capital Trust XIII FRS | 178,000 | 144,214 | ||||||
Bank of America Corp. | 1,000 | 1,091 | ||||||
Bank of America Corp. | 63,000 | 72,858 | ||||||
Bank of America Corp. | 55,000 | 65,681 | ||||||
Citigroup, Inc. | 132,000 | 140,654 | ||||||
GMAC LLC | 42,000 | 48,458 | ||||||
Goldman Sachs Group, Inc. | 134,000 | 156,531 | ||||||
Goldman Sachs Group, Inc. | 159,000 | 176,925 | ||||||
JPMorgan Chase & Co. | 114,000 | 133,407 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. FRS | $ | 65,000 | $ | 73,431 | ||||
JPMorgan Chase Capital XXIII FRS | 23,000 | 16,976 | ||||||
Morgan Stanley | 50,000 | 52,067 | ||||||
Morgan Stanley | 96,000 | 109,783 | ||||||
Morgan Stanley | 88,000 | 103,087 | ||||||
Nations Bank Corp. | 24,000 | 28,456 | ||||||
1,344,919 | ||||||||
Diversified Financial Services — 0.6% |
| |||||||
Associates Corp. of North America | 180,000 | 218,070 | ||||||
General Electric Capital Corp. | 51,000 | 52,180 | ||||||
General Electric Capital Corp. | 64,000 | 76,246 | ||||||
General Electric Capital Corp. | 150,000 | 181,859 | ||||||
General Electric Capital Corp. | 260,000 | 339,234 | ||||||
867,589 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Carlisle Cos., Inc. | 63,000 | 63,113 | ||||||
JB Poindexter & Co., Inc. | 29,000 | 29,725 | ||||||
Textron, Inc. | 145,000 | 158,821 | ||||||
251,659 | ||||||||
Electric-Distribution — 0.1% |
| |||||||
Oglethorpe Power Corp. | 122,000 | 121,175 | ||||||
Electric-Generation — 0.2% | ||||||||
AES Corp. | 24,000 | 27,540 | ||||||
Allegheny Energy Supply Co. LLC | 224,000 | 246,576 | ||||||
274,116 | ||||||||
19
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric-Integrated — 0.5% |
| |||||||
Commonwealth Edison Co. | $ | 31,000 | $ | 31,054 | ||||
Dominion Resources, Inc. | 99,000 | 115,666 | ||||||
Entergy Louisiana LLC | 29,000 | 29,380 | ||||||
Exelon Generation Co. LLC | 107,000 | 115,289 | ||||||
Florida Power Corp. | 153,000 | 150,590 | ||||||
Georgia Power Co. | 37,000 | 39,754 | ||||||
Great Plains Energy, Inc. | 76,000 | 85,927 | ||||||
PPL Capital Funding, Inc. | 57,000 | 58,174 | ||||||
Southern California Edison Co. | 61,000 | 62,718 | ||||||
688,552 | ||||||||
Electronic Components-Misc. — 0.0% |
| |||||||
Jabil Circuit, Inc. | 52,000 | 54,990 | ||||||
Electronic Components-Semiconductors — 0.0% |
| |||||||
Amkor Technology, Inc. | 36,000 | 34,470 | ||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Avnet, Inc. | 49,000 | 49,458 | ||||||
Finance-Auto Loans — 0.1% | ||||||||
American Honda Finance Corp. | 67,000 | 67,441 | ||||||
General Motors Financial Co., Inc. | 25,000 | 28,183 | ||||||
95,624 | ||||||||
Finance-Commercial — 0.1% |
| |||||||
Textron Financial Corp. | 77,000 | 78,323 | ||||||
Finance-Investment Banker/Broker — 0.1% |
| |||||||
Bear Stearns Cos. LLC | 62,000 | 70,149 | ||||||
Lehman Brothers Holdings, Inc. | 44,000 | 10,120 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance-Investment Banker/Broker (continued) |
| |||||||
Lehman Brothers Holdings, Inc. | $ | 69,000 | $ | 7 | ||||
Merrill Lynch & Co., Inc. | 67,000 | 74,061 | ||||||
Merrill Lynch & Co., Inc. | 21,000 | 27,464 | ||||||
181,808 | ||||||||
Finance-Leasing Companies — 0.1% |
| |||||||
Air Lease Corp. | 32,000 | 33,440 | ||||||
Boeing Capital Corp. | 72,000 | 75,323 | ||||||
Boeing Capital Corp. | 29,000 | 31,482 | ||||||
140,245 | ||||||||
Finance-Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 69,000 | 69,632 | ||||||
SquareTwo Financial Corp. | 55,000 | 51,425 | ||||||
121,057 | ||||||||
Food-Dairy Products — 0.0% |
| |||||||
Land O’ Lakes, Inc. | 10,000 | 10,363 | ||||||
Food-Misc./Diversified — 0.1% |
| |||||||
Unilever Capital Corp. | 108,000 | 107,054 | ||||||
Gas-Distribution — 0.1% |
| |||||||
Southern Union Co. | 60,000 | 77,049 | ||||||
Gas-Transportation — 0.0% |
| |||||||
Northern Natural Gas Co. | 37,000 | 38,030 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc. | 57,000 | 57,262 | ||||||
Home Furnishings — 0.0% |
| |||||||
Norcraft Cos. LP/Norcraft Finance Corp. | 20,000 | 20,000 | ||||||
Sealy Mattress Co. | 14,000 | 14,053 | ||||||
34,053 | ||||||||
20
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Independent Power Producers — 0.1% |
| |||||||
Calpine Corp. | $ | 29,000 | $ | 32,190 | ||||
GenOn Energy, Inc. | 20,000 | 23,150 | ||||||
NRG Energy, Inc. | 45,000 | 49,950 | ||||||
105,290 | ||||||||
Industrial Gases — 0.0% |
| |||||||
Airgas, Inc. | 49,000 | 48,681 | ||||||
Insurance-Life/Health — 0.2% |
| |||||||
Primerica, Inc. | 73,000 | 81,032 | ||||||
Principal Financial Group, Inc. | 33,000 | 33,182 | ||||||
Principal Financial Group, Inc. | 51,000 | 50,321 | ||||||
Prudential Financial, Inc. | 79,000 | 87,037 | ||||||
Prudential Financial, Inc. FRS | 78,000 | 78,195 | ||||||
329,767 | ||||||||
Insurance-Multi-line — 0.1% |
| |||||||
Genworth Financial, Inc. | 25,000 | 27,005 | ||||||
Metropolitan Life Global Funding I | 101,000 | 105,565 | ||||||
132,570 | ||||||||
Insurance-Mutual — 0.2% |
| |||||||
Liberty Mutual Group, Inc. | 60,000 | 63,018 | ||||||
New York Life Global Funding | 205,000 | 209,850 | ||||||
272,868 | ||||||||
Insurance-Reinsurance — 0.1% |
| |||||||
Swiss Re Treasury US Corp. | 52,000 | 51,951 | ||||||
Swiss Re Treasury US Corp. | 51,000 | 50,952 | ||||||
102,903 | ||||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp. | 31,000 | 33,170 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical Products — 0.1% |
| |||||||
Becton Dickinson and Co. | $ | 85,000 | $ | 117,258 | ||||
Biomet, Inc. | 33,000 | 34,485 | ||||||
Universal Hospital Services, Inc. | 23,000 | 23,920 | ||||||
175,663 | ||||||||
Medical-Drugs — 0.3% |
| |||||||
AbbVie, Inc. | 93,000 | 93,421 | ||||||
AbbVie, Inc. | 113,000 | 114,244 | ||||||
AbbVie, Inc. | 52,000 | 55,139 | ||||||
Endo Pharmaceuticals Holdings, Inc. | 31,000 | 33,093 | ||||||
Johnson & Johnson | 85,000 | 103,114 | ||||||
Merck & Co., Inc. | 98,000 | 98,230 | ||||||
497,241 | ||||||||
Medical-Generic Drugs — 0.1% |
| |||||||
Watson Pharmaceuticals, Inc. | 38,000 | 38,708 | ||||||
Watson Pharmaceuticals, Inc. | 38,000 | 39,085 | ||||||
Watson Pharmaceuticals, Inc. | 31,000 | 32,722 | ||||||
110,515 | ||||||||
Medical-HMO — 0.3% |
| |||||||
Cigna Corp. | 142,000 | 155,447 | ||||||
Cigna Corp. | 75,000 | 87,390 | ||||||
Cigna Corp. | 36,000 | 44,590 | ||||||
UnitedHealth Group, Inc. | 55,000 | 55,836 | ||||||
WellPoint, Inc. | 98,000 | 98,875 | ||||||
442,138 | ||||||||
Medical-Hospitals — 0.1% |
| |||||||
Capella Healthcare, Inc. | 32,000 | 34,160 |
21
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical-Hospitals (continued) |
| |||||||
HCA, Inc. | $ | 14,000 | $ | 15,715 | ||||
IASIS Healthcare LLC/IASIS Capital Corp. | 35,000 | 33,075 | ||||||
82,950 | ||||||||
Medical-Wholesale Drug Distribution — 0.0% |
| |||||||
McKesson Corp. | 29,000 | 29,290 | ||||||
Motion Pictures & Services — 0.0% |
| |||||||
NAI Entertainment Holdings LLC | 36,000 | 39,780 | ||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
Radnet Management, Inc. | 60,000 | 60,750 | ||||||
Multimedia — 0.1% |
| |||||||
News America, Inc. | 58,000 | 70,546 | ||||||
Time Warner Entertainment Co. | 59,000 | 86,006 | ||||||
156,552 | ||||||||
Music — 0.0% |
| |||||||
WMG Acquisition Corp. | 22,000 | 22,550 | ||||||
Non-Hazardous Waste Disposal — 0.1% | ||||||||
Casella Waste Systems, Inc. | 35,000 | 33,687 | ||||||
Republic Services, Inc. | 95,000 | 117,745 | ||||||
151,432 | ||||||||
Non-Profit Charity — 0.1% |
| |||||||
Catholic Health Initiatives | 78,000 | 79,438 | ||||||
Catholic Health Initiatives | 44,000 | 44,700 | ||||||
124,138 | ||||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Hercules Offshore, Inc. | 15,000 | 15,937 | ||||||
Rowan Cos., Inc. | 100,000 | 109,079 | ||||||
125,016 | ||||||||
Oil Companies-Exploration & Production — 0.5% |
| |||||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. | 30,000 | 30,450 | ||||||
Apache Corp. | 51,000 | 51,965 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies-Exploration & Production (continued) |
| |||||||
Chesapeake Energy Corp. | $ | 100,000 | $ | 105,000 | ||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 33,000 | 34,238 | ||||||
EPL Oil & Gas, Inc. | 20,000 | 19,850 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 20,000 | 20,075 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 20,000 | 21,850 | ||||||
Milagro Oil & Gas, Inc. | 36,000 | 27,000 | ||||||
Pioneer Natural Resources Co. | 51,000 | 54,260 | ||||||
Pioneer Natural Resources Co. | 103,000 | 117,791 | ||||||
Plains Exploration & Production Co. | 14,000 | 14,420 | ||||||
QEP Resources, Inc. | 14,000 | 16,065 | ||||||
Samson Investment Co. | 25,000 | 26,438 | ||||||
SandRidge Energy, Inc. | 25,000 | 26,000 | ||||||
Union Pacific Resources Group, Inc. | 180,000 | 217,159 | ||||||
782,561 | ||||||||
Oil Companies-Integrated — 0.3% |
| |||||||
Marathon Oil Corp. | 132,000 | 132,378 | ||||||
Marathon Petroleum Corp. | 23,000 | 28,588 | ||||||
Murphy Oil Corp. | 69,000 | 69,410 | ||||||
Murphy Oil Corp. | 153,000 | 151,036 | ||||||
381,412 | ||||||||
Oil-Field Services — 0.1% |
| |||||||
Exterran Holdings, Inc. | 30,000 | 31,500 | ||||||
Oil States International, Inc. | 50,000 | 53,125 | ||||||
84,625 | ||||||||
22
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Paper & Related Products — 0.3% |
| |||||||
Boise Cascade LLC/Boise Cascade Finance Corp. | $ | 25,000 | $ | 25,375 | ||||
Georgia-Pacific LLC | 208,000 | 249,272 | ||||||
Georgia-Pacific LLC | 90,000 | 96,400 | ||||||
Longview Fibre Paper & Packaging, Inc. | 22,000 | 23,045 | ||||||
394,092 | ||||||||
Pipelines — 0.2% |
| |||||||
Access Midstream Partners LP/ACMP Finance Corp. | 15,000 | 15,900 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 77,000 | 75,903 | ||||||
Energy Transfer Equity LP | 36,000 | 40,860 | ||||||
Energy Transfer Partners LP | 52,000 | 60,796 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 30,000 | 31,875 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 65,000 | 70,687 | ||||||
Western Gas Partners LP | 23,000 | 24,100 | ||||||
320,121 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
McClatchy Co. | 31,000 | 34,177 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Brandywine Operating Partnership LP | 50,000 | 54,656 | ||||||
Duke Realty LP | 39,000 | 39,844 | ||||||
HCP, Inc. | 65,000 | 69,070 | ||||||
Host Hotels & Resorts LP | 2,000 | 2,120 | ||||||
Host Hotels & Resorts LP | 11,000 | 12,073 | ||||||
Omega Healthcare Investors, Inc. | 19,000 | 20,377 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 20,000 | 21,270 | ||||||
219,410 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Real Estate Management/Services — 0.0% |
| |||||||
Kennedy - Wilson, Inc. | $ | 40,000 | $ | 42,700 | ||||
Real Estate Operations & Development — 0.0% |
| |||||||
First Industrial LP | 30,000 | 31,815 | ||||||
Recycling — 0.0% |
| |||||||
Aleris International, Inc. | 60,000 | 2 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
H&E Equipment Services, Inc. | 30,000 | 31,650 | ||||||
United Rentals North America, Inc. | 6,000 | 6,622 | ||||||
38,272 | ||||||||
Retail - Apparel/Shoe — 0.0% |
| |||||||
CDR DB Sub, Inc. | 15,000 | 14,775 | ||||||
Retail - Drug Store — 0.1% |
| |||||||
CVS Pass-Through Trust | 52,598 | 62,882 | ||||||
CVS Pass-Through Trust | 76,524 | 93,062 | ||||||
155,944 | ||||||||
Retail - Office Supplies — 0.0% |
| |||||||
Office Depot, Inc. | 20,000 | 20,850 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
Radio Systems Corp. | 10,000 | 10,238 | ||||||
Retail - Restaurants — 0.0% |
| |||||||
Dave & Buster’s, Inc. | 35,000 | 39,112 | ||||||
Wok Acquisition Corp. | 15,000 | 15,788 | ||||||
54,900 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Toys R Us Property Co. II LLC | 28,000 | 29,890 | ||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
Astoria Financial Corp. | 102,000 | 107,475 | ||||||
First Niagara Financial Group, Inc. | 106,000 | 126,509 | ||||||
Santander Holdings USA, Inc. | 45,000 | 45,822 | ||||||
279,806 | ||||||||
23
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Schools — 0.1% |
| |||||||
Northwestern University | $ | 94,000 | $ | 102,590 | ||||
University of Pennsylvania | 71,000 | 81,538 | ||||||
184,128 | ||||||||
Security Services — 0.1% |
| |||||||
ADT Corp. | 78,000 | 78,775 | ||||||
ADT Corp. | 79,000 | 79,280 | ||||||
158,055 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Geokinetics Holdings USA, Inc. | 13,000 | 5,720 | ||||||
Special Purpose Entity — 0.1% |
| |||||||
MassMutual Global Funding II | 215,000 | 222,674 | ||||||
Steel-Producers — 0.0% |
| |||||||
AK Steel Corp. | 12,000 | 9,990 | ||||||
AK Steel Corp. | 15,000 | 16,050 | ||||||
Ryerson, Inc./Joseph T Ryerson & Son, Inc. | 15,000 | 14,850 | ||||||
40,890 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 65,000 | 70,606 | ||||||
Telecom Services — 0.2% |
| |||||||
BellSouth Telecommunications, Inc. | 84,000 | 101,222 | ||||||
BellSouth Telecommunications, Inc. | 52,000 | 65,210 | ||||||
Qwest Corp. | 55,000 | 60,436 | ||||||
226,868 | ||||||||
Telephone - Integrated — 0.3% |
| |||||||
AT&T, Inc. | 74,000 | 74,329 | ||||||
AT&T, Inc. | 39,000 | 50,436 | ||||||
AT&T, Inc. | 70,000 | 91,639 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
BellSouth Corp. | $ | 64,000 | $ | 78,046 | ||||
Cincinnati Bell, Inc. | 15,000 | 15,188 | ||||||
Frontier Communications Corp. | 10,000 | 11,375 | ||||||
Frontier Communications Corp. | 10,000 | 11,500 | ||||||
Frontier Communications Corp. | 25,000 | 28,562 | ||||||
Frontier Communications Corp. | 22,000 | 25,685 | ||||||
Verizon Communications, Inc. | 56,000 | 75,894 | ||||||
462,654 | ||||||||
Television — 0.0% |
| |||||||
Gray Television, Inc. | 20,000 | 20,000 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 76,000 | 93,290 | ||||||
Transport - Services — 0.1% |
| |||||||
Ryder System, Inc. | 105,000 | 106,768 | ||||||
Travel Services — 0.0% |
| |||||||
Sabre, Inc. | 27,000 | 28,553 | ||||||
Trucking/Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 98,000 | 100,061 | ||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola, Inc. | 3,740 | 4,369 | ||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $16,234,556) | 17,047,286 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 2.8% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Volkswagen International Finance NV | 202,000 | 201,366 | ||||||
Banks - Commercial — 0.7% |
| |||||||
Bank of Montreal | 137,000 | 137,682 | ||||||
Barclays Bank PLC | 51,000 | 55,879 |
24
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
HSBC Bank PLC | $ | 315,000 | $ | 334,537 | ||||
ING Bank NV | 208,000 | 209,290 | ||||||
National Australia Bank, Ltd. | 266,000 | 270,749 | ||||||
1,008,137 | ||||||||
Banks - Money Center — 0.1% |
| |||||||
Royal Bank of Scotland NV FRS | 165,000 | 155,182 | ||||||
Brewery — 0.1% |
| |||||||
Heineken NV | 52,000 | 52,114 | ||||||
Heineken NV | 105,000 | 104,009 | ||||||
156,123 | ||||||||
Building Products-Wood — 0.0% |
| |||||||
Ainsworth Lumber Co., Ltd. | 8,000 | 8,240 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
Ineos Finance PLC | 26,000 | 26,845 | ||||||
LyondellBasell Industries NV | 30,000 | 36,000 | ||||||
62,845 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Royal Caribbean Cruises, Ltd. | 11,000 | 11,522 | ||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Royal Bank of Scotland Group PLC | 59,000 | 60,371 | ||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Pentair Finance SA | 50,000 | 49,997 | ||||||
Diversified Minerals — 0.1% |
| |||||||
FMG Resources August 2006 Pty, Ltd. | 35,000 | 34,125 | ||||||
Teck Resources, Ltd. | 92,000 | 95,066 | ||||||
Xstrata Finance Canada, Ltd. | 55,000 | 55,644 | ||||||
184,835 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance - Leasing Companies — 0.0% |
| |||||||
AerCap Aviation Solutions BV | $ | 10,000 | $ | 10,450 | ||||
Aircastle, Ltd. | 15,000 | 15,225 | ||||||
25,675 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Catlin Insurance Co., Ltd. FRS | 30,000 | 29,700 | ||||||
Investment Companies — 0.2% |
| |||||||
Temasek Financial I, Ltd. | 262,000 | 260,336 | ||||||
Medical - Drugs — 0.2% |
| |||||||
Takeda Pharmaceutical Co., Ltd. | 228,000 | 232,292 | ||||||
Oil & Gas Drilling — 0.2% | ||||||||
Transocean, Inc. | 63,000 | 63,334 | ||||||
Transocean, Inc. | 70,000 | 71,463 | ||||||
Transocean, Inc. | 21,000 | 25,391 | ||||||
Transocean, Inc. | 69,000 | 85,832 | ||||||
246,020 | ||||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Anadarko Finance Co. | 161,000 | 215,155 | ||||||
EnCana Corp. | 25,000 | 30,611 | ||||||
245,766 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets PLC | 120,000 | 122,735 | ||||||
BP Capital Markets PLC | 134,000 | 139,431 | ||||||
BP Capital Markets PLC | 52,000 | 51,701 | ||||||
BP Capital Markets PLC | 88,000 | 102,017 | ||||||
Petroleos Mexicanos | 63,000 | 69,300 | ||||||
Petroleos Mexicanos | 50,000 | 55,000 |
25
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Integrated (continued) |
| |||||||
Total Capital International SA | $ | 91,000 | $ | 92,928 | ||||
633,112 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Schlumberger Norge AS | 99,000 | 99,254 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Mattamy Group Corp. | 25,000 | 25,000 | ||||||
Satellite Telecom — 0.0% |
| |||||||
Intelsat Luxembourg SA | 32,286 | 34,264 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
RBS Citizens Financial Group, Inc. | 207,000 | 210,230 | ||||||
Telecom Services — 0.1% |
| |||||||
UPCB Finance III, Ltd. | 25,000 | 26,812 | ||||||
Wind Acquisition Finance SA | 60,000 | 59,250 | ||||||
86,062 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Nippon Telegraph & Telephone Corp. | 148,000 | 150,041 | ||||||
Telefonica Emisiones SAU | 57,000 | 57,855 | ||||||
207,896 | ||||||||
Therapeutics — 0.0% |
| |||||||
Warner Chilcott Co. LLC | 25,000 | 26,437 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $4,162,034) | 4,260,662 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.2% |
| |||||||
Regional Authority — 0.1% |
| |||||||
Hydro-Quebec | 99,000 | 100,733 | ||||||
Province of British Columbia | 98,000 | 103,909 | ||||||
204,642 | ||||||||
Sovereign — 0.1% |
| |||||||
Government of Canada | 130,000 | 131,365 | ||||||
Total Foreign Government Agencies |
| |||||||
(cost $330,519) | 336,007 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
MUNICIPAL BONDS & NOTES — 0.2% |
| |||||||
Ohio State University | $ | 91,000 | $ | 105,408 | ||||
Port Authority of New York & New Jersey | 100,000 | 100,244 | ||||||
Port Authority of New York & New Jersey | 83,000 | 93,308 | ||||||
Total Municipal Bonds & Notes |
| |||||||
(cost $273,094) | 298,960 | |||||||
U.S. GOVERNMENT AGENCIES — 11.8% |
| |||||||
Federal Home Loan Mtg. Corp. — 6.1% |
| |||||||
3.00% due 08/01/2027 | 464,856 | 489,428 | ||||||
3.00% due 10/01/2042 | 235,626 | 249,422 | ||||||
3.50% due 02/01/2042 | 271,695 | 293,346 | ||||||
3.50% due 03/01/2042 | 139,196 | 148,636 | ||||||
3.50% due 08/01/2042 | 395,730 | 427,883 | ||||||
4.00% due 09/01/2040 | 128,877 | 137,519 | ||||||
4.50% due 01/01/2039 | 25,973 | 27,802 | ||||||
4.50% due 12/01/2039 | 1,059,140 | 1,175,101 | ||||||
5.00% due 10/01/2033 | 7,250 | 7,852 | ||||||
5.00% due 07/01/2035 | 30,665 | 33,021 | ||||||
5.00% due 01/01/2037 | 61,474 | 66,025 | ||||||
5.00% due 03/01/2038 | 84,192 | 90,344 | ||||||
5.00% due 09/01/2038 | 320,562 | 343,989 | ||||||
5.00% due 07/01/2040 | 687,824 | 744,539 | ||||||
5.50% due 01/01/2036 | 761,488 | 842,243 | ||||||
5.50% due 08/01/2037 | 9,545 | 10,300 | ||||||
5.50% due 09/01/2037 | 109,884 | 118,584 | ||||||
5.50% due 10/01/2037 | 150,015 | 161,892 | ||||||
5.50% due 01/01/2038 | 39,584 | 42,792 | ||||||
5.50% due 04/01/2038 | 71,549 | 77,169 | ||||||
5.50% due 07/01/2038 | 44,277 | 47,783 | ||||||
5.50% due 01/01/2040 | 2,164,465 | 2,371,684 | ||||||
6.00% due 08/01/2036 | 197,180 | 215,718 | ||||||
6.00% due 02/01/2039 | 255,650 | 278,327 | ||||||
6.00% due 03/01/2040 | 137,372 | 149,773 | ||||||
6.00% due 04/01/2040 | 523,567 | 570,010 | ||||||
6.50% due 12/01/2028 | 90,674 | 104,012 | ||||||
6.50% due 05/01/2036 | 919 | 1,046 | ||||||
7.00% due 06/01/2032 | 43,617 | 51,226 | ||||||
7.50% due 04/01/2031 | 49,199 | 59,602 | ||||||
8.00% due 04/01/2030 | 5,986 | 7,040 | ||||||
8.00% due 07/01/2030 | 60 | 67 | ||||||
8.00% due 12/01/2030 | 27,742 | 34,513 | ||||||
9,378,688 | ||||||||
Federal National Mtg. Assoc. — 5.6% |
| |||||||
zero coupon due 05/25/2040 STRIPS | 474,008 | 452,250 | ||||||
3.00% due 10/01/2027 | 198,889 | 210,050 | ||||||
3.00% due 06/01/2042 | 87,434 | 92,076 | ||||||
3.50% due 08/01/2027 | 105,519 | 112,744 | ||||||
3.50% due 01/01/2042 | 291,379 | 311,320 | ||||||
3.50% due 02/01/2042 | 197,281 | 213,433 | ||||||
3.50% due 04/01/2042 | 190,850 | 204,388 | ||||||
3.50% due 05/01/2042 | 363,139 | 388,899 | ||||||
3.50% due 07/01/2042 | 144,497 | 154,748 | ||||||
4.00% due 09/01/2040 | 173,143 | 185,727 | ||||||
4.00% due 11/01/2040 | 402,417 | 431,664 | ||||||
4.00% due 11/01/2041 | 132,440 | 142,107 | ||||||
4.00% due 01/01/2042 | 194,193 | 208,367 |
26
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
4.50% due 10/01/2024 | $ | 219,176 | $ | 235,823 | ||||
4.50% due 01/01/2025 | 881,722 | 968,668 | ||||||
4.50% due 03/01/2025 | 299,470 | 323,105 | ||||||
4.50% due 05/01/2025 | 257,964 | 278,324 | ||||||
4.50% due 07/01/2025 | 361,503 | 390,034 | ||||||
4.50% due 01/01/2039 | 54,122 | 58,337 | ||||||
4.50% due 11/01/2040 | 50,644 | 54,746 | ||||||
5.00% due 03/15/2016 | 74,000 | 84,971 | ||||||
5.00% due 11/01/2033 | 8,846 | 9,645 | ||||||
5.00% due 05/01/2040 | 96,092 | 104,406 | ||||||
5.00% due 07/01/2040 | 1,320,817 | 1,438,394 | ||||||
5.50% due 03/01/2018 | 8,455 | 9,122 | ||||||
5.50% due 11/01/2022 | 40,118 | 43,459 | ||||||
5.50% due 12/01/2029 | 67,972 | 73,978 | ||||||
5.50% due 05/01/2034 | 212,428 | 233,585 | ||||||
5.50% due 03/01/2035 | 205,332 | 224,756 | ||||||
5.50% due 06/01/2038 | 158,195 | 171,973 | ||||||
5.50% due 06/01/2039 | 227,003 | 246,810 | ||||||
6.00% due 05/01/2017 | 25,300 | 27,236 | ||||||
6.00% due 12/01/2033 | 84,354 | 94,574 | ||||||
6.00% due 10/01/2036 | 23,765 | 26,117 | ||||||
6.50% due 02/01/2017 | 19,803 | 21,208 | ||||||
6.50% due 08/01/2031 | 28,391 | 32,644 | ||||||
6.50% due 07/01/2032 | 46,154 | 52,804 | ||||||
6.50% due 07/01/2036 | 53,777 | 60,618 | ||||||
7.00% due 09/01/2031 | 24,722 | 29,640 | ||||||
7.50% due 06/01/2015 | 4,314 | 4,507 | ||||||
Federal National Mtg. Assoc. REMIC | 73,571 | 74,243 | ||||||
Series 2010-6, Class DG 5.00% due 11/25/2037 | 137,708 | 139,362 | ||||||
8,620,862 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
6.00% due 02/15/2029 | 3,530 | 3,980 | ||||||
6.00% due 04/15/2029 | 21,234 | 24,150 | ||||||
6.00% due 06/15/2029 | 14,913 | 16,819 | ||||||
6.50% due 02/15/2029 | 43,952 | 51,494 | ||||||
96,443 | ||||||||
Total U.S. Government Agencies |
| |||||||
(cost $17,493,374) | 18,095,993 | |||||||
U.S. GOVERNMENT TREASURIES — 6.9% |
| |||||||
United States Treasury Bonds — 0.4% |
| |||||||
2.75% due 08/15/2042 | 145,000 | 143,845 | ||||||
3.00% due 05/15/2042 | 57,000 | 59,618 | ||||||
3.13% due 02/15/2042 | 362,000 | 388,471 | ||||||
5.25% due 11/15/2028 | 84,000 | 118,440 | ||||||
710,374 | ||||||||
United States Treasury Notes — 6.5% |
| |||||||
0.25% due 09/30/2014 | 101,000 | 101,000 | ||||||
0.25% due 11/30/2014 | 51,000 | 51,000 | ||||||
0.50% due 07/31/2017 | 36,000 | 35,890 | ||||||
0.63% due 05/31/2017 | 58,000 | 58,240 | ||||||
0.63% due 08/31/2017 | 1,087,000 | 1,089,633 | ||||||
0.63% due 09/30/2017 | 167,000 | 167,261 | ||||||
0.75% due 10/31/2017 | 109,000 | 109,775 | ||||||
1.00% due 03/31/2017 | 829,000 | 846,163 | ||||||
1.13% due 05/31/2019 | 500,000 | 506,211 | ||||||
1.25% due 10/31/2015 | 51,000 | 52,359 | ||||||
1.38% due 11/30/2015 | 18,000 | 18,551 | ||||||
1.50% due 07/31/2016 | 42,000 | 43,654 | ||||||
1.63% due 08/15/2022 | 1,015,000 | 1,020,312 |
Security Description | Principal Amount | Value (Note 2) | ||||||
United States Treasury Notes (continued) |
| |||||||
1.63% due 11/15/2022 | $ | 8,000 | $ | 8,014 | ||||
1.75% due 05/15/2022 | 1,100,000 | 1,122,343 | ||||||
2.00% due 11/30/2013 | 150,000 | 152,660 | ||||||
2.00% due 02/15/2022 | 900,000 | 941,133 | ||||||
2.13% due 11/30/2014 | 136,000 | 141,015 | ||||||
2.13% due 05/31/2015 | 134,000 | 140,072 | ||||||
2.13% due 12/31/2015 | 576,000 | 607,185 | ||||||
2.13% due 02/29/2016 | 500,000 | 528,437 | ||||||
2.13% due 08/15/2021 | 440,000 | 467,294 | ||||||
2.38% due 10/31/2014 | 115,000 | 119,618 | ||||||
2.38% due 05/31/2018 | 361,000 | 393,067 | ||||||
2.63% due 02/29/2016 | 77,000 | 82,613 | ||||||
2.75% due 12/31/2017 | 14,000 | 15,483 | ||||||
3.00% due 02/28/2017 | 25,000 | 27,617 | ||||||
3.13% due 05/15/2021 | 499,000 | 571,745 | ||||||
3.50% due 05/15/2020 | 250,000 | 292,969 | ||||||
3.75% due 11/15/2018 | 200,000 | 234,359 | ||||||
9,945,673 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $10,390,090) | 10,656,047 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $138,705,861) | 149,775,637 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Time Deposits — 2.0% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | 3,005,000 | 3,005,000 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | 350,000 | 349,981 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $3,354,981) | 3,354,981 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $142,060,842)(7) | 99.5 | % | 153,130,618 | |||||
Other assets less liabilities | 0.5 | 704,536 | ||||||
NET ASSETS | 100.0 | % | $ | 153,835,154 | ||||
† | 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, 2012, the aggregate value of these securities was $5,583,943 representing 3.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $5,421 representing 0.0% of net assets. |
(3) | Collateralized Mortgage Obligation |
(4) | Commercial Mortgage Backed Security |
(5) | Perpetual maturity — maturity date reflects the next call date. |
(6) | PIK (Payment-in-Kind) Security — Income may be received in cash or additional bonds at the discretion of the issuer. |
(7) | See Note 5 for cost of investments on a tax basis. |
(8) | 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 |
27
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2012, the Asset Allocation Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
ION Media Networks, Inc. | 03/01/2011 | 9 | $ | 0 | $ | 3,150 | $ | 350.00 | 0.0 | % | ||||||||||||||
ION Media Networks, Inc. | 11/11/2010 | 9 | 0 | 2,250 | 250.00 | 0.0 | % | |||||||||||||||||
$ | 5,400 | 0.0 | % | |||||||||||||||||||||
(9) | Security currently paying interest in the form of additional bonds. |
(10) | Subsequent to November 30, 2012, security is in default. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2012 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, 2012 (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 | $ | 80,391,897 | $ | — | $ | — | $ | 80,391,897 | ||||||||
Exchange Traded Funds | 14,607,262 | — | — | 14,607,262 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 5 | — | 5 | ||||||||||||
Other Industries* | 209,471 | — | — | 209,471 | ||||||||||||
Warrants | — | — | 5,400 | 5,400 | ||||||||||||
Asset Backed Securities | — | 3,866,647 | — | 3,866,647 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Airlines | — | — | 48,224 | 48,224 | ||||||||||||
Recycling | — | — | 2 | 2 | ||||||||||||
Other Industries* | — | 16,999,060 | — | 16,999,060 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 4,260,662 | — | 4,260,662 | ||||||||||||
Foreign Government Agencies | — | 336,007 | — | 336,007 | ||||||||||||
Municipal Bonds & Notes | — | 298,960 | — | 298,960 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Home Loan Mtg. Corp. | — | 9,378,688 | — | 9,378,688 | ||||||||||||
Federal National Mtg. Assoc. | — | 8,620,862 | — | 8,620,862 | ||||||||||||
Government National Mtg. Assoc. | — | 96,443 | — | 96,443 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 710,374 | — | 710,374 | ||||||||||||
United States Treasury Notes | — | 9,945,673 | — | 9,945,673 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 3,005,000 | — | 3,005,000 | ||||||||||||
U.S. Government Treasuries | — | 349,981 | — | 349,981 | ||||||||||||
Total Assets | $ | 95,208,630 | $ | 57,868,362 | $ | 53,626 | $ | 153,130,618 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
28
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Computers | 9.4 | % | ||
E-Commerce/Products | 6.2 | |||
Web Portals/ISP | 6.1 | |||
Medical — Biomedical/Gene | 5.5 | |||
Registered Investment Companies | 4.7 | |||
Commercial Services — Finance | 3.4 | |||
E-Commerce/Services | 3.3 | |||
Diversified Manufacturing Operations | 3.2 | |||
Retail — Restaurants | 3.1 | |||
Investment Management/Advisor Services | 3.1 | |||
Finance — Credit Card | 2.6 | |||
Oil Companies — Exploration & Production | 2.5 | |||
Transport — Rail | 2.4 | |||
Distribution/Wholesale | 2.3 | |||
Real Estate Investment Trusts | 2.3 | |||
Semiconductor Components — Integrated Circuits | 2.2 | |||
Metal Processors & Fabrication | 1.8 | |||
Industrial Gases | 1.7 | |||
Apparel Manufacturers | 1.7 | |||
Applications Software | 1.7 | |||
Electronic Components-Semiconductors | 1.7 | |||
Retail — Apparel/Shoe | 1.6 | |||
Oil — Field Services | 1.6 | |||
Medical — Wholesale Drug Distribution | 1.6 | |||
Hotels/Motels | 1.3 | |||
Coatings/Paint | 1.3 | |||
Transport — Services | 1.2 | |||
Computers — Memory Devices | 1.1 | |||
Cruise Lines | 1.1 | |||
Medical Products | 1.0 | |||
Casino Hotels | 1.0 | |||
Internet Application Software | 1.0 | |||
Computer Services | 0.9 | |||
Broadcast Services/Program | 0.9 | |||
Agricultural Chemicals | 0.8 | |||
Oil Field Machinery & Equipment | 0.8 | |||
Medical — Drugs | 0.8 | |||
Instruments — Controls | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Retail — Auto Parts | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Pharmacy Services | 0.7 | |||
Instruments — Scientific | 0.7 | |||
Banks — Fiduciary | 0.6 | |||
Food — Retail | 0.6 | |||
Internet Content — Entertainment | 0.6 | |||
Multimedia | 0.6 | |||
Retail-Building Products | 0.6 | |||
Medical — HMO | 0.6 | |||
Athletic Footwear | 0.6 | |||
Finance — Other Services | 0.6 | |||
Banks — Super Regional | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Retail — Discount | 0.5 | |||
Motorcycle/Motor Scooter | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
Diversified Banking Institutions | 0.4 | |||
Computer Aided Design | 0.4 | |||
Medical Instruments | 0.4 | |||
Telecommunication Equipment | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Beverages — Non-alcoholic | 0.2 | |||
Data Processing/Management | 0.2 | |||
Insurance Brokers | 0.2 | |||
Advertising Agencies | 0.2 | |||
Brewery | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Transport — Truck | 0.2 | |||
Finance — Investment Banker/Broker | 0.1 |
Retail — Bedding | 0.1 | |||
Airlines | 0.1 | |||
Electronic Connectors | 0.1 | |||
Medical Information Systems | 0.1 | |||
103.9% | ||||
* | Calculated as a percentage of net assets |
29
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.2% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Omnicom Group, Inc. | 17,600 | $ | 875,424 | |||||
Aerospace/Defense — 0.7% |
| |||||||
Boeing Co. | 44,100 | 3,275,748 | ||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
United Technologies Corp. | 9,400 | 753,034 | ||||||
Agricultural Chemicals — 0.8% |
| |||||||
Monsanto Co. | 39,300 | 3,599,487 | ||||||
Airlines — 0.1% |
| |||||||
United Continental Holdings, Inc.†# | 27,000 | 545,940 | ||||||
Apparel Manufacturers — 1.7% |
| |||||||
Coach, Inc. | 21,000 | 1,214,640 | ||||||
Michael Kors Holdings, Ltd.† | 47,900 | 2,545,885 | ||||||
Ralph Lauren Corp. | 23,100 | 3,628,779 | ||||||
7,389,304 | ||||||||
Applications Software — 1.7% |
| |||||||
Intuit, Inc. | 18,300 | 1,096,353 | ||||||
Red Hat, Inc.† | 30,300 | 1,496,820 | ||||||
Salesforce.com, Inc.† | 30,400 | 4,793,168 | ||||||
7,386,341 | ||||||||
Athletic Footwear — 0.6% |
| |||||||
NIKE, Inc., Class B | 25,500 | 2,485,740 | ||||||
Banks - Fiduciary — 0.6% |
| |||||||
Northern Trust Corp. | 37,300 | 1,791,146 | ||||||
State Street Corp. | 21,900 | 973,236 | ||||||
2,764,382 | ||||||||
Banks - Super Regional — 0.5% |
| |||||||
US Bancorp | 74,300 | 2,396,918 | ||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Co. | 1,400 | 53,088 | ||||||
Monster Beverage Corp.† | 19,200 | 999,360 | ||||||
1,052,448 | ||||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch InBev NV ADR | 9,400 | 826,918 | ||||||
Broadcast Services/Program — 0.9% |
| |||||||
Discovery Communications, Inc., Class C† | 66,950 | 3,767,946 | ||||||
Casino Hotels — 1.0% |
| |||||||
Las Vegas Sands Corp. | 93,100 | 4,343,115 | ||||||
Wynn Resorts, Ltd. | 2,100 | 236,040 | ||||||
4,579,155 | ||||||||
Chemicals - Specialty — 0.7% |
| |||||||
Ecolab, Inc. | 44,800 | 3,229,184 | ||||||
Coatings/Paint — 1.3% |
| |||||||
Sherwin-Williams Co. | 36,500 | 5,566,980 | ||||||
Commercial Services - Finance — 3.4% |
| |||||||
Alliance Data Systems Corp.†# | 9,300 | 1,325,157 | ||||||
Mastercard, Inc., Class A | 27,700 | 13,536,436 | ||||||
14,861,593 | ||||||||
Computer Aided Design — 0.4% |
| |||||||
Autodesk, Inc.† | 46,600 | 1,543,858 | ||||||
Computer Services — 0.9% |
| |||||||
Accenture PLC, Class A | 18,500 | 1,256,520 | ||||||
Cognizant Technology Solutions Corp., Class A† | 11,300 | 759,699 | ||||||
IHS, Inc., Class A†# | 22,200 | 2,045,508 | ||||||
4,061,727 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 9.4% |
| |||||||
Apple, Inc. | 71,200 | $ | 41,671,936 | |||||
Computers - Memory Devices — 1.1% |
| |||||||
EMC Corp.† | 200,200 | 4,968,964 | ||||||
Cruise Lines — 1.1% |
| |||||||
Carnival Corp. | 127,900 | 4,944,614 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Fiserv, Inc.† | 13,300 | 1,023,967 | ||||||
Distribution/Wholesale — 2.3% |
| |||||||
Fastenal Co.# | 101,600 | 4,247,896 | ||||||
Fossil, Inc.†# | 47,300 | 4,088,612 | ||||||
WW Grainger, Inc.# | 9,900 | 1,920,798 | ||||||
10,257,306 | ||||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Citigroup, Inc. | 1,700 | 58,769 | ||||||
Goldman Sachs Group, Inc. | 7,500 | 883,425 | ||||||
JPMorgan Chase & Co. | 15,700 | 644,956 | ||||||
Morgan Stanley | 8,700 | 146,769 | ||||||
1,733,919 | ||||||||
Diversified Manufacturing Operations — 3.2% |
| |||||||
3M Co. | 8,900 | 809,455 | ||||||
Danaher Corp. | 245,680 | 13,259,350 | ||||||
14,068,805 | ||||||||
E-Commerce/Products — 6.2% |
| |||||||
Amazon.com, Inc.† | 74,600 | 18,802,930 | ||||||
eBay, Inc.† | 158,640 | 8,379,365 | ||||||
27,182,295 | ||||||||
E-Commerce/Services — 3.3% |
| |||||||
Expedia, Inc. | 6,000 | 371,160 | ||||||
Liberty Interactive Corp., Class A† | 69,900 | 1,349,070 | ||||||
priceline.com, Inc.† | 19,300 | 12,798,988 | ||||||
14,519,218 | ||||||||
Electric Products - Misc. — 0.0% |
| |||||||
AMETEK, Inc. | 800 | 29,864 | ||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
Altera Corp. | 3,400 | 110,126 | ||||||
Broadcom Corp., Class A | 166,400 | 5,388,032 | ||||||
Xilinx, Inc. | 52,330 | 1,813,234 | ||||||
7,311,392 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 5,800 | 359,136 | ||||||
Electronic Measurement Instruments — 0.0% |
| |||||||
Trimble Navigation, Ltd.† | 1,600 | 89,024 | ||||||
Enterprise Software/Service — 0.0% |
| |||||||
Oracle Corp. | 2,500 | 80,250 | ||||||
Finance - Credit Card — 2.6% |
| |||||||
American Express Co. | 80,900 | 4,522,310 | ||||||
Visa, Inc., Class A | 45,200 | 6,766,892 | ||||||
11,289,202 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
TD Ameritrade Holding Corp.# | 37,600 | 609,120 | ||||||
Finance - Other Services — 0.6% |
| |||||||
IntercontinentalExchange, Inc.† | 18,700 | 2,471,205 | ||||||
Food - Retail — 0.6% |
| |||||||
Whole Foods Market, Inc. | 29,500 | 2,754,120 | ||||||
30
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Hotels/Motels — 1.3% |
| |||||||
Marriott International, Inc., Class A | 55,690 | $ | 2,020,990 | |||||
Starwood Hotels & Resorts Worldwide, Inc. | 71,700 | 3,868,932 | ||||||
5,889,922 | ||||||||
Industrial Gases — 1.7% |
| |||||||
Praxair, Inc. | 70,800 | 7,590,468 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Honeywell International, Inc. | 53,500 | 3,281,155 | ||||||
Instruments - Scientific — 0.7% |
| |||||||
Thermo Fisher Scientific, Inc. | 45,200 | 2,872,460 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Marsh & McLennan Cos., Inc. | 28,900 | 1,017,858 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Prudential Financial, Inc. | 100 | 5,212 | ||||||
Internet Application Software — 1.0% |
| |||||||
Tencent Holdings, Ltd. | 136,300 | 4,438,869 | ||||||
Internet Content - Entertainment — 0.6% |
| |||||||
Facebook, Inc., Class A†# | 97,441 | 2,728,348 | ||||||
Internet Content - Information/News — 0.4% |
| |||||||
LinkedIn Corp., Class A† | 16,600 | 1,795,124 | ||||||
Investment Management/Advisor Services — 3.1% |
| |||||||
Ameriprise Financial, Inc. | 17,440 | 1,058,085 | ||||||
Franklin Resources, Inc. | 60,200 | 7,947,604 | ||||||
Invesco, Ltd. | 177,700 | 4,440,723 | ||||||
13,446,412 | ||||||||
Machinery - General Industrial — 0.5% |
| |||||||
Roper Industries, Inc. | 18,400 | 2,052,152 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 3,300 | 254,826 | ||||||
Medical Instruments — 0.4% |
| |||||||
Edwards Lifesciences Corp.† | 12,900 | 1,119,333 | ||||||
Intuitive Surgical, Inc.† | 800 | 423,200 | ||||||
1,542,533 | ||||||||
Medical Products — 1.0% |
| |||||||
Baxter International, Inc. | 27,200 | 1,802,544 | ||||||
Covidien PLC | 19,000 | 1,104,090 | ||||||
Henry Schein, Inc.†# | 2,300 | 185,771 | ||||||
Stryker Corp. | 28,000 | 1,516,480 | ||||||
4,608,885 | ||||||||
Medical - Biomedical/Gene — 5.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 42,500 | 4,080,850 | ||||||
Amgen, Inc. | 3,700 | 328,560 | ||||||
Biogen Idec, Inc.† | 43,200 | 6,440,688 | ||||||
Celgene Corp.† | 56,600 | 4,448,194 | ||||||
Gilead Sciences, Inc.† | 86,400 | 6,480,000 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 15,100 | 2,665,905 | ||||||
24,444,197 | ||||||||
Medical - Drugs — 0.8% |
| |||||||
Allergan, Inc. | 37,100 | 3,441,025 | ||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Perrigo Co. | 800 | 82,800 | ||||||
Medical - HMO — 0.6% |
| |||||||
UnitedHealth Group, Inc. | 46,900 | 2,550,891 | ||||||
Medical - Wholesale Drug Distribution — 1.6% |
| |||||||
Cardinal Health, Inc. | 3,300 | 133,485 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution (continued) |
| |||||||
McKesson Corp. | 71,600 | $ | 6,764,052 | |||||
6,897,537 | ||||||||
Metal Processors & Fabrication — 1.8% |
| |||||||
Precision Castparts Corp. | 42,100 | 7,720,719 | ||||||
Motorcycle/Motor Scooter — 0.4% |
| |||||||
Harley - Davidson, Inc | 41,700 | 1,958,232 | ||||||
Multimedia — 0.6% |
| |||||||
Walt Disney Co. | 54,700 | 2,716,402 | ||||||
Oil Companies - Exploration & Production — 2.5% |
| |||||||
Concho Resources, Inc.† | 14,600 | 1,171,796 | ||||||
EOG Resources, Inc. | 29,300 | 3,446,266 | ||||||
EQT Corp. | 27,900 | 1,675,674 | ||||||
Occidental Petroleum Corp. | 1,600 | 120,336 | ||||||
Pioneer Natural Resources Co.# | 26,900 | 2,878,300 | ||||||
Range Resources Corp# | 28,300 | 1,811,766 | ||||||
11,104,138 | ||||||||
Oil Field Machinery & Equipment — 0.8% |
| |||||||
Cameron International Corp.† | 51,100 | 2,756,845 | ||||||
FMC Technologies, Inc.† | 15,300 | 625,158 | ||||||
National Oilwell Varco, Inc. | 900 | 61,470 | ||||||
3,443,473 | ||||||||
Oil - Field Services — 1.6% |
| |||||||
Schlumberger, Ltd. | 98,800 | 7,076,056 | ||||||
Pharmacy Services — 0.7% |
| |||||||
Express Scripts Holding Co.† | 58,400 | 3,144,840 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
American Tower Corp. | 132,700 | 9,943,211 | ||||||
Retail - Apparel/Shoe — 1.6% |
| |||||||
Limited Brands, Inc. | 38,900 | 2,028,635 | ||||||
PVH Corp. | 36,800 | 4,216,912 | ||||||
Ross Stores, Inc. | 17,700 | 1,007,484 | ||||||
7,253,031 | ||||||||
Retail - Auto Parts — 0.7% |
| |||||||
O’Reilly Automotive, Inc.† | 34,500 | 3,245,760 | ||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 9,600 | 563,712 | ||||||
Retail - Building Products — 0.6% |
| |||||||
Home Depot, Inc. | 39,900 | 2,596,293 | ||||||
Retail - Discount — 0.5% |
| |||||||
Costco Wholesale Corp. | 1,300 | 135,187 | ||||||
Dollar General Corp.† | 23,500 | 1,175,000 | ||||||
Dollar Tree, Inc.† | 17,100 | 713,754 | ||||||
2,023,941 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Caremark Corp. | 30,800 | 1,432,508 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 100 | 5,898 | ||||||
Retail-Pet Food & Supplies — 0.0% |
| |||||||
PetSmart, Inc. | 600 | 42,396 | ||||||
Retail - Restaurants — 3.1% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 8,200 | 2,162,996 | ||||||
Starbucks Corp. | 147,900 | 7,671,573 | ||||||
Tim Hortons, Inc. | 800 | 37,056 | ||||||
Yum! Brands, Inc. | 59,400 | 3,984,552 | ||||||
13,856,177 | ||||||||
31
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Semiconductor Components - Integrated Circuits — 2.2% |
| |||||||
QUALCOMM, Inc. | 153,820 | $ | 9,786,028 | |||||
Telecommunication Equipment — 0.3% |
| |||||||
Juniper Networks, Inc.† | 82,970 | 1,491,801 | ||||||
Transport - Rail — 2.4% |
| |||||||
Kansas City Southern# | 31,500 | 2,461,725 | ||||||
Union Pacific Corp. | 65,900 | 8,091,202 | ||||||
10,552,927 | ||||||||
Transport - Services — 1.2% |
| |||||||
C.H. Robinson Worldwide, Inc. | 500 | 30,870 | ||||||
FedEx Corp. | 57,900 | 5,183,787 | ||||||
5,214,657 | ||||||||
Transport - Truck — 0.2% |
| |||||||
J.B. Hunt Transport Services, Inc.# | 12,000 | 713,400 | ||||||
Web Portals/ISP — 6.1% |
| |||||||
Baidu, Inc. ADR† | 62,000 | 5,971,220 | ||||||
Google, Inc., Class A† | 30,200 | 21,090,774 | ||||||
27,061,994 | ||||||||
Total Long - Term Investment Securities | ||||||||
(cost $302,083,096) | 438,214,732 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 4.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 18,307,681 | $ | 18,307,681 | |||||
T. Rowe Price Reserve Investment Fund | 2,199,051 | 2,199,051 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $20,506,732) | 20,506,732 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $322,589,828)(2) | 103.9 | % | 458,721,464 | |||||
Liabilities in excess of other assets | (3.9 | ) | (17,108,880 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 441,612,584 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $17,925,787. This was secured by collateral of $18,307,681, which was received in cash and subsequently invested in short-term investments currently valued at $18,307,681 as reported in the portfolio of investments. Additional collateral of $154,895 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 1/10/2013 | $143,783 | |||
United States Treasury Notes/Bonds | 0.13% to 0.75% | 12/15/2013 to 01/31/2014 | 11,112 |
(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, 2012 (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 | $ | 41,671,936 | $ | — | $ | — | $ | 41,671,936 | ||||||||
E-Commerce/Products | 27,182,295 | — | — | 27,182,295 | ||||||||||||
Medical-Biomedical/Gene | 24,444,197 | — | — | 24,444,197 | ||||||||||||
Web Portals/ISP | 27,061,994 | — | — | 27,061,994 | ||||||||||||
Other Industries* | 317,854,310 | — | — | 317,854,310 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 20,506,732 | — | — | 20,506,732 | ||||||||||||
Total | $ | 458,721,464 | $ | — | $ | — | $ | 458,721,464 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
32
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Banks — Super Regional | 7.0 | % | ||
Diversified Manufacturing Operations | 6.7 | |||
Tobacco | 6.2 | |||
Oil Companies — Integrated | 6.1 | |||
Diversified Banking Institutions | 4.5 | |||
Medical — Drugs | 4.3 | |||
Medical — HMO | 4.2 | |||
Finance — Credit Card | 3.1 | |||
Savings & Loans/Thrifts | 3.0 | |||
Cruise Lines | 2.9 | |||
Telephone — Integrated | 2.8 | |||
Tools — Hand Held | 2.5 | |||
Electric Products — Misc. | 2.3 | |||
Time Deposits | 2.3 | |||
Finance — Consumer Loans | 2.3 | |||
Electric — Integrated | 2.2 | |||
Medical Instruments | 2.2 | |||
Electronic Components — Semiconductors | 1.8 | |||
Electronic Security Devices | 1.5 | |||
Pipelines | 1.5 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Medical Products | 1.5 | |||
Instruments — Controls | 1.5 | |||
Applications Software | 1.5 | |||
Building Products — Wood | 1.4 | |||
Pharmacy Services | 1.4 | |||
Oil & Gas Drilling | 1.3 | |||
Casino Services | 1.3 | |||
Apparel Manufacturers | 1.2 | |||
Chemicals — Diversified | 1.2 | |||
Retail — Drug Store | 1.2 | |||
Computer Services | 1.2 | |||
Banks — Fiduciary | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Toys | 1.1 | |||
Medical — Wholesale Drug Distribution | 1.1 | |||
Insurance — Multi-line | 1.1 | |||
Retail — Discount | 1.1 | |||
Gas — Distribution | 1.0 | |||
Insurance Brokers | 1.0 | |||
Cellular Telecom | 0.9 | |||
Investment Management/Advisor Services | 0.8 | |||
Insurance — Property/Casualty | 0.7 | |||
Rental Auto/Equipment | 0.7 | |||
Commercial Services — Finance | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Machinery — Pumps | 0.4 | |||
100.7% | ||||
* | Calculated as a percentage of net assets |
33
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.4% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
Raytheon Co. | 8,260 | $ | 471,894 | |||||
Apparel Manufacturers — 1.2% |
| |||||||
Hanesbrands, Inc.† | 10,600 | 382,660 | ||||||
Applications Software — 1.5% |
| |||||||
Microsoft Corp. | 17,235 | 458,796 | ||||||
Banks - Fiduciary — 1.1% |
| |||||||
State Street Corp. | 7,710 | 342,632 | ||||||
Banks - Super Regional — 7.0% |
| |||||||
Capital One Financial Corp. | 16,525 | 951,840 | ||||||
Fifth Third Bancorp | 26,800 | 392,352 | ||||||
PNC Financial Services Group, Inc. | 5,725 | 321,402 | ||||||
Wells Fargo & Co. | 15,445 | 509,839 | ||||||
2,175,433 | ||||||||
Building Products - Wood — 1.4% |
| |||||||
Masco Corp. | 25,700 | 435,872 | ||||||
Casino Services — 1.3% |
| |||||||
International Game Technology | 28,200 | 391,134 | ||||||
Cellular Telecom — 0.9% |
| |||||||
Vodafone Group PLC ADR | 11,235 | 289,863 | ||||||
Chemicals - Diversified — 1.2% |
| |||||||
Rockwood Holdings, Inc. | 8,000 | 366,960 | ||||||
Commercial Services - Finance — 0.5% |
| |||||||
Western Union Co. | 13,600 | 171,496 | ||||||
Computer Services — 1.2% |
| |||||||
International Business Machines Corp. | 1,900 | 361,133 | ||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Sonoco Products Co. | 5,100 | 153,357 | ||||||
Cruise Lines — 2.9% |
| |||||||
Carnival Corp. | 11,500 | 444,590 | ||||||
Royal Caribbean Cruises, Ltd. | 13,100 | 461,775 | ||||||
906,365 | ||||||||
Diversified Banking Institutions — 4.5% |
| |||||||
Bank of America Corp. | 47,726 | 470,578 | ||||||
Citigroup, Inc. | 12,310 | 425,557 | ||||||
JPMorgan Chase & Co. | 12,105 | 497,273 | ||||||
1,393,408 | ||||||||
Diversified Manufacturing Operations — 6.7% |
| |||||||
Eaton Corp. PLC† | 5,600 | 292,096 | ||||||
General Electric Co. | 17,415 | 367,979 | ||||||
Illinois Tool Works, Inc. | 8,800 | 541,816 | ||||||
ITT Corp. | 2,700 | 60,399 | ||||||
Pentair, Ltd.† | 9,300 | 450,957 | ||||||
SPX Corp. | 5,500 | 374,660 | ||||||
2,087,907 | ||||||||
Electric Products - Misc. — 2.3% |
| |||||||
Emerson Electric Co. | 7,940 | 398,826 | ||||||
Molex, Inc. | 12,500 | 329,750 | ||||||
728,576 | ||||||||
Electric - Integrated — 2.2% |
| |||||||
Entergy Corp. | 3,345 | 212,541 | ||||||
Pinnacle West Capital Corp. | 4,600 | 236,716 | ||||||
Xcel Energy, Inc. | 9,100 | 246,155 | ||||||
695,412 | ||||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Microchip Technology, Inc. | 6,400 | 194,688 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 12,720 | $ | 374,858 | |||||
569,546 | ||||||||
Electronic Security Devices — 1.5% |
| |||||||
Tyco International, Ltd. | 17,000 | 482,290 | ||||||
Enterprise Software/Service — 1.1% |
| |||||||
CA, Inc. | 15,300 | 339,048 | ||||||
Finance - Consumer Loans — 2.3% |
| |||||||
SLM Corp. | 42,805 | 708,423 | ||||||
Finance - Credit Card — 3.1% |
| |||||||
American Express Co. | 9,655 | 539,715 | ||||||
Discover Financial Services | 10,300 | 428,583 | ||||||
968,298 | ||||||||
Gas - Distribution — 1.0% |
| |||||||
CenterPoint Energy, Inc. | 16,400 | 323,572 | ||||||
Instruments - Controls — 1.5% |
| |||||||
Honeywell International, Inc. | 7,500 | 459,975 | ||||||
Insurance Brokers — 1.0% |
| |||||||
Willis Group Holdings PLC | 8,800 | 308,704 | ||||||
Insurance - Multi-line — 1.1% |
| |||||||
XL Group PLC | 13,620 | 331,375 | ||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
Chubb Corp. | 2,900 | 223,271 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Ameriprise Financial, Inc. | 3,900 | 236,613 | ||||||
Machinery - Pumps — 0.4% |
| |||||||
Xylem, Inc. | 4,300 | 112,187 | ||||||
Medical Instruments — 2.2% |
| |||||||
Medtronic, Inc. | 12,830 | 540,271 | ||||||
St. Jude Medical, Inc. | 4,400 | 150,832 | ||||||
691,103 | ||||||||
Medical Products — 1.5% |
| |||||||
Baxter International, Inc. | 7,000 | 463,890 | ||||||
Medical - Drugs — 4.3% |
| |||||||
Johnson & Johnson | 6,885 | 480,091 | ||||||
Pfizer, Inc. | 24,841 | 621,522 | ||||||
Sanofi SA ADR | 5,200 | 232,024 | ||||||
1,333,637 | ||||||||
Medical - Generic Drugs — 0.5% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 3,800 | 153,330 | ||||||
Medical - HMO — 4.2% |
| |||||||
Cigna Corp. | 8,900 | 465,203 | ||||||
UnitedHealth Group, Inc. | 8,320 | 452,525 | ||||||
WellPoint, Inc. | 6,715 | 375,368 | ||||||
1,293,096 | ||||||||
Medical - Wholesale Drug Distribution — 1.1% |
| |||||||
Cardinal Health, Inc. | 8,200 | 331,690 | ||||||
Oil & Gas Drilling — 1.3% |
| |||||||
Seadrill, Ltd. | 10,300 | 396,859 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Occidental Petroleum Corp. | 6,365 | 478,712 | ||||||
Oil Companies - Integrated — 6.1% |
| |||||||
BP PLC ADR | 11,335 | 473,350 | ||||||
Chevron Corp. | 1,545 | 163,291 | ||||||
ConocoPhillips | 8,465 | 481,997 |
34
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Integrated (continued) |
| |||||||
Marathon Oil Corp. | 15,665 | $ | 483,265 | |||||
Phillips 66 | 5,482 | 287,092 | ||||||
1,888,995 | ||||||||
Pharmacy Services — 1.4% |
| |||||||
Omnicare, Inc. | 11,700 | 424,008 | ||||||
Pipelines — 1.5% |
| |||||||
ONEOK, Inc. | 3,800 | 170,506 | ||||||
Spectra Energy Corp. | 11,125 | 310,944 | ||||||
481,450 | ||||||||
Rental Auto/Equipment — 0.7% |
| |||||||
Rent-A-Center, Inc. | 6,100 | 212,036 | ||||||
Retail - Discount — 1.1% |
| |||||||
Target Corp. | 5,200 | 328,276 | ||||||
Retail - Drug Store — 1.2% |
| |||||||
Walgreen Co. | 10,800 | 366,228 | ||||||
Savings & Loans/Thrifts — 3.0% |
| |||||||
New York Community Bancorp, Inc. | 35,200 | 457,952 | ||||||
People’s United Financial, Inc. | 39,100 | 476,629 | ||||||
934,581 | ||||||||
Telephone - Integrated — 2.8% |
| |||||||
AT&T, Inc. | 14,210 | 484,987 | ||||||
Verizon Communications, Inc. | 8,805 | 388,477 | ||||||
873,464 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco — 6.2% |
| |||||||
Altria Group, Inc. | 14,670 | $ | 495,993 | |||||
Imperial Tobacco Group PLC ADR | 4,000 | 320,840 | ||||||
Lorillard, Inc. | 1,800 | 218,088 | ||||||
Philip Morris International, Inc. | 7,300 | 656,124 | ||||||
Reynolds American, Inc. | 5,705 | 249,422 | ||||||
1,940,467 | ||||||||
Tools - Hand Held — 2.5% |
| |||||||
Stanley Black & Decker, Inc. | 10,760 | 773,752 | ||||||
Toys — 1.1% |
| |||||||
Hasbro, Inc. | 8,800 | 338,448 | ||||||
Total Long - Term Investment Securities |
| |||||||
(cost $26,582,714) | 30,580,222 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.3% |
| |||||||
Time Deposits — 2.3% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 724,000 | 724,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $27,306,714)(1) | 100.7 | % | 31,304,222 | |||||
Liabilities in excess of other assets | (0.7 | ) | (212,124 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 31,092,098 | ||||
† | 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, 2012 (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 | $ | 2,175,433 | $ | — | $ | — | $ | 2,175,433 | ||||||||
Diversified Manufacturing Operations | 2,087,907 | 2,087,907 | ||||||||||||||
Oil Companies - Integrated | 1,888,995 | — | — | 1,888,995 | ||||||||||||
Tobacco | 1,940,467 | — | — | 1,940,467 | ||||||||||||
Other Industries* | 22,487,420 | — | — | 22,487,420 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 724,000 | — | 724,000 | ||||||||||||
Total | $ | 30,580,222 | $ | 724,000 | $ | — | $ | 31,304,222 | ||||||||
* | 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 securities by classification, please refer to the Portfolio of Investments. |
The | Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period. |
See Notes to Financial Statements
35
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Industry Allocation*
United States Treasury Notes | 24.9 | % | ||
Federal National Mtg. Assoc. | 24.8 | |||
Federal Home Loan Mtg. Corp. | 12.7 | |||
Diversified Financial Services | 8.1 | |||
Time Deposits | 3.5 | |||
United States Treasury Bonds | 3.2 | |||
Registered Investment Companies | 3.1 | |||
Banks — Commercial | 1.6 | |||
Diversified Banking Institutions | 1.6 | |||
Banks — Super Regional | 1.5 | |||
Oil Companies — Integrated | 1.3 | |||
Electric — Integrated | 1.1 | |||
Medical — Drugs | 1.0 | |||
Government National Mtg. Assoc. | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Telephone — Integrated | 0.6 | |||
Medical — HMO | 0.6 | |||
Savings & Loans/Thrifts | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Oil & Gas Drilling | 0.5 | |||
Paper & Related Products | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Municipal Bonds | 0.4 | |||
Diversified Manufacturing Operations | 0.3 | |||
Electric — Generation | 0.3 | |||
Telecom Services | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Special Purpose Entities | 0.3 | |||
Regional Authority | 0.3 | |||
Banks — Money Center | 0.3 | |||
Cable/Satellite TV | 0.2 | |||
Security Services | 0.2 | |||
Pipelines | 0.2 | |||
Advertising Agencies | 0.2 | |||
Brewery | 0.2 | |||
Applications Software | 0.2 | |||
Diversified Minerals | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Schools | 0.2 | |||
Electric — Distribution | 0.2 | |||
Non-Profit Charity | 0.2 | |||
Medical Products | 0.2 | |||
Computer Services | 0.2 | |||
Multimedia | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Investment Companies | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Transport — Rail | 0.2 | |||
Federal Home Loan Bank | 0.1 | |||
Transport — Services | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Sovereign | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Oil — Field Services | 0.1 | |||
Cellular Telecom | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Gas — Distribution | 0.1 | |||
Petrochemicals | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Home Decoration Products | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Data Processing/Management | 0.1 | |||
Industrial Gases | 0.1 | |||
Electronic Components — Misc. | 0.1 |
Finance — Other Services | 0.1 | |||
Gas — Transportation | 0.1 | |||
Finance — Commercial | 0.1 | |||
102.0 | % | |||
Credit Quality+#
Aaa | 73.8 | % | ||
Aa | 4.9 | |||
A | 5.8 | |||
Baa | 12.1 | |||
Ba | 0.6 | |||
Not Rated@ | 2.8 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
+ | Source: Moody's |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
36
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 7.3% |
| |||||||
Diversified Financial Services — 7.3% |
| |||||||
ABFC 2002-NC1 Trust FRS | $ | 555,999 | $ | 494,679 | ||||
AmeriCredit Automobile Receivables Trust | 245,000 | 248,017 | ||||||
Ameriquest Mortgage Securities, Inc. FRS | 600,000 | 590,179 | ||||||
Bear Stearns ALT-A Trust FRS | 638,444 | 600,500 | ||||||
Bear Stearns Asset Backed Securities Trust FRS | 1,112,679 | 1,014,348 | ||||||
Bear Stearns Asset Backed Securities Trust FRS | 283,033 | 280,773 | ||||||
Cabela’s Master Credit Card Trust | 585,000 | 594,175 | ||||||
Capital One Multi-Asset Execution Trust | 100,000 | 107,628 | ||||||
Citigroup Commercial Mtg. Trust VRS | 380,000 | 450,661 | ||||||
Countrywide Asset-Backed Certs. FRS | 402,498 | 382,031 | ||||||
Countrywide Asset-Backed Certs. FRS | 79,739 | 74,269 | ||||||
Discover Card Master Trust | 200,000 | 243,347 | ||||||
Entergy Arkansas Restoration Funding LLC | 409,247 | 427,959 | ||||||
Ford Credit Auto Owner Trust | 600,000 | 600,154 | ||||||
Ford Credit Auto Owner Trust | 405,000 | 409,055 | ||||||
Ford Credit Floorplan Master Owner Trust | 640,000 | 648,090 | ||||||
GS Mtg. Securities Corp II | 192,000 | 196,416 | ||||||
HLSS Servicer Advance Receivables Backed Notes | 228,000 | 228,342 | ||||||
Huntington Auto Trust | 115,000 | 115,042 | ||||||
Icon Brands Holdings LLC | 230,000 | 232,723 | ||||||
LB-UBS Commercial Mtg. Trust | 2,000,000 | 2,329,056 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Marriott Vacation Club Owner Trust | $ | 264,950 | $ | 276,222 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust | 245,871 | 254,450 | ||||||
Morgan Stanley Capital I Trust VRS | 1,800,000 | 1,981,453 | ||||||
MortgageIT Trust FRS | 257,401 | 248,183 | ||||||
MortgageIT Trust FRS | 516,257 | 456,698 | ||||||
Sierra Receivables Funding Co LLC | 146,383 | 149,148 | ||||||
UBS-Barclays Commercial Mtg. Trust | 656,774 | 684,260 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,097,994 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,123,065 | ||||||
WF-RBS Commercial Mtg. Trust | 385,768 | 397,657 | ||||||
Total Asset Backed Securities |
| |||||||
(cost $16,435,828) | 16,936,574 | |||||||
U.S. CORPORATE BONDS & NOTES — 16.3% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 549,000 | 539,493 | ||||||
Aerospace/Defense — 0.4% |
| |||||||
General Dynamics Corp. | 753,000 | 744,631 | ||||||
Lockheed Martin Corp. | 157,000 | 207,813 | ||||||
952,444 | ||||||||
Applications Software — 0.2% | ||||||||
Microsoft Corp. | 148,000 | 147,722 | ||||||
Microsoft Corp. | 384,000 | 374,920 | ||||||
522,642 | ||||||||
Banks - Commercial — 0.6% | ||||||||
Associated Banc-Corp. | 491,000 | 540,335 | ||||||
Union Bank NA | 292,000 | 301,092 |
37
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Zions Bancorporation | $ | 542,000 | $ | 569,182 | ||||
1,410,609 | ||||||||
Banks - Fiduciary — 0.1% | ||||||||
Bank of New York Mellon Corp. | 298,000 | 301,314 | ||||||
Banks - Money Center — 0.1% | ||||||||
Chase Capital III FRS | 103,000 | 80,552 | ||||||
Comerica Bank | 141,000 | 163,378 | ||||||
243,930 | ||||||||
Banks - Super Regional — 1.3% | ||||||||
Capital One Capital VI | 112,000 | 112,616 | ||||||
Capital One Financial Corp. FRS | 127,000 | 128,433 | ||||||
Capital One Financial Corp. | 413,000 | 422,326 | ||||||
Huntington Bancshares, Inc. | 171,000 | 208,474 | ||||||
JPMorgan Chase Bank NA | 589,000 | 693,008 | ||||||
JPMorgan Chase Bank NA | 318,000 | 376,620 | ||||||
PNC Preferred Funding Trust I FRS | 200,000 | 169,000 | ||||||
SunTrust Banks, Inc. | 30,000 | 33,468 | ||||||
US Bancorp | 329,000 | 336,642 | ||||||
Wachovia Corp. | 91,000 | 109,650 | ||||||
Wells Fargo Bank NA FRS | 290,000 | 284,601 | ||||||
Wells Fargo & Co. FRS | 165,000 | 189,544 | ||||||
3,064,382 | ||||||||
Cable/Satellite TV — 0.2% | ||||||||
Comcast Corp. | 104,000 | 121,802 | ||||||
TCI Communications, Inc. | 155,000 | 207,202 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Cable/Satellite TV (continued) | ||||||||
Time Warner Cable, Inc. | $ | 266,000 | $ | 259,570 | ||||
588,574 | ||||||||
Chemicals - Specialty — 0.1% | ||||||||
Lubrizol Corp. | 179,000 | 249,906 | ||||||
Computer Services — 0.2% | ||||||||
International Business Machines Corp. | 310,000 | 424,715 | ||||||
Data Processing/Management — 0.1% | ||||||||
Dun & Bradstreet Corp. | 178,000 | 178,413 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
CR Bard, Inc. | 196,000 | 197,761 | ||||||
Diversified Banking Institutions — 1.5% |
| |||||||
Bank of America Corp. | 148,000 | 161,507 | ||||||
Bank of America Corp. | 275,000 | 318,030 | ||||||
Bank of America Corp. | 195,000 | 232,870 | ||||||
Citigroup, Inc. | 397,000 | 423,029 | ||||||
Goldman Sachs Group, Inc. | 316,000 | 369,132 | ||||||
Goldman Sachs Group, Inc. | 586,000 | 652,065 | ||||||
JPMorgan Chase Capital XXIII FRS | 73,000 | 53,879 | ||||||
JPMorgan Chase & Co. FRS | 160,000 | 180,752 | ||||||
Morgan Stanley | 175,000 | 182,234 | ||||||
Morgan Stanley | 318,000 | 363,293 | ||||||
Morgan Stanley | 361,000 | 422,891 | ||||||
Nations Bank Corp. | 44,000 | 52,169 | ||||||
3,411,851 | ||||||||
38
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Financial Services — 0.8% |
| |||||||
Associates Corp. of North America | $ | 350,000 | $ | 424,025 | ||||
General Electric Capital Corp. | 171,000 | 174,956 | ||||||
General Electric Capital Corp. | 210,000 | 250,182 | ||||||
General Electric Capital Corp. | 499,000 | 604,984 | ||||||
General Electric Capital Corp. | 278,000 | 362,720 | ||||||
1,816,867 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Carlisle Cos., Inc. | 225,000 | 225,405 | ||||||
Textron, Inc. | 305,000 | 334,072 | ||||||
559,477 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
Oglethorpe Power Corp. | 443,000 | 440,005 | ||||||
Electric - Generation — 0.3% |
| |||||||
Allegheny Energy Supply Co. LLC | 664,000 | 730,921 | ||||||
Electric - Integrated — 1.1% |
| |||||||
Commonwealth Edison Co. | 117,000 | 117,203 | ||||||
Dominion Resources, Inc. | 195,000 | 225,862 | ||||||
Dominion Resources, Inc. | 326,000 | 380,881 | ||||||
Entergy Louisiana LLC | 107,000 | 108,403 | ||||||
Exelon Generation Co. LLC | 359,000 | 386,810 | ||||||
Florida Power Corp. | 549,000 | 540,353 | ||||||
Georgia Power Co. | 112,000 | 120,337 | ||||||
Great Plains Energy, Inc. | 181,000 | 204,641 | ||||||
PPL Capital Funding, Inc. | 193,000 | 196,974 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Southern California Edison Co. | $ | 222,000 | $ | 228,252 | ||||
2,509,716 | ||||||||
Electronic Components-Misc. — 0.1% |
| |||||||
Jabil Circuit, Inc. | 166,000 | 175,545 | ||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Avnet, Inc. | 179,000 | 180,675 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Textron Financial Corp. | 121,000 | 123,079 | ||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Bear Stearns Cos. LLC | 165,000 | 186,685 | ||||||
Lehman Brothers Holdings, Inc. | 89,000 | 20,470 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
Merrill Lynch & Co., Inc. | 176,000 | 194,549 | ||||||
Merrill Lynch & Co., Inc. | 60,000 | 78,469 | ||||||
480,193 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Boeing Capital Corp. | 199,000 | 208,185 | ||||||
Boeing Capital Corp. | 83,000 | 90,103 | ||||||
298,288 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 150,000 | 151,375 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Unilever Capital Corp. Company | 249,000 | 246,820 | ||||||
Gas - Distribution — 0.1% |
| |||||||
Southern Union Co. | 192,000 | 246,555 | ||||||
Gas - Transportation — 0.1% |
| |||||||
Northern Natural Gas Co. | 134,000 | 137,729 | ||||||
39
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Rubbermaid, Inc. | $ | 208,000 | $ | 208,955 | ||||
Industrial Gases — 0.1% |
| |||||||
Airgas, Inc. | 178,000 | 176,843 | ||||||
Insurance - Life/Health — 0.5% |
| |||||||
Primerica, Inc. | 243,000 | 269,737 | ||||||
Principal Financial Group, Inc. | 117,000 | 117,646 | ||||||
Principal Financial Group, Inc. | 182,000 | 179,575 | ||||||
Prudential Financial, Inc. | 207,000 | 228,060 | ||||||
Prudential Financial, Inc. FRS | 283,000 | 283,708 | ||||||
1,078,726 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Metropolitan Life Global Funding I | 222,000 | 232,033 | ||||||
Insurance - Mutual — 0.3% |
| |||||||
Liberty Mutual Group, Inc. | 150,000 | 157,544 | ||||||
New York Life Global Funding | 453,000 | 463,718 | ||||||
621,262 | ||||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Swiss Re Treasury US Corp. | 188,000 | 187,822 | ||||||
Swiss Re Treasury US Corp. | 184,000 | 183,826 | ||||||
371,648 | ||||||||
Medical Products — 0.2% |
| |||||||
Becton Dickinson and Co. | 56,000 | 60,525 | ||||||
Becton Dickinson and Co. | 268,000 | 369,709 | ||||||
430,234 | ||||||||
Medical - Drugs — 0.7% |
| |||||||
AbbVie, Inc. | 328,000 | 329,486 | ||||||
AbbVie, Inc. | 409,000 | 413,502 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
AbbVie, Inc. | $ | 182,000 | $ | 192,985 | ||||
Johnson & Johnson | 280,000 | 339,670 | ||||||
Merck & Co., Inc. | 312,000 | 312,733 | ||||||
1,588,376 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Watson Pharmaceuticals, Inc. | 128,000 | 130,386 | ||||||
Watson Pharmaceuticals, Inc. | 128,000 | 131,656 | ||||||
Watson Pharmaceuticals, Inc. | 106,000 | 111,887 | ||||||
373,929 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Cigna Corp. | 525,000 | 574,714 | ||||||
Cigna Corp. | 193,000 | 224,884 | ||||||
Cigna Corp. | 80,000 | 99,089 | ||||||
UnitedHealth Group, Inc. | 204,000 | 207,101 | ||||||
WellPoint, Inc. | 261,000 | 263,330 | ||||||
1,369,118 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
McKesson Corp. | 107,000 | 108,071 | ||||||
Multimedia — 0.2% |
| |||||||
News America, Inc. | 155,000 | 188,528 | ||||||
Time Warner Entertainment Co. LP | 159,000 | 231,778 | ||||||
420,306 | ||||||||
Non-Profit Charity — 0.2% |
| |||||||
Catholic Health Initiatives | 275,000 | 280,069 | ||||||
Catholic Health Initiatives | 154,000 | 156,452 | ||||||
436,521 | ||||||||
40
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Rowan Cos., Inc. | $ | 245,000 | $ | 267,243 | ||||
Oil Companies - Exploration & Production — 0.6% |
| |||||||
Apache Corp. | 184,000 | 187,482 | ||||||
Pioneer Natural Resources Co. | 204,000 | 217,039 | ||||||
Pioneer Natural Resources Co. | 353,000 | 403,693 | ||||||
Union Pacific Resources Group, Inc. | 468,000 | 564,614 | ||||||
1,372,828 | ||||||||
Oil Companies - Integrated — 0.6% |
| |||||||
Marathon Oil Corp. | 463,000 | 464,327 | ||||||
Marathon Petroleum Corp. | 43,000 | 53,446 | ||||||
Murphy Oil Corp. | 249,000 | 250,479 | ||||||
Murphy Oil Corp. | 553,000 | 545,902 | ||||||
1,314,154 | ||||||||
Paper & Related Products — 0.4% |
| |||||||
Georgia-Pacific LLC | 571,000 | 684,301 | ||||||
Georgia-Pacific LLC | 256,000 | 274,204 | ||||||
958,505 | ||||||||
Pipelines — 0.2% |
| |||||||
El Paso Pipeline Partners Operating Co. LLC | 271,000 | 267,138 | ||||||
Energy Transfer Partners LP | 187,000 | 218,632 | ||||||
Western Gas Partners LP | 77,000 | 80,682 | ||||||
566,452 | ||||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Duke Realty LP | 145,000 | 148,139 | ||||||
HCP, Inc. | 160,000 | 170,018 | ||||||
318,157 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Drug Store — 0.2% |
| |||||||
CVS Pass-Through Trust | $ | 162,577 | $ | 194,364 | ||||
CVS Pass-Through Trust | 157,954 | 192,089 | ||||||
386,453 | ||||||||
Savings & Loans/Thrifts — 0.3% |
| |||||||
Astoria Financial Corp. | 340,000 | 358,249 | ||||||
First Niagara Financial Group, Inc. | 218,000 | 260,178 | ||||||
Santander Holdings USA, Inc. | 145,000 | 147,650 | ||||||
766,077 | ||||||||
Schools — 0.2% |
| |||||||
Northwestern University Bonds | 225,000 | 245,561 | ||||||
University of Pennsylvania | 180,000 | 206,717 | ||||||
452,278 | ||||||||
Security Services — 0.2% |
| |||||||
ADT Corp. | 282,000 | 284,802 | ||||||
ADT Corp. | 281,000 | 281,995 | ||||||
566,797 | ||||||||
Special Purpose Entities — 0.3% |
| |||||||
MassMutual Global Funding II | 435,000 | 450,527 | ||||||
MassMutual Global Funding II | 162,000 | 161,211 | ||||||
611,738 | ||||||||
Telecom Services — 0.3% |
| |||||||
BellSouth Telecommunications, Inc. | 130,000 | 156,652 | ||||||
BellSouth Telecommunications, Inc. | 194,000 | 243,283 | ||||||
Qwest Corp. | 250,000 | 274,711 | ||||||
674,646 | ||||||||
Telephone - Integrated — 0.4% |
| |||||||
AT&T, Inc. | 112,000 | 112,498 | ||||||
AT&T, Inc. | 107,000 | 138,377 |
41
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated (continued) |
| |||||||
AT&T, Inc. | $ | 240,000 | $ | 314,190 | ||||
BellSouth Corp. | 200,000 | 243,893 | ||||||
Verizon Communications, Inc. | 125,000 | 169,407 | ||||||
978,365 | ||||||||
Transport - Rail — 0.2% |
| |||||||
Norfolk Southern Corp. | 95,000 | 96,789 | ||||||
Norfolk Southern Corp. | 21,000 | 26,155 | ||||||
Norfolk Southern Corp. | 197,000 | 241,816 | ||||||
364,760 | ||||||||
Transport - Services — 0.1% |
| |||||||
Ryder System, Inc. | 333,000 | 338,606 | ||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola, Inc. | 9,930 | 11,601 | ||||||
Total U.S. CORPORATE BONDS & NOTES |
| |||||||
(cost $35,945,661) | 37,547,961 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 4.3% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Volkswagen International Finance NV | 263,000 | 262,174 | ||||||
Banks - Commercial — 1.0% |
| |||||||
Bank of Montreal | 455,000 | 457,266 | ||||||
Barclays Bank PLC | 128,000 | 140,246 | ||||||
ING Bank NV | 572,000 | 575,548 | ||||||
National Australia Bank, Ltd. | 503,000 | 511,979 | ||||||
National Bank of Canada | 650,000 | 655,160 | ||||||
2,340,199 | ||||||||
Banks - Money Center — 0.2% |
| |||||||
Royal Bank of Scotland NV FRS | 350,000 | 329,175 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Brewery — 0.2% |
| |||||||
Heineken NV | $ | 174,000 | $ | 174,380 | ||||
Heineken NV | 355,000 | 351,650 | ||||||
526,030 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
America Movil SAB de CV | 270,000 | 277,209 | ||||||
Diversified Banking Institutions — 0.1% |
| |||||||
Royal Bank of Scotland Group PLC | 218,000 | 223,067 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Pentair Finance SA | 182,000 | 181,989 | ||||||
Diversified Minerals — 0.2% |
| |||||||
Teck Resources, Ltd. | 305,000 | 315,162 | ||||||
Xstrata Finance Canada, Ltd. | 190,000 | 192,226 | ||||||
507,388 | ||||||||
Investment Companies — 0.2% |
| |||||||
Temasek Financial I, Ltd. | 377,000 | 374,605 | ||||||
Medical - Drugs — 0.3% |
| |||||||
Takeda Pharmaceutical Co., Ltd. | 744,000 | 758,004 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Transocean, Inc. | 231,000 | 232,226 | ||||||
Transocean, Inc. | 260,000 | 265,436 | ||||||
Transocean, Inc. | 75,000 | 90,680 | ||||||
Transocean, Inc. | 157,000 | 195,298 | ||||||
783,640 | ||||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Anadarko Finance Co. | 157,000 | 209,809 | ||||||
Oil Companies - Integrated — 0.7% |
| |||||||
BP Capital Markets PLC | 350,000 | 364,184 |
42
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Integrated (continued) |
| |||||||
BP Capital Markets PLC | $ | 185,000 | $ | 183,935 | ||||
BP Capital Markets PLC | 230,000 | 266,636 | ||||||
Petroleos Mexicanos | 204,000 | 224,400 | ||||||
Petroleos Mexicanos | 173,000 | 190,300 | ||||||
Total Capital International SA | 306,000 | 312,483 | �� | |||||
1,541,938 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Schlumberger Norge AS | 286,000 | 286,735 | ||||||
Petrochemicals — 0.1% |
| |||||||
Mexichem SAB de CV | 218,000 | 237,620 | ||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
RBS Citizens Financial Group, Inc. | 540,000 | 548,427 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Nippon Telegraph & Telephone Corp. | 258,000 | 261,558 | ||||||
Telefonica Emisiones SAU | 193,000 | 195,895 | ||||||
457,453 | ||||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $9,620,101) | 9,845,462 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.4% |
| |||||||
Regional Authority — 0.3% |
| |||||||
Hydro-Quebec | 298,000 | 303,215 | ||||||
Province of British Columbia | 272,000 | 288,402 | ||||||
591,617 | ||||||||
Sovereign — 0.1% |
| |||||||
Government of Canada | 308,000 | 311,234 | ||||||
Total Foreign Government Agencies |
| |||||||
(cost $888,597) | 902,851 | |||||||
MUNICIPAL BONDS & NOTES — 0.4% |
| |||||||
Ohio State University | 241,000 | 279,158 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Municipal Bonds (continued) |
| |||||||
Port Authority of New York & New Jersey | $ | 335,000 | $ | 335,817 | ||||
Port Authority of New York & New Jersey | 216,000 | 242,825 | ||||||
Total Municipal Bonds & Notes |
| |||||||
(cost $789,600) | 857,800 | |||||||
U.S. GOVERNMENT AGENCIES — 38.4% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
5.50% due 07/15/2036 | 250,000 | 351,182 | ||||||
Federal Home Loan Mtg. Corp. — 12.7% |
| |||||||
1.00% due 07/30/2014 | 1,000,000 | 1,012,187 | ||||||
3.00% due 08/01/2027 | 1,062,084 | 1,118,602 | ||||||
3.00% due 10/01/2042 | 949,492 | 1,005,084 | ||||||
3.50% due 11/01/2041 | 1,614,010 | 1,717,912 | ||||||
3.50% due 02/01/2042 | 1,297,173 | 1,383,516 | ||||||
3.50% due 03/01/2042 | 418,505 | 446,885 | ||||||
3.50% due 04/01/2042 | 2,190,357 | 2,331,362 | ||||||
3.50% due 06/01/2042 | 2,978,377 | 3,188,678 | ||||||
3.50% due 08/01/2042 | 494,662 | 534,854 | ||||||
4.00% due 09/01/2040 | 258,440 | 275,769 | ||||||
4.00% due 04/01/2042 | 2,437,679 | 2,630,843 | ||||||
4.50% due 01/01/2039 | 101,007 | 108,121 | ||||||
4.50% due 06/01/2040 | 1,690,574 | 1,868,273 | ||||||
4.50% due 06/01/2041 | 2,230,178 | 2,400,477 | ||||||
5.00% due 10/01/2033 | 6,458 | 6,994 | ||||||
5.00% due 07/01/2035 | 96,375 | 103,780 | ||||||
5.00% due 05/01/2036 | 586,572 | 629,989 | ||||||
5.00% due 11/01/2036 | 68,344 | 73,403 | ||||||
5.00% due 03/01/2038 | 263,323 | 282,567 | ||||||
5.00% due 06/01/2039 | 1,205,497 | 1,327,123 | ||||||
5.00% due 07/01/2040 | 1,375,649 | 1,489,078 | ||||||
5.50% due 11/01/2018 | 134,328 | 145,753 | ||||||
5.50% due 02/01/2035 | 546,488 | 593,740 | ||||||
5.50% due 07/01/2036 | 510,497 | 551,873 | ||||||
5.50% due 07/01/2037 | 83,672 | 90,296 | ||||||
5.50% due 09/01/2037 | 23,596 | 25,464 | ||||||
5.50% due 10/01/2037 | 25,513 | 27,533 | ||||||
5.50% due 01/01/2038 | 296,878 | 320,940 | ||||||
5.50% due 04/01/2038 | 162,804 | 175,592 | ||||||
5.50% due 07/01/2038 | 98,273 | 106,054 | ||||||
6.00% due 10/01/2033 | 328,549 | 364,674 | ||||||
6.00% due 07/01/2036 | 238,972 | 260,544 | ||||||
6.00% due 11/01/2037 | 139,897 | 152,306 | ||||||
6.00% due 01/01/2038 | 367,519 | 400,120 | ||||||
6.00% due 03/01/2040 | 4,691 | 5,114 | ||||||
6.50% due 02/01/2035 | 20,373 | 23,306 | ||||||
6.50% due 01/01/2036 | 43,120 | 49,209 | ||||||
6.50% due 03/01/2036 | 115,485 | 131,504 | ||||||
6.75% due 09/15/2029 | 500,000 | 767,745 | ||||||
6.75% due 03/15/2031 | 250,000 | 391,206 | ||||||
7.00% due 11/01/2016 | 12,217 | 12,957 | ||||||
7.00% due 07/01/2032 | 13,584 | 15,953 | ||||||
7.50% due 04/01/2031 | 54,022 | 65,445 | ||||||
8.00% due 01/01/2029 | 6,904 | 7,817 | ||||||
8.00% due 12/01/2029 | 5,150 | 5,852 | ||||||
8.00% due 12/01/2030 | 31,758 | 34,530 | ||||||
8.00% due 01/01/2031 | 221 | 275 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 555,184 | 559,329 | ||||||
29,220,628 | ||||||||
43
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. — 24.8% |
| |||||||
zero coupon due 05/25/2040 STRIPS | $ | 547,986 | $ | 522,831 | ||||
3.00% due 10/01/2027 | 248,611 | 262,563 | ||||||
3.00% due 03/01/2042 | 561,571 | 591,391 | ||||||
3.00% due 06/01/2042 | 497,401 | 523,812 | ||||||
3.50% due 08/01/2027 | 658,783 | 703,890 | ||||||
3.50% due 10/01/2041 | 1,129,810 | 1,217,017 | ||||||
3.50% due 12/01/2041 | 937,483 | 1,014,532 | ||||||
3.50% due 05/01/2042 | 827,418 | 886,113 | ||||||
3.50% due 06/01/2042 | 633,011 | 677,916 | ||||||
3.50% due 07/01/2042 | 1,001,653 | 1,072,707 | ||||||
3.50% due 09/01/2042 | 1,975,908 | 2,116,074 | ||||||
4.00% due 07/01/2040 | 293,586 | 320,520 | ||||||
4.00% due 08/01/2040 | 76,344 | 81,893 | ||||||
4.00% due 09/01/2040 | 833,913 | 894,521 | ||||||
4.00% due 10/01/2040 | 353,112 | 378,775 | ||||||
4.00% due 12/01/2040 | 893,209 | 970,826 | ||||||
4.00% due 03/01/2041 | 443,772 | 476,024 | ||||||
4.00% due 10/01/2041 | 2,566,063 | 2,753,362 | ||||||
4.00% due 11/01/2041 | 2,878,533 | 3,088,640 | ||||||
4.00% due 01/01/2042 | 248,567 | 266,710 | ||||||
4.38% due 07/17/2013 | 2,000,000 | 2,051,256 | ||||||
4.50% due 11/01/2022 | 564,767 | 608,369 | ||||||
4.50% due 01/01/2039 | 200,774 | 216,410 | ||||||
4.50% due 08/01/2040 | 1,132,065 | 1,223,768 | ||||||
4.50% due 09/01/2040 | 1,322,673 | 1,429,816 | ||||||
4.50% due 11/01/2040 | 650,440 | 703,128 | ||||||
4.50% due 12/01/2040 | 1,210,947 | 1,309,039 | ||||||
4.50% due 05/01/2041 | 2,452,717 | 2,655,997 | ||||||
5.00% due 03/15/2016# | 1,140,000 | 1,309,015 | ||||||
5.00% due 05/11/2017 | 500,000 | 595,365 | ||||||
5.00% due 10/01/2033 | 17,055 | 18,595 | ||||||
5.00% due 03/01/2034 | 205,020 | 223,014 | ||||||
5.00% due 01/01/2037 | 102,330 | 110,928 | ||||||
5.00% due 05/01/2039 | 1,897,329 | 2,114,844 | ||||||
5.00% due 05/01/2040 | 334,810 | 363,777 | ||||||
5.00% due 07/01/2040 | 917,596 | 999,278 | ||||||
5.50% due 11/01/2022 | 81,007 | 87,754 | ||||||
5.50% due 12/01/2029 | 391,032 | 425,579 | ||||||
5.50% due 04/01/2033 | 262,629 | 288,787 | ||||||
5.50% due 12/01/2033 | 231,627 | 254,697 | ||||||
5.50% due 05/01/2034 | 195,952 | 215,468 | ||||||
5.50% due 03/01/2035 | 282,331 | 309,039 | ||||||
5.50% due 12/01/2035 | 253,250 | 276,891 | ||||||
5.50% due 04/01/2036 | 411,543 | 449,960 | ||||||
5.50% due 12/01/2036 | 996,417 | 1,089,431 | ||||||
5.50% due 03/01/2037 | 211,219 | 229,649 | ||||||
5.50% due 07/01/2037 | 2,563,064 | 2,786,702 | ||||||
5.50% due 06/01/2038 | 2,120,150 | 2,304,812 | ||||||
5.50% due 06/01/2039 | 517,448 | 562,598 | ||||||
6.00% due 03/01/2016 | 578 | 615 | ||||||
6.00% due 12/01/2016 | 15,278 | 16,252 | ||||||
6.00% due 11/01/2017 | 42,320 | 45,558 | ||||||
6.00% due 12/01/2020 | 119,566 | 127,188 | ||||||
6.00% due 12/01/2033 | 191,447 | 214,643 | ||||||
6.00% due 10/01/2036 | 23,826 | 26,184 | ||||||
6.00% due 12/01/2036 | 2,846,411 | 3,128,130 | ||||||
6.00% due 05/01/2038 | 1,291,501 | 1,417,932 | ||||||
6.00% due 10/01/2039 | 4,018,997 | 4,416,770 | ||||||
6.50% due 03/01/2017 | 26,121 | 28,347 | ||||||
6.50% due 08/01/2031 | 16,502 | 18,974 | ||||||
6.50% due 07/01/2032 | 122,002 | 139,580 | ||||||
6.50% due 07/01/2036 | 86,992 | 98,060 | ||||||
6.50% due 09/01/2037 | 252,486 | 285,149 | ||||||
6.50% due 10/01/2037 | 449,797 | 523,607 | ||||||
6.50% due 10/01/2038 | 162,619 | 182,986 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
6.50% due 02/01/2039 | $ | 131,278 | $ | 147,719 | ||||
7.00% due 09/01/2031 | 103,636 | 124,249 | ||||||
7.50% due 08/01/2015 | 194 | 206 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2010-112, Class AB | ||||||||
4.00% due 11/25/2035 | 731,449 | 738,129 | ||||||
Series 2010-6, Class DG | ||||||||
5.00% due 11/25/2037 | 1,369,103 | 1,385,551 | ||||||
57,099,912 | ||||||||
Government National Mtg. Assoc. — 0.8% |
| |||||||
5.00% due 04/15/2040 | 1,457,248 | 1,614,084 | ||||||
6.00% due 04/15/2029 | 14,553 | 16,551 | ||||||
6.50% due 07/15/2032 | 59,752 | 70,864 | ||||||
6.50% due 09/15/2032 | 79,677 | 94,495 | ||||||
1,795,994 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $86,133,387) | 88,467,716 | |||||||
U.S. GOVERNMENT TREASURIES — 28.1% |
| |||||||
United States Treasury Bonds — 3.2% |
| |||||||
3.00% due 05/15/2042 | 272,000 | 284,495 | ||||||
3.13% due 11/15/2041 | 809,000 | 868,790 | ||||||
3.13% due 02/15/2042 | 408,000 | 437,835 | ||||||
3.88% due 08/15/2040 | 54,000 | 66,479 | ||||||
4.25% due 05/15/2039 | 267,000 | 348,644 | ||||||
4.38% due 02/15/2038 | 483,000 | 640,654 | ||||||
4.38% due 11/15/2039 | 934,000 | 1,243,533 | ||||||
4.50% due 05/15/2038# | 120,000 | 162,169 | ||||||
4.50% due 08/15/2039 | 972,000 | 1,317,972 | ||||||
4.75% due 02/15/2037# | 587,000 | 818,314 | ||||||
4.75% due 02/15/2041# | 129,000 | 182,011 | ||||||
5.00% due 05/15/2037 | 159,000 | 229,283 | ||||||
5.25% due 11/15/2028 | 404,000 | 569,640 | ||||||
8.13% due 08/15/2019 | 92,000 | 135,211 | ||||||
7,305,030 | ||||||||
United States Treasury Notes — 24.9% |
| |||||||
0.25% due 09/30/2014 | 1,087,000 | 1,087,000 | ||||||
0.25% due 11/30/2014 | 184,000 | 184,000 | ||||||
0.38% due 04/15/2015 | 540,000 | 541,097 | ||||||
0.38% due 11/15/2015# | 9,000 | 9,014 | ||||||
0.50% due 07/31/2017 | 3,099,000 | 3,089,557 | ||||||
0.63% due 05/31/2017 | 132,000 | 132,547 | ||||||
0.63% due 08/31/2017 | 3,073,000 | 3,080,443 | ||||||
0.63% due 09/30/2017# | 662,000 | 663,034 | ||||||
0.75% due 06/15/2014 | 3,210,000 | 3,234,951 | ||||||
0.75% due 10/31/2017# | 444,000 | 447,157 | ||||||
0.88% due 02/28/2017 | 2,600,000 | 2,641,439 | ||||||
1.00% due 10/31/2016 | 1,369,000 | 1,398,305 | ||||||
1.00% due 03/31/2017 | 7,312,000 | 7,463,380 | ||||||
1.25% due 09/30/2015 | 8,000 | 8,210 | ||||||
1.25% due 10/31/2015 | 2,222,000 | 2,281,196 | ||||||
1.38% due 11/30/2015 | 53,000 | 54,623 | ||||||
1.38% due 02/28/2019 | 3,900,000 | 4,020,350 | ||||||
1.50% due 12/31/2013 | 475,000 | 481,568 | ||||||
1.50% due 06/30/2016 | 128,000 | 132,960 | ||||||
1.63% due 08/15/2022# | 179,000 | 179,937 | ||||||
1.63% due 11/15/2022# | 956,000 | 957,643 | ||||||
1.75% due 07/31/2015 | 95,000 | 98,615 | ||||||
1.75% due 05/15/2022 | 3,640,000 | 3,713,936 | ||||||
2.00% due 02/15/2022 | 3,444,000 | 3,601,401 | ||||||
2.13% due 05/31/2015 | 395,000 | 412,898 | ||||||
2.13% due 12/31/2015 | 150,000 | 158,121 | ||||||
2.38% due 08/31/2014 | 5,260,000 | 5,453,758 |
44
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) |
| |||||||
2.38% due 09/30/2014 | $ | 1,000,000 | $ | 1,038,633 | ||||
2.63% due 02/29/2016# | 322,000 | 345,471 | ||||||
2.75% due 12/31/2017 | 1,511,000 | 1,671,072 | ||||||
3.13% due 05/15/2019 | 11,000 | 12,539 | ||||||
3.63% due 08/15/2019 | 52,000 | 61,055 | ||||||
3.88% due 05/15/2018 | 5,459,000 | 6,384,044 | ||||||
4.00% due 08/15/2018# | 1,403,000 | 1,658,938 | ||||||
4.25% due 08/15/2015 | 538,000 | 594,742 | ||||||
57,293,634 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $61,536,430) | 64,598,664 | |||||||
PREFERRED STOCK — 0.2% |
| |||||||
Banks - Super Regional — 0.2% |
| |||||||
US Bancorp FRS | 437 | 375,820 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Total Preferred Stock |
| |||||||
(cost $304,527) | 375,828 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $211,654,131) | 219,532,856 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 6.6% |
| |||||||
Registered Investment Companies — 3.1% |
| |||||||
State Street Navigator Securities Lending | 7,204,728 | 7,204,728 | ||||||
Time Deposits — 3.5% |
| |||||||
Euro Time Deposit with State Street | $ | 8,128,000 | 8,128,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $15,332,728) | 15,332,728 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $226,986,859) (7) | 102.0 | % | 234,865,584 | |||||
Liabilities in excess of other assets | (2.0 | ) | (4,656,504 | ) | ||||
NET ASSETS | 100.0 | % | $ | 230,209,080 | ||||
* | 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, 2012, the aggregate value of these securities was $12,608,262 representing 5.5% 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) | At November 30, 2012, the Fund had loaned securities with a total value of $7,531,196 This was secured by collateral of $7,204,728, which was received in cash and subsequently invested in short-term investments currently valued at $7,204,728 as reported in the portfolio of investments. Additional collateral of $477,905 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 2.00% to 6.50% | 06/01/2024 to 12/01/2042 | $162,140 | |||
Federal National Mtg. Assoc. | 2.12% to 6.05% | 06/01/2020 to 12/01/2042 | 221,005 | |||
Government National Mtg. Assoc. | 2.30% to 8.00% | 03/15/2025 to 05/20/2062 | 94,760 |
(5) | Fair value security. Securities are classified as Level 3 based on the securities valuation inputs (see Note 2) |
(6) | Illiquid security. At November 30, 2012 the aggregate value of these securities was $28 representing 0.0% of net assets. |
(7) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The Rates shown on FRS and VRS are the current interest rates at November 30, 2012 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, 2012 (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: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | 16,703,851 | $ | 232,723 | $ | 16,936,574 | ||||||||
U.S. Corporate Bonds & Notes | — | 37,547,961 | — | 37,547,961 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 9,845,462 | — | 9,845,462 | ||||||||||||
Foreign Government Agencies | — | 902,851 | — | 902,851 | ||||||||||||
Municipal Bonds & Notes | — | 857,800 | — | 857,800 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Home Loan Mtg. Corp. | — | 29,220,628 | — | 29,220,628 | ||||||||||||
Federal National Mtg. Assoc. | — | 57,099,912 | — | 57,099,912 | ||||||||||||
Other U.S. Government Agencies* | — | 2,147,176 | — | 2,147,176 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 7,305,030 | — | 7,305,030 | ||||||||||||
United States Treasury Notes | — | 57,293,634 | — | 57,293,634 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Banks-Super Regional | 375,820 | — | — | 375,820 | ||||||||||||
Finance-Investment Banker/Broker | — | 8 | 8 |
45
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 7,204,728 | $ | — | $ | — | $ | 7,204,728 | ||||||||
Time Deposits | — | 8,128,000 | — | 8,128,000 | ||||||||||||
Total | $ | 7,580,548 | $ | 227,052,313 | $ | 232,723 | $ | 234,865,584 | ||||||||
* | Sum of all other industries or other U.S. government agencies each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry or U.S. government agency classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
46
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 9.8 | % | ||
Medical — Drugs | 9.3 | |||
Diversified Banking Institutions | 7.5 | |||
Diversified Manufacturing Operations | 3.8 | |||
Cable/Satellite TV | 3.7 | |||
Computers | 3.5 | |||
Banks — Super Regional | 2.9 | |||
Multimedia | 2.8 | |||
Insurance — Multi-line | 2.6 | |||
Registered Investment Companies | 2.5 | |||
Web Portals/ISP | 2.4 | |||
Insurance — Property/Casualty | 2.3 | |||
Enterprise Software/Service | 2.1 | |||
Applications Software | 2.0 | |||
Commercial Services — Finance | 2.0 | |||
Retail — Discount | 1.9 | |||
Aerospace/Defense | 1.7 | |||
Telephone — Integrated | 1.6 | |||
Paper & Related Products | 1.6 | |||
Airlines | 1.5 | |||
Medical — HMO | 1.5 | |||
Computers — Memory Devices | 1.5 | |||
Beverages — Non-alcoholic | 1.4 | |||
Retail — Drug Store | 1.4 | |||
Engineering/R&D Services | 1.4 | |||
Repurchase Agreements | 1.3 | |||
Containers — Paper/Plastic | 1.3 | |||
Insurance — Life/Health | 1.2 | |||
Semiconductor Equipment | 1.0 | |||
Oil — Field Services | 1.0 | |||
Electronic Measurement Instruments | 1.0 | |||
Medical Instruments | 0.9 | |||
Retail — Regional Department Stores | 0.8 | |||
Electric — Integrated | 0.8 | |||
Finance — Credit Card | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Oil & Gas Drilling | 0.8 | |||
Retail — Pet Food & Supplies | 0.8 | |||
Networking Products | 0.8 | |||
Electronic Security Devices | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Entertainment Software | 0.7 | |||
Computers — Integrated Systems | 0.7 | |||
Computer Services | 0.7 | |||
Tobacco | 0.7 | |||
Medical Products | 0.5 | |||
Metal — Aluminum | 0.5 | |||
Retail — Major Department Stores | 0.5 | |||
Instruments — Controls | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Vitamins & Nutrition Products | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Food — Retail | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Coal | 0.4 | |||
Security Services | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Steel — Producers | 0.3 | |||
Cosmetics & Toiletries | 0.2 | |||
Metal — Copper | 0.2 | |||
Finance — Other Services | 0.2 | |||
Advertising Agencies | 0.1 | |||
Banks — Fiduciary | 0.1 |
Auto — Cars/Light Trucks | 0.1 | |||
Insurance Brokers | 0.1 | |||
Agricultural Operations | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Gas — Distribution | 0.1 | |||
Independent Power Producers | 0.1 | |||
Consulting Services | 0.1 | |||
102.1 | % | |||
* | Calculated as a percentage of net assets |
47
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.3% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 14,800 | $ | 160,136 | |||||
Omnicom Group, Inc. | 2,900 | 144,246 | ||||||
304,382 | ||||||||
Aerospace/Defense — 1.7% |
| |||||||
Boeing Co. | 18,400 | 1,366,752 | ||||||
Northrop Grumman Corp. | 9,000 | 600,300 | ||||||
Raytheon Co. | 31,663 | 1,808,907 | ||||||
3,775,959 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 8,525 | 227,618 | ||||||
Airlines — 1.5% |
| |||||||
Copa Holdings SA, Class A | 8,000 | 758,720 | ||||||
Delta Air Lines, Inc.† | 137,035 | 1,370,350 | ||||||
United Continental Holdings, Inc.†# | 58,449 | 1,181,839 | ||||||
3,310,909 | ||||||||
Applications Software — 2.0% |
| |||||||
Microsoft Corp. | 164,155 | 4,369,806 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Ford Motor Co. | 24,055 | 275,430 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Lear Corp. | 5,900 | 257,653 | ||||||
TRW Automotive Holdings Corp.† | 11,787 | 596,894 | ||||||
854,547 | ||||||||
Banks - Commercial — 0.0% |
| |||||||
Regions Financial Corp. | 3,900 | 26,013 | ||||||
Banks - Fiduciary — 0.1% |
| |||||||
State Street Corp. | 6,200 | 275,528 | ||||||
Banks - Super Regional — 2.9% |
| |||||||
Capital One Financial Corp. | 3,600 | 207,360 | ||||||
US Bancorp | 116,981 | 3,773,807 | ||||||
Wells Fargo & Co. | 71,265 | 2,352,458 | ||||||
6,333,625 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
Energizer Holdings, Inc. | 2,410 | 192,222 | ||||||
Beverages - Non-alcoholic — 1.4% |
| |||||||
Coca-Cola Co. | 76,900 | 2,916,048 | ||||||
PepsiCo, Inc. | 1,475 | 103,560 | ||||||
3,019,608 | ||||||||
Cable/Satellite TV — 3.7% |
| |||||||
Comcast Corp., Class A | 107,500 | 3,996,850 | ||||||
Comcast Corp., Special Class A | 26,565 | 957,403 | ||||||
Time Warner Cable, Inc. | 33,740 | 3,201,588 | ||||||
8,155,841 | ||||||||
Chemicals - Diversified — 0.8% |
| |||||||
E.I. du Pont de Nemours & Co. | 15,155 | 653,787 | ||||||
PPG Industries, Inc. | 8,750 | 1,087,362 | ||||||
1,741,149 | ||||||||
Coal — 0.4% |
| |||||||
Peabody Energy Corp. | 31,716 | 796,389 | ||||||
Commercial Services - Finance — 2.0% |
| |||||||
Mastercard, Inc., Class A | 4,400 | 2,150,192 | ||||||
Moody’s Corp. | 21,125 | 1,026,252 | ||||||
Total System Services, Inc. | 19,300 | 423,635 | ||||||
Western Union Co. | 55,590 | 700,990 | ||||||
4,301,069 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Services — 0.7% |
| |||||||
International Business Machines Corp. | 7,650 | $ | 1,454,035 | |||||
Computers — 3.5% |
| |||||||
Apple, Inc. | 11,950 | 6,994,096 | ||||||
Hewlett-Packard Co.# | 47,050 | 611,179 | ||||||
7,605,275 | ||||||||
Computers - Integrated Systems — 0.7% |
| |||||||
Teradata Corp.† | 25,500 | 1,516,740 | ||||||
Computers - Memory Devices — 1.5% |
| |||||||
EMC Corp.† | 80,400 | 1,995,528 | ||||||
Western Digital Corp. | 36,100 | 1,207,184 | ||||||
3,202,712 | ||||||||
Consulting Services — 0.1% |
| |||||||
Towers Watson & Co., Class A | 2,600 | 137,488 | ||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Kimberly-Clark Corp. | 9,980 | 855,486 | ||||||
Containers - Paper/Plastic — 1.3% |
| |||||||
Packaging Corp. of America | 41,605 | 1,516,086 | ||||||
Rock-Tenn Co., Class A | 18,800 | 1,222,752 | ||||||
2,738,838 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Procter & Gamble Co. | 7,535 | 526,169 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Arrow Electronics, Inc.† | 17,009 | 633,755 | ||||||
Diversified Banking Institutions — 7.5% |
| |||||||
Citigroup, Inc. | 177,693 | 6,142,847 | ||||||
Goldman Sachs Group, Inc. | 24,389 | 2,872,780 | ||||||
JPMorgan Chase & Co. | 178,254 | 7,322,675 | ||||||
16,338,302 | ||||||||
Diversified Manufacturing Operations — 3.8% |
| |||||||
3M Co. | 39,150 | 3,560,692 | ||||||
General Electric Co. | 144,690 | 3,057,300 | ||||||
Ingersoll-Rand PLC | 36,500 | 1,780,470 | ||||||
8,398,462 | ||||||||
Electric - Integrated — 0.8% |
| |||||||
Dominion Resources, Inc. | 14,125 | 721,929 | ||||||
PPL Corp. | 8,000 | 234,800 | ||||||
Public Service Enterprise Group, Inc. | 2,600 | 78,234 | ||||||
Southern Co. | 16,610 | 723,365 | ||||||
1,758,328 | ||||||||
Electronic Components - Semiconductors — 0.0% |
| |||||||
LSI Corp.† | 9,945 | 67,029 | ||||||
Electronic Measurement Instruments — 1.0% |
| |||||||
Agilent Technologies, Inc.# | 57,500 | 2,201,675 | ||||||
Electronic Parts Distribution — 0.4% |
| |||||||
Avnet, Inc.† | 28,900 | 846,481 | ||||||
Electronic Security Devices — 0.8% |
| |||||||
Tyco International, Ltd. | 57,605 | 1,634,254 | ||||||
Engineering/R&D Services — 1.4% |
| |||||||
Fluor Corp. | 18,500 | 981,980 | ||||||
Jacobs Engineering Group, Inc.† | 12,035 | 492,713 | ||||||
KBR, Inc. | 53,300 | 1,481,740 | ||||||
2,956,433 | ||||||||
Engines - Internal Combustion — 0.5% |
| |||||||
Cummins, Inc. | 10,150 | 996,324 | ||||||
48
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) |
| |||||||
Enterprise Software/Service — 2.1% |
| |||||||
CA, Inc.# | 46,275 | $ | 1,025,454 | |||||
Oracle Corp. | 111,340 | 3,574,014 | ||||||
4,599,468 | ||||||||
Entertainment Software — 0.7% |
| |||||||
Activision Blizzard, Inc. | 136,300 | 1,559,272 | ||||||
Finance - Credit Card — 0.8% |
| |||||||
Discover Financial Services | 42,000 | 1,747,620 | ||||||
Finance - Other Services — 0.2% |
| |||||||
NASDAQ OMX Group, Inc.# | 13,775 | 333,768 | ||||||
Food - Misc./Diversified — 0.5% |
| |||||||
Unilever NV | 28,320 | 1,071,346 | ||||||
Food - Retail — 0.4% |
| |||||||
Kroger Co. | 36,085 | 946,870 | ||||||
Gas - Distribution — 0.1% |
| |||||||
UGI Corp. | 4,400 | 146,168 | ||||||
Independent Power Producers — 0.1% |
| |||||||
NRG Energy, Inc.# | 6,800 | 143,480 | ||||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 18,685 | 1,145,951 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Willis Group Holdings PLC | 7,200 | 252,576 | ||||||
Insurance - Life/Health — 1.2% |
| |||||||
Aflac, Inc. | 15,470 | 819,755 | ||||||
Lincoln National Corp.# | 30,997 | 765,626 | ||||||
Prudential Financial, Inc. | 20,425 | 1,064,551 | ||||||
2,649,932 | ||||||||
Insurance - Multi-line — 2.6% |
| |||||||
ACE, Ltd. | 11,965 | 947,987 | ||||||
American Financial Group, Inc. | 8,600 | 340,990 | ||||||
Hartford Financial Services Group, Inc. | 66,929 | 1,417,556 | ||||||
MetLife, Inc. | 84,105 | 2,791,445 | ||||||
XL Group PLC | 7,200 | 175,176 | ||||||
5,673,154 | ||||||||
Insurance - Property/Casualty — 2.3% |
| |||||||
Chubb Corp. | 22,700 | 1,747,673 | ||||||
Travelers Cos., Inc. | 46,925 | 3,323,228 | ||||||
5,070,901 | ||||||||
Insurance - Reinsurance — 0.5% |
| |||||||
PartnerRe, Ltd. | 13,000 | 1,077,440 | ||||||
Medical Instruments — 0.9% |
| |||||||
Medtronic, Inc. | 40,844 | 1,719,941 | ||||||
St. Jude Medical, Inc. | 9,200 | 315,376 | ||||||
2,035,317 | ||||||||
Medical Products — 0.5% |
| |||||||
Baxter International, Inc. | 10,270 | 680,593 | ||||||
Stryker Corp. | 8,000 | 433,280 | ||||||
Zimmer Holdings, Inc. | 900 | 59,373 | ||||||
1,173,246 | ||||||||
Medical - Drugs — 9.3% |
| |||||||
Abbott Laboratories | 34,150 | 2,219,750 | ||||||
Eli Lilly & Co. | 38,280 | 1,877,251 | ||||||
Forest Laboratories, Inc.† | 44,400 | 1,574,424 | ||||||
Johnson & Johnson | 37,645 | 2,624,986 | ||||||
Merck & Co., Inc. | 123,274 | 5,461,038 | ||||||
Pfizer, Inc. | 263,322 | 6,588,317 | ||||||
20,345,766 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO — 1.5% |
| |||||||
Aetna, Inc. | 10,815 | $ | 467,100 | |||||
Humana, Inc. | 13,450 | 879,765 | ||||||
UnitedHealth Group, Inc. | 35,550 | 1,933,564 | ||||||
3,280,429 | ||||||||
Medical - Wholesale Drug Distribution — 0.7% |
| |||||||
McKesson Corp. | 16,900 | 1,596,543 | ||||||
Metal - Aluminum — 0.5% |
| |||||||
Alcoa, Inc.# | 138,940 | 1,168,485 | ||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 12,461 | 486,104 | ||||||
Multimedia — 2.8% |
| |||||||
News Corp., Class A | 136,550 | 3,364,592 | ||||||
Time Warner, Inc. | 25,361 | 1,199,575 | ||||||
Viacom, Inc., Class B | 21,460 | 1,107,551 | ||||||
Walt Disney Co. | 10,490 | 520,933 | ||||||
6,192,651 | ||||||||
Networking Products — 0.8% |
| |||||||
Cisco Systems, Inc. | 88,100 | 1,665,971 | ||||||
Oil & Gas Drilling — 0.8% |
| |||||||
Ensco PLC, Class A# | 10,369 | 603,787 | ||||||
Noble Corp. | 28,985 | 999,693 | ||||||
Transocean, Ltd. | 2,000 | 92,400 | ||||||
1,695,880 | ||||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Apache Corp. | 1,000 | 77,090 | ||||||
Devon Energy Corp. | 13,560 | 700,645 | ||||||
Occidental Petroleum Corp. | 3,000 | 225,630 | ||||||
1,003,365 | ||||||||
Oil Companies - Integrated — 9.8% |
| |||||||
Chevron Corp. | 40,170 | 4,245,567 | ||||||
Exxon Mobil Corp. | 88,110 | 7,766,016 | ||||||
Hess Corp. | 15,185 | 753,328 | ||||||
Marathon Oil Corp. | 108,984 | 3,362,156 | ||||||
Marathon Petroleum Corp. | 39,450 | 2,348,853 | ||||||
Suncor Energy, Inc. | 91,680 | 2,989,685 | ||||||
21,465,605 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Valero Energy Corp. | 400 | 12,904 | ||||||
Oil - Field Services — 1.0% |
| |||||||
Halliburton Co. | 20,145 | 671,836 | ||||||
Oceaneering International, Inc. | 29,400 | 1,548,792 | ||||||
2,220,628 | ||||||||
Paper & Related Products — 1.6% |
| |||||||
Domtar Corp. | 17,900 | 1,433,969 | ||||||
International Paper Co. | 56,200 | 2,087,268 | ||||||
3,521,237 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Gap, Inc. | 24,570 | 846,682 | ||||||
Retail - Discount — 1.9% |
| |||||||
Wal-Mart Stores, Inc. | 58,700 | 4,227,574 | ||||||
Retail - Drug Store — 1.4% |
| |||||||
CVS Caremark Corp. | 59,700 | 2,776,647 | ||||||
Walgreen Co. | 6,335 | 214,820 | ||||||
2,991,467 | ||||||||
49
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Major Department Stores — 0.5% |
| |||||||
Nordstrom, Inc.# | 21,600 | $ | 1,168,344 | |||||
Retail - Pet Food & Supplies — 0.8% |
| |||||||
PetSmart, Inc. | 23,700 | 1,674,642 | ||||||
Retail - Regional Department Stores — 0.8% |
| |||||||
Dillard’s, Inc., Class A | 18,100 | 1,609,271 | ||||||
Kohl’s Corp. | 4,100 | 183,065 | ||||||
1,792,336 | ||||||||
Security Services — 0.3% |
| |||||||
ADT Corp. | 13,827 | 634,659 | ||||||
Semiconductor Equipment — 1.0% |
| |||||||
KLA-Tencor Corp. | 49,050 | 2,230,303 | ||||||
Steel - Producers — 0.3% |
| |||||||
Nucor Corp. | 13,715 | 564,784 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 77,960 | 953,451 | ||||||
Telephone - Integrated — 1.6% |
| |||||||
AT&T, Inc. | 20,130 | 687,037 | ||||||
Verizon Communications, Inc. | 65,825 | 2,904,199 | ||||||
3,591,236 | ||||||||
Tobacco — 0.7% |
| |||||||
Philip Morris International, Inc. | 16,050 | 1,442,574 | ||||||
Tools-Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 2,800 | 201,348 | ||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc.# | 2,200 | 84,612 | ||||||
Vitamins & Nutrition Products — 0.5% |
| |||||||
Herbalife, Ltd.# | 23,350 | 1,073,400 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Portals/ISP — 2.4% |
| |||||||
Google, Inc., Class A† | 7,350 | $ | 5,133,019 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $194,260,499) | 214,720,389 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.5% |
| |||||||
Registered Investment Companies — 2.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) (cost $5,409,887) | 5,409,887 | 5,409,887 | ||||||
REPURCHASE AGREEMENT — 1.3% |
| |||||||
State Street Bank & Trust Co. bearing interest at 0.01%, dated 11/30/2012 to be repurchased 12/03/2012 in the amount of $2,806,002 and collateralized by $2,865,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,869,404 (cost $2,806,000) | $ | 2,806,000 | 2,806,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $202,476,386)(2) | 102.1 | % | 222,936,276 | |||||
Liabilities in excess of other assets | (2.1 | ) | (4,540,896 | ) | ||||
NET ASSETS | 100.0 | % | $ | 218,395,380 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $5,303,015. This was secured by collateral of $5,409,887, which was received in cash and subsequently invested in short-term investments currently valued at $5,409,887 as reported in the portfolio of investments (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, 2012 (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: | ||||||||||||||||
Diversified Banking Institutions | $ | 16,338,302 | $ | — | $ | — | $ | 16,338,302 | ||||||||
Medical-Drugs | 20,345,766 | — | — | 20,345,766 | ||||||||||||
Oil Companies-Integrated | 21,465,605 | — | — | 21,465,605 | ||||||||||||
Other Industries* | 156,570,716 | — | — | 156,570,716 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,409,887 | — | — | 5,409,887 | ||||||||||||
Repurchase Agreement | — | 2,806,000 | — | 2,806,000 | ||||||||||||
Total | $ | 220,130,276 | $ | 2,806,000 | $ | — | $ | 222,936,276 | ||||||||
* | 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 securities by classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
50
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Medical — Drugs | 8.8 | % | ||
Oil Companies — Integrated | 6.7 | |||
Tobacco | 5.7 | |||
Aerospace/Defense | 5.4 | |||
Telephone — Integrated | 5.3 | |||
Electric — Integrated | 4.1 | |||
Food — Misc./Diversified | 3.6 | |||
Repurchase Agreements | 3.0 | |||
Banks — Super Regional | 2.7 | |||
Commercial Services — Finance | 2.4 | |||
Chemicals — Diversified | 2.3 | |||
Time Deposits | 2.2 | |||
Computers | 2.2 | |||
Banks — Commercial | 2.2 | |||
Retail — Restaurants | 2.1 | |||
Diversified Banking Institutions | 1.7 | |||
Diversified Manufacturing Operations | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Cable/Satellite TV | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Insurance — Property/Casualty | 1.4 | |||
Retail — Building Products | 1.4 | |||
Metal — Copper | 1.4 | |||
Retail — Computer Equipment | 1.3 | |||
Pipelines | 1.2 | |||
Transport — Rail | 1.2 | |||
Diversified Minerals | 1.2 | |||
Computer Services | 1.2 | |||
Retail — Office Supplies | 1.2 | |||
Publishing — Newspapers | 1.1 | |||
Machinery — Farming | 1.1 | |||
Printing — Commercial | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Computers — Periphery Equipment | 1.1 | |||
Machinery — Construction & Mining | 1.0 | |||
Retail — Apparel/Shoe | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Beverages — Wine/Spirits | 0.8 | |||
Beverages — Non-alcoholic | 0.8 | |||
Applications Software | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Insurance — Multi-line | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Coatings/Paint | 0.6 | |||
Instruments — Controls | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Transport — Services | 0.5 | |||
Industrial Gases | 0.4 | |||
Water | 0.4 | |||
Paper & Related Products | 0.4 | |||
Retail — Discount | 0.4 | |||
Toys | 0.4 | |||
Metal — Diversified | 0.4 | |||
Oil — Field Services | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Multimedia | 0.3 | |||
Gas — Distribution | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Cellular Telecom | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Gold Mining | 0.2 | |||
Telecom Services | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
Electric — Transmission | 0.2 | |||
Containers — Paper/Plastic | 0.1 | |||
Coal | 0.1 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
51
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCK — 94.5% |
| |||||||
Aerospace/Defense — 5.4% |
| |||||||
General Dynamics Corp. | 36,985 | $ | 2,459,503 | |||||
Lockheed Martin Corp. | 60,439 | 5,638,959 | ||||||
Northrop Grumman Corp. | 124,136 | 8,279,871 | ||||||
Raytheon Co. | 171,634 | 9,805,450 | ||||||
Rockwell Collins, Inc. | 10,995 | 628,694 | ||||||
26,812,477 | ||||||||
Aerospace/Defense - Equipment — 1.5% | ||||||||
Exelis, Inc. | 243,836 | 2,755,347 | ||||||
United Technologies Corp. | 55,700 | 4,462,127 | ||||||
7,217,474 | ||||||||
Apparel Manufacturers — 0.9% | ||||||||
VF Corp. | 26,240 | 4,211,782 | ||||||
Applications Software — 0.8% | ||||||||
Microsoft Corp. | 147,335 | 3,922,058 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Johnson Controls, Inc. | 42,680 | 1,175,407 | ||||||
Banks - Commercial — 2.2% | ||||||||
Bank of Nova Scotia | 55,520 | 3,129,934 | ||||||
M&T Bank Corp. | 7,680 | 750,566 | ||||||
National Bank of Canada | 45,960 | 3,589,447 | ||||||
Toronto-Dominion Bank | 39,120 | 3,267,909 | ||||||
10,737,856 | ||||||||
Banks - Super Regional — 2.7% | ||||||||
US Bancorp | 141,640 | 4,569,306 | ||||||
Wells Fargo & Co. | 260,055 | 8,584,416 | ||||||
13,153,722 | ||||||||
Beverages - Non-alcoholic — 0.8% | ||||||||
Coca-Cola Co. | 105,115 | 3,985,961 | ||||||
Beverages - Wine/Spirits — 0.8% | ||||||||
Diageo PLC | 135,265 | 4,024,396 | ||||||
Cable/Satellite TV — 1.5% | ||||||||
Comcast Corp., Special Class A | 126,715 | 4,566,808 | ||||||
Time Warner Cable, Inc. | 30,210 | 2,866,627 | ||||||
7,433,435 | ||||||||
Cellular Telecom — 0.2% | ||||||||
Vodafone Group PLC ADR | 43,960 | 1,134,168 | ||||||
Chemicals - Diversified — 2.3% | ||||||||
Dow Chemical Co. | 54,175 | 1,635,543 | ||||||
E.I. du Pont de Nemours & Co. | 216,010 | 9,318,672 | ||||||
Olin Corp. | 31,100 | 644,703 | ||||||
11,598,918 | ||||||||
Coal — 0.1% | ||||||||
CONSOL Energy, Inc. | 5,400 | 169,290 | ||||||
Peabody Energy Corp. | 4,100 | 102,951 | ||||||
272,241 | ||||||||
Coatings/Paint — 0.6% | ||||||||
Kronos Worldwide, Inc. | 177,096 | 2,853,017 | ||||||
Commercial Services - Finance — 2.4% | ||||||||
Automatic Data Processing, Inc. | 14,205 | 806,276 | ||||||
H&R Block, Inc. | 306,038 | 5,517,865 | ||||||
Western Union Co. | 440,348 | 5,552,788 | ||||||
11,876,929 | ||||||||
Computer Services — 1.2% | ||||||||
International Business Machines Corp. | 30,600 | 5,816,142 | ||||||
Security Description | Shares | Value | ||||||
Computers — 2.2% | ||||||||
Dell, Inc. | 577,928 | $ | 5,571,226 | |||||
Hewlett-Packard Co. | 399,581 | 5,190,557 | ||||||
10,761,783 | ||||||||
Computers - Periphery Equipment — 1.1% | ||||||||
Lexmark International, Inc., Class A | 217,411 | 5,289,610 | ||||||
Consumer Products - Misc. — 0.5% | ||||||||
Kimberly-Clark Corp. | 29,770 | 2,551,884 | ||||||
Containers - Paper/Plastic — 0.1% | ||||||||
Packaging Corp. of America | 9,800 | 357,112 | ||||||
Cosmetics & Toiletries — 0.8% | ||||||||
Procter & Gamble Co. | 54,195 | 3,784,437 | ||||||
Diversified Banking Institutions — 1.7% | ||||||||
JPMorgan Chase & Co. | 209,085 | 8,589,212 | ||||||
Diversified Manufacturing Operations — 1.6% | ||||||||
3M Co. | 28,615 | 2,602,534 | ||||||
General Electric Co. | 251,275 | 5,309,441 | ||||||
7,911,975 | ||||||||
Diversified Minerals — 1.2% | ||||||||
BHP Billiton, Ltd. | 164,420 | 5,900,933 | ||||||
Electric - Integrated — 4.1% | ||||||||
American Electric Power Co., Inc. | 33,970 | 1,448,821 | ||||||
Consolidated Edison, Inc. | 12,160 | 678,406 | ||||||
Dominion Resources, Inc. | 56,420 | 2,883,626 | ||||||
Duke Energy Corp. | 21,200 | 1,352,984 | ||||||
Edison International | 29,600 | 1,346,208 | ||||||
FirstEnergy Corp. | 38,225 | 1,623,034 | ||||||
NextEra Energy, Inc. | 42,270 | 2,904,372 | ||||||
Northeast Utilities | 33,045 | 1,280,163 | ||||||
PPL Corp. | 24,720 | 725,532 | ||||||
Public Service Enterprise Group, Inc. | 64,065 | 1,927,716 | ||||||
Southern Co. | 65,735 | 2,862,759 | ||||||
Wisconsin Energy Corp. | 34,110 | 1,280,148 | ||||||
20,313,769 | ||||||||
Electric - Transmission — 0.2% | ||||||||
ITC Holdings Corp. | 9,615 | 755,258 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Intel Corp. | 399,662 | 7,821,385 | ||||||
Enterprise Software/Service — 1.1% | ||||||||
CA, Inc. | 244,858 | 5,426,053 | ||||||
Finance - Credit Card — 0.7% | ||||||||
American Express Co. | 59,940 | 3,350,646 | ||||||
Food - Misc./Diversified — 3.6% | ||||||||
General Mills, Inc. | 61,525 | 2,521,910 | ||||||
H.J. Heinz Co. | 33,200 | 1,940,872 | ||||||
Kraft Foods Group, Inc.† | 156,835 | 7,092,079 | ||||||
Mondelez International, Inc., Class A | 96,845 | 2,507,317 | ||||||
Unilever NV | 96,185 | 3,638,678 | ||||||
17,700,856 | ||||||||
Gas - Distribution — 0.3% | ||||||||
Sempra Energy | 20,055 | 1,372,163 | ||||||
Gold Mining — 0.2% | ||||||||
Barrick Gold Corp. | 30,640 | 1,063,848 | ||||||
Industrial Automated/Robotic — 0.2% | ||||||||
Rockwell Automation, Inc. | 12,660 | 1,003,178 | ||||||
Industrial Gases — 0.4% | ||||||||
Praxair, Inc. | 20,115 | 2,156,529 | ||||||
52
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Instruments - Controls — 0.5% | ||||||||
Honeywell International, Inc. | 41,685 | $ | 2,556,541 | |||||
Insurance - Life/Health — 0.6% | ||||||||
Prudential Financial, Inc. | 58,415 | 3,044,590 | ||||||
Insurance - Multi-line — 0.6% | ||||||||
ACE, Ltd. | 38,575 | 3,056,297 | ||||||
Insurance - Property/Casualty — 1.4% | ||||||||
Chubb Corp. | 39,695 | 3,056,118 | ||||||
Travelers Cos., Inc. | 57,550 | 4,075,691 | ||||||
7,131,809 | ||||||||
Machinery - Construction & Mining — 1.0% | ||||||||
Caterpillar, Inc. | 58,785 | 5,010,833 | ||||||
Machinery - Farming — 1.1% | ||||||||
Deere & Co. | 65,645 | 5,517,462 | ||||||
Medical Labs & Testing Services — 0.2% | ||||||||
Quest Diagnostics, Inc. | 18,645 | 1,077,308 | ||||||
Medical - Drugs — 8.8% | ||||||||
Abbott Laboratories | 32,465 | 2,110,225 | ||||||
Bristol-Myers Squibb Co. | 245,784 | 8,019,932 | ||||||
Johnson & Johnson | 144,430 | 10,071,104 | ||||||
Merck & Co., Inc. | 241,772 | 10,710,500 | ||||||
Pfizer, Inc. | 501,677 | 12,551,958 | ||||||
43,463,719 | ||||||||
Metal - Copper — 1.4% | ||||||||
Southern Copper Corp. | 189,508 | 6,879,140 | ||||||
Metal - Diversified — 0.4% | ||||||||
Rio Tinto, Ltd. | 28,890 | 1,771,288 | ||||||
Multimedia — 0.3% | ||||||||
Walt Disney Co. | 27,875 | 1,384,273 | ||||||
Oil Companies - Exploration & Production — 0.7% | ||||||||
EQT Corp. | 22,400 | 1,345,344 | ||||||
Occidental Petroleum Corp. | 30,590 | 2,300,674 | ||||||
3,646,018 | ||||||||
Oil Companies - Integrated — 6.7% | ||||||||
Chevron Corp. | 139,727 | 14,767,747 | ||||||
ConocoPhillips | 27,800 | 1,582,932 | ||||||
Exxon Mobil Corp. | 78,210 | 6,893,429 | ||||||
Marathon Oil Corp. | 57,525 | 1,774,646 | ||||||
Marathon Petroleum Corp. | 29,520 | 1,757,621 | ||||||
Phillips 66 | 17,900 | 937,423 | ||||||
Royal Dutch Shell PLC, Class A | 26,420 | 884,461 | ||||||
Total SA ADR | 88,405 | 4,434,395 | ||||||
33,032,654 | ||||||||
Oil - Field Services — 0.3% | ||||||||
Schlumberger, Ltd. | 22,485 | 1,610,376 | ||||||
Paper & Related Products — 0.4% | ||||||||
MeadWestvaco Corp. | 63,570 | 1,964,949 | ||||||
Pipelines — 1.2% | ||||||||
Enbridge, Inc. | 105,830 | 4,284,978 | ||||||
Kinder Morgan, Inc. | 16,810 | 568,346 | ||||||
Spectra Energy Corp. | 46,480 | 1,299,116 | ||||||
6,152,440 | ||||||||
Printing - Commercial — 1.1% | ||||||||
R.R. Donnelley & Sons Co. | 577,314 | 5,426,752 | ||||||
Publishing - Newspapers — 1.1% | ||||||||
Gannett Co., Inc. | 317,843 | 5,689,390 | ||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Real Estate Investment Trusts — 0.3% | ||||||||
American Tower Corp. | 240 | $ | 17,983 | |||||
Weyerhaeuser Co. | 50,880 | 1,402,253 | ||||||
1,420,236 | ||||||||
Retail - Apparel/Shoe — 0.9% | ||||||||
Limited Brands, Inc. | 82,545 | 4,304,722 | ||||||
Retail - Building Products — 1.4% | ||||||||
Home Depot, Inc. | 106,510 | 6,930,606 | ||||||
Retail - Computer Equipment — 1.3% | ||||||||
GameStop Corp., Class A | 245,966 | 6,456,607 | ||||||
Retail - Discount — 0.4% | ||||||||
Wal-Mart Stores, Inc. | 26,450 | 1,904,929 | ||||||
Retail - Office Supplies — 1.2% | ||||||||
Staples, Inc. | 487,740 | 5,706,558 | ||||||
Retail - Restaurants — 2.1% | ||||||||
McDonald’s Corp. | 116,726 | 10,159,831 | ||||||
Telecom Services — 0.2% | ||||||||
BCE, Inc. | 24,990 | 1,057,077 | ||||||
Telecommunication Equipment — 0.0% | ||||||||
Harris Corp. | 2,854 | 134,509 | ||||||
Telephone - Integrated — 5.3% | ||||||||
AT&T, Inc. | 321,354 | 10,967,812 | ||||||
CenturyLink, Inc. | 111,200 | 4,319,008 | ||||||
Verizon Communications, Inc. | 246,060 | 10,856,167 | ||||||
26,142,987 | ||||||||
Tobacco — 5.7% | ||||||||
Altria Group, Inc. | 226,549 | 7,659,622 | ||||||
Lorillard, Inc. | 69,432 | 8,412,381 | ||||||
Philip Morris International, Inc. | 70,115 | 6,301,936 | ||||||
Reynolds American, Inc. | 131,392 | 5,744,458 | ||||||
28,118,397 | ||||||||
Toys — 0.4% | ||||||||
Mattel, Inc. | 49,745 | 1,865,935 | ||||||
Transport - Rail — 1.2% | ||||||||
Canadian National Railway Co. | 41,245 | 3,705,039 | ||||||
Union Pacific Corp. | 19,535 | 2,398,507 | ||||||
6,103,546 | ||||||||
Transport - Services — 0.5% | ||||||||
United Parcel Service, Inc., Class B | 31,285 | 2,287,246 | ||||||
Vitamins & Nutrition Products — 0.2% | ||||||||
Mead Johnson Nutrition Co. | 13,009 | 887,084 | ||||||
Water — 0.4% | ||||||||
American Water Works Co., Inc. | 55,050 | 2,101,259 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $417,614,137) | 466,333,982 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Time Deposits — 2.2% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 11,018,000 | 11,018,000 | |||||
REPURCHASE AGREEMENT — 3.0% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(1) | 14,903,000 | 14,903,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $443,535,137)(2) | 99.7 | % | 492,254,982 | |||||
Other assets less liabilities | 0.3 | 1,336,925 | ||||||
NET ASSETS | 100.0 | % | $ | 493,591,907 | ||||
53
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
† | Non-income producing security |
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(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, 2012 (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 | $ | 26,812,477 | $ | — | $ | — | $ | 26,812,477 | ||||||||
Medical-Drugs | 43,463,719 | — | — | 43,463,719 | ||||||||||||
Oil Companies-Integrated | 33,032,654 | — | — | 33,032,654 | ||||||||||||
Telephone-Integrated | 26,142,987 | — | — | 26,142,987 | ||||||||||||
Tobacco | 28,118,397 | — | — | 28,118,397 | ||||||||||||
Other Industries* | 308,763,748 | — | — | 308,763,748 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 11,018,000 | — | 11,018,000 | ||||||||||||
Repurchase Agreement | — | 14,903,000 | — | 14,903,000 | ||||||||||||
Total | $ | 466,333,982 | $ | 25,921,000 | $ | — | $ | 492,254,982 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
54
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Industry Allocation*
Banks — Commercial | 19.9 | % | ||
Oil Companies — Integrated | 6.9 | |||
Auto — Cars/Light Trucks | 6.4 | |||
Electronic Components — Semiconductors | 5.9 | |||
Oil Companies — Exploration & Production | 4.4 | |||
Cellular Telecom | 4.2 | |||
Semiconductor Components — Integrated Circuits | 4.0 | |||
Registered Investment Companies | 3.6 | |||
Electronic Components — Misc. | 2.8 | |||
Diversified Operations | 2.5 | |||
Metal — Diversified | 2.4 | |||
Food — Misc./Diversified | 2.3 | |||
Metal — Iron | 2.2 | |||
Computers | 2.2 | |||
Casino Hotels | 2.2 | |||
Brewery | 2.0 | |||
Coal | 2.0 | |||
Time Deposits | 1.7 | |||
Finance — Mortgage Loan/Banker | 1.6 | |||
Real Estate Operations & Development | 1.6 | |||
Water | 1.5 | |||
Diversified Financial Services | 1.4 | |||
Computer Services | 1.4 | |||
Insurance — Multi-line | 1.3 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Oil Refining & Marketing | 1.1 | |||
Airlines | 1.0 | |||
Computers — Periphery Equipment | 1.0 | |||
Shipbuilding | 0.9 | |||
Electric — Integrated | 0.9 | |||
Investment Management/Advisor Services | 0.8 | |||
Motorcycle/Motor Scooter | 0.8 | |||
Tobacco | 0.7 | |||
Gold Mining | 0.7 | |||
Internet Content — Entertainment | 0.6 | |||
Non-Ferrous Metals | 0.6 | |||
Appliances | 0.6 | |||
Retail — Misc./Diversified | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Building Products — Cement | 0.5 | |||
Audio/Video Products | 0.4 | |||
Applications Software | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Steel — Producers | 0.4 | |||
Food — Canned | 0.4 | |||
Athletic Footwear | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Food — Flour & Grain | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Housewares | 0.3 | |||
Transport — Rail | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Public Thoroughfares | 0.3 | |||
103.5 | % | |||
Country Allocation*
South Korea | 16.0 | % | ||
China | 13.4 | |||
Brazil | 9.8 | |||
Taiwan | 8.1 | |||
Russia | 7.1 | |||
Hong Kong | 6.8 | |||
South Africa | 6.5 | |||
India | 6.3 | |||
Turkey | 5.6 | |||
United States | 5.3 | |||
Thailand | 5.1 | |||
Cayman Islands | 2.5 | |||
Poland | 2.2 | |||
Bermuda | 1.7 | |||
United Kingdom | 1.5 | |||
Mexico | 1.5 | |||
Ireland | 0.8 | |||
Malaysia | 0.8 | |||
Hungary | 0.7 | |||
Kazakhstan | 0.6 | |||
Panama | 0.5 | |||
Egypt | 0.4 | |||
Cyprus | 0.3 | |||
103.5 | % | |||
* | Calculated as a percentage of net assets |
55
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 91.2% |
| |||||||
Bermuda — 1.7% |
| |||||||
Digital China Holdings, Ltd. | 1,205,000 | $ | 2,005,690 | |||||
Jardine Matheson Holdings, Ltd. | 106,400 | 6,279,728 | ||||||
Skyworth Digital Holdings, Ltd.# | 5,520,000 | 2,941,550 | ||||||
11,226,968 | ||||||||
Brazil — 2.8% |
| |||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 170,980 | 6,921,457 | ||||||
Cielo SA | 102,600 | 2,672,075 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 148,500 | 1,794,398 | ||||||
M Dias Branco SA | 71,300 | 2,376,778 | ||||||
MRV Engenharia e Participacoes SA | 593,800 | 3,142,961 | ||||||
Obrascon Huarte Lain Brasil SA | 203,920 | 1,813,216 | ||||||
18,720,885 | ||||||||
Cayman Islands — 2.5% |
| |||||||
China Shanshui Cement Group, Ltd. | 4,259,000 | 2,901,541 | ||||||
Dongyue Group# | 3,967,000 | 2,211,225 | ||||||
NetEase, Inc. ADR† | 94,720 | 4,154,419 | ||||||
TPK Holding Co., Ltd. | 434,000 | 6,931,094 | ||||||
16,198,279 | ||||||||
China — 13.4% |
| |||||||
Bank of China, Ltd. | 15,926,000 | 6,719,571 | ||||||
China Construction Bank Corp. | 19,752,000 | 15,138,562 | ||||||
China Minsheng Banking Corp., Ltd.# | 7,883,000 | 7,750,569 | ||||||
China Shenhua Energy Co., Ltd.# | 1,975,000 | 8,090,920 | ||||||
Dongfeng Motor Group Co., Ltd.# | 5,022,000 | 7,063,018 | ||||||
Great Wall Motor Co., Ltd.# | 1,740,000 | 5,736,239 | ||||||
Guangzhou R&F Properties Co., Ltd.# | 1,826,400 | 3,115,404 | ||||||
Industrial & Commercial Bank of China, Ltd. | 22,304,000 | 15,051,214 | ||||||
PetroChina Co., Ltd. | 8,182,000 | 10,916,090 | ||||||
Ping An Insurance Group Co.# | 1,122,000 | 8,469,072 | ||||||
88,050,659 | ||||||||
Cyprus — 0.3% |
| |||||||
Globaltrans Investment PLC GDR | 132,700 | 2,032,964 | ||||||
Egypt — 0.4% |
| |||||||
Commercial International Bank Egypt SAE | 437,700 | 2,302,742 | ||||||
Hong Kong — 6.8% |
| |||||||
China Mobile, Ltd. | 518,500 | 5,914,093 | ||||||
China Mobile, Ltd. ADR | 47,820 | 2,721,914 | ||||||
China Overseas Land & Investment, Ltd.# | 1,856,000 | 5,472,065 | ||||||
CNOOC, Ltd. | 6,550,000 | 13,944,801 | ||||||
Guangdong Investment, Ltd.# | 4,424,000 | 3,596,191 | ||||||
Lenovo Group, Ltd.# | 8,172,000 | 7,697,298 | ||||||
SJM Holdings, Ltd. | 2,390,000 | 5,624,836 | ||||||
44,971,198 | ||||||||
Hungary — 0.7% |
| |||||||
OTP Bank PLC | 257,930 | 4,866,878 | ||||||
India — 6.3% |
| |||||||
Bajaj Auto, Ltd. | 140,000 | 4,974,961 | ||||||
HCL Technologies, Ltd. | 237,520 | 2,830,197 | ||||||
Housing Development Finance Corp. | 697,153 | 10,728,684 | ||||||
Infosys, Ltd. ADR# | 199,200 | 8,854,440 | ||||||
Oil & Natural Gas Corp., Ltd. | 1,254,000 | 6,109,201 | ||||||
Tata Motors, Ltd. ADR | 306,550 | 7,685,209 | ||||||
41,182,692 | ||||||||
Ireland — 0.8% |
| |||||||
Dragon Oil PLC# | 615,760 | 5,475,299 | ||||||
Kazakhstan — 0.6% |
| |||||||
KazMunaiGas Exploration Production GDR | 212,854 | 3,980,370 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Malaysia — 0.8% |
| |||||||
UMW Holdings Bhd | 1,457,000 | $ | 5,090,333 | |||||
Mexico — 1.5% |
| |||||||
Compartamos SAB de CV | 1,914,710 | 2,891,285 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,276,020 | 7,282,128 | ||||||
10,173,413 | ||||||||
Panama — 0.5% |
| |||||||
Copa Holdings SA, Class A | 31,400 | 2,977,976 | ||||||
Poland — 2.2% |
| |||||||
KGHM Polska Miedz SA | 163,411 | 9,266,067 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 469,310 | 5,182,372 | ||||||
14,448,439 | ||||||||
Russia — 7.1% |
| |||||||
Lukoil OAO ADR† | 197,910 | 12,454,476 | ||||||
MMC Norilsk Nickel OJSC ADR# | 425,673 | 6,751,174 | ||||||
Mobile Telesystems OJSC ADR | 451,760 | 7,874,177 | ||||||
Sberbank of Russia ADR | 967,241 | 11,413,444 | ||||||
Tatneft ADR (LSE) | 111,966 | 4,431,614 | ||||||
Tatneft ADR (OTC) | 91,710 | 3,629,882 | ||||||
46,554,767 | ||||||||
South Africa — 6.5% |
| |||||||
AVI, Ltd. | 519,290 | 3,374,941 | ||||||
Clicks Group, Ltd. | 491,480 | 3,482,773 | ||||||
Exxaro Resources, Ltd. | 285,305 | 4,956,510 | ||||||
Imperial Holdings, Ltd. | 298,640 | 6,334,981 | ||||||
Kumba Iron Ore, Ltd. | 77,705 | 4,754,738 | ||||||
MTN Group, Ltd. | 617,200 | 11,359,718 | ||||||
Tiger Brands, Ltd. | 245,764 | 8,279,303 | ||||||
42,542,964 | ||||||||
South Korea — 16.0% |
| |||||||
BS Financial Group, Inc. | 365,390 | 4,082,947 | ||||||
Grand Korea Leisure Co., Ltd. | 99,320 | 2,838,762 | ||||||
Halla Climate Control Corp. | 142,240 | 3,198,545 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 80,250 | 2,478,979 | ||||||
Hyundai Motor Co. | 57,851 | 12,047,283 | ||||||
Kangwon Land, Inc. | 205,560 | 5,875,312 | ||||||
Kia Motors Corp. | 164,820 | 9,421,765 | ||||||
Korea Zinc Co., Ltd. | 8,970 | 3,615,833 | ||||||
KT&G Corp. | 60,842 | 4,815,219 | ||||||
Samsung Electronics Co., Ltd. | 27,238 | 35,366,512 | ||||||
Samsung Heavy Industries Co., Ltd. | 180,130 | 6,063,387 | ||||||
SK Hynix, Inc.† | 137,270 | 3,093,123 | ||||||
SK Innovation Co., Ltd. | 44,930 | 6,866,985 | ||||||
Woori Finance Holdings Co., Ltd. | 567,840 | 5,322,599 | ||||||
105,087,251 | ||||||||
Taiwan — 8.1% |
| |||||||
Asustek Computer, Inc. | 619,000 | 6,828,302 | ||||||
Chicony Electronics Co., Ltd. | 1,311,670 | 3,074,438 | ||||||
Chipbond Technology Corp. | 1,502,000 | 2,910,532 | ||||||
Hon Hai Precision Industry Co., Ltd. | 994,700 | 3,190,819 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 540,136 | 3,402,857 | ||||||
Lite-On Technology Corp. | 2,315,660 | 3,164,167 | ||||||
Pou Chen Corp. | 2,559,000 | 2,642,321 | ||||||
Radiant Opto-Electronics Corp. | 948,880 | 4,294,683 | ||||||
Realtek Semiconductor Corp. | 1,300,140 | 2,622,297 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,237,130 | 21,365,235 | ||||||
53,495,651 | ||||||||
Thailand — 5.1% |
| |||||||
Charoen Pokphand Foods PCL | 6,337,400 | 6,762,784 | ||||||
Kasikornbank PCL NVDR# | 1,433,700 | 8,735,806 |
56
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Thailand (continued) |
| |||||||
Krung Thai Bank PCL | 8,191,800 | $ | 4,804,575 | |||||
PTT PCL | 806,900 | 8,413,425 | ||||||
Thai Union Frozen Products PCL | 1,176,200 | 2,654,019 | ||||||
Thanachart Capital PCL | 2,068,400 | 2,409,427 | ||||||
33,780,036 | ||||||||
Turkey — 5.6% |
| |||||||
Arcelik AS | 593,105 | 3,601,415 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 2,118,220 | 2,667,261 | ||||||
Koza Altin Isletmeleri AS | 189,350 | 4,726,200 | ||||||
Turk Hava Yollari† | 1,177,640 | 3,466,652 | ||||||
Turkiye Garanti Bankasi AS | 1,716,950 | 8,148,270 | ||||||
Turkiye Halk Bankasi AS | 509,400 | 4,931,930 | ||||||
Turkiye Is Bankasi, Class C | 2,146,550 | 6,919,511 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 1,386,283 | 2,040,420 | ||||||
36,501,659 | ||||||||
United Kingdom — 1.5% |
| |||||||
Old Mutual PLC | 1,898,600 | 5,217,178 | ||||||
Standard Chartered PLC# | 211,400 | 4,961,634 | ||||||
10,178,812 | ||||||||
Total Common Stock |
| |||||||
(cost $550,272,109) | 599,840,235 | |||||||
PREFERRED STOCK — 7.0% |
| |||||||
Brazil — 7.0% |
| |||||||
Cia de Bebidas das Americas ADR | 315,780 | 13,139,606 | ||||||
Cia Energetica de Minas Gerais ADR | 456,640 | 5,589,273 | ||||||
Itau Unibanco Holding SA ADR | 774,010 | 11,726,251 | ||||||
Petroleo Brasileiro SA ADR | 314,140 | 5,513,157 | ||||||
Vale SA ADR | 595,330 | 10,174,190 | ||||||
Total Preferred Stock | ||||||||
(cost $52,623,050) | 46,142,477 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $602,895,159) | 645,982,712 | |||||||
Securities Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.3% |
| |||||||
Registered Investment Companies — 3.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 23,359,720 | $ | 23,359,720 | |||||
Time Deposit — 1.7% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 11,156,000 | 11,156,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $34,515,720) | 34,515,720 | |||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $637,410,879)(2) | 103.5 | % | 680,498,432 | |||||
Liabilities in excess of other assets | (3.5 | ) | (23,005,321 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 657,493,111 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $22,520,770 This was secured by collateral of $23,359,720, which was received in cash and subsequently invested in short-term investments currently valued at $23,359,720 as reported in the portfolio of investments. Additional collateral of $34,941 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 | Value as of November 30, 2012 | |||
United States Treasury | 0.38% to 4.25% | 08/31/2013 to 03/15/2015 | $34,941 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
LSE—London Stock Exchange
NVDR—Non-Voting Depository Receipt
OTC—Over The Counter US
57
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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: | ||||||||||||||||
China | $ | 88,050,659 | $ | — | $ | — | $ | 88,050,659 | ||||||||
Hong Kong | 44,971,198 | — | — | 44,971,198 | ||||||||||||
India | 41,182,692 | — | — | 41,182,692 | ||||||||||||
Russia | 46,554,767 | — | — | 46,554,767 | ||||||||||||
South Africa | 42,542,964 | — | — | 42,542,964 | ||||||||||||
South Korea | 105,087,251 | — | — | 105,087,251 | ||||||||||||
Taiwan | 53,495,651 | — | — | 53,495,651 | ||||||||||||
Thailand | 33,780,036 | — | — | 33,780,036 | ||||||||||||
Turkey | 36,501,659 | — | — | 36,501,659 | ||||||||||||
Other Countries* | 107,673,358 | — | — | 107,673,358 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Brazil | 46,142,477 | — | — | 46,142,477 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 23,359,720 | — | — | 23,359,720 | ||||||||||||
Time Deposits | — | 11,156,000 | — | 11,156,000 | ||||||||||||
Total | $ | 669,342,432 | $ | 11,156,000 | $ | — | $ | 680,498,432 | ||||||||
* | 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 securities by country, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
58
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Diversified Banking Institutions | 12.1 | % | ||
Medical — Drugs | 9.4 | |||
Oil Companies — Integrated | 8.2 | |||
Insurance — Life/Health | 6.7 | |||
Registered Investment Companies | 6.6 | |||
Telecom Services | 6.0 | |||
Insurance — Multi-line | 3.5 | |||
Food — Retail | 3.4 | |||
Insurance — Reinsurance | 2.8 | |||
Electronic Components — Misc. | 2.3 | |||
Diversified Financial Services | 2.2 | |||
Telephone — Integrated | 2.1 | |||
Electronic Components — Semiconductors | 2.1 | |||
Auto — Cars/Light Trucks | 2.0 | |||
Cellular Telecom | 1.9 | |||
Human Resources | 1.8 | |||
Investment Management/Advisor Services | 1.5 | |||
Electric — Integrated | 1.5 | |||
Retail — Building Products | 1.4 | |||
Oil Refining & Marketing | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Chemicals — Diversified | 1.2 | |||
Finance — Investment Banker/Broker | 1.2 | |||
Aerospace/Defense | 1.1 | |||
Publishing — Books | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Steel — Producers | 1.1 | |||
Oil & Gas Drilling | 1.1 | |||
Security Services | 1.0 | |||
Internet Security | 1.0 | |||
Retail — Major Department Stores | 1.0 | |||
Insurance — Property/Casualty | 1.0 | |||
Computers | 0.9 | |||
Import/Export | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Banks — Commercial | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Airlines | 0.8 | |||
Oil — Field Services | 0.8 | |||
Metal — Iron | 0.8 | |||
Building Products — Cement | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Wireless Equipment | 0.7 | |||
Chemicals — Other | 0.7 | |||
Containers — Metal/Glass | 0.7 | |||
Chemicals — Specialty | 0.5 | |||
Food — Wholesale/Distribution | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Food — Misc./Diversified | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Metal Products — Distribution | 0.3 | |||
Machinery — General Industrial | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Medical Instruments | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
U.S. Government Agencies | 0.1 | |||
Time Deposits | 0.1 | |||
105.6 | % | |||
Country Allocation*
United Kingdom | 21.5 | % | ||
France | 14.8 | |||
Switzerland | 11.4 | |||
Netherlands | 10.9 | |||
United States | 6.8 | |||
South Korea | 6.6 | |||
Germany | 5.2 |
Norway | 5.2 | |||
Japan | 4.9 | |||
Canada | 2.7 | |||
Taiwan | 2.0 | |||
Singapore | 2.0 | |||
Italy | 1.5 | |||
India | 1.3 | |||
Spain | 1.2 | |||
Brazil | 1.1 | |||
Cayman Islands | 1.1 | |||
China | 1.0 | |||
Hong Kong | 1.0 | |||
Sweden | 0.9 | |||
Belgium | 0.9 | |||
Ireland | 0.8 | |||
Bermuda | 0.3 | |||
Australia | 0.3 | |||
Denmark | 0.2 | |||
105.6 | % | |||
* | Calculated as a percentage of net assets |
59
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.7% |
| |||||||
Australia — 0.3% |
| |||||||
Billabong International, Ltd. | 2,479,670 | $ | 2,380,760 | |||||
Belgium — 0.9% |
| |||||||
KBC Groep NV | 239,734 | 7,222,528 | ||||||
Bermuda — 0.3% |
| |||||||
First Pacific Co., Ltd. | 2,330,000 | 2,453,201 | ||||||
Canada — 2.7% |
| |||||||
Ensign Energy Services, Inc. | 225,700 | 3,274,110 | ||||||
Suncor Energy, Inc.# | 190,800 | 6,234,830 | ||||||
Talisman Energy, Inc.# | 534,640 | 6,017,290 | ||||||
Trican Well Service, Ltd.# | 552,800 | 6,833,829 | ||||||
22,360,059 | ||||||||
Cayman Islands — 1.1% |
| |||||||
Kingboard Chemical Holdings, Ltd. | 1,995,000 | 5,920,492 | ||||||
Trina Solar, Ltd. ADR†# | 1,008,740 | 2,895,084 | ||||||
8,815,576 | ||||||||
China — 1.0% |
| |||||||
China Telecom Corp., Ltd. | 11,947,823 | 6,505,614 | ||||||
Shanghai Electric Group Co., Ltd.# | 5,540,000 | 2,180,202 | ||||||
8,685,816 | ||||||||
Denmark — 0.2% |
| |||||||
Vestas Wind Systems A/S†# | 389,071 | 1,867,253 | ||||||
France — 14.8% |
| |||||||
AXA SA | 996,452 | 16,374,157 | ||||||
BNP Paribas SA | 420,550 | 23,488,623 | ||||||
Carrefour SA | 382,660 | 9,448,241 | ||||||
France Telecom SA | 732,465 | 7,753,276 | ||||||
GDF Suez | 172,090 | 3,870,825 | ||||||
Ipsen SA | 88,550 | 2,516,904 | ||||||
Sanofi | 255,750 | 22,837,405 | ||||||
Societe Generale SA† | 412,383 | 14,912,518 | ||||||
Total SA | 279,300 | 13,975,806 | ||||||
Vivendi SA | 417,982 | 8,980,385 | ||||||
124,158,140 | ||||||||
Germany — 5.2% |
| |||||||
Deutsche Lufthansa AG | 431,830 | 7,166,231 | ||||||
E.ON SE | 445,220 | 8,019,582 | ||||||
Kloeckner & Co. SE†# | 211,880 | 2,231,491 | ||||||
Merck KGaA | 50,730 | 6,785,728 | ||||||
Muenchener Rueckversicherungs AG | 54,740 | 9,343,970 | ||||||
Siemens AG | 99,875 | 10,300,476 | ||||||
43,847,478 | ||||||||
Hong Kong — 1.0% |
| |||||||
China Mobile, Ltd. | 701,500 | 8,001,419 | ||||||
India — 1.3% |
| |||||||
Reliance Industries, Ltd. GDR (LSE)* | 94,320 | 2,775,838 | ||||||
Reliance Industries, Ltd. GDR (OTC)* | 272,250 | 8,012,317 | ||||||
10,788,155 | ||||||||
Ireland — 0.8% |
| |||||||
CRH PLC | 352,760 | 6,445,891 | ||||||
Italy — 1.5% |
| |||||||
UniCredit SpA† | 2,772,333 | 12,907,904 | ||||||
Japan — 4.9% |
| |||||||
ITOCHU Corp. | 759,600 | 7,592,775 | ||||||
Mazda Motor Corp.†# | 2,066,000 | 3,258,082 | ||||||
NKSJ Holdings, Inc. | 418,999 | 7,944,386 | ||||||
Toyota Motor Corp. | 320,900 | 13,760,921 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Trend Micro, Inc.# | 309,900 | $ | 8,078,790 | |||||
40,634,954 | ||||||||
Netherlands — 10.9% |
| |||||||
Aegon NV | 2,326,133 | 13,380,699 | ||||||
Akzo Nobel NV | 177,000 | 10,114,878 | ||||||
ING Groep NV CVA† | 4,371,814 | 39,288,644 | ||||||
Koninklijke Philips Electronics NV | 430,660 | 11,123,491 | ||||||
Randstad Holding NV | 236,610 | 7,694,621 | ||||||
Reed Elsevier NV | 654,324 | 9,450,150 | ||||||
91,052,483 | ||||||||
Norway — 5.2% |
| |||||||
Statoil ASA | 746,520 | 18,252,967 | ||||||
Telenor ASA | 1,244,458 | 25,265,060 | ||||||
43,518,027 | ||||||||
Singapore — 2.0% |
| |||||||
Flextronics International, Ltd.† | 1,326,280 | 7,679,161 | ||||||
Singapore Telecommunications, Ltd. | 3,282,999 | 8,902,775 | ||||||
16,581,936 | ||||||||
South Korea — 6.6% |
| |||||||
Hana Financial Group, Inc. | 56,000 | 1,737,637 | ||||||
KB Financial Group, Inc. | 506,733 | 16,682,857 | ||||||
KIWOOM Securities Co., Ltd. | 89,050 | 5,156,241 | ||||||
Korea Investment Holdings Co., Ltd. | 129,250 | 4,696,853 | ||||||
POSCO | 30,835 | 9,211,915 | ||||||
Samsung Electronics Co., Ltd. | 13,759 | 17,865,036 | ||||||
55,350,539 | ||||||||
Spain — 1.2% |
| |||||||
Telefonica SA | 790,935 | 10,379,090 | ||||||
Telefonica SA ADR# | 859 | 11,193 | ||||||
10,390,283 | ||||||||
Sweden — 0.9% |
| |||||||
Getinge AB, Class B | 56,974 | 1,836,808 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 637,260 | 5,938,380 | ||||||
7,775,188 | ||||||||
Switzerland — 11.4% |
| |||||||
Basilea Pharmaceutica†# | 33,210 | 1,519,482 | ||||||
Credit Suisse Group AG# | 1,163,478 | 27,545,816 | ||||||
Lonza Group AG† | 86,480 | 4,166,755 | ||||||
Noble Corp. | 169,310 | 5,839,502 | ||||||
Novartis AG | 166,100 | 10,279,308 | ||||||
Roche Holding AG | 102,700 | 20,214,179 | ||||||
Swiss Re AG† | 195,810 | 14,104,152 | ||||||
UBS AG (ZSE)† | 319,539 | 4,999,801 | ||||||
UBS AG (NYSE)† | 441,010 | 6,928,267 | ||||||
95,597,262 | ||||||||
Taiwan — 2.0% |
| |||||||
Compal Electronics, Inc. | 11,335,528 | 7,666,522 | ||||||
Siliconware Precision Industries Co. | 8,689,000 | 9,405,557 | ||||||
17,072,079 | ||||||||
United Kingdom — 21.5% |
| |||||||
Aviva PLC | 3,032,028 | 17,026,469 | ||||||
BAE Systems PLC | 1,818,520 | 9,536,027 | ||||||
BP PLC | 1,687,372 | 11,667,979 | ||||||
BP PLC ADR | 180 | 7,517 | ||||||
Carillion PLC# | 1,538,340 | 7,174,604 | ||||||
G4S PLC | 2,215,310 | 8,773,772 |
60
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
GlaxoSmithKline PLC | 797,981 | $ | 17,061,394 | |||||
Hays PLC | 6,300,480 | 7,853,380 | ||||||
Kingfisher PLC | 2,660,645 | 11,850,457 | ||||||
Lloyds Banking Group PLC† | 14,357,580 | 10,695,248 | ||||||
Man Group PLC | 10,081,930 | 12,405,329 | ||||||
Marks & Spencer Group PLC | 1,280,880 | 8,015,748 | ||||||
Premier Foods PLC†# | 1,975,131 | 3,029,968 | ||||||
Rexam PLC | 816,270 | 5,724,186 | ||||||
Royal Dutch Shell PLC, Class A | 167,235 | 5,604,913 | ||||||
Royal Dutch Shell PLC, Class B | 268,205 | 9,257,991 | ||||||
SIG PLC# | 4,032,874 | 7,294,776 | ||||||
Tesco PLC | 3,688,800 | 19,213,454 | ||||||
Vodafone Group PLC | 2,846,087 | 7,348,215 | ||||||
179,541,427 | ||||||||
Total Common Stock | ||||||||
(cost $862,981,513) | 817,448,358 | |||||||
PREFERRED STOCK — 1.1% | ||||||||
Brazil — 1.1% | ||||||||
Petroleo Brasileiro SA ADR | 147,700 | 2,592,135 | ||||||
Vale SA ADR | 381,944 | 6,527,423 | ||||||
Total Preferred Stock | ||||||||
(cost $9,111,586) | 9,119,558 | |||||||
Total Long - Term Investment Securities | ||||||||
(cost $872,093,099) | 826,567,916 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 6.8% | ||||||||
Registered Investment Companies — 6.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 55,564,136 | 55,564,136 | ||||||
Time Deposits — 0.1% | ||||||||
Euro Time Deposit with State Street | $ | 669,000 | 669,000 | |||||
U.S. Government Agencies — 0.1% | ||||||||
Federal Home Loan Bank | 1,000,000 | 1,000,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $57,233,136) | 57,233,136 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $929,326,235)(1) | 105.6 | % | 883,801,052 | |||||
Liabilities in excess of other assets | (5.6 | ) | (47,132,463 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 836,668,589 | ||||
# | 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, 2012, the aggregate value of these securities was $10,788,155 representing 1.3% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | See Note 5 for cost of Investments on a tax basis. |
(2) | At November 30, 2012, the Fund had loaned securities with a total value of $52,507,086. This was secured by collateral of $55,564,136 which was received in cash and subsequently invested in short-term investments currently valued at $55,564,136 as reported in the portfolio of investments. Additional collateral of $6,931 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 | Value as of November 30, 2012 | |||
United States Treasury Notes/Bonds | 0.25% to 0.75% | 06/30/2013 to 01/31/2014 | $6,931 |
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 US
SE—Societas Europaea
ZSE—Zurich Stock Exchange
61
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 124,158,140 | $ | — | $ | — | $ | 124,158,140 | ||||||||
Germany | 43,847,478 | — | — | 43,847,478 | ||||||||||||
Netherlands | 91,052,483 | — | — | 91,052,483 | ||||||||||||
Norway | 43,518,027 | — | — | 43,518,027 | ||||||||||||
South Korea | 55,350,539 | — | — | 55,350,539 | ||||||||||||
Switzerland | 95,597,262 | — | — | 95,597,262 | ||||||||||||
United Kingdom | 179,541,427 | — | — | 179,541,427 | ||||||||||||
Other Countries* | 184,383,002 | — | — | 184,383,002 | ||||||||||||
Preferred Stock | 9,119,558 | — | — | 9,119,558 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 55,564,136 | — | — | 55,564,136 | ||||||||||||
Time Deposits | — | 669,000 | — | 669,000 | ||||||||||||
U.S. Government Agencies | — | 1,000,000 | — | 1,000,000 | ||||||||||||
Total | $ | 882,132,052 | $ | 1,669,000 | $ | — | $ | 883,801,052 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
62
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE —November 30, 2012 (Unaudited)
Industry Allocation*
Real Estate Investment Trusts | 72.3 | % | ||
Real Estate Operations & Development | 15.7 | |||
Real Estate Management/Services | 7.1 | |||
Time Deposits | 3.1 | |||
Brewery | 0.9 | |||
Casino Hotels | 0.8 | |||
Hotels/Motels | 0.2 | |||
100.1 | % | |||
Country Allocation*
United States | 42.9 | % | ||
Japan | 10.5 | |||
Hong Kong | 9.8 | |||
Australia | 8.5 | |||
United Kingdom | 5.8 | |||
Canada | 5.5 | |||
Singapore | 5.1 | |||
France | 4.6 | |||
Cayman Islands | 2.0 | |||
Switzerland | 1.5 | |||
Netherlands | 1.2 | |||
Germany | 1.2 | |||
Sweden | 1.0 | |||
Bermuda | 0.5 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
63
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.0% |
| |||||||
Australia — 8.5% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 0 | |||||
CFS Retail Property Trust Group | 2,473,971 | 5,008,760 | ||||||
Challenger Diversified Property Group | 239,380 | 624,542 | ||||||
Charter Hall Group | 361,308 | 1,187,742 | ||||||
Commonwealth Property Office Fund | 3,220,193 | 3,427,804 | ||||||
Dexus Property Group | 4,107,750 | 4,308,280 | ||||||
GPT Group | 221,006 | 804,940 | ||||||
Stockland | 740,436 | 2,619,516 | ||||||
Westfield Group | 674,949 | 7,339,602 | ||||||
Westfield Retail Trust | 1,566,689 | 4,888,637 | ||||||
30,209,823 | ||||||||
Bermuda — 0.5% |
| |||||||
Hong Kong Land Holdings, Ltd. | 260,000 | 1,700,400 | ||||||
Brazil — 0.0% |
| |||||||
BR Properties SA | 5,300 | 62,505 | ||||||
Canada — 5.5% |
| |||||||
Allied Properties Real Estate Investment Trust | 53,276 | 1,678,702 | ||||||
Boardwalk Real Estate Investment Trust | 24,000 | 1,557,397 | ||||||
Brookfield Office Properties, Inc. | 96,000 | 1,584,940 | ||||||
Calloway Real Estate Investment Trust | 62,700 | 1,786,289 | ||||||
Canadian Apartment Properties REIT | 65,797 | 1,585,725 | ||||||
Canadian Real Estate Investment Trust | 47,200 | 1,975,239 | ||||||
Dundee Real Estate Investment Trust | 57,198 | 2,084,429 | ||||||
H&R Real Estate Investment Trust | 73,100 | 1,710,953 | ||||||
Primaris Retail Real Estate Investment Trust | 70,059 | 1,617,913 | ||||||
RioCan Real Estate Investment Trust | 138,500 | 3,760,351 | ||||||
19,341,938 | ||||||||
Cayman Islands — 2.0% |
| |||||||
Shimao Property Holdings, Ltd. | 3,473,500 | 7,036,457 | ||||||
France — 4.6% |
| |||||||
Fonciere Des Regions | 13,158 | 1,104,450 | ||||||
ICADE | 15,234 | 1,375,985 | ||||||
Klepierre | 81,752 | 3,134,391 | ||||||
Societe Immobiliere de Location pour l’Industrie et le Commerce | 72 | 8,077 | ||||||
Unibail-Rodamco SE | 45,309 | 10,633,315 | ||||||
16,256,218 | ||||||||
Germany — 1.2% |
| |||||||
Deutsche Euroshop AG | 43,744 | 1,791,507 | ||||||
Deutsche Wohnen AG | 105,889 | 2,047,807 | ||||||
GSW Immobilien AG | 7,445 | 315,556 | ||||||
4,154,870 | ||||||||
Hong Kong — 9.8% |
| |||||||
Galaxy Entertainment Group, Ltd.† | 753,000 | 2,866,184 | ||||||
Hang Lung Properties, Ltd. | 1,630,000 | 5,962,491 | ||||||
Henderson Land Development Co., Ltd. | 1,568,000 | 11,167,918 | ||||||
Link REIT | 1,125,000 | 6,147,422 | ||||||
Sun Hung Kai Properties, Ltd. | 594,504 | 8,706,383 | ||||||
34,850,398 | ||||||||
Japan — 10.5% |
| |||||||
Advance Residence Investment Corp. | 507 | 1,063,387 | ||||||
Japan Retail Fund Investment Corp. | 640 | 1,164,554 | ||||||
Mitsubishi Estate Co., Ltd. | 642,000 | 12,375,059 | ||||||
Mitsui Fudosan Co., Ltd. | 439,000 | 9,154,376 | ||||||
Nippon Building Fund, Inc. | 230 | 2,407,836 | ||||||
Orix JREIT, Inc. | 463 | 2,316,825 | ||||||
Sapporo Holdings, Ltd. | 1,104,000 | 3,334,700 | ||||||
Sumitomo Realty & Development Co., Ltd. | 75,000 | 2,040,699 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
United Urban Investment Corp. | 2,898 | $ | 3,286,990 | |||||
37,144,426 | ||||||||
Netherlands — 1.2% |
| |||||||
Corio NV | 48,558 | 2,175,907 | ||||||
Eurocommercial Properties NV | 53,831 | 2,098,898 | ||||||
4,274,805 | ||||||||
Singapore — 5.1% |
| |||||||
AIMS AMP Capital Industrial REIT | 878,835 | 1,026,004 | ||||||
Cache Logistics Trust | 2,687,000 | 2,619,638 | ||||||
CapitaLand, Ltd. | 2,008,000 | 5,807,177 | ||||||
Keppel REIT | 4,139,000 | 4,170,875 | ||||||
Mapletree Industrial Trust | 4,056,000 | 4,569,064 | ||||||
18,192,758 | ||||||||
Sweden — 1.0% |
| |||||||
Castellum AB | 155,311 | 2,117,235 | ||||||
Fabege AB | 152,583 | 1,569,782 | ||||||
3,687,017 | ||||||||
Switzerland — 1.5% |
| |||||||
PSP Swiss Property AG† | 27,471 | 2,570,126 | ||||||
Swiss Prime Site AG† | 35,520 | 2,855,552 | ||||||
5,425,678 | ||||||||
United Kingdom — 5.8% |
| |||||||
British Land Co. PLC | 607,530 | 5,353,450 | ||||||
Capital & Counties Properties PLC | 557,377 | 2,141,419 | ||||||
Derwent London PLC | 77,904 | 2,577,408 | ||||||
Great Portland Estates PLC | 299,744 | 2,259,506 | ||||||
Hammerson PLC | 551,458 | 4,163,141 | ||||||
Land Securities Group PLC | 307,151 | 3,976,186 | ||||||
20,471,110 | ||||||||
United States — 39.8% |
| |||||||
Acadia Realty Trust | 70,687 | 1,754,451 | ||||||
Alexandria Real Estate Equities, Inc. | 47,119 | 3,200,322 | ||||||
American Tower Corp. | 137,397 | 10,295,157 | ||||||
AvalonBay Communities, Inc. | 72,180 | 9,512,602 | ||||||
Boston Properties, Inc. | 34,805 | 3,572,037 | ||||||
CBL & Associates Properties, Inc. | 67,200 | 1,512,672 | ||||||
CubeSmart | 124,200 | 1,713,960 | ||||||
DCT Industrial Trust, Inc. | 406,995 | 2,543,719 | ||||||
DDR Corp. | 342,050 | 5,236,786 | ||||||
DiamondRock Hospitality Co. | 159,001 | 1,389,669 | ||||||
Digital Realty Trust, Inc. | 46,508 | 3,001,626 | ||||||
Duke Realty Corp. | 238,792 | 3,223,692 | ||||||
Equity Residential | 81,814 | 4,541,495 | ||||||
Essex Property Trust, Inc. | 43,889 | 6,165,966 | ||||||
General Growth Properties, Inc. | 175,194 | 3,393,508 | ||||||
HCP, Inc. | 57,032 | 2,569,292 | ||||||
Health Care REIT, Inc. | 90,720 | 5,342,501 | ||||||
Healthcare Realty Trust, Inc. | 64,015 | 1,526,758 | ||||||
Host Hotels & Resorts, Inc. | 401,883 | 5,903,661 | ||||||
Hudson Pacific Properties, Inc. | 43,400 | 840,658 | ||||||
Kilroy Realty Corp. | 69,864 | 3,150,866 | ||||||
Macerich Co. | 97,439 | 5,505,304 | ||||||
Pebblebrook Hotel Trust | 63,084 | 1,315,301 | ||||||
Piedmont Office Realty Trust, Inc. | 72,200 | 1,274,330 | ||||||
Post Properties, Inc. | 36,046 | 1,770,940 | ||||||
Prologis, Inc. | 192,440 | 6,531,414 | ||||||
Public Storage | 10,100 | 1,420,464 | ||||||
Rayonier, Inc. | 63,990 | 3,189,262 | ||||||
Regency Centers Corp. | 12,993 | 608,722 |
64
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
Retail Opportunity Investments Corp. | 103,409 | $ | 1,312,260 | |||||
Senior Housing Properties Trust | 46,937 | 1,049,042 | ||||||
Simon Property Group, Inc. | 79,203 | 12,049,152 | ||||||
SL Green Realty Corp. | 38,398 | 2,894,441 | ||||||
Sovran Self Storage, Inc. | 9,562 | 590,836 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 13,258 | 715,402 | ||||||
UDR, Inc. | 221,319 | 5,092,550 | ||||||
Ventas, Inc. | 103,904 | 6,613,490 | ||||||
Vornado Realty Trust | 48,000 | 3,668,640 | ||||||
Weyerhaeuser Co. | 195,890 | 5,398,728 | ||||||
141,391,676 | ||||||||
Total Common Stock | ||||||||
(cost $302,720,303) | 344,200,079 | |||||||
RIGHTS† — 0.0% |
| |||||||
Switzerland — 0.0% |
| |||||||
Swiss Prime Site AG Expires 12/03/2012 | 35,520 | 38,330 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $302,720,303) | 344,238,409 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 3.1% |
| |||||||
Time Deposits — 3.1% |
| |||||||
Euro Time Deposit with State Street | $ | 10,939,000 | $ | 10,939,000 | ||||
TOTAL INVESTMENTS — |
| |||||||
(cost $313,659,303)(3) | 100.1 | % | 355,177,409 | |||||
Liabilities in excess of other assets | (0.1 | ) | (337,231 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 354,840,178 | ||||
† | Non-income producing security |
(1) | Illiquid security. At November 30, 2012, 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) | 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, 2012 (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 | $ | 30,209,823 | $ | — | $ | 0 | $ | 30,209,823 | ||||||||
Canada | 19,341,938 | — | — | 19,341,938 | ||||||||||||
Hong Kong | 34,850,398 | — | — | 34,850,398 | ||||||||||||
Japan | 37,144,426 | — | — | 37,144,426 | ||||||||||||
Singapore | 18,192,758 | — | — | 18,192,758 | ||||||||||||
United Kingdom | 20,471,110 | — | — | 20,471,110 | ||||||||||||
United States | 141,391,676 | — | — | 141,391,676 | ||||||||||||
Other Countries* | 42,597,950 | — | — | 42,597,950 | ||||||||||||
Rights | 38,330 | — | — | 38,330 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 10,939,000 | — | 10,939,000 | ||||||||||||
Total | $ | 344,238,409 | $ | 10,939,000 | $ | 0 | $ | 355,177,409 | ||||||||
* | 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 securities by country, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
65
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Banks — Commercial | 5.7 | % | ||
Medical — Drugs | 5.1 | |||
Oil Companies — Integrated | 3.5 | |||
Registered Investment Companies | 3.2 | |||
Oil Companies — Exploration & Production | 3.0 | |||
Insurance — Multi-line | 2.9 | |||
Computers | 2.8 | |||
Diversified Banking Institutions | 2.6 | |||
Telephone — Integrated | 2.3 | |||
Food — Misc./Diversified | 2.2 | |||
Real Estate Investment Trusts | 2.1 | |||
Multimedia | 2.1 | |||
Insurance — Life/Health | 2.1 | |||
Beverages — Non-alcoholic | 2.0 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Diversified Minerals | 1.6 | |||
Cable/Satellite TV | 1.6 | |||
Chemicals — Diversified | 1.6 | |||
Cosmetics & Toiletries | 1.6 | |||
Applications Software | 1.4 | |||
Medical — Wholesale Drug Distribution | 1.3 | |||
Insurance — Property/Casualty | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Time Deposits | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Transport — Rail | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Web Portals/ISP | 1.0 | |||
Containers — Metal/Glass | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Computer Services | 0.9 | |||
Finance — Credit Card | 0.9 | |||
Medical — HMO | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Food — Retail | 0.9 | |||
Consumer Products — Misc. | 0.9 | |||
Oil & Gas Drilling | 0.8 | |||
Electric — Integrated | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Insurance — Reinsurance | 0.8 | |||
E — Commerce/Services | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Water | 0.8 | |||
Medical — Biomedical/Gene | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Publishing — Books | 0.7 | |||
Food — Confectionery | 0.7 | |||
Finance — Other Services | 0.7 | |||
Medical Products | 0.7 | |||
Building & Construction — Misc. | 0.7 | |||
Real Estate Operations & Development | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Networking Products | 0.6 | |||
Advertising Agencies | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Gas — Distribution | 0.6 | |||
Data Processing/Management | 0.5 | |||
Gold Mining | 0.5 | |||
Public Thoroughfares | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Telecom Services | 0.4 | |||
Non-Hazardous Waste Disposal | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Industrial Gases | 0.4 | |||
Retail — Jewelry | 0.4 |
Retail — Restaurants | 0.4 | |||
Cellular Telecom | 0.4 | |||
Diversified Operations/Commercial Services | 0.4 | |||
Television | 0.4 | |||
Metal Processors & Fabrication | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Soap & Cleaning Preparation | 0.3 | |||
Oil — Field Services | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Theaters | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Sugar | 0.3 | |||
Coffee | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Gas — Transportation | 0.3 | |||
Medical Instruments | 0.2 | |||
Airport Development/Maintenance | 0.2 | |||
Building Products — Cement | 0.2 | |||
Food — Baking | 0.2 | |||
Investment Companies | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Respiratory Products | 0.2 | |||
Pipelines | 0.2 | |||
Diversified Operations | 0.2 | |||
Electronic Forms | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Office Supplies & Forms | 0.2 | |||
Photo Equipment & Supplies | 0.2 | |||
Metal — Copper | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Hotels/Motels | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Human Resources | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Computer Data Security | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Silver Mining | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Insurance Brokers | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Machinery — Farming | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Commercial Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Audio/Video Products | 0.1 | |||
Security Services | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Coatings/Paint | 0.1 | |||
Textile — Products | 0.1 | |||
Therapeutics | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Mining Services | 0.1 |
66
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VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Industry Allocation* (continued)
Publishing — Newspapers | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Shipbuilding | 0.1 | |||
102.7 | % | |||
Country Allocation*
United States | 52.9 | % | ||
United Kingdom | 8.9 | |||
Japan | 8.0 | |||
Canada | 4.9 | |||
Germany | 4.3 | |||
France | 4.0 | |||
Switzerland | 4.0 | |||
Australia | 3.7 | |||
Sweden | 1.4 | |||
Netherlands | 1.4 | |||
Spain | 1.4 | |||
Bermuda | 1.1 | |||
Ireland | 1.1 | |||
Hong Kong | 1.0 | |||
Italy | 1.0 | |||
Singapore | 0.8 | |||
Norway | 0.5 | |||
Belgium | 0.4 | |||
Denmark | 0.3 | |||
Greece | 0.3 | |||
Austria | 0.3 | |||
Israel | 0.2 | |||
Finland | 0.2 | |||
Luxembourg | 0.2 | |||
Jersey | 0.2 | |||
Cayman Islands | 0.1 | |||
New Zealand | 0.1 | |||
102.7% | ||||
* | Calculated as a percentage of net assets |
67
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.6% |
| |||||||
Australia — 3.7% |
| |||||||
AGL Energy, Ltd. | 7,555 | $ | 113,299 | |||||
ALS, Ltd. | 1,820 | 18,044 | ||||||
Alumina, Ltd. | 22,765 | 22,570 | ||||||
Amcor, Ltd. | 17,534 | 144,558 | ||||||
AMP, Ltd. | 37,402 | 179,550 | ||||||
Asciano, Ltd. | 6,228 | 28,273 | ||||||
ASX, Ltd. | 724 | 22,244 | ||||||
Australia & New Zealand Banking Group, Ltd. | 34,176 | 868,825 | ||||||
BGP Holdings PLC†(1)(3) | 60,919 | 0 | ||||||
BHP Billiton, Ltd. | 44,152 | 1,584,588 | ||||||
Boral, Ltd. | 2,429 | 10,190 | ||||||
Brambles, Ltd. | 23,970 | 181,109 | ||||||
Caltex Australia, Ltd. | 3,579 | 68,277 | ||||||
Coca-Cola Amatil, Ltd. | 14,598 | 209,322 | ||||||
Cochlear, Ltd. | 358 | 28,170 | ||||||
Commonwealth Bank of Australia | 19,192 | 1,195,517 | ||||||
Computershare, Ltd. | 8,455 | 76,766 | ||||||
CSL, Ltd. | 6,309 | 340,396 | ||||||
Dexus Property Group | 16,992 | 17,822 | ||||||
Fortescue Metals Group, Ltd. | 25,318 | 103,309 | ||||||
Goodman Group | 15,593 | 75,181 | ||||||
GPT Group | 10,789 | 39,295 | ||||||
Iluka Resources, Ltd. | 6,376 | 54,762 | ||||||
Incitec Pivot, Ltd. | 21,309 | 70,050 | ||||||
Insurance Australia Group, Ltd. | 18,296 | 88,404 | ||||||
Lynas Corp., Ltd.† | 12,554 | 8,385 | ||||||
Macquarie Group, Ltd. | 4,982 | 170,326 | ||||||
Mirvac Group | 11,554 | 17,725 | ||||||
National Australia Bank, Ltd. | 28,562 | 724,317 | ||||||
Orica, Ltd. | 5,521 | 138,742 | ||||||
Origin Energy, Ltd. | 21,373 | 244,907 | ||||||
OZ Minerals, Ltd. | 4,059 | 31,134 | ||||||
QBE Insurance Group, Ltd. | 12,626 | 144,151 | ||||||
QR National, Ltd.† | 13,975 | 52,649 | ||||||
Ramsay Health Care, Ltd. | 1,969 | 54,618 | ||||||
Santos, Ltd. | 4,566 | 53,083 | ||||||
Sims Metal Management, Ltd. | 2,528 | 23,691 | ||||||
Sonic Healthcare, Ltd. | 5,736 | 80,453 | ||||||
SP AusNet | 44,806 | 49,565 | ||||||
Stockland | 26,024 | 92,068 | ||||||
Suncorp Group, Ltd. | 15,419 | 155,924 | ||||||
Sydney Airport | 8,277 | 30,664 | ||||||
Telstra Corp., Ltd. | 59,176 | 266,169 | ||||||
Transurban Group | 24,159 | 156,569 | ||||||
Wesfarmers, Ltd. | 13,536 | 502,185 | ||||||
Wesfarmers, Ltd. PPS | 3,143 | 121,099 | ||||||
Westfield Group | 38,042 | 413,680 | ||||||
Westfield Retail Trust | 22,525 | 70,286 | ||||||
Westpac Banking Corp. | 38,128 | 1,014,654 | ||||||
Whitehaven Coal, Ltd. | 7,305 | 22,642 | ||||||
Woodside Petroleum, Ltd. | 5,926 | 209,032 | ||||||
10,389,239 | ||||||||
Austria — 0.3% |
| |||||||
OMV AG | 22,561 | 806,310 | ||||||
Belgium — 0.4% |
| |||||||
Ageas | 3,984 | 106,478 | ||||||
Belgacom SA | 18,837 | 553,421 | ||||||
Colruyt SA | 5,133 | 236,187 | ||||||
KBC Groep NV | 779 | 23,469 | ||||||
Umicore SA | 1,791 | 93,043 | ||||||
1,012,598 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Bermuda — 1.1% |
| |||||||
Arch Capital Group, Ltd.†# | 31,072 | $ | 1,401,347 | |||||
Aspen Insurance Holdings, Ltd. | 15,671 | 490,502 | ||||||
Axis Capital Holdings, Ltd. | 13,931 | 501,098 | ||||||
Cheung Kong Infrastructure Holdings, Ltd. | 18,000 | 109,391 | ||||||
Everest Re Group, Ltd. | 964 | 104,565 | ||||||
First Pacific Co. | 20,000 | 21,058 | ||||||
Kerry Properties, Ltd. | 9,500 | 48,234 | ||||||
Li & Fung, Ltd. | 72,000 | 118,542 | ||||||
NWS Holdings, Ltd. | 138,000 | 223,999 | ||||||
Orient Overseas International, Ltd. | 3,000 | 19,045 | ||||||
3,037,781 | ||||||||
Canada — 4.9% |
| |||||||
Agnico-Eagle Mines, Ltd. | 3,200 | 178,435 | ||||||
Agrium, Inc. | 2,000 | 204,238 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,300 | 113,617 | ||||||
ARC Resources, Ltd. | 3,600 | 90,168 | ||||||
Athabasca Oil Corp.† | 3,100 | 34,703 | ||||||
Bank of Montreal | 5,900 | 354,410 | ||||||
Bank of Nova Scotia | 11,600 | 653,949 | ||||||
Baytex Energy Corp. | 1,600 | 71,032 | ||||||
BCE, Inc. | 2,800 | 118,556 | ||||||
Bonavista Energy Corp. | 1,300 | 21,567 | ||||||
Brookfield Asset Management, Inc., Class A | 8,100 | 281,973 | ||||||
Brookfield Office Properties, Inc. | 2,200 | 36,321 | ||||||
Canadian Imperial Bank of Commerce | 3,600 | 290,653 | ||||||
Canadian National Railway Co. | 5,600 | 503,653 | ||||||
Canadian Natural Resources, Ltd. | 14,000 | 402,940 | ||||||
Canadian Oil Sands, Ltd. | 7,000 | 142,065 | ||||||
Canadian Pacific Railway, Ltd. | 1,700 | 158,645 | ||||||
Canadian Tire Corp., Ltd., Class A | 1,100 | 72,975 | ||||||
Canadian Utilities, Ltd., Class A | 1,600 | 108,304 | ||||||
Catamaran Corp.† | 1,200 | 58,904 | ||||||
Cenovus Energy, Inc. | 8,100 | 272,025 | ||||||
Centerra Gold, Inc. | 4,300 | 38,569 | ||||||
Crescent Point Energy Corp. | 3,900 | 153,157 | ||||||
Eldorado Gold Corp. | 12,400 | 179,131 | ||||||
Empire Co., Ltd., Class A | 700 | 40,618 | ||||||
Encana Corp. | 10,400 | 227,191 | ||||||
Enerplus Corp. | 2,000 | 26,738 | ||||||
Fairfax Financial Holdings, Ltd. | 200 | 68,693 | ||||||
First Quantum Minerals, Ltd. | 6,400 | 131,434 | ||||||
Fortis, Inc. | 3,200 | 107,531 | ||||||
Franco-Nevada Corp. | 3,400 | 192,428 | ||||||
George Weston, Ltd. | 2,000 | 126,642 | ||||||
Gildan Activewear, Inc. | 1,100 | 38,514 | ||||||
Great-West Lifeco, Inc. | 5,400 | 127,858 | ||||||
H&R Real Estate Investment Trust | 1,100 | 25,746 | ||||||
IAMGOLD Corp. | 8,700 | 102,822 | ||||||
IGM Financial, Inc. | 1,300 | 53,133 | ||||||
Imperial Oil, Ltd. | 6,900 | 294,171 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 900 | 26,266 | ||||||
Inmet Mining Corp. | 600 | 40,922 | ||||||
Intact Financial Corp. | 600 | 38,717 | ||||||
Kinross Gold Corp. | 20,800 | 210,649 | ||||||
Loblaw Cos., Ltd. | 3,800 | 128,037 | ||||||
Magna International, Inc. | 3,000 | 139,981 | ||||||
Manulife Financial Corp. | 22,300 | 286,902 | ||||||
MEG Energy Corp.† | 1,100 | 39,644 | ||||||
National Bank of Canada | 500 | 39,050 | ||||||
New Gold, Inc.† | 11,000 | 116,827 | ||||||
Nexen, Inc. | 6,600 | 162,052 | ||||||
Open Text Corp.† | 600 | 34,471 | ||||||
Osisko Mining Corp.† | 8,400 | 68,495 | ||||||
Pacific Rubiales Energy Corp. | 3,700 | 80,716 |
68
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Canada (continued) |
| |||||||
Pan American Silver Corp. | 4,800 | $ | 92,970 | |||||
Pembina Pipeline Corp. | 6,200 | 175,574 | ||||||
Pengrowth Energy Corp. | 5,500 | 28,625 | ||||||
Penn West Petroleum, Ltd. | 7,200 | 80,455 | ||||||
Potash Corp. of Saskatchewan, Inc. | 10,000 | 386,873 | ||||||
Power Corp. of Canada | 4,800 | 120,803 | ||||||
Power Financial Corp. | 5,100 | 136,106 | ||||||
Precision Drilling Corp. | 3,800 | 28,461 | ||||||
Progress Energy Resources Corp. | 1,100 | 22,347 | ||||||
Research In Motion, Ltd.† | 5,500 | 64,172 | ||||||
RioCan Real Estate Investment Trust | 400 | 10,860 | ||||||
Rogers Communications, Inc., Class B | 3,800 | 167,822 | ||||||
Royal Bank of Canada | 15,800 | 936,850 | ||||||
Saputo, Inc. | 1,800 | 83,427 | ||||||
Shaw Communications, Inc., Class B | 6,800 | 149,917 | ||||||
Shoppers Drug Mart Corp. | 4,200 | 176,778 | ||||||
Silver Wheaton Corp. | 6,100 | 224,570 | ||||||
Sino-Forest Corp.†(1)(3) | 2,600 | 0 | ||||||
Sun Life Financial, Inc. | 7,000 | 191,604 | ||||||
Suncor Energy, Inc. | 21,300 | 696,027 | ||||||
Talisman Energy, Inc. | 12,300 | 138,435 | ||||||
Teck Resources, Ltd., Class B | 8,900 | 301,311 | ||||||
TELUS Corp. | 1,500 | 97,956 | ||||||
Thomson Reuters Corp. | 7,500 | 206,498 | ||||||
Tim Hortons, Inc. | 3,000 | 139,528 | ||||||
Toronto-Dominion Bank | 9,900 | 827,002 | ||||||
Tourmaline Oil Corp.† | 800 | 26,593 | ||||||
TransAlta Corp. | 1,500 | 22,575 | ||||||
Turquoise Hill Resources, Ltd.† | 3,700 | 27,861 | ||||||
Valeant Pharmaceuticals International, Inc.† | 3,400 | 189,416 | ||||||
Vermilion Energy, Inc. | 700 | 35,615 | ||||||
Viterra, Inc. | 2,600 | 40,701 | ||||||
Yamana Gold, Inc. | 14,900 | 280,795 | ||||||
13,624,765 | ||||||||
Cayman Islands — 0.1% |
| |||||||
ASM Pacific Technology, Ltd. | 4,700 | 54,852 | ||||||
Herbalife, Ltd.# | 6,235 | 286,623 | ||||||
Lifestyle International Holdings, Ltd. | 9,500 | 19,857 | ||||||
361,332 | ||||||||
Denmark — 0.3% |
| |||||||
Novo Nordisk A/S, Class B | 5,797 | 920,640 | ||||||
Tryg A/S | 568 | 40,419 | ||||||
961,059 | ||||||||
Finland — 0.2% |
| |||||||
Metso Oyj | 8,653 | 325,344 | ||||||
Neste Oil Oyj | 23,849 | 304,740 | ||||||
630,084 | ||||||||
France — 4.0% |
| |||||||
Aeroports de Paris | 8,701 | 671,384 | ||||||
Arkema SA | 2,038 | 208,464 | ||||||
AXA SA | 63,463 | 1,042,853 | ||||||
BNP Paribas SA | 25,750 | 1,438,193 | ||||||
Cap Gemini SA | 15,240 | 645,154 | ||||||
Casino Guichard Perrachon SA | 9,084 | 824,749 | ||||||
Danone SA | 18,433 | 1,169,286 | ||||||
Fonciere Des Regions | 808 | 67,821 | ||||||
France Telecom SA | 80,967 | 857,050 | ||||||
Imerys SA | 5,752 | 341,647 | ||||||
L’Oreal SA | 5,403 | 733,254 | ||||||
Legrand SA | 21,264 | 861,174 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Natixis | 140,225 | $ | 449,177 | |||||
Renault SA | 4,252 | 212,654 | ||||||
Sanofi | 8,578 | 765,979 | ||||||
Suez Environnement Co. | 13,290 | 144,843 | ||||||
Veolia Environnement SA | 20,332 | 221,062 | ||||||
Vivendi SA | 30,261 | 650,161 | ||||||
11,304,905 | ||||||||
Germany — 3.9% |
| |||||||
Allianz SE | 6,555 | 852,085 | ||||||
Axel Springer AG | 17,948 | 781,850 | ||||||
Bayerische Motoren Werke AG | 12,697 | 1,126,028 | ||||||
Beiersdorf AG | 10,697 | 838,893 | ||||||
Brenntag AG | 6,600 | 853,213 | ||||||
Celesio AG | 15,167 | 257,614 | ||||||
Commerzbank AG† | 87,615 | 157,362 | ||||||
Deutsche Boerse AG | 3,018 | 169,994 | ||||||
Infineon Technologies AG | 27,019 | 207,183 | ||||||
K+S AG | 8,389 | 379,025 | ||||||
Kabel Deutschland Holding AG | 402 | 29,069 | ||||||
Lanxess AG | 6,614 | 575,721 | ||||||
Linde AG | 6,497 | 1,123,385 | ||||||
Merck KGaA | 6,057 | 810,194 | ||||||
Muenchener Rueckversicherungs AG | 6,711 | 1,145,550 | ||||||
Suedzucker AG | 19,837 | 781,452 | ||||||
United Internet AG | 30,066 | 673,929 | ||||||
10,762,547 | ||||||||
Greece — 0.3% |
| |||||||
Coca-Cola Hellenic Bottling Co. SA | 35,565 | 827,023 | ||||||
Hong Kong — 1.0% |
| |||||||
BOC Hong Kong Holdings, Ltd. | 47,500 | 145,867 | ||||||
Cathay Pacific Airways, Ltd. | 27,000 | 47,449 | ||||||
Cheung Kong Holdings, Ltd. | 18,000 | 274,290 | ||||||
Hang Lung Group, Ltd. | 13,000 | 71,792 | ||||||
Hang Lung Properties, Ltd. | 26,000 | 95,107 | ||||||
Hang Seng Bank, Ltd. | 9,500 | 144,886 | ||||||
Henderson Land Development Co., Ltd. | 12,000 | 85,469 | ||||||
Hong Kong & China Gas Co., Ltd. | 92,000 | 249,284 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 12,200 | 194,408 | ||||||
Hysan Development Co., Ltd. | 6,000 | 28,915 | ||||||
Link REIT | 31,000 | 169,395 | ||||||
MTR Corp., Ltd. | 40,500 | 161,996 | ||||||
New World Development Co., Ltd. | 50,000 | 78,708 | ||||||
Power Assets Holdings, Ltd. | 24,500 | 216,385 | ||||||
Sino Land Co., Ltd. | 46,200 | 83,337 | ||||||
Sun Hung Kai Properties, Ltd. | 20,000 | 292,896 | ||||||
Swire Pacific, Ltd., Class A | 10,500 | 129,045 | ||||||
Wharf Holdings, Ltd. | 22,000 | 170,176 | ||||||
Wheelock & Co., Ltd. | 17,000 | 82,256 | ||||||
2,721,661 | ||||||||
Ireland — 1.1% |
| |||||||
Accenture PLC, Class A | 30,395 | 2,064,428 | ||||||
Covidien PLC | 7,195 | 418,102 | ||||||
CRH PLC | 3,194 | 58,363 | ||||||
Kerry Group PLC, Class A | 5,698 | 297,904 | ||||||
Warner Chilcott PLC, Class A | 12,858 | 149,924 | ||||||
2,988,721 | ||||||||
Israel — 0.2% |
| |||||||
Bank Hapoalim BM† | 5,288 | 21,788 | ||||||
Bank Leumi Le-Israel BM† | 3,653 | 12,332 | ||||||
Delek Group, Ltd. | 465 | 104,391 |
69
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Israel (continued) | ||||||||
Mellanox Technologies, Ltd.† | 355 | $ | 26,975 | |||||
NICE Systems, Ltd.† | 1,274 | 43,411 | ||||||
Teva Pharmaceutical Industries, Ltd. | 11,909 | 483,827 | ||||||
692,724 | ||||||||
Italy — 1.0% |
| |||||||
Atlantia SpA | 30,241 | 516,402 | ||||||
Autogrill SpA | 43,853 | 433,736 | ||||||
Pirelli & C. SpA | 7,843 | 90,986 | ||||||
Saipem SpA | 14,918 | 664,117 | ||||||
Snam SpA | 157,182 | 695,039 | ||||||
Telecom Italia SpA | 289,796 | 264,015 | ||||||
UniCredit SpA† | 9,305 | 43,324 | ||||||
2,707,619 | ||||||||
Japan — 8.0% |
| |||||||
Advantest Corp. | 600 | 8,006 | ||||||
Aeon Co., Ltd. | 31,300 | 350,077 | ||||||
Air Water, Inc. | 1,000 | 12,567 | ||||||
Aisin Seiki Co., Ltd. | 4,200 | 124,112 | ||||||
Ajinomoto Co., Inc. | 13,000 | 185,928 | ||||||
All Nippon Airways Co., Ltd. | 27,000 | 57,973 | ||||||
Amada Co., Ltd. | 8,000 | 45,612 | ||||||
Asahi Glass Co., Ltd. | 29,000 | 220,926 | ||||||
Asics Corp. | 2,000 | 29,454 | ||||||
Astellas Pharma, Inc. | 6,200 | 313,629 | ||||||
Benesse Holdings, Inc. | 1,900 | 82,974 | ||||||
Casio Computer Co., Ltd. | 3,900 | 29,190 | ||||||
Central Japan Railway Co. | 3,000 | 237,642 | ||||||
Chugai Pharmaceutical Co., Ltd. | 3,700 | 73,340 | ||||||
Citizen Holdings Co., Ltd. | 7,800 | 38,983 | ||||||
Coca-Cola West Co., Ltd. | 1,800 | 27,949 | ||||||
Cosmo Oil Co., Ltd. | 24,000 | 46,582 | ||||||
Credit Saison Co., Ltd. | 1,600 | 35,558 | ||||||
Dai Nippon Printing Co., Ltd. | 9,000 | 67,362 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 105 | 118,966 | ||||||
Daido Steel Co., Ltd. | 6,000 | 25,911 | ||||||
Daihatsu Motor Co., Ltd. | 10,000 | 177,473 | ||||||
Daiichi Sankyo Co., Ltd. | 8,000 | 123,443 | ||||||
Daito Trust Construction Co., Ltd. | 600 | 58,155 | ||||||
Daiwa House Industry Co., Ltd. | 3,000 | 45,854 | ||||||
Daiwa Securities Group, Inc. | 23,000 | 101,838 | ||||||
Dena Co., Ltd. | 1,100 | 40,365 | ||||||
Denso Corp. | 9,600 | 315,478 | ||||||
Dentsu, Inc. | 3,000 | 73,367 | ||||||
East Japan Railway Co. | 5,200 | 341,263 | ||||||
Eisai Co., Ltd. | 3,300 | 138,509 | ||||||
FANUC Corp. | 2,800 | 472,130 | ||||||
Fast Retailing Co., Ltd. | 800 | 181,670 | ||||||
FUJIFILM Holdings Corp. | 8,700 | 159,467 | ||||||
Furukawa Electric Co., Ltd.† | 28,000 | 53,327 | ||||||
Gree, Inc. | 1,000 | 17,383 | ||||||
GS Yuasa Corp. | 13,000 | 50,306 | ||||||
Hamamatsu Photonics KK | 2,300 | 81,052 | ||||||
Hankyu Hanshin Holdings, Inc. | 3,000 | 15,831 | ||||||
Hino Motors, Ltd. | 10,000 | 85,886 | ||||||
Hirose Electric Co., Ltd. | 900 | 102,408 | ||||||
Hitachi Chemical Co., Ltd. | 900 | 12,861 | ||||||
Hitachi Construction Machinery Co., Ltd. | 4,600 | 80,522 | ||||||
Hitachi High-Technologies Corp. | 2,200 | 48,865 | ||||||
Hitachi Metals, Ltd. | 4,000 | 29,696 | ||||||
Honda Motor Co., Ltd. | 26,400 | 874,929 | ||||||
Hulic Co., Ltd.† | 1,100 | 7,352 | ||||||
Ibiden Co., Ltd. | 3,400 | 46,524 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Idemitsu Kosan Co., Ltd. | 800 | $ | 65,603 | |||||
Inpex Corp. | 34 | 182,301 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 6,000 | 53,424 | ||||||
Isuzu Motors, Ltd. | 35,000 | 205,071 | ||||||
Japan Petroleum Exploration Co. | 600 | 20,904 | ||||||
JSR Corp. | 2,300 | 42,521 | ||||||
JTEKT Corp. | 6,700 | 54,130 | ||||||
Jupiter Telecommunications Co., Ltd. | 58 | 75,846 | ||||||
Kao Corp. | 8,600 | 236,087 | ||||||
KDDI Corp. | 3,300 | 244,192 | ||||||
Keikyu Corp. | 3,000 | 27,549 | ||||||
Keio Corp. | 4,000 | 29,308 | ||||||
Keyence Corp. | 900 | 251,325 | ||||||
Kikkoman Corp. | 2,000 | 28,289 | ||||||
Kinden Corp. | 20,000 | 119,852 | ||||||
Kintetsu Corp. | 21,000 | 83,557 | ||||||
Kobe Steel, Ltd.† | 14,000 | 13,077 | ||||||
Koito Manufacturing Co., Ltd. | 1,000 | 13,696 | ||||||
Konica Minolta Holdings, Inc. | 39,000 | 278,183 | ||||||
Kubota Corp. | 25,000 | 265,361 | ||||||
Kuraray Co., Ltd. | 5,000 | 61,564 | ||||||
Kurita Water Industries, Ltd. | 3,200 | 69,679 | ||||||
Kyocera Corp. | 3,000 | 276,218 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 1,000 | 10,202 | ||||||
LIXIL Group Corp. | 7,900 | 167,325 | ||||||
Mabuchi Motor Co., Ltd. | 1,600 | 67,350 | ||||||
Makita Corp. | 2,800 | 118,032 | ||||||
Marui Group Co., Ltd. | 2,400 | 16,216 | ||||||
Maruichi Steel Tube, Ltd. | 1,000 | 21,593 | ||||||
Mazda Motor Corp.† | 95,000 | 149,815 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 2,500 | 71,268 | ||||||
Medipal Holdings Corp. | 2,000 | 23,655 | ||||||
MEIJI Holdings Co., Ltd. | 1,200 | 53,351 | ||||||
Mitsubishi Chemical Holdings Corp. | 23,500 | 102,626 | ||||||
Mitsubishi Estate Co., Ltd. | 16,000 | 308,413 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 5,000 | 29,478 | ||||||
Mitsubishi Materials Corp. | 28,000 | 79,820 | ||||||
Mitsubishi Motors Corp.† | 188,000 | 175,605 | ||||||
Mitsubishi Tanabe Pharma Corp. | 2,100 | 28,506 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 161,100 | 736,759 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 1,170 | 50,953 | ||||||
Mitsui Chemicals, Inc. | 13,000 | 29,332 | ||||||
Mitsui Fudosan Co., Ltd. | 11,000 | 229,381 | ||||||
Mitsui OSK Lines, Ltd. | 15,000 | 37,666 | ||||||
Mizuho Financial Group, Inc. | 321,000 | 514,005 | ||||||
MS&AD Insurance Group Holdings | 7,000 | 121,429 | ||||||
Murata Manufacturing Co., Ltd. | 3,500 | 198,277 | ||||||
Namco Bandai Holdings, Inc. | 3,200 | 44,913 | ||||||
NGK Insulators, Ltd. | 6,000 | 64,196 | ||||||
NGK Spark Plug Co., Ltd. | 3,000 | 36,283 | ||||||
NHK Spring Co., Ltd. | 3,000 | 25,111 | ||||||
Nidec Corp. | 2,700 | 163,765 | ||||||
Nippon Electric Glass Co., Ltd. | 10,000 | 57,015 | ||||||
Nippon Express Co., Ltd. | 3,000 | 10,772 | ||||||
Nippon Meat Packers, Inc. | 3,000 | 44,726 | ||||||
Nippon Telegraph & Telephone Corp. | 6,100 | 272,682 | ||||||
Nippon Yusen KK | 25,000 | 53,072 | ||||||
Nissan Motor Co., Ltd. | 59,200 | 573,795 | ||||||
Nisshin Seifun Group, Inc. | 3,000 | 38,358 | ||||||
Nisshin Steel Holdings Co., Ltd.† | 1,000 | 7,109 | ||||||
Nissin Foods Holdings Co., Ltd. | 1,600 | 63,080 | ||||||
Nitori Holdings Co., Ltd. | 600 | 44,617 | ||||||
Nitto Denko Corp. | 2,100 | 109,413 | ||||||
NKSJ Holdings, Inc. | 5,850 | 110,918 |
70
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
NOK Corp. | 2,000 | $ | 30,594 | |||||
Nomura Holdings, Inc. | 49,600 | 205,175 | ||||||
Nomura Research Institute, Ltd. | 2,800 | 54,040 | ||||||
NSK, Ltd. | 12,000 | 71,329 | ||||||
NTN Corp. | 12,000 | 24,892 | ||||||
NTT Data Corp. | 31 | 89,802 | ||||||
NTT DOCOMO, Inc. | 212 | 305,778 | ||||||
Obayashi Corp. | 31,000 | 146,285 | ||||||
Odakyu Electric Railway Co., Ltd. | 7,000 | 71,414 | ||||||
OJI Paper Co., Ltd. | 4,000 | 12,616 | ||||||
Olympus Corp.† | 1,700 | 28,356 | ||||||
Omron Corp. | 4,100 | 90,868 | ||||||
Ono Pharmaceutical Co., Ltd. | 1,000 | 54,770 | ||||||
Oracle Corp. Japan | 1,000 | 41,972 | ||||||
Oriental Land Co., Ltd. | 1,700 | 218,803 | ||||||
ORIX Corp. | 1,980 | 198,637 | ||||||
Osaka Gas Co., Ltd. | 37,000 | 145,424 | ||||||
Otsuka Corp. | 300 | 23,801 | ||||||
Otsuka Holdings Co., Ltd. | 5,000 | 148,420 | ||||||
Panasonic Corp. | 34,000 | 166,216 | ||||||
Rakuten, Inc. | 12,300 | 103,700 | ||||||
Resona Holdings, Inc. | 15,800 | 66,125 | ||||||
Rinnai Corp. | 600 | 41,778 | ||||||
Rohm Co., Ltd. | 1,700 | 48,442 | ||||||
Secom Co., Ltd. | 3,800 | 194,529 | ||||||
Sekisui Chemical Co., Ltd. | 9,000 | 70,528 | ||||||
Sekisui House, Ltd. | 12,000 | 112,525 | ||||||
Sharp Corp. | 14,000 | 29,211 | ||||||
Shimamura Co., Ltd. | 400 | 40,420 | ||||||
Shimano, Inc. | 1,500 | 99,169 | ||||||
Shimizu Corp. | 38,000 | 114,320 | ||||||
Shin-Etsu Chemical Co., Ltd. | 5,900 | 347,122 | ||||||
Shionogi & Co., Ltd. | 1,200 | 20,321 | ||||||
Shiseido Co., Ltd. | 4,600 | 66,683 | ||||||
Showa Denko KK | 26,000 | 37,533 | ||||||
Showa Shell Sekiyu KK | 6,900 | 40,177 | ||||||
SMC Corp. | 1,200 | 202,632 | ||||||
Softbank Corp. | 10,200 | 382,338 | ||||||
Sony Financial Holdings, Inc. | 2,200 | 37,790 | ||||||
Square Enix Holdings Co., Ltd. | 700 | 9,417 | ||||||
Stanley Electric Co., Ltd. | 1,300 | 18,246 | ||||||
Sumitomo Chemical Co., Ltd. | 32,000 | 91,223 | ||||||
Sumitomo Electric Industries, Ltd. | 21,000 | 226,469 | ||||||
Sumitomo Metal Mining Co., Ltd. | 7,000 | 95,869 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 19,400 | 624,584 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 29,000 | 87,948 | ||||||
Sumitomo Realty & Development Co., Ltd. | 5,000 | 136,047 | ||||||
Sumitomo Rubber Industries, Ltd. | 4,500 | 53,060 | ||||||
Suzuken Co., Ltd. | 600 | 17,869 | ||||||
Sysmex Corp. | 900 | 40,668 | ||||||
T&D Holdings, Inc. | 6,600 | 70,936 | ||||||
Taisei Corp. | 54,000 | 146,734 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 400 | 29,454 | ||||||
Taiyo Nippon Sanso Corp. | 3,000 | 16,631 | ||||||
Takashimaya Co., Ltd. | 2,000 | 12,665 | ||||||
Takeda Pharmaceutical Co., Ltd. | 10,800 | 493,916 | ||||||
TDK Corp. | 2,200 | 86,068 | ||||||
Teijin, Ltd. | 8,000 | 18,342 | ||||||
Terumo Corp. | 1,700 | 71,972 | ||||||
THK Co., Ltd. | 2,600 | 44,692 | ||||||
Tobu Railway Co., Ltd. | 13,000 | 67,180 | ||||||
Toho Gas Co., Ltd. | 7,000 | 40,674 | ||||||
Tokio Marine Holdings, Inc. | 9,000 | 230,800 | ||||||
Tokyo Electron, Ltd. | 2,800 | 124,826 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Tokyo Gas Co., Ltd. | 39,000 | $ | 191,606 | |||||
Tokyu Corp. | 17,000 | 87,232 | ||||||
TonenGeneral Sekiyu KK | 12,000 | 111,360 | ||||||
Toppan Printing Co., Ltd. | 7,000 | 43,307 | ||||||
Toray Industries, Inc. | 24,000 | 142,076 | ||||||
Tosoh Corp. | 5,000 | 10,736 | ||||||
TOTO, Ltd. | 17,000 | 116,310 | ||||||
Toyo Suisan Kaisha, Ltd. | 1,000 | 27,416 | ||||||
Toyoda Gosei Co., Ltd. | 800 | 16,731 | ||||||
Toyota Industries Corp. | 5,400 | 161,604 | ||||||
Trend Micro, Inc. | 1,600 | 41,710 | ||||||
Ube Industries, Ltd. | 10,000 | 20,744 | ||||||
Unicharm Corp. | 2,400 | 122,569 | ||||||
Ushio, Inc. | 4,800 | 54,792 | ||||||
USS Co., Ltd. | 290 | 30,887 | ||||||
West Japan Railway Co. | 2,500 | 99,927 | ||||||
Yahoo Japan Corp. | 249 | 83,609 | ||||||
Yakult Honsha Co., Ltd. | 1,900 | 83,320 | ||||||
Yamada Denki Co., Ltd. | 1,250 | 44,202 | ||||||
Yamaha Motor Co., Ltd. | 9,800 | 102,833 | ||||||
Yamato Holdings Co., Ltd. | 5,800 | 86,822 | ||||||
Yamato Kogyo Co., Ltd. | 500 | 13,495 | ||||||
Yamazaki Baking Co., Ltd. | 3,000 | 35,119 | ||||||
Yaskawa Electric Corp. | 8,000 | 63,856 | ||||||
22,460,402 | ||||||||
Jersey — 0.2% |
| |||||||
Petrofac, Ltd. | 5,186 | 135,266 | ||||||
Randgold Resources, Ltd. | 251 | 26,803 | ||||||
Shire PLC | 9,770 | 282,693 | ||||||
444,762 | ||||||||
Luxembourg — 0.2% |
| |||||||
Millicom International Cellular SA SDR | 3,839 | 329,469 | ||||||
Tenaris SA | 8,648 | 171,519 | ||||||
500,988 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 78,000 | 42,176 | ||||||
Netherlands — 1.4% |
| |||||||
Aegon NV | 66,157 | 380,557 | ||||||
ASML Holding NV | 13,813 | 863,015 | ||||||
Chicago Bridge & Iron Co. NV | 5,871 | 238,539 | ||||||
DE Master Blenders 1753 NV† | 67,270 | 774,269 | ||||||
Gemalto NV | 3,932 | 361,543 | ||||||
ING Groep NV CVA† | 67,204 | 603,949 | ||||||
Koninklijke KPN NV | 58,996 | 333,764 | ||||||
LyondellBasell Industries NV, Class A | 6,752 | 335,777 | ||||||
STMicroelectronics NV | 3,922 | 24,994 | ||||||
3,916,407 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 8,240 | 18,129 | ||||||
Contact Energy, Ltd.† | 14,357 | 62,704 | ||||||
Fletcher Building, Ltd. | 14,298 | 92,964 | ||||||
Telecom Corp. of New Zealand, Ltd. | 17,306 | 32,819 | ||||||
206,616 | ||||||||
Norway — 0.5% |
| |||||||
Aker Solutions ASA | 5,251 | 98,819 | ||||||
Statoil ASA | 41,523 | 1,015,268 | ||||||
Yara International ASA | 4,011 | 201,172 | ||||||
1,315,259 | ||||||||
71
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Singapore — 0.8% |
| |||||||
Ascendas Real Estate Investment Trust | 31,000 | $ | 60,954 | |||||
CapitaLand, Ltd. | 43,000 | 124,357 | ||||||
CapitaMall Trust | 45,000 | 76,315 | ||||||
City Developments, Ltd. | 7,000 | 67,213 | ||||||
DBS Group Holdings, Ltd. | 25,000 | 295,961 | ||||||
Global Logistic Properties, Ltd. | 30,000 | 69,064 | ||||||
Jardine Cycle & Carriage, Ltd. | 3,000 | 119,916 | ||||||
Olam International, Ltd. | 61,000 | 78,711 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 40,000 | 308,373 | ||||||
Singapore Airlines, Ltd. | 6,000 | 52,646 | ||||||
Singapore Exchange, Ltd. | 10,000 | 56,448 | ||||||
Singapore Press Holdings, Ltd. | 35,000 | 119,859 | ||||||
Singapore Telecommunications, Ltd. | 118,000 | 319,990 | ||||||
United Overseas Bank, Ltd. | 19,000 | 291,398 | ||||||
Wilmar International, Ltd. | 25,000 | 65,337 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 108,000 | 82,730 | ||||||
2,189,272 | ||||||||
Spain — 1.4% |
| |||||||
Abertis Infraestructuras SA | 38,871 | 567,971 | ||||||
Banco de Sabadell SA† | 185,732 | 518,375 | ||||||
Banco Popular Espanol SA† | 23,441 | 19,572 | ||||||
Banco Santander SA | 6,336 | 48,733 | ||||||
Enagas SA | 39,310 | 804,446 | ||||||
Ferrovial SA | 58,475 | 866,587 | ||||||
Repsol SA | 47,246 | 1,002,181 | ||||||
3,827,865 | ||||||||
Sweden — 1.4% |
| |||||||
Alfa Laval AB | 13,521 | 265,813 | ||||||
Assa Abloy AB, Class B | 25,588 | 925,704 | ||||||
Atlas Copco AB, Class A | 37,437 | 964,432 | ||||||
Investment AB Kinnevik, Class B | 28,618 | 557,447 | ||||||
Lundin Petroleum AB† | 20,187 | 476,962 | ||||||
Svenska Cellulosa AB, Class B | 1,258 | 25,469 | ||||||
Svenska Handelsbanken AB, Class A | 22,454 | 798,150 | ||||||
Swedbank AB, Class A | 1,030 | 19,026 | ||||||
4,033,003 | ||||||||
Switzerland — 4.0% |
| |||||||
ACE, Ltd. | 22,897 | 1,814,129 | ||||||
Actelion, Ltd. | 11,672 | 578,121 | ||||||
Aryzta AG | 12,729 | 643,524 | ||||||
Barry Callebaut AG | 824 | 835,826 | ||||||
Cie Financiere Richemont SA, Class A | 13,604 | 1,048,889 | ||||||
Garmin, Ltd.# | 13,625 | 529,876 | ||||||
Geberit AG | 1,619 | 342,074 | ||||||
Holcim, Ltd. | 9,486 | 650,007 | ||||||
Novartis AG | 12,996 | 804,274 | ||||||
Partners Group Holding AG | 3,854 | 840,086 | ||||||
Roche Holding AG | 11,635 | 2,290,088 | ||||||
Sonova Holding AG | 1,640 | 179,096 | ||||||
Swisscom AG | 1,325 | 557,910 | ||||||
11,113,900 | ||||||||
United Kingdom — 8.9% |
| |||||||
Aberdeen Asset Management PLC | 93,689 | 507,351 | ||||||
Aggreko PLC | 5,937 | 212,307 | ||||||
Anglo American PLC | 39,478 | 1,095,801 | ||||||
Antofagasta PLC | 10,512 | 216,923 | ||||||
Associated British Foods PLC | 38,111 | 902,460 | ||||||
AstraZeneca PLC | 29,857 | 1,419,038 | ||||||
Aviva PLC | 173,786 | 975,902 | ||||||
Balfour Beatty PLC | 45,485 | 188,233 | ||||||
Barclays PLC | 304,838 | 1,201,455 | ||||||
BG Group PLC | 72,931 | 1,250,257 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
BHP Billiton PLC | 46,944 | $ | 1,475,647 | |||||
British Sky Broadcasting Group PLC | 74,195 | 902,235 | ||||||
BT Group PLC | 261,381 | 977,832 | ||||||
Bunzl PLC | 42,545 | 701,402 | ||||||
Burberry Group PLC | 17,502 | 360,886 | ||||||
Croda International PLC | 11,779 | 449,336 | ||||||
Ensco PLC, Class A | 15,506 | 902,914 | ||||||
GlaxoSmithKline PLC | 89,026 | 1,903,438 | ||||||
Hammerson PLC | 56,615 | 427,406 | ||||||
HSBC Holdings PLC | 136,453 | 1,394,129 | ||||||
ITV PLC | 267,885 | 424,471 | ||||||
Johnson Matthey PLC | 18,128 | 696,761 | ||||||
Land Securities Group PLC | 40,700 | 526,877 | ||||||
Marks & Spencer Group PLC | 131,546 | 823,215 | ||||||
Next PLC | 14,778 | 866,800 | ||||||
Prudential PLC | 14,941 | 216,637 | ||||||
Reckitt Benckiser Group PLC | 15,122 | 950,938 | ||||||
Rexam PLC | 96,275 | 675,139 | ||||||
Royal Bank of Scotland Group PLC† | 47,168 | 223,083 | ||||||
Schroders PLC | 6,426 | 164,315 | ||||||
Standard Life PLC | 182,683 | 936,594 | ||||||
Tullow Oil PLC | 42,386 | 935,104 | ||||||
24,904,886 | ||||||||
United States — 48.2% |
| |||||||
Adobe Systems, Inc.† | 14,422 | 499,145 | ||||||
Affiliated Managers Group, Inc.†# | 5,186 | 668,320 | ||||||
Aflac, Inc. | 9,421 | 499,219 | ||||||
Air Products & Chemicals, Inc.# | 3,611 | 299,496 | ||||||
Albemarle Corp. | 11,150 | 666,659 | ||||||
American Eagle Outfitters, Inc. | 5,497 | 116,536 | ||||||
American Financial Group, Inc. | 20,592 | 816,473 | ||||||
American Water Works Co., Inc. | 41,350 | 1,578,330 | ||||||
Ameriprise Financial, Inc. | 1,399 | 84,877 | ||||||
Amgen, Inc. | 10,172 | 903,274 | ||||||
Anadarko Petroleum Corp. | 27,433 | 2,007,821 | ||||||
Apache Corp. | 21,274 | 1,640,013 | ||||||
Apple, Inc. | 13,425 | 7,857,384 | ||||||
Assurant, Inc. | 13,872 | 474,561 | ||||||
AvalonBay Communities, Inc. | 6,496 | 856,108 | ||||||
Avery Dennison Corp.# | 14,187 | 474,555 | ||||||
Ball Corp. | 36,861 | 1,647,318 | ||||||
Bank of Hawaii Corp.# | 35,941 | 1,562,355 | ||||||
Biogen Idec, Inc.† | 5,461 | 814,180 | ||||||
BlackRock, Inc. | 2,561 | 504,619 | ||||||
Brinker International, Inc.# | 11,086 | 332,026 | ||||||
Bristol-Myers Squibb Co.# | 65,511 | 2,137,624 | ||||||
Broadridge Financial Solutions, Inc. | 11,013 | 260,017 | ||||||
CA, Inc. | 7,868 | 174,355 | ||||||
Cabot Corp. | 11,514 | 434,423 | ||||||
Cabot Oil & Gas Corp.# | 6,521 | 307,139 | ||||||
Campbell Soup Co.# | 43,537 | 1,599,985 | ||||||
Cardinal Health, Inc. | 41,917 | 1,695,543 | ||||||
CBOE Holdings, Inc.# | 47,177 | 1,414,366 | ||||||
CBS Corp., Class B | 6,422 | 231,064 | ||||||
CenturyLink, Inc. | 32,474 | 1,261,290 | ||||||
Chubb Corp. | 15,703 | 1,208,974 | ||||||
Cigna Corp. | 1,536 | 80,287 | ||||||
Cinemark Holdings, Inc.# | 15,424 | 419,533 | ||||||
Cisco Systems, Inc. | 88,718 | 1,677,657 | ||||||
City National Corp.# | 6,685 | 325,493 | ||||||
Clorox Co.# | 22,208 | 1,695,581 | ||||||
CNA Financial Corp. | 24,970 | 704,903 | ||||||
Coach, Inc. | 3,531 | 204,233 | ||||||
Colgate-Palmolive Co. | 19,629 | 2,129,747 |
72
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
Comcast Corp., Class A | 73,458 | $ | 2,731,168 | |||||
Commerce Bancshares, Inc.# | 42,737 | 1,529,133 | ||||||
Computer Sciences Corp. | 3,112 | 118,443 | ||||||
Crown Holdings, Inc.† | 17,109 | 639,021 | ||||||
CSX Corp.# | 8,406 | 166,103 | ||||||
Cullen/Frost Bankers, Inc.# | 26,782 | 1,462,565 | ||||||
CVS Caremark Corp. | 48,240 | 2,243,642 | ||||||
Danaher Corp. | 13,770 | 743,167 | ||||||
Diamond Offshore Drilling, Inc. | 19,592 | 1,351,848 | ||||||
Discovery Communications, Inc., Class A†# | 15,012 | 906,875 | ||||||
Dr Pepper Snapple Group, Inc.# | 34,714 | 1,556,923 | ||||||
Duke Realty Corp.# | 48,431 | 653,819 | ||||||
EMC Corp.† | 36,318 | 901,413 | ||||||
Emerson Electric Co. | 36,806 | 1,848,765 | ||||||
Endo Health Solutions, Inc.† | 8,151 | 233,608 | ||||||
EOG Resources, Inc. | 2,085 | 245,238 | ||||||
Equity Residential | 28,025 | 1,555,668 | ||||||
Erie Indemnity Co., Class A | 4,195 | 299,020 | ||||||
EXCO Resources, Inc.# | 16,675 | 129,398 | ||||||
Expedia, Inc. | 14,044 | 868,762 | ||||||
Fidelity National Information Services, Inc. | 5,639 | 203,568 | ||||||
Fiserv, Inc.† | 12,345 | 950,442 | ||||||
Foot Locker, Inc. | 2,050 | 73,472 | ||||||
Gap, Inc. | 21,246 | 732,137 | ||||||
General Mills, Inc.# | 38,441 | 1,575,697 | ||||||
Google, Inc., Class A† | 3,201 | 2,235,482 | ||||||
H&R Block, Inc.# | 14,741 | 265,780 | ||||||
Harsco Corp.# | 15,821 | 318,793 | ||||||
Hershey Co.# | 14,813 | 1,085,349 | ||||||
HollyFrontier Corp. | 4,744 | 215,046 | ||||||
Humana, Inc. | 4,944 | 323,387 | ||||||
IAC/InterActiveCorp | 1,473 | 69,452 | ||||||
Integrys Energy Group, Inc.# | 30,049 | 1,597,705 | ||||||
Intel Corp.# | 46,163 | 903,410 | ||||||
Intuit, Inc.# | 3,196 | 191,472 | ||||||
ITT Corp.# | 30,638 | 685,372 | ||||||
Jarden Corp. | 2,645 | 139,947 | ||||||
John Wiley & Sons, Inc., Class A# | 6,529 | 278,788 | ||||||
JPMorgan Chase & Co. | 47,104 | 1,935,032 | ||||||
KLA-Tencor Corp. | 12,981 | 590,246 | ||||||
Kronos Worldwide, Inc.# | 11,180 | 180,110 | ||||||
Lear Corp. | 8,115 | 354,382 | ||||||
Legg Mason, Inc.# | 9,506 | 242,688 | ||||||
Liberty Global, Inc., Class A†# | 12,395 | 694,616 | ||||||
Liberty Interactive Corp., Class A† | 31,162 | 601,427 | ||||||
Lincoln Electric Holdings, Inc. | 9,382 | 445,739 | ||||||
LPL Financial Holdings, Inc. | 9,871 | 276,487 | ||||||
Marathon Petroleum Corp. | 32,245 | 1,919,867 | ||||||
Marriott International, Inc., Class A# | 11,420 | 414,432 | ||||||
Mastercard, Inc., Class A | 4,474 | 2,186,354 | ||||||
Maxim Integrated Products, Inc. | 16,115 | 470,397 | ||||||
McGraw-Hill Cos., Inc. | 31,536 | 1,674,877 | ||||||
McKesson Corp. | 19,034 | 1,798,142 | ||||||
MetLife, Inc. | 34,146 | 1,133,306 | ||||||
Microsoft Corp. | 138,144 | 3,677,393 | ||||||
Molex, Inc.# | 9,329 | 246,099 | ||||||
NewMarket Corp.# | 589 | 156,291 | ||||||
News Corp., Class A | 53,784 | 1,325,238 | ||||||
Norfolk Southern Corp. | 18,122 | 1,094,206 | ||||||
Northrop Grumman Corp.# | 26,540 | 1,770,218 | ||||||
Nu Skin Enterprises, Inc., Class A# | 7,379 | 335,007 | ||||||
O’Reilly Automotive, Inc.† | 2,339 | 220,053 | ||||||
Omnicom Group, Inc. | 33,192 | 1,650,970 | ||||||
Oracle Corp. | 60,382 | 1,938,262 | ||||||
Parker Hannifin Corp.# | 21,324 | 1,751,767 | ||||||
Patterson Cos., Inc.# | 26,239 | 894,750 | ||||||
PepsiCo, Inc. | 39,953 | 2,805,100 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Phillips 66 | 40,089 | $ | 2,099,461 | |||||
Pitney Bowes, Inc.# | 24,963 | 279,336 | ||||||
Plains Exploration & Production Co.† | 17,903 | 639,137 | ||||||
priceline.com, Inc.† | 728 | 482,780 | ||||||
Principal Financial Group, Inc. | 16,733 | 454,301 | ||||||
PulteGroup, Inc.†# | 24,933 | 419,124 | ||||||
QUALCOMM, Inc. | 35,359 | 2,249,540 | ||||||
Quest Diagnostics, Inc. | 14,158 | 818,049 | ||||||
Ralph Lauren Corp.# | 1,079 | 169,500 | ||||||
Regal Entertainment Group, Class A# | 32,043 | 499,230 | ||||||
Regions Financial Corp. | 46,316 | 308,928 | ||||||
Republic Services, Inc. | 44,198 | 1,258,317 | ||||||
ResMed, Inc.# | 15,746 | 647,003 | ||||||
Robert Half International, Inc. | 13,139 | 371,308 | ||||||
Rockwell Automation, Inc.# | 8,631 | 683,920 | ||||||
RPC, Inc.# | 11,366 | 131,391 | ||||||
Safeway, Inc.# | 64,408 | 1,102,021 | ||||||
Scotts Miracle-Gro Co., Class A# | 13,156 | 545,448 | ||||||
St. Jude Medical, Inc. | 20,023 | 686,388 | ||||||
SVB Financial Group† | 2,461 | 135,896 | ||||||
Taubman Centers, Inc. | 10,558 | 817,928 | ||||||
Thor Industries, Inc.# | 2,434 | 91,859 | ||||||
U.S. Cellular Corp.†# | 4,407 | 153,584 | ||||||
UnitedHealth Group, Inc. | 39,131 | 2,128,335 | ||||||
Unum Group# | 16,493 | 336,292 | ||||||
Viacom, Inc., Class B | 31,902 | 1,646,462 | ||||||
Virgin Media, Inc.# | 6,082 | 213,904 | ||||||
Visa, Inc., Class A | 16,705 | 2,500,906 | ||||||
Waddell & Reed Financial, Inc., Class A | 2,962 | 96,235 | ||||||
Walt Disney Co.# | 50,367 | 2,501,225 | ||||||
Wells Fargo & Co. | 25,723 | 849,116 | ||||||
Westlake Chemical Corp.# | 11,022 | 798,103 | ||||||
Whole Foods Market, Inc. | 678 | 63,298 | ||||||
Williams Cos., Inc. | 11,319 | 371,716 | ||||||
Zimmer Holdings, Inc. | 16,323 | 1,076,828 | ||||||
134,705,686 | ||||||||
Total Common Stock | ||||||||
(cost $256,619,583) | 272,489,590 | |||||||
PREFERRED STOCK — 0.4% |
| |||||||
Germany — 0.4% |
| |||||||
Bayerische Motoren Werke AG | 13,908 | 846,521 | ||||||
ProSiebenSat.1 Media AG | 7,599 | 222,415 | ||||||
Total Preferred Stock | ||||||||
(cost $880,643) | 1,068,936 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $257,500,226) | 273,558,526 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 3.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | $ | 8,924,291 | 8,924,291 | |||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | 3,390,000 | 3,390,000 | ||||||
U.S Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | 900,000 | 899,951 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $13,214,242) | 13,214,242 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $270,714,468)(4) | 102.7 | % | 286,772,768 | |||||
Liabilities in excess of other assets | (2.7 | ) | (7,564,860 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 279,207,908 | ||||
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VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
† | 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) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 1. |
(2) | At November 30, 2012, the Fund had loaned securities with a total value of $8,728,218 This was secured by collateral of $8,924,291, which was received in cash and subsequently invested in short-term investments currently valued at $8,924,291 as reported in the portfolio of investments. Additional collateral of $6,244 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $4,848 | |||
United States Treasury Notes/Bonds | 0.25% to 4.25% | 12/15/2013 to 02/15/2020 | 1,396 |
(3) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(4) | See Note 5 for cost of investments on a tax basis. |
CVA—Certification Van Aandelen (Dutch Cert.)
PPS—Price Protected Shares
SDR—Swedish Depository Receipt
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
60 | Long | S&P 500 E-Mini Index | December 2012 | $ | 4,335,343 | $ | 4,243,200 | $ | (92,143 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 10,389,239 | $ | — | $ | 0 | $ | 10,389,239 | ||||||||
Canada | 13,624,765 | — | 0 | 13,624,765 | ||||||||||||
Japan | 22,460,402 | — | — | 22,460,402 | ||||||||||||
United Kingdom | 24,904,886 | — | — | 24,904,886 | ||||||||||||
United States | 134,705,686 | — | — | 134,705,686 | ||||||||||||
Other Countries* | 66,404,612 | — | — | 66,404,612 | ||||||||||||
Preferred Stock | 1,068,936 | — | — | 1,068,936 | ||||||||||||
Short Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,924,291 | — | — | 8,924,291 | ||||||||||||
Time Deposits | — | 3,390,000 | — | 3,390,000 | ||||||||||||
U.S. Government Treasuries | — | 899,951 | — | 899,951 | ||||||||||||
Total Assets | $ | 282,482,817 | $ | 4,289,951 | $ | 0 | $ | 286,772,768 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments: † | ||||||||||||||||
Open Futures Contracts-Depreciation | $ | 92,143 | $ | — | $ | — | $ | 92,143 | ||||||||
* | 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 securities 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. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
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VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Sovereign | 33.5 | % | ||
Medical — Drugs | 6.7 | |||
Diversified Banking Institutions | 6.6 | |||
Registered Investment Companies | 5.0 | |||
Oil Companies — Integrated | 4.5 | |||
U.S. Government Agencies | 4.1 | |||
Telecom Services | 2.8 | |||
Foreign Government Treasuries | 2.3 | |||
Cable/Satellite TV | 1.8 | |||
Medical — Biomedical/Gene | 1.6 | |||
Auto — Cars/Light Trucks | 1.4 | |||
Banks — Commercial | 1.4 | |||
Insurance — Life/Health | 1.3 | |||
Internet Security | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Transport — Services | 1.0 | |||
Cellular Telecom | 1.0 | |||
Networking Products | 1.0 | |||
Oil — Field Services | 0.9 | |||
Insurance — Multi-line | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Telephone — Integrated | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Retail — Discount | 0.8 | |||
Containers — Metal/Glass | 0.8 | |||
Retail — Building Products | 0.8 | |||
Aerospace/Defense | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Food — Retail | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Finance — Credit Card | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Multimedia | 0.6 | |||
Medical Instruments | 0.6 | |||
Medical — Generic Drugs | 0.6 | |||
Building Products — Cement | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Applications Software | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Security Services | 0.5 | |||
Import/Export | 0.5 | |||
Rubber — Tires | 0.5 | |||
Metal — Iron | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Consulting Services | 0.4 | |||
Steel — Producers | 0.4 | |||
Central Bank | 0.4 | |||
Airlines | 0.4 | |||
Therapeutics | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Publishing — Books | 0.3 | |||
Diversified Financial Services | 0.3 | |||
Photo Equipment & Supplies | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Computers — Integrated Systems | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
U.S. Municipal Bonds & Notes | 0.2 | |||
Electric — Integrated | 0.2 | |||
Entertainment Software | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
SupraNational Banks | 0.1 | |||
Time Deposits | 0.1 | |||
103.8 | % | |||
Country Allocation*
United States | 29.1 | % | ||
United Kingdom | 8.8 | |||
South Korea | 7.9 | |||
France | 5.7 | |||
Poland | 4.5 | |||
Brazil | 4.2 | |||
Ireland | 4.1 | |||
Germany | 3.8 | |||
Japan | 3.3 | |||
Mexico | 3.2 | |||
Switzerland | 3.1 | |||
Sweden | 2.9 | |||
Netherlands | 2.3 | |||
Singapore | 2.2 | |||
Indonesia | 1.7 | |||
Malaysia | 1.7 | |||
Russia | 1.7 | |||
Norway | 1.7 | |||
Italy | 1.6 | |||
Australia | 1.5 | |||
Hungary | 1.4 | |||
Lithuania | 1.1 | |||
Ukraine | 1.1 | |||
Spain | 0.8 | |||
China | 0.7 | |||
Taiwan | 0.6 | |||
Israel | 0.6 | |||
Vietnam | 0.5 | |||
Canada | 0.4 | |||
Thailand | 0.4 | |||
Venezuela | 0.3 | |||
Turkey | 0.2 | |||
Slovenia | 0.2 | |||
Austria | 0.1 | |||
Serbia | 0.1 | |||
Iceland | 0.1 | |||
SupraNational | 0.1 | |||
Philippines | 0.1 | |||
103.8 | % | |||
* | Calculated as a percentage of net assets |
75
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 57.3% |
| |||||||
Austria — 0.1% |
| |||||||
Telekom Austria AG | 90,397 | $ | 587,829 | |||||
Canada — 0.4% |
| |||||||
Talisman Energy, Inc.# | 168,200 | 1,893,065 | ||||||
China — 0.7% |
| |||||||
China Telecom Corp., Ltd., Class H | 5,330,000 | 2,902,196 | ||||||
France — 5.7% |
| |||||||
Alstom SA | 28,820 | 1,048,930 | ||||||
AXA SA | 157,415 | 2,586,715 | ||||||
BNP Paribas SA | 98,960 | 5,527,129 | ||||||
Cie Generale des Etablissements Michelin | 22,460 | 2,088,834 | ||||||
Credit Agricole SA† | 189,680 | 1,437,947 | ||||||
France Telecom SA ADR | 132,422 | 1,418,240 | ||||||
Sanofi | 55,872 | 4,989,136 | ||||||
Thales SA | 33,000 | 1,186,902 | ||||||
Total SA | 62,780 | 3,141,429 | ||||||
Vivendi SA | 53,077 | 1,140,365 | ||||||
24,565,627 | ||||||||
Germany — 3.8% |
| |||||||
Deutsche Lufthansa AG | 95,060 | 1,577,523 | ||||||
Deutsche Post AG | 92,517 | 1,920,356 | ||||||
E.ON SE | 54,937 | 989,560 | ||||||
Merck KGaA | 27,390 | 3,663,732 | ||||||
Muenchener Rueckversicherungs AG | 15,770 | 2,691,896 | ||||||
SAP AG ADR | 19,850 | 1,548,101 | ||||||
Siemens AG ADR | 37,560 | 3,887,460 | ||||||
16,278,628 | ||||||||
Ireland — 0.6% |
| |||||||
CRH PLC | 135,411 | 2,474,330 | ||||||
Italy — 1.6% |
| |||||||
Eni SpA | 135,721 | 3,208,989 | ||||||
Intesa Sanpaolo SpA | 484,873 | 815,999 | ||||||
UniCredit SpA† | 639,710 | 2,978,472 | ||||||
7,003,460 | ||||||||
Japan — 3.3% |
| |||||||
ITOCHU Corp. | 210,200 | 2,101,107 | ||||||
Konica Minolta Holdings, Inc. | 187,500 | 1,337,417 | ||||||
Nissan Motor Co., Ltd. | 242,100 | 2,346,551 | ||||||
NKSJ Holdings, Inc. | 105,599 | 2,002,199 | ||||||
Toyota Motor Corp. ADR | 41,310 | 3,555,965 | ||||||
Trend Micro, Inc.# | 105,600 | 2,752,889 | ||||||
14,096,128 | ||||||||
Netherlands — 2.3% |
| |||||||
Akzo Nobel NV | 55,760 | 3,186,472 | ||||||
ING Groep NV CVA† | 318,911 | 2,865,991 | ||||||
Koninklijke Philips Electronics NV | 104,646 | 2,702,895 | ||||||
Reed Elsevier NV | 96,883 | 1,399,244 | ||||||
10,154,602 | ||||||||
Norway — 1.6% |
| |||||||
Statoil ASA | 110,740 | 2,707,675 | ||||||
Telenor ASA | 199,582 | 4,051,926 | ||||||
6,759,601 | ||||||||
Singapore — 1.6% |
| |||||||
DBS Group Holdings, Ltd. | 282,095 | 3,339,565 | ||||||
Singapore Telecommunications, Ltd. | 1,310,000 | 3,552,433 | ||||||
Singapore Telecommunications, Ltd. — 10 | 18,000 | 48,517 | ||||||
6,940,515 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
South Korea — 2.0% |
| |||||||
KB Financial Group, Inc. ADR | 40,730 | $ | 1,338,795 | |||||
POSCO ADR | 22,450 | 1,670,055 | ||||||
Samsung Electronics Co., Ltd. | 4,327 | 5,618,287 | ||||||
8,627,137 | ||||||||
Spain — 0.8% |
| |||||||
Repsol SA | 71,574 | 1,518,227 | ||||||
Telefonica SA ADR | 147,249 | 1,918,654 | ||||||
3,436,881 | ||||||||
Switzerland — 3.1% |
| |||||||
ACE, Ltd. | 17,097 | 1,354,595 | ||||||
Credit Suisse Group AG# | 122,200 | 2,893,135 | ||||||
Lonza Group AG | 13,250 | 638,408 | ||||||
Novartis AG | 24,120 | 1,492,697 | ||||||
Roche Holding AG | 22,700 | 4,467,983 | ||||||
Swiss Re AG | 36,060 | 2,597,394 | ||||||
13,444,212 | ||||||||
Taiwan — 0.6% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 806,914 | 2,741,186 | ||||||
Thailand — 0.4% |
| |||||||
Bangkok Bank PCL | 277,700 | 1,746,370 | ||||||
Turkey — 0.2% |
| |||||||
Turkcell Iletisim Hizmet AS ADR† | 61,260 | 928,089 | ||||||
United Kingdom — 8.8% |
| |||||||
Aviva PLC | 500,790 | 2,812,205 | ||||||
BAE Systems PLC | 386,009 | 2,024,169 | ||||||
BP PLC | 327,095 | 2,261,824 | ||||||
G4S PLC | 535,023 | 2,118,968 | ||||||
GlaxoSmithKline PLC | 164,396 | 3,514,902 | ||||||
HSBC Holdings PLC | 438,383 | 4,457,250 | ||||||
Kingfisher PLC | 449,200 | 2,000,727 | ||||||
Lloyds Banking Group PLC† | 4,756,150 | 3,542,951 | ||||||
Marks & Spencer Group PLC | 470,400 | 2,943,764 | ||||||
Rexam PLC | 480,760 | 3,371,384 | ||||||
Royal Dutch Shell PLC, Class B# | 91,936 | 3,173,478 | ||||||
TESCO PLC | 538,440 | 2,804,514 | ||||||
Vodafone Group PLC ADR | 130,077 | 3,355,987 | ||||||
38,382,123 | ||||||||
United States — 19.7% |
| |||||||
American Express Co. | 48,870 | 2,731,833 | ||||||
Amgen, Inc. | 45,540 | 4,043,952 | ||||||
Applied Materials, Inc.# | 107,670 | 1,155,299 | ||||||
Baker Hughes, Inc.# | 59,120 | 2,551,028 | ||||||
Bank of New York Mellon Corp.# | 99,600 | 2,384,424 | ||||||
Brocade Communications Systems, Inc.† | 187,390 | 1,064,375 | ||||||
Chesapeake Energy Corp.# | 111,230 | 1,894,247 | ||||||
Chevron Corp. | 24,140 | 2,551,357 | ||||||
Cisco Systems, Inc. | 218,300 | 4,128,053 | ||||||
Citigroup, Inc. | 80,340 | 2,777,354 | ||||||
Comcast Corp., Special Class A# | 112,445 | 4,052,518 | ||||||
CVS Caremark Corp. | 81,180 | 3,775,682 | ||||||
Electronic Arts, Inc.†# | 56,450 | 836,025 | ||||||
Forest Laboratories, Inc.† | 36,950 | 1,310,247 | ||||||
Gilead Sciences, Inc.† | 40,910 | 3,068,250 | ||||||
Halliburton Co. | 43,210 | 1,441,053 | ||||||
Home Depot, Inc. | 20,970 | 1,364,518 | ||||||
Isis Pharmaceuticals, Inc.†# | 37,850 | 348,220 | ||||||
JPMorgan Chase & Co. | 73,640 | 3,025,131 | ||||||
Macy’s, Inc. | 32,710 | 1,265,877 | ||||||
Medtronic, Inc.# | 63,130 | 2,658,404 | ||||||
Merck & Co., Inc. | 99,670 | 4,415,381 |
76
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(3) | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
Microsoft Corp. | 84,464 | $ | 2,248,432 | |||||
Morgan Stanley | 117,980 | 1,990,323 | ||||||
News Corp., Class A# | 52,377 | 1,290,569 | ||||||
Onyx Pharmaceuticals, Inc.†# | 15,920 | 1,201,482 | ||||||
Pfizer, Inc. | 209,889 | 5,251,423 | ||||||
Quest Diagnostics, Inc. | 38,830 | 2,243,597 | ||||||
SAIC, Inc.# | 165,210 | 1,904,871 | ||||||
Symantec Corp.†# | 153,800 | 2,885,288 | ||||||
Target Corp. | 55,573 | 3,508,323 | ||||||
Time Warner Cable, Inc.# | 41,148 | 3,904,534 | ||||||
Time Warner, Inc.# | 29,752 | 1,407,270 | ||||||
United Parcel Service, Inc., Class B | 33,230 | 2,429,445 | ||||||
Watson Pharmaceuticals, Inc.† | 29,100 | 2,561,091 | ||||||
85,669,876 | ||||||||
Total Common Stock |
| |||||||
(cost $234,135,659) | 248,631,855 | |||||||
PREFERRED STOCK — 0.8% |
| |||||||
Brazil — 0.8% |
| |||||||
Petroleo Brasileiro SA ADR | 84,700 | 1,486,485 | ||||||
Vale SA ADR | 117,500 | 2,008,075 | ||||||
Total Preferred Stock |
| |||||||
(cost $4,326,630) | 3,494,560 | |||||||
FOREIGN GOVERNMENT AGENCIES — 33.9% |
| |||||||
Australia — 1.5% |
| |||||||
New South Wales Treasury Corp. | AU | D 2,260,000 | 2,399,229 | |||||
Queensland Treasury Corp. | AUD | 2,545,000 | 2,714,116 | |||||
Western Australia Treasury Corp. | AUD | 1,348,000 | 1,444,524 | |||||
6,557,869 | ||||||||
Brazil — 3.4% |
| |||||||
Brazil Nota do Tesouro Nacional | BRL | 5,789,657 | 2,961,001 | |||||
Brazil Nota do Tesouro Nacional | BRL | 1,021,185 | 542,650 | |||||
Brazil Nota do Tesouro Nacional | BRL | 970,457 | 531,347 | |||||
Brazil Nota do Tesouro Nacional | BRL | 10,476,522 | 6,672,094 | |||||
Brazil Nota do Tesouro Nacional | BRL | 2,950,000 | 1,473,528 | |||||
Brazil Nota do Tesouro Nacional | BRL | 5,200,000 | 2,645,101 | |||||
14,825,721 | ||||||||
Hungary — 1.4% |
| |||||||
Republic of Hungary | EUR | 135,000 | 168,587 | |||||
Republic of Hungary | EUR | 495,000 | 581,971 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Hungary (continued) |
| |||||||
Republic of Hungary | EUR | 685,000 | $ | 868,605 | ||||
Republic of Hungary | EUR | 2,165,000 | 2,863,221 | |||||
Republic of Hungary | 910,000 | 1,000,079 | ||||||
Republic of Hungary | 400,000 | 441,500 | ||||||
5,923,963 | ||||||||
Iceland — 0.1% |
| |||||||
Republic of Iceland | 500,000 | 546,250 | ||||||
Indonesia — 1.7% |
| |||||||
Republic of Indonesia | IDR | 2,780,000,000 | 345,271 | |||||
Republic of Indonesia | IDR | 7,720,000,000 | 1,051,951 | |||||
Republic of Indonesia | IDR | 1,280,000,000 | 179,641 | |||||
Republic of Indonesia | IDR | 1,640,000,000 | 241,263 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,891,014 | |||||
Republic of Indonesia | IDR | 15,947,000,000 | 2,499,383 | |||||
Republic of Indonesia | IDR | 8,530,000,000 | 1,369,703 | |||||
7,578,226 | ||||||||
Ireland — 3.5% |
| |||||||
Republic of Ireland | EUR | 204,000 | 268,279 | |||||
Republic of Ireland | EUR | 159,000 | 214,751 | |||||
Republic of Ireland | EUR | 701,000 | 918,320 | |||||
Republic of Ireland | EUR | 142,000 | 197,144 | |||||
Republic of Ireland | EUR | 3,920,000 | 5,271,700 | |||||
Republic of Ireland | EUR | 3,798,000 | 5,106,941 | |||||
Republic of Ireland | EUR | 1,756,000 | 2,520,434 |
77
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VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) |
| |||||||
Ireland (continued) |
| |||||||
Republic of Ireland | EUR | 581,000 | $ | 829,025 | ||||
15,326,594 | ||||||||
Israel — 0.6% |
| |||||||
State of Israel | ILS | 7,920,000 | 2,115,557 | |||||
State of Israel | ILS | 1,734,000 | 474,496 | |||||
2,590,053 | ||||||||
Lithuania — 1.1% |
| |||||||
Republic of Lithuania | 240,000 | 293,700 | ||||||
Republic of Lithuania | 3,560,000 | 4,601,300 | ||||||
4,895,000 | ||||||||
Malaysia — 1.0% |
| |||||||
Government of Malaysia | MYR | 220,000 | 72,429 | |||||
Government of Malaysia | MYR | 715,000 | 236,552 | |||||
Government of Malaysia | MYR | 7,775,000 | 2,564,403 | |||||
Government of Malaysia | MYR | 130,000 | 42,889 | |||||
Government of Malaysia | MYR | 3,115,000 | 1,048,475 | |||||
Government of Malaysia | MYR | 665,000 | 224,796 | |||||
Government of Malaysia | MYR | 20,000 | 6,868 | |||||
4,196,412 | ||||||||
Mexico — 3.2% |
| |||||||
United Mexican States | MXN | 2,028,602 | 169,263 | |||||
United Mexican States | MXN | 3,892,198 | 335,200 | |||||
United Mexican States | MXN | 2,601,270 | 235,240 | |||||
United Mexican States | MXN | 1,600,557 | 132,579 | |||||
United Mexican States | MXN | 4,066,911 | 356,418 | |||||
United Mexican States | MXN | 19,000,000 | 1,638,237 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Mexico (continued) |
| |||||||
United Mexican States | MXN | 49,600,000 | $ | 3,961,829 | ||||
United Mexican States | MXN | 53,000,000 | 4,446,747 | |||||
United Mexican States | MXN | 4,600,000 | 356,271 | |||||
United Mexican States | MXN | 30,506,000 | 2,412,589 | |||||
14,044,373 | ||||||||
Norway — 0.1% |
| |||||||
Kingdom of Norway | NOK | 2,050,000 | 369,427 | |||||
Poland — 4.5% |
| |||||||
Government of Poland | PLN | 1,390,000 | 431,011 | |||||
Government of Poland | PLN | 13,585,000 | 4,143,889 | |||||
Government of Poland | PLN | 50,000 | 15,025 | |||||
Government of Poland | PLN | 14,155,000 | 4,545,482 | |||||
Government of Poland FRS | PLN | 1,357,000 | 431,500 | |||||
Government of Poland FRS | PLN | 1,376,000 | 433,786 | |||||
Government of Poland | PLN | 3,175,000 | 1,012,712 | |||||
Government of Poland | PLN | 2,700,000 | 897,530 | |||||
Government of Poland | PLN | 10,340,000 | 3,380,116 | |||||
Government of Poland | PLN | 12,495,000 | 4,264,980 | |||||
19,556,031 | ||||||||
Russia — 1.7% | ||||||||
Russian Federation | 5,871,400 | 7,463,137 | ||||||
Serbia — 0.1% | ||||||||
Republic of Serbia | 270,000 | 271,698 | ||||||
Republic of Serbia | 280,000 | 315,700 | ||||||
587,398 | ||||||||
78
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) |
| |||||||
Singapore — 0.6% | ||||||||
Republic of Singapore | SGD | 2,950,000 | $ | 2,415,749 | ||||
Slovenia — 0.2% | ||||||||
Republic of Slovenia | 690,000 | 688,551 | ||||||
South Korea — 4.7% | ||||||||
KDICB Redemption Fund | KRW | 1,104,000,000 | 1,024,436 | |||||
Republic of South Korea | KRW | 1,056,600,000 | 975,061 | |||||
Republic of South Korea | KRW | 265,000,000 | 244,684 | |||||
Republic of South Korea | KRW | 7,187,200,000 | 6,650,455 | |||||
Republic of South Korea | KRW | 88,300,000 | 82,210 | |||||
Republic of South Korea | KRW 6,610,230,000 | 6,165,543 | ||||||
Republic of South Korea | KRW 4,438,000,000 | 4,192,667 | ||||||
Republic of South Korea | KRW | 373,400,000 | 344,900 | |||||
Republic of South Korea | KRW | 622,970,000 | 586,029 | |||||
20,265,985 | ||||||||
SupraNational — 0.1% | ||||||||
European Investment Bank | NOK | 3,000,000 | 535,773 | |||||
Sweden — 2.5% | ||||||||
Kingdom of Sweden | SEK | 39,270,000 | 5,941,127 | |||||
Kingdom of Sweden | SEK | 30,730,000 | 5,008,546 | |||||
10,949,673 | ||||||||
Ukraine — 1.1% | ||||||||
Government of Ukraine | 280,000 | 286,300 | ||||||
Government of Ukraine | 770,000 | 817,001 | ||||||
Government of Ukraine | 3,210,000 | 3,498,900 | ||||||
4,602,201 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Venezuela — 0.3% | ||||||||
Republic of Venezuela | $ | 1,415,000 | $ | 1,464,525 | ||||
Vietnam — 0.5% | ||||||||
Republic of Vietnam | 1,695,000 | 1,955,606 | ||||||
Total Foreign Government Agencies | ||||||||
(cost $135,755,512) | 147,338,517 | |||||||
FOREIGN GOVERNMENT TREASURIES — 1.0% |
| |||||||
South Korea — 1.0% |
| |||||||
Bank of Korea | KRW | 518,420,000 | 481,891 | |||||
Bank of Korea | KRW | 297,530,000 | 276,827 | |||||
Bank of Korea | KRW | 216,400,000 | 201,167 | |||||
Bank of Korea | KRW | 126,230,000 | 117,333 | |||||
Bank of Korea | KRW | 437,290,000 | 407,863 | |||||
Bank of Korea | KRW | 72,140,000 | 66,935 | |||||
Bank of Korea | KRW | 45,080,000 | 41,772 | |||||
Bank of Korea | KRW | 2,695,250,000 | 2,506,967 | |||||
Total Foreign Government Treasuries | ||||||||
(cost $3,876,346) | 4,100,755 | |||||||
MUNICIPAL BONDS & NOTES — 0.2% |
| |||||||
United States — 0.2% |
| |||||||
State of California | 685,000 | 992,770 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $378,882,172) | 404,558,457 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.6% |
| |||||||
Foreign Government Treasuries — 1.4% |
| |||||||
Bank Negara Malaysia Monetary | ||||||||
2.76% due 05/23/2013 | MYR | 100,000 | 32,436 | |||||
2.83% due 01/10/2013 | MYR | 10,000 | 3,279 | |||||
2.83% due 01/17/2013 | MYR | 20,000 | 6,555 | |||||
2.83% due 02/19/2013 | MYR | 10,000 | 3,269 | |||||
2.85% due 02/19/2013 | MYR | 10,000 | 3,269 | |||||
2.87% due 02/19/2013 | MYR | 1,300,000 | 425,010 | |||||
2.87% due 06/11/2013 | MYR | 160,000 | 51,819 | |||||
2.87% due 07/11/2013 | MYR | 50,000 | 16,153 | |||||
2.87% due 07/25/2013 | MYR | 500,000 | 161,343 | |||||
2.87% due 08/06/2013 | MYR | 100,000 | 32,390 | |||||
2.87% due 08/15/2013 | MYR | 110,000 | 35,437 | |||||
2.87% due 08/27/2013 | MYR | 100,000 | 32,189 | |||||
2.89% due 01/10/2013 | MYR | 20,000 | 6,559 | |||||
2.89% due 06/18/2013 | MYR | 10,000 | 3,237 |
79
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(3) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Treasuries (continued) |
| |||||||
2.89% due 06/20/2013 | MYR | 130,000 | $ | 42,071 | ||||
2.90% due 01/15/2013 | MYR | 365,000 | 119,656 | |||||
2.90% due 03/07/2013 | MYR | 5,000 | 1,632 | |||||
2.90% due 05/23/2013 | MYR | 755,000 | 244,890 | |||||
2.90% due 09/05/2013 | MYR | 540,000 | 173,673 | |||||
2.90% due 09/17/2013 | MYR | 1,240,000 | 398,410 | |||||
2.90% due 09/26/2013 | MYR | 630,000 | 202,267 | |||||
2.90% due 10/10/2013 | MYR | 1,095,000 | 351,153 | |||||
2.90% due 10/22/2013 | MYR | 80,000 | 25,630 | |||||
2.90% due 10/31/2013 | MYR | 10,000 | 3,201 | |||||
2.92% due 06/18/2013 | MYR | 10,000 | 3,237 | |||||
2.93% due 01/10/2013 | MYR | 440,000 | 144,297 | |||||
2.93% due 01/17/2013 | MYR | 1,220,000 | 399,877 | |||||
2.93% due 02/19/2013 | MYR | 210,000 | 68,656 | |||||
2.94% due 06/18/2013 | MYR | 125,000 | 40,460 | |||||
2.99% due 12/04/2012 | MYR | 10,000 | 3,289 | |||||
3.00% due 03/12/2013 | MYR | 55,000 | 17,946 | |||||
3.01% due 03/12/2013 | MYR | 160,000 | 52,208 | |||||
3.01% due 03/14/2013 | MYR | 60,000 | 19,575 | |||||
3.02% due 12/20/2012 | MYR | 10,000 | 3,285 | |||||
3.03% due 12/11/2012 | MYR | 270,000 | 88,751 | |||||
3.03% due 05/28/2013 | MYR | 25,000 | 8,106 | |||||
3.03% due 06/20/2013 | MYR | 65,000 | 21,036 | |||||
3,246,251 | ||||||||
Bank of Korea | ||||||||
3.25% due 12/18/2012 | KRW | 112,700,000 | 103,922 | |||||
3.28% due 01/10/2013 | KRW | 309,150,000 | 286,186 | |||||
3.38% due 05/09/2013 | KRW | 451,000,000 | 417,536 | |||||
807,644 | ||||||||
Government of Malaysia | ||||||||
2.87% due 03/22/2013 | MYR | 100,000 | 32,602 | |||||
2.90% due 01/25/2013 | MYR | 10,000 | 3,276 | |||||
3.70% due 02/25/2013 | MYR | 130,000 | 42,827 | |||||
3.70% due 05/31/2013 | MYR | 100,000 | 32,414 | |||||
111,119 | ||||||||
Kingdom of Sweden | ||||||||
0.84% due 03/20/2013 | SEK | 7,820,000 | 1,171,975 | |||||
0.89% due 12/19/2012 | SEK | 3,290,000 | 494,271 | |||||
1,666,246 | ||||||||
Republic of the Philippines | ||||||||
0.55% due 11/13/2013 | PHP | 12,630,000 | 308,878 | |||||
Total Foreign Government Treasuries | ||||||||
(cost $6,040,303) | 6,140,138 | |||||||
Registered Investment Companies — 5.0% |
| |||||||
State Street Navigator Securities | 21,711,067 | 21,711,067 | ||||||
Security Description | Shares/ Principal Amount(3) | Value (Note 2) | ||||||
Time Deposits — 0.1% |
| |||||||
Euro Time Deposit with State Street | $ | 396,000 | $ | 396,000 | ||||
U.S. Government Agencies — 4.1% |
| |||||||
Federal Home Loan Bank | 17,950,000 | 17,949,999 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $46,097,370) | 46,197,204 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $424,979,542)(5) | 103.8 | % | 450,755,661 | |||||
Liabilities in excess of other assets | (3.8 | ) | (16,378,949 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 434,376,712 | ||||
# | 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, 2012, the aggregate value of these securities was $20,738,143 representing 4.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Principal amount of security is adjusted for inflation. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2012. |
(3) | Denominated in United States Dollars unless otherwise indicated. |
(4) | At November 30, 2012, the Fund had loaned securities with a total value of $20,925,754. This was secured by collateral of $21,711,067, and subsequently invested in short-term investments currently value at $21,711,067 as reported in the portfolio of investments |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
AUD—Australian Dollar
BRL—Brazilian Real
CVA—Certification Van Aandelen (Dutch Cert.)
EUR—Euro Dollar
IDR—Indonesian Rupiah
ILS—Israeli New Shekel
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
PHP—Philippine Peso
PLN—Polish Zloty
SEK—Swedish Krona
SGD—Singapore Dollar
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2012 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. | AUD | 1,064,000 | USD | 1,102,325 | 12/12/2012 | $ | – | $ | (7,377 | ) | ||||||||||||||||||
EUR | 462,350 | USD | 589,658 | 01/14/2013 | – | (11,912 | ) | |||||||||||||||||||||
EUR | 375,660 | USD | 479,342 | 01/22/2013 | – | (9,471 | ) | |||||||||||||||||||||
EUR | 685,556 | USD | 845,822 | 02/04/2013 | – | (46,341 | ) | |||||||||||||||||||||
EUR | 3,039,000 | USD | 4,032,753 | 02/11/2013 | 77,606 | – | ||||||||||||||||||||||
EUR | 271,769 | USD | 360,502 | 03/07/2013 | 6,717 | – | ||||||||||||||||||||||
EUR | 437,439 | USD | 575,189 | 03/11/2013 | 5,714 | – |
80
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 130,161 | USD | 170,823 | 03/15/2013 | $ | 1,368 | $ | – | ||||||||||||||||||||
EUR | 72,605 | USD | 96,376 | 03/21/2013 | 1,846 | – | ||||||||||||||||||||||
EUR | 188,102 | USD | 251,069 | 04/05/2013 | 6,125 | – | ||||||||||||||||||||||
EUR | 345,709 | USD | 450,186 | 04/25/2013 | – | (88 | ) | |||||||||||||||||||||
EUR | 154,000 | USD | 188,696 | 07/16/2013 | – | (12,067 | ) | |||||||||||||||||||||
EUR | 181,000 | USD | 223,535 | 07/19/2013 | – | (12,435 | ) | |||||||||||||||||||||
EUR | 221,308 | USD | 273,591 | 08/05/2013 | – | (14,985 | ) | |||||||||||||||||||||
EUR | 214,240 | USD | 268,271 | 08/23/2013 | – | (11,146 | ) | |||||||||||||||||||||
EUR | 907,853 | NOK | 6,799,000 | 08/26/2013 | 4,236 | – | ||||||||||||||||||||||
EUR | 290,394 | USD | 363,817 | 08/26/2013 | – | (14,936 | ) | |||||||||||||||||||||
EUR | 2,142,816 | USD | 2,719,702 | 09/10/2013 | – | (75,622 | ) | |||||||||||||||||||||
EUR | 80,778 | USD | 103,693 | 09/12/2013 | – | (1,685 | ) | |||||||||||||||||||||
EUR | 230,698 | USD | 298,673 | 09/16/2013 | – | (2,297 | ) | |||||||||||||||||||||
EUR | 54,521 | USD | 71,821 | 09/19/2013 | 689 | – | ||||||||||||||||||||||
EUR | 131,194 | USD | 170,523 | 09/24/2013 | – | (651 | ) | |||||||||||||||||||||
EUR | 45,404 | USD | 59,226 | 10/25/2013 | – | (38 | ) | |||||||||||||||||||||
USD | 1,067,086 | AUD | 1,064,000 | 12/12/2012 | 42,617 | – | ||||||||||||||||||||||
USD | 156,143 | CLP | 77,400,000 | 02/13/2013 | 3,315 | – | ||||||||||||||||||||||
USD | 1,063,990 | SGD | 1,318,751 | 02/13/2013 | 16,422 | – | ||||||||||||||||||||||
USD | 389,652 | SGD | 485,000 | 02/19/2013 | 7,695 | – | ||||||||||||||||||||||
USD | 402,320 | CLP | 200,300,000 | 03/01/2013 | 9,437 | – | ||||||||||||||||||||||
183,787 | (221,051 | ) | ||||||||||||||||||||||||||
Credit Suisse AG | USD | 494,357 | SGD | 622,000 | 03/26/2013 | 15,242 | – | |||||||||||||||||||||
Citibank N.A. | EUR | 1,203,000 | USD | 1,540,802 | 01/10/2013 | – | (24,378 | ) | ||||||||||||||||||||
EUR | 375,660 | USD | 479,184 | 01/14/2013 | – | (9,592 | ) | |||||||||||||||||||||
EUR | 2,172,000 | USD | 2,840,802 | 02/08/2013 | 14,110 | – | ||||||||||||||||||||||
EUR | 795,744 | USD | 1,046,555 | 03/08/2013 | 10,658 | – | ||||||||||||||||||||||
EUR | 89,576 | USD | 117,625 | 03/19/2013 | 1,002 | – | ||||||||||||||||||||||
EUR | 157,344 | USD | 207,593 | 03/26/2013 | 2,724 | – | ||||||||||||||||||||||
EUR | 134,537 | USD | 174,642 | 07/26/2013 | – | (768 | ) | |||||||||||||||||||||
EUR | 97,289 | USD | 121,434 | 08/08/2013 | – | (5,431 | ) | |||||||||||||||||||||
EUR | 27,522 | USD | 34,395 | 08/09/2013 | – | (1,495 | ) | |||||||||||||||||||||
JPY | 80,345,200 | USD | 1,014,003 | 08/13/2013 | 36,676 | – | ||||||||||||||||||||||
JPY | 80,713,200 | USD | 1,014,001 | 11/12/2013 | 30,925 | – | ||||||||||||||||||||||
JPY | 80,524,000 | USD | 1,014,003 | 11/13/2013 | 33,216 | – | ||||||||||||||||||||||
USD | 657,318 | CLP | 327,410,000 | 02/25/2013 | 16,106 | – | ||||||||||||||||||||||
USD | 315,927 | CLP | 159,543,000 | 04/29/2013 | 9,531 | – | ||||||||||||||||||||||
USD | 150,005 | CLP | 79,240,000 | 05/31/2013 | 10,972 | – | ||||||||||||||||||||||
165,920 | (41,664 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | AUD | 1,917,000 | USD | 1,925,674 | 12/10/2012 | – | (73,976 | ) | ||||||||||||||||||||
CLP | 319,210,000 | USD | 631,574 | 01/24/2013 | – | (27,756 | ) | |||||||||||||||||||||
CLP | 452,780,000 | USD | 895,760 | 01/25/2013 | – | (39,343 | ) | |||||||||||||||||||||
CLP | 281,940,000 | USD | 557,469 | 01/28/2013 | – | (24,592 | ) | |||||||||||||||||||||
CLP | 91,080,000 | USD | 180,071 | 01/29/2013 | – | (7,939 | ) | |||||||||||||||||||||
CLP | 182,160,000 | USD | 360,100 | 01/30/2013 | – | (15,874 | ) | |||||||||||||||||||||
CLP | 169,990,000 | USD | 336,008 | 01/31/2013 | – | (14,804 | ) | |||||||||||||||||||||
CLP | 77,500,000 | USD | 152,761 | 02/11/2013 | – | (6,947 | ) | |||||||||||||||||||||
CLP | 228,220,000 | USD | 449,739 | 02/15/2013 | – | (20,307 | ) | |||||||||||||||||||||
CLP | 52,350,000 | USD | 105,972 | 03/01/2013 | – | (1,644 | ) | |||||||||||||||||||||
CLP | 372,560,000 | USD | 752,646 | 03/18/2013 | – | (11,516 | ) | |||||||||||||||||||||
EUR | 2,243,000 | USD | 2,880,236 | 01/14/2013 | – | (38,161 | ) | |||||||||||||||||||||
EUR | 3,053,000 | USD | 4,035,731 | 02/11/2013 | 62,364 | – | ||||||||||||||||||||||
EUR | 375,000 | USD | 495,450 | 02/14/2013 | 7,386 | – | ||||||||||||||||||||||
EUR | 3,191,817 | USD | 4,297,782 | 03/01/2013 | 142,990 | – | ||||||||||||||||||||||
EUR | 1,270,000 | USD | 1,671,688 | 03/08/2013 | 18,407 | – | ||||||||||||||||||||||
EUR | 234,000 | USD | 308,669 | 03/26/2013 | 3,990 | – | ||||||||||||||||||||||
EUR | 36,531 | USD | 48,813 | 03/28/2013 | 1,247 | – | ||||||||||||||||||||||
EUR | 119,927 | USD | 159,913 | 04/02/2013 | 3,752 | – | ||||||||||||||||||||||
EUR | 511,000 | USD | 682,522 | 04/04/2013 | 17,112 | – | ||||||||||||||||||||||
EUR | 133,071 | USD | 174,544 | 04/11/2013 | 1,250 | – | ||||||||||||||||||||||
EUR | 68,000 | USD | 86,071 | 05/29/2013 | – | (2,529 | ) | |||||||||||||||||||||
EUR | 375,671 | MYR | 1,491,000 | 07/18/2013 | – | (6,538 | ) | |||||||||||||||||||||
EUR | 425,107 | MYR | 1,683,000 | 07/22/2013 | – | (8,908 | ) | |||||||||||||||||||||
EUR | 133,000 | USD | 163,917 | 07/22/2013 | – | (9,482 | ) | |||||||||||||||||||||
EUR | 120,000 | USD | 147,701 | 07/23/2013 | – | (8,750 | ) | |||||||||||||||||||||
EUR | 552,097 | MYR | 2,164,000 | 07/25/2013 | – | (18,759 | ) | |||||||||||||||||||||
EUR | 805,343 | SEK | 6,934,000 | 07/29/2013 | – | (13,405 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 852,835 | 07/31/2013 | – | (41,628 | ) | |||||||||||||||||||||
EUR | 80,784 | USD | 101,534 | 08/28/2013 | – | (3,833 | ) |
81
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 2,772,183 | SEK | 23,782,000 | 09/24/2013 | $ | – | $ | (65,476 | ) | |||||||||||||||||||
EUR | 137,755 | USD | 176,979 | 11/19/2013 | – | (2,882 | ) | |||||||||||||||||||||
EUR | 122,735 | USD | 159,611 | 11/29/2013 | – | (660 | ) | |||||||||||||||||||||
JPY | 70,835,000 | USD | 894,630 | 11/13/2013 | 31,856 | – | ||||||||||||||||||||||
JPY | 691,920,000 | USD | 8,742,324 | 11/15/2013 | 314,452 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 8,467,806 | 11/19/2013 | 108,064 | – | ||||||||||||||||||||||
USD | 194,831 | INR | 11,044,000 | 12/06/2012 | 8,126 | – | ||||||||||||||||||||||
USD | 378,249 | INR | 21,477,000 | 12/07/2012 | 16,362 | – | ||||||||||||||||||||||
USD | 1,901,837 | AUD | 1,917,000 | 12/10/2012 | 97,814 | – | ||||||||||||||||||||||
USD | 103,061 | INR | 5,815,000 | 12/11/2012 | 3,702 | – | ||||||||||||||||||||||
USD | 262,296 | INR | 14,554,000 | 12/18/2012 | 4,562 | – | ||||||||||||||||||||||
USD | 242,603 | INR | 13,258,000 | 12/20/2012 | 401 | – | ||||||||||||||||||||||
USD | 279,425 | INR | 15,233,000 | 12/26/2012 | – | (536 | ) | |||||||||||||||||||||
USD | 330,834 | PHP | 13,766,000 | 01/07/2013 | 6,130 | – | ||||||||||||||||||||||
USD | 190,596 | INR | 10,114,000 | 01/11/2013 | – | (5,966 | ) | |||||||||||||||||||||
USD | 2,826,472 | EUR | 2,243,000 | 01/14/2013 | 91,926 | – | ||||||||||||||||||||||
USD | 95,026 | INR | 5,110,000 | 01/14/2013 | – | (1,793 | ) | |||||||||||||||||||||
USD | 110,028 | PHP | 4,819,000 | 01/22/2013 | 7,959 | – | ||||||||||||||||||||||
USD | 626,455 | CLP | 319,210,000 | 01/24/2013 | 32,875 | – | ||||||||||||||||||||||
USD | 892,428 | CLP | 452,780,000 | 01/25/2013 | 42,675 | – | ||||||||||||||||||||||
USD | 557,150 | CLP | 281,940,000 | 01/28/2013 | 24,911 | – | ||||||||||||||||||||||
USD | 179,993 | �� | CLP | 91,080,000 | 01/29/2013 | 8,017 | – | |||||||||||||||||||||
USD | 146,567 | INR | 7,960,000 | 01/29/2013 | – | (1,715 | ) | |||||||||||||||||||||
USD | 356,652 | CLP | 182,160,000 | 01/30/2013 | 19,322 | – | ||||||||||||||||||||||
USD | 332,336 | CLP | 169,990,000 | 01/31/2013 | 18,476 | – | ||||||||||||||||||||||
USD | 308,119 | INR | 16,813,000 | 01/31/2013 | – | (2,271 | ) | |||||||||||||||||||||
USD | 292,074 | PHP | 12,603,000 | 01/31/2013 | 16,539 | – | ||||||||||||||||||||||
USD | 502,618 | SGD | 624,000 | 02/07/2013 | 8,603 | – | ||||||||||||||||||||||
USD | 999,421 | SGD | 1,242,000 | 02/08/2013 | 18,107 | – | ||||||||||||||||||||||
USD | 156,093 | CLP | 77,500,000 | 02/11/2013 | 3,615 | – | ||||||||||||||||||||||
USD | 1,157,344 | MYR | 3,542,747 | 02/14/2013 | 2,116 | – | ||||||||||||||||||||||
USD | 458,716 | CLP | 228,220,000 | 02/15/2013 | 11,331 | – | ||||||||||||||||||||||
USD | 579,283 | SGD | 727,000 | 02/19/2013 | 16,329 | – | ||||||||||||||||||||||
USD | 271,346 | CLP | 136,080,000 | 02/25/2013 | 8,546 | – | ||||||||||||||||||||||
USD | 376,710 | SGD | 471,000 | 02/25/2013 | 9,170 | – | ||||||||||||||||||||||
USD | 309,698 | CLP | 156,410,000 | 02/26/2013 | 11,965 | – | ||||||||||||||||||||||
USD | 278,031 | INR | 15,617,000 | 02/26/2013 | 4,853 | – | ||||||||||||||||||||||
USD | 475,671 | CLP | 239,310,000 | 02/28/2013 | 16,346 | – | ||||||||||||||||||||||
USD | 234,867 | SGD | 294,500 | 02/28/2013 | 6,411 | – | ||||||||||||||||||||||
USD | 104,376 | CLP | 52,350,000 | 03/01/2013 | 3,240 | – | ||||||||||||||||||||||
USD | 4,203,304 | EUR | 3,191,817 | 03/01/2013 | – | (48,512 | ) | |||||||||||||||||||||
USD | 343,488 | CLP | 171,950,000 | 03/04/2013 | 9,846 | – | ||||||||||||||||||||||
USD | 345,802 | CLP | 171,950,000 | 03/06/2013 | 7,440 | – | ||||||||||||||||||||||
USD | 382,763 | CLP | 190,310,000 | 03/07/2013 | 8,145 | – | ||||||||||||||||||||||
USD | 376,813 | CLP | 189,160,000 | 03/08/2013 | 11,682 | – | ||||||||||||||||||||||
USD | 361,217 | CLP | 184,040,000 | 03/13/2013 | 16,516 | – | ||||||||||||||||||||||
USD | 736,867 | CLP | 372,560,000 | 03/18/2013 | 27,296 | – | ||||||||||||||||||||||
USD | 598,673 | SGD | 758,100 | 03/19/2013 | 22,429 | – | ||||||||||||||||||||||
USD | 650,773 | SGD | 816,200 | 03/21/2013 | 17,930 | – | ||||||||||||||||||||||
USD | 354,583 | CLP | 179,490,000 | 03/29/2013 | 13,044 | – | ||||||||||||||||||||||
USD | 375,320 | CLP | 190,700,000 | 04/03/2013 | 15,013 | – | ||||||||||||||||||||||
USD | 331,096 | PHP | 13,760,000 | 04/05/2013 | 5,937 | – | ||||||||||||||||||||||
USD | 544,600 | PHP | 22,596,000 | 04/10/2013 | 8,843 | – | ||||||||||||||||||||||
USD | 394,521 | INR | 21,429,000 | 04/12/2013 | – | (9,175 | ) | |||||||||||||||||||||
USD | 840,236 | INR | 45,950,000 | 04/15/2013 | – | (14,342 | ) | |||||||||||||||||||||
USD | 194,377 | INR | 10,622,000 | 04/22/2013 | – | (3,674 | ) | |||||||||||||||||||||
USD | 383,868 | INR | 21,520,000 | 04/26/2013 | 2,243 | – | ||||||||||||||||||||||
USD | 85,866 | EUR | 68,000 | 05/29/2013 | 2,734 | – | ||||||||||||||||||||||
USD | 64,385 | MYR | 206,200 | 06/21/2013 | 2,542 | – | ||||||||||||||||||||||
USD | 282,346 | MYR | 912,824 | 07/12/2013 | 13,590 | – | ||||||||||||||||||||||
USD | 1,095,738 | MYR | 3,540,000 | 07/15/2013 | 51,733 | – | ||||||||||||||||||||||
USD | 502,745 | MYR | 1,621,000 | 07/18/2013 | 22,606 | – | ||||||||||||||||||||||
USD | 798,763 | MYR | 2,557,000 | 07/22/2013 | 29,753 | – | ||||||||||||||||||||||
USD | 966,068 | MYR | 3,109,000 | 07/25/2013 | 41,139 | – | ||||||||||||||||||||||
USD | 452,610 | PHP | 18,920,000 | 09/24/2013 | 8,442 | – | ||||||||||||||||||||||
USD | 550,766 | PHP | 23,022,000 | 10/04/2013 | 10,258 | – | ||||||||||||||||||||||
USD | 125,941 | MYR | 394,093 | 10/16/2013 | 1,206 | – | ||||||||||||||||||||||
USD | 129,364 | PHP | 5,384,000 | 10/16/2013 | 1,842 | – | ||||||||||||||||||||||
USD | 406,064 | MYR | 1,259,000 | 10/23/2013 | 3 | – | ||||||||||||||||||||||
USD | 260,000 | MYR | 810,160 | 11/19/2013 | 989 | – | ||||||||||||||||||||||
1,586,500 | (553,693 | ) | ||||||||||||||||||||||||||
82
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
HSBC Bank PLC | EUR | 372,921 | USD | 501,356 | 12/07/2012 | $ | 16,336 | $ | – | |||||||||||||||||||
EUR | 1,585,000 | USD | 2,074,464 | 02/08/2013 | 11,707 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 848,822 | 08/02/2013 | – | (45,661 | ) | |||||||||||||||||||||
EUR | 1,801,000 | USD | 2,341,300 | 10/17/2013 | – | (9,220 | ) | |||||||||||||||||||||
INR | 33,693,000 | USD | 617,920 | 12/04/2012 | – | (1,494 | ) | |||||||||||||||||||||
USD | 594,742 | INR | 33,693,000 | 12/04/2012 | 24,672 | – | ||||||||||||||||||||||
USD | 100,785 | INR | 5,733,000 | 12/10/2012 | 4,492 | – | ||||||||||||||||||||||
USD | 256,550 | INR | 14,470,000 | 12/13/2012 | 9,017 | – | ||||||||||||||||||||||
USD | 189,220 | INR | 10,230,000 | 12/27/2012 | – | (1,962 | ) | |||||||||||||||||||||
USD | 407,298 | PHP | 17,658,000 | 01/28/2013 | 25,077 | – | ||||||||||||||||||||||
USD | 150,029 | INR | 8,148,000 | 01/29/2013 | – | (1,755 | ) | |||||||||||||||||||||
USD | 222,505 | INR | 12,138,000 | 01/31/2013 | – | (1,700 | ) | |||||||||||||||||||||
USD | 502,415 | SGD | 624,000 | 02/07/2013 | 8,806 | – | ||||||||||||||||||||||
USD | 848,509 | SGD | 1,053,000 | 02/14/2013 | 14,182 | – | ||||||||||||||||||||||
USD | 289,554 | MYR | 892,000 | 02/19/2013 | 2,271 | – | ||||||||||||||||||||||
USD | 321,990 | INR | 18,021,000 | 02/26/2013 | 4,439 | – | ||||||||||||||||||||||
USD | 608,985 | INR | 33,693,000 | 03/04/2013 | 733 | – | ||||||||||||||||||||||
USD | 1,107,276 | MXN | 14,850,450 | 03/08/2013 | 30,995 | – | ||||||||||||||||||||||
USD | 686,081 | SGD | 867,000 | 03/19/2013 | 24,242 | – | ||||||||||||||||||||||
USD | 519,770 | SGD | 652,000 | 03/21/2013 | 14,406 | – | ||||||||||||||||||||||
USD | 271,515 | PHP | 11,279,000 | 04/11/2013 | 4,740 | – | ||||||||||||||||||||||
USD | 216,428 | PHP | 8,977,000 | 04/15/2013 | 3,440 | – | ||||||||||||||||||||||
USD | 275,713 | MYR | 883,000 | 07/31/2013 | 10,253 | – | ||||||||||||||||||||||
USD | 1,950,294 | KRW | 2,228,406,400 | 08/09/2013 | 87,110 | – | ||||||||||||||||||||||
USD | 571,483 | MYR | 1,800,000 | 08/12/2013 | 11,074 | – | ||||||||||||||||||||||
USD | 291,947 | SGD | 363,500 | 08/15/2013 | 5,919 | – | ||||||||||||||||||||||
USD | 291,968 | SGD | 363,500 | 08/19/2013 | 5,900 | �� | ||||||||||||||||||||||
USD | 90,610 | PHP | 3,800,000 | 09/30/2013 | 1,992 | – | ||||||||||||||||||||||
USD | 74,321 | PHP | 3,100,000 | 10/03/2013 | 1,223 | – | ||||||||||||||||||||||
USD | 442,705 | PHP | 18,467,000 | 10/04/2013 | 7,318 | – | ||||||||||||||||||||||
USD | 662,002 | PHP | 27,532,000 | 10/07/2013 | 8,931 | – | ||||||||||||||||||||||
USD | 382,089 | PHP | 15,880,000 | 10/11/2013 | 4,897 | – | ||||||||||||||||||||||
USD | 545,419 | MYR | 1,680,000 | 10/22/2013 | – | (3,544 | ) | |||||||||||||||||||||
USD | 271,000 | MYR | 840,371 | 10/24/2013 | 33 | – | ||||||||||||||||||||||
USD | 154,747 | MYR | 483,000 | 11/20/2013 | 842 | – | ||||||||||||||||||||||
345,047 | (65,336 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | EUR | 548,072 | USD | 699,038 | 01/14/2013 | – | (14,065 | ) | ||||||||||||||||||||
EUR | 1,064,000 | USD | 1,404,267 | 02/19/2013 | 19,398 | – | ||||||||||||||||||||||
EUR | 729,000 | USD | 957,141 | 04/12/2013 | 7,776 | – | ||||||||||||||||||||||
EUR | 551,773 | MYR | 2,164,000 | 07/29/2013 | – | (18,525 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 851,738 | 07/31/2013 | – | (42,725 | ) | |||||||||||||||||||||
EUR | 112,835 | USD | 142,141 | 08/29/2013 | – | (5,032 | ) | |||||||||||||||||||||
JPY | 56,320,000 | USD | 714,494 | 11/13/2013 | 28,513 | – | ||||||||||||||||||||||
USD | 753,378 | MYR | 2,432,356 | 12/17/2012 | 46,072 | – | ||||||||||||||||||||||
USD | 302,673 | INR | 16,267,000 | 01/14/2013 | – | (5,876 | ) | |||||||||||||||||||||
USD | 67,023 | PHP | 2,780,000 | 01/15/2013 | 1,034 | – | ||||||||||||||||||||||
USD | 95,668 | INR | 5,104,000 | 01/22/2013 | – | (2,674 | ) | |||||||||||||||||||||
USD | 439,654 | PHP | 19,234,000 | 01/22/2013 | 31,266 | – | ||||||||||||||||||||||
USD | 190,774 | CLP | 96,770,000 | 01/30/2013 | 8,957 | – | ||||||||||||||||||||||
USD | 221,113 | INR | 11,460,000 | 02/06/2013 | – | (12,854 | ) | |||||||||||||||||||||
USD | 141,700 | CLP | 70,000,000 | 02/21/2013 | 2,355 | – | ||||||||||||||||||||||
USD | 237,638 | CLP | 118,700,000 | 02/22/2013 | 6,606 | – | ||||||||||||||||||||||
USD | 64,220 | CLP | 32,200,000 | 02/28/2013 | 1,982 | – | ||||||||||||||||||||||
USD | 90,105 | SGD | 110,000 | 03/19/2013 | 17 | – | ||||||||||||||||||||||
USD | 141,483 | CLP | 70,600,000 | 03/21/2013 | 3,269 | – | ||||||||||||||||||||||
USD | 175,246 | PHP | 7,272,000 | 04/10/2013 | 2,867 | – | ||||||||||||||||||||||
USD | 302,698 | PHP | 12,598,000 | 04/12/2013 | 5,861 | – | ||||||||||||||||||||||
USD | 237,938 | MYR | 740,795 | 04/19/2013 | 3,460 | – | ||||||||||||||||||||||
USD | 681,278 | MYR | 2,123,000 | 04/23/2013 | 10,347 | – | ||||||||||||||||||||||
USD | �� | 195,456 | CLP | 98,979,000 | 04/29/2013 | 6,455 | – | |||||||||||||||||||||
USD | 328,375 | INR | 18,302,000 | 04/29/2013 | – | (160 | ) | |||||||||||||||||||||
USD | 273,014 | INR | 15,247,000 | 04/30/2013 | 371 | – | ||||||||||||||||||||||
USD | 1,737,023 | MYR | 5,625,000 | 06/28/2013 | 88,005 | – | ||||||||||||||||||||||
USD | 1,011,730 | MYR | 3,269,000 | 07/29/2013 | 47,078 | – | ||||||||||||||||||||||
USD | 1,467,735 | SGD | 1,831,000 | 07/31/2013 | 32,608 | – | ||||||||||||||||||||||
USD | 63,532 | MYR | 200,000 | 08/27/2013 | 1,143 | – | ||||||||||||||||||||||
USD | 86,658 | SGD | 106,000 | 09/19/2013 | 210 | – | ||||||||||||||||||||||
USD | 217,159 | PHP | 9,021,000 | 10/11/2013 | 2,678 | – | ||||||||||||||||||||||
USD | 294,866 | MYR | 916,000 | 10/18/2013 | 638 | – |
83
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 269,031 | MYR | 833,000 | 10/31/2013 | $ | – | $ | (458 | ) | |||||||||||||||||||
358,966 | (102,369 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 147,275 | SEK | 1,283,353 | 07/16/2013 | – | (82 | ) | ||||||||||||||||||||
EUR | 126,818 | SEK | 1,094,428 | 07/22/2013 | – | (1,697 | ) | |||||||||||||||||||||
USD | 290,028 | CLP | 152,700,000 | 01/14/2013 | 25,763 | – | ||||||||||||||||||||||
USD | 258,102 | CLP | 130,090,000 | 02/04/2013 | 10,235 | – | ||||||||||||||||||||||
USD | 129,332 | CLP | 63,890,000 | 02/11/2013 | 2,329 | – | ||||||||||||||||||||||
USD | 347,761 | CLP | 171,620,000 | 02/13/2013 | 5,807 | – | ||||||||||||||||||||||
USD | 298,253 | CLP | 149,380,000 | 02/25/2013 | 8,995 | – | ||||||||||||||||||||||
USD | 322,800 | CLP | 161,400,000 | 02/27/2013 | 9,080 | – | ||||||||||||||||||||||
USD | 149,169 | CLP | 76,300,000 | 03/11/2013 | 7,474 | – | ||||||||||||||||||||||
USD | 491,146 | SGD | 621,300 | 03/26/2013 | 17,879 | – | ||||||||||||||||||||||
USD | 343,696 | CLP | 174,340,000 | 04/15/2013 | 12,593 | – | ||||||||||||||||||||||
USD | 308,228 | CLP | 156,210,000 | 04/19/2013 | 10,845 | – | ||||||||||||||||||||||
USD | 152,401 | CLP | 77,900,000 | 05/13/2013 | 6,222 | – | ||||||||||||||||||||||
USD | 536,310 | CLP | 280,490,000 | 05/22/2013 | 34,171 | – | ||||||||||||||||||||||
USD | 1,179,815 | SGD | 1,467,690 | 08/01/2013 | 22,830 | – | ||||||||||||||||||||||
174,223 | (1,779 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 195,111 | USD | 261,244 | 12/10/2012 | 7,476 | – | |||||||||||||||||||||
EUR | 2,118,000 | USD | 2,709,134 | 01/11/2013 | – | (46,546 | ) | |||||||||||||||||||||
EUR | 866,907 | USD | 1,104,786 | 01/14/2013 | – | (23,158 | ) | |||||||||||||||||||||
EUR | 664,629 | USD | 868,205 | 01/25/2013 | 3,350 | – | ||||||||||||||||||||||
EUR | 177,000 | USD | 232,153 | 02/01/2013 | 1,817 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 2,129,755 | 02/08/2013 | 9,736 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,610,183 | 02/13/2013 | 35,381 | – | ||||||||||||||||||||||
EUR | 1,064,000 | USD | 1,405,384 | 02/19/2013 | 20,515 | – | ||||||||||||||||||||||
EUR | 849,000 | USD | 1,122,531 | 02/21/2013 | 17,476 | – | ||||||||||||||||||||||
EUR | 1,065,710 | SEK | 9,282,820 | 07/16/2013 | – | (1,162 | ) | |||||||||||||||||||||
EUR | 685,000 | USD | 843,098 | 08/01/2013 | – | (50,071 | ) | |||||||||||||||||||||
EUR | 1,062,010 | SEK | 9,000,000 | 08/26/2013 | – | (40,393 | ) | |||||||||||||||||||||
EUR | 1,333,312 | USD | 1,668,240 | 08/26/2013 | – | (70,765 | ) | |||||||||||||||||||||
EUR | 214,699 | USD | 277,778 | 09/17/2013 | – | (2,324 | ) | |||||||||||||||||||||
EUR | 751,794 | NOK | 5,605,000 | 11/08/2013 | – | (4,526 | ) | |||||||||||||||||||||
EUR | 701,089 | USD | 897,464 | 11/20/2013 | – | (17,934 | ) | |||||||||||||||||||||
95,751 | (256,879 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) |
| $ | 2,925,436 | $ | (1,242,771 | ) | ||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
CLP—Chilean Peso
EUR—Euro Dollar
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MYR—Malaysian Ringgit
NOK—Norwegian Krone
PHP—Philippine Peso
SEK—Swedish Krona
SGD—Singapore Dollar
USD—United States Dollar
84
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 24,565,627 | $ | — | $ | — | $ | 24,565,627 | ||||||||
United Kingdom | 38,382,123 | — | — | 38,382,123 | ||||||||||||
United States | 85,669,876 | — | — | 85,669,876 | ||||||||||||
Other Countries* | 100,014,229 | — | — | 100,014,229 | ||||||||||||
Preferred Stock | 3,494,560 | — | — | 3,494,560 | ||||||||||||
Foreign Government Agencies | — | 147,338,517 | — | 147,338,517 | ||||||||||||
Foreign Government Treasuries | — | 4,100,755 | — | 4,100,755 | ||||||||||||
Municipal Bonds & Notes | — | 992,770 | — | 992,770 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Foreign Government Treasuries | — | 6,140,138 | — | 6,140,138 | ||||||||||||
Registered Investment Companies | 21,711,067 | — | — | 21,711,067 | ||||||||||||
Time Deposits | — | 396,000 | — | 396,000 | ||||||||||||
U.S. Government Agencies | — | 17,949,999 | — | 17,949,999 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 2,925,436 | — | 2,925,436 | ||||||||||||
Total | $ | 273,837,482 | $ | 179,843,615 | $ | — | $ | 453,681,097 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 1,242,771 | $ | — | $ | 1,242,771 | ||||||||
* | 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 securities by country 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
85
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 22.1 | % | ||
Federal Home Loan Mtg. Corp. | 17.8 | |||
United States Treasury Notes | 16.2 | |||
United States Treasury Bonds | 10.2 | |||
Investment Companies | 9.0 | |||
Government National Mtg. Assoc. | 7.7 | |||
Repurchase Agreements | 5.2 | |||
Federal Farm Credit Bank | 3.5 | |||
U.S. Government Treasuries | 2.7 | |||
Registered Investment Companies | 2.4 | |||
Federal Home Loan Bank | 1.8 | |||
Diversified Financial Services | 1.1 | |||
Diversified Banking Institutions | 0.4 | |||
Electric — Integrated | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Banks — Commercial | 0.2 | |||
Multimedia | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Banks — Super Regional | 0.2 | |||
Networking Products | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Computers | 0.1 | |||
Transport — Rail | 0.1 | |||
101.9 | % | |||
Credit Quality†#
Aaa | 96.1 | % | ||
Aa | 2.0 | |||
A | 0.5 | |||
Baa | 1.4 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
86
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.1% |
| |||||||
Diversified Financial Services — 1.1% |
| |||||||
Commercial Mtg. Pass Through Certs. VRS | $ | 996,638 | $ | 127,704 | ||||
DBUBS Mtg. Trust | 380,066 | 415,753 | ||||||
UBS-BAMLL Trust | 217,000 | 231,734 | ||||||
Wells Fargo Re-REMIC Trust | 384,222 | 383,734 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 354,080 | ||||||
Total Asset Backed Securities |
| |||||||
(cost $1,443,885) | 1,513,005 | |||||||
U.S. CORPORATE BONDS & NOTES — 1.8% |
| |||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 200,000 | 230,272 | ||||||
Banks - Super Regional — 0.2% |
| |||||||
Wells Fargo & Co. | 237,000 | 240,777 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
Comcast Corp. | 200,000 | 243,021 | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow Chemical Co. | 200,000 | 270,666 | ||||||
Computers — 0.1% |
| |||||||
Hewlett-Packard Co. | 200,000 | 209,282 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Citigroup, Inc. | 162,000 | 182,255 | ||||||
Goldman Sachs Group, Inc. | 200,000 | 231,468 | ||||||
Morgan Stanley | 200,000 | 208,334 | ||||||
622,057 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 275,406 | ||||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 200,000 | 238,110 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
CommonWealth REIT | 200,000 | 213,281 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | $ | 89,000 | $ | 90,676 | ||||
Norfolk Southern Corp. | 19,000 | 23,664 | ||||||
114,340 | ||||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $2,484,497) | 2,657,212 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 9.4% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 250,000 | 263,700 | ||||||
Investment Companies — 9.0% |
| |||||||
Temasek Financial I, Ltd. | 12,000,000 | 13,189,356 | ||||||
Multimedia — 0.2% |
| |||||||
Thomson Reuters Corp. | 200,000 | 250,521 | ||||||
Telephone - Integrated — 0.0% |
| |||||||
Nippon Telegraph & Telephone Corp. | 60,000 | 60,827 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $13,541,561) | 13,764,404 | |||||||
U.S. GOVERNMENT AGENCIES — 52.9% |
| |||||||
Federal Farm Credit Bank — 3.5% |
| |||||||
3.35% due 10/21/2025 | 1,500,000 | 1,677,478 | ||||||
4.88% due 12/16/2015 | 2,000,000 | 2,279,000 | ||||||
4.88% due 01/17/2017 | 1,000,000 | 1,175,989 | ||||||
5,132,467 | ||||||||
Federal Home Loan Bank — 1.8% |
| |||||||
4.75% due 09/11/2015 | 1,000,000 | 1,120,192 | ||||||
4.88% due 11/27/2013 | 1,000,000 | 1,045,812 | ||||||
5.38% due 06/14/2013# | 500,000 | 513,748 | ||||||
2,679,752 | ||||||||
Federal Home Loan Mtg. Corp. — 17.8% |
| |||||||
4.50% due 09/01/2019 | 198,923 | 212,310 | ||||||
4.50% due 09/01/2039 | 2,336,800 | 2,501,367 | ||||||
4.50% due 11/01/2039 | 1,118,410 | 1,197,173 | ||||||
4.50% due 02/01/2040 | 1,600,754 | 1,719,488 | ||||||
4.50% due 04/01/2040 | 140,051 | 150,439 | ||||||
4.50% due 06/01/2040 | 466,526 | 501,130 | ||||||
4.50% due 08/01/2040 | 1,539,855 | 1,654,073 | ||||||
4.50% due 03/01/2041 | 3,979,071 | 4,258,607 | ||||||
4.50% due 04/01/2041 | 576,617 | 620,649 | ||||||
4.50% due 06/01/2041 | 1,298,803 | 1,397,981 | ||||||
4.75% due 11/17/2015# | 3,000,000 | 3,384,276 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,150,096 | ||||||
5.00% due 10/01/2034 | 105,310 | 113,533 | ||||||
5.50% due 12/01/2036 | 93,583 | 101,168 | ||||||
6.00% due 11/01/2033 | 240,767 | 267,240 | ||||||
6.50% due 02/01/2032 | 105,451 | 122,612 | ||||||
7.50% due 09/01/2016 | 8,776 | 8,800 | ||||||
8.00% due 02/01/2030 | 4,046 | 4,262 | ||||||
8.00% due 08/01/2030 | 730 | 906 | ||||||
8.00% due 06/01/2031 | 3,479 | 4,321 | ||||||
Federal Home Loan Mtg. Corp. FRS | 36,975 | 39,567 |
87
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 3981, Class PA | ||||||||
3.00% due 04/15/2031 | $ | 939,059 | $ | 976,004 | ||||
Series 4057, Class WY | ||||||||
3.50% due 06/15/2027 | 1,000,000 | 1,096,398 | ||||||
Series 3813, Class D | ||||||||
4.00% due 02/15/2026 | 1,000,000 | 1,121,695 | ||||||
Series 3917, Class B | ||||||||
4.50% due 08/15/2026 | 465,000 | 545,191 | ||||||
Series 3927, Class AY | ||||||||
4.50% due 09/15/2026 | 1,494,968 | 1,763,436 | ||||||
Series 3786, Class PB | ||||||||
4.50% due 07/15/2040 | 1,000,000 | 1,150,999 | ||||||
26,063,721 | ||||||||
Federal National Mtg. Assoc. — 22.1% | ||||||||
zero coupon due 10/09/2019 | 1,250,000 | 1,103,375 | ||||||
4.00% due 09/01/2040 | 372,628 | 399,710 | ||||||
4.00% due 10/01/2040 | 371,443 | 398,439 | ||||||
4.00% due 12/01/2040 | 366,377 | 393,005 | ||||||
4.00% due 01/01/2041 | 940,824 | 1,009,202 | ||||||
4.00% due 02/01/2041 | 4,234,216 | 4,543,126 | ||||||
4.00% due 03/01/2041 | 5,597,141 | 6,005,682 | ||||||
4.00% due 06/01/2042 | 2,734,986 | 3,067,946 | ||||||
5.00% due 02/01/2019 | 242,003 | 263,296 | ||||||
5.00% due 12/01/2036 | 237,047 | 256,963 | ||||||
5.50% due 12/01/2033 | 146,556 | 161,153 | ||||||
5.50% due 10/01/2034 | 281,605 | 308,244 | ||||||
6.00% due 06/01/2035 | 62,344 | 68,953 | ||||||
6.00% due 08/25/2037 STRIPS | 1,371,931 | 186,575 | ||||||
6.50% due 02/01/2017 | 17,154 | 18,616 | ||||||
6.50% due 07/01/2032 | 22,308 | 25,522 | ||||||
7.00% due 09/01/2031 | 54,475 | 65,311 | ||||||
11.50% due 09/01/2019 | 34 | 35 | ||||||
12.00% due 01/15/2016 | 29 | 29 | ||||||
12.50% due 09/20/2015 | 16 | 16 | ||||||
13.00% due 11/15/2015 | 25 | 25 | ||||||
Federal National Mtg. Assoc. FRS | ||||||||
2.25% due 01/01/2036 | 23,921 | 25,234 | ||||||
2.26% due 11/01/2034 | 35,716 | 37,405 | ||||||
2.34% due 02/01/2035 | 12,979 | 13,705 | ||||||
Federal National Mtg. Assoc. REMIC | 968,255 | 833,748 | ||||||
Series 2011-126, Class EC | ||||||||
2.00% due 04/25/2040 | 1,400,940 | 1,405,329 | ||||||
Series 2012-93, Class ME | ||||||||
2.50% due 01/25/2042 | 1,981,610 | 2,045,465 | ||||||
Series 2011-145, Class PB | ||||||||
3.50% due 01/25/2032 | 2,500,000 | 2,704,347 | ||||||
Series 2012-50, Class VB | ||||||||
4.00% due 01/25/2029 | 1,355,000 | 1,570,136 | ||||||
Series 2012-47, Class VB | ||||||||
4.00% due 04/25/2031 | 2,000,000 | 2,262,218 | ||||||
Series 2004-90, Class GC | ||||||||
4.35% due 11/25/2034 | 1,000,000 | 1,138,103 | ||||||
Series 2010-117, Class DY | ||||||||
4.50% due 10/25/2025 | 974,930 | 1,132,186 | ||||||
Series 2010-34, Class MB | ||||||||
4.50% due 12/25/2040 | 250,000 | 295,548 | ||||||
Series 2007-116, Class PB | ||||||||
5.50% due 08/25/2035 | 275,000 | 311,180 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
Federal National Mtg. Assoc. REMIC FRS | ||||||||
Series 2010-28, Class SA 6.34% due 10/25/2027 | $ | 2,529,895 | $ | 160,351 | ||||
32,210,178 | ||||||||
Government National Mtg. Assoc. — 7.7% |
| |||||||
4.50% due 02/20/2038 | 1,000,000 | 1,155,899 | ||||||
4.50% due 03/15/2038 | 263,235 | 286,909 | ||||||
4.50% due 03/15/2039 | 42,624 | 46,644 | ||||||
4.50% due 05/15/2039 | 1,097,843 | 1,201,383 | ||||||
4.50% due 06/15/2039 | 1,001,326 | 1,096,059 | ||||||
4.50% due 07/15/2039 | 1,020,700 | 1,116,679 | ||||||
4.50% due 09/15/2039 | 19,370 | 21,197 | ||||||
4.50% due 12/15/2039 | 276,176 | 302,222 | ||||||
4.50% due 04/15/2040 | 404,366 | 444,271 | ||||||
4.50% due 06/15/2040 | 1,540,117 | 1,682,001 | ||||||
4.50% due 08/15/2040 | 223,640 | 245,710 | ||||||
5.00% due 09/15/2035 | 7,515 | 8,211 | ||||||
5.00% due 02/15/2036 | 292,964 | 319,367 | ||||||
5.00% due 05/15/2036 | 16,317 | 17,761 | ||||||
6.00% due 01/15/2032 | 43,384 | 49,179 | ||||||
6.50% due 08/15/2031 | 68,973 | 82,105 | ||||||
7.50% due 02/15/2029 | 7,168 | 7,600 | ||||||
7.50% due 07/15/2030 | 470 | 577 | ||||||
7.50% due 01/15/2031 | 6,625 | 8,134 | ||||||
7.50% due 02/15/2031 | 6,147 | 6,721 | ||||||
Government National Mtg. Assoc. REMIC | ||||||||
Series 2004-18, Class Z | ||||||||
4.50% due 03/16/2034 | 737,952 | 835,019 | ||||||
Series 2005-21, Class Z | ||||||||
5.00% due 03/20/2035 | 1,026,199 | 1,199,577 | ||||||
Series 2009-91, Class PR | ||||||||
5.00% due 09/20/2038 | 1,000,000 | 1,151,651 | ||||||
11,284,876 | ||||||||
Total U.S. Government Agencies |
| |||||||
(cost $73,150,737) | 77,370,994 | |||||||
U.S. GOVERNMENT TREASURIES — 26.4% |
| |||||||
United States Treasury Bonds — 10.2% |
| |||||||
zero coupon due 08/15/2024 | 2,040,000 | 1,608,970 | ||||||
2.00% due 01/15/2026 TIPS(3) | 2,308,165 | 3,056,154 | ||||||
3.75% due 08/15/2041 | 6,000,000 | 7,228,128 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 3,077,735 | ||||||
14,970,987 | ||||||||
United States Treasury Notes — 16.2% |
| |||||||
0.25% due 05/15/2015 | 2,000,000 | 1,998,124 | ||||||
0.63% due 05/31/2017 | 1,000,000 | 1,004,141 | ||||||
1.63% due 08/15/2022# | 7,000,000 | 7,036,638 | ||||||
1.75% due 05/15/2022 | 2,000,000 | 2,040,624 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 5,228,515 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,600,389 | ||||||
4.00% due 02/15/2015 | 1,000,000 | 1,081,484 | ||||||
4.25% due 08/15/2013 | 500,000 | 514,258 | ||||||
4.25% due 08/15/2015 | 1,000,000 | 1,105,469 | ||||||
23,609,642 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $35,856,428) | 38,580,629 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $126,477,108) | 133,886,244 | |||||||
88
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.1% |
| |||||||
Registered Investment Companies — 2.4% |
| |||||||
State Street Navigator Securities Lending | $ | 3,435,645 | $ | 3,435,645 | ||||
U.S. Government Treasuries — 2.7% |
| |||||||
United States Treasury Bills | ||||||||
0.10% due 12/13/2012# | 2,000,000 | 1,999,937 | ||||||
0.12% due 12/13/2012# | 2,000,000 | 1,999,920 | ||||||
3,999,857 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $7,435,502) | 7,435,502 | |||||||
REPURCHASE AGREEMENTS — 5.2% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/2012, to be repurchased 12/03/2012 in the amount of $1,577,001 and collateralized by $1,610,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $1,612,475 | 1,577,000 | 1,577,000 | ||||||
State Street Bank & Trust Co. Joint Repurchase Agreement (5) | 6,060,000 | 6,060,000 | ||||||
Total Repurchase Agreements |
| |||||||
(cost $7,637,000) | 7,637,000 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $141,549,610) (6) | 101.9 | % | 148,958,746 | |||||
Liabilities in excess of other assets | (1.9 | ) | (2,796,915 | ) | ||||
NET ASSETS | 100.0 | % | $ | 146,161,831 | ||||
* | 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, 2012, the aggregate value of these securities was $14,929,033 representing 10.2% 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) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Principal amount of security is adjusted for inflation. |
(4) | At November 30, 2012, the Fund had loaned securities with a total value of $3,369,049. This was secured by collateral of $3,435,645, which was received in cash and subsequently invested in short-term investments currently valued at $3,435,645 as reported in the portfolio of investments. |
(5) | See Note 2 for details of Joint Repurchase Agreements. |
(6) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
TIPS—Treasury Inflation Protected Security
FRS—Floating Rate Security
VRS— Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2012 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, 2012 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Asset Backed Securities: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | 1,129,271 | $ | 383,734 | $ | 1,513,005 | ||||||||
U.S. Corporate Bonds & Notes | — | 2,657,212 | — | 2,657,212 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Investment Companies | — | 13,189,356 | — | 13,189,356 | ||||||||||||
Other Industries* | — | 575,048 | — | 575,048 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Home Loan Mtg Corp. | — | 26,063,721 | — | 26,063,721 | ||||||||||||
Federal National Mtg. Assoc. | — | 32,210,178 | — | 32,210,178 | ||||||||||||
Government National Mtg. Assoc. | — | 11,284,876 | — | 11,284,876 | ||||||||||||
Other U.S. Government Agencies* | — | 7,812,219 | — | 7,812,219 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 14,970,987 | — | 14,970,987 | ||||||||||||
United States Treasury Notes | — | 23,609,642 | — | 23,609,642 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,435,645 | — | — | 3,435,645 | ||||||||||||
U.S. Government Treasuries | — | 3,999,857 | — | 3,999,857 | ||||||||||||
Repurchase Agreements | — | 7,637,000 | — | 7,637,000 | ||||||||||||
Total | $ | 3,435,645 | $ | 145,139,367 | $ | 383,734 | $ | 148,958,746 | ||||||||
* | Sum of all other industries or other U.S. government agencies each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry or U.S. government agency classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
89
Table of Contents
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Computers | 7.1 | % | ||
Registered Investment Companies | 6.7 | |||
Medical — Drugs | 4.8 | |||
Retail — Discount | 3.5 | |||
Beverages — Non-alcoholic | 3.2 | |||
Medical — Biomedical/Gene | 3.1 | |||
E-Commerce/Products | 2.8 | |||
Applications Software | 2.7 | |||
Web Portals/ISP | 2.6 | |||
Oil — Field Services | 2.5 | |||
Computer Services | 2.4 | |||
Agricultural Chemicals | 2.2 | |||
Enterprise Software/Service | 2.2 | |||
Diversified Manufacturing Operations | 2.1 | |||
Computers — Memory Devices | 2.1 | |||
Commercial Services — Finance | 2.0 | |||
Retail — Building Products | 2.0 | |||
Semiconductor Components — Integrated Circuits | 2.0 | |||
Tobacco | 1.9 | |||
Cable/Satellite TV | 1.8 | |||
Transport — Rail | 1.7 | |||
Electronic Components — Semiconductors | 1.7 | |||
Retail — Restaurants | 1.6 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Wireless Equipment | 1.3 | |||
Telephone — Integrated | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Real Estate Investment Trusts | 1.2 | |||
Cosmetics & Toiletries | 1.2 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Instruments — Controls | 1.1 | |||
Banks — Super Regional | 1.0 | |||
Metal Processors & Fabrication | 1.0 | |||
Transport — Services | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Networking Products | 0.7 | |||
Pharmacy Services | 0.7 | |||
Medical Instruments | 0.7 | |||
Multimedia | 0.7 | |||
Banks — Commercial | 0.7 | |||
Beverages — Wine/Spirits | 0.6 | |||
Vitamins & Nutrition Products | 0.6 | |||
Medical Products | 0.6 | |||
Electronic Design Automation | 0.6 | |||
Food — Retail | 0.6 | |||
Retail — Regional Department Stores | 0.6 | |||
Time Deposits | 0.5 | |||
Motorcycle/Motor Scooter | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Airlines | 0.5 | |||
Finance — Credit Card | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Hotels/Motels | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Television | 0.4 | |||
Retail — Vitamins & Nutrition Supplements | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Electronic Security Devices | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Food — Confectionery | 0.3 | |||
Data Processing/Management | 0.3 | |||
Textile — Home Furnishings | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Machinery — Farming | 0.3 |
Instruments — Scientific | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Soap & Cleaning Preparation | 0.3 | |||
Dialysis Centers | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Precious Metals | 0.3 | |||
Exchange — Traded Funds | 0.3 | |||
Retail — Major Department Stores | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Respiratory Products | 0.2 | |||
Steel — Producers | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Medical Information Systems | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Electric — Integrated | 0.2 | |||
Retail — Pet Food & Supplies | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Casino Services | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Internet Application Software | 0.2 | |||
Human Resources | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Diversified Minerals | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Electronic Parts Distribution | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Diversified Banking Institutions | 0.1 | |||
Food — Catering | 0.1 | �� | ||
Finance — Leasing Companies | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Finance — Other Services | 0.1 | |||
Alternative Waste Technology | 0.1 | |||
Consulting Services | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Insurance Brokers | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Internet Security | 0.1 | |||
Rubber — Tires | 0.1 | |||
Metal — Diversified | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Electronic Forms | 0.1 | |||
Commercial Services | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Decision Support Software | 0.1 | |||
Therapeutics | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
106.8 | % | |||
* | Calculated as a percentage of net assets |
90
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.3% |
| |||||||
Aerospace/Defense — 1.1% |
| |||||||
Boeing Co. | 83,826 | $ | 6,226,595 | |||||
Lockheed Martin Corp. | 18,415 | 1,718,120 | ||||||
Rockwell Collins, Inc.# | 10,363 | 592,556 | ||||||
8,537,271 | ||||||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
BE Aerospace, Inc.† | 16,504 | 781,630 | ||||||
United Technologies Corp. | 105,002 | 8,411,710 | ||||||
9,193,340 | ||||||||
Agricultural Chemicals — 2.2% |
| |||||||
Agrium, Inc. | 28,933 | 2,951,745 | ||||||
CF Industries Holdings, Inc. | 6,899 | 1,476,593 | ||||||
Monsanto Co. | 136,140 | 12,469,062 | ||||||
Syngenta AG | 3,221 | 1,291,250 | ||||||
18,188,650 | ||||||||
Airlines — 0.5% |
| |||||||
Alaska Air Group, Inc.†# | 38,964 | 1,665,711 | ||||||
Delta Air Lines, Inc.† | 137,435 | 1,374,350 | ||||||
Spirit Airlines, Inc.† | 47,956 | 804,702 | ||||||
3,844,763 | ||||||||
Alternative Waste Technology — 0.1% |
| |||||||
Darling International, Inc.† | 53,880 | 908,956 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Hanesbrands, Inc.†# | 36,458 | 1,316,134 | ||||||
Michael Kors Holdings, Ltd.† | 11,960 | 635,674 | ||||||
Prada SpA# | 59,000 | 487,213 | ||||||
2,439,021 | ||||||||
Applications Software — 2.7% |
| |||||||
Check Point Software Technologies, Ltd.†# | 7,276 | 335,933 | ||||||
Intuit, Inc. | 24,580 | 1,472,588 | ||||||
Microsoft Corp. | 704,056 | 18,741,971 | ||||||
ServiceNow, Inc.†# | 31,890 | 1,040,570 | ||||||
21,591,062 | ||||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Hyundai Motor Co. | 2,257 | 470,013 | ||||||
Toyota Motor Corp. | 29,800 | 1,277,892 | ||||||
1,747,905 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
BorgWarner, Inc.† | 11,046 | 732,350 | ||||||
Gentherm, Inc.†# | 19,090 | 230,798 | ||||||
WABCO Holdings, Inc.†# | 6,247 | 387,626 | ||||||
1,350,774 | ||||||||
Banks - Commercial — 0.7% |
| |||||||
Bank Mandiri Persero Tbk PT | 446,215 | 383,726 | ||||||
Bank of Nova Scotia# | 15,537 | 875,897 | ||||||
CIT Group, Inc.† | 37,204 | 1,378,408 | ||||||
Credicorp, Ltd. | 2,715 | 379,828 | ||||||
Erste Group Bank AG† | 4,091 | 120,324 | ||||||
Sberbank of Russia ADR# | 54,949 | 650,047 | ||||||
Standard Chartered PLC | 36,418 | 848,951 | ||||||
Turkiye Garanti Bankasi AS | 156,168 | 741,139 | ||||||
5,378,320 | ||||||||
Banks - Super Regional — 1.0% |
| |||||||
SunTrust Banks, Inc. | 148,133 | 4,021,811 | ||||||
Wells Fargo & Co. | 124,732 | 4,117,403 | ||||||
8,139,214 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Batteries/Battery Systems — 0.0% |
| |||||||
EnerSys, Inc.† | 8,187 | $ | 285,235 | |||||
Beverages - Non-alcoholic — 3.2% |
| |||||||
Coca-Cola Co. | 355,450 | 13,478,664 | ||||||
Monster Beverage Corp.† | 40,466 | 2,106,255 | ||||||
PepsiCo, Inc. | 147,573 | 10,361,101 | �� | |||||
25,946,020 | ||||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Beam, Inc. | 50,316 | 2,823,231 | ||||||
Brown-Forman Corp., Class B | 19,869 | 1,394,406 | ||||||
Pernod-Ricard SA | 6,999 | 792,469 | ||||||
5,010,106 | ||||||||
Broadcast Services/Program — 0.4% |
| |||||||
Scripps Networks Interactive, Inc., Class A# | 55,925 | 3,301,812 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Fortune Brands Home & Security, Inc.† | 17,632 | 528,784 | ||||||
Building - Residential/Commercial — 0.4% |
| |||||||
PulteGroup, Inc.† | 189,068 | 3,178,233 | ||||||
Cable/Satellite TV — 1.8% |
| |||||||
Comcast Corp., Class A | 308,750 | 11,479,325 | ||||||
Kabel Deutschland Holding AG | 5,858 | 423,596 | ||||||
Liberty Global, Inc., Class A† | 27,652 | 1,549,618 | ||||||
Time Warner Cable, Inc. | 7,936 | 753,047 | ||||||
14,205,586 | ||||||||
Casino Services — 0.2% |
| |||||||
Bally Technologies, Inc.†# | 20,036 | 904,425 | ||||||
SHFL Entertainment, Inc.†# | 45,200 | 621,952 | ||||||
1,526,377 | ||||||||
Chemicals - Diversified — 0.3% |
| |||||||
Croda International PLC | 10,367 | 395,472 | ||||||
Georgia Gulf Corp. | 13,166 | 603,793 | ||||||
LyondellBasell Industries NV, Class A | 24,977 | 1,242,106 | ||||||
PPG Industries, Inc. | 2,546 | 316,391 | ||||||
2,557,762 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
NewMarket Corp.# | 5,381 | 1,427,848 | ||||||
WR Grace & Co.† | 20,450 | 1,338,862 | ||||||
2,766,710 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Sherwin - Williams Co. | 671 | 102,341 | ||||||
Commercial Services — 0.1% |
| |||||||
Aggreko PLC | 16,607 | 593,866 | ||||||
Commercial Services - Finance — 2.0% |
| |||||||
Alliance Data Systems Corp.†# | 7,331 | 1,044,594 | ||||||
Equifax, Inc. | 25,574 | 1,310,412 | ||||||
Mastercard, Inc., Class A | 24,862 | 12,149,562 | ||||||
SEI Investments Co. | 29,152 | 641,635 | ||||||
Total System Services, Inc. | 35,219 | 773,057 | ||||||
Western Union Co. | 9,160 | 115,508 | ||||||
16,034,768 | ||||||||
Computer Services — 2.4% |
| |||||||
Accenture PLC, Class A | 30,957 | 2,102,599 | ||||||
International Business Machines Corp. | 91,023 | 17,300,742 | ||||||
19,403,341 | ||||||||
91
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Computers — 7.1% |
| |||||||
Apple, Inc. | 97,460 | $ | 57,041,389 | |||||
Computers - Integrated Systems — 0.4% |
| |||||||
Riverbed Technology, Inc.†# | 168,807 | 3,021,645 | ||||||
Teradata Corp.† | 10,675 | 634,949 | ||||||
3,656,594 | ||||||||
Computers - Memory Devices — 2.1% |
| |||||||
EMC Corp.† | 463,918 | 11,514,445 | ||||||
NetApp, Inc.† | 156,270 | 4,955,322 | ||||||
Western Digital Corp. | 10,796 | 361,018 | ||||||
16,830,785 | ||||||||
Consulting Services — 0.1% |
| |||||||
SAIC, Inc. | 28,160 | 324,685 | ||||||
Verisk Analytics, Inc., Class A† | 11,325 | 564,438 | ||||||
889,123 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Owens-Illinois, Inc.† | 64,816 | 1,298,264 | ||||||
Cosmetics & Toiletries — 1.2% |
| |||||||
Colgate-Palmolive Co. | 40,197 | 4,361,374 | ||||||
Estee Lauder Cos., Inc., Class A | 67,648 | 3,940,496 | ||||||
L’Oreal SA | 4,706 | 638,663 | ||||||
Unicharm Corp. | 15,100 | 771,165 | ||||||
9,711,698 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
CommVault Systems, Inc.† | 22,023 | 1,461,446 | ||||||
Dun & Bradstreet Corp.# | 16,235 | 1,285,488 | ||||||
2,746,934 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc.† | 17,065 | 494,885 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
DENTSPLY International, Inc.# | 36,137 | 1,434,639 | ||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.†# | 8,823 | 824,686 | ||||||
Dialysis Centers — 0.3% |
| |||||||
DaVita HealthCare Partners, Inc.† | 15,696 | 1,695,168 | ||||||
Fresenius Medical Care AG & Co. KGaA | 9,162 | 629,146 | ||||||
2,324,314 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
LKQ Corp.† | 101,926 | 2,234,218 | ||||||
Diversified Banking Institutions — 0.1% |
| |||||||
Lloyds Banking Group PLC† | 791,184 | 589,369 | ||||||
UBS AG | 37,517 | 587,025 | ||||||
1,176,394 | ||||||||
Diversified Manufacturing Operations — 2.1% |
| |||||||
3M Co. | 1,135 | 103,228 | ||||||
Danaher Corp. | 110,766 | 5,978,041 | ||||||
Illinois Tool Works, Inc.# | 76,361 | 4,701,547 | ||||||
Ingersoll-Rand PLC | 21,081 | 1,028,331 | ||||||
Parker Hannifin Corp.# | 16,180 | 1,329,187 | ||||||
Textron, Inc.# | 160,809 | 3,777,404 | ||||||
16,917,738 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
BHP Billiton, Ltd. | 39,344 | 1,412,032 | ||||||
E-Commerce/Products — 2.8% |
| |||||||
Amazon.com, Inc.† | 46,100 | 11,619,505 | ||||||
eBay, Inc.† | 207,854 | 10,978,848 | ||||||
22,598,353 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services — 0.4% |
| |||||||
Expedia, Inc. | 1,298 | $ | 80,294 | |||||
priceline.com, Inc.†# | 2,483 | 1,646,627 | ||||||
Rakuten, Inc.† | 143,700 | 1,211,518 | ||||||
2,938,439 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
ReachLocal, Inc.† | 15,694 | 172,006 | ||||||
Electric - Integrated — 0.2% |
| |||||||
DTE Energy Co. | 28,346 | 1,717,201 | ||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd.# | 32,757 | 1,273,920 | ||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
ARM Holdings PLC | 16,728 | 207,438 | ||||||
Avago Technologies, Ltd. | 31,290 | 1,098,279 | ||||||
Broadcom Corp., Class A | 45,751 | 1,481,417 | ||||||
Intel Corp. | 216,271 | 4,232,424 | ||||||
LSI Corp.† | 136,199 | 917,981 | ||||||
Skyworks Solutions, Inc.† | 12,175 | 275,764 | ||||||
Texas Instruments, Inc. | 62,570 | 1,843,938 | ||||||
Xilinx, Inc. | 96,077 | 3,329,068 | ||||||
13,386,309 | ||||||||
Electronic Design Automation — 0.6% |
| |||||||
Cadence Design Systems, Inc.†# | 280,156 | 3,566,386 | ||||||
Synopsys, Inc.† | 35,038 | 1,149,246 | ||||||
4,715,632 | ||||||||
Electronic Forms — 0.1% |
| |||||||
Adobe Systems, Inc.† | 17,360 | 600,830 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 29,425 | 1,126,683 | ||||||
Trimble Navigation, Ltd.†# | 40,032 | 2,227,381 | ||||||
3,354,064 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Avnet, Inc.† | 44,460 | 1,302,233 | ||||||
Electronic Security Devices — 0.3% |
| |||||||
Tyco International, Ltd. | 100,330 | 2,846,362 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
ABB, Ltd. | 39,316 | 766,210 | ||||||
Enterprise Software/Service — 2.2% |
| |||||||
Oracle Corp. | 505,443 | 16,224,720 | ||||||
SAP AG ADR | 7,536 | 587,733 | ||||||
Workday, Inc., Class A† | 16,185 | 810,868 | ||||||
17,623,321 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp.# | 15,747 | 936,632 | ||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Ocwen Financial Corp.† | 27,255 | 977,364 | ||||||
World Acceptance Corp.†# | 5,519 | 402,942 | ||||||
1,380,306 | ||||||||
Finance - Credit Card — 0.4% |
| |||||||
American Express Co. | 30,686 | 1,715,347 | ||||||
Visa, Inc., Class A | 12,971 | 1,941,889 | ||||||
3,657,236 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp.# | 65,235 | 854,578 | ||||||
Finance - Leasing Companies — 0.1% |
| |||||||
ORIX Corp.# | 9,370 | 940,012 | ||||||
92
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Finance - Other Services — 0.1% |
| |||||||
IntercontinentalExchange, Inc.† | 6,916 | $ | 913,949 | |||||
Food - Catering — 0.1% |
| |||||||
Compass Group PLC | 84,121 | 971,724 | ||||||
Food - Confectionery — 0.3% |
| |||||||
Hershey Co.# | 37,637 | 2,757,663 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co.† | 21,440 | 367,482 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Annie’s, Inc.† | 22,860 | 819,988 | ||||||
Campbell Soup Co.# | 38,380 | 1,410,465 | ||||||
Kraft Foods Group, Inc. | 72,186 | 3,264,251 | ||||||
Mondelez International, Inc., Class A | 32,029 | 829,231 | ||||||
Nestle SA | 29,565 | 1,934,949 | ||||||
Unilever NV CVA | 52,776 | 2,002,510 | ||||||
10,261,394 | ||||||||
Food - Retail — 0.6% |
| |||||||
Jeronimo Martins SGPS SA | 31,923 | 595,568 | ||||||
Whole Foods Market, Inc. | 43,837 | 4,092,623 | ||||||
4,688,191 | ||||||||
Hotel/Motels — 0.4% |
| |||||||
Marriott International, Inc., Class A# | 98,148 | 3,561,791 | ||||||
Human Resources — 0.2% |
| |||||||
Adecco SA | 9,981 | 493,180 | ||||||
Capita PLC | 78,798 | 962,628 | ||||||
1,455,808 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
FANUC Corp. | 3,300 | 556,438 | ||||||
Instruments - Controls — 1.1% |
| |||||||
Honeywell International, Inc. | 138,978 | 8,523,521 | ||||||
Instruments - Scientific — 0.3% |
| |||||||
Waters Corp.† | 30,432 | 2,573,026 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Marsh & McLennan Cos., Inc. | 24,071 | 847,781 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Aflac, Inc. | 17,516 | 928,173 | ||||||
Insurance - Property/Casualty — 0.9% |
| |||||||
Homeowners Choice, Inc.# | 49,843 | 1,037,233 | ||||||
Travelers Cos., Inc. | 88,645 | 6,277,839 | ||||||
7,315,072 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Validus Holdings, Ltd.# | 24,529 | 869,798 | ||||||
Internet Application Software — 0.2% |
| |||||||
Splunk, Inc.† | 49,850 | 1,505,470 | ||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Facebook, Inc., Class A† | 15,025 | 420,700 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp.† | 35,571 | 667,312 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Lincoln Electric Holdings, Inc. | 29,431 | 1,398,267 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Atlas Copco AB, Class A | 22,660 | 583,755 | ||||||
Caterpillar, Inc. | 404 | 34,437 | ||||||
618,192 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 30,726 | $ | 2,582,520 | |||||
Machinery - General Industrial — 0.1% |
| |||||||
Sauer-Danfoss, Inc.# | 7,755 | 407,370 | ||||||
Machinery - Pumps — 0.2% |
| |||||||
Flowserve Corp. | 9,669 | 1,339,640 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.† | 24,269 | 1,874,052 | ||||||
�� | ||||||||
Medical Instruments — 0.7% |
| |||||||
Edwards Lifesciences Corp.† | 22,266 | 1,932,021 | ||||||
Intuitive Surgical, Inc.† | 2,058 | 1,088,682 | ||||||
Medtronic, Inc. | 31,115 | 1,310,252 | ||||||
St. Jude Medical, Inc. | 38,646 | 1,324,785 | ||||||
5,655,740 | ||||||||
Medical Products — 0.6% |
| |||||||
CareFusion Corp.† | 49,055 | 1,369,616 | ||||||
Cooper Cos., Inc. | 14,590 | 1,385,174 | ||||||
Covidien PLC | 30,288 | 1,760,036 | ||||||
Zimmer Holdings, Inc. | 3,765 | 248,377 | ||||||
4,763,203 | ||||||||
Medical - Biomedical/Gene — 3.1% |
| |||||||
Alexion Pharmaceuticals, Inc.†# | 35,271 | 3,386,721 | ||||||
Amgen, Inc. | 90,314 | 8,019,883 | ||||||
Biogen Idec, Inc.† | 17,297 | 2,578,810 | ||||||
Celgene Corp.† | 35,077 | 2,756,702 | ||||||
CSL, Ltd. | 6,091 | 328,634 | ||||||
Gilead Sciences, Inc.† | 89,442 | 6,708,150 | ||||||
Life Technologies Corp.†# | 15,104 | 745,382 | ||||||
United Therapeutics Corp.†# | 12,183 | 640,217 | ||||||
25,164,499 | ||||||||
Medical - Drugs — 4.8% |
| |||||||
Abbott Laboratories | 156,685 | 10,184,525 | ||||||
Allergan, Inc. | 80,205 | 7,439,014 | ||||||
Bristol-Myers Squibb Co. | 177,235 | 5,783,178 | ||||||
Eli Lilly & Co. | 82,800 | 4,060,512 | ||||||
Grifols SA† | 29,104 | 930,951 | ||||||
Johnson & Johnson# | 109,705 | 7,649,730 | ||||||
Novo Nordisk A/S, Class B | 7,454 | 1,183,793 | ||||||
Roche Holding AG | 5,538 | 1,090,030 | ||||||
Sanofi | 6,504 | 580,780 | ||||||
38,902,513 | ||||||||
Medical - Wholesale Drug Distribution — 0.9% |
| |||||||
AmerisourceBergen Corp. | 125,933 | 5,316,891 | ||||||
McKesson Corp. | 18,590 | 1,756,197 | ||||||
7,073,088 | ||||||||
Metal Processors & Fabrication — 1.0% |
| |||||||
Precision Castparts Corp. | 40,746 | 7,472,409 | ||||||
SKF AB, Class B | 16,113 | 387,486 | ||||||
7,859,895 | ||||||||
Metal - Diversified — 0.1% |
| |||||||
Rio Tinto PLC | 12,839 | 636,333 | ||||||
Motion Pictures & Services — 0.1% |
| |||||||
Dolby Laboratories, Inc., Class A# | 20,053 | 669,169 | ||||||
Motorcycle/Motor Scooter — 0.5% |
| |||||||
Harley-Davidson, Inc. | 93,429 | 4,387,426 | ||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A# | 18,540 | 841,716 | ||||||
93
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Multimedia — 0.7% |
| |||||||
FactSet Research Systems, Inc.# | 4,215 | $ | 389,424 | |||||
Viacom, Inc., Class B | 98,090 | 5,062,425 | ||||||
5,451,849 | ||||||||
Networking Products — 0.7% |
| |||||||
Cisco Systems, Inc. | 227,318 | 4,298,584 | ||||||
Palo Alto Networks, Inc.† | 26,622 | 1,448,769 | ||||||
5,747,353 | ||||||||
Oil Companies - Exploration & Production — 1.6% |
| |||||||
BG Group PLC | 55,898 | 958,260 | ||||||
Continental Resources, Inc.†# | 5,654 | 388,430 | ||||||
Energy XXI Bermuda, Ltd.# | 33,516 | 1,061,787 | ||||||
EOG Resources, Inc. | 43,171 | 5,077,773 | ||||||
Noble Energy, Inc. | 42,731 | 4,176,955 | ||||||
Occidental Petroleum Corp. | 17,443 | 1,311,888 | ||||||
12,975,093 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Cameron International Corp.† | 15,294 | 825,111 | ||||||
Flotek Industries, Inc.†# | 26,674 | 308,085 | ||||||
National Oilwell Varco, Inc. | 10,613 | 724,868 | ||||||
1,858,064 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Western Refining, Inc.# | 27,178 | 789,521 | ||||||
Oil - Field Services — 2.5% |
| |||||||
Core Laboratories NV | 16,275 | 1,679,254 | ||||||
Oceaneering International, Inc. | 94,197 | 4,962,298 | ||||||
Petrofac, Ltd. | 11,006 | 287,070 | ||||||
Saipem SpA | 18,239 | 811,961 | ||||||
Schlumberger, Ltd. | 174,227 | 12,478,138 | ||||||
20,218,721 | ||||||||
Pharmacy Services — 0.7% |
| |||||||
Express Scripts Holding Co.† | 105,666 | 5,690,114 | ||||||
Precious Metals — 0.3% |
| |||||||
Coeur d’Alene Mines Corp.† | 93,842 | 2,182,765 | ||||||
Real Estate Investment Trusts — 1.2% |
| |||||||
American Campus Communities, Inc. | 50,158 | 2,196,920 | ||||||
American Tower Corp. | 25,087 | 1,879,769 | ||||||
Simon Property Group, Inc. | 38,076 | 5,792,502 | ||||||
9,869,191 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
BR Malls Participacoes SA | 39,000 | 501,006 | ||||||
CBRE Group, Inc., Class A† | 111,486 | 2,110,430 | ||||||
2,611,436 | ||||||||
Recreational Vehicles — 0.1% |
| |||||||
Polaris Industries, Inc.# | 6,832 | 579,422 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.†# | 13,594 | 564,559 | ||||||
Respiratory Products — 0.2% |
| |||||||
ResMed, Inc.# | 47,275 | 1,942,530 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Chico’s FAS, Inc. | 81,196 | 1,514,305 | ||||||
Foot Locker, Inc. | 75,778 | 2,715,884 | ||||||
Gap, Inc. | 3,544 | 122,126 | ||||||
Urban Outfitters, Inc.† | 85,776 | 3,233,755 | ||||||
7,586,070 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Auto Parts — 0.2% |
| |||||||
Advance Auto Parts, Inc. | 4,421 | $ | 323,396 | |||||
O’Reilly Automotive, Inc.† | 17,979 | 1,691,464 | ||||||
2,014,860 | ||||||||
Retail - Building Products — 2.0% |
| |||||||
Home Depot, Inc. | 150,923 | 9,820,560 | ||||||
Lowe’s Cos., Inc. | 170,140 | 6,140,352 | ||||||
15,960,912 | ||||||||
Retail - Discount — 3.5% |
| |||||||
Costco Wholesale Corp. | 95,049 | 9,884,145 | ||||||
Dollar General Corp.† | 63,185 | 3,159,250 | ||||||
Family Dollar Stores, Inc. | 10,941 | 778,999 | ||||||
Wal-Mart Stores, Inc. | 195,888 | 14,107,854 | ||||||
27,930,248 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
CVS Caremark Corp. | 32,636 | 1,517,900 | ||||||
Retail - Gardening Products — 0.2% |
| |||||||
Tractor Supply Co.# | 21,209 | 1,900,751 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
TJX Cos., Inc. | 46,384 | 2,056,667 | ||||||
Retail - Pet Food & Supplies — 0.2% |
| |||||||
PetMed Express, Inc.# | 19,546 | 225,561 | ||||||
PetSmart, Inc. | 20,724 | 1,464,358 | ||||||
1,689,919 | ||||||||
Retail - Regional Department Stores — 0.6% |
| |||||||
Macy’s, Inc. | 119,088 | 4,608,706 | ||||||
Retail - Restaurants — 1.6% |
| |||||||
Cracker Barrel Old Country Store, Inc.# | 6,841 | 420,380 | ||||||
McDonald’s Corp. | 56,956 | 4,957,450 | ||||||
Starbucks Corp. | 130,178 | 6,752,333 | ||||||
Yum! Brands, Inc. | 11,953 | 801,807 | ||||||
12,931,970 | ||||||||
Retail - Video Rentals — 0.1% |
| |||||||
Coinstar, Inc.†# | 17,359 | 816,567 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.4% |
| |||||||
GNC Holdings, Inc., Class A | 83,841 | 2,945,334 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 3,366 | 84,083 | ||||||
Pirelli & C. SpA# | 49,007 | 568,526 | ||||||
652,609 | ||||||||
Semiconductor Components - Integrated Circuits — 2.0% |
| |||||||
Analog Devices, Inc. | 21,350 | 866,810 | ||||||
Linear Technology Corp. | 135,681 | 4,503,252 | ||||||
QUALCOMM, Inc. | 165,471 | 10,527,265 | ||||||
15,897,327 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
ASML Holding NV# | 7,774 | 486,419 | ||||||
Teradyne, Inc.†# | 229,134 | 3,583,656 | ||||||
4,070,075 | ||||||||
Soap & Cleaning Preparation — 0.3% |
| |||||||
Church & Dwight Co., Inc. | 31,914 | 1,728,143 | ||||||
Reckitt Benckiser Group PLC | 10,208 | 641,924 | ||||||
�� | ||||||||
2,370,067 | ||||||||
Steel - Producers — 0.2% |
| |||||||
Nucor Corp. | 46,638 | 1,920,553 | ||||||
94
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Telecommunication Equipment — 0.2% |
| |||||||
Harris Corp. | 34,220 | $ | 1,612,789 | |||||
Telephone - Integrated — 1.3% |
| |||||||
Verizon Communications, Inc. | 234,752 | 10,357,258 | ||||||
Television — 0.4% |
| |||||||
AMC Networks, Inc., Class A† | 904 | 47,695 | ||||||
CBS Corp., Class B | 83,256 | 2,995,551 | ||||||
3,043,246 | ||||||||
Textile - Home Furnishings — 0.3% |
| |||||||
Mohawk Industries, Inc.†# | 30,886 | 2,655,887 | ||||||
Therapeutics — 0.1% |
| |||||||
Warner Chilcott PLC, Class A | 36,251 | 422,687 | ||||||
Tobacco — 1.9% |
| |||||||
Philip Morris International, Inc. | 173,322 | 15,578,181 | ||||||
Toys — 0.0% |
| |||||||
LeapFrog Enterprises, Inc.†# | 10,894 | 99,244 | ||||||
Transport - Rail — 1.7% |
| |||||||
Canadian Pacific Railway, Ltd. | 10,034 | 936,379 | ||||||
Union Pacific Corp. | 102,679 | 12,606,927 | ||||||
13,543,306 | ||||||||
Transport - Services — 0.9% |
| |||||||
FedEx Corp. | 11,914 | 1,066,661 | ||||||
Koninklijke Vopak NV | 6,464 | 477,588 | ||||||
United Parcel Service, Inc., Class B | 83,103 | 6,075,660 | ||||||
7,619,909 | ||||||||
Vitamins & Nutrition Products — 0.6% |
| |||||||
Mead Johnson Nutrition Co. | 57,071 | 3,891,672 | ||||||
USANA Health Sciences, Inc.†# | 26,665 | 1,100,731 | ||||||
4,992,403 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Equinix, Inc.†# | 7,009 | 1,301,992 | ||||||
Web Portals/ISP — 2.6% |
| |||||||
Baidu, Inc. ADR† | 8,669 | 834,911 | ||||||
Google, Inc., Class A† | 28,726 | 20,061,377 | ||||||
20,896,288 | ||||||||
Wireless Equipment — 1.3% |
| |||||||
Crown Castle International Corp.† | 82,560 | 5,574,451 | ||||||
SBA Communications Corp., Class A†# | 73,284 | 5,043,405 | ||||||
10,617,856 | ||||||||
Total Common Stock | ||||||||
(cost $698,791,641) | 800,268,669 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||
iShares Russell 1000 Growth Index Fund# | 28,917 | $ | 1,905,052 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $700,646,065) | 802,173,721 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.2% |
| |||||||
Registered Investment Companies — 6.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 53,705,363 | 53,705,363 | ||||||
Time Deposits — 0.5% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 4,478,000 | 4,478,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $58,183,363) | 58,183,363 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $758,829,428)(2) | 106.8 | % | 860,357,084 | |||||
Liabilities in excess of other assets | (6.8 | ) | (54,703,911 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 805,653,173 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $52,572,665. This was secured by collateral of $53,705,363, which was received in cash and subsequently invested in short-term investments currently value at $53,705,363 as reported in the portfolio of investments. Additional collateral of $296,509 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 | Value as of November 30, 2012 | |||
United States Treasury | 0.25 to 3.13% | 12/15/2012 to 02/15/2042 | $296,509 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
95
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 57,041,389 | $ | — | $ | — | $ | 57,041,389 | ||||||||
Other Industries* | 743,227,280 | — | — | 743,227,280 | ||||||||||||
Exchange-Traded Funds | 1,905,052 | — | — | 1,905,052 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 53,705,363 | — | — | 53,705,363 | ||||||||||||
Time Deposits | — | 4,478,000 | — | 4,478,000 | ||||||||||||
Total | $ | 855,879,084 | $ | 4,478,000 | $ | — | $ | 860,357,084 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
96
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Medical — Drugs | 7.4 | % | ||
Registered Investment Companies | 5.2 | |||
Diversified Banking Institutions | 4.7 | |||
Repurchase Agreements | 4.4 | |||
Oil Companies — Integrated | 4.1 | |||
Computers | 3.9 | |||
Cable/Satellite TV | 3.8 | |||
Banks — Super Regional | 3.6 | |||
Retail — Discount | 2.8 | |||
Medical — Biomedical/Gene | 2.8 | |||
Enterprise Software/Service | 2.6 | |||
Aerospace/Defense | 2.4 | |||
Applications Software | 2.3 | |||
Food — Misc./Diversified | 2.3 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Instruments — Controls | 1.9 | |||
E-Commerce/Products | 1.9 | |||
Aerospace/Defense — Equipment | 1.9 | |||
Diversified Manufacturing Operations | 1.8 | |||
Insurance — Multi-line | 1.8 | |||
Oil — Field Services | 1.7 | |||
Beverages — Non-alcoholic | 1.7 | |||
Commercial Services — Finance | 1.6 | |||
Web Portals/ISP | 1.5 | |||
Telephone — Integrated | 1.5 | |||
Multimedia | 1.4 | |||
Medical — HMO | 1.4 | |||
Engineering/R&D Services | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Finance — Credit Card | 1.2 | |||
Metal — Copper | 1.2 | |||
Retail — Building Products | 1.0 | |||
Computers — Memory Devices | 1.0 | |||
Electronic Components — Semiconductors | 0.9 | |||
Retail — Restaurants | 0.9 | |||
Networking Products | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Retail — Bedding | 0.8 | |||
Medical Products | 0.8 | |||
Food — Retail | 0.8 | |||
Machinery — Construction & Mining | 0.8 | |||
Wireless Equipment | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Internet Content — Entertainment | 0.8 | |||
Retail — Automobile | 0.8 | |||
Medical Instruments | 0.7 | |||
Transport — Services | 0.7 | |||
Vitamins & Nutrition Products | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Retail — Drug Store | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Banks — Fiduciary | 0.6 | |||
Retail — Sporting Goods | 0.6 | |||
Software Tools | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Electronic Connectors | 0.6 | |||
Paper & Related Products | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Pharmacy Services | 0.5 | |||
Cellular Telecom | 0.5 | |||
Oil & Gas Drilling | 0.5 | |||
Private Equity | 0.5 | |||
Cruise Lines | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Computer Services | 0.4 |
Electronic Design Automation | 0.4 | |||
Finance —Other Services | 0.3 | |||
Oil Field Machinery & Equipment | 0.2 | |||
106.3% | ||||
* | Calculated as a percentage of net assets |
97
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.7% |
| |||||||
Aerospace/Defense — 2.4% |
| |||||||
Boeing Co.# | 20,204 | $ | 1,500,753 | |||||
General Dynamics Corp. | 8,200 | 545,300 | ||||||
2,046,053 | ||||||||
Aerospace/Defense - Equipment — 1.9% |
| |||||||
United Technologies Corp. | 19,323 | 1,547,966 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
Coach, Inc. | 2,714 | 156,978 | ||||||
Michael Kors Holdings, Ltd.† | 9,410 | 500,141 | ||||||
657,119 | ||||||||
Applications Software — 2.3% |
| |||||||
Microsoft Corp. | 40,285 | 1,072,386 | ||||||
Red Hat, Inc.†# | 4,912 | 242,653 | ||||||
Salesforce.com, Inc.†# | 3,931 | 619,801 | ||||||
1,934,840 | ||||||||
Banks - Fiduciary — 0.6% |
| |||||||
State Street Corp. | 12,100 | 537,724 | ||||||
Banks - Super Regional — 3.6% |
| |||||||
Capital One Financial Corp. | 18,872 | 1,087,027 | ||||||
US Bancorp | 19,641 | 633,619 | ||||||
Wells Fargo & Co. | 39,773 | 1,312,907 | ||||||
3,033,553 | ||||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
Coca-Cola Co. | 21,767 | 825,405 | ||||||
PepsiCo, Inc. | 8,200 | 575,722 | ||||||
1,401,127 | ||||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Beam, Inc. | 7,511 | 421,442 | ||||||
Building - Residential/Commercial — 0.6% |
| |||||||
PulteGroup, Inc.†# | 30,171 | 507,175 | ||||||
Cable/Satellite TV — 3.8% |
| |||||||
Comcast Corp., Class A | 33,842 | 1,258,246 | ||||||
DISH Network Corp., Class A | 52,910 | 1,959,786 | ||||||
3,218,032 | ||||||||
Cellular Telecom — 0.5% |
| |||||||
Vodafone Group PLC ADR | 16,082 | 414,916 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
E.I. du Pont de Nemours & Co. | 12,100 | 521,994 | ||||||
Chemicals - Specialty — 0.9% |
| |||||||
Albemarle Corp. | 12,200 | 729,438 | ||||||
Commercial Services - Finance — 1.6% |
| |||||||
Alliance Data Systems Corp.†# | 3,629 | 517,096 | ||||||
Mastercard, Inc., Class A | 1,592 | 777,979 | ||||||
1,295,075 | ||||||||
Computer Services — 0.4% |
| |||||||
International Business Machines Corp. | 1,713 | 325,590 | ||||||
Computers — 3.9% |
| |||||||
Apple, Inc.# | 5,579 | 3,265,277 | ||||||
Computers - Memory Devices — 1.0% |
| |||||||
EMC Corp.† | 34,613 | 859,095 | ||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
Estee Lauder Cos., Inc., Class A | 3,535 | 205,914 | ||||||
Procter & Gamble Co. | 13,737 | 959,254 | ||||||
1,165,168 | ||||||||
Cruise Lines — 0.4% |
| |||||||
Royal Caribbean Cruises, Ltd.# | 10,494 | 369,914 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions — 4.7% |
| |||||||
Bank of America Corp. | 80,100 | $ | 789,786 | |||||
Citigroup, Inc. | 24,184 | 836,041 | ||||||
Goldman Sachs Group, Inc. | 8,146 | 959,517 | ||||||
JPMorgan Chase & Co. | 31,745 | 1,304,085 | ||||||
3,889,429 | ||||||||
Diversified Manufacturing Operations — 1.8% |
| |||||||
3M Co. | 4,885 | 444,291 | ||||||
General Electric Co.# | 49,702 | 1,050,203 | ||||||
1,494,494 | ||||||||
E-Commerce/Products — 1.9% |
| |||||||
Amazon.com, Inc.† | 2,253 | 567,869 | ||||||
eBay, Inc.† | 18,859 | 996,132 | ||||||
1,564,001 | ||||||||
Electric Products - Misc. — 0.8% |
| |||||||
AMETEK, Inc.# | 17,504 | 653,424 | ||||||
Electronic Components - Semiconductors — 0.9% |
| |||||||
Intel Corp.# | 40,300 | 788,671 | ||||||
Electronic Connectors — 0.6% |
| |||||||
Amphenol Corp., Class A# | 8,057 | 498,889 | ||||||
Electronic Design Automation — 0.4% |
| |||||||
Cadence Design Systems, Inc.†# | 25,438 | 323,826 | ||||||
Engineering/R&D Services — 1.4% |
| |||||||
Fluor Corp. | 21,964 | 1,165,849 | ||||||
Enterprise Software/Service — 2.6% |
| |||||||
Oracle Corp. | 56,071 | 1,799,879 | ||||||
Workday, Inc., Class A†# | 6,905 | 345,941 | ||||||
2,145,820 | ||||||||
Finance - Credit Card — 1.2% |
| |||||||
Visa, Inc., Class A | 6,849 | 1,025,364 | ||||||
Finance - Other Services — 0.3% |
| |||||||
IntercontinentalExchange, Inc.† | 1,622 | 214,347 | ||||||
Food - Misc./Diversified — 2.3% |
| |||||||
ConAgra Foods, Inc. | 16,100 | 480,746 | ||||||
Kraft Foods Group, Inc.† | 12,066 | 545,624 | ||||||
Mondelez International, Inc., Class A | 33,495 | 867,186 | ||||||
1,893,556 | ||||||||
Food - Retail — 0.8% |
| |||||||
Whole Foods Market, Inc. | 7,492 | 699,453 | ||||||
Instruments - Controls — 1.9% |
| |||||||
Honeywell International, Inc. | 25,940 | 1,590,900 | ||||||
Insurance - Multi-line — 1.8% |
| |||||||
Hartford Financial Services Group, Inc.# | 31,900 | 675,642 | ||||||
MetLife, Inc. | 24,200 | 803,198 | ||||||
1,478,840 | ||||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
Travelers Cos., Inc. | 8,100 | 573,642 | ||||||
Internet Content-Entertainment — 0.8% |
| |||||||
Facebook, Inc., Class A† | 23,272 | 651,616 | ||||||
Internet Content - Information/News — 0.4% |
| |||||||
LinkedIn Corp., Class A†# | 3,216 | 347,778 | ||||||
Machinery - Construction & Mining — 0.8% |
| |||||||
Joy Global, Inc.# | 12,100 | 689,579 | ||||||
Medical Instruments — 0.7% |
| |||||||
Intuitive Surgical, Inc.† | 1,157 | 612,053 | ||||||
98
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical Products — 0.8% |
| |||||||
Covidien PLC | 12,100 | $ | 703,131 | |||||
Medical - Biomedical/Gene — 2.8% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 5,100 | 489,702 | ||||||
Amgen, Inc. | 5,242 | 465,490 | ||||||
Biogen Idec, Inc.† | 4,227 | 630,203 | ||||||
Gilead Sciences, Inc.† | 9,740 | 730,500 | ||||||
2,315,895 | ||||||||
Medical - Drugs — 7.4% |
| |||||||
Abbott Laboratories | 23,445 | 1,523,925 | ||||||
Allergan, Inc. | 7,998 | 741,815 | ||||||
Johnson & Johnson# | 15,895 | 1,108,358 | ||||||
Merck & Co., Inc.# | 20,054 | 888,392 | ||||||
Pfizer, Inc. | 76,623 | 1,917,108 | ||||||
6,179,598 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 8,100 | 326,835 | ||||||
Medical - HMO — 1.4% |
| |||||||
Aetna, Inc.# | 12,100 | 522,599 | ||||||
UnitedHealth Group, Inc. | 12,124 | 659,424 | ||||||
1,182,023 | ||||||||
Metal - Copper — 1.2% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 24,940 | 972,909 | ||||||
Multimedia — 1.4% |
| |||||||
Time Warner, Inc.# | 12,136 | 574,033 | ||||||
Viacom, Inc., Class B | 12,100 | 624,481 | ||||||
1,198,514 | ||||||||
Networking Products — 0.9% |
| |||||||
Cisco Systems, Inc. | 39,500 | 746,945 | ||||||
Oil & Gas Drilling — 0.5% |
| |||||||
Ensco PLC, Class A# | 7,074 | 411,919 | ||||||
Oil Companies - Exploration & Production — 2.1% |
| |||||||
Anadarko Petroleum Corp. | 17,767 | 1,300,367 | ||||||
Devon Energy Corp.# | 8,150 | 421,110 | ||||||
1,721,477 | ||||||||
Oil Companies - Integrated — 4.1% |
| |||||||
Chevron Corp.# | 11,905 | 1,258,239 | ||||||
ConocoPhillips# | 20,100 | 1,144,494 | ||||||
Exxon Mobil Corp.# | 12,076 | 1,064,379 | ||||||
3,467,112 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Cameron International Corp.† | 3,695 | 199,345 | ||||||
Oil Refining & Marketing — 0.5% |
| |||||||
Tesoro Corp.# | 10,525 | 444,997 | ||||||
Oil - Field Services — 1.7% |
| |||||||
Halliburton Co. | 20,100 | 670,335 | ||||||
Schlumberger, Ltd. | 10,428 | 746,853 | ||||||
1,417,188 | ||||||||
Paper & Related Products — 0.5% |
| |||||||
International Paper Co. | 12,100 | 449,394 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Express Scripts Holding Co.† | 7,767 | 418,253 | ||||||
Private Equity — 0.5% |
| |||||||
KKR & Co LP | 29,446 | 404,883 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Urban Outfitters, Inc.†# | 14,556 | $ | 548,761 | |||||
Retail - Automobile — 0.8% |
| |||||||
CarMax, Inc.†# | 17,520 | 635,275 | ||||||
Retail - Bedding — 0.8% |
| |||||||
Bed Bath & Beyond, Inc.† | 12,100 | 710,512 | ||||||
Retail - Building Products — 1.0% |
| |||||||
Home Depot, Inc. | 13,204 | 859,184 | ||||||
Retail - Discount — 2.8% |
| |||||||
Costco Wholesale Corp. | 6,710 | 697,773 | ||||||
Family Dollar Stores, Inc.# | 7,502 | 534,142 | ||||||
Target Corp. | 8,000 | 505,040 | ||||||
Wal-Mart Stores, Inc.# | 8,154 | 587,251 | ||||||
2,324,206 | ||||||||
Retail - Drug Store — 0.7% |
| |||||||
CVS Caremark Corp. | 12,100 | 562,771 | ||||||
Retail - Restaurants — 0.9% |
| |||||||
Starbucks Corp. | 15,192 | 788,009 | ||||||
Retail - Sporting Goods — 0.6% |
| |||||||
Dick’s Sporting Goods, Inc.# | 10,090 | 529,826 | ||||||
Software Tools — 0.6% |
| |||||||
VMware, Inc., Class A†# | 5,814 | 528,783 | ||||||
Telephone - Integrated — 1.5% |
| |||||||
AT&T, Inc.# | 20,081 | 685,365 | ||||||
Verizon Communications, Inc. | 12,096 | 533,675 | ||||||
1,219,040 | ||||||||
Transport - Services — 0.7% |
| |||||||
United Parcel Service, Inc., Class B | 8,000 | 584,880 | ||||||
Vitamins & Nutrition Products — 0.7% |
| |||||||
Mead Johnson Nutrition Co. | 8,431 | 574,910 | ||||||
Web Portals/ISP — 1.5% |
| |||||||
Google, Inc., Class A† | 1,850 | 1,291,985 | ||||||
Wireless Equipment — 0.8% |
| |||||||
Aruba Networks, Inc.† | 14,359 | 279,713 | ||||||
Crown Castle International Corp.†# | 5,961 | 402,487 | ||||||
682,200 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $77,593,816) | 80,953,789 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.2% |
| |||||||
Registered Investment Companies — 5.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 4,366,852 | 4,366,852 | ||||||
REPURCHASE AGREEMENT — 4.4% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(2) | $ | 3,713,000 | 3,713,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $85,673,668)(3) | 106.3 | % | 89,033,641 | |||||
Liabilities in excess of other assets | (6.3 | ) | (5,274,640 | ) | ||||
NET ASSETS | 100.0 | % | $ | 83,759,001 | ||||
# | The security or a portion thereof is out on loan. |
† | Non-income producing security |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $4,733,061. This was secured by collateral of $4,366,852 which was received in cash and subsequently invested in short-term investments currently valued at $4,366,852 as |
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VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
reported in the portfolio of investments. Additional collateral of $469,197 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $251,891 | |||
United States Treasury Notes/Bonds | 0.13% to 0.75% | 12/15/2013 to 01/31/2014 | 217,306 |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
(3) | 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, 2012 (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 | $ | 6,179,598 | $ | — | $ | — | $ | 6,179,598 | ||||||||
Other Industries* | 74,774,191 | — | — | 74,774,191 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,366,852 | — | — | 4,366,852 | ||||||||||||
Repurchase Agreement | — | 3,713,000 | — | 3,713,000 | ||||||||||||
Total | $ | 85,320,641 | $ | 3,713,000 | $ | — | $ | 89,033,641 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements.
100
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 25.7 | % | ||
Medical — Drugs | 20.4 | |||
Medical Products | 9.3 | |||
Therapeutics | 7.0 | |||
Pharmacy Services | 5.9 | |||
Medical — HMO | 5.8 | |||
Medical Instruments | 2.9 | |||
Medical — Hospitals | 2.8 | |||
Medical — Wholesale Drug Distribution | 2.6 | |||
Medical — Generic Drugs | 1.7 | |||
Dental Supplies & Equipment | 1.6 | |||
Registered Investment Companies | 1.5 | |||
Medical Labs & Testing Services | 1.5 | |||
Dialysis Centers | 1.1 | |||
Medical Information Systems | 1.1 | |||
Diagnostic Kits | 1.1 | |||
Instruments — Scientific | 1.0 | |||
Retail — Drug Store | 0.8 | |||
Heart Monitors | 0.8 | |||
Commercial Services | 0.7 | |||
Consulting Services | 0.7 | |||
Physicians Practice Management | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Applications Software | 0.6 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Diagnostic Equipment | 0.3 | |||
Patient Monitoring Equipment | 0.3 | |||
Instruments — Controls | 0.3 | |||
Medical Laser Systems | 0.3 | |||
Drug Delivery Systems | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Insurance Brokers | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Disposable Medical Products | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Decision Support Software | 0.1 | |||
101.2 | % | |||
* | Calculated as a percentage of net assets |
101
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.2% | ||||||||
Agricultural Chemicals — 0.6% | ||||||||
Monsanto Co. | 20,500 | $ | 1,877,595 | |||||
Applications Software — 0.6% | ||||||||
Nuance Communications, Inc.† | 77,600 | 1,725,824 | ||||||
Commercial Services — 0.7% | ||||||||
HMS Holdings Corp.† | 99,400 | 2,303,098 | ||||||
Consulting Services — 0.7% | ||||||||
Advisory Board Co.† | 22,200 | 1,004,550 | ||||||
MAXIMUS, Inc. | 17,900 | 1,127,521 | ||||||
2,132,071 | ||||||||
Dental Supplies & Equipment — 1.6% | ||||||||
DENTSPLY International, Inc. | 123,300 | 4,895,010 | ||||||
Diagnostic Equipment — 0.3% | ||||||||
GenMark Diagnostics, Inc.† | 99,000 | 980,100 | ||||||
Diagnostic Kits — 1.1% | ||||||||
BG Medicine, Inc.† | 21,500 | 31,175 | ||||||
IDEXX Laboratories, Inc.† | 31,700 | 2,962,999 | ||||||
Meridian Bioscience, Inc. | 16,800 | 336,504 | ||||||
3,330,678 | ||||||||
Dialysis Centers — 1.1% | ||||||||
DaVita HealthCare Partners, Inc.† | 22,500 | 2,430,000 | ||||||
Fresenius Medical Care AG & Co. KGaA | 16,676 | 1,145,126 | ||||||
3,575,126 | ||||||||
Disposable Medical Products — 0.1% | ||||||||
Shandong Weigao Group Medical Polymer Co., Ltd. | 432,000 | 449,826 | ||||||
Distribution/Wholesale — 0.4% | ||||||||
MWI Veterinary Supply, Inc.† | 10,200 | 1,138,728 | ||||||
Drug Delivery Systems — 0.2% | ||||||||
AP Pharma, Inc.†(1) | 727,500 | 392,850 | ||||||
Depomed, Inc.† | 37,600 | 226,352 | ||||||
Nektar Therapeutics† | 24,800 | 161,944 | ||||||
781,146 | ||||||||
Electronic Measurement Instruments — 0.2% | ||||||||
Agilent Technologies, Inc. | 12,600 | 482,454 | ||||||
Hazardous Waste Disposal — 0.2% | ||||||||
Stericycle, Inc.† | 6,300 | 588,861 | ||||||
Heart Monitors — 0.8% | ||||||||
HeartWare International, Inc.† | 30,325 | 2,496,051 | ||||||
Instruments - Controls — 0.3% | ||||||||
Mettler-Toledo International, Inc.† | 4,500 | 841,905 | ||||||
Instruments - Scientific — 1.0% | ||||||||
Thermo Fisher Scientific, Inc. | 51,400 | 3,266,470 | ||||||
Insurance Brokers — 0.2% | ||||||||
eHealth, Inc.† | 19,000 | 490,200 | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Odontoprev SA | 63,600 | 321,453 | ||||||
Medical Information Systems — 1.1% | ||||||||
Allscripts Healthcare Solutions, Inc.† | 14,600 | 162,352 | ||||||
athenahealth, Inc.† | 33,100 | 2,108,139 | ||||||
Cerner Corp.† | 14,500 | 1,119,690 | ||||||
3,390,181 | ||||||||
Medical Instruments — 2.9% | ||||||||
ArthroCare Corp.† | 26,087 | 873,654 | ||||||
Bruker Corp.† | 63,400 | 925,640 | ||||||
Conceptus, Inc.† | 93,100 | 1,937,411 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments (continued) | ||||||||
Edwards Lifesciences Corp.† | 32,200 | $ | 2,793,994 | |||||
Endologix, Inc.† | 16,500 | 241,890 | ||||||
Intuitive Surgical, Inc.† | 1,960 | 1,036,840 | ||||||
Urologix, Inc.† | 114,700 | 72,249 | ||||||
Volcano Corp.† | 49,366 | 1,345,717 | ||||||
9,227,395 | ||||||||
Medical Labs & Testing Services — 1.5% | ||||||||
Covance, Inc.† | 41,000 | 2,337,410 | ||||||
Diagnosticos da America SA | 38,100 | 221,454 | ||||||
Fleury SA | 43,200 | 464,994 | ||||||
Laboratory Corp. of America Holdings† | 4,600 | 389,114 | ||||||
Quest Diagnostics, Inc. | 22,900 | 1,323,162 | ||||||
4,736,134 | ||||||||
Medical Laser Systems — 0.3% | ||||||||
Cynosure, Inc., Class A† | 27,000 | 608,040 | ||||||
LCA-Vision, Inc.† | 70,700 | 226,947 | ||||||
834,987 | ||||||||
Medical Products — 9.2% | ||||||||
Baxter International, Inc. | 77,344 | 5,125,587 | ||||||
BioMimetic Therapeutics, Inc.† | 14,500 | 110,345 | ||||||
China Medical System Holdings, Ltd. | 2,125,500 | 1,448,045 | ||||||
Cooper Cos., Inc. | 26,500 | 2,515,910 | ||||||
Covidien PLC | 86,000 | 4,997,460 | ||||||
EnteroMedics, Inc.† | 105,150 | 325,965 | ||||||
Fresenius SE & Co. KGaA | 8,843 | 1,022,189 | ||||||
Henry Schein, Inc.† | 43,000 | 3,473,110 | ||||||
Hill-Rom Holdings, Inc. | 18,500 | 517,260 | ||||||
Hospira, Inc.† | 27,700 | 825,460 | ||||||
Nobel Biocare Holding AG | 11,273 | 89,045 | ||||||
Sonova Holding AG | 2,314 | 252,700 | ||||||
Straumann Holding AG | 1,455 | 169,883 | ||||||
Stryker Corp. | 79,900 | 4,327,384 | ||||||
Tornier NV† | 6,300 | 102,186 | ||||||
Wright Medical Group, Inc.† | 12,800 | 270,336 | ||||||
Zimmer Holdings, Inc. | 48,400 | 3,192,948 | ||||||
28,765,813 | ||||||||
Medical - Biomedical/Gene — 25.7% | ||||||||
3SBio, Inc. ADR† | 37,400 | 493,680 | ||||||
Abcam PLC | 66,011 | 380,999 | ||||||
Acorda Therapeutics, Inc.† | 31,375 | 790,023 | ||||||
Aegerion Pharmaceuticals, Inc.† | 61,300 | 1,342,470 | ||||||
Affymax, Inc.† | 45,300 | 1,107,132 | ||||||
Alexion Pharmaceuticals, Inc.† | 208,640 | 20,033,613 | ||||||
Alnylam Pharmaceuticals, Inc.† | 29,900 | 507,403 | ||||||
AMAG Pharmaceuticals, Inc.† | 52,100 | 783,063 | ||||||
Amarin Corp. PLC ADR† | 132,100 | 1,639,361 | ||||||
Amgen, Inc. | 49,175 | 4,366,740 | ||||||
Ariad Pharmaceuticals, Inc.† | 25,200 | 563,472 | ||||||
Arqule, Inc.† | 32,400 | 86,184 | ||||||
Basilea Pharmaceutica† | 1,848 | 84,553 | ||||||
Biocon, Ltd. | 23,900 | 125,882 | ||||||
BioCryst Pharmaceuticals, Inc.† | 31,500 | 54,180 | ||||||
Biogen Idec, Inc.† | 13,600 | 2,027,624 | ||||||
Celgene Corp.† | 57,140 | 4,490,633 | ||||||
Cubist Pharmaceuticals, Inc.† | 65,800 | 2,672,138 | ||||||
Cytokinetics, Inc.† | 200,200 | 128,548 | ||||||
Dendreon Corp.† | 95,400 | 424,530 | ||||||
Dyadic International, Inc.† | 33,700 | 60,660 | ||||||
Dynavax Technologies Corp.† | 37,300 | 105,932 | ||||||
Exact Sciences Corp.† | 15,800 | 154,998 | ||||||
Exelixis, Inc.† | 225,900 | 1,104,651 |
102
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical - Biomedical/Gene (continued) | ||||||||
Gilead Sciences, Inc.† | 171,500 | $ | 12,862,500 | |||||
GTx, Inc.† | 31,844 | 126,421 | ||||||
Halozyme Therapeutics, Inc.† | 23,200 | 144,536 | ||||||
Illumina, Inc.† | 9,800 | 526,358 | ||||||
Immunogen, Inc.† | 16,100 | 204,309 | ||||||
Incyte Corp., Ltd.† | 326,400 | 5,744,640 | ||||||
Intercell AG† | 8,622 | 18,558 | ||||||
Intercept Pharmaceuticals, Inc.† | 10,200 | 238,374 | ||||||
InterMune, Inc.† | 107,400 | 983,784 | ||||||
Lexicon Pharmaceuticals, Inc.† | 66,000 | 113,520 | ||||||
Medicines Co.† | 172,500 | 3,703,575 | ||||||
Momenta Pharmaceuticals, Inc.† | 31,700 | 339,190 | ||||||
Newron Pharmaceuticals SpA† | 9,000 | 78,860 | ||||||
NPS Pharmaceuticals, Inc.† | 66,100 | 676,203 | ||||||
Puma Biotechnology, Inc.† | 46,524 | 958,394 | ||||||
Regeneron Pharmaceuticals, Inc.† | 40,400 | 7,132,620 | ||||||
Seattle Genetics, Inc.† | 30,600 | 774,486 | ||||||
Sinovac Biotech, Ltd.† | 43,200 | 113,616 | ||||||
Tranzyme, Inc.† | 62,300 | 47,759 | ||||||
United Therapeutics Corp.† | 9,300 | 488,715 | ||||||
Vertex Pharmaceuticals, Inc.† | 37,594 | 1,495,865 | ||||||
Vical, Inc.† | 128,900 | 404,746 | ||||||
80,705,498 | ||||||||
Medical - Drugs — 20.1% | ||||||||
Abbott Laboratories | 36,000 | 2,340,000 | ||||||
Achillion Pharmaceuticals, Inc.† | 39,900 | 310,821 | ||||||
Alkermes PLC† | 196,600 | 3,796,346 | ||||||
Allergan, Inc. | 10,000 | 927,500 | ||||||
Anacor Pharmaceuticals, Inc.† | 77,700 | 411,810 | ||||||
Auxilium Pharmaceuticals, Inc.† | 41,700 | 798,138 | ||||||
Bayer AG | 15,965 | 1,444,087 | ||||||
Bayer AG ADR | 600 | 54,360 | ||||||
Bristol-Myers Squibb Co. | 25,300 | 825,539 | ||||||
Cadence Pharmaceuticals, Inc.† | 179,300 | 763,818 | ||||||
ChemoCentryx, Inc.† | 7,200 | 85,320 | ||||||
Clovis Oncology, Inc.† | 13,400 | 206,092 | ||||||
Elan Corp. PLC ADR† | 266,000 | 2,654,680 | ||||||
Eli Lilly & Co. | 9,900 | 485,496 | ||||||
Endocyte, Inc.† | 15,300 | 143,361 | ||||||
Forest Laboratories, Inc.† | 47,300 | 1,677,258 | ||||||
GlaxoSmithKline Pharmaceuticals, Ltd. | 3,696 | 139,516 | ||||||
GlaxoSmithKline PLC | 49,007 | 1,047,804 | ||||||
Grifols SA† | 6,500 | 158,505 | ||||||
Grifols SA ADR† | 12,750 | 310,973 | ||||||
Hikma Pharmaceuticals PLC | 10,303 | 124,545 | ||||||
Idenix Pharmaceuticals, Inc.† | 254,400 | 1,302,528 | ||||||
Infinity Pharmaceuticals, Inc.† | 37,750 | 956,963 | ||||||
Ipca Laboratories, Ltd. | 55,330 | 465,313 | ||||||
Ironwood Pharmaceuticals, Inc.† | 25,400 | 274,320 | ||||||
Jazz Pharmaceuticals PLC† | 38,000 | 2,047,440 | ||||||
Lijun International Pharmaceutical Holding, Ltd. | 228,000 | 63,250 | ||||||
MAP Pharmaceuticals, Inc.† | 76,400 | 1,217,816 | ||||||
Medicis Pharmaceutical Corp., Class A | 32,400 | 1,401,300 | ||||||
Medivation, Inc.† | 79,000 | 4,119,850 | ||||||
Merck & Co., Inc. | 105,304 | 4,664,967 | ||||||
Natco Pharma, Ltd. | 9,801 | 79,821 | ||||||
Novo Nordisk A/S, Class B | 6,337 | 1,006,399 | ||||||
Optimer Pharmaceuticals, Inc.† | 88,300 | 899,777 | ||||||
Orexigen Therapeutics, Inc.† | 39,300 | 185,496 | ||||||
Pacira Pharmaceuticals, Inc.† | 103,200 | 1,759,560 | ||||||
Pfizer, Inc. | 80,866 | 2,023,267 | ||||||
Ranbaxy Laboratories, Ltd.† | 29,600 | 274,424 | ||||||
Rigel Pharmaceuticals, Inc.† | 80,700 | 669,810 | ||||||
Roche Holding AG | 13,410 | 2,639,456 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
Salix Pharmaceuticals, Ltd.† | 16,300 | $ | 698,455 | |||||
Sanofi | 2,645 | 236,187 | ||||||
Savient Pharmaceuticals, Inc.† | 8,700 | 10,440 | ||||||
Shire PLC | 25,775 | 745,796 | ||||||
Shire PLC ADR | 12,032 | 1,042,332 | ||||||
Stada Arzneimittel AG | 16,336 | 485,254 | ||||||
Sun Pharmaceutical Industries, Ltd. | 34,563 | 451,139 | ||||||
Supernus Pharmaceuticals, Inc.† | 128,100 | 1,023,519 | ||||||
Swedish Orphan Biovitrum AB† | 95,623 | 461,346 | ||||||
Targacept, Inc.† | 15,600 | 66,924 | ||||||
TESARO, Inc.† | 12,200 | 225,822 | ||||||
UCB SA (BSE) | 24,402 | 1,385,120 | ||||||
UCB SA (FSE) | 9,588 | 547,232 | ||||||
Valeant Pharmaceuticals International, Inc.† | 155,833 | 8,614,448 | ||||||
Vectura Group PLC† | 82,423 | 112,246 | ||||||
ViroPharma, Inc.† | 48,800 | 1,209,752 | ||||||
Vivus, Inc.† | 10,800 | 122,040 | ||||||
XenoPort, Inc.† | 121,800 | 956,130 | ||||||
63,151,908 | ||||||||
Medical - Generic Drugs — 1.7% | ||||||||
Impax Laboratories, Inc.† | 40,700 | 827,838 | ||||||
Mylan, Inc.† | 700 | 19,026 | ||||||
Sawai Pharmaceutical Co., Ltd. | 12,700 | 1,371,141 | ||||||
Simcere Pharmaceutical Group ADR† | 32,100 | 263,862 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 39,735 | 1,603,307 | ||||||
Towa Pharmaceutical Co., Ltd. | 16,100 | 864,226 | ||||||
Watson Pharmaceuticals, Inc.† | 4,000 | 352,040 | ||||||
5,301,440 | ||||||||
Medical - HMO — 5.8% | ||||||||
Aetna, Inc. | 42,500 | 1,835,575 | ||||||
AMERIGROUP Corp.† | 31,800 | 2,919,876 | ||||||
Amil Participacoes SA | 31,600 | 455,928 | ||||||
Centene Corp.† | 54,600 | 2,397,486 | ||||||
Cigna Corp. | 19,400 | 1,014,038 | ||||||
Metropolitan Health Networks, Inc.† | 61,900 | 695,756 | ||||||
Triple-S Management Corp., Class B† | 12,757 | 222,610 | ||||||
UnitedHealth Group, Inc. | 126,100 | 6,858,579 | ||||||
WellCare Health Plans, Inc.† | 40,658 | 1,962,562 | ||||||
18,362,410 | ||||||||
Medical - Hospitals — 2.8% | ||||||||
Acadia Healthcare Co., Inc.† | 34,680 | 795,906 | ||||||
Bangkok Dusit Medical Services PCL | 556,400 | 2,030,525 | ||||||
Bumrungrad Hospital PCL | 243,200 | 596,311 | ||||||
Community Health Systems, Inc.† | 12,900 | 380,034 | ||||||
Fortis Healthcare, Ltd.† | 134,100 | 276,730 | ||||||
HCA Holdings, Inc. | 33,400 | 1,060,450 | ||||||
Health Management Associates, Inc., Class A† | 12,867 | 102,293 | ||||||
IHH Healthcare Bhd† | 100,600 | 115,170 | ||||||
Select Medical Holdings Corp. | 51,103 | 564,177 | ||||||
Universal Health Services, Inc., Class B | 64,100 | 2,888,987 | ||||||
8,810,583 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Air Methods Corp.† | 10,700 | 1,168,119 | ||||||
Medical - Wholesale Drug Distribution — 2.6% |
| |||||||
AmerisourceBergen Corp. | 64,500 | 2,723,190 | ||||||
Cardinal Health, Inc. | 300 | 12,135 | ||||||
McKesson Corp. | 55,600 | 5,252,532 | ||||||
Sinopharm Group Co., Ltd. | 92,000 | 284,302 | ||||||
8,272,159 | ||||||||
103
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Patient Monitoring Equipment — 0.3% |
| |||||||
Insulet Corp.† | 40,000 | $ | 878,000 | |||||
Pharmacy Services — 5.9% |
| |||||||
Catamaran Corp.† | 311,140 | 15,149,407 | ||||||
Express Scripts Holding Co.† | 64,267 | 3,460,778 | ||||||
18,610,185 | ||||||||
Physicians Practice Management — 0.7% |
| |||||||
MEDNAX, Inc.† | 26,200 | 2,069,800 | ||||||
Research & Development — 0.0% |
| |||||||
AVEO Pharmaceuticals, Inc.† | 7,000 | 45,500 | ||||||
Retail - Convenience Store — 0.2% |
| |||||||
CP ALL PCL | 494,800 | 636,839 | ||||||
Retail - Drug Store — 0.8% |
| |||||||
Raia Drogasil SA Company Guar. Notes | 89,342 | 878,034 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 357,000 | 667,918 | ||||||
Shoppers Drug Mart Corp. | 25,000 | 1,052,247 | ||||||
2,598,199 | ||||||||
Therapeutics — 7.0% |
| |||||||
Allos Therapeutics, Inc. (CVR)†(2)(3)(4) | 49,300 | 0 | ||||||
AVANIR Pharmaceuticals, Inc., Class A† | 508,811 | 1,343,261 | ||||||
BioMarin Pharmaceutical, Inc.† | 81,800 | 3,975,480 | ||||||
Isis Pharmaceuticals, Inc.† | 50,400 | 463,680 | ||||||
Neurocrine Biosciences, Inc.† | 145,235 | 1,086,358 | ||||||
Onyx Pharmaceuticals, Inc.† | 61,400 | 4,633,858 | ||||||
Pharmacyclics, Inc.† | 137,000 | 7,267,850 | ||||||
Questcor Pharmaceuticals, Inc. | 31,700 | 822,615 | ||||||
Sarepta Therapeutics, Inc.† | 8,900 | 261,037 | ||||||
Synageva BioPharma Corp.† | 3,200 | 156,576 | ||||||
Theravance, Inc.† | 52,900 | 1,189,192 | ||||||
Threshold Pharmaceuticals, Inc.† | 26,500 | 117,130 | ||||||
ThromboGenics NV† | 3,180 | 153,064 | ||||||
Warner Chilcott PLC, Class A | 23,000 | 268,180 | ||||||
YM Biosciences, Inc.† | 214,900 | 373,926 | ||||||
22,112,207 | ||||||||
Total Common Stock |
| |||||||
(cost $229,184,847) | 311,353,953 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.4% |
| |||||||
Decision Support Software — 0.1% |
| |||||||
Castlight Health, Inc. Series D(2)(3)(4) | 42,238 | 254,972 | ||||||
Medical - Drugs — 0.3% |
| |||||||
TESARO, Inc. Series B(1)(3)(4) | 46,772 | 822,462 | ||||||
Total Convertible Preferred Stock |
| |||||||
(cost $611,029) | 1,077,434 | |||||||
WARRANTS† — 0.1% |
| |||||||
Medical Products — 0.1% |
| |||||||
EnteroMedics, Inc. | 82,200 | 0 | ||||||
EnteroMedics, Inc. | 42,300 | 76,521 | ||||||
EnteroMedics, Inc. | 6,300 | 12,303 | ||||||
88,824 | ||||||||
Medical - Drugs — 0.0% |
| |||||||
Alexza Pharmaceuticals, Inc. | 13,050 | 726 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Cadence Pharmaceuticals, Inc. | 9,484 | $ | 1,909 | |||||
2,635 | ||||||||
Therapeutics — 0.0% |
| |||||||
Cytokinetics, Inc. | 120,120 | 25,009 | ||||||
Total Warrants | ||||||||
(cost $13,104) | 116,468 | |||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp. | $ | 68,000 | 75,310 | |||||
U.S. CORPORATE BONDS & NOTES — 0.0% |
| |||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc. | 71,000 | 81,783 | ||||||
Total Long - Term Investment Securities |
| |||||||
(cost $229,946,145) | 312,704,948 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Call Options - Purchased† — 0.0% |
| |||||||
Pharmacy Services — 0.0% |
| |||||||
Eli Lilly & Co.(6) | 126 | 54,180 | ||||||
Therapeutics — 0.0% |
| |||||||
BioMarin Pharmaceutical, Inc.(6) | 54 | 21,060 | ||||||
BioMarin Pharmaceutical, Inc.(6) | 16 | 7,680 | ||||||
28,740 | ||||||||
Total Call Options - Purchased |
| |||||||
(cost $43,445) | 82,920 | |||||||
Registered Investment Companies — 1.5% |
| |||||||
T. Rowe Price Reserve Investment Fund | 4,780,788 | 4,780,788 | ||||||
Total Short - Term Investment Securities | ||||||||
(cost $4,824,233) | 4,863,708 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $234,770,378)(5) | 101.2 | % | 317,568,656 | |||||
Liabilities in excess of other assets | (1.2 | ) | (3,663,924 | ) | ||||
NET ASSETS | 100.0 | % | $ | 313,904,732 | ||||
† | Non-income producing security |
(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) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $1,105,078 representing 0.4% 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 |
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
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, 2012, the Health Sciences Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Alexza Pharmaceuticals, Inc. | 10/5/2009 | 13,050 | $ | 1,631 | $ | 726 | $ | 0.06 | 0.0 | % | ||||||||||||||
Allos Therapeutics, Inc. | 9/6/2012 | 49,300 | 0 | 0 | 0.00 | 0.0 | % | |||||||||||||||||
Cadence Pharmaceuticals, Inc. | 2/18/2009 | 9,484 | 1,186 | 1,909 | 0.20 | 0.0 | % | |||||||||||||||||
Castlight Health, Inc. | 4/26/2012 | 42,238 | 254,972 | 254,972 | 6.04 | 0.1 | % | |||||||||||||||||
Cytokinetics, Inc. | 6/20/2012 | 120,120 | 12 | 25,009 | 0.21 | 0.0 | % | |||||||||||||||||
EnteroMedics, Inc. | 2/23/2009 | 82,200 | 10,275 | 0 | 0.00 | 0.0 | % | |||||||||||||||||
TESARO, Inc. | 6/6/2011 | 19,693 | 149,919 | |||||||||||||||||||||
3/21/2012 | 27,079 | 206,138 | ||||||||||||||||||||||
46,772 | 356,057 | 822,462 | 30.37 | 0.3 | % | |||||||||||||||||||
$ | 1,105,078 | 0.4 | % | |||||||||||||||||||||
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Options Purchased |
Call Options - Purchased | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Eli Lilly & Co. | Jan 2013 | $ | 45.00 | 126 | $ | 20,967 | $ | 54,180 | $ | 33,213 | ||||||||||||||
BioMarin Pharmaceutical, Inc. | Dec 2012 | 45.00 | 54 | 16,230 | 21,060 | 4,830 | ||||||||||||||||||
BioMarin Pharmaceutical, Inc. | Jan 2013 | 45.00 | 16 | 6,248 | 7,680 | 1,432 | ||||||||||||||||||
196 | $ | 43,445 | $ | 82,920 | $ | 39,475 | ||||||||||||||||||
ADR — American Depository Receipt
BSE — Brussels Stock Exchange
CVR — Contingent Value Right
FSE — Frankfurt Stock Exchange
Open call option contracts written at November 30, 2012 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | $ | 100.00 | 33 | $ | 19,763 | $ | 8,745 | $ | 11,018 | ||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | 110.00 | 19 | 4,266 | 1,045 | 3,221 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | 115.00 | 30 | 14,310 | 900 | 13,410 | ||||||||||||||||||
Allergan, Inc. | Jan-13 | 105.00 | 17 | 5,134 | 255 | 4,879 | ||||||||||||||||||
Amgen, Inc. | Jan-13 | 75.00 | 33 | 7,425 | 46,860 | (39,435 | ) | |||||||||||||||||
Amgen, Inc. | Jan-13 | 80.00 | 50 | 6,403 | 46,250 | (39,847 | ) |
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Amgen, Inc. | Jan-13 | $ | 85.00 | 50 | $ | 7,350 | $ | 24,250 | $ | (16,900 | ) | |||||||||||||
Auxilium Pharmaceuticals, Inc. | Dec-12 | 25.00 | 67 | 11,859 | 670 | 11,189 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-13 | 135.00 | 33 | 26,630 | 53,130 | (26,500 | ) | |||||||||||||||||
Catamaran Corp. | Apr-13 | 60.00 | 32 | 7,104 | 3,840 | 3,264 | ||||||||||||||||||
Celgene Corp. | Jan-13 | 75.00 | 99 | 22,076 | 50,490 | (28,414 | ) | |||||||||||||||||
Celgene Corp. | Jan-13 | 85.00 | 82 | 20,765 | 5,658 | 15,107 | ||||||||||||||||||
Celgene Corp. | Jan-13 | 90.00 | 115 | 27,677 | 2,300 | 25,377 | ||||||||||||||||||
Celgene Corp. | Apr-13 | 87.50 | 48 | 12,096 | 9,024 | 3,072 | ||||||||||||||||||
Celgene Corp. | Apr-13 | 90.00 | 48 | 5,976 | 6,384 | (408 | ) | |||||||||||||||||
Centene Corp. | Dec-12 | 45.00 | 6 | 1,007 | 750 | 257 | ||||||||||||||||||
Centene Corp. | Mar-13 | 47.50 | 61 | 10,644 | 15,555 | (4,911 | ) | |||||||||||||||||
Cooper Cos., Inc. | May-13 | 115.00 | 18 | 4,446 | 2,610 | 1,836 | ||||||||||||||||||
Covidien PLC | Jan-13 | 57.50 | 66 | 9,042 | 12,210 | (3,168 | ) | |||||||||||||||||
Davita, Inc. | Jan-13 | 110.00 | 33 | 5,706 | 9,240 | (3,534 | ) | |||||||||||||||||
Edwards Lifesciences Corp. | May-13 | 110.00 | 15 | 2,955 | 1,800 | 1,155 | ||||||||||||||||||
Eli Lilly & Co. | Apr-13 | 55.00 | 10 | 1,095 | 440 | 655 | ||||||||||||||||||
Express Scripts Holding Co. | Jan-13 | 67.50 | 33 | 5,346 | 165 | 5,181 | ||||||||||||||||||
Express Scripts Holding Co. | Jan-13 | 70.00 | 49 | 5,980 | 196 | 5,784 | ||||||||||||||||||
Express Scripts Holding Co. | Feb-13 | 60.00 | 16 | 2,320 | 1,024 | 1,296 | ||||||||||||||||||
Express Scripts, Inc. | Jan-13 | 65.00 | 49 | 11,768 | 392 | 11,376 | ||||||||||||||||||
Gilead Sciences, Inc. | Feb-13 | 80.00 | 47 | 7,861 | 7,473 | 388 | ||||||||||||||||||
Gilead Sciences, Inc. | May-13 | 85.00 | 63 | 12,285 | 11,970 | 315 | ||||||||||||||||||
Hospira, Inc. | Jan-13 | 35.00 | 62 | 10,664 | 620 | 10,044 | ||||||||||||||||||
Incyte Corp. | Dec-12 | 25.00 | 66 | 8,712 | 660 | 8,052 | ||||||||||||||||||
Insulate Corp. | Dec-12 | 22.50 | 67 | 8,425 | 3,685 | 4,740 | ||||||||||||||||||
Intuitive Surgical, Inc. | Jan-13 | 550.00 | 7 | 20,979 | 7,980 | 12,999 | ||||||||||||||||||
McKesson Corp. | Jan-13 | 95.00 | 52 | 10,937 | 9,880 | 1,057 | ||||||||||||||||||
McKesson Corp. | Jan-13 | 100.00 | 17 | 5,006 | 680 | 4,326 | ||||||||||||||||||
Merck & Co., Inc. | Jan-13 | 40.00 | 61 | 7,869 | 26,535 | (18,666 | ) | |||||||||||||||||
Monsanto Co. | Jan-13 | 90.00 | 17 | 7,684 | 6,460 | 1,224 | ||||||||||||||||||
Monsanto Co. | Apr-13 | 100.00 | 63 | 13,141 | 11,844 | 1,297 | ||||||||||||||||||
Pharmacyclics, Inc. | Jan-13 | 80.00 | 32 | 16,987 | 1,280 | 15,707 | ||||||||||||||||||
Pharmacyclics, Inc. | Feb-13 | 75.00 | 80 | 38,234 | 10,000 | 28,234 | ||||||||||||||||||
Pharmacyclics, Inc. | Feb-13 | 85.00 | 32 | 15,183 | 2,560 | 12,623 | ||||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 135.00 | 51 | 57,649 | 227,970 | (170,321 | ) | |||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 150.00 | 32 | 25,056 | 98,880 | (73,824 | ) | |||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 160.00 | 33 | 28,071 | 75,240 | (47,169 | ) | |||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 170.00 | 33 | 21,051 | 51,810 | (30,759 | ) | |||||||||||||||||
UnitedHealth Group, Inc. | Jan-13 | 65.00 | 105 | 14,910 | 315 | 14,595 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-13 | 65.00 | 129 | 49,747 | 5,160 | 44,587 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Apr-13 | 65.00 | 95 | 42,061 | 16,625 | 25,436 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Apr-13 | 70.00 | 94 | 15,322 | 8,460 | 6,862 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-13 | 65.00 | 99 | 19,837 | 990 | 18,847 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-13 | 70.00 | 99 | 36,085 | 990 | 35,095 | ||||||||||||||||||
Zimmer Holdings, Inc. | Jan-13 | 65.00 | 35 | 7,683 | 8,225 | (542 | ) | |||||||||||||||||
Zimmer Holdings, Inc. | Jan-13 | 70.00 | 88 | 13,928 | 3,960 | 9,968 | ||||||||||||||||||
2,671 | $ | 774,510 | $ | 904,435 | $ | (129,925 | ) | |||||||||||||||||
Open put option contracts written at November 30, 2012 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Abbott Laboratories | Jan-13 | $ | 62.50 | 68 | $ | 40,255 | $ | 4,692 | $ | 35,563 | ||||||||||||||
Agilent Technologies, Inc. | Jan-13 | 45.00 | 15 | 13,980 | 10,725 | 3,255 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | 95.00 | 13 | 18,411 | 4,940 | 13,471 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | 100.00 | 13 | 14,453 | 8,710 | 5,743 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | 110.00 | 22 | 22,074 | 32,340 | (10,266 | ) | |||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-13 | 115.00 | 28 | 33,580 | 54,320 | (20,740 | ) | |||||||||||||||||
Alexion Pharmaceuticals, Inc. | May-13 | 100.00 | 3 | 4,716 | 3,330 | 1,386 | ||||||||||||||||||
Allergan, Inc. | Jan-13 | 90.00 | 38 | 29,858 | 4,940 | 24,918 | ||||||||||||||||||
AMERIGROUP Corp. | Jan-13 | 70.00 | 20 | 22,127 | 100 | 22,027 | ||||||||||||||||||
Amgen, Inc. | Jan-13 | 85.00 | 48 | 34,046 | 4,416 | 29,630 | ||||||||||||||||||
athenahealth, Inc. | Mar-13 | 70.00 | 31 | 22,156 | 35,650 | (13,494 | ) | |||||||||||||||||
Baxter International, Inc. | Jan-13 | 60.00 | 28 | 27,635 | 924 | 26,711 | ||||||||||||||||||
Baxter International, Inc. | Jan-13 | 65.00 | 28 | 44,715 | 3,836 | 40,879 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-13 | 115.00 | 47 | 68,172 | 1,410 | 66,762 |
106
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Biogen Idec, Inc. | Jan-13 | $ | 120.00 | 35 | $ | 63,712 | $ | 1,400 | $ | 62,312 | ||||||||||||||
Biogen Idec, Inc. | Jan-13 | 135.00 | 66 | 115,299 | 10,890 | 104,409 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-13 | 140.00 | 68 | 115,693 | 18,360 | 97,333 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-13 | 145.00 | 32 | 62,899 | 14,080 | 48,819 | ||||||||||||||||||
Bristol Myers Squibb Co. | Jan-13 | 34.00 | 80 | 19,200 | 14,880 | 4,320 | ||||||||||||||||||
Bristol Myers Squibb Co. | Jan-13 | 35.00 | 161 | 53,660 | 44,597 | 9,063 | ||||||||||||||||||
Catamaran Corp. | Apr-13 | 52.50 | 16 | 10,752 | 12,320 | (1,568 | ) | |||||||||||||||||
Celgene Corp. | Jan-13 | 60.00 | 16 | 9,152 | 224 | 8,928 | ||||||||||||||||||
Celgene Corp. | Jan-13 | 70.00 | 13 | 9,736 | 715 | 9,021 | ||||||||||||||||||
Celgene Corp. | Jan-13 | 72.50 | 13 | 11,496 | 1,131 | 10,365 | ||||||||||||||||||
Centene Corp. | Dec-12 | 32.50 | 32 | 18,776 | 800 | 17,976 | ||||||||||||||||||
Cerner Corp. | Jan-13 | 80.00 | 16 | 12,467 | 7,040 | 5,427 | ||||||||||||||||||
Cerner Corp. | Jan-13 | 85.00 | 16 | 16,972 | 14,240 | 2,732 | ||||||||||||||||||
Cerner Corp. | Jun-13 | 80.00 | 3 | 2,691 | 2,400 | 291 | ||||||||||||||||||
Cooper Cos., Inc. | Feb-13 | 100.00 | 64 | 62,206 | 49,280 | 12,926 | ||||||||||||||||||
Cooper Cos., Inc. | May-13 | 100.00 | 13 | 12,121 | 13,390 | (1,269 | ) | |||||||||||||||||
CVS Caremark Corp. | Jan-13 | 45.00 | 138 | 74,628 | 8,004 | 66,624 | ||||||||||||||||||
CVS Caremark Corp. | Jan-13 | 50.00 | 165 | 110,695 | 64,350 | 46,345 | ||||||||||||||||||
Davita, Inc. | Jan-13 | 110.00 | 16 | 8,112 | 8,160 | (48 | ) | |||||||||||||||||
Edwards Lifesciences Corp. | Jan-13 | 70.00 | 21 | 18,282 | 735 | 17,547 | ||||||||||||||||||
Edwards Lifesciences Corp. | Jan-13 | 100.00 | 16 | 13,232 | 25,440 | (12,208 | ) | |||||||||||||||||
Edwards Lifesciences Corp. | Jan-13 | 105.00 | 16 | 17,952 | 31,520 | (13,568 | ) | |||||||||||||||||
Edwards Lifesciences Corp. | Feb-13 | 115.00 | 32 | 40,258 | 95,040 | (54,782 | ) | |||||||||||||||||
Eli Lilly & Co. | Jan-13 | 40.00 | 194 | 58,798 | 1,552 | 57,246 | ||||||||||||||||||
Eli Lilly & Co. | Apr-13 | 48.00 | 127 | 63,349 | 27,178 | 36,171 | ||||||||||||||||||
Eli Lilly & Co. | Jan-14 | 55.00 | 63 | 40,761 | 57,330 | (16,569 | ) | |||||||||||||||||
Express Scripts Holding Co. | Feb-13 | 65.00 | 48 | 30,335 | 54,960 | (24,625 | ) | |||||||||||||||||
Express Scripts Holding Co. | Jan-14 | 55.00 | 6 | 4,302 | 4,200 | 102 | ||||||||||||||||||
Express Scripts, Inc. | Jan-13 | 50.00 | 20 | 13,040 | 1,100 | 11,940 | ||||||||||||||||||
Express Scripts, Inc. | Jan-13 | 55.00 | 33 | 28,950 | 8,052 | 20,898 | ||||||||||||||||||
Express Scripts, Inc. | Jan-13 | 57.50 | 33 | 26,630 | 14,025 | 12,605 | ||||||||||||||||||
Forest Laboratories, Inc. | Jan-13 | 35.00 | 33 | 15,576 | 3,465 | 12,111 | ||||||||||||||||||
Forest Laboratories, Inc. | Jan-13 | 40.00 | 142 | 84,062 | 69,580 | 14,482 | ||||||||||||||||||
Forest Laboratories, Inc. | Feb-13 | 42.00 | 80 | 58,752 | 68,800 | (10,048 | ) | |||||||||||||||||
Gilead Sciences, Inc. | Jan-13 | 35.00 | 21 | 10,332 | 84 | 10,248 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-13 | 55.00 | 27 | 18,144 | 297 | 17,847 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-13 | 60.00 | 27 | 26,283 | 486 | 25,797 | ||||||||||||||||||
Gilead Sciences, Inc. | Feb-13 | 70.00 | 16 | 13,872 | 2,640 | 11,232 | ||||||||||||||||||
Gilead Sciences, Inc. | Feb-13 | 75.00 | 32 | 25,263 | 11,360 | 13,903 | ||||||||||||||||||
Gilead Sciences, Inc. | May-13 | 75.00 | 32 | 28,223 | 17,600 | 10,623 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-14 | 70.00 | 16 | 18,992 | 9,920 | 9,072 | ||||||||||||||||||
HCA Holdings, Inc. | Mar-13 | 34.50 | 48 | 25,309 | 19,200 | 6,109 | ||||||||||||||||||
Humana, Inc. | Jan-13 | 85.00 | 35 | 43,853 | 70,700 | (26,847 | ) | |||||||||||||||||
Humana, Inc. | Jan-13 | 97.50 | 47 | 70,668 | 159,330 | (88,662 | ) | |||||||||||||||||
Impax Laboratories, Inc. | Mar-13 | 25.00 | 32 | 9,824 | 16,640 | (6,816 | ) | |||||||||||||||||
Incyte Corp. | Dec-12 | 20.00 | 25 | 7,175 | 6,750 | 425 | ||||||||||||||||||
Intermune, Inc. | Jan-13 | 20.00 | 26 | 17,686 | 28,990 | (11,304 | ) | |||||||||||||||||
Intuitive Surgical, Inc. | Jan-13 | 400.00 | 4 | 15,988 | 400 | 15,588 | ||||||||||||||||||
Intuitive Surgical, Inc. | Jan-13 | 500.00 | 6 | 29,846 | 5,880 | 23,966 | ||||||||||||||||||
Johnson & Johnson | Jan-13 | 67.50 | 50 | 33,349 | 1,900 | 31,449 | ||||||||||||||||||
Johnson & Johnson | Jan-13 | 70.00 | 105 | 87,108 | 12,180 | 74,928 | ||||||||||||||||||
Medicines Company | Jan-13 | 25.00 | 1 | 477 | 470 | 7 | ||||||||||||||||||
Medicis Pharmaceutical, Class A | Jan-13 | 38.00 | 16 | 7,581 | 7,840 | (259 | ) | |||||||||||||||||
Medivation, Inc. | Jan-13 | 50.00 | 12 | 14,682 | 4,380 | 10,302 | ||||||||||||||||||
Medivation, Inc. | Jan-14 | 55.00 | 108 | 125,102 | 153,360 | (28,258 | ) | |||||||||||||||||
Medtronic, Inc. | Jan-13 | 40.00 | 68 | 34,815 | 3,400 | 31,415 | ||||||||||||||||||
Merck & Co., Inc. | Jan-13 | 45.00 | 69 | 57,579 | 11,523 | 46,056 | ||||||||||||||||||
Merck & Co., Inc. | Jan-13 | 46.00 | 32 | 17,325 | 7,808 | 9,517 | ||||||||||||||||||
Monsanto Co. | Jan-13 | 75.00 | 16 | 11,622 | 352 | 11,270 | ||||||||||||||||||
Monsanto Co. | Jan-13 | 80.00 | 21 | 34,901 | 924 | 33,977 | ||||||||||||||||||
Nuance Communications, Inc. | Jan-13 | 25.00 | 20 | 7,448 | 6,000 | 1,448 | ||||||||||||||||||
Nuance Communications, Inc. | Jan-13 | 30.00 | 52 | 32,089 | 41,080 | (8,991 | ) | |||||||||||||||||
Nuance Communications, Inc. | Jan-14 | 25.00 | 14 | 9,898 | 7,420 | 2,478 | ||||||||||||||||||
Onyx Pharmaceuticals, Inc. | Jan-13 | 70.00 | 48 | 47,855 | 9,120 | 38,735 | ||||||||||||||||||
Onyx Pharmaceuticals, Inc. | Jan-13 | 75.00 | 48 | 65,652 | 18,240 | 47,412 | ||||||||||||||||||
Onyx Pharmaceuticals, Inc. | Feb-13 | 75.00 | 32 | 30,143 | 18,240 | 11,903 | ||||||||||||||||||
Onyx Pharmaceuticals, Inc. | Jan-14 | 75.00 | 27 | 37,558 | 36,720 | 838 | ||||||||||||||||||
Onyx Pharmaceuticals, Inc. | Jan-14 | 90.00 | 38 | 63,462 | 87,020 | (23,558 | ) |
107
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Pfizer, Inc. | Jan-13 | $ | 22.50 | 217 | $ | 58,374 | $ | 1,302 | $ | 57,072 | ||||||||||||||
Pfizer, Inc. | Jan-13 | 25.00 | 289 | 127,735 | 14,739 | 112,996 | ||||||||||||||||||
Pfizer, Inc. | Jan-13 | 27.00 | 268 | 144,161 | 54,672 | 89,489 | ||||||||||||||||||
Pharmacyclics, Inc. | Jan-13 | 60.00 | 19 | 14,228 | 17,860 | (3,632 | ) | |||||||||||||||||
Pharmacyclics, Inc. | Feb-13 | 65.00 | 19 | 20,487 | 28,310 | (7,823 | ) | |||||||||||||||||
Pharmacyclics, Inc. | May-13 | 50.00 | 10 | 8,504 | 7,800 | 704 | ||||||||||||||||||
Pharmacyclics, Inc. | Jan-14 | 50.00 | 10 | 11,972 | 13,300 | (1,328 | ) | |||||||||||||||||
Quest Diagnostics, Inc. | Feb-13 | 65.00 | 45 | 31,139 | 35,550 | (4,411 | ) | |||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 105.00 | 26 | 46,567 | 910 | 45,657 | ||||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 115.00 | 13 | 23,078 | 390 | 22,688 | ||||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 160.00 | 9 | 9,752 | 3,870 | 5,882 | ||||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-13 | 165.00 | 9 | 11,777 | 5,400 | 6,377 | ||||||||||||||||||
Sarepta Therapeutics, Inc. | Feb-13 | 50.00 | 41 | 70,716 | 94,300 | (23,584 | ) | |||||||||||||||||
St. Jude Medical, Inc. | Jan-13 | 40.00 | 48 | 21,735 | 29,760 | (8,025 | ) | |||||||||||||||||
St. Jude Medical, Inc. | Jan-13 | 45.00 | 24 | 21,768 | 26,640 | (4,872 | ) | |||||||||||||||||
St. Jude Medical, Inc. | Jan-14 | 30.00 | 19 | 7,163 | 5,700 | 1,463 | ||||||||||||||||||
Stryker Corp. | Jan-13 | 60.00 | 18 | 20,871 | 11,160 | 9,711 | ||||||||||||||||||
Stryker Corp. | Jan-13 | 65.00 | 7 | 10,899 | 7,980 | 2,919 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-13 | 45.00 | 21 | 19,257 | 10,080 | 9,177 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-13 | 50.00 | 51 | 46,129 | 49,470 | (3,341 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-13 | 52.50 | 19 | 16,995 | 23,180 | (6,185 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-13 | 55.00 | 12 | 13,044 | 17,640 | (4,596 | ) | |||||||||||||||||
Thermo Fisher Scientific, Inc. | Jun-13 | 65.00 | 25 | 16,175 | 13,500 | 2,675 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-13 | 55.00 | 17 | 13,100 | 3,485 | 9,615 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-14 | 60.00 | 44 | 39,937 | 42,680 | (2,743 | ) | |||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-13 | 45.00 | 21 | 15,582 | 1,155 | 14,427 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-13 | 47.00 | 21 | 17,682 | 1,575 | 16,107 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-13 | 50.00 | 13 | 10,141 | 1,560 | 8,581 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-13 | 60.00 | 16 | 23,921 | 9,440 | 14,481 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-13 | 45.00 | 68 | 82,075 | 40,800 | 41,275 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-13 | 55.00 | 14 | 11,578 | 21,560 | (9,982 | ) | |||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-13 | 60.00 | 18 | 20,204 | 37,260 | (17,056 | ) | |||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-13 | 65.00 | 69 | 97,439 | 185,610 | (88,171 | ) | |||||||||||||||||
Warner Chilcott PLC, Class A | Jan-13 | 16.00 | 34 | 16,898 | 15,300 | 1,598 | ||||||||||||||||||
WellPoint, Inc. | Jan-13 | 70.00 | 66 | 54,251 | 95,370 | (41,119 | ) | |||||||||||||||||
Zimmer Holdings, Inc. | Jan-13 | 65.00 | 21 | 24,086 | 3,045 | 21,041 | ||||||||||||||||||
Zimmer Holdings, Inc. | Jan-13 | 70.00 | 32 | 23,253 | 15,040 | 8,213 | ||||||||||||||||||
Zimmer Holdings, Inc. | Mar-13 | 70.00 | 25 | 17,300 | 13,750 | 3,550 | ||||||||||||||||||
5,098 | $ | 4,020,801 | $ | 2,658,968 | $ | 1,361,833 | ||||||||||||||||||
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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: | ||||||||||||||||
Drug Delivery Systems | $ | 388,296 | $ | 392,850 | $ | — | $ | 781,146 | ||||||||
Medical Products | 28,765,813 | — | — | 28,765,813 | ||||||||||||
Medical-Biomedical/Gene | 80,705,498 | — | — | 80,705,498 | ||||||||||||
Medical-Drugs | 63,151,908 | — | — | 63,151,908 | ||||||||||||
Medical-HMO | 18,362,410 | — | — | 18,362,410 | ||||||||||||
Pharmacy Services | 18,610,185 | — | — | 18,610,185 | ||||||||||||
Therapeutics | 22,112,207 | — | 0 | 22,112,207 | ||||||||||||
Other Industries* | 78,864,786 | — | — | 78,864,786 | ||||||||||||
Convertible Preferred Stock: | ||||||||||||||||
Decision Support Software | — | — | 254,972 | 254,972 | ||||||||||||
Medical-Drugs | — | 822,462 | — | 822,462 | ||||||||||||
Warrants: | ||||||||||||||||
Medical Products | — | 88,824 | — | 88,824 | ||||||||||||
Medical-Drugs | — | 1,909 | 726 | 2,635 | ||||||||||||
Therapeutics | — | — | 25,009 | 25,009 | ||||||||||||
Convertible Bonds & Notes: | ||||||||||||||||
Patient Monitoring Equipment | — | 75,310 | — | 75,310 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Heart Monitors | — | 81,783 | — | 81,783 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Call Options-Purchased | 82,920 | — | — | 82,920 | ||||||||||||
Registered Investment Companies | 4,780,788 | — | — | 4,780,788 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Call Option Contracts Written — Appreciation | 374,473 | — | — | 374,473 | ||||||||||||
Put Option Contracts Written — Appreciation | 1,962,581 | — | — | 1,962,581 | ||||||||||||
Total | $ | 318,161,865 | $ | 1,463,138 | $ | 280,707 | $ | 319,905,710 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Call Option Contracts Written — Depreciation | 504,398 | — | — | 504,398 | ||||||||||||
Put Option Contracts Written — Depreciation | 600,748 | — | — | 600,748 | ||||||||||||
Total | $ | 1,105,146 | $ | — | $ | — | $ | 1,105,146 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
At the beginning and/or end of the period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
109
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2012 — (Unaudited)
Industry Allocation*
United States Treasury Bonds | 27.2 | % | ||
United States Treasury Notes | 27.1 | |||
Sovereign | 14.3 | |||
Diversified Banking Institutions | 6.3 | |||
Banks — Super Regional | 3.3 | |||
Time Deposits | 2.7 | |||
Insurance — Multi-line | 2.4 | |||
Insurance — Life/Health | 2.0 | |||
Finance — Investment Banker/Broker | 2.0 | |||
Banks — Commercial | 1.9 | |||
Federal National Mtg. Assoc. | 1.7 | |||
Finance — Consumer Loans | 1.6 | |||
Federal Home Loan Mtg. Corp. | 1.4 | |||
Diversified Financial Services | 1.1 | |||
Electric — Integrated | 0.6 | |||
Computers | 0.4 | |||
Banks — Money Center | 0.4 | |||
Oil Companies — Integrated | 0.4 | |||
Telephone — Integrated | 0.3 | |||
Government National Mtg. Assoc. | 0.2 | |||
Metal — Diversified | 0.2 | |||
Special Purpose Entities | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Diversified Minerals | 0.2 | |||
Finance — Auto Loans | 0.2 | |||
Oil & Gas Drilling | 0.1 | |||
Paper & Related Products | 0.1 | |||
Oil — Field Services | 0.1 | |||
Pipelines | 0.1 | |||
Petrochemicals | 0.1 | |||
Trucking/Leasing | 0.1 | |||
98.9 | % | |||
Credit Quality†#
Aaa | 79.2 | % | ||
Aa | 7.2 | |||
A | 4.1 | |||
Baa | 7.3 | |||
Ba | 1.2 | |||
Not Rated@ | 1.0 | |||
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: Moody’s |
# | 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, 2012 (Unaudited)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 16.1% |
| |||||||
Banks - Money Center — 0.0% |
| |||||||
RBS Capital Trust II FRS | $ | 50,000 | $ | 42,000 | ||||
Banks - Super Regional — 2.5% |
| |||||||
Bank of America NA FRS | 2,000,000 | 1,906,906 | ||||||
Bank of America NA FRS | 2,000,000 | 1,872,482 | ||||||
Fifth Third Bancorp FRS | 2,000,000 | 1,938,176 | ||||||
Wachovia Capital Trust III FRS | 3,549,000 | 3,535,691 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,226,528 | ||||||
11,479,783 | ||||||||
Computers — 0.4% |
| |||||||
Hewlett-Packard Co. FRS | 2,002,000 | 1,967,395 | ||||||
Diversified Banking Institutions — 5.2% |
| |||||||
Bank of America Corp. FRS | 2,500,000 | 2,528,740 | ||||||
Citigroup, Inc. FRS | 1,000,000 | 1,010,947 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 4,070,000 | ||||||
Goldman Sachs Capital II FRS | 2,250,000 | 1,746,113 | ||||||
Goldman Sachs Group, Inc. FRS | 5,000,000 | 5,014,000 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,891,400 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,004,141 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,895,400 | ||||||
Morgan Stanley FRS | 1,150,000 | 1,160,615 | ||||||
Morgan Stanley | 250,000 | 260,334 | ||||||
Morgan Stanley | BR | L 1,632,500 | 821,292 | |||||
Morgan Stanley FRS | 2,000,000 | 2,084,126 | ||||||
23,487,108 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Diversified Financial Services — 1.1% |
| |||||||
General Electric Capital Corp. FRS | $ | 1,000,000 | $ | 1,001,266 | ||||
General Electric Capital Corp. | 500,000 | 595,672 | ||||||
General Electric Capital Corp. FRS | 1,000,000 | 1,126,350 | ||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 1,983,732 | ||||||
4,707,020 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Carlisle Cos., Inc. | 640,000 | 641,153 | ||||||
Finance - Auto Loans — 0.2% |
| |||||||
Ford Motor Credit Co. LLC | 800,000 | 809,634 | ||||||
Finance - Consumer Loans — 1.1% |
| |||||||
SLM Corp. FRS | 1,000,000 | 1,007,380 | ||||||
SLM Corp. FRS | 4,000,000 | 4,005,240 | ||||||
5,012,620 | ||||||||
Finance - Investment Banker/Broker — 2.0% |
| |||||||
Citigroup Funding, Inc. FRS | 5,000,000 | 4,949,300 | ||||||
Citigroup Funding, Inc. FRS | 3,000,000 | 3,404,550 | ||||||
Lehman Brothers Holdings, Inc. | 400,000 | 84,000 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 130,773 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 210,000 | ||||||
8,778,623 | ||||||||
Insurance - Life/Health — 1.4% |
| |||||||
Pacific Life Global Funding FRS | 3,300,000 | 3,303,696 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,121,740 | ||||||
Prudential Financial, Inc. FRS | 1,000,000 | 1,002,500 | ||||||
6,427,936 | ||||||||
Insurance - Multi-line — 1.3% |
| |||||||
Monumental Global Funding III FRS | 5,000,000 | 5,801,637 | ||||||
111
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Rowan Cos., Inc. | $ | 143,000 | $ | 155,982 | ||||
Oil Companies - Integrated — 0.2% |
| |||||||
Murphy Oil Corp. | 1,000,000 | 1,005,940 | ||||||
Paper & Related Products — 0.1% |
| |||||||
Plum Creek Timberlands LP | 640,000 | 636,915 | ||||||
Pipelines — 0.1% |
| |||||||
El Paso Pipeline Partners Operating Co. LLC | 350,000 | 345,012 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
Santander Holdings USA, Inc. | 140,000 | 142,558 | ||||||
Special Purpose Entity — 0.2% |
| |||||||
Strats-Daimler Chrysler FRS | 1,000,000 | 1,026,030 | ||||||
Trucking/Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 200,000 | 204,205 | ||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $70,965,025) | 72,671,551 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 4.8% |
| |||||||
Banks - Commercial — 1.5% |
| |||||||
Banco Bradesco SA FRS | 1,500,000 | 1,503,686 | ||||||
Barclays Bank PLC FRS | 2,000,000 | 2,089,000 | ||||||
Barclays Bank PLC FRS | 3,000,000 | 2,964,000 | ||||||
6,556,686 | ||||||||
Diversified Banking Institutions — 1.0% |
| |||||||
Royal Bank of Scotland Group PLC | 300,000 | 306,972 | ||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,080,600 | ||||||
UBS AG FRS | 2,000,000 | 2,068,540 | ||||||
4,456,112 | ||||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Pentair Finance SA | 200,000 | 199,988 | ||||||
Diversified Minerals — 0.2% |
| |||||||
Teck Resources, Ltd. | 800,000 | 837,642 | ||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Insurance - Multi-line — 1.1% |
| |||||||
AXA SA FRS | $ | 1,600,000 | $ | 1,532,000 | ||||
XL Capital, Ltd. FRS | 4,000,000 | 3,624,000 | ||||||
5,156,000 | ||||||||
Metal - Diversified — 0.2% |
| |||||||
Noranda, Inc. | 1,000,000 | 1,129,816 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Transocean, Inc. | 500,000 | 502,654 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Petroleos Mexicanos | 668,000 | 734,800 | ||||||
Oil - Field Services — 0.1% |
| |||||||
Schlumberger Norge AS | 400,000 | 401,028 | ||||||
Petrochemicals — 0.1% |
| |||||||
Mexichem SAB de CV | 270,000 | 294,300 | ||||||
Telephone - Integrated — 0.3% |
| |||||||
Telefonica Emisiones SAU | 1,500,000 | 1,522,500 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $21,497,099) | 21,791,526 | |||||||
FOREIGN GOVERNMENT AGENCIES(4) — 12.3% |
| |||||||
Sovereign — 12.3% |
| |||||||
Brazil Nota do Tesouro Nacional | BRL | 5,734,518 | 2,924,544 | |||||
Brazil Nota do Tesouro Nacional | BRL | 5,083,870 | 2,600,041 | |||||
Brazil Nota do Tesouro Nacional | BRL | 2,000,000 | 2,347,782 | |||||
Government of Australia | AUD | 2,907,850 | 3,823,135 | |||||
Government of Australia | AUD | 13,002,000 | 17,410,621 | |||||
Government of Canada | CAD | 7,387,170 | 9,981,139 | |||||
Government of Canada | CAD | 2,522,824 | 3,719,511 | |||||
Government of Canada | CAD | 8,810,580 | 12,614,735 | |||||
Total Foreign Government Agencies | ||||||||
(cost $46,364,759) | 55,421,508 | |||||||
112
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT TREASURIES — 2.0% |
| |||||||
Sovereign — 2.0% |
| |||||||
United Kingdom Gilt Treasury | GBP | 5,347,628 | $ | 8,968,246 | ||||
U.S. GOVERNMENT AGENCIES — 3.3% |
| |||||||
Federal Home Loan Mtg. Corp. — 1.4% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS | $ | 1,918,940 | 1,928,189 | |||||
Series 3925, Class FL 0.66% due 01/15/2041 | 1,845,711 | 1,857,577 | ||||||
Series 4001, Class FM 0.71% due 02/15/2042 | 943,308 | 949,789 | ||||||
Series 3355, Class BF 0.91% due 08/15/2037 | 1,589,757 | 1,603,065 | ||||||
6,338,620 | ||||||||
Federal National Mtg. Assoc. — 1.7% |
| |||||||
Federal National Mtg. Assoc. REMIC FRS | ||||||||
Series 2012-93, Class BF 0.61% due 09/25/2042 | 2,899,810 | 2,913,999 | ||||||
Series 2011-103, Class FD 0.66% due 05/25/2040 | 4,758,557 | 4,784,158 | ||||||
7,698,157 | ||||||||
Government National Mtg. Assoc. — 0.2% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 1,160,559 | 1,173,631 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $15,134,544) | 15,210,408 | |||||||
U.S. GOVERNMENT TREASURIES — 54.3% |
| |||||||
United States Treasury Bonds(4) — 27.2% |
| |||||||
0.75% due 02/15/2042 TIPS | 4,607,775 | 5,157,469 | ||||||
1.75% due 01/15/2028 TIPS | 17,560,278 | 22,991,619 | ||||||
2.00% due 01/15/2026 TIPS | 9,337,577 | 12,363,531 | ||||||
2.13% due 02/15/2040 TIPS | 2,569,152 | 3,835,061 | ||||||
2.13% due 02/15/2041 TIPS | 6,339,240 | 9,537,583 | ||||||
2.38% due 01/15/2025 TIPS | 3,682,380 | 5,017,530 | ||||||
2.50% due 01/15/2029 TIPS | 9,160,110 | 13,232,777 | ||||||
3.63% due 04/15/2028 TIPS | 12,874,680 | 20,642,734 | ||||||
3.88% due 04/15/2029 TIPS | 17,944,733 | 30,093,873 | ||||||
122,872,177 | ||||||||
United States Treasury Notes — 27.1% | ||||||||
0.13% due 04/15/2016 TIPS(4) | 11,320,776 | 11,926,619 | ||||||
0.13% due 04/15/2017 TIPS(4) | 7,640,100 | 8,196,994 | ||||||
0.50% due 04/15/2015 TIPS(4) | 2,135,300 | 2,226,050 | ||||||
0.63% due 08/31/2017 | 400,000 | 400,969 | ||||||
0.63% due 07/15/2021 TIPS(4) | 1,026,570 | 1,176,386 | ||||||
1.13% due 01/15/2021 TIPS(4) | 4,759,605 | 5,630,836 | ||||||
1.25% due 04/15/2014 TIPS(4) | 13,665,875 | 14,077,983 | ||||||
1.38% due 07/15/2018 TIPS(4) | 9,012,864 | 10,534,488 | ||||||
1.38% due 01/15/2020 TIPS(4) | 6,419,700 | 7,655,993 | ||||||
1.63% due 01/15/2015 TIPS(4) | 6,313,061 | 6,700,229 | ||||||
1.88% due 07/15/2013 TIPS(4) | 6,046,848 | 6,148,888 | ||||||
1.88% due 07/15/2015 TIPS(4) | 15,463,760 | 16,850,674 | ||||||
1.88% due 07/15/2019 TIPS(4) | 1,625,430 | 1,989,882 | ||||||
2.00% due 07/15/2014 TIPS(4) | 6,137,300 | 6,470,537 | ||||||
2.00% due 01/15/2016 TIPS(4) | 5,828,700 | 6,472,591 | ||||||
2.38% due 01/15/2017 TIPS(4) | 4,589,280 | 5,350,816 | ||||||
2.63% due 07/15/2017 TIPS(4) | 8,930,880 | 10,735,891 | ||||||
122,545,826 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $205,519,143) | 245,418,003 | |||||||
Security Description | Principal Amount(3)/ Shares | Value (Note 2) | ||||||
PREFERRED STOCK — 3.4% |
| |||||||
Banks - Commercial — 0.4% |
| |||||||
City National Corp. | GBP | 80,000 | $ | 1,944,000 | ||||
Banks - Money Center — 0.4% | ||||||||
National Westminster Bank PLC | 71,198 | 1,805,581 | ||||||
Banks - Super Regional — 0.8% | ||||||||
US Bancorp FRS | 4,500 | 3,870,000 | ||||||
Diversified Banking Institutions — 0.1% | ||||||||
Goldman Sachs Group, Inc. | 12,500 | 309,250 | ||||||
Electric - Integrated — 0.6% | ||||||||
NextEra Energy Capital Holdings, Inc. | 45,000 | 1,129,050 | ||||||
Southern California Edison Co. FRS | 15,000 | 1,503,750 | ||||||
2,632,800 | ||||||||
Finance-Consumer Loans — 0.5% | ||||||||
SLM Corp. FRS | 53,000 | 1,272,530 | ||||||
SLM Corp. FRS | 33,871 | 812,904 | ||||||
2,085,434 | ||||||||
Insurance-Life/Health — 0.6% | ||||||||
Principal Financial Group, Inc. FRS | 27,800 | 2,717,450 | ||||||
Total Preferred Stock | ||||||||
(cost $14,650,409) | 15,364,515 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $382,874,484) | 434,845,757 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Time Deposits — 2.7% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 12,058,000 | 12,058,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $394,932,484)(5) | 98.9 | % | 446,903,757 | |||||
Other assets less liabilities | 1.1 | 4,891,051 | ||||||
NET ASSETS — | 100.0 | % | $ | 451,794,808 | ||||
† | 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, 2012, the aggregate value of these securities was $15,822,662 representing 3.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Perpetual maturity — maturity date reflects the next call date. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Denominated in United States dollars unless otherwise indicated. |
(4) | Principal amount of security is adjusted for inflation. |
(5) | See Note 5 for cost of investments on a tax basis. |
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
AUD—Australian Dollar
BRL—Brazilian Dollar
CAD—Canadian Dollar
GBP—British Pound
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Security
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates as of November 30, 2012 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, 2012 (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: | ||||||||||||||||
Banks-Super Regional | $ | — | $ | 9,253,255 | $ | 2,226,528 | $ | 11,479,783 | ||||||||
Diversified Banking Institutions | — | 14,686,308 | 8,800,800 | 23,487,108 | ||||||||||||
Finance-Investment Banker/Broker | — | 424,773 | 8,353,850 | 8,778,623 | ||||||||||||
Special Purpose Entity | — | — | 1,026,030 | 1,026,030 | ||||||||||||
Other Industries* | — | 27,900,007 | — | 27,900,007 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Banks-Commercial | — | 1,503,686 | 5,053,000 | 6,556,686 | ||||||||||||
Diversified Banking Institutions | — | 306,972 | 4,149,140 | 4,456,112 | ||||||||||||
Other Industries* | — | 10,778,728 | — | 10,778,728 | ||||||||||||
Foreign Government Agencies: | ||||||||||||||||
Sovereign | — | 55,421,508 | — | 55,421,508 | ||||||||||||
Foreign Government Treasuries | — | 8,968,246 | — | 8,968,246 | ||||||||||||
U.S. Government Agencies | — | 15,210,408 | — | 15,210,408 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 122,872,177 | — | 122,872,177 | ||||||||||||
United States Treasury Notes | — | 122,545,826 | — | 122,545,826 | ||||||||||||
Preferred Stock | 15,364,515 | — | — | 15,364,515 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 12,058,000 | — | 12,058,000 | ||||||||||||
Total | $ | 15,364,515 | $ | 401,929,894 | $ | 29,609,348 | $ | 446,903,757 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
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 5/31/2012 | $ | 18,936,734 | $ | 8,761,700 | ||||
Accrued discounts | 8,638 | 726 | ||||||
Accrued premiums | — | (5,186 | ) | |||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation (1) | 694,806 | 465,214 | ||||||
Change in unrealized depreciation (1) | (259,000 | ) | (20,314 | ) | ||||
Net purchases | — | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | 1,026,030 | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2012 | $ | 20,407,208 | $ | 9,202,140 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the operations attributable to level 3 investments still held at November 30, 2012 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | 435,806 | $ | 444,900 | |||||
The Fund’s other securities classified as Level 3, with a fair value of $29,609,348 at November 30, 2012, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).
See Notes to Financial Statements
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VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2012
Industry Allocation*
Banks — Commercial | 9.2 | % | ||
Medical — Drugs | 7.3 | |||
Oil Companies — Integrated | 6.1 | |||
Diversified Banking Institutions | 4.7 | |||
Registered Investment Companies | 4.2 | |||
Time Deposits | 3.6 | |||
Auto — Cars/Light Trucks | 3.3 | |||
Telephone — Integrated | 3.1 | |||
Food — Misc./Diversified | 2.6 | |||
Chemicals — Diversified | 2.4 | |||
Electric — Integrated | 2.3 | |||
Insurance — Life/Health | 2.3 | |||
Diversified Minerals | 2.1 | |||
Cellular Telecom | 1.7 | |||
Tobacco | 1.7 | |||
Insurance — Multi-line | 1.7 | |||
Brewery | 1.4 | |||
Real Estate Investment Trusts | 1.3 | |||
Real Estate Operations & Development | 1.2 | |||
Food — Retail | 1.2 | |||
Electronic Components — Semiconductors | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Soap & Cleaning Preparation | 1.0 | |||
Telecom Services | 1.0 | |||
Diversified Operations | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Insurance — Property/Casualty | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Metal — Diversified | 0.8 | |||
Transport — Rail | 0.7 | |||
Gas — Distribution | 0.7 | |||
Import/Export | 0.7 | |||
Industrial Gases | 0.7 | |||
Public Thoroughfares | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Retail — Jewelry | 0.6 | |||
Rubber — Tires | 0.5 | |||
Building Products — Cement | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Steel — Producers | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Diversified Financial Services | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Agricultural Chemicals | 0.5 | |||
Gold Mining | 0.5 | |||
Finance — Other Services | 0.5 | |||
Aerospace/Defense | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Investment Companies | 0.4 | |||
Athletic Footwear | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Hotels/Motels | 0.4 | |||
Wireless Equipment | 0.4 | |||
Transport — Marine | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Oil — Field Services | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Cosmetics & Toiletries | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Coal | 0.3 |
Cable/Satellite TV | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Electric — Generation | 0.3 | |||
Computer Services | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Metal — Iron | 0.3 | |||
Transactional Software | 0.3 | |||
Audio/Video Products | 0.3 | |||
Photo Equipment & Supplies | 0.3 | |||
Medical Products | 0.2 | |||
Transport — Services | 0.2 | |||
Airlines | 0.2 | |||
Casino Hotels | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Human Resources | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Advertising Services | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Exchange — Traded Funds | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Computers | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Computer Aided Design | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Precious Metals | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Textile — Apparel | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Building — Maintance & Services | 0.2 | |||
Sugar | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Multimedia | 0.2 | |||
Printing — Commercial | 0.2 | |||
Television | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Commercial Services — Finance | 0.2 | |||
Retail — Hypermarkets | 0.2 | |||
Building — Heavy Construction | 0.1 | |||
Shipbuilding | 0.1 | |||
Water | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Commercial Services | 0.1 | |||
Transport — Truck | 0.1 | |||
Agricultural Operations | 0.1 | |||
Cruise Lines | 0.1 | |||
Private Equity | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Applications Software | 0.1 | |||
Appliances | 0.1 | |||
Metal — Copper | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Lottery Services | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Paper & Related Products | 0.1 | |||
Coatings/Paint | 0.1 | |||
Optical Supplies | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Food — Confectionery | 0.1 | |||
Electric — Distribution | 0.1 | |||
Instruments — Scientific | 0.1 |
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VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2012 — (continued)
Industry Allocation* (continued)
Food — Baking | 0.1 | % | ||
Computers — Periphery Equipment | 0.1 | |||
Food — Catering | 0.1 | |||
Computer Data Security | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Mining Services | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Advertising Agencies | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Steel — Specialty | 0.1 | |||
Circuit Boards | 0.1 | |||
Food — Meat Products | 0.1 | |||
Dialysis Centers | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Coffee | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Internet Application Software | 0.1 | |||
Retail — Building Products | 0.1 | |||
105.9 | % | |||
Country Allocation*
United Kingdom | 18.0 | % | ||
Japan | 16.5 | |||
Germany | 8.6 | |||
United States | 8.4 | |||
France | 7.4 | |||
Australia | 7.4 | |||
Switzerland | 6.8 | |||
Hong Kong | 2.9 | |||
Netherlands | 2.9 | |||
Sweden | 2.5 | |||
Italy | 2.2 | |||
Spain | 2.0 | |||
South Korea | 2.0 | |||
China | 1.8 | |||
Taiwan | 1.7 | |||
Brazil | 1.6 | |||
Denmark | 1.5 | |||
Singapore | 1.4 | |||
South Africa | 1.0 | |||
Belgium | 0.9 | |||
Russia | 0.8 | |||
India | 0.8 | |||
Mexico | 0.7 | |||
Jersey | 0.7 | |||
Israel | 0.5 | |||
Bermuda | 0.4 | |||
Finland | 0.4 | |||
Norway | 0.4 | |||
Malaysia | 0.4 | |||
Cayman Islands | 0.4 | |||
Thailand | 0.4 | |||
Philippines | 0.3 | |||
Luxembourg | 0.3 | |||
Austria | 0.3 | |||
Turkey | 0.3 | |||
Indonesia | 0.2 | |||
Poland | 0.2 | |||
Colombia | 0.2 | |||
Greece | 0.2 | |||
Ireland | 0.1 |
New Zealand | 0.1 | |||
Portugal | 0.1 | |||
Czech Republic | 0.1 | |||
Isle of Man | 0.1 | |||
105.9 | % | |||
* | Calculated as a percentage of net assets |
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PORTFOLIO OF INVESTMENTS — November 30, 2012
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.3% |
| |||||||
Australia — 7.4% |
| |||||||
AGL Energy, Ltd. | 36,284 | $ | 544,134 | |||||
ALS, Ltd.# | 22,614 | 224,200 | ||||||
Alumina, Ltd.# | 159,320 | 157,953 | ||||||
Amcor, Ltd. | 79,886 | 658,615 | ||||||
AMP, Ltd. | 191,382 | 918,740 | ||||||
APA Group(1) | 55,122 | 322,142 | ||||||
Asciano, Ltd. | 66,065 | 299,912 | ||||||
ASX, Ltd. | 11,318 | 347,729 | ||||||
Aurizon Holdings, Ltd.† | 122,130 | 460,112 | ||||||
Australia & New Zealand Banking Group, Ltd. | 179,693 | 4,568,171 | ||||||
Bendigo and Adelaide Bank, Ltd.# | 25,903 | 218,421 | ||||||
BGP Holdings PLC†(2)(3) | 835,027 | 0 | ||||||
BHP Billiton, Ltd. | 213,681 | 7,668,880 | ||||||
Boral, Ltd.# | 50,456 | 211,677 | ||||||
Brambles, Ltd. | 102,933 | 777,727 | ||||||
Caltex Australia, Ltd. | 9,069 | 173,009 | ||||||
Centro Retail Australia(1) | 89,043 | 202,577 | ||||||
CFS Retail Property Trust Group#(1) | 129,050 | 261,272 | ||||||
Coca-Cola Amatil, Ltd. | 37,713 | 540,769 | ||||||
Cochlear, Ltd.# | 3,780 | 297,438 | ||||||
Commonwealth Bank of Australia | 105,394 | 6,565,251 | ||||||
Computershare, Ltd. | 29,497 | 267,813 | ||||||
Crown, Ltd. | 26,147 | 279,692 | ||||||
CSL, Ltd. | 33,559 | 1,810,645 | ||||||
Dexus Property Group(1) | 298,589 | 313,165 | ||||||
Echo Entertainment Group, Ltd. | 48,427 | 178,906 | ||||||
Flight Centre, Ltd. | 3,680 | 103,692 | ||||||
Fortescue Metals Group, Ltd.# | 93,186 | 380,243 | ||||||
Goodman Group(1) | 112,702 | 543,385 | ||||||
GPT Group(1) | 92,801 | 337,996 | ||||||
Harvey Norman Holdings, Ltd.# | 34,943 | 65,822 | ||||||
Iluka Resources, Ltd.# | 27,372 | 235,093 | ||||||
Incitec Pivot, Ltd. | 108,145 | 355,509 | ||||||
Insurance Australia Group, Ltd. | 137,803 | 665,846 | ||||||
Leighton Holdings, Ltd.# | 9,848 | 177,079 | ||||||
Lend Lease Group(1) | 35,861 | 321,851 | ||||||
Macquarie Group, Ltd. | 21,399 | 731,596 | ||||||
Metcash, Ltd.# | 58,245 | 208,491 | ||||||
Mirvac Group(1) | 225,814 | 346,419 | ||||||
National Australia Bank, Ltd. | 150,419 | 3,814,546 | ||||||
Newcrest Mining, Ltd. | 50,724 | 1,357,797 | ||||||
Orica, Ltd. | 24,246 | 609,299 | ||||||
Origin Energy, Ltd. | 72,263 | 828,042 | ||||||
OZ Minerals, Ltd.# | 20,497 | 157,221 | ||||||
Qantas Airways, Ltd.† | 72,786 | 100,646 | ||||||
QBE Insurance Group, Ltd.# | 78,280 | 893,721 | ||||||
Ramsay Health Care, Ltd. | 8,710 | 241,606 | ||||||
Rio Tinto, Ltd. | 28,893 | 1,771,472 | ||||||
Santos, Ltd. | 63,460 | 737,767 | ||||||
Shopping Centres Australasia Property Group† | 16,044 | 24,278 | ||||||
Sims Metal Management, Ltd.# | 10,821 | 101,409 | ||||||
Sonic Healthcare, Ltd. | 24,695 | 346,372 | ||||||
SP AusNet(1) | 111,510 | 123,354 | ||||||
Stockland(1) | 146,544 | 518,444 | ||||||
Suncorp Group, Ltd. | 85,115 | 860,724 | ||||||
Sydney Airport(1) | 14,618 | 54,156 | ||||||
Tabcorp Holdings, Ltd.# | 47,546 | 138,933 | ||||||
Tatts Group, Ltd. | 88,945 | 271,971 | ||||||
Telstra Corp., Ltd. | 290,389 | 1,306,145 | ||||||
Toll Holdings, Ltd.# | 46,032 | 223,381 | ||||||
Transurban Group(1) | 88,446 | 573,197 | ||||||
Treasury Wine Estates, Ltd. | 43,109 | 226,292 | ||||||
Wesfarmers, Ltd. | 66,720 | 2,475,309 | ||||||
Westfield Group(1) | 141,815 | 1,542,140 | ||||||
Westfield Retail Trust(1) | 191,342 | 597,056 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Westpac Banking Corp. | 203,911 | $ | 5,426,436 | |||||
Whitehaven Coal, Ltd.# | 29,429 | 91,215 | ||||||
Woodside Petroleum, Ltd. | 43,725 | 1,542,341 | ||||||
Woolworths, Ltd. | 81,641 | 2,494,671 | ||||||
WorleyParsons, Ltd. | 13,685 | 350,758 | ||||||
62,542,671 | ||||||||
Austria — 0.3% |
| |||||||
Andritz AG | 5,201 | 331,444 | ||||||
Erste Group Bank AG† | 7,101 | 208,854 | ||||||
Immoeast AG†(2)(3) | 13,480 | 0 | ||||||
IMMOFINANZ AG | 30,439 | 122,919 | ||||||
OMV AG | 34,540 | 1,234,430 | ||||||
Raiffeisen Bank International AG# | 3,909 | 160,980 | ||||||
Telekom Austria AG | 6,928 | 45,051 | ||||||
Verbund AG# | 1,755 | 40,126 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,170 | 55,540 | ||||||
Voestalpine AG | 3,439 | 111,032 | ||||||
2,310,376 | ||||||||
Belgium — 0.9% |
| |||||||
Ageas | 21,901 | 585,333 | ||||||
Anheuser-Busch InBev NV | 31,621 | 2,771,395 | ||||||
Belgacom SA# | 54,410 | 1,598,535 | ||||||
Colruyt SA# | 2,375 | 109,282 | ||||||
Delhaize Group SA# | �� | 6,058 | 223,993 | |||||
Groupe Bruxelles Lambert SA | 2,635 | 205,035 | ||||||
KBC Groep NV | 10,034 | 302,297 | ||||||
Solvay SA | 1,941 | 263,039 | ||||||
Telenet Group Holding NV | 1,721 | 78,607 | ||||||
UCB SA# | 3,604 | 204,572 | ||||||
Umicore SA | 28,262 | 1,468,225 | ||||||
7,810,313 | ||||||||
Bermuda — 0.4% |
| |||||||
Cheung Kong Infrastructure Holdings, Ltd. | 34,000 | 206,627 | ||||||
Credicorp, Ltd. | 3,200 | 447,680 | ||||||
First Pacific Co., Inc. | 140,000 | 147,403 | ||||||
Haier Electronics Group Co., Ltd.† | 544,000 | 748,244 | ||||||
Kerry Properties, Ltd. | 47,500 | 241,171 | ||||||
Li & Fung, Ltd.# | 388,000 | 638,807 | ||||||
Noble Group, Ltd. | 262,000 | 232,894 | ||||||
NWS Holdings, Ltd. | 93,000 | 150,956 | ||||||
Orient Overseas International, Ltd. | 15,000 | 95,223 | ||||||
Seadrill, Ltd. | 11,525 | 443,547 | ||||||
Shangri-La Asia, Ltd. | 104,000 | 201,285 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 49,500 | 172,447 | ||||||
3,726,284 | ||||||||
Brazil — 0.8% |
| |||||||
All America Latina Logistica SA | 19,800 | 73,018 | ||||||
Amil Participacoes SA | 5,500 | 79,355 | ||||||
Anhanguera Educacional Participacoes SA | 3,918 | 59,170 | ||||||
Banco do Brasil SA | 19,600 | 200,972 | ||||||
Banco Santander Brasil SA(1) | 23,600 | 160,146 | ||||||
BM&FBovespa SA | 53,600 | 322,082 | ||||||
BR Malls Participacoes SA | 10,600 | 136,171 | ||||||
BR Properties SA | 4,600 | 54,249 | ||||||
BRF - Brasil Foods SA | 21,200 | 384,949 | ||||||
CCR SA | 28,100 | 241,443 | ||||||
Centrais Eletricas Brasileiras SA | 18,700 | 66,948 | ||||||
CETIP SA - Mercados Organizados | 6,700 | 68,825 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 3,000 | 121,443 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 1,807 | 38,055 | ||||||
Cia Hering | 4,300 | 96,271 | ||||||
Cia Siderurgica Nacional SA | �� | 22,100 | 108,494 |
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Brazil (continued) |
| |||||||
Cielo SA | 8,900 | $ | 231,788 | |||||
Cosan SA Industria e Comercio | 4,100 | 75,388 | ||||||
CPFL Energia SA | 10,900 | 116,560 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 8,500 | 70,886 | ||||||
Diagnosticos da America SA | 14,700 | 85,443 | ||||||
Duratex SA | 8,500 | 58,674 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 9,400 | 75,049 | ||||||
EDP - Energias do Brasil SA | 16,000 | 90,752 | ||||||
Embraer SA | 20,300 | 124,547 | ||||||
Fibria Celulose SA† | 7,650 | 75,218 | ||||||
Hypermarcas SA† | 11,400 | 82,160 | ||||||
JBS SA† | 15,600 | 39,496 | ||||||
Light SA | 3,500 | 38,820 | ||||||
Localiza Rent a Car SA | 4,500 | 74,867 | ||||||
Lojas Renner SA | 3,800 | 138,979 | ||||||
MMX Mineracao e Metalicos SA† | 6,600 | 10,872 | ||||||
MPX Energia SA† | 4,300 | 22,438 | ||||||
MRV Engenharia e Participacoes SA | 8,600 | 45,519 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,700 | 46,939 | ||||||
Multiplus SA | 1,400 | 32,432 | ||||||
Natura Cosmeticos SA | 5,600 | 148,229 | ||||||
Obrascon Huarte Lain Brasil SA | 4,984 | 44,317 | ||||||
Odontoprev SA | 13,400 | 67,727 | ||||||
OGX Petroleo e Gas Participacoes SA† | 34,100 | 69,260 | ||||||
Oi SA | 11,200 | 47,278 | ||||||
PDG Realty SA Empreendimentos e Participacoes | 36,000 | 50,711 | ||||||
Petroleo Brasileiro SA | 92,400 | 825,927 | ||||||
Porto Seguro SA | 4,700 | 49,556 | ||||||
Raia Drogasil SA | 6,500 | 63,881 | ||||||
Souza Cruz SA | 14,400 | 209,382 | ||||||
Sul America SA(1) | 4,400 | 31,917 | ||||||
Tim Participacoes SA | 30,800 | 108,394 | ||||||
Totvs SA | 4,100 | 76,731 | ||||||
Tractebel Energia SA | 6,500 | 106,011 | ||||||
Ultrapar Participacoes SA | 9,200 | 189,442 | ||||||
Vale SA | 41,800 | 735,530 | ||||||
6,572,711 | ||||||||
Cayman Islands — 0.4% |
| |||||||
Agile Property Holdings, Ltd. | 148,000 | 199,365 | ||||||
ASM Pacific Technology, Ltd.# | 13,300 | 155,220 | ||||||
Belle International Holdings, Ltd. | 487,000 | 1,022,988 | ||||||
Liquidity, Ltd. | 193,531 | 451,766 | ||||||
MGM China Holdings, Ltd. | 63,600 | 118,991 | ||||||
Sands China, Ltd. | 160,400 | 684,011 | ||||||
Tencent Holdings, Ltd. | 10,900 | 354,979 | ||||||
Wynn Macau, Ltd.†# | 103,600 | 295,419 | ||||||
3,282,739 | ||||||||
China — 1.8% |
| |||||||
Agricultural Bank of China, Ltd., Class H | 700,000 | 307,992 | ||||||
Air China, Ltd., Class H | 869,936 | 582,562 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 214,000 | 712,395 | ||||||
AviChina Industry & Technology Co., Ltd., Class H | 1,484,000 | 639,540 | ||||||
Bank of China, Ltd., Class H | 1,919,000 | 809,673 | ||||||
Bank of Communications Co., Ltd., Class H | 1,174,000 | 855,862 | ||||||
Beijing Capital International Airport Co., Ltd., Class H | 516,000 | 369,513 | ||||||
China BlueChemical, Ltd., Class H | 1,070,000 | 668,215 | ||||||
China Communications Construction Co., Ltd., Class H | 715,575 | 651,849 | ||||||
China Communications Services Corp., Ltd., Class H | 952,000 | 539,248 | ||||||
China Construction Bank Corp., Class H | 2,658,302 | 2,037,407 | ||||||
China Merchants Bank Co., Ltd., Class H | 240,500 | 459,886 | ||||||
China Oilfield Services, Ltd., Class H | 412,000 | 820,789 | ||||||
China Petroleum & Chemical Corp., Class H | 1,186,000 | 1,256,362 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) |
| |||||||
China Railway Group, Ltd., Class H | 364,000 | $ | 211,349 | |||||
China Shenhua Energy Co., Ltd., Class H | 273,000 | 1,118,391 | ||||||
China Telecom Corp., Ltd., Class H | 148,000 | 80,586 | ||||||
China Vanke Co., Ltd., Class B | 544,600 | 843,230 | ||||||
Chongqing Rural Commercial Bank, Class H | 972,000 | 446,481 | ||||||
Great Wall Motor Co., Ltd., Class H | 81,500 | 268,680 | ||||||
Industrial & Commercial Bank of China, Ltd., Class H | 1,043,000 | 703,839 | ||||||
Inner Mongolia Yitai Coal Co., Ltd., Class B | 149,723 | 834,257 | ||||||
PetroChina Co., Ltd., Class H | 140,000 | 186,782 | ||||||
15,404,888 | ||||||||
Colombia — 0.2% |
| |||||||
Almacenes Exito SA | 8,525 | 169,072 | ||||||
Bancolombia SA | 7,913 | 120,840 | ||||||
Cementos Argos SA | 13,126 | 65,948 | ||||||
Corp Financiera Colombiana SA | 5,196 | 95,836 | ||||||
Ecopetrol SA | 128,032 | 373,121 | ||||||
Grupo Argos SA | 12,868 | 135,259 | ||||||
Grupo de Inversiones Suramericana SA | 7,486 | 145,250 | ||||||
Interconexion Electrica SA ESP | 18,393 | 96,261 | ||||||
Isagen SA ESP | 51,498 | 72,628 | ||||||
1,274,215 | ||||||||
Czech Republic — 0.1% |
| |||||||
CEZ AS | 7,701 | 255,898 | ||||||
Telefonica Czech Republic AS | 13,243 | 236,060 | ||||||
491,958 | ||||||||
Denmark — 1.5% |
| |||||||
AP Moeller - Maersk A/S, Series A | 247 | 1,670,694 | ||||||
AP Moeller - Maersk A/S, Series B | 241 | 1,720,858 | ||||||
Carlsberg A/S, Class B | 24,321 | 2,367,951 | ||||||
Coloplast A/S, Class B†# | 714 | 166,666 | ||||||
Danske Bank A/S† | 21,469 | 368,090 | ||||||
DSV A/S | 15,471 | 365,178 | ||||||
Novo Nordisk A/S, Class B | 26,850 | 4,264,134 | ||||||
Novozymes A/S, Class B | 8,010 | 220,627 | ||||||
TDC A/S | 16,255 | 110,826 | ||||||
Tryg A/S | 16,411 | 1,167,821 | ||||||
William Demant Holding A/S†# | 764 | 62,065 | ||||||
12,484,910 | ||||||||
Egypt — 0.0% |
| |||||||
Commercial International Bank Egypt SAE | 26,344 | 138,596 | ||||||
Egyptian Kuwaiti Holding Co SAE | 105,450 | 109,668 | ||||||
National Societe Generale Bank SAE | 7,602 | 43,166 | ||||||
Orascom Construction Industries† | 302 | 10,798 | ||||||
Orascom Telecom Holding SAE† | 141,541 | 79,676 | ||||||
381,904 | ||||||||
Finland — 0.4% |
| |||||||
Elisa Oyj | 4,660 | 98,969 | ||||||
Fortum Oyj | 14,549 | 262,066 | ||||||
Kesko Oyj, Class B | 1,879 | 59,309 | ||||||
Kone Oyj, Class B | 5,096 | 381,750 | ||||||
Metso Oyj | 7,833 | 294,512 | ||||||
Neste Oil Oyj# | 4,014 | 51,291 | ||||||
Nokia Oyj# | 327,379 | 1,085,721 | ||||||
Nokian Renkaat Oyj | 3,670 | 153,214 | ||||||
Orion Oyj, Class B# | 3,181 | 85,182 | ||||||
Pohjola Bank PLC, Class A | 11,633 | 162,489 | ||||||
Sampo Oyj, Class A | 13,727 | 438,283 | ||||||
Stora Enso Oyj, Class R | 16,266 | 106,514 | ||||||
UPM-Kymmene Oyj | 17,215 | 193,665 | ||||||
Wartsila Oij Abp | 5,488 | 231,467 | ||||||
3,604,432 | ||||||||
118
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
France — 7.4% |
| |||||||
Accor SA | 26,322 | $ | 874,313 | |||||
Aeroports de Paris | 4,605 | 355,330 | ||||||
Air Liquide SA | 10,217 | 1,247,851 | ||||||
Alcatel-Lucent†# | 121,127 | 132,642 | ||||||
Alstom SA | 16,566 | 602,935 | ||||||
Arkema SA | 8,300 | 848,993 | ||||||
AtoS | 8,366 | 593,962 | ||||||
AXA SA | 225,148 | 3,699,735 | ||||||
BNP Paribas SA | 105,969 | 5,918,597 | ||||||
Bouygues SA# | 45,710 | 1,128,624 | ||||||
Bureau Veritas SA | 1,715 | 190,279 | ||||||
Cap Gemini SA | 6,976 | 295,315 | ||||||
Carrefour SA | 19,742 | 487,449 | ||||||
Casino Guichard Perrachon SA | 1,847 | 167,692 | ||||||
Christian Dior SA# | 14,964 | 2,418,084 | ||||||
Cie de St-Gobain | 13,040 | 520,308 | ||||||
Cie Generale d’Optique Essilor International SA | 6,629 | 640,135 | ||||||
Cie Generale de Geophysique - Veritas† | 5,196 | 158,467 | ||||||
Cie Generale des Etablissements Michelin | 15,157 | 1,409,637 | ||||||
CNP Assurances | 5,269 | 76,749 | ||||||
Credit Agricole SA† | 32,702 | 247,911 | ||||||
Danone SA | 56,702 | 3,596,855 | ||||||
Dassault Systemes SA | 14,625 | 1,654,788 | ||||||
Edenred | 5,549 | 169,053 | ||||||
Electricite de France SA | 98,167 | 1,802,079 | ||||||
Eurazeo | 875 | 41,889 | ||||||
Eutelsat Communications SA | 5,371 | 166,144 | ||||||
Fonciere Des Regions | 18,678 | 1,567,786 | ||||||
France Telecom SA | 182,258 | 1,929,234 | ||||||
GDF Suez | 41,818 | 940,613 | ||||||
Gecina SA | 719 | 79,474 | ||||||
Groupe Eurotunnel SA | 17,142 | 129,283 | ||||||
ICADE | 654 | 59,071 | ||||||
Iliad SA | 695 | 123,651 | ||||||
Imerys SA | 922 | 54,763 | ||||||
JCDecaux SA# | 13,672 | 309,303 | ||||||
Klepierre | 3,263 | 125,104 | ||||||
L’Oreal SA | 7,898 | 1,071,857 | ||||||
Lafarge SA | 6,110 | 354,964 | ||||||
Lagardere SCA | 3,696 | 111,254 | ||||||
Legrand SA | 39,854 | 1,614,053 | ||||||
LVMH Moet Hennessy Louis Vuitton SA# | 8,321 | 1,459,872 | ||||||
Natixis | 421,130 | 1,348,987 | ||||||
Pernod-Ricard SA | 12,793 | 1,448,500 | ||||||
Peugeot SA†# | 7,028 | 43,115 | ||||||
PPR | 2,474 | 461,399 | ||||||
Publicis Groupe SA# | 5,806 | 328,431 | ||||||
Remy Cointreau SA | 678 | 75,956 | ||||||
Renault SA | 7,787 | 389,449 | ||||||
Rexel SA | 3,298 | 64,167 | ||||||
Safran SA | 7,512 | 307,649 | ||||||
Sanofi | 57,138 | 5,102,184 | ||||||
Schneider Electric SA | 17,208 | 1,209,409 | ||||||
SCOR SE | 5,365 | 141,677 | ||||||
Societe BIC SA | 939 | 117,359 | ||||||
Societe Generale SA† | 31,167 | 1,127,055 | ||||||
Sodexo | 3,090 | 249,521 | ||||||
Suez Environnement Co. | 8,530 | 92,965 | ||||||
Technip SA | 3,331 | 386,946 | ||||||
Thales SA | 2,797 | 100,599 | ||||||
Total SA | 105,906 | 5,299,398 | ||||||
Unibail-Rodamco SE | 3,012 | 706,869 | ||||||
Vallourec SA | 3,387 | 175,890 | ||||||
Veolia Environnement SA | 11,113 | 120,827 | ||||||
Vinci SA | 25,525 | 1,126,193 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Vivendi SA | 135,841 | $ | 2,918,557 | |||||
Wendel SA | 969 | 90,901 | ||||||
Zodiac Aerospace | 1,040 | 116,186 | ||||||
62,926,287 | ||||||||
Germany — 7.5% |
| |||||||
Adidas AG | 39,838 | 3,503,483 | ||||||
Allianz SE | 17,648 | 2,294,064 | ||||||
Axel Springer AG | 16,614 | 723,738 | ||||||
BASF SE# | 57,889 | 5,187,315 | ||||||
Bayer AG | 63,411 | 5,735,735 | ||||||
Bayerische Motoren Werke AG | 25,681 | 2,277,508 | ||||||
Beiersdorf AG | 4,220 | 330,946 | ||||||
Brenntag AG | 14,897 | 1,925,806 | ||||||
Celesio AG | 2,392 | 40,629 | ||||||
Commerzbank AG† | 465,874 | 836,738 | ||||||
Continental AG | 10,443 | 1,155,799 | ||||||
Daimler AG | 29,699 | 1,466,980 | ||||||
Deutsche Bank AG | 89,624 | 3,956,065 | ||||||
Deutsche Boerse AG | 7,503 | 422,620 | ||||||
Deutsche Lufthansa AG | 7,491 | 124,313 | ||||||
Deutsche Post AG | 54,088 | 1,122,693 | ||||||
Deutsche Telekom AG | 369,805 | 4,073,648 | ||||||
E.ON SE | 65,348 | 1,177,089 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,032 | 57,237 | ||||||
Fresenius Medical Care AG & Co. KGaA | 6,924 | 475,465 | ||||||
Fresenius SE & Co. KGaA | 7,497 | 866,600 | ||||||
GEA Group AG | 5,720 | 186,909 | ||||||
Hannover Rueckversicherung AG | 1,889 | 139,174 | ||||||
HeidelbergCement AG | 4,604 | 250,198 | ||||||
Henkel AG & Co. KGaA | 42,068 | 2,850,473 | ||||||
Hochtief AG† | 920 | 49,105 | ||||||
Hugo Boss AG | 772 | 80,965 | ||||||
Infineon Technologies AG | 192,209 | 1,473,868 | ||||||
K+S AG | 18,242 | 824,194 | ||||||
Kabel Deutschland Holding AG | 3,455 | 249,833 | ||||||
Lanxess AG | 12,423 | 1,081,371 | ||||||
Linde AG | 23,526 | 4,067,839 | ||||||
MAN SE | 1,386 | 145,647 | ||||||
Merck KGaA | 15,100 | 2,019,801 | ||||||
Metro AG | 4,058 | 113,627 | ||||||
Muenchener Rueckversicherungs AG | 10,038 | 1,713,459 | ||||||
RWE AG | 68,848 | 2,871,110 | ||||||
Salzgitter AG | 1,282 | 59,106 | ||||||
SAP AG | 30,158 | 2,354,889 | ||||||
Siemens AG | 36,155 | 3,728,798 | ||||||
Suedzucker AG | 33,216 | 1,308,501 | ||||||
ThyssenKrupp AG | 12,640 | 255,955 | ||||||
United Internet AG | 2,934 | 65,766 | ||||||
Volkswagen AG | 963 | 195,880 | ||||||
63,840,939 | ||||||||
Greece — 0.2% |
| |||||||
Coca-Cola Hellenic Bottling Co. SA | 62,778 | 1,459,830 | ||||||
OPAP SA | 6,250 | 40,642 | ||||||
1,500,472 | ||||||||
Guernsey — 0.0% |
| |||||||
Resolution, Ltd. | 45,678 | 173,956 | ||||||
Hong Kong — 2.9% |
| |||||||
AIA Group, Ltd. | 718,600 | 2,809,422 | ||||||
Bank of East Asia, Ltd.# | 109,600 | 420,005 | ||||||
BOC Hong Kong Holdings, Ltd. | 245,000 | 752,368 | ||||||
Cathay Pacific Airways, Ltd.# | 79,000 | 138,833 | ||||||
Cheung Kong Holdings, Ltd. | 92,000 | 1,401,925 |
119
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Hong Kong (continued) |
| |||||||
China Mobile, Ltd. | 132,012 | $ | 1,505,750 | |||||
China Overseas Land & Investment, Ltd. | 374,000 | 1,102,668 | ||||||
CLP Holdings, Ltd. | 120,000 | 1,049,005 | ||||||
CNOOC, Ltd. | 891,000 | 1,896,919 | ||||||
Fosun International, Ltd. | 38,000 | 22,848 | ||||||
Galaxy Entertainment Group, Ltd.† | 140,000 | 532,889 | ||||||
Guangdong Investment, Ltd. | 936,000 | 760,858 | ||||||
Hang Lung Properties, Ltd. | 148,000 | 541,380 | ||||||
Hang Seng Bank, Ltd.# | 50,500 | 770,187 | ||||||
Henderson Land Development Co., Ltd. | 64,000 | 455,833 | ||||||
HKT Trust/HKT, Ltd.#(1) | 12,086 | 11,696 | ||||||
Hong Kong & China Gas Co., Ltd. | 347,000 | 940,234 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 68,100 | 1,085,178 | ||||||
Hopewell Holdings, Ltd. | 38,000 | 149,544 | ||||||
Hutchison Whampoa, Ltd. | 142,000 | 1,458,440 | ||||||
Hysan Development Co., Ltd. | 41,000 | 197,588 | ||||||
Link REIT | 151,500 | 827,853 | ||||||
MTR Corp., Ltd. | 99,500 | 397,990 | ||||||
New World Development Co., Ltd. | 246,000 | 387,242 | ||||||
PCCW, Ltd. | 278,000 | 118,012 | ||||||
Power Assets Holdings, Ltd. | 92,500 | 816,963 | ||||||
Shougang Fushan Resources Group, Ltd. | 562,000 | 204,490 | ||||||
Sino Land Co., Ltd. | 196,000 | 353,550 | ||||||
SJM Holdings, Ltd. | 129,000 | 303,600 | ||||||
Sun Hung Kai Properties, Ltd. | 104,000 | 1,523,057 | ||||||
Swire Pacific, Ltd., Class A | 45,000 | 553,050 | ||||||
Swire Properties, Ltd. | 78,000 | 256,638 | ||||||
Wharf Holdings, Ltd. | 101,000 | 781,264 | ||||||
Wheelock & Co., Ltd. | 61,000 | 295,154 | ||||||
Wing Hang Bank, Ltd. | 12,000 | 118,603 | ||||||
24,941,036 | ||||||||
Hungary — 0.0% |
| |||||||
Magyar Telekom Telecommunications PLC | 50,200 | 91,240 | ||||||
MOL Hungarian Oil and Gas PLC | 1,341 | 113,927 | ||||||
OTP Bank PLC | 6,069 | 114,516 | ||||||
Richter Gedeon Nyrt | 237 | 38,910 | ||||||
358,593 | ||||||||
India — 0.8% |
| |||||||
Asian Paints, Ltd. | 10,247 | 815,691 | ||||||
Bajaj Auto, Ltd. | 12,413 | 441,101 | ||||||
Bank of India | 10,130 | 52,331 | ||||||
Bharat Heavy Electricals, Ltd. | 58,658 | 252,339 | ||||||
Bharat Petroleum Corp., Ltd. | 31,763 | 202,041 | ||||||
Canara Bank | 36,567 | 313,873 | ||||||
Cipla, Ltd. | 115,483 | 881,063 | ||||||
Coal India, Ltd. | 96,908 | 653,566 | ||||||
HCL Technologies, Ltd. | 63,773 | 759,895 | ||||||
Hindustan Unilever, Ltd. | 94,744 | 938,905 | ||||||
Infosys, Ltd. | 27,671 | 1,239,205 | ||||||
Oil & Natural Gas Corp., Ltd. | 27,470 | 133,827 | ||||||
Satyam Computer Services, Ltd.† | 81,435 | 152,106 | ||||||
6,835,943 | ||||||||
Indonesia — 0.2% |
| |||||||
Bank Central Asia Tbk PT | 347,500 | 318,758 | ||||||
Bank Negara Indonesia Persero Tbk PT | 1,038,000 | 400,334 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 59,000 | 142,987 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 1,007,000 | 944,702 | ||||||
1,806,781 | ||||||||
Ireland — 0.1% |
| |||||||
CRH PLC (ISE) | 1,033 | 18,900 | ||||||
CRH PLC (LSE) | 22,597 | 412,909 |
Security Description | Shares | Value (Note 2) | ||||||
Ireland (continued) |
| |||||||
Elan Corp. PLC (ISE)† | 13,437 | $ | 134,911 | |||||
Elan Corp. PLC (LSE)†# | 7,031 | 70,593 | ||||||
Irish Bank Resolution Corp., Ltd.†(2)(3) | 31,152 | 0 | ||||||
James Hardie Industries CDI | 29,265 | 277,617 | ||||||
Kerry Group PLC, Class A (ISE) | 3,787 | 198,411 | ||||||
Kerry Group PLC, Class A (LSE)# | 1,097 | 57,354 | ||||||
1,170,695 | ||||||||
Isle of Man — 0.1% |
| |||||||
Genting Singapore PLC# | 408,000 | 427,855 | ||||||
Israel — 0.5% |
| |||||||
Bank Hapoalim BM† | 65,746 | 270,897 | ||||||
Bank Leumi Le-Israel BM† | 77,950 | 263,157 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 118,410 | 145,623 | ||||||
Delek Group, Ltd. | 283 | 63,532 | ||||||
Israel Chemicals, Ltd. | 27,714 | 341,413 | ||||||
Israel Corp., Ltd. | 144 | 99,266 | ||||||
Mellanox Technologies, Ltd.† | 2,227 | 169,220 | ||||||
Mizrahi Tefahot Bank, Ltd.† | 7,711 | 75,105 | ||||||
NICE Systems, Ltd.† | 3,690 | 125,734 | ||||||
Teva Pharmaceutical Industries, Ltd. | 58,675 | 2,383,787 | ||||||
3,937,734 | ||||||||
Italy — 2.2% |
| |||||||
Assicurazioni Generali SpA | 38,239 | 641,540 | ||||||
Atlantia SpA# | 19,028 | 324,927 | ||||||
Autogrill SpA# | 12,675 | 125,365 | ||||||
Banca Monte dei Paschi di Siena SpA†# | 500,781 | 132,147 | ||||||
Banco Popolare SC† | 57,759 | 85,109 | ||||||
Enel Green Power SpA | 57,348 | 97,854 | ||||||
Enel SpA | 985,256 | 3,733,928 | ||||||
Eni SpA | 258,416 | 6,109,991 | ||||||
Exor SpA | 2,073 | 51,279 | ||||||
Fiat Industrial SpA | 58,853 | 629,170 | ||||||
Fiat SpA† | 26,626 | 123,277 | ||||||
Finmeccanica SpA†# | 11,358 | 59,707 | ||||||
Intesa Sanpaolo SpA | 1,526,164 | 2,568,401 | ||||||
Intesa Sanpaolo SpA RSP | 612,964 | 837,050 | ||||||
Luxottica Group SpA | 5,388 | 221,083 | ||||||
Mediobanca SpA | 16,876 | 93,323 | ||||||
Pirelli & C. SpA# | 13,813 | 160,243 | ||||||
Prysmian SpA | 6,378 | 120,608 | ||||||
Saipem SpA | 21,784 | 969,777 | ||||||
Snam SpA | 52,915 | 233,983 | ||||||
Telecom Italia SpA | 334,900 | 305,106 | ||||||
Telecom Italia SpA RSP | 183,079 | 146,077 | ||||||
Terna Rete Elettrica Nazionale SpA | 42,823 | 162,736 | ||||||
UniCredit SpA† | 182,212 | 848,374 | ||||||
Unione di Banche Italiane SCPA | 26,026 | 101,680 | ||||||
18,882,735 | ||||||||
Japan — 16.5% |
| |||||||
ABC-Mart, Inc. | 6,600 | 281,021 | ||||||
ACOM Co., Ltd.† | 900 | 24,565 | ||||||
Advantest Corp.# | 3,400 | 45,369 | ||||||
Aeon Co., Ltd.# | 13,400 | 149,873 | ||||||
Aeon Credit Service Co., Ltd.# | 1,500 | 29,314 | ||||||
Aeon Mall Co., Ltd.# | 29,300 | 757,069 | ||||||
Air Water, Inc. | 19,000 | 238,782 | ||||||
Aisin Seiki Co., Ltd. | 4,300 | 127,067 | ||||||
Ajinomoto Co., Inc. | 100,000 | 1,430,218 | ||||||
Alfresa Holdings Corp. | 4,100 | 172,087 | ||||||
All Nippon Airways Co., Ltd.# | 496,000 | 1,064,985 | ||||||
Amada Co., Ltd. | 42,000 | 239,461 | ||||||
Aozora Bank, Ltd.# | 34,000 | 104,761 |
120
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Asahi Glass Co., Ltd.# | 28,000 | $ | 213,307 | |||||
Asahi Group Holdings, Ltd. | 8,700 | 195,561 | ||||||
Asahi Kasei Corp. | 234,000 | 1,334,142 | ||||||
Asics Corp. | 19,300 | 284,226 | ||||||
Astellas Pharma, Inc. | 12,300 | 622,199 | ||||||
Bank of Kyoto, Ltd.# | 7,000 | 59,696 | ||||||
Bank of Yokohama, Ltd. | 273,000 | 1,294,875 | ||||||
Benesse Holdings, Inc. | 1,500 | 65,506 | ||||||
Bridgestone Corp. | 80,100 | 1,932,661 | ||||||
Brother Industries, Ltd.# | 30,100 | 291,744 | ||||||
Calbee, Inc. | 400 | 32,656 | ||||||
Canon, Inc.# | 101,500 | 3,549,760 | ||||||
Casio Computer Co., Ltd.# | 20,200 | 151,191 | ||||||
Central Japan Railway Co. | 19,900 | 1,576,357 | ||||||
Chiba Bank, Ltd. | 197,000 | 1,175,763 | ||||||
Chiyoda Corp.# | 69,000 | 992,709 | ||||||
Chubu Electric Power Co., Inc. | 14,400 | 194,597 | ||||||
Chugai Pharmaceutical Co., Ltd. | 49,700 | 985,137 | ||||||
Chugoku Bank, Ltd.# | 14,000 | 195,475 | ||||||
Chugoku Electric Power Co., Inc.# | 79,200 | 1,142,340 | ||||||
Citizen Holdings Co., Ltd. | 24,300 | 121,448 | ||||||
Coca-Cola West Co., Ltd. | 29,700 | 461,163 | ||||||
Cosmo Oil Co., Ltd.# | 10,971 | 21,294 | ||||||
Credit Saison Co., Ltd. | 10,200 | 226,680 | ||||||
Dai Nippon Printing Co., Ltd. | 156,000 | 1,167,611 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 1,043 | 1,181,733 | ||||||
Daicel Corp. | 162,000 | 986,523 | ||||||
Daido Steel Co., Ltd. | 106,000 | 457,767 | ||||||
Daihatsu Motor Co., Ltd.# | 22,000 | 390,441 | ||||||
Daiichi Sankyo Co., Ltd. | 102,200 | 1,576,981 | ||||||
Daikin Industries, Ltd. | 5,300 | 166,648 | ||||||
Dainippon Sumitomo Pharma Co., Ltd.# | 3,600 | 42,361 | ||||||
Daito Trust Construction Co., Ltd. | 13,600 | 1,318,178 | ||||||
Daiwa House Industry Co., Ltd. | 93,000 | 1,421,484 | ||||||
Daiwa Securities Group, Inc.# | 37,000 | 163,826 | ||||||
Dena Co., Ltd.# | 24,600 | 902,711 | ||||||
Denki Kagaku Kogyo KK | 28,000 | 91,369 | ||||||
Denso Corp. | 61,300 | 2,014,456 | ||||||
Dentsu, Inc. | 50,800 | 1,242,346 | ||||||
Don Quijote Co., Ltd. | 1,200 | 46,655 | ||||||
East Japan Railway Co. | 16,900 | 1,109,104 | ||||||
Eisai Co., Ltd. | 36,600 | 1,536,192 | ||||||
Electric Power Development Co., Ltd.# | 41,100 | 1,040,525 | ||||||
FamilyMart Co., Ltd. | 22,300 | 988,737 | ||||||
FANUC Corp. | 7,600 | 1,281,495 | ||||||
Fast Retailing Co., Ltd. | 1,200 | 272,506 | ||||||
Fuji Electric Co., Ltd. | 154,000 | 328,792 | ||||||
Fuji Heavy Industries, Ltd. | 13,000 | 145,873 | ||||||
FUJIFILM Holdings Corp. | 65,400 | 1,198,755 | ||||||
Fujitsu, Ltd. | 265,000 | 1,002,972 | ||||||
Fukuoka Financial Group, Inc. | 136,000 | 536,180 | ||||||
Furukawa Electric Co., Ltd.† | 14,000 | 26,663 | ||||||
Gree, Inc.# | 34,500 | 599,727 | ||||||
GS Yuasa Corp.# | 8,000 | 30,958 | ||||||
Gunma Bank, Ltd. | 79,000 | 379,499 | ||||||
Hachijuni Bank, Ltd. | 111,000 | 561,497 | ||||||
Hakuhodo DY Holdings, Inc.# | 4,000 | 255,717 | ||||||
Hamamatsu Photonics KK | 22,600 | 796,421 | ||||||
Hankyu Hanshin Holdings, Inc. | 237,000 | 1,250,622 | ||||||
Hino Motors, Ltd. | 114,000 | 979,099 | ||||||
Hirose Electric Co., Ltd.# | 700 | 79,651 | ||||||
Hiroshima Bank, Ltd. | 11,000 | 45,903 | ||||||
Hisamitsu Pharmaceutical Co., Inc.# | 1,400 | 72,857 | ||||||
Hitachi Chemical Co., Ltd. | 2,300 | 32,867 | ||||||
Hitachi Construction Machinery Co., Ltd.# | 2,400 | 42,011 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Hitachi High-Technologies Corp. | 10,100 | $ | 224,336 | |||||
Hitachi Metals, Ltd. | 4,000 | 29,696 | ||||||
Hitachi, Ltd. | 462,000 | 2,667,702 | ||||||
Hokkaido Electric Power Co., Inc. | 4,100 | 40,535 | ||||||
Hokuriku Electric Power Co. | 3,800 | 42,086 | ||||||
Honda Motor Co., Ltd. | 79,000 | 2,618,160 | ||||||
Hoya Corp. | 9,800 | 188,189 | ||||||
Hulic Co., Ltd.† | 5,400 | 36,094 | ||||||
Ibiden Co., Ltd. | 2,700 | 36,945 | ||||||
Idemitsu Kosan Co., Ltd. | 8,700 | 713,435 | ||||||
IHI Corp. | 515,000 | 1,143,264 | ||||||
Inpex Corp. | 305 | 1,635,349 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 97,900 | 871,700 | ||||||
Isuzu Motors, Ltd. | 234,000 | 1,371,044 | ||||||
ITOCHU Corp. | 73,300 | 732,689 | ||||||
ITOCHU Techno-Solutions Corp. | 4,700 | 215,515 | ||||||
Iyo Bank, Ltd. | 6,000 | 46,582 | ||||||
J. Front Retailing Co., Ltd. | 33,000 | 159,326 | ||||||
Japan Airlines Co., Ltd.† | 1,300 | 59,768 | ||||||
Japan Petroleum Exploration Co. | 600 | 20,904 | ||||||
Japan Prime Realty Investment Corp. | 18 | 53,235 | ||||||
Japan Real Estate Investment Corp. | 13 | 127,737 | ||||||
Japan Retail Fund Investment Corp. | 47 | 85,522 | ||||||
Japan Steel Works, Ltd. | 170,000 | 936,253 | ||||||
Japan Tobacco, Inc. | 42,000 | 1,258,446 | ||||||
JFE Holdings, Inc. | 57,200 | 886,085 | ||||||
JGC Corp. | 5,000 | 164,675 | ||||||
Joyo Bank, Ltd.# | 15,000 | 73,149 | ||||||
JSR Corp. | 4,000 | 73,949 | ||||||
JTEKT Corp. | 5,000 | 40,395 | ||||||
Jupiter Telecommunications Co., Ltd. | 47 | 61,462 | ||||||
JX Holdings, Inc. | 50,300 | 268,478 | ||||||
Kajima Corp. | 74,000 | 212,749 | ||||||
Kamigumi Co., Ltd. | 5,000 | 38,636 | ||||||
Kaneka Corp.# | 77,000 | 386,705 | ||||||
Kansai Electric Power Co., Inc. | 16,800 | 159,777 | ||||||
Kansai Paint Co., Ltd. | 5,000 | 53,375 | ||||||
Kao Corp. | 64,800 | 1,778,885 | ||||||
Kawasaki Heavy Industries, Ltd.# | 502,000 | 1,163,122 | ||||||
KDDI Corp. | 7,700 | 569,782 | ||||||
Keikyu Corp.# | 11,000 | 101,013 | ||||||
Keio Corp.# | 13,000 | 95,251 | ||||||
Keisei Electric Railway Co., Ltd. | 6,000 | 50,658 | ||||||
Keyence Corp. | 1,000 | 279,250 | ||||||
Kikkoman Corp. | 4,000 | 56,578 | ||||||
Kinden Corp. | 3,000 | 17,978 | ||||||
Kintetsu Corp.# | 51,000 | 202,924 | ||||||
Kirin Holdings Co., Ltd. | 53,000 | 650,003 | ||||||
Kobe Steel, Ltd.†# | 703,000 | 656,651 | ||||||
Koito Manufacturing Co., Ltd. | 5,975 | 81,831 | ||||||
Komatsu, Ltd. | 20,900 | 468,276 | ||||||
Konami Corp. | 2,300 | 55,495 | ||||||
Konica Minolta Holdings, Inc. | 29,000 | 206,854 | ||||||
Kubota Corp. | 25,000 | 265,361 | ||||||
Kuraray Co., Ltd. | 7,700 | 94,808 | ||||||
Kurita Water Industries, Ltd.# | 6,800 | 148,068 | ||||||
Kyocera Corp. | 3,400 | 313,047 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 6,000 | 61,212 | ||||||
Kyushu Electric Power Co., Inc. | 9,600 | 89,904 | ||||||
Lawson, Inc.# | 1,300 | 87,997 | ||||||
LIXIL Group Corp. | 6,000 | 127,082 | ||||||
M3, Inc. | 14 | 25,797 | ||||||
Mabuchi Motor Co., Ltd.# | 500 | 21,047 | ||||||
Makita Corp. | 2,500 | 105,386 | ||||||
Marubeni Corp. | 91,000 | 599,418 |
121
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PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Marui Group Co., Ltd. | 5,000 | $ | 33,784 | |||||
Maruichi Steel Tube, Ltd. | 5,200 | 112,282 | ||||||
Mazda Motor Corp.† | 61,000 | 96,197 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 6,400 | 182,447 | ||||||
Medipal Holdings Corp. | 3,300 | 39,031 | ||||||
MEIJI Holdings Co., Ltd. | 1,400 | 62,243 | ||||||
Miraca Holdings, Inc. | 1,200 | 48,693 | ||||||
Mitsubishi Chemical Holdings Corp. | 310,500 | 1,355,977 | ||||||
Mitsubishi Corp. | 69,100 | 1,308,487 | ||||||
Mitsubishi Electric Corp. | 249,000 | 1,939,201 | ||||||
Mitsubishi Estate Co., Ltd. | 38,000 | 732,480 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 9,000 | 53,060 | ||||||
Mitsubishi Heavy Industries, Ltd. | 68,000 | 315,934 | ||||||
Mitsubishi Logistics Corp. | 3,000 | 38,503 | ||||||
Mitsubishi Materials Corp. | 25,000 | 71,268 | ||||||
Mitsubishi Motors Corp.†# | 1,213,000 | 1,133,026 | ||||||
Mitsubishi Tanabe Pharma Corp. | 5,000 | 67,872 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,033,900 | 4,728,335 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,740 | 119,326 | ||||||
Mitsui & Co., Ltd. | 77,200 | 1,066,668 | ||||||
Mitsui Chemicals, Inc. | 18,000 | 40,614 | ||||||
Mitsui Fudosan Co., Ltd. | 19,000 | 396,203 | ||||||
Mitsui OSK Lines, Ltd. | 24,000 | 60,266 | ||||||
Mizuho Financial Group, Inc. | 982,400 | 1,573,079 | ||||||
MS&AD Insurance Group Holdings | 15,800 | 274,083 | ||||||
Murata Manufacturing Co., Ltd. | 4,500 | 254,928 | ||||||
Nabtesco Corp.# | 2,300 | 45,618 | ||||||
Namco Bandai Holdings, Inc. | 4,000 | 56,141 | ||||||
NEC Corp.† | 663,000 | 1,158,149 | ||||||
Nexon Co., Ltd.† | 8,100 | 90,792 | ||||||
NGK Insulators, Ltd. | 6,000 | 64,196 | ||||||
NGK Spark Plug Co., Ltd. | 9,000 | 108,849 | ||||||
NHK Spring Co., Ltd. | 3,600 | 30,133 | ||||||
Nidec Corp.# | 2,400 | 145,569 | ||||||
Nikon Corp. | 12,000 | 332,480 | ||||||
Nintendo Co., Ltd.# | 2,400 | 287,645 | ||||||
Nippon Building Fund, Inc. | 14 | 146,564 | ||||||
Nippon Electric Glass Co., Ltd. | 24,000 | 136,835 | ||||||
Nippon Express Co., Ltd. | 294,000 | 1,055,668 | ||||||
Nippon Meat Packers, Inc. | 4,000 | 59,635 | ||||||
Nippon Paper Group, Inc.# | 2,200 | 26,955 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 170,000 | 389,762 | ||||||
Nippon Telegraph & Telephone Corp. | 47,600 | 2,127,810 | ||||||
Nippon Yusen KK# | 36,000 | 76,424 | ||||||
Nishi-Nippon City Bank, Ltd. | 15,000 | 36,028 | ||||||
Nissan Motor Co., Ltd. | 64,700 | 627,104 | ||||||
Nisshin Seifun Group, Inc. | 4,000 | 51,143 | ||||||
Nisshin Steel Holdings Co., Ltd.†# | 88 | 626 | ||||||
Nissin Foods Holdings Co., Ltd.# | 1,300 | 51,252 | ||||||
Nitori Holdings Co., Ltd. | 750 | 55,771 | ||||||
Nitto Denko Corp. | 3,700 | 192,776 | ||||||
NKSJ Holdings, Inc. | 8,400 | 159,267 | ||||||
NOK Corp.# | 2,300 | 35,183 | ||||||
Nomura Holdings, Inc. | 487,300 | 2,015,761 | ||||||
Nomura Real Estate Holdings, Inc. | 2,100 | 36,276 | ||||||
Nomura Real Estate Office Fund, Inc. | 6 | 35,919 | ||||||
Nomura Research Institute, Ltd.# | 2,300 | 44,390 | ||||||
NSK, Ltd. | 26,000 | 154,546 | ||||||
NTT Data Corp. | 28 | 81,111 | ||||||
NTT DOCOMO, Inc. | 573 | 826,466 | ||||||
NTT Urban Development Corp. | 24 | 20,321 | ||||||
Obayashi Corp. | 15,000 | 70,783 | ||||||
Odakyu Electric Railway Co., Ltd.# | 14,000 | 142,828 | ||||||
OJI Holdings Corp.# | 18,000 | 56,772 | ||||||
Olympus Corp.†# | 4,900 | 81,731 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Omron Corp. | 4,600 | $ | 101,949 | |||||
Ono Pharmaceutical Co., Ltd. | 1,900 | 104,064 | ||||||
Oracle Corp. Japan | 10,400 | 436,514 | ||||||
Oriental Land Co., Ltd.# | 1,100 | 141,578 | ||||||
ORIX Corp.# | 11,540 | 1,157,710 | ||||||
Osaka Gas Co., Ltd. | 74,000 | 290,847 | ||||||
Otsuka Corp. | 400 | 31,734 | ||||||
Otsuka Holdings Co., Ltd. | 42,200 | 1,252,665 | ||||||
Panasonic Corp.# | 96,200 | 470,293 | ||||||
Park24 Co, Ltd. | 2,200 | 371 | ||||||
Rakuten, Inc.† | 16,300 | 137,423 | ||||||
Resona Holdings, Inc. | 42,300 | 177,030 | ||||||
Ricoh Co., Ltd.# | 14,000 | 129,921 | ||||||
Rinnai Corp. | 11,900 | 828,604 | ||||||
Rohm Co., Ltd. | 2,200 | 62,689 | ||||||
Sankyo Co., Ltd. | 1,100 | 45,035 | ||||||
Sanrio Co., Ltd.# | 1,000 | 35,774 | ||||||
Santen Pharmaceutical Co., Ltd. | 1,700 | 72,900 | ||||||
SBI Holdings, Inc.# | 4,574 | 34,124 | ||||||
Secom Co., Ltd. | 4,700 | 240,602 | ||||||
Sega Sammy Holdings, Inc. | 4,500 | 74,895 | ||||||
Seiko Epson Corp.# | 11,700 | 68,410 | ||||||
Sekisui Chemical Co., Ltd. | 10,000 | 78,365 | ||||||
Sekisui House, Ltd. | 12,000 | 112,525 | ||||||
Seven & I Holdings Co., Ltd. | 67,000 | 1,952,253 | ||||||
Seven Bank, Ltd. | 12,000 | 31,297 | ||||||
Sharp Corp.# | 22,000 | 45,903 | ||||||
Shikoku Electric Power Co., Inc.# | 3,800 | 51,675 | ||||||
Shimadzu Corp. | 5,000 | 31,904 | ||||||
Shimamura Co., Ltd. | 500 | 50,525 | ||||||
Shimano, Inc. | 1,700 | 112,392 | ||||||
Shimizu Corp. | 13,000 | 39,110 | ||||||
Shin-Etsu Chemical Co., Ltd. | 11,700 | 688,361 | ||||||
Shinsei Bank, Ltd.# | 34,000 | 57,742 | ||||||
Shionogi & Co., Ltd. | 6,700 | 113,462 | ||||||
Shiseido Co., Ltd.# | 8,100 | 117,420 | ||||||
Shizuoka Bank, Ltd. | 12,000 | 118,639 | ||||||
Showa Denko KK# | 32,000 | 46,194 | ||||||
Showa Shell Sekiyu KK | 4,200 | 24,456 | ||||||
SMC Corp. | 1,200 | 202,632 | ||||||
Softbank Corp. | 79,800 | 2,991,229 | ||||||
Sojitz Corp.# | 28,000 | 35,325 | ||||||
Sony Corp.# | 145,800 | 1,416,702 | ||||||
Sony Financial Holdings, Inc. | 3,900 | 66,991 | ||||||
Square Enix Holdings Co., Ltd.# | 1,300 | 17,489 | ||||||
Stanley Electric Co., Ltd. | 3,200 | 44,913 | ||||||
Sumco Corp.† | 2,400 | 16,770 | ||||||
Sumitomo Chemical Co., Ltd. | 33,000 | 94,074 | ||||||
Sumitomo Corp. | 142,600 | 1,769,634 | ||||||
Sumitomo Electric Industries, Ltd. | 16,900 | 182,254 | ||||||
Sumitomo Heavy Industries, Ltd. | 12,000 | 50,367 | ||||||
Sumitomo Metal Mining Co., Ltd. | 12,000 | 164,348 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 59,800 | 1,925,265 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 112,000 | 339,662 | ||||||
Sumitomo Realty & Development Co., Ltd. | 8,000 | 217,675 | ||||||
Sumitomo Rubber Industries, Ltd. | 3,800 | 44,806 | ||||||
Suruga Bank, Ltd. | 4,000 | 51,726 | ||||||
Suzuken Co., Ltd. | 1,600 | 47,650 | ||||||
Suzuki Motor Corp. | 51,000 | 1,210,117 | ||||||
Sysmex Corp. | 1,600 | 72,299 | ||||||
T&D Holdings, Inc. | 29,700 | 319,211 | ||||||
Taiheiyo Cement Corp. | 25,000 | 55,802 | ||||||
Taisei Corp. | 248,000 | 673,889 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 800 | 58,907 | ||||||
Taiyo Nippon Sanso Corp. | 5,000 | 27,719 |
122
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Takashimaya Co., Ltd.# | 16,000 | $ | 101,316 | |||||
Takeda Pharmaceutical Co., Ltd.# | 33,100 | 1,513,762 | ||||||
TDK Corp.# | 2,800 | 109,541 | ||||||
Teijin, Ltd.# | 21,000 | 48,147 | ||||||
Terumo Corp. | 3,400 | 143,944 | ||||||
THK Co., Ltd. | 2,700 | 46,411 | ||||||
Tobu Railway Co., Ltd. | 23,000 | 118,857 | ||||||
Toho Co., Ltd. | 2,500 | 42,033 | ||||||
Toho Gas Co., Ltd. | 9,000 | 52,296 | ||||||
Tohoku Electric Power Co., Inc.† | 10,100 | 91,523 | ||||||
Tokio Marine Holdings, Inc. | 24,600 | 630,853 | ||||||
Tokyo Electric Power Co., Inc.† | 32,400 | 51,095 | ||||||
Tokyo Electron, Ltd. | 3,800 | 169,406 | ||||||
Tokyo Gas Co., Ltd. | 55,000 | 270,213 | ||||||
Tokyu Corp. | 25,000 | 128,283 | ||||||
Tokyu Land Corp. | 10,000 | 58,592 | ||||||
TonenGeneral Sekiyu KK# | 6,000 | 55,680 | ||||||
Toppan Printing Co., Ltd. | 13,000 | 80,427 | ||||||
Toray Industries, Inc. | 33,000 | 195,354 | ||||||
Toshiba Corp. | 90,000 | 306,787 | ||||||
TOTO, Ltd.# | 6,000 | 41,051 | ||||||
Toyo Seikan Kaisha, Ltd. | 3,400 | 40,585 | ||||||
Toyo Suisan Kaisha, Ltd. | 2,000 | 54,831 | ||||||
Toyoda Gosei Co., Ltd. | 1,500 | 31,370 | ||||||
Toyota Boshoku Corp.# | 1,500 | 15,503 | ||||||
Toyota Industries Corp. | 3,700 | 110,728 | ||||||
Toyota Motor Corp. | 160,400 | 6,878,316 | ||||||
Toyota Tsusho Corp. | 4,800 | 110,516 | ||||||
Trend Micro, Inc. | 2,400 | 62,566 | ||||||
Tsumura & Co. | 1,400 | 45,481 | ||||||
Ube Industries, Ltd. | 23,000 | 47,710 | ||||||
Unicharm Corp. | 2,600 | 132,783 | ||||||
Ushio, Inc. | 2,400 | 27,396 | ||||||
USS Co., Ltd.# | 490 | 52,189 | ||||||
West Japan Railway Co. | 3,800 | 151,889 | ||||||
West Nippon Expressway Co., Ltd. | 393,079 | 2,128,629 | ||||||
Yahoo Japan Corp.# | 326 | 109,464 | ||||||
Yakult Honsha Co., Ltd.# | 2,200 | 96,476 | ||||||
Yamada Denki Co., Ltd.# | 1,950 | 68,954 | ||||||
Yamaguchi Financial Group, Inc. | 5,000 | 45,551 | ||||||
Yamaha Corp. | 3,600 | 32,709 | ||||||
Yamaha Motor Co., Ltd.# | 6,300 | 66,107 | ||||||
Yamato Holdings Co., Ltd.# | 8,400 | 125,743 | ||||||
Yamato Kogyo Co., Ltd. | 832 | 22,456 | ||||||
Yamazaki Baking Co., Ltd. | 2,000 | 23,412 | ||||||
Yaskawa Electric Corp.# | 5,000 | 39,910 | ||||||
Yokogawa Electric Corp.# | 4,500 | 47,656 | ||||||
139,366,975 | ||||||||
Jersey — 0.7% |
| |||||||
Experian PLC | 33,068 | 549,402 | ||||||
Glencore International PLC | 124,690 | 690,213 | ||||||
Petrofac, Ltd. | 8,515 | 222,097 | ||||||
Randgold Resources, Ltd. | 4,495 | 479,991 | ||||||
Shire PLC | 89,796 | 2,598,233 | ||||||
Wolseley PLC† | 9,374 | 435,087 | ||||||
WPP PLC | 41,354 | 567,146 | ||||||
5,542,169 | ||||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal | 30,655 | 465,862 | ||||||
Kernel Holding SA† | 1,755 | 37,868 | ||||||
Millicom International Cellular SA SDR | 12,230 | 1,049,596 | ||||||
SES SA FDR | 9,956 | 281,625 | ||||||
Subsea 7 SA# | 9,225 | 210,901 |
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg (continued) | ||||||||
Tenaris SA# | 15,466 | $ | 306,744 | |||||
2,352,596 | ||||||||
Malaysia — 0.4% |
| |||||||
AirAsia Bhd | 180,300 | 169,045 | ||||||
Alliance Financial Group Bhd | 120,100 | 161,990 | ||||||
AMMB Holdings Bhd | 205,200 | 430,685 | ||||||
Berjaya Sports Toto Bhd | 493,000 | 729,830 | ||||||
British American Tobacco Malaysia Bhd | 36,200 | 633,552 | ||||||
CIMB Group Holdings Bhd | 82,700 | 203,230 | ||||||
Digi.com Bhd | 15,900 | 25,264 | ||||||
Genting Bhd | 23,200 | 68,690 | ||||||
Genting Plantations Bhd | 57,400 | 161,829 | ||||||
Kuala Lumpur Kepong Bhd | 56,500 | 383,637 | ||||||
Parkson Holdings Bhd | 305,900 | 455,869 | ||||||
3,423,621 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd.# | 478,000 | 258,463 | ||||||
Mexico — 0.7% |
| |||||||
Alfa SAB de CV, Class A | 83,300 | 173,447 | ||||||
America Movil SAB de CV, Series L | 1,213,200 | 1,432,376 | ||||||
Arca Continental SAB de CV | 12,800 | 92,040 | ||||||
Cemex SAB de CV CPO†(1) | 289,600 | 257,951 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 16,800 | 237,255 | ||||||
Compartamos SAB de CV | 53,600 | 80,938 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 10,200 | 98,424 | ||||||
Fomento Economico Mexicano SAB de CV(1) | 67,600 | 660,714 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 25,400 | 129,873 | ||||||
Grupo Bimbo SAB de CV, Class A | 70,500 | 165,982 | ||||||
Grupo Carso SAB de CV, Class A1 | 20,600 | 85,197 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 52,100 | 297,330 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 57,780 | 159,981 | ||||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 48,900 | 144,392 | ||||||
Grupo Mexico SAB de CV, Class B | 121,900 | 400,570 | ||||||
Grupo Modelo SAB de CV, Series C | 21,800 | 194,900 | ||||||
Grupo Televisa SAB | 75,600 | 357,791 | ||||||
Industrias Penoles SAB de CV | 3,180 | 160,952 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 64,000 | 156,370 | ||||||
Mexichem SAB de CV | 33,800 | 175,096 | ||||||
Minera Frisco SAB de CV, Class A1† | 20,600 | 81,359 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 173,000 | 542,939 | ||||||
6,085,877 | ||||||||
Morocco — 0.0% |
| |||||||
Attijariwafa Bank | 3,339 | 128,922 | ||||||
Netherlands — 2.9% |
| |||||||
Aegon NV | 251,328 | 1,445,723 | ||||||
Akzo Nobel NV | 7,780 | 444,597 | ||||||
ASML Holding NV | 38,986 | 2,435,785 | ||||||
Corio NV | 1,995 | 89,397 | ||||||
DE Master Blenders 1753 NV† | 31,578 | 363,459 | ||||||
Delta Lloyd NV | 4,327 | 64,575 | ||||||
European Aeronautic Defence and Space Co. NV | 63,377 | 2,133,983 | ||||||
Fugro NV CVA | 2,109 | 126,542 | ||||||
Gemalto NV# | 7,253 | 666,906 | ||||||
Heineken Holding NV | 51,252 | 2,774,882 | ||||||
Heineken NV | 7,520 | 495,951 | ||||||
ING Groep NV CVA† | 169,379 | 1,522,176 | ||||||
Koninklijke Ahold NV | 237,543 | 3,013,987 | ||||||
Koninklijke Boskalis Westminster NV | 2,431 | 102,611 | ||||||
Koninklijke DSM NV | 46,003 | 2,649,538 | ||||||
Koninklijke KPN NV | 190,658 | 1,078,628 | ||||||
Koninklijke Philips Electronics NV | 38,667 | 998,728 |
123
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PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Netherlands (continued) |
| |||||||
Koninklijke Vopak NV | 2,145 | $ | 158,482 | |||||
QIAGEN NV† | 7,379 | 136,418 | ||||||
Randstad Holding NV | 3,767 | 122,504 | ||||||
Reed Elsevier NV | 22,372 | 323,110 | ||||||
SBM Offshore NV† | 29,318 | 328,982 | ||||||
STMicroelectronics NV# | 33,385 | 212,753 | ||||||
TNT Express NV | 10,077 | 98,292 | ||||||
Unilever NV CVA | 53,277 | 2,021,520 | ||||||
Wolters Kluwer NV | 9,198 | 176,805 | ||||||
Ziggo NV | 3,906 | 122,325 | ||||||
24,108,659 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 64,423 | 141,740 | ||||||
Contact Energy, Ltd.† | 23,381 | 102,115 | ||||||
Fletcher Building, Ltd.# | 45,028 | 292,769 | ||||||
SKYCITY Entertainment Group, Ltd. | 36,158 | 111,018 | ||||||
Telecom Corp. of New Zealand, Ltd. | 124,914 | 236,886 | ||||||
884,528 | ||||||||
Norway — 0.4% |
| |||||||
Aker Solutions ASA | 13,638 | 256,655 | ||||||
DNB ASA | 31,959 | 398,045 | ||||||
Gjensidige Forsikring ASA | 6,565 | 92,545 | ||||||
Norsk Hydro ASA | 28,384 | 136,096 | ||||||
Orkla ASA | 25,270 | 205,659 | ||||||
Statoil ASA | 58,404 | 1,428,021 | ||||||
Telenor ASA | 22,643 | 459,700 | ||||||
Yara International ASA | 10,767 | 540,018 | ||||||
3,516,739 | ||||||||
Peru — 0.0% |
| |||||||
Cia de Minas Buenaventura SA ADR | 7,100 | 232,667 | ||||||
Volcan Cia Minera S.A.A. Series B | 167,060 | 159,999 | ||||||
392,666 | ||||||||
Philippines — 0.3% |
| |||||||
Aboitiz Equity Ventures, Inc. | 558,200 | 673,007 | ||||||
Aboitiz Power Corp. | 862,600 | 747,840 | ||||||
Bank of the Philippine Islands | 272,330 | 592,746 | ||||||
BDO Unibank, Inc.† | 279,439 | 488,283 | ||||||
2,501,876 | ||||||||
Poland — 0.2% |
| |||||||
Bank Handlowy w Warszawie SA | 3,447 | 107,191 | ||||||
Bank Millennium SA† | 61,517 | 83,742 | ||||||
Bank Pekao SA | 2,803 | 140,264 | ||||||
BRE Bank SA† | 1,360 | 136,369 | ||||||
Enea SA | 15,327 | 75,870 | ||||||
Eurocash SA | 1,292 | 17,998 | ||||||
Grupa Lotos SA† | 5,423 | 64,960 | ||||||
Jastrzebska Spolka Weglowa SA | 2,882 | 79,973 | ||||||
KGHM Polska Miedz SA | 6,825 | 387,005 | ||||||
PGE SA | 29,679 | 172,718 | ||||||
Polski Koncern Naftowy Orlen SA† | 10,088 | 146,289 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 5,431 | 59,972 | ||||||
Powszechny Zaklad Ubezpieczen SA | 190 | 23,796 | ||||||
Synthos SA | 49,464 | 89,465 | ||||||
Tauron Polska Energia SA | 11,827 | 16,250 | ||||||
Telekomunikacja Polska SA | 8,900 | 33,324 | ||||||
1,635,186 | ||||||||
Portugal — 0.1% |
| |||||||
Banco Espirito Santo SA†# | 190,382 | 189,910 | ||||||
EDP - Energias de Portugal SA | 62,369 | 157,848 | ||||||
Galp Energia SGPS SA | 8,826 | 135,333 |
Security Description | Shares | Value (Note 2) | ||||||
Portugal (continued) |
| |||||||
Jeronimo Martins SGPS SA | 6,888 | $ | 128,505 | |||||
Portugal Telecom SGPS SA | 18,792 | 87,300 | ||||||
698,896 | ||||||||
Russia — 0.8% |
| |||||||
Federal Grid Co. Unified Energy System JSC† | 10,270,000 | 69,692 | ||||||
Federal Hydrogenerating Co. JSC | 229,000 | 5,442 | ||||||
Gazprom OAO (RTS) | 371,260 | 1,672,418 | ||||||
Gazprom OAO (MICEX) | 2,740 | 393 | ||||||
IDGC Holding JSC† | 884,000 | 57,375 | ||||||
Inter Rao Ues OAO† | 65,200,000 | 53,725 | ||||||
LSR Group OJSC GDR | 7,895 | 33,159 | ||||||
Lukoil OAO | 19,104 | 1,184,448 | ||||||
Magnit OJSC GDR | 7,625 | 269,010 | ||||||
Mechel ADR | 5,805 | 35,410 | ||||||
MMC Norilsk Nickel OJSC (RTS) | 434 | 67,846 | ||||||
MMC Norilsk Nickel OJSC(MICEX) | 25 | 121 | ||||||
Mobile Telesystems OJSC ADR | 12,500 | 217,875 | ||||||
NovaTek OAO GDR | 2,624 | 287,853 | ||||||
Rosneft OAO | 48,400 | 383,726 | ||||||
Rostelecom OJSC | 38,690 | 139,480 | ||||||
Sberbank of Russia | 609,650 | 1,792,371 | ||||||
Sistema JSFC GDR | 359 | 6,792 | ||||||
Surgutneftegas OAO | 347,400 | 295,215 | ||||||
Tatneft OAO | 51,310 | 327,700 | ||||||
Uralkali OJSC | 29,100 | 217,136 | ||||||
VTB Bank OJSC | 7,230,000 | 12,226 | ||||||
7,129,413 | ||||||||
Singapore — 1.4% |
| |||||||
Ascendas Real Estate Investment Trust | 128,360 | 252,387 | ||||||
CapitaCommercial Trust | 138,000 | 183,156 | ||||||
CapitaLand, Ltd. | 172,000 | 497,427 | ||||||
CapitaMall Trust | 158,000 | 267,950 | ||||||
CapitaMalls Asia, Ltd. | 93,000 | 146,289 | ||||||
City Developments, Ltd.# | 34,000 | 326,462 | ||||||
ComfortDelGro Corp., Ltd. | 139,000 | 195,871 | ||||||
DBS Group Holdings, Ltd. | 122,000 | 1,444,290 | ||||||
Fraser and Neave, Ltd. | 63,000 | 486,204 | ||||||
Global Logistic Properties, Ltd.# | 139,000 | 319,998 | ||||||
Jardine Cycle & Carriage, Ltd.# | 7,000 | 279,805 | ||||||
Keppel Corp., Ltd. | 97,000 | 851,114 | ||||||
Keppel Land, Ltd.# | 53,000 | 156,317 | ||||||
Olam International, Ltd.# | 106,000 | 136,777 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 172,000 | 1,326,004 | ||||||
SembCorp Industries, Ltd. | 68,000 | 288,579 | ||||||
SembCorp Marine, Ltd.# | 58,000 | 216,680 | ||||||
Singapore Airlines, Ltd.# | 37,000 | 324,652 | ||||||
Singapore Exchange, Ltd. | 58,000 | 327,396 | ||||||
Singapore Press Holdings, Ltd.# | 111,000 | 380,125 | ||||||
Singapore Technologies Engineering, Ltd. | 104,000 | 312,699 | ||||||
Singapore Telecommunications, Ltd. | �� | 535,000 | 1,450,803 | |||||
StarHub, Ltd. | 45,000 | 137,514 | ||||||
United Overseas Bank, Ltd. | 85,000 | 1,303,621 | ||||||
UOL Group, Ltd. | 33,000 | 157,349 | ||||||
Wilmar International, Ltd.# | 128,000 | 334,524 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd.# | 134,000 | 102,646 | ||||||
12,206,639 | ||||||||
South Africa — 1.0% |
| |||||||
ABSA Group, Ltd. | 20,822 | 332,060 | ||||||
African Bank Investments, Ltd. | 38,835 | 138,472 | ||||||
African Rainbow Minerals, Ltd. | 6,811 | 136,520 | ||||||
Anglo American Platinum, Ltd. | 3,191 | 140,430 | ||||||
AngloGold Ashanti, Ltd. | 14,176 | 443,407 |
124
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
South Africa (continued) |
| |||||||
Aspen Pharmacare Holdings, Ltd. | 6,171 | $ | 108,609 | |||||
Aveng, Ltd. | 29,058 | 87,954 | ||||||
Barloworld, Ltd. | 15,570 | 127,479 | ||||||
Bidvest Group, Ltd. | 15,612 | 368,437 | ||||||
Discovery Holdings, Ltd. | 38,065 | 238,955 | ||||||
FirstRand, Ltd. | 156,028 | 509,832 | ||||||
Foschini Group, Ltd. | 985 | 14,182 | ||||||
Gold Fields, Ltd. | 26,175 | 324,479 | ||||||
Growthpoint Properties, Ltd.(1) | 24,494 | 67,500 | ||||||
Harmony Gold Mining Co., Ltd. | 4,757 | 37,423 | ||||||
Impala Platinum Holdings, Ltd. | 11,380 | 185,157 | ||||||
Imperial Holdings, Ltd. | 11,876 | 251,923 | ||||||
Investec, Ltd. | 19,462 | 119,634 | ||||||
Kumba Iron Ore, Ltd. | 3,700 | 226,401 | ||||||
Liberty Holdings, Ltd. | 12,948 | 154,015 | ||||||
Life Healthcare Group Holdings, Ltd. Bonds | 52,804 | 190,062 | ||||||
MMI Holdings, Ltd. | 50,348 | 118,191 | ||||||
Mr. Price Group, Ltd. | 5,730 | 85,721 | ||||||
MTN Group, Ltd. | 61,489 | 1,131,720 | ||||||
Naspers, Ltd., Class N | 10,243 | 632,526 | ||||||
Nedbank Group, Ltd. | 9,114 | 183,840 | ||||||
Netcare, Ltd. | 11,290 | 22,465 | ||||||
PPC, Ltd. | 15,720 | 51,737 | ||||||
Remgro, Ltd. | 6,804 | 114,484 | ||||||
Reunert, Ltd. | 13,922 | 115,020 | ||||||
RMB Holdings, Ltd. | 47,917 | 211,170 | ||||||
RMI Holdings | 52,095 | 128,562 | ||||||
Sanlam, Ltd. | 89,722 | 412,763 | ||||||
Sasol, Ltd. | 12,827 | 540,542 | ||||||
Shoprite Holdings, Ltd. | 5,239 | 113,143 | ||||||
Standard Bank Group, Ltd. | 30,308 | 358,464 | ||||||
Steinhoff International Holdings, Ltd.† | 1,899 | 5,850 | ||||||
Tiger Brands, Ltd. | 444 | 14,957 | ||||||
Truworths International, Ltd. | 11,333 | 121,356 | ||||||
Vodacom Group, Ltd. | 3,828 | 51,239 | ||||||
Woolworths Holdings, Ltd. | 12,317 | 98,213 | ||||||
8,714,894 | ||||||||
South Korea — 1.7% |
| |||||||
Daelim Industrial Co., Ltd. | 2,405 | 175,236 | ||||||
DGB Financial Group, Inc. | 32,220 | 401,690 | ||||||
Dongbu Insurance Co., Ltd. | 14,220 | 610,638 | ||||||
Hana Financial Group, Inc. | 20,069 | 622,725 | ||||||
Hanwha Life Insurance Co., Ltd. | 107,720 | 748,076 | ||||||
Hyundai Development Co. | 2,637 | 50,409 | ||||||
Hyundai Heavy Industries Co., Ltd. | 1,608 | 313,329 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 5,570 | 172,061 | ||||||
Hyundai Mipo Dockyard | 3,201 | 334,038 | ||||||
Hyundai Motor Co. | 7,525 | 1,567,057 | ||||||
Kia Motors Corp. | 15,068 | 861,347 | ||||||
Korea Exchange Bank† | 27,200 | 183,117 | ||||||
KP Chemical Corp. | 19,690 | 200,928 | ||||||
KT Corp. | 18,290 | 636,776 | ||||||
KT&G Corp. | 3,956 | 313,090 | ||||||
Lotte Confectionery Co., Ltd. | 64 | 86,645 | ||||||
OCI Co., Ltd. | 4,651 | 648,567 | ||||||
Samsung Electronics Co., Ltd. | 3,003 | 3,899,172 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 3,463 | 700,371 | ||||||
Samsung Heavy Industries Co., Ltd. | 24,340 | 819,313 | ||||||
Samsung Life Insurance Co., Ltd. | 9,221 | 791,941 | ||||||
Shinhan Financial Group Co., Ltd. | 5,530 | 176,954 | ||||||
SK Telecom Co., Ltd. | 2,441 | 339,263 | ||||||
14,652,743 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Spain — 2.0% |
| |||||||
Abertis Infraestructuras SA | 54,064 | $ | 789,966 | |||||
Acciona SA | 713 | 46,226 | ||||||
ACS Actividades de Construccion y Servicios SA# | 4,636 | 99,092 | ||||||
Amadeus IT Holding SA, Class A | 85,278 | 1,990,805 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 178,433 | 1,513,967 | ||||||
Banco de Sabadell SA† | 259,151 | 723,286 | ||||||
Banco Popular Espanol SA†# | 759,719 | 634,330 | ||||||
Banco Santander SA | 358,140 | 2,754,619 | ||||||
Bankia SA†# | 71,820 | 66,972 | ||||||
CaixaBank# | 25,589 | 97,809 | ||||||
Distribuidora Internacional de Alimentacion SA | 29,054 | 180,316 | ||||||
Enagas SA | 50,989 | 1,043,447 | ||||||
Ferrovial SA# | 60,355 | 894,448 | ||||||
Gas Natural SDG SA | 30,317 | 470,583 | ||||||
Grifols SA† | 4,878 | 156,033 | ||||||
Iberdrola SA | 171,010 | 849,596 | ||||||
Inditex SA | 7,515 | 1,030,142 | ||||||
International Consolidated Airlines Group SA† | 30,390 | 81,735 | ||||||
Mapfre SA# | 54,081 | 152,064 | ||||||
Red Electrica Corp. SA | 3,548 | 164,409 | ||||||
Repsol SA | 59,268 | 1,257,192 | ||||||
Telefonica SA | 134,127 | 1,760,089 | ||||||
Zardoya Otis SA | 5,071 | 69,446 | ||||||
16,826,572 | ||||||||
Sweden — 2.5% |
| |||||||
Alfa Laval AB | 18,200 | 357,799 | ||||||
Assa Abloy AB, Class B | 30,562 | 1,105,649 | ||||||
Atlas Copco AB, Class A | 140,794 | 3,627,059 | ||||||
Atlas Copco AB, Class B | 12,751 | 294,179 | ||||||
Boliden AB | 9,792 | 173,224 | ||||||
Electrolux AB, Series B | 7,877 | 206,120 | ||||||
Elekta AB, Series B | 12,072 | 174,457 | ||||||
Getinge AB, Class B | 6,265 | 201,980 | ||||||
Hennes & Mauritz AB, Class B | 31,087 | 1,008,767 | ||||||
Hexagon AB, Class B | 7,706 | 190,642 | ||||||
Husqvarna AB, Class B | 12,391 | 74,457 | ||||||
Industrivarden AB, Class C | 3,693 | 54,784 | ||||||
Investment AB Kinnevik, Class B | 48,382 | 942,429 | ||||||
Investor AB, Class B | 95,720 | 2,216,996 | ||||||
Lundin Petroleum AB† | 11,253 | 265,877 | ||||||
Nordea Bank AB | 86,185 | 788,876 | ||||||
Ratos AB, Class B | 6,277 | 62,502 | ||||||
Sandvik AB | 32,850 | 491,021 | ||||||
Scania AB, Class B | 28,845 | 598,720 | ||||||
Securitas AB, Class B | 10,277 | 80,398 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 46,135 | 371,321 | ||||||
Skanska AB, Class B | 11,896 | 188,989 | ||||||
SKF AB, Class B | 12,843 | 308,849 | ||||||
Svenska Cellulosa AB, Class B | 18,961 | 383,874 | ||||||
Svenska Handelsbanken AB, Class A | 33,233 | 1,181,300 | ||||||
Swedbank AB, Class A | 33,301 | 615,133 | ||||||
Swedish Match AB | 6,762 | 238,024 | ||||||
Tele2 AB, Class B | 10,428 | 182,281 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 276,853 | 2,579,886 | ||||||
TeliaSonera AB | 70,908 | 475,537 | ||||||
Volvo AB, Class B | 98,052 | 1,388,985 | ||||||
20,830,115 | ||||||||
Switzerland — 6.8% |
| |||||||
ABB, Ltd. | 114,844 | 2,238,138 | ||||||
Actelion, Ltd. | 7,333 | 363,208 | ||||||
Adecco SA | 37,715 | 1,863,569 | ||||||
Aryzta AG | 11,937 | 603,484 | ||||||
Baloise Holding AG | 29,851 | 2,504,495 |
125
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Switzerland (continued) |
| |||||||
Banque Cantonale Vaudoise | 525 | $ | 288,079 | |||||
Barry Callebaut AG | 534 | 541,664 | ||||||
Cie Financiere Richemont SA, Class A | 51,261 | 3,952,302 | ||||||
Credit Suisse Group AG | 41,049 | 971,852 | ||||||
EMS-Chemie Holding AG | 269 | 63,426 | ||||||
Geberit AG | 1,159 | 244,882 | ||||||
Givaudan SA | 273 | 274,119 | ||||||
Holcim, Ltd. | 15,346 | 1,051,550 | ||||||
Julius Baer Group, Ltd. | 7,094 | 242,974 | ||||||
Kuehne & Nagel International AG | 1,769 | 213,036 | ||||||
Lindt & Spruengli AG | 3 | 113,354 | ||||||
Lindt & Spruengli AG (Participation Certificate) | 29 | 93,256 | ||||||
Lonza Group AG | 1,657 | 79,837 | ||||||
Nestle SA | 191,833 | 12,554,949 | ||||||
Novartis AG | 116,840 | 7,230,791 | ||||||
Pargesa Holding SA | 758 | 50,918 | ||||||
Partners Group Holding AG | 4,172 | 909,403 | ||||||
Roche Holding AG | 53,450 | 10,520,427 | ||||||
Schindler Holding AG | 703 | 98,315 | ||||||
Schindler Holding AG (Participation Certificate) | 1,597 | 224,032 | ||||||
SGS SA | 179 | 401,577 | ||||||
Sika AG (BR) | 71 | 155,913 | ||||||
Sonova Holding AG | 8,307 | 907,163 | ||||||
Sulzer AG | 751 | 116,293 | ||||||
Swatch Group AG | 1,413 | 117,178 | ||||||
Swatch Group AG (BR) | 1,011 | 488,317 | ||||||
Swiss Life Holding AG | 955 | 127,787 | ||||||
Swiss Prime Site AG | 1,772 | 142,456 | ||||||
Swiss Re AG | 11,528 | 830,359 | ||||||
Swisscom AG | 4,274 | 1,799,627 | ||||||
Syngenta AG | 3,050 | 1,222,699 | ||||||
Transocean, Ltd. | 11,773 | 539,167 | ||||||
UBS AG | 119,192 | 1,864,988 | ||||||
Zurich Insurance Group AG | 4,827 | 1,231,882 | ||||||
57,237,466 | ||||||||
Taiwan — 1.7% |
| |||||||
Advantech Co., Ltd. | 197,000 | 735,682 | ||||||
Asia Cement Corp. | 629,680 | 809,477 | ||||||
Asustek Computer, Inc. | 87,000 | 959,713 | ||||||
Catcher Technology Co., Ltd. | 159,000 | 815,413 | ||||||
Chang Hwa Commercial Bank | 1,468,400 | 796,011 | ||||||
Chicony Electronics Co., Ltd. | 54,000 | 126,571 | ||||||
China Petrochemical Development Corp. | 229,125 | 134,459 | ||||||
Chunghwa Telecom Co., Ltd. | 190,000 | 614,064 | ||||||
E Ink Holdings, Inc. | 422,000 | 310,828 | ||||||
Far EasTone Telecommunications Co., Ltd. | 309,000 | 774,255 | ||||||
First Financial Holding Co., Ltd. | 1,292,140 | 789,409 | ||||||
Formosa Chemicals & Fibre Corp. | 78,000 | 184,704 | ||||||
Formosa Plastics Corp. | 300,000 | 789,908 | ||||||
Formosa Taffeta Co., Ltd. | 365,000 | 345,477 | ||||||
Fubon Financial Holding Co., Ltd. | 801,101 | 909,903 | ||||||
Hon Hai Precision Industry Co., Ltd. | 100,000 | 320,782 | ||||||
Inotera Memories, Inc.† | 4,869,000 | 365,334 | ||||||
Lite-On Technology Corp. | 459,285 | 627,577 | ||||||
Mega Financial Holding Co., Ltd. | 1,043,420 | 817,024 | ||||||
Nan Ya Printed Circuit Board Corp. | 378,000 | 448,854 | ||||||
Phison Electronics Corp. | 110,000 | 776,141 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 575,000 | 1,953,346 | ||||||
14,404,932 | ||||||||
Thailand — 0.4% |
| |||||||
Advanced Info Service PCL | 133,600 | 957,706 | ||||||
Bangkok Bank PCL | 105,200 | 661,571 | ||||||
Banpu PLC | 3,361 | 43,258 |
Security Description | Shares | Value (Note 2) | ||||||
Thailand (continued) |
| |||||||
BEC World PCL | 269,800 | $ | 512,084 | |||||
CP ALL PCL | 483,000 | 621,652 | ||||||
Thai Oil PCL | 151,100 | 324,946 | ||||||
3,121,217 | ||||||||
Turkey — 0.3% |
| |||||||
Akbank TAS | 37,123 | 174,100 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 13,818 | 201,062 | ||||||
Arcelik AS | 15,057 | 91,428 | ||||||
Asya Katilim Bankasi AS† | 34,867 | 38,246 | ||||||
BIM Birlesik Magazalar AS GDR | 5,162 | 234,722 | ||||||
Enka Insaat ve Sanayi AS | 42,732 | 113,834 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 103,883 | 130,809 | ||||||
Ford Otomotiv Sanayi AS | 10,466 | 107,187 | ||||||
Haci Omer Sabanci Holding AS | 7,573 | 39,076 | ||||||
KOC Holding AS | 46,424 | 212,524 | ||||||
Koza Altin Isletmeleri AS | 2,779 | 69,364 | ||||||
TAV Havalimanlari Holding AS† | 2,034 | 10,108 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 369 | 9,851 | ||||||
Turk Hava Yollari† | 3,514 | 10,344 | ||||||
Turkcell Iletisim Hizmetleri AS† | 15,082 | 90,736 | ||||||
Turkiye Garanti Bankasi AS | 52,504 | 249,173 | ||||||
Turkiye Halk Bankasi AS | 20,752 | 200,918 | ||||||
Turkiye Is Bankasi, Class C | 15,546 | 50,113 | ||||||
Turkiye Vakiflar Bankasi Tao, Class D | 78,310 | 189,766 | ||||||
2,223,361 | ||||||||
United Kingdom — 18.0% |
| |||||||
3i Group PLC | 318,775 | 1,080,695 | ||||||
Admiral Group PLC | 82,474 | 1,478,599 | ||||||
Aggreko PLC | 9,452 | 338,004 | ||||||
AMEC PLC | 10,107 | 169,054 | ||||||
Anglo American PLC | 86,888 | 2,411,773 | ||||||
Antofagasta PLC | 26,004 | 536,611 | ||||||
ARM Holdings PLC | 44,963 | 557,570 | ||||||
Associated British Foods PLC | 11,695 | 276,935 | ||||||
AstraZeneca PLC | 126,282 | 6,001,906 | ||||||
Aviva PLC | 546,842 | 3,070,812 | ||||||
Babcock International Group PLC | 88,403 | 1,411,392 | ||||||
BAE Systems PLC | 548,710 | 2,877,347 | ||||||
Balfour Beatty PLC | 22,560 | 93,361 | ||||||
Barclays PLC | 1,286,692 | 5,071,227 | ||||||
BG Group PLC | 157,507 | 2,700,145 | ||||||
BHP Billiton PLC | 217,084 | 6,823,861 | ||||||
BP PLC | 1,629,471 | 11,267,601 | ||||||
British American Tobacco PLC | 178,140 | 9,344,229 | ||||||
British Land Co. PLC | 27,701 | 244,097 | ||||||
British Sky Broadcasting Group PLC | 216,988 | 2,638,644 | ||||||
BT Group PLC | 769,191 | 2,877,560 | ||||||
Bunzl PLC | 20,614 | 339,845 | ||||||
Burberry Group PLC | 40,866 | 842,644 | ||||||
Capita PLC | 21,428 | 261,773 | ||||||
Capital Shopping Centres Group PLC# | 18,429 | 102,012 | ||||||
Carnival PLC | 28,155 | 1,138,991 | ||||||
Centrica PLC | 234,767 | 1,225,815 | ||||||
Cobham PLC | 109,046 | 370,381 | ||||||
Compass Group PLC | 63,847 | 737,529 | ||||||
Croda International PLC | 25,601 | 976,607 | ||||||
Diageo PLC | 86,403 | 2,570,657 | ||||||
Eurasian Natural Resources Corp. PLC | 7,225 | 31,277 | ||||||
Evraz PLC | 10,307 | 38,674 | ||||||
Fresnillo PLC | 7,823 | 249,169 | ||||||
G4S PLC | 46,223 | 183,067 | ||||||
GKN PLC | 53,334 | 189,697 | ||||||
GlaxoSmithKline PLC | 434,713 | 9,294,469 |
126
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Hammerson PLC | 181,039 | $ | 1,366,724 | |||||
Hargreaves Lansdown PLC | 7,755 | 94,055 | ||||||
HSBC Holdings PLC | 1,106,681 | 11,306,866 | ||||||
ICAP PLC | 15,767 | 73,636 | ||||||
IMI PLC | 10,527 | 177,766 | ||||||
Imperial Tobacco Group PLC | 41,705 | 1,668,438 | ||||||
Inmarsat PLC | 14,032 | 132,078 | ||||||
InterContinental Hotels Group PLC | 79,141 | 2,114,954 | ||||||
Intertek Group PLC | 5,268 | 260,800 | ||||||
Invensys PLC | 25,453 | 128,660 | ||||||
Investec PLC | 16,855 | 103,075 | ||||||
ITV PLC | 329,316 | 521,810 | ||||||
J Sainsbury PLC | 40,247 | 220,141 | ||||||
Johnson Matthey PLC | 19,829 | 762,139 | ||||||
Kazakhmys PLC# | 6,013 | 68,737 | ||||||
Kingfisher PLC | 77,595 | 345,607 | ||||||
Land Securities Group PLC | 49,942 | 646,518 | ||||||
Lloyds Banking Group PLC† | 2,086,202 | 1,554,054 | ||||||
London Stock Exchange Group PLC | 5,319 | 83,301 | ||||||
Marks & Spencer Group PLC | 112,477 | 703,881 | ||||||
Meggitt PLC | 25,654 | 160,050 | ||||||
Melrose Industries PLC | 37,672 | 128,619 | ||||||
National Grid PLC# | 119,122 | 1,345,502 | ||||||
Next PLC | 37,513 | 2,200,315 | ||||||
Old Mutual PLC | 160,065 | 439,296 | ||||||
Pearson PLC | 26,747 | 504,805 | ||||||
Prudential PLC | 79,866 | 1,158,014 | ||||||
Reckitt Benckiser Group PLC | 21,317 | 1,340,507 | ||||||
Reed Elsevier PLC | 39,974 | 411,485 | ||||||
Rexam PLC | 49,550 | 347,475 | ||||||
Rio Tinto PLC | 68,375 | 3,388,838 | ||||||
Rolls-Royce Holdings PLC | 79,503 | 1,134,281 | ||||||
Royal Bank of Scotland Group PLC† | 114,429 | 541,198 | ||||||
Royal Dutch Shell PLC, Class A | 281,643 | 9,428,546 | ||||||
Royal Dutch Shell PLC, Class B | 113,684 | 3,924,183 | ||||||
RSA Insurance Group PLC | 116,800 | 219,879 | ||||||
SABMiller PLC | 31,330 | 1,419,274 | ||||||
Sage Group PLC | 39,724 | 198,314 | ||||||
Schroders PLC | 9,265 | 236,909 | ||||||
Segro PLC | 24,317 | 92,061 | ||||||
Serco Group PLC | 15,089 | 132,236 | ||||||
Severn Trent PLC | 7,810 | 202,082 | ||||||
Smith & Nephew PLC | 29,452 | 310,252 | ||||||
Smiths Group PLC | 24,686 | 433,080 | ||||||
SSE PLC | 30,946 | 706,517 | ||||||
Standard Chartered PLC | 84,745 | 1,975,516 | ||||||
Standard Life PLC | 658,525 | 3,376,180 | ||||||
Tate & Lyle PLC | 15,314 | 189,658 | ||||||
TESCO PLC | 263,347 | 1,371,667 | ||||||
TUI Travel PLC# | 13,028 | 56,628 | ||||||
Tullow Oil PLC | 40,686 | 897,599 | ||||||
Unilever PLC | 61,390 | 2,363,496 | ||||||
United Utilities Group PLC | 22,341 | 243,934 | ||||||
Vedanta Resources PLC# | 3,340 | 57,311 | ||||||
Vodafone Group PLC | 2,502,397 | 6,460,854 | ||||||
Weir Group PLC# | 6,960 | 210,753 | ||||||
Whitbread PLC | 5,849 | 224,810 | ||||||
WM Morrison Supermarkets PLC | 255,390 | 1,099,858 | ||||||
Xstrata PLC | 70,587 | 1,169,361 | ||||||
152,258,613 | ||||||||
United States — 0.0% |
| |||||||
Southern Copper Corp. | 7,700 | 279,510 | ||||||
Total Common Stock | ||||||||
(cost $781,708,912) | 807,473,075 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
EXCHANGE-TRADED FUNDS — 0.2% |
| |||||||
United States — 0.2% |
| |||||||
iShares MSCI Chile Investable Market Index Fund | 28,315 | $ | 1,700,599 | |||||
PREFERRED STOCK — 2.2% |
| |||||||
Brazil — 0.8% |
| |||||||
AES Tiete SA | 4,900 | 52,284 | ||||||
Banco Bradesco SA | 56,500 | 938,405 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 8,700 | 61,724 | ||||||
Bradespar SA | 8,000 | 106,702 | ||||||
Braskem SA, Class A | 7,500 | 48,367 | ||||||
Centrais Eletricas Brasileiras SA, Class B | 6,500 | 29,355 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | 3,300 | 140,537 | ||||||
Cia de Bebidas das Americas | 23,600 | 977,443 | ||||||
Cia de Transmissao de Energia Eletrica Paulista | 2,500 | 36,562 | ||||||
Cia Energetica de Minas Gerais | 14,400 | 172,991 | ||||||
Cia Energetica de Sao Paulo, Class B | 6,700 | 54,715 | ||||||
Cia Paranaense de Energia, Class B | 6,100 | 81,360 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 7,400 | 47,064 | ||||||
Gerdau SA | 23,400 | 194,051 | ||||||
Itau Unibanco Holding SA | 67,900 | 1,021,296 | ||||||
Itausa - Investimentos Itau SA | 81,700 | 368,200 | ||||||
Klabin SA | 12,400 | 69,869 | ||||||
Lojas Americanas SA | 11,800 | 103,819 | ||||||
Marcopolo SA | 4,900 | 28,802 | ||||||
Metalurgica Gerdau SA | 7,700 | 80,899 | ||||||
Oi SA | 25,800 | 97,197 | ||||||
Petroleo Brasileiro SA | 119,600 | 1,044,429 | ||||||
Telefonica Brasil SA | 10,800 | 234,519 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A | 11,900 | 69,613 | ||||||
Vale SA, Class A | 57,100 | 980,705 | ||||||
7,040,908 | ||||||||
Colombia — 0.0% |
| |||||||
Banco Davivienda SA | 3,042 | 38,243 | ||||||
Bancolombia SA | 8,777 | 138,772 | ||||||
Grupo Aval Acciones y Valores Senior Notes | 51,194 | 34,408 | ||||||
Grupo de Inversiones Suramericana SA | 5,734 | 116,879 | ||||||
328,302 | ||||||||
Germany — 1.1% |
| |||||||
Bayerische Motoren Werke AG | 31,350 | 1,908,142 | ||||||
Henkel AG & Co. KGaA | 39,916 | 3,335,396 | ||||||
Porsche Automobil Holding SE | 5,012 | 371,547 | ||||||
ProSiebenSat.1 Media AG | 6,317 | 184,892 | ||||||
RWE AG# | 39,421 | 1,489,877 | ||||||
Volkswagen AG | 7,345 | 1,590,021 | ||||||
8,879,875 | ||||||||
Russia — 0.0% |
| |||||||
AK Transneft OAO | 33 | 69,977 | ||||||
Sberbank of Russia | 37,500 | 80,810 | ||||||
Surgutneftegas OAO | 271,000 | 173,079 | ||||||
323,866 | ||||||||
South Korea — 0.3% |
| |||||||
Hyundai Motor Co. | 4,589 | 305,976 | ||||||
Hyundai Motor Co. (2nd Preferred) | 7,571 | 545,355 | ||||||
Samsung Electronics Co., Ltd. | 1,592 | 1,211,440 | ||||||
2,062,771 | ||||||||
United Kingdom — 0.0% |
| |||||||
Rolls-Royce Holdings PLC, Class C† | 5,835,584 | 9,350 | ||||||
Total Preferred Stock | ||||||||
(cost $17,309,911) | 18,645,072 | |||||||
127
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
Security Description | Shares/ Principal Amount(6) | Value (Note 2) | ||||||
RIGHTS† — 0.0% |
| |||||||
Switzerland — 0.0% |
| |||||||
Swiss Prime Site AG (Expires 12/03/2012) | 1,477 | $ | 1,594 | |||||
United Kingdom — 0.0% |
| |||||||
Lonmin PLC (Expires 12/10/2012)# | 8,167 | 15,047 | ||||||
Total Rights | ||||||||
(cost $65,117) | 16,641 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.0% |
| |||||||
United Kingdom — 0.0% |
| |||||||
National Grid Gas PLC | GBP | 5,000 | 16,061 | |||||
National Grid Gas PLC | GBP | 5,000 | 10,862 | |||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $15,565) | 26,923 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $800,881,681) | 827,862,310 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.0% |
| |||||||
Registered Investment Companies — 4.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(4) | 35,350,859 | 35,350,859 | ||||||
Time Deposits — 3.6% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 30,554,000 | 30,554,000 | |||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | 1,005,000 | 1,004,946 | ||||||
0.11% due 12/27/2012@ | 55,000 | 54,996 | ||||||
0.13% due 12/27/2012@ | 350,000 | 349,968 | ||||||
0.14% due 12/27/2012@ | 10,000 | 9,999 | ||||||
0.15% due 12/27/2012@ | 125,000 | 124,986 | ||||||
1,544,895 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $67,449,754) | 67,449,754 | |||||||
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 0.2% |
| |||||||
State Street Bank & Trust Co. bearing interest at 0.01% dated 11/30/2012 to be repurchased 12/03/2012 in the amount of $1,807,002 and collateralized by $1,845,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.07% due 11/07/2022 and having approximate value of $1,847,441 (cost $1,807,000) | $ | 1,807,000 | $ | 1,807,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(cost $870,138,435)(5) | 105.9 | % | 897,119,064 | |||||
Liabilities in excess of other assets | (5.9 | ) | (50,371,518 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 846,747,546 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Consists of more than one type of security traded together as a unit. |
(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, 2012, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(4) | At November 30, 2012, the Fund had loaned securities with a total value of $33,724,041. This was secured by collateral of $35,350,859, which was received in cash and subsequently invested in short-term investments currently valued at $35,350,859 as reported in the portfolio of investments. Additional collateral of $215,156 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 | Value as of November 30, 2012 | |||
United States Treasury | 0.25% to 6.25% | 12/15/2012 to 08/15/2042 | $215,156 |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Denominated in United States Dollars unless otherwise indicated. |
ADR—American Depository Receipt
BR—Bearer Shares
CDI—Chess Depository Interest
CPO—Certification de Participacion Ordinario
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depository Receipt
GBP—Pound Sterling
GDR—Global Depository Receipt
ISE—Irish Stock Exchange
LSE—London Stock Exchange
MICEX—Moscow Interbank Currency Exchange
RSP—Risparmio Savings Shares
RTS—Russian Trading System
SDR—Swedish Depository Receipt
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2012 | Appreciation (Depreciation) | ||||||||||||||||
12 | Long | ASX SPI 200 Index | December 2012 | $ | 1,392,767 | $ | 1,413,869 | $ | 21,102 | |||||||||||||
80 | Long | E-Mini MSCI EAFE Index | December 2012 | 5,960,253 | 6,237,200 | 276,947 | ||||||||||||||||
62 | Long | Nikkei 225 Index | December 2012 | 2,760,161 | 2,946,550 | 186,389 | ||||||||||||||||
$ | 484,438 | |||||||||||||||||||||
128
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 62,542,671 | $ | — | $ | 0 | $ | 62,542,671 | ||||||||
Austria | 2,310,376 | — | 0 | 2,310,376 | ||||||||||||
France | 62,926,287 | — | — | 62,926,287 | ||||||||||||
Germany | 63,840,939 | — | — | 63,840,939 | ||||||||||||
Ireland | 1,170,695 | — | 0 | 1,170,695 | ||||||||||||
Japan | 139,366,975 | — | — | 139,366,975 | ||||||||||||
Switzerland | 57,237,466 | — | — | 57,237,466 | ||||||||||||
United Kingdom | 152,258,613 | — | — | 152,258,613 | ||||||||||||
Other Countries* | 265,819,053 | — | — | 265,819,053 | ||||||||||||
Exchange-Traded Funds | 1,700,599 | — | — | 1,700,599 | ||||||||||||
Preferred Stock | 18,645,072 | — | — | 18,645,072 | ||||||||||||
Rights | 16,641 | — | — | 16,641 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 26,923 | — | 26,923 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 35,350,859 | — | — | 35,350,859 | ||||||||||||
Time Deposits | — | 30,554,000 | — | 30,554,000 | ||||||||||||
U.S. Government Treasuries | — | 1,544,895 | — | 1,544,895 | ||||||||||||
Repurchase Agreement | — | 1,807,000 | — | 1,807,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts — Appreciation | 484,438 | — | — | 484,438 | ||||||||||||
Total | $ | 863,670,684 | $ | 33,932,818 | $ | 0 | $ | 897,603,502 | ||||||||
* | 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 securities by country 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
At the beginning and/or end of the period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
129
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Sovereign | 71.2 | % | ||
United States Treasury Notes | 12.6 | |||
Banks — Commercial | 3.3 | |||
Oil Companies — Integrated | 1.1 | |||
United States Treasury Bonds | 1.1 | |||
Time Deposits | 0.9 | |||
Real Estate Operations & Development | 0.6 | |||
Brewery | 0.6 | |||
Sovereign Agency | 0.6 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Auto-Cars/Light Trucks | 0.4 | |||
Municipal Bonds | 0.4 | |||
Banks — Special Purpose | 0.4 | |||
Steel — Producers | 0.4 | |||
Telecom Services | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Independent Power Producers | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Gold Mining | 0.3 | |||
Warehousing & Harbor Transportation Services | 0.3 | |||
Industrial Gases | 0.2 | |||
Electric — Integrated | 0.2 | |||
Multimedia | 0.2 | |||
Import/Export | 0.2 | |||
Electric — Transmission | 0.2 | |||
Electric — Generation | 0.2 | |||
Transport-Rail | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Transport — Services | 0.2 | |||
Medical — Drugs | 0.2 | |||
Transport — Marine | 0.2 | |||
Telephone — Integrated | 0.1 | |||
Pipelines | 0.1 | |||
Building Products — Cement | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Metal — Iron | 0.1 | |||
Television | 0.1 | |||
Diversified Minerals | 0.1 | |||
98.8 | % | |||
Country Allocation*
Japan | 15.9 | % | ||
United States | 15.4 | |||
Italy | 6.2 | |||
United Kingdom | 3.4 | |||
Indonesia | 3.3 | |||
Colombia | 2.9 | |||
Netherlands | 2.7 | |||
Mexico | 2.6 | |||
Poland | 2.5 | |||
France | 2.4 | |||
Brazil | 2.3 | |||
Turkey | 2.1 | |||
Lebanon | 2.0 | |||
Austria | 1.9 | |||
South Africa | 1.8 | |||
Peru | 1.8 | |||
Venezuela | 1.7 | |||
El Salvador | 1.7 | |||
Sri Lanka | 1.6 | |||
Australia | 1.6 | |||
Russia | 1.6 | |||
Hungary | 1.4 | |||
Philippines | 1.3 | |||
Ukraine | 1.3 | |||
Norway | 1.2 | |||
Canada | 1.1 |
Romania | 1.1 | |||
Argentina | 1.0 | |||
Ireland | 1.0 | |||
Singapore | 0.8 | |||
Byelorussian Ssr | 0.7 | |||
Sweden | 0.7 | |||
United Arab Emirates | 0.7 | |||
Denmark | 0.6 | |||
Luxembourg | 0.6 | |||
Germany | 0.6 | |||
Uruguay | 0.6 | |||
Cayman Islands | 0.6 | |||
Croatia | 0.5 | |||
Kazakhstan | 0.4 | |||
Lithuania | 0.4 | |||
New Zealand | 0.4 | |||
Egypt | 0.4 | |||
Nigeria | 0.4 | |||
Spain | 0.4 | |||
Belgium | 0.3 | |||
Ivory Coast | 0.3 | |||
British Virgin Islands | 0.3 | |||
Thailand | 0.3 | |||
Chile | 0.3 | |||
Malaysia | 0.3 | |||
Finland | 0.3 | |||
Dominican Republic | 0.2 | |||
Latvia | 0.2 | |||
Hong Kong | 0.2 | |||
Switzerland | 0.2 | |||
Jersey | 0.2 | |||
Slovenia | 0.1 | |||
98.8 | % | |||
Credit Quality Allocation†#
Aaa | 26.0 | % | ||
Aa | 20.2 | |||
A | 5.7 | |||
Baa | 28.2 | |||
Ba | 8.8 | |||
B | 4.7 | |||
Not Rated@ | 6.4 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that have either no rating or the rating is unavailable form the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
130
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 12.7% |
| |||||||
Australia — 0.3% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | $ | 400,000 | $ | 405,116 | ||||
Westpac Banking Corp. | 270,000 | 272,264 | ||||||
677,380 | ||||||||
Belgium — 0.3% |
| |||||||
Anheuser-Busch InBev NV | EUR | 400,000 | 524,382 | |||||
Brazil — 0.7% |
| |||||||
Banco Bradesco SA | 300,000 | 315,750 | ||||||
Banco do Brasil SA | 375,000 | 406,875 | ||||||
Hypermarcas SA | 270,000 | 287,550 | ||||||
Oi SA | BRL | 500,000 | 246,513 | |||||
1,256,688 | ||||||||
British Virgin Islands — 0.3% |
| |||||||
Gold Fields Orogen Holding BVI, Ltd. | 520,000 | 503,799 | ||||||
Cayman Islands — 0.6% | ||||||||
Agile Property Holdings, Ltd. | 300,000 | 337,500 | ||||||
China Overseas Finance Cayman IV, Ltd. | 390,000 | 421,654 | ||||||
Country Garden Holdings Co., Ltd. | 300,000 | 345,000 | ||||||
1,104,154 | ||||||||
Colombia — 0.5% |
| |||||||
Banco de Bogota SA | 260,000 | 277,810 | ||||||
Empresa de Energia de Bogota SA | 330,000 | 371,250 | ||||||
Transportadora de Gas Internacional SA ESP | 200,000 | 221,000 | ||||||
870,060 | ||||||||
Denmark — 0.2% |
| |||||||
FIH Erhvervsbank A/S | EUR | 350,000 | 457,651 | |||||
Germany — 0.1% |
| |||||||
Rearden G Holdings EINS GmbH | 200,000 | 216,000 | ||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Hong Kong — 0.2% |
| |||||||
LS Finance 2017, Ltd. | $ | 320,000 | $ | 346,020 | ||||
Indonesia — 0.8% |
| |||||||
Pertamina Persero PT | 318,000 | 346,620 | ||||||
Perusahaan Listrik Negara PT | 480,000 | 538,800 | ||||||
Perusahaan Penerbit SBSN | 600,000 | 625,009 | ||||||
1,510,429 | ||||||||
Ireland — 0.4% |
| |||||||
OJSC Novolipetsk Steel via Steel Funding, Ltd. | 200,000 | 199,380 | ||||||
Rosneft Oil Co via Rosneft International Finance, Ltd. | 200,000 | 200,512 | ||||||
SCF Capital, Ltd. | 280,000 | 280,143 | ||||||
680,035 | ||||||||
Jersey — 0.2% |
| |||||||
Burgan Finance No. 1, Ltd. | 300,000 | 342,000 | ||||||
Kazakhstan — 0.2% |
| |||||||
Development Bank of Kazakhstan JSC | 200,000 | 197,480 | ||||||
Development Bank of Kazakhstan JSC | 310,000 | 338,675 | ||||||
536,155 | ||||||||
Luxembourg — 0.6% |
| |||||||
Gazprom Neft OAO Via GPN Capital SA | 200,000 | 202,100 | ||||||
Gazprom OAO Via Gaz Capital SA | 240,000 | 274,260 | ||||||
Russian Agricultural Bank OJSC Via RSHB Capital SA | 420,000 | 444,150 | ||||||
Severstal OAO Via Steel Capital SA | 320,000 | 315,200 | ||||||
1,235,710 | ||||||||
Mexico — 0.5% |
| |||||||
Corp GEO SAB de CV | 275,000 | 288,750 | ||||||
Petroleos Mexicanos | 290,000 | 327,700 |
131
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Mexico (continued) |
| |||||||
Urbi Desarrollos Urbanos SAB de CV | $ | 325,000 | $ | 293,313 | ||||
909,763 | ||||||||
Netherlands — 1.8% |
| |||||||
BMW Finance NV | EUR | 400,000 | 535,466 | |||||
Daimler International Finance BV | GBP | 200,000 | 336,412 | |||||
Kazakhstan Temir Zholy Finance BV | 300,000 | 357,912 | ||||||
KazMunaiGaz Finance Sub BV | 250,000 | 305,425 | ||||||
Linde Finance BV | EUR | 350,000 | 462,178 | |||||
Myriad International Holding BV | 150,000 | 170,250 | ||||||
Petrobras Global Finance BV | EUR | 400,000 | 537,055 | |||||
Rabobank Nederland NV | 700,000 | 734,090 | ||||||
3,438,788 | ||||||||
New Zealand — 0.4% |
| |||||||
Westpac Securities New Zealand, Ltd. | 800,000 | 839,360 | ||||||
Norway — 0.3% |
| |||||||
Telenor ASA | EUR | 500,000 | 665,018 | |||||
Peru — 0.1% |
| |||||||
Volcan Cia Minera SAA | 108,000 | 116,910 | ||||||
South Africa — 0.2% |
| |||||||
Transnet SOC, Ltd. | 320,000 | 319,200 | ||||||
Sri Lanka — 0.2% |
| |||||||
Bank of Ceylon | 400,000 | 428,000 | ||||||
Sweden — 0.5% |
| |||||||
PKO Finance AB | 305,000 | 314,150 | ||||||
Skandinaviska Enskilda Banken AB | EUR | 150,000 | 212,468 | |||||
Svensk Exportkredit AB | 400,000 | 411,960 | ||||||
938,578 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Thailand — 0.3% |
| |||||||
Bangkok Bank PCL | $ | 500,000 | $ | 503,614 | ||||
Turkey — 0.3% |
| |||||||
Turkiye Garanti Bankasi AS | 227,000 | 248,281 | ||||||
Turkiye Vakiflar Bankasi Tao | 359,000 | 395,798 | ||||||
644,079 | ||||||||
United Arab Emirates — 0.7% |
| |||||||
Abu Dhabi National Energy Co. | 200,000 | 237,200 | ||||||
Abu Dhabi National Energy Co. | 110,000 | 128,205 | ||||||
DP World, Ltd. | 410,000 | 457,150 | ||||||
Dubai Electricity & Water Authority | 370,000 | 446,590 | ||||||
1,269,145 | ||||||||
United Kingdom — 0.7% |
| |||||||
City of Kyiv Via Kyiv Finance PLC | 750,000 | 693,781 | ||||||
SABMiller PLC | EUR | 400,000 | 560,019 | |||||
1,253,800 | ||||||||
United States — 0.8% |
| |||||||
Fifth Third Bancorp | 200,000 | 212,010 | ||||||
Gerdau Holdings, Inc. | 290,000 | 337,850 | ||||||
Reliance Holdings USA, Inc. | 500,000 | 519,941 | ||||||
Walt Disney Co. | 400,000 | 415,518 | ||||||
1,485,319 | ||||||||
Venezuela — 0.5% |
| |||||||
Petroleos de Venezuela SA | 300,000 | 204,000 | ||||||
Petroleos de Venezuela SA | 830,000 | 784,350 | ||||||
988,350 | ||||||||
Total Corporate Bonds & Notes |
| |||||||
(cost $22,785,261) | 24,060,387 | |||||||
132
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES — 62.6% |
| |||||||
Argentina — 1.0% |
| |||||||
Republic of Argentina | $ | 1,052,134 | $ | 342,996 | ||||
Republic of Argentina | 950,000 | 743,375 | ||||||
Republic of Argentina | 1,180,380 | 743,639 | ||||||
1,830,010 | ||||||||
Australia — 1.3% |
| |||||||
Government of Australia | AUD | 1,925,000 | 2,415,597 | |||||
Austria — 1.9% |
| |||||||
Republic of Austria | EUR | 500,000 | 748,337 | |||||
Republic of Austria | EUR | 1,070,000 | 1,613,381 | |||||
Republic of Austria | EUR | 740,000 | 1,223,797 | |||||
3,585,515 | ||||||||
Brazil — 1.6% |
| |||||||
Federal Republic of Brazil | 580,000 | 702,090 | ||||||
Federal Republic of Brazil | 396,000 | 522,720 | ||||||
Federal Republic of Brazil | 300,000 | 465,000 | ||||||
Federal Republic of Brazil | BRL | 790,000 | 436,260 | |||||
Federal Republic of Brazil | 554,000 | 908,006 | ||||||
3,034,076 | ||||||||
Canada — 1.1% |
| |||||||
Government of Canada | CAD | 185,000 | 188,410 | |||||
Government of Canada | CAD | 1,085,000 | 1,248,064 | |||||
Government of Canada | CAD | 410,000 | 619,031 | |||||
2,055,505 | ||||||||
Chile — 0.3% |
| |||||||
Republic of Chile | 500,000 | 502,500 | ||||||
Colombia — 2.4% |
| |||||||
Republic of Colombia | 710,000 | 821,470 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Colombia (continued) |
| |||||||
Republic of Colombia | $ | 904,000 | $ | 1,247,520 | ||||
Republic of Colombia | 580,000 | 764,730 | ||||||
Republic of Colombia | 270,000 | 420,660 | ||||||
Republic of Colombia | 810,000 | 1,218,240 | ||||||
4,472,620 | ||||||||
Croatia — 0.5% |
| |||||||
Republic of Croatia | 420,000 | 481,320 | ||||||
Republic of Croatia | 360,000 | 414,947 | ||||||
896,267 | ||||||||
Denmark — 0.4% |
| |||||||
Kingdom of Denmark | DKK | 4,100,000 | 832,079 | |||||
Dominican Republic — 0.2% |
| |||||||
Dominican Republic | 390,000 | 455,910 | ||||||
Egypt — 0.4% |
| |||||||
Arab Republic of Egypt | 400,000 | 416,000 | ||||||
Arab Republic of Egypt | 400,000 | 398,000 | ||||||
814,000 | ||||||||
El Salvador — 1.7% |
| |||||||
Republic of El Salvador | 225,000 | 226,268 | ||||||
Republic of El Salvador | 730,000 | 830,375 | ||||||
Republic of El Salvador | 1,120,000 | 1,246,000 | ||||||
Republic of El Salvador | 710,000 | 840,995 | ||||||
3,143,638 | ||||||||
Finland — 0.3% |
| |||||||
Government of Finland | EUR | 240,000 | 325,262 | |||||
Government of Finland | EUR | 100,000 | 150,078 | |||||
475,340 | ||||||||
133
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
France — 2.4% |
| |||||||
Government of France | EUR | 1,500,000 | $ | 2,097,138 | ||||
Government of France | EUR | 200,000 | 284,019 | |||||
Government of France | EUR | 400,000 | 582,127 | |||||
Government of France | EUR | 50,000 | 75,474 | |||||
Government of France | EUR | 350,000 | 534,214 | |||||
Government of France | EUR | 600,000 | 988,039 | |||||
Government of France | EUR | 347 | 620 | |||||
4,561,631 | ||||||||
Germany — 0.5% |
| |||||||
Federal Republic of Germany | EUR | 300,000 | 415,210 | |||||
Federal Republic of Germany | EUR | 350,000 | 497,025 | |||||
912,235 | ||||||||
Hungary — 1.4% |
| |||||||
Republic of Hungary | 430,000 | 440,247 | ||||||
Republic of Hungary | 370,000 | 406,626 | ||||||
Republic of Hungary | 670,000 | 739,512 | ||||||
Republic of Hungary | HUF | 160,000,000 | 750,201 | |||||
Republic of Hungary | 300,000 | 343,500 | ||||||
2,680,086 | ||||||||
Indonesia — 2.5% |
| |||||||
Republic of Indonesia | 1,270,000 | 1,365,250 | ||||||
Republic of Indonesia | 753,000 | 883,209 | ||||||
Republic of Indonesia | 830,000 | 1,338,375 | ||||||
Republic of Indonesia | 790,000 | 1,200,800 | ||||||
4,787,634 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Ireland — 0.6% |
| |||||||
Republic of Ireland | EUR | 620,000 | $ | 857,126 | ||||
Vnesheconombank Via VEB Finance PLC | 260,000 | 290,987 | ||||||
1,148,113 | ||||||||
Ivory Coast — 0.3% |
| |||||||
Republic of Ivory Coast | 560,000 | 509,600 | ||||||
Japan — 15.9% |
| |||||||
Government of Japan | JPY | 232,400,000 | 2,841,124 | |||||
Government of Japan | JPY | 80,000,000 | 978,627 | |||||
Government of Japan | JPY | 110,000,000 | 1,345,678 | |||||
Government of Japan | JPY | 185,000,000 | 2,341,476 | |||||
Government of Japan | JPY | 83,000,000 | 1,058,092 | |||||
Government of Japan | JPY | 254,000,000 | 3,285,657 | |||||
Government of Japan | JPY | 34,000,000 | 423,505 | |||||
Government of Japan | JPY | 58,300,000 | 735,065 | |||||
Government of Japan | JPY | 50,000,000 | 621,743 | |||||
Government of Japan | JPY | 190,000,000 | 2,473,679 | |||||
Government of Japan | JPY | 240,000,000 | 3,095,393 | |||||
Government of Japan | JPY | 110,000,000 | 1,440,750 | |||||
Government of Japan | JPY | 53,000,000 | 660,833 | |||||
Government of Japan | JPY | 46,000,000 | 621,421 | |||||
Government of Japan | JPY | 134,700,000 | 1,829,333 | |||||
Government of Japan | JPY | 170,000,000 | 2,110,442 | |||||
Government of Japan | JPY | 160,000,000 | 2,171,495 | |||||
Government of Japan | JPY | 127,000,000 | 1,686,671 |
134
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 33,000,000 | $ | 411,973 | ||||
30,132,957 | ||||||||
Latvia — 0.2% |
| |||||||
Republic of Latvia | 350,000 | 405,562 | ||||||
Lebanon — 2.0% |
| |||||||
Lebanese Republic | 1,330,000 | 1,330,000 | ||||||
Lebanese Republic | 1,572,000 | 1,583,790 | ||||||
Lebanese Republic | 680,000 | 782,000 | ||||||
3,695,790 | ||||||||
Lithuania — 0.4% |
| |||||||
Republic of Lithuania | 650,000 | 840,125 | ||||||
Malaysia — 0.3% |
| |||||||
Government of Malaysia | MYR | 1,440,000 | 494,723 | |||||
Mexico — 2.1% |
| |||||||
United Mexican States | 1,480,000 | 1,629,850 | ||||||
United Mexican States | 610,000 | 824,110 | ||||||
United Mexican States | 600,000 | 864,900 | ||||||
United Mexican States | MXN | 70,000 | 584,308 | |||||
3,903,168 | ||||||||
Netherlands — 1.1% |
| |||||||
Government of Netherlands | EUR | 885,000 | 1,217,422 | |||||
Government of Netherlands | EUR | 560,000 | 865,033 | |||||
2,082,455 | ||||||||
Nigeria — 0.4% |
| |||||||
Federal Republic of Nigeria | 670,000 | 782,225 | ||||||
Norway — 0.9% |
| |||||||
Kingdom of Norway | NOK | 1,300,000 | 262,183 | |||||
Kingdom of Norway | NOK | 3,300,000 | 650,144 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Norway (continued) |
| |||||||
Kingdom of Norway | NOK | 4,600,000 | $ | 879,566 | ||||
1,791,893 | ||||||||
Peru — 1.7% |
| |||||||
Republic of Peru | 300,000 | 392,850 | ||||||
Republic of Peru | 426,000 | 623,025 | ||||||
Republic of Peru | 600,000 | 787,500 | ||||||
Republic of Peru | 331,000 | 483,260 | ||||||
Republic of Peru | 490,000 | 859,705 | ||||||
3,146,340 | ||||||||
Philippines — 1.3% |
| |||||||
Republic of the Philippines | 540,000 | 835,650 | ||||||
Republic of the Philippines | 270,000 | 392,850 | ||||||
Republic of the Philippines | 710,000 | 1,251,375 | ||||||
2,479,875 | ||||||||
Poland — 2.5% |
| |||||||
Republic of Poland | 1,650,000 | 1,648,070 | ||||||
Republic of Poland | PLN | 1,200,000 | 399,892 | |||||
Republic of Poland | 795,000 | 939,372 | ||||||
Republic of Poland | 510,000 | 604,840 | ||||||
Republic of Poland | PLN | 2,190,000 | 762,881 | |||||
Republic of Poland | PLN | 1,150,000 | 392,535 | |||||
4,747,590 | ||||||||
Republic of Belarus — 0.7% |
| |||||||
Republic of Belarus | 900,000 | 904,500 | ||||||
Republic of Belarus | 500,000 | 495,750 | ||||||
1,400,250 | ||||||||
135
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Romania — 1.1% | ||||||||
Government of Romania | $ | 1,410,000 | $ | 1,665,421 | ||||
Government of Romania | 300,000 | 354,345 | ||||||
2,019,766 | ||||||||
Russia — 1.6% | ||||||||
Russian Federation | 800,000 | 905,200 | ||||||
Russian Federation | 800,000 | 994,000 | ||||||
Russian Federation | 631,625 | 802,858 | ||||||
Russian Federation | RUB | 10,000,000 | 351,186 | |||||
3,053,244 | ||||||||
Singapore — 0.8% | ||||||||
Republic of Singapore | SGD | 370,000 | 328,652 | |||||
Republic of Singapore | SGD | 1,400,000 | 1,267,820 | |||||
1,596,472 | ||||||||
Slovenia — 0.1% | ||||||||
Republic of Slovenia | 260,000 | 259,454 | ||||||
South Africa — 1.6% | ||||||||
Republic of South Africa | 960,000 | 1,090,080 | ||||||
Republic of South Africa | 671,000 | 833,852 | ||||||
Republic of South Africa | ZAR | 5,300,000 | 599,874 | |||||
Republic of South Africa | ZAR | 1,900,000 | 222,724 | |||||
Republic of South Africa | ZAR | 2,600,000 | 365,962 | |||||
3,112,492 | ||||||||
Spain — 0.4% | ||||||||
Kingdom of Spain | 250,000 | 249,975 | ||||||
Kingdom of Spain | EUR | 350,000 | 451,961 | |||||
701,936 | ||||||||
Sri Lanka — 1.4% | ||||||||
Republic of Sri Lanka | 320,000 | 343,200 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Sri Lanka (continued) | ||||||||
Republic of Sri Lanka | $ | 700,000 | $ | 766,500 | ||||
Republic of Sri Lanka | 670,000 | 733,182 | ||||||
Republic of Sri Lanka | 788,000 | 852,025 | ||||||
2,694,907 | ||||||||
Sweden — 0.2% | ||||||||
Kingdom of Sweden | SEK | 2,470,000 | 437,193 | |||||
Switzerland — 0.2% | ||||||||
Swiss Confederation | CHF | 280,000 | 344,442 | |||||
Turkey — 1.8% | ||||||||
Republic of Turkey | 480,000 | 581,400 | ||||||
Republic of Turkey | 355,000 | 488,870 | ||||||
Republic of Turkey | 530,000 | 622,750 | ||||||
Republic of Turkey | 710,000 | 867,620 | ||||||
Republic of Turkey | 310,000 | 403,388 | ||||||
Republic of Turkey | TRY | 700,000 | 459,132 | |||||
3,423,160 | ||||||||
Ukraine — 1.3% | ||||||||
Financing of Infrastructural Projects State Enterprise Government Guar. Bonds | 810,000 | 729,010 | ||||||
Republic of Ukraine | 850,000 | 848,858 | ||||||
Republic of Ukraine | 830,000 | 848,675 | ||||||
2,426,543 | ||||||||
Uruguay — 0.6% | ||||||||
Republic of Uruguay | 771,809 | 1,124,912 | ||||||
Venezuela — 1.2% | ||||||||
Republic of Venezuela | 470,000 | 431,225 | ||||||
Republic of Venezuela | 830,000 | 869,840 |
136
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Venezuela (continued) | ||||||||
Republic of Venezuela | $ | 400,000 | $ | 423,000 | ||||
Republic of Venezuela | 410,000 | 458,585 | ||||||
2,182,650 | ||||||||
Total Government Agencies | ||||||||
(cost $111,214,346) | 118,392,480 | |||||||
GOVERNMENT TREASURIES — 22.6% | ||||||||
Italy — 6.2% | ||||||||
Republic of Italy | EUR | 300,000 | 396,773 | |||||
Republic of Italy | EUR | 1,160,000 | 1,534,563 | |||||
Republic of Italy | EUR | 670,000 | 876,249 | |||||
Republic of Italy | EUR | 1,730,000 | 2,323,526 | |||||
Republic of Italy | EUR | 400,000 | 544,090 | |||||
Republic of Italy | JPY | 110,000,000 | 1,364,763 | |||||
Republic of Italy | EUR | 580,000 | 792,793 | |||||
Republic of Italy | EUR | 100,000 | 135,544 | |||||
Republic of Italy | EUR | 650,000 | 890,289 | |||||
Republic of Italy | EUR | 275,000 | 368,838 | |||||
Republic of Italy | EUR | 1,210,000 | 1,540,544 | |||||
Republic of Italy | EUR | 532,912 | 944,603 | |||||
11,712,575 | ||||||||
United Kingdom — 2.7% | ||||||||
United Kingdom Gilt Treasury | GBP | 205,000 | 386,547 | |||||
United Kingdom Gilt Treasury | GBP | 1,365,000 | 2,469,663 | |||||
United Kingdom Gilt Treasury | GBP | 410,000 | 813,220 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 892,486 | |||||
United Kingdom Gilt Treasury | GBP | 290,000 | 595,332 | |||||
5,157,248 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
United States — 13.7% | ||||||||
United States Treasury Bonds | ||||||||
3.00% due 05/15/2042 | $ | 250,000 | $ | 261,484 | ||||
4.38% due 02/15/2038 | 110,000 | 145,905 | ||||||
5.38% due 02/15/2031 | 700,000 | 1,020,907 | ||||||
5.50% due 08/15/2028 | 380,000 | 547,793 | ||||||
United States Treasury Notes | ||||||||
0.25% due 12/15/2014 | 2,250,000 | 2,249,298 | ||||||
1.25% due 09/30/2015 | 3,300,000 | 3,386,368 | ||||||
1.75% due 05/15/2022 | 2,800,000 | 2,856,874 | ||||||
1.88% due 08/31/2017 | 2,280,000 | 2,418,225 | ||||||
2.00% due 02/15/2022 | 400,000 | 418,281 | ||||||
2.13% due 12/31/2015 | 2,500,000 | 2,635,352 | ||||||
2.38% due 09/30/2014 | 200,000 | 207,727 | ||||||
2.38% due 03/31/2016 | 1,388,000 | 1,479,522 | ||||||
2.75% due 11/30/2016 | 1,800,000 | 1,962,562 | ||||||
2.75% due 12/31/2017 | 800,000 | 884,750 | ||||||
2.75% due 02/28/2018 | 2,720,000 | 3,011,976 | ||||||
3.13% due 05/15/2021 | 1,300,000 | 1,489,515 | ||||||
4.50% due 11/15/2015 | 700,000 | 785,312 | ||||||
25,761,851 | ||||||||
Total Government Treasuries | ||||||||
(cost $41,198,699) | 42,631,674 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $175,198,306) | 185,084,541 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% | ||||||||
Time Deposits — 0.9% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | 1,620,000 | 1,620,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(cost $176,818,306)(2) | 98.8 | % | 186,704,541 | |||||
Other assets less liabilities | 1.2 | 2,302,871 | ||||||
NET ASSETS — | 100.0 | % | $ | 189,007,412 | ||||
* | 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, 2012, the aggregate value of these securities was $25,032,309 representing 13.2% 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. The rate reflected is as of November 30, 2012. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Denominated in United States Dollars unless otherwise indicated. |
AUD—Australian Dollar
BRL—Brazillian Real
CAD—Canadian Dollar
CHF—Switzerland Franc
DKK—Danish Krone
EUR—Euro Dollar
GBP—British Pound
HUF—Hungarian Forint
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
PLN—Polish Zloty
RUB—Russian Ruble
SEK—Swedish Krona
SGD—Singapore Dollar
TRY—Turkish Lira
ZAR—South African Rand
137
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | — | $ | 24,060,387 | $ | — | $ | 24,060,387 | ||||||||
Government Agencies: | ||||||||||||||||
Japan | — | 30,132,957 | — | 30,132,957 | ||||||||||||
Other Countries* | — | 88,259,523 | — | 88,259,523 | ||||||||||||
Government Treasuries: | ||||||||||||||||
Italy | — | 11,712,575 | — | 11,712,575 | ||||||||||||
United Kingdom | — | 5,157,248 | — | 5,157,248 | ||||||||||||
United States | — | 25,761,851 | — | 25,761,851 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 1,620,000 | — | 1,620,000 | ||||||||||||
Total Assets | $ | — | $ | 186,704,541 | $ | — | $ | 186,704,541 | ||||||||
* | 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 securities by country, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
138
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Banks — Commercial | 7.6 | % | ||
Registered Investment Companies | 6.5 | |||
Medical — Drugs | 6.4 | |||
Food — Misc./Diversified | 4.3 | |||
Oil Companies — Integrated | 3.8 | |||
Diversified Banking Institutions | 3.3 | |||
Auto — Cars/Light Trucks | 2.9 | |||
Time Deposits | 2.8 | |||
Beverages — Wine/Spirits | 2.0 | |||
Brewery | 2.0 | |||
Agricultural Chemicals | 1.9 | |||
Tobacco | 1.7 | |||
Electronic Components — Semiconductors | 1.6 | |||
Enterprise Software/Service | 1.6 | |||
Oil — Field Services | 1.6 | |||
Chemicals — Diversified | 1.5 | |||
Industrial Gases | 1.4 | |||
Food — Catering | 1.4 | |||
Cellular Telecom | 1.4 | |||
Cosmetics & Toiletries | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Transport — Rail | 1.2 | |||
Auto/Truck Parts & Equipment — Original | 1.2 | |||
Power Converter/Supply Equipment | 1.2 | |||
Metal — Diversified | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.2 | |||
Human Resources | 1.1 | |||
Diversified Minerals | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Insurance — Reinsurance | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Industrial Automated/Robotic | 0.9 | |||
Textile — Apparel | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Retail — Convenience Store | 0.8 | |||
Web Portals/ISP | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Advertising Agencies | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Telecom Services | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Athletic Footwear | 0.7 | |||
Satellite Telecom | 0.7 | |||
Medical Products | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Diversified Financial Services | 0.7 | |||
Diversified Operations | 0.7 | |||
Building Products — Cement | 0.7 | |||
Real Estate Management/Services | 0.6 | |||
Transactional Software | 0.6 | |||
Food — Retail | 0.6 | |||
Publishing — Periodicals | 0.6 | |||
Transport — Services | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Commercial Services | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Finance — Leasing Companies | 0.6 | |||
Optical Supplies | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Advertising Services | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Office Automation & Equipment | 0.5 | |||
Hotels/Motels | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Casino Hotels | 0.5 | |||
Diversified Operations/Commercial Services | 0.5 |
Machinery — Farming | 0.5 | |||
Casino Hotels | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Investment Companies | 0.5 | |||
Computer Aided Design | 0.4 | |||
Finance — Other Services | 0.4 | |||
Multimedia | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Metal — Copper | 0.4 | |||
Precious Metals | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Real Estate Operations & Development | 0.4 | |||
Import/Export | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Telephone — Integrated | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Computer Data Security | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Airlines | 0.3 | |||
Retail — Building Products | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Dialysis Centers | 0.3 | |||
Aerospace/Defense | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Appliances | 0.3 | |||
Rubber — Tires | 0.3 | |||
Insurance — Multi-line | 0.2 | |||
Gas — Distribution | 0.2 | |||
Cruise Lines | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Commercial Paper | 0.2 | |||
Computer Services | 0.2 | |||
Applications Software | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Medical Instruments | 0.2 | |||
Wireless Equipment | 0.2 | |||
Internet Application Software | 0.2 | |||
Paper & Related Products | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Electric — Transmission | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
106.4 | % | |||
* | Calculated as a percentage of net assets. |
Country Allocation*
United Kingdom | 16.2 | % | ||
Japan | 11.5 | |||
United States | 9.5 | |||
France | 9.3 | |||
Switzerland | 9.2 | |||
Germany | 8.9 | |||
Australia | 4.0 | |||
Netherlands | 3.6 | |||
Canada | 3.5 | |||
Sweden | 2.8 | |||
Spain | 2.3 | |||
Jersey | 2.2 | |||
Italy | 1.9 | |||
Hong Kong | 1.9 | |||
Taiwan | 1.7 | |||
South Korea | 1.7 | |||
Belgium | 1.7 | |||
Singapore | 1.6 | |||
Denmark | 1.6 |
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PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Country Allocation* (continued)
Norway | 1.3 | % | ||
Brazil | 1.1 | |||
Mexico | 1.0 | |||
Bermuda | 0.9 | |||
Cayman Islands | 0.9 | |||
Russia | 0.9 | |||
Ireland | 0.8 | |||
Israel | 0.7 | |||
Turkey | 0.6 | |||
India | 0.6 | |||
Thailand | 0.6 | |||
Luxembourg | 0.5 | |||
Indonesia | 0.4 | |||
China | 0.3 | |||
Finland | 0.3 | |||
Czech Republic | 0.2 | |||
Portugal | 0.1 | |||
South Africa | 0.1 | |||
106.4 | % | |||
* | Calculated as a percentage of net assets |
140
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.0% | ||||||||
Australia — 4.0% | ||||||||
BHP Billiton, Ltd.# | 172,813 | $ | 6,202,153 | |||||
Brambles, Ltd.# | 355,671 | 2,687,329 | ||||||
Coca-Cola Amatil, Ltd. | 116,145 | 1,665,410 | ||||||
Commonwealth Bank of Australia# | 48,313 | 3,009,535 | ||||||
CSL, Ltd. | 61,008 | 3,291,631 | ||||||
QBE Insurance Group, Ltd. | 159,485 | 1,820,837 | ||||||
Treasury Wine Estates, Ltd.# | 316,428 | 1,661,027 | ||||||
Westpac Banking Corp. | 26,050 | 693,237 | ||||||
WorleyParsons, Ltd. | 71,835 | 1,841,189 | ||||||
22,872,348 | ||||||||
Austria — 0.0% | ||||||||
Erste Group Bank AG† | 6,581 | 193,560 | ||||||
Belgium — 1.7% | ||||||||
Anheuser-Busch InBev NV | 83,065 | 7,280,159 | ||||||
Umicore SA | 43,554 | 2,262,652 | ||||||
9,542,811 | ||||||||
Bermuda — 0.9% | ||||||||
Brilliance China Automotive Holdings, Ltd.†# | 1,038,000 | 1,258,961 | ||||||
Credicorp, Ltd. | 10,728 | 1,500,847 | ||||||
Li & Fung, Ltd.# | 1,384,800 | 2,279,948 | ||||||
5,039,756 | ||||||||
Brazil — 0.4% | ||||||||
BM&FBovespa SA | 140,100 | 841,859 | ||||||
BR Malls Participacoes SA | 103,800 | 1,333,447 | ||||||
Tim Participacoes SA ADR | 18,370 | 325,700 | ||||||
2,501,006 | ||||||||
Canada — 3.5% | ||||||||
Agrium, Inc. | 14,855 | 1,516,979 | ||||||
Bank of Nova Scotia | 24,270 | 1,368,219 | ||||||
Canadian National Railway Co.(TSX)# | 14,546 | 1,308,240 | ||||||
Canadian National Railway Co.(NYSE) | 40,890 | 3,673,149 | ||||||
Canadian Natural Resources, Ltd. | 37,017 | 1,065,401 | ||||||
Canadian Pacific Railway, Ltd. | 25,495 | 2,379,208 | ||||||
Cenovus Energy, Inc. | 43,153 | 1,449,221 | ||||||
CGI Group, Inc. Class A†# | 55,994 | 1,285,210 | ||||||
Fairfax Financial Holdings, Ltd.# | 4,304 | 1,478,269 | ||||||
Potash Corp. of Saskatchewan, Inc.# | 43,558 | 1,685,140 | ||||||
Suncor Energy, Inc.# | 93,373 | 3,051,178 | ||||||
20,260,214 | ||||||||
Cayman Islands — 0.9% | ||||||||
Baidu, Inc. ADR† | 31,246 | 3,009,302 | ||||||
Sands China, Ltd.# | 244,000 | 1,040,515 | ||||||
Tencent Holdings, Ltd. | 30,200 | 983,521 | ||||||
5,033,338 | ||||||||
China — 0.3% | ||||||||
Industrial & Commercial Bank of China, Ltd.# | 2,606,000 | 1,758,584 | ||||||
Czech Republic — 0.2% | ||||||||
Komercni Banka AS | 5,547 | 1,106,219 | ||||||
Denmark — 1.6% | ||||||||
Christian Hansen Holding A/S# | 69,248 | 2,241,751 | ||||||
Coloplast A/S, Class B# | 4,716 | 1,100,836 | ||||||
Novo Nordisk A/S, Class B | 36,492 | 5,795,410 | ||||||
9,137,997 | ||||||||
Finland — 0.3% | ||||||||
Kone Oyj, Class B | 22,923 | 1,717,201 | ||||||
France — 9.3% | ||||||||
Air Liquide SA | 34,231 | 4,180,794 | ||||||
BNP Paribas SA | 60,683 | 3,389,276 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) | ||||||||
Cap Gemini SA | 29,156 | $ | 1,234,259 | |||||
Cie Generale d’Optique Essilor International SA | 19,582 | 1,890,953 | ||||||
Danone SA | 48,165 | 3,055,316 | ||||||
Dassault Systemes SA | 21,759 | 2,461,986 | ||||||
Eutelsat Communications SA | 30,765 | 951,672 | ||||||
L’Oreal SA | 15,847 | 2,150,636 | ||||||
Legrand SA | 44,253 | 1,792,209 | ||||||
LVMH Moet Hennessy Louis Vuitton SA# | 29,687 | 5,208,415 | ||||||
Pernod-Ricard SA | 59,392 | 6,724,716 | ||||||
Publicis Groupe SA# | 52,486 | 2,968,999 | ||||||
Sanofi | 65,241 | 5,825,748 | ||||||
Schneider Electric SA | 99,909 | 7,021,781 | ||||||
Technip SA | 26,499 | 3,078,261 | ||||||
Zodiac Aerospace | 18,583 | 2,076,043 | ||||||
54,011,064 | ||||||||
Germany — 7.7% | ||||||||
Adidas AG | 46,568 | 4,095,341 | ||||||
BASF SE# | 34,759 | 3,114,683 | ||||||
Bayer AG | 54,788 | 4,955,756 | ||||||
Beiersdorf AG | 39,678 | 3,111,676 | ||||||
Continental AG | 13,016 | 1,440,570 | ||||||
Deutsche Boerse AG | 27,701 | 1,560,310 | ||||||
Fresenius Medical Care AG & Co. KGaA | 22,585 | 1,550,891 | ||||||
HeidelbergCement AG | 15,254 | 828,956 | ||||||
Kabel Deutschland Holding AG | 42,035 | 3,039,577 | ||||||
Linde AG | 24,350 | 4,210,315 | ||||||
Merck KGaA | 16,913 | 2,262,311 | ||||||
Muenchener Rueckversicherungs AG | 26,938 | 4,598,244 | ||||||
SAP AG | 121,510 | 9,488,117 | ||||||
44,256,747 | ||||||||
Hong Kong — 1.9% | ||||||||
China Mobile, Ltd. | 163,000 | 1,859,204 | ||||||
China Unicom Hong Kong, Ltd.# | 854,000 | 1,333,307 | ||||||
China Unicom Hong Kong, Ltd. ADR# | 49,289 | 765,458 | ||||||
CNOOC, Ltd. | 848,000 | 1,805,373 | ||||||
Galaxy Entertainment Group, Ltd.†# | 442,000 | 1,682,408 | ||||||
Hutchison Whampoa, Ltd. | 166,000 | 1,704,937 | ||||||
Link REIT | 349,505 | 1,909,826 | ||||||
11,060,513 | ||||||||
India — 0.6% | ||||||||
HDFC Bank, Ltd. ADR | 33,703 | 1,419,571 | ||||||
ICICI Bank, Ltd. ADR | 52,070 | 2,134,349 | ||||||
3,553,920 | ||||||||
Indonesia — 0.4% | ||||||||
Bank Mandiri Persero Tbk PT | 2,661,995 | 2,289,202 | ||||||
Ireland — 0.8% | ||||||||
Irish Bank Resolution Corp., Ltd.†(1)(2) | 58,907 | 0 | ||||||
James Hardie Industries SE ADR†# | 289,568 | 2,746,935 | ||||||
Ryanair Holdings PLC ADR† | 51,833 | 1,784,610 | ||||||
4,531,545 | ||||||||
Israel — 0.7% | ||||||||
Check Point Software Technologies, Ltd.†# | 25,610 | 1,182,414 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 71,900 | 2,901,165 | ||||||
4,083,579 | ||||||||
Italy — 1.9% | ||||||||
Eni SpA | 147,667 | 3,491,440 | ||||||
Luxottica Group SpA | 34,375 | 1,410,488 | ||||||
Prada SpA | 350,400 | 2,893,551 | ||||||
Saipem SpA | 73,804 | 3,285,596 | ||||||
11,081,075 | ||||||||
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Japan — 11.5% | ||||||||
Canon, Inc.# | 84,100 | $ | 2,941,230 | |||||
Daikin Industries, Ltd. | 25,900 | 814,373 | ||||||
Daito Trust Construction Co., Ltd. | 22,700 | 2,200,194 | ||||||
Denso Corp. | 133,400 | 4,383,825 | ||||||
FANUC Corp. | 32,000 | 5,395,766 | ||||||
Fast Retailing Co., Ltd.# | 6,600 | 1,498,781 | ||||||
Hitachi, Ltd. | 275,000 | 1,587,918 | ||||||
Honda Motor Co., Ltd. | 93,900 | 3,111,965 | ||||||
Hoya Corp. | 78,500 | 1,507,436 | ||||||
Inpex Corp. | 436 | 2,337,745 | ||||||
Japan Tobacco, Inc. | 68,700 | 2,058,458 | ||||||
KDDI Corp. | 25,890 | 1,915,800 | ||||||
Keyence Corp. | 8,000 | 2,234,003 | ||||||
Komatsu, Ltd. | 32,800 | 734,901 | ||||||
Kubota Corp. | 253,000 | 2,685,449 | ||||||
Lawson, Inc.# | 63,800 | 4,318,602 | ||||||
Mitsubishi Corp. | 112,900 | 2,137,889 | ||||||
Mitsubishi Estate Co., Ltd. | 136,000 | 2,621,508 | ||||||
Mitsubishi Heavy Industries, Ltd. | 275,000 | 1,277,673 | ||||||
Murata Manufacturing Co., Ltd. | 18,700 | 1,059,368 | ||||||
Nidec Corp.# | 15,500 | 940,135 | ||||||
NTT DOCOMO, Inc. | 638 | 920,218 | ||||||
ORIX Corp.# | 32,180 | 3,228,345 | ||||||
Rakuten, Inc.# | 181,543 | 1,530,568 | ||||||
Shin-Etsu Chemical Co., Ltd. | 61,200 | 3,600,655 | ||||||
Sysmex Corp. | 24,000 | 1,084,491 | ||||||
Toyota Motor Corp. | 143,975 | 6,173,975 | ||||||
Unicharm Corp. | 44,500 | 2,272,639 | ||||||
66,573,910 | ||||||||
Jersey — 2.2% | ||||||||
Delphi Automotive PLC† | 17,710 | 601,963 | ||||||
Experian PLC | 101,126 | 1,680,138 | ||||||
Informa PLC | 185,993 | 1,252,745 | ||||||
Petrofac, Ltd. | 42,704 | 1,113,849 | ||||||
Shire PLC | 28,750 | 831,877 | ||||||
Wolseley PLC† | 56,186 | 2,607,834 | ||||||
WPP PLC | 324,335 | 4,448,063 | ||||||
12,536,469 | ||||||||
Luxembourg — 0.5% | ||||||||
SES SA FDR | 108,143 | 3,059,039 | ||||||
Mexico — 1.0% | ||||||||
America Movil SAB de CV, Series L ADR | 76,545 | 1,805,697 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 13,144 | 1,289,163 | ||||||
Grupo Financiero Santander Mexico SAB de CV ADR† | 32,660 | 477,163 | ||||||
Grupo Televisa SAB ADR | 97,426 | 2,306,073 | ||||||
5,878,096 | ||||||||
Netherlands — 3.6% | ||||||||
Akzo Nobel NV | 42,586 | 2,433,628 | ||||||
ASML Holding NV | 43,682 | 2,729,184 | ||||||
Gemalto NV# | 20,341 | 1,870,333 | ||||||
Heineken NV | 62,001 | 4,089,024 | ||||||
ING Groep NV CVA† | 296,370 | 2,663,420 | ||||||
Koninklijke Vopak NV | 37,626 | 2,779,970 | ||||||
Randstad Holding NV | 75,485 | 2,454,793 | ||||||
Unilever NV CVA | 51,021 | 1,935,919 | ||||||
20,956,271 | ||||||||
Norway — 1.3% | ||||||||
Petroleum Geo-Services ASA† | 96,734 | 1,621,498 | ||||||
Statoil ASA | 127,783 | 3,124,389 | ||||||
Telenor ASA | 125,000 | 2,537,757 | ||||||
7,283,644 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Portugal — 0.1% | ||||||||
Jeronimo Martins SGPS SA | 44,025 | $ | 821,348 | |||||
Russia — 0.9% | ||||||||
Gazprom OAO ADR | 83,788 | 744,876 | ||||||
Magnit OJSC GDR | 82,733 | 2,918,820 | ||||||
Sberbank of Russia† | 442,262 | 1,300,250 | ||||||
4,963,946 | ||||||||
Singapore — 1.6% | ||||||||
Avago Technologies, Ltd. | 32,685 | 1,147,244 | ||||||
DBS Group Holdings, Ltd. | 335,000 | 3,965,877 | ||||||
Keppel Corp., Ltd. | 233,757 | �� | 2,051,071 | |||||
Singapore Telecommunications, Ltd. | 243,950 | 661,539 | ||||||
United Overseas Bank, Ltd. | 91,077 | 1,396,822 | ||||||
9,222,553 | ||||||||
South Africa — 0.1% | ||||||||
MTN Group, Ltd. | 24,769 | 455,880 | ||||||
South Korea — 1.7% | ||||||||
Hyundai Mobis | 8,046 | 2,121,377 | ||||||
Hyundai Motor Co. | 1,355 | 282,174 | ||||||
NHN Corp. | 8,045 | 1,872,226 | ||||||
Samsung Electronics Co., Ltd. | 3,133 | 4,067,967 | ||||||
Samsung Electronics Co., Ltd. GDR (LSE) | 2,118 | 1,387,290 | ||||||
Samsung Electronics Co., Ltd. GDR (OTC)*† | 34 | 22,270 | ||||||
9,753,304 | ||||||||
Spain — 2.3% |
| |||||||
Amadeus IT Holding SA | 160,374 | 3,743,913 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 138,170 | 1,172,344 | ||||||
Banco Santander SA | 187,859 | 1,444,910 | ||||||
Grifols SA† | 117,477 | 3,757,742 | ||||||
Inditex SA | 19,498 | 2,672,748 | ||||||
Red Electrica Corp. SA | 13,780 | 638,546 | ||||||
13,430,203 | ||||||||
Sweden — 2.8% |
| |||||||
Atlas Copco AB, Class A | 40,793 | 1,050,887 | ||||||
Electrolux AB, Series B | 57,380 | 1,501,478 | ||||||
Hennes & Mauritz AB, Class B | 44,130 | 1,432,010 | ||||||
Investment AB Kinnevik, Class B | 47,499 | 925,229 | ||||||
Investor AB, Class B | 69,256 | 1,604,057 | ||||||
SKF AB, Class B | 46,072 | 1,107,941 | ||||||
Svenska Cellulosa AB, Class B | 40,988 | 829,820 | ||||||
Swedbank AB, Class A | 197,206 | 3,642,769 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 114,161 | 1,063,822 | ||||||
Volvo AB, Class B | 220,316 | 3,120,952 | ||||||
16,278,965 | ||||||||
Switzerland — 9.2% |
| |||||||
ABB, Ltd. | 82,596 | 1,609,673 | ||||||
Adecco SA | 38,089 | 1,882,050 | ||||||
Cie Financiere Richemont SA, Class A | 19,572 | 1,509,031 | ||||||
Givaudan SA | 318 | 319,304 | ||||||
Julius Baer Group, Ltd. | 110,862 | 3,797,086 | ||||||
Kuehne & Nagel International AG | 6,400 | 770,735 | ||||||
Nestle SA | 206,608 | 13,521,933 | ||||||
Novartis AG | 26,334 | 1,629,713 | ||||||
Roche Holding AG | 57,589 | 11,335,096 | ||||||
SGS SA | 771 | 1,729,696 | ||||||
Sonova Holding AG | 10,632 | 1,161,064 | ||||||
Swiss Re AG | 18,818 | 1,355,456 | ||||||
Syngenta AG | 18,595 | 7,454,454 | ||||||
UBS AG | 241,489 | 3,778,559 | ||||||
Zurich Insurance Group AG | 5,562 | 1,419,459 | ||||||
53,273,309 | ||||||||
142
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Taiwan — 1.7% |
| |||||||
Hon Hai Precision Industry Co., Ltd. | 932,110 | $ | 2,990,041 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 510,269 | 1,733,446 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 291,621 | 5,036,295 | ||||||
9,759,782 | ||||||||
Thailand — 0.6% |
| |||||||
CP ALL PCL | 626,500 | 806,346 | ||||||
Kasikornbank PCL NVDR | 425,300 | 2,591,433 | ||||||
3,397,779 | ||||||||
Turkey — 0.6% |
| |||||||
Akbank TAS | 336,468 | 1,577,974 | ||||||
Turkiye Garanti Bankasi AS | 440,133 | 2,088,775 | ||||||
3,666,749 | ||||||||
United Kingdom — 16.2% |
| |||||||
Aggreko PLC | 45,817 | 1,638,416 | ||||||
Antofagasta PLC | 110,351 | 2,277,170 | ||||||
ARM Holdings PLC | 241,394 | 2,993,442 | ||||||
Barclays PLC | 284,519 | 1,121,372 | ||||||
BG Group PLC | 321,094 | 5,504,518 | ||||||
British American Tobacco PLC | 96,974 | 5,086,714 | ||||||
British Sky Broadcasting Group PLC | 130,628 | 1,588,479 | ||||||
Burberry Group PLC | 58,571 | 1,207,715 | ||||||
Capita PLC | 150,758 | 1,841,720 | ||||||
Carnival PLC | 32,425 | 1,311,731 | ||||||
Centrica PLC | 258,649 | 1,350,512 | ||||||
Compass Group PLC | 679,201 | 7,845,795 | ||||||
Diageo PLC | 102,176 | 3,039,934 | ||||||
Hays PLC | 480,575 | 599,024 | ||||||
HSBC Holdings PLC(LSE)# | 290,603 | 2,954,700 | ||||||
HSBC Holdings PLC(SEHK) | 520,834 | 5,321,317 | ||||||
Imperial Tobacco Group PLC | 78,949 | 3,158,410 | ||||||
Kingfisher PLC | 379,565 | 1,690,575 | ||||||
Lloyds Banking Group PLC† | 4,241,895 | 3,159,872 | ||||||
Next PLC | 25,669 | 1,505,608 | ||||||
Pearson PLC | 58,678 | 1,107,450 | ||||||
Reckitt Benckiser Group PLC | 43,595 | 2,741,446 | ||||||
Reed Elsevier PLC | 361,654 | 3,722,801 | ||||||
Rio Tinto PLC | 140,448 | 6,960,959 | ||||||
Rolls-Royce Holdings PLC | 106,470 | 1,519,024 | ||||||
Royal Dutch Shell PLC, Class A | 79,234 | 2,652,512 | ||||||
Royal Dutch Shell PLC, Class B | 51,923 | 1,792,296 | ||||||
Smith & Nephew PLC | 149,377 | 1,573,558 | ||||||
Smiths Group PLC | 91,039 | 1,597,147 | ||||||
Standard Chartered PLC | 260,185 | 6,065,249 | ||||||
Telecity Group PLC | 80,738 | 1,108,568 | ||||||
Unilever PLC | 125,118 | 4,817,003 | ||||||
Whitbread PLC | 75,797 | 2,913,303 | ||||||
93,768,340 | ||||||||
Total Common Stock | ||||||||
(cost $481,056,523) | 549,110,266 | |||||||
PREFERRED STOCK — 1.9% | ||||||||
Brazil — 0.7% |
| |||||||
Banco Bradesco SA ADR | 156,068 | 2,628,185 | ||||||
Itau Unibanco Holding SA ADR | 75,200 | 1,139,280 | ||||||
3,767,465 | ||||||||
Germany — 1.2% |
| |||||||
Henkel AG & Co. KGaA | 13,072 | 1,092,302 | ||||||
Volkswagen AG | 28,197 | 6,103,993 | ||||||
7,196,295 | ||||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
United Kingdom — 0.0% |
| |||||||
Rolls-Royce Holdings PLC† | 8,091,720 | $ | 12,964 | |||||
Total Preferred Stock | ||||||||
(cost $9,778,925) | 10,976,724 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $490,835,448) | 560,086,990 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.5% |
| |||||||
Commercial Paper — 0.2% |
| |||||||
Barclays U.S. Funding LLC | $ | 1,279,000 | 1,278,987 | |||||
Registered Investment Companies — 6.5% | ||||||||
State Street Navigator Securities | 37,835,715 | 37,385,715 | ||||||
Time Deposits — 2.8% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | 15,982,000 | 15,982,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $54,646,702) | 54,646,702 | |||||||
TOTAL INVESTMENTS— | ||||||||
(cost $545,482,150)(4) | 106.4 | % | 614,733,692 | |||||
Liabilities in excess of other assets | (6.4 | ) | (37,087,583 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 577,646,109 | ||||
# | 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, 2012, the aggregate value of these securities was $22,270 representing 0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2012, 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) | At November 30, 2012, the Fund had loaned securities with a total value of $38,655,710. This was secured by collateral of $37,385,715, which was received in cash and subsequently invested in short-term investments currently value at $37,385,715 as reported in the portfolio of investments. The remaining collateral of $3,270,743 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 other assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 1/10/2013 | $1,104,236 | |||
United States Treasury | 0.13% to 6.25% | 12/31/2013 to 05/15/2030 | 2,166,507 |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depository Receipt
GDR—Global Depository Receipt
LSE—London Stock Exchange
NVDR—Non-Voting Depository Receipt
NYSE—New York Stock Exchange
OTC—Over The Counter US
SEHK—Hong Kong Stock Exchange
TSX—Toronto Stock Exchange
143
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 54,011,064 | $ | — | $ | — | $ | 54,011,064 | ||||||||
Germany | 44,256,747 | — | — | 44,256,747 | ||||||||||||
Ireland | 4,531,545 | — | 0 | 4,531,545 | ||||||||||||
Japan | 66,573,910 | — | — | 66,573,910 | ||||||||||||
Switzerland | 53,273,309 | — | — | 53,273,309 | ||||||||||||
United Kingdom | 93,768,340 | — | — | 93,768,340 | ||||||||||||
Other Countries* | 232,695,351 | — | — | 232,695,351 | ||||||||||||
Preferred Stock | 10,976,724 | — | — | 10,976,724 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 1,278,987 | — | 1,278,987 | ||||||||||||
Registered Investment Companies | 37,385,715 | — | — | 37,385,715 | ||||||||||||
Time Deposits | — | 15,982,000 | — | 15,982,000 | ||||||||||||
Total | $ | 597,472,705 | $ | 17,260,987 | $ | 0 | $ | 614,733,692 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
144
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Medical — Drugs | 8.6 | % | ||
Oil Companies — Integrated | 6.1 | |||
Diversified Banking Institutions | 5.8 | |||
Computers | 5.6 | |||
Insurance — Reinsurance | 3.1 | |||
Investment Management/Advisor Services | 3.0 | |||
Registered Investment Companies | 2.7 | |||
Web Portals/ISP | 2.7 | |||
Cable/Satellite TV | 2.5 | |||
Medical Products | 2.5 | |||
Diversified Manufacturing Operations | 2.4 | |||
Cosmetics & Toiletries | 2.4 | |||
Tobacco | 2.3 | |||
Banks — Super Regional | 2.2 | |||
Retail — Building Products | 2.2 | |||
Applications Software | 2.1 | |||
Insurance Brokers | 2.0 | |||
Beverages — Non-alcoholic | 1.9 | |||
Commercial Services — Finance | 1.9 | |||
E-Commerce/Products | 1.9 | |||
Oil — Field Services | 1.8 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Computer Services | 1.7 | |||
Retail — Drug Store | 1.4 | |||
Cellular Telecom | 1.4 | |||
Pharmacy Services | 1.3 | |||
Casino Hotels | 1.3 | |||
Retail — Discount | 1.3 | |||
Computers — Memory Devices | 1.2 | |||
Medical — HMO | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Repurchase Agreements | 1.2 | |||
Instruments — Controls | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Multimedia | 1.1 | |||
Publishing — Periodicals | 1.1 | |||
Banks — Fiduciary | 1.1 | |||
Medical — Biomedical/Gene | 1.1 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Broadcast Services/Program | 1.0 | |||
Beverages — Wine/Spirits | 1.0 | |||
Athletic Footwear | 1.0 | |||
Transport — Rail | 1.0 | |||
Metal — Copper | 0.9 | |||
Electronic Security Devices | 0.9 | |||
Transport — Services | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Internet Content — Entertainment | 0.8 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Tools — Hand Held | 0.7 | |||
Entertainment Software | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Office Automation & Equipment | 0.3 | |||
Commercial Services | 0.2 | |||
Finance — Other Services | 0.1 | |||
103.2 | % | |||
* | Calculated as a percentage of net assets |
145
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VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.3% |
| |||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
United Technologies Corp. | 17,467 | $ | 1,399,281 | |||||
Applications Software — 2.1% |
| |||||||
Citrix Systems, Inc.† | 5,340 | 326,594 | ||||||
Microsoft Corp. | 93,780 | 2,496,424 | ||||||
2,823,018 | ||||||||
Athletic Footwear — 1.0% |
| |||||||
NIKE, Inc., Class B | 13,473 | 1,313,348 | ||||||
Auto - Cars/Light Trucks — 0.8% |
| |||||||
General Motors Co.† | 39,380 | 1,019,154 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Delphi Automotive PLC† | 19,334 | 657,163 | ||||||
Banks - Fiduciary — 1.1% |
| |||||||
State Street Corp. | 32,089 | 1,426,035 | ||||||
Banks - Super Regional — 2.2% |
| |||||||
Wells Fargo & Co. | 89,381 | 2,950,467 | ||||||
Beverages - Non-alcoholic — 1.9% |
| |||||||
PepsiCo, Inc. | 36,852 | 2,587,379 | ||||||
Beverages - Wine/Spirits — 1.0% |
| |||||||
Diageo PLC ADR | 11,311 | 1,352,456 | ||||||
Broadcast Services/Program — 1.0% |
| |||||||
Discovery Communications, Inc., Class A†# | 23,060 | 1,393,055 | ||||||
Cable/Satellite TV — 2.5% |
| |||||||
Comcast Corp., Class A | 55,330 | 2,057,169 | ||||||
DIRECTV† | 26,784 | 1,331,165 | ||||||
3,388,334 | ||||||||
Casino Hotels — 1.3% |
| |||||||
Wynn Resorts, Ltd. | 15,325 | 1,722,530 | ||||||
Cellular Telecom — 1.4% |
| |||||||
Sprint Nextel Corp.† | 169,807 | 972,994 | ||||||
Vodafone Group PLC ADR | 36,712 | 947,170 | ||||||
1,920,164 | ||||||||
Chemicals - Diversified — 0.8% |
| |||||||
Celanese Corp., Series A | 19,903 | 816,819 | ||||||
Dow Chemical Co. | 9,643 | 291,122 | ||||||
1,107,941 | ||||||||
Commercial Services — 0.2% |
| |||||||
Weight Watchers International, Inc.# | 4,166 | 216,465 | ||||||
Commercial Services - Finance — 1.9% | ||||||||
Mastercard, Inc., Class A | 5,205 | 2,543,579 | ||||||
Computer Services — 1.7% |
| |||||||
International Business Machines Corp. | 12,140 | 2,307,450 | ||||||
Computers — 5.6% |
| |||||||
Apple, Inc. | 10,112 | 5,918,351 | ||||||
Hewlett-Packard Co. | 118,750 | 1,542,563 | ||||||
7,460,914 | ||||||||
Computers - Memory Devices — 1.2% |
| |||||||
EMC Corp.† | 67,533 | 1,676,169 | ||||||
Cosmetics & Toiletries — 2.4% |
| |||||||
Procter & Gamble Co. | 46,165 | 3,223,702 | ||||||
Diversified Banking Institutions — 5.8% |
| |||||||
Citigroup, Inc. | 70,337 | 2,431,550 | ||||||
Goldman Sachs Group, Inc. | 9,784 | 1,152,457 | ||||||
JPMorgan Chase & Co. | 78,238 | 3,214,017 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | 55,334 | $ | 933,485 | |||||
7,731,509 | ||||||||
Diversified Manufacturing Operations — 2.4% |
| |||||||
Eaton Corp. PLC# | 13,249 | 691,068 | ||||||
General Electric Co. | 122,170 | 2,581,452 | ||||||
3,272,520 | ||||||||
E-Commerce/Products — 1.9% |
| |||||||
eBay, Inc.† | 47,712 | 2,520,148 | ||||||
Electronic Components-Semiconductors — 1.2% |
| |||||||
Skyworks Solutions, Inc.† | 71,814 | 1,626,587 | ||||||
Electronic Security Devices — 0.9% |
| |||||||
Tyco International, Ltd. | 44,103 | 1,251,202 | ||||||
Entertainment Software — 0.6% | �� | |||||||
Electronic Arts, Inc.†# | 52,538 | 778,088 | ||||||
Finance - Other Services — 0.1% |
| |||||||
NYSE Euronext | 4,030 | 94,101 | ||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Mondelez International, Inc., Class A | 58,995 | 1,527,381 | ||||||
Instruments - Controls — 1.1% |
| |||||||
Honeywell International, Inc. | 25,013 | 1,534,047 | ||||||
Insurance Brokers — 2.0% |
| |||||||
Aon PLC | 48,309 | 2,743,951 | ||||||
Insurance - Reinsurance — 3.1% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 47,346 | 4,170,236 | ||||||
Internet Content - Entertainment — 0.8% |
| |||||||
Facebook, Inc., Class A†# | 38,594 | 1,080,632 | ||||||
Investment Management/Advisor Services — 3.0% |
| |||||||
BlackRock, Inc. | 13,553 | 2,670,483 | ||||||
Invesco, Ltd. | 52,883 | 1,321,546 | ||||||
3,992,029 | ||||||||
Medical Products — 2.5% |
| |||||||
Baxter International, Inc. | 28,611 | 1,896,051 | ||||||
Covidien PLC | 25,523 | 1,483,142 | ||||||
3,379,193 | ||||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Celgene Corp.† | 18,020 | 1,416,192 | ||||||
Medical - Drugs — 8.6% |
| |||||||
Abbott Laboratories | 46,214 | 3,003,910 | ||||||
Johnson & Johnson | 64,604 | 4,504,837 | ||||||
Merck & Co., Inc. | 29,904 | 1,324,747 | ||||||
Pfizer, Inc. | 106,366 | 2,661,277 | ||||||
11,494,771 | ||||||||
Medical - HMO — 1.2% |
| |||||||
Cigna Corp. | 31,799 | 1,662,134 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Cardinal Health, Inc. | 16,719 | 676,284 | ||||||
Metal - Copper — 0.9% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 32,386 | 1,263,378 | ||||||
Multimedia — 1.1% |
| |||||||
Viacom, Inc., Class B | 28,948 | 1,494,006 | ||||||
Office Automation & Equipment — 0.3% |
| |||||||
Xerox Corp. | 61,805 | 420,892 | ||||||
146
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production — 1.7% |
| |||||||
Apache Corp. | 13,028 | $ | 1,004,329 | |||||
Devon Energy Corp# | 5,085 | 262,742 | ||||||
Noble Energy, Inc. | 10,932 | 1,068,603 | ||||||
2,335,674 | ||||||||
Oil Companies - Integrated — 6.1% |
| |||||||
Chevron Corp. | 29,061 | 3,071,457 | ||||||
ConocoPhillips | 29,588 | 1,684,741 | ||||||
Exxon Mobil Corp# | 38,680 | 3,409,255 | ||||||
8,165,453 | ||||||||
Oil Field Machinery & Equipment — 0.4% |
| |||||||
National Oilwell Varco, Inc. | 7,747 | 529,120 | ||||||
Oil - Field Services — 1.8% |
| |||||||
Halliburton Co. | 58,186 | 1,940,503 | ||||||
MRC Global, Inc.†# | 17,663 | 495,094 | ||||||
2,435,597 | ||||||||
Pharmacy Services — 1.3% |
| |||||||
Express Scripts Holding Co.† | 32,872 | 1,770,157 | ||||||
Publishing - Periodicals — 1.1% |
| |||||||
Nielsen Holdings NV†# | 50,747 | 1,437,155 | ||||||
Real Estate Management/Services — 0.4% |
| |||||||
Realogy Holdings Corp.† | 13,261 | 500,072 | ||||||
Retail - Building Products — 2.2% |
| |||||||
Home Depot, Inc. | 25,975 | 1,690,193 | ||||||
Lowe’s Cos., Inc. | 33,816 | 1,220,420 | ||||||
2,910,613 | ||||||||
Retail - Discount — 1.3% |
| |||||||
Target Corp. | 27,065 | 1,708,613 | ||||||
Retail - Drug Store — 1.4% |
| |||||||
CVS Caremark Corp. | 37,466 | 1,742,544 | ||||||
Walgreen Co. | 5,910 | 200,408 | ||||||
1,942,952 | ||||||||
Retail - Restaurants — 0.6% |
| |||||||
McDonald’s Corp. | 8,783 | 764,472 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
QUALCOMM, Inc. | 36,582 | 2,327,347 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco — 2.3% |
| |||||||
Philip Morris International, Inc. | 34,181 | $ | 3,072,188 | |||||
Tools - Hand Held — 0.7% |
| |||||||
Stanley Black & Decker, Inc. | 12,115 | 871,190 | ||||||
Transport - Rail — 1.0% |
| |||||||
Union Pacific Corp. | 10,544 | 1,294,592 | ||||||
Transport - Services — 0.8% |
| |||||||
FedEx Corp. | 12,469 | 1,116,350 | ||||||
Web Portals/ISP — 2.7% |
| |||||||
Google, Inc., Class A† | 5,160 | 3,603,589 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $114,602,921) | 133,403,019 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% | ||||||||
Registered Investment Companies — 2.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) (cost $3,710,917) | 3,710,917 | 3,710,917 | ||||||
REPURCHASE AGREEMENT — 1.2% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/2012, to be repurchased 12/03/2012 in the amount of $1,590,001 and collateralized by $1,620,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $1,622,490 (cost $1,590,000) | $ | 1,590,000 | 1,590,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $119,903,838)(2) | 103.2 | % | 138,703,936 | |||||
Liabilities in excess of other assets | (3.2 | ) | (4,328,817 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 134,375,119 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2). |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $3,653,345. This was secured by collateral of $3,710,917 which was received in cash and subsequently invested in short-term investments currently valued at $3,710,917 as reported in the portfolio of investments. |
(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, 2012 (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 | $ | 7,460,914 | $ | — | $ | — | $ | 7,460,914 | ||||||||
Diversified Banking Institutions | 7,731,509 | — | — | 7,731,509 | ||||||||||||
Medical - Drugs | 11,494,771 | — | — | 11,494,771 | ||||||||||||
Oil Companies-Integrated | 8,165,453 | — | — | 8,165,453 | ||||||||||||
Other Industries* | 98,550,372 | — | — | 98,550,372 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,710,917 | — | — | 3,710,917 | ||||||||||||
Repurchase Agreement | 1,590,000 | 1,590,000 | ||||||||||||||
Total | $ | 137,113,936 | $ | 1,590,000 | $ | — | $ | 138,703,936 | ||||||||
* | 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 securities by classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
147
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Computers | 7.9 | % | ||
Medical — Drugs | 5.2 | |||
Medical — Biomedical/Gene | 5.1 | |||
Registered Investment Companies | 4.9 | |||
Cable/Satellite TV | 4.5 | |||
Retail — Discount | 3.7 | |||
Web Portals/ISP | 3.7 | |||
E-Commerce/Products | 3.3 | |||
Diversified Manufacturing Operations | 3.0 | |||
Computers — Memory Devices | 2.8 | |||
Applications Software | 2.8 | |||
Oil — Field Services | 2.6 | |||
Semiconductor Components — Integrated Circuits | 2.4 | |||
Enterprise Software/Service | 2.4 | |||
Banks — Super Regional | 2.2 | |||
Finance — Credit Card | 2.1 | |||
Diversified Banking Institutions | 2.0 | |||
Retail — Building Products | 1.8 | |||
Repurchase Agreements | 1.8 | |||
Apparel Manufacturers | 1.8 | |||
Retail — Restaurants | 1.6 | |||
Aerospace/Defense — Equipment | 1.6 | |||
Commercial Services — Finance | 1.6 | |||
Aerospace/Defense | 1.5 | |||
Internet Content — Entertainment | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Computer Services | 1.2 | |||
Pharmacy Services | 1.2 | |||
Cellular Telecom | 1.1 | |||
Instruments — Controls | 1.1 | |||
Engineering/R&D Services | 1.0 | |||
Beverages — Non-alcoholic | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Agricultural Chemicals | 1.0 | |||
Medical Instruments | 0.9 | |||
Oil Field Machinery & Equipment | 0.9 | |||
Food — Retail | 0.9 | |||
Engines — Internal Combustion | 0.8 | |||
Wireless Equipment | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Retail — Automobile | 0.8 | |||
Time Deposits | 0.8 | |||
Cosmetics & Toiletries | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Vitamins & Nutrition Products | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Retail — Sporting Goods | 0.6 | |||
Software Tools | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Electronic Connectors | 0.6 | |||
Metal — Copper | 0.6 | |||
Oil Refining & Marketing | 0.5 | |||
Transport — Services | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Real Estate Investment Trusts | 0.5 | |||
Oil & Gas Drilling | 0.5 | |||
Private Equity | 0.5 | |||
Electronic Components — Semiconductors | 0.5 | |||
Television | 0.5 | |||
Transport — Truck | 0.5 | |||
Transport — Rail | 0.5 | |||
Cruise Lines | 0.5 | |||
Insurance — Multi-line | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
Casino Hotels | 0.4 | |||
Electronic Design Automation | 0.4 | |||
Multimedia | 0.4 | |||
Retail — Regional Department Stores | 0.3 |
Finance — Other Services | 0.3 | |||
Computer Aided Design | 0.2 | |||
Medical Information Systems | 0.2 | |||
Oil Companies — Integrated | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
105.7 | % | |||
* | Calculated as a percentage of net assets |
148
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.2% | ||||||||
Aerospace/Defense — 1.5% | ||||||||
Boeing Co. | 70,800 | $ | 5,259,024 | |||||
Aerospace/Defense - Equipment — 1.6% | ||||||||
United Technologies Corp.# | 69,940 | 5,602,893 | ||||||
Agricultural Chemicals — 1.0% | ||||||||
Monsanto Co. | 27,162 | 2,487,767 | ||||||
Mosaic Co. | 16,429 | 888,152 | ||||||
3,375,919 | ||||||||
Apparel Manufacturers — 1.8% | ||||||||
Coach, Inc.# | 38,276 | 2,213,884 | ||||||
Michael Kors Holdings, Ltd.† | 39,756 | 2,113,031 | ||||||
Prada SpA | 218,000 | 1,800,212 | ||||||
6,127,127 | ||||||||
Applications Software — 2.8% | ||||||||
Check Point Software Technologies, Ltd.†# | 21,046 | 971,694 | ||||||
Citrix Systems, Inc.† | 34,715 | 2,123,169 | ||||||
Red Hat, Inc.† | 20,817 | 1,028,360 | ||||||
Salesforce.com, Inc.†# | 34,809 | 5,488,335 | ||||||
9,611,558 | ||||||||
Auto - Cars/Light Trucks — 0.7% | ||||||||
General Motors Co.†# | 95,288 | 2,466,053 | ||||||
Banks - Super Regional — 2.2% | ||||||||
Capital One Financial Corp. | 81,471 | 4,692,730 | ||||||
Wells Fargo & Co. | 88,450 | 2,919,734 | ||||||
7,612,464 | ||||||||
Beverages - Non-alcoholic — 1.0% | ||||||||
Coca-Cola Co. | 91,960 | 3,487,123 | ||||||
Beverages - Wine/Spirits — 0.5% | ||||||||
Beam, Inc. | 31,861 | 1,787,721 | ||||||
Building - Residential/Commercial — 0.6% | ||||||||
PulteGroup, Inc.†# | 127,450 | 2,142,434 | ||||||
Cable/Satellite TV — 4.5% | ||||||||
Comcast Corp., Class A | 126,147 | 4,690,146 | ||||||
DIRECTV† | 74,664 | 3,710,801 | ||||||
DISH Network Corp., Class A | 197,360 | 7,310,214 | ||||||
15,711,161 | ||||||||
Casino Hotels — 0.4% | ||||||||
Las Vegas Sands Corp.# | 31,145 | 1,452,914 | ||||||
Cellular Telecom — 1.1% | ||||||||
Sprint Nextel Corp.† | 654,681 | 3,751,322 | ||||||
Commercial Services - Finance — 1.6% | ||||||||
Alliance Data Systems Corp.†# | 15,332 | 2,184,657 | ||||||
Mastercard, Inc., Class A | 6,728 | 3,287,839 | ||||||
5,472,496 | ||||||||
Computer Aided Design — 0.2% | ||||||||
Autodesk, Inc.† | 22,713 | 752,482 | ||||||
Computer Services — 1.2% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 39,814 | 2,676,695 | ||||||
International Business Machines Corp. | 7,237 | 1,375,537 | ||||||
4,052,232 | ||||||||
Computers — 7.9% | ||||||||
Apple, Inc. | 46,539 | 27,238,346 | ||||||
Computers - Memory Devices — 2.8% | ||||||||
EMC Corp.† | 397,372 | 9,862,773 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cosmetics & Toiletries — 0.7% | ||||||||
Estee Lauder Cos., Inc., Class A# | 14,935 | $ | 869,964 | |||||
Procter & Gamble Co. | 24,510 | 1,711,533 | ||||||
2,581,497 | ||||||||
Cruise Lines — 0.5% | ||||||||
Royal Caribbean Cruises, Ltd. | 44,493 | 1,568,378 | ||||||
Diversified Banking Institutions — 2.0% | ||||||||
Goldman Sachs Group, Inc.# | 57,964 | 6,827,580 | ||||||
Diversified Manufacturing Operations — 3.0% | ||||||||
3M Co. | 20,683 | 1,881,119 | ||||||
Danaher Corp. | 33,587 | 1,812,690 | ||||||
General Electric Co. | 242,601 | 5,126,159 | ||||||
Ingersoll - Rand PLC | 33,123 | 1,615,740 | ||||||
10,435,708 | ||||||||
E-Commerce/Products — 3.3% | ||||||||
Amazon.com, Inc.† | 18,240 | 4,597,392 | ||||||
eBay, Inc.† | 127,769 | 6,748,759 | ||||||
11,346,151 | ||||||||
E-Commerce/Services — 1.0% | ||||||||
priceline.com, Inc.† | 5,179 | 3,434,506 | ||||||
Electric Products-Misc. — 0.8% | ||||||||
AMETEK, Inc. | 73,948 | 2,760,479 | ||||||
Electronic Components - Semiconductors — 0.5% | ||||||||
Broadcom Corp., Class A | 51,383 | 1,663,782 | ||||||
Electronic Connectors — 0.6% | ||||||||
Amphenol Corp., Class A | 34,176 | 2,116,178 | ||||||
Electronic Design Automation — 0.4% | ||||||||
Cadence Design Systems, Inc.†# | 107,455 | 1,367,902 | ||||||
Engineering/R&D Services — 1.0% | ||||||||
Fluor Corp.# | 41,801 | 2,218,797 | ||||||
Foster Wheeler AG† | 62,438 | 1,402,358 | ||||||
3,621,155 | ||||||||
Engines - Internal Combustion — 0.8% | ||||||||
Cummins, Inc. | 29,862 | 2,931,254 | ||||||
Enterprise Software/Service — 2.4% | ||||||||
Oracle Corp. | 213,777 | 6,862,242 | ||||||
Workday, Inc., Class A† | 29,172 | 1,461,517 | ||||||
8,323,759 | ||||||||
Finance - Credit Card — 2.1% | ||||||||
Visa, Inc., Class A | 49,292 | 7,379,505 | ||||||
Finance - Other Services — 0.3% | ||||||||
IntercontinentalExchange, Inc.† | 6,892 | 910,778 | ||||||
Food - Misc./Diversified — 0.7% | ||||||||
Mondelez International, Inc., Class A | 93,011 | 2,408,055 | ||||||
Food - Retail — 0.9% | ||||||||
Whole Foods Market, Inc. | 31,646 | 2,954,471 | ||||||
Instruments - Controls — 1.1% | ||||||||
Honeywell International, Inc. | 59,510 | 3,649,748 | ||||||
Insurance - Multi-line — 0.4% | ||||||||
ACE, Ltd. | 19,377 | 1,535,240 | ||||||
Internet Content - Entertainment — 1.3% | ||||||||
Facebook, Inc., Class A†# | 166,844 | 4,671,632 | ||||||
Internet Content - Information/News — 0.4% |
| |||||||
LinkedIn Corp., Class A†# | 13,588 | 1,469,406 | ||||||
149
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 4,957 | $ | 464,372 | |||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.† | 7,703 | 594,826 | ||||||
Medical Instruments — 0.9% |
| |||||||
Intuitive Surgical, Inc.†# | 6,152 | 3,254,408 | ||||||
Medical - Biomedical/Gene — 5.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 26,510 | 2,545,490 | ||||||
Amgen, Inc. | 43,586 | 3,870,437 | ||||||
Biogen Idec, Inc.† | 26,002 | 3,876,638 | ||||||
Celgene Corp.† | 22,791 | 1,791,145 | ||||||
Gilead Sciences, Inc.†# | 73,435 | 5,507,625 | ||||||
17,591,335 | ||||||||
Medical - Drugs — 5.2% |
| |||||||
Abbott Laboratories | 81,233 | 5,280,145 | ||||||
Allergan, Inc. | 51,288 | 4,756,962 | ||||||
Johnson & Johnson# | 34,038 | 2,373,470 | ||||||
Pfizer, Inc. | 218,375 | 5,463,742 | ||||||
17,874,319 | ||||||||
Metal - Copper — 0.6% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 54,128 | 2,111,533 | ||||||
Multimedia — 0.4% |
| |||||||
Walt Disney Co. | 26,168 | 1,299,503 | ||||||
Oil & Gas Drilling — 0.5% |
| |||||||
Ensco PLC, Class A# | 29,885 | 1,740,204 | ||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Anadarko Petroleum Corp. | 36,066 | 2,639,671 | ||||||
Occidental Petroleum Corp. | 11,097 | 834,605 | ||||||
3,474,276 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Marathon Petroleum Corp. | 8,436 | 502,279 | ||||||
Oil Field Machinery & Equipment — 0.9% |
| |||||||
Cameron International Corp.† | 37,890 | 2,044,165 | ||||||
National Oilwell Varco, Inc. | 14,110 | 963,713 | ||||||
3,007,878 | ||||||||
Oil Refining & Marketing — 0.5% |
| |||||||
Tesoro Corp. | 44,559 | 1,883,955 | ||||||
Oil - Field Services — 2.6% |
| |||||||
Schlumberger, Ltd. | 76,182 | 5,456,155 | ||||||
Weatherford International, Ltd.† | 331,694 | 3,452,934 | ||||||
8,909,089 | ||||||||
Pharmacy Services — 1.2% |
| |||||||
Express Scripts Holding Co.† | 74,851 | 4,030,726 | ||||||
Private Equity — 0.5% |
| |||||||
KKR & Co. LP | 124,388 | 1,710,335 | ||||||
Real Estate Investment Trusts — 0.5% |
| |||||||
American Tower Corp. | 23,749 | 1,779,513 | ||||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
Gap, Inc. | 58,388 | 2,012,051 | ||||||
Urban Outfitters, Inc.† | 61,532 | 2,319,756 | ||||||
4,331,807 | ||||||||
Retail - Automobile — 0.8% |
| |||||||
CarMax, Inc.†# | 74,063 | 2,685,524 | ||||||
Retail - Building Products — 1.8% |
| |||||||
Home Depot, Inc. | 77,837 | 5,064,853 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Building Products (continued) |
| |||||||
Lowe’s Cos., Inc. | 37,229 | $ | 1,343,595 | |||||
6,408,448 | ||||||||
Retail - Discount — 3.7% |
| |||||||
Costco Wholesale Corp. | 28,349 | 2,948,013 | ||||||
Dollar General Corp.† | 56,962 | 2,848,100 | ||||||
Family Dollar Stores, Inc. | 31,735 | 2,259,532 | ||||||
Wal-Mart Stores, Inc. | 68,162 | 4,909,027 | ||||||
12,964,672 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
CVS Caremark Corp. | 1,875 | 87,206 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Macy’s, Inc. | 23,855 | 923,188 | ||||||
Retail - Restaurants — 1.6% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 3,085 | 813,761 | ||||||
Starbucks Corp. | 93,817 | 4,866,288 | ||||||
5,680,049 | ||||||||
Retail - Sporting Goods — 0.6% |
| |||||||
Dick’s Sporting Goods, Inc.# | 42,720 | 2,243,227 | ||||||
Semiconductor Components - Integrated Circuits — 2.4% |
| |||||||
Maxim Integrated Products, Inc. | 55,125 | 1,609,099 | ||||||
QUALCOMM, Inc. | 106,589 | 6,781,192 | ||||||
8,390,291 | ||||||||
Software Tools — 0.6% |
| |||||||
VMware, Inc., Class A†# | 24,561 | 2,233,823 | ||||||
Television — 0.5% |
| |||||||
CBS Corp., Class B | 45,506 | 1,637,306 | ||||||
Transport - Rail — 0.5% |
| |||||||
Union Pacific Corp. | 13,242 | 1,625,853 | ||||||
Transport - Services — 0.5% |
| |||||||
Expeditors International of Washington, Inc. | 48,145 | 1,801,586 | ||||||
Transport - Truck — 0.5% |
| |||||||
J.B. Hunt Transport Services, Inc.# | 27,444 | 1,631,546 | ||||||
Vitamins & Nutrition Products — 0.7% |
| |||||||
Mead Johnson Nutrition Co. | 35,620 | 2,428,928 | ||||||
Web Portals/ISP — 3.7% |
| |||||||
Baidu, Inc. ADR† | 10,986 | 1,058,061 | ||||||
Google, Inc., Class A† | 16,756 | 11,701,888 | ||||||
12,759,949 | ||||||||
Wireless Equipment — 0.8% |
| |||||||
Aruba Networks, Inc.† | 60,661 | 1,181,676 | ||||||
Crown Castle International Corp.†# | 25,273 | 1,706,433 | ||||||
2,888,109 | ||||||||
Total Long - Term Investment Securities | ||||||||
(cost $314,481,906) | 340,673,269 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.7% |
| |||||||
Registered Investment Companies — 4.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 17,031,272 | 17,031,272 | ||||||
Time Deposits — 0.8% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 2,601,000 | 2,601,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $19,632,272) | 19,632,272 | |||||||
150
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 1.8% |
| |||||||
State Street Bank & Trust Co. | $ | 6,230,000 | $ | 6,230,000 | ||||
TOTAL INVESTMENTS |
| |||||||
(cost $340,344,178)(2) | 105.7 | % | 366,535,541 | |||||
Liabilities in excess of other assets | (5.7 | ) | (19,632,402 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 346,903,139 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(2) | See Note 5 for cost of Investments on a tax basis. |
(3) | At November 30, 2012, the Fund had loaned securities with a total value of $16,866,452. This was secured by collateral of $17,031,272 which was received in cash and subsequently invested in short-term investments currently valued at $17,031,272 as reported in the portfolio of investments. Additional collateral of $228,932 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $216,654 | |||
United States Treasury Notes/Bonds | 0.13% to 0.75% | 12/15/2013 to 01/31/2014 | 12,278 |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 27,238,346 | $ | — | $ | — | $ | 27,238,346 | ||||||||
Medical-Biomedical/Gene | 17,591,335 | — | — | 17,591,335 | ||||||||||||
Medical-Drugs | 17,874,319 | — | — | 17,874,319 | ||||||||||||
Other Industries* | 277,969,269 | — | — | 277,969,269 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 17,031,272 | — | — | 17,031,272 | ||||||||||||
Time Deposits | — | 2,601,000 | — | 2,601,000 | ||||||||||||
Repurchase Agreement | — | 6,230,000 | — | 6,230,000 | ||||||||||||
Total | $ | 357,704,541 | $ | 8,831,000 | $ | — | $ | 366,535,541 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
151
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 11.0 | % | ||
Real Estate Investment Trusts | 9.2 | |||
Banks — Commercial | 3.6 | |||
Electric — Integrated | 3.4 | |||
Medical — Biomedical/Gene | 2.4 | |||
Retail — Apparel/Shoe | 2.3 | |||
Insurance — Property/Casualty | 2.1 | |||
Chemicals — Specialty | 1.8 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Commercial Services — Finance | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Distribution/Wholesale | 1.4 | |||
Web Hosting/Design | 1.4 | |||
Medical Products | 1.4 | |||
Oil — Field Services | 1.3 | |||
Computers — Integrated Systems | 1.3 | |||
Diversified Manufacturing Operations | 1.3 | |||
Repurchase Agreements | 1.3 | |||
Gas — Distribution | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Machinery — General Industrial | 1.1 | |||
Consulting Services | 1.1 | |||
Engineering/R&D Services | 1.1 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Transport — Rail | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Containers — Paper/Plastic | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Savings & Loans/Thrifts | 0.9 | |||
Retail — Restaurants | 0.9 | |||
Steel — Producers | 0.9 | |||
Medical — Hospitals | 0.9 | |||
Transport — Truck | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Electronic Design Automation | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Consumer Products — Misc. | 0.8 | |||
Coatings/Paint | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Transactional Software | 0.7 | |||
Medical — HMO | 0.7 | |||
Instruments — Controls | 0.7 | |||
Rental Auto/Equipment | 0.7 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Insurance Brokers | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Retail — Sporting Goods | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Oil & Gas Drilling | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
Filtration/Separation Products | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Telecom Services | 0.5 | |||
Retail — Gardening Products | 0.5 | |||
Food — Meat Products | 0.5 | |||
Computer Aided Design | 0.5 | |||
Medical — Drugs | 0.5 | |||
Respiratory Products | 0.5 | |||
Electronic Parts Distribution | 0.5 | |||
Data Processing/Management | 0.5 | |||
Transport — Marine | 0.5 | |||
Recreational Vehicles | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Gold Mining | 0.4 | |||
Diagnostic Kits | 0.4 |
Batteries/Battery Systems | 0.4 | |||
X-Ray Equipment | 0.4 | |||
Textile — Home Furnishings | 0.4 | |||
Multimedia | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Coffee | 0.4 | |||
Medical Instruments | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Machinery — Farming | 0.4 | |||
Applications Software | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Airlines | 0.4 | |||
Building Products — Cement | 0.3 | |||
Non — Hazardous Waste Disposal | 0.3 | |||
Pharmacy Services | 0.3 | |||
Physicians Practice Management | 0.3 | |||
Retail — Mail Order | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Internet Infrastructure Software | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Funeral Services & Related Items | 0.3 | |||
Commercial Services | 0.3 | |||
Human Resources | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Water | 0.3 | |||
Decision Support Software | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Communications Software | 0.3 | |||
Private Corrections | 0.3 | |||
Retail — Catalog Shopping | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Retail — Automobile | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Web Portals/ISP | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Coal | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Wireless Equipment | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Intimate Apparel | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Paper & Related Products | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Lighting Products & Systems | 0.2 | |||
Theaters | 0.2 | |||
Publishing — Books | 0.2 | |||
Food — Baking | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Finance — Other Services | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Quarrying | 0.2 | |||
Printing — Commercial | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Transport — Services | 0.2 | |||
Schools | 0.2 | |||
Food — Retail | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Casino Services | 0.2 | |||
Advertising Sales | 0.2 | |||
Shipbuilding | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Retail — Discount | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Medical Information Systems | 0.2 |
152
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Industry Allocation* (continued)
Aerospace/Defense | 0.2 | |||
Recreational Centers | 0.2 | |||
Networking Products | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Computer Services | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Investment Companies | 0.1 | |||
Home Furnishings | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Building — Maintance & Services | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
E-Marketing/Info | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Security Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Tobacco | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Retail — Hair Salons | 0.1 | |||
Leisure Products | 0.1 | |||
Racetracks | 0.1 | |||
110.9 | % | |||
* | Calculated as a percentage of net assets |
153
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.5% |
| |||||||
Advertising Sales — 0.2% |
| |||||||
Lamar Advertising Co., | 116,579 | $ | 4,578,057 | |||||
Aerospace/Defense — 0.2% |
| |||||||
Esterline Technologies Corp.† | 65,343 | 3,995,071 | ||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
Alliant Techsystems, Inc. | 69,164 | 4,149,840 | ||||||
BE Aerospace, Inc.† | 220,130 | 10,425,357 | ||||||
Exelis, Inc. | 395,489 | 4,469,026 | ||||||
Triumph Group, Inc. | 105,705 | 6,935,305 | ||||||
25,979,528 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.# | 113,053 | 2,405,768 | ||||||
Airlines — 0.4% |
| |||||||
Alaska Air Group, Inc.† | 149,202 | 6,378,385 | ||||||
JetBlue Airways Corp.†# | 481,406 | 2,474,427 | ||||||
8,852,812 | ||||||||
Apparel Manufacturers — 0.9% |
| |||||||
Carter’s, Inc.† | 107,371 | 5,694,958 | ||||||
Hanesbrands, Inc.† | 206,610 | 7,458,621 | ||||||
Under Armour, Inc., Class A†# | 163,701 | 8,484,623 | ||||||
21,638,202 | ||||||||
Applications Software — 0.4% |
| |||||||
Compuware Corp.† | 456,326 | 4,266,648 | ||||||
Parametric Technology Corp.† | 251,283 | 5,085,968 | ||||||
9,352,616 | ||||||||
Auction House/Art Dealers — 0.2% |
| |||||||
Sotheby’s# | 143,422 | 4,139,159 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Oshkosh Corp.† | 194,071 | 5,695,984 | ||||||
Banks - Commercial — 3.6% |
| |||||||
Associated Banc-Corp. | 363,356 | 4,669,125 | ||||||
BancorpSouth, Inc. | 175,947 | 2,327,779 | ||||||
Bank of Hawaii Corp.# | 95,713 | 4,160,644 | ||||||
Cathay General Bancorp, Class B | 154,982 | 2,774,178 | ||||||
City National Corp. | 99,827 | 4,860,577 | ||||||
Commerce Bancshares, Inc. | 165,611 | 5,925,570 | ||||||
Cullen/Frost Bankers, Inc.# | 130,001 | 7,099,355 | ||||||
East West Bancorp, Inc. | 300,462 | 6,354,771 | ||||||
FirstMerit Corp. | 232,082 | 3,267,715 | ||||||
Fulton Financial Corp. | 424,193 | 4,127,398 | ||||||
Hancock Holding Co. | 179,474 | 5,639,073 | ||||||
International Bancshares Corp. | 115,306 | 2,087,039 | ||||||
Prosperity Bancshares, Inc.# | 92,578 | 3,807,733 | ||||||
Signature Bank† | 99,239 | 6,962,608 | ||||||
SVB Financial Group† | 94,047 | 5,193,275 | ||||||
Synovus Financial Corp. | 1,665,230 | 3,946,595 | ||||||
TCF Financial Corp.# | 344,939 | 4,097,875 | ||||||
Trustmark Corp.# | 137,152 | 3,047,517 | ||||||
Valley National Bancorp.# | 418,022 | 3,987,930 | ||||||
Webster Financial Corp. | 152,533 | 3,175,737 | ||||||
Westamerica Bancorporation# | 58,387 | 2,484,951 | ||||||
89,997,445 | ||||||||
Batteries/Battery Systems — 0.4% |
| |||||||
Energizer Holdings, Inc. | 136,369 | 10,876,791 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc.† | 340,236 | 10,203,678 | ||||||
Louisiana-Pacific Corp.† | 291,449 | 5,077,041 | ||||||
15,280,719 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Lennox International, Inc. | 98,260 | $ | 5,167,493 | |||||
Building Products - Cement — 0.3% |
| |||||||
Martin Marietta Materials, Inc.# | 97,084 | 8,737,560 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Granite Construction, Inc. | 75,434 | 2,308,280 | ||||||
Building - Maintance & Services — 0.1% |
| |||||||
Rollins, Inc.# | 139,112 | 3,167,580 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Thor Industries, Inc. | 92,969 | 3,508,650 | ||||||
Building - Residential/Commercial — 1.0% |
| |||||||
KB Home | 162,036 | 2,326,837 | ||||||
MDC Holdings, Inc. | 81,311 | 2,865,400 | ||||||
NVR, Inc.† | 9,786 | 8,805,834 | ||||||
Toll Brothers, Inc.†# | 316,920 | 10,090,733 | ||||||
24,088,804 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
AMC Networks, Inc., Class A† | 121,478 | 6,409,179 | ||||||
Casino Services — 0.2% |
| |||||||
Bally Technologies, Inc.† | 87,679 | 3,957,830 | ||||||
Scientific Games Corp., | 111,706 | 930,511 | ||||||
4,888,341 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Olin Corp. | 169,383 | 3,511,310 | ||||||
Chemicals - Specialty — 1.8% |
| |||||||
Albemarle Corp. | 189,466 | 11,328,172 | ||||||
Ashland, Inc. | 154,590 | 10,963,523 | ||||||
Cabot Corp. | 125,984 | 4,753,376 | ||||||
Cytec Industries, Inc. | 97,476 | 6,690,753 | ||||||
Minerals Technologies, Inc. | 37,325 | 2,762,050 | ||||||
NewMarket Corp.# | 22,728 | 6,030,875 | ||||||
Sensient Technologies Corp. | 105,705 | 3,826,521 | ||||||
46,355,270 | ||||||||
Coal — 0.3% |
| |||||||
Alpha Natural Resources, Inc.†# | 466,417 | 3,488,799 | ||||||
Arch Coal, Inc.# | 449,371 | 3,019,773 | ||||||
6,508,572 | ||||||||
Coatings/Paint — 0.8% |
| |||||||
RPM International, Inc. | 279,203 | 8,099,679 | ||||||
Valspar Corp. | 178,690 | 11,218,158 | ||||||
19,317,837 | ||||||||
Coffee — 0.4% |
| |||||||
Green Mountain Coffee Roasters, Inc.†# | 273,325 | 10,022,828 | ||||||
Commercial Services — 0.3% |
| |||||||
Convergys Corp.# | 238,057 | 3,716,070 | ||||||
HMS Holdings Corp.† | 182,805 | 4,235,592 | ||||||
7,951,662 | ||||||||
Commercial Services - Finance — 1.6% |
| |||||||
Alliance Data Systems Corp.†# | 105,607 | 15,047,941 | ||||||
Global Payments, Inc. | 167,032 | 7,334,375 | ||||||
Lender Processing Services, Inc. | 179,278 | 4,455,058 | ||||||
SEI Investments Co. | 286,551 | 6,306,988 | ||||||
WEX, Inc.† | 81,899 | 5,893,452 | ||||||
39,037,814 | ||||||||
Communications Software — 0.3% |
| |||||||
SolarWinds, Inc.† | 128,825 | 7,218,065 | ||||||
154
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 195,442 | $ | 12,963,668 | |||||
Computer Services — 0.1% | ||||||||
DST Systems, Inc. | 64,951 | 3,743,776 | ||||||
Computers - Integrated Systems — 1.3% | ||||||||
Diebold, Inc. | 133,821 | 4,002,586 | ||||||
Jack Henry & Associates, Inc. | 182,413 | 7,090,393 | ||||||
MICROS Systems, Inc.† | 169,775 | 7,378,422 | ||||||
NCR Corp.† | 336,807 | 8,059,792 | ||||||
Riverbed Technology, Inc.† | 326,619 | 5,846,480 | ||||||
32,377,673 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Lexmark International, Inc., Class A# | 136,708 | 3,326,106 | ||||||
Consulting Services — 1.1% | ||||||||
CoreLogic, Inc.† | 206,271 | 5,330,043 | ||||||
Corporate Executive Board Co. | 71,025 | 3,039,870 | ||||||
FTI Consulting, Inc.† | 89,051 | 2,752,566 | ||||||
Gartner, Inc.† | 197,793 | 9,470,329 | ||||||
Towers Watson & Co., Class A | 121,086 | 6,403,028 | ||||||
26,995,836 | ||||||||
Consumer Products - Misc. — 0.8% | ||||||||
Jarden Corp. | 158,901 | 8,407,452 | ||||||
Scotts Miracle-Gro Co., Class A | 81,605 | 3,383,343 | ||||||
Tupperware Brands Corp. | 117,951 | 7,649,123 | ||||||
19,439,918 | ||||||||
Containers - Metal/Glass — 0.3% | ||||||||
Greif, Inc., Class A | 64,167 | 2,632,772 | ||||||
Silgan Holdings, Inc. | 104,334 | 4,640,776 | ||||||
7,273,548 | ||||||||
Containers - Paper/Plastic — 0.9% | ||||||||
Packaging Corp. of America | 207,786 | 7,571,722 | ||||||
Rock-Tenn Co., Class A | 149,790 | 9,742,342 | ||||||
Sonoco Products Co. | 213,076 | 6,407,195 | ||||||
23,721,259 | ||||||||
Data Processing/Management — 0.5% | ||||||||
Acxiom Corp.† | 158,803 | 2,809,225 | ||||||
Broadridge Financial Solutions, Inc. | 264,410 | 6,242,720 | ||||||
Fair Isaac Corp. | 71,613 | 3,066,469 | ||||||
12,118,414 | ||||||||
Decision Support Software — 0.3% | ||||||||
MSCI, Inc., Class A† | 257,847 | 7,477,563 | ||||||
Diagnostic Kits — 0.4% | ||||||||
IDEXX Laboratories, Inc.†# | 116,481 | 10,887,479 | ||||||
Distribution/Wholesale — 1.4% | ||||||||
Arrow Electronics, Inc.† | 230,318 | 8,581,649 | ||||||
Ingram Micro, Inc., Class A† | 317,704 | 5,146,805 | ||||||
LKQ Corp.† | 627,277 | 13,749,912 | ||||||
Owens & Minor, Inc.# | 134,409 | 3,680,118 | ||||||
Watsco, Inc.# | 62,796 | 4,501,845 | ||||||
35,660,329 | ||||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
Carlisle Cos., Inc. | 132,548 | 7,511,495 | ||||||
Crane Co. | 101,982 | 4,328,116 | ||||||
Harsco Corp. | 170,559 | 3,436,764 | ||||||
ITT Corp. | 195,638 | 4,376,422 | ||||||
SPX Corp. | 107,371 | 7,314,112 | ||||||
Trinity Industries, Inc. | 167,228 | 5,312,834 | ||||||
32,279,743 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Marketing/Info — 0.1% | ||||||||
ValueClick, Inc.† | 149,398 | $ | 2,819,140 | |||||
Electric Products - Misc. — 0.8% | ||||||||
AMETEK, Inc. | 513,441 | 19,166,753 | ||||||
Electric - Integrated — 3.4% | ||||||||
Alliant Energy Corp. | 234,923 | 10,529,249 | ||||||
Black Hills Corp. | 93,557 | 3,339,049 | ||||||
Cleco Corp. | 128,531 | 5,178,514 | ||||||
Great Plains Energy, Inc. | 324,170 | 6,564,443 | ||||||
Hawaiian Electric Industries, Inc.# | 205,533 | 5,119,827 | ||||||
IDACORP, Inc. | 106,195 | 4,535,588 | ||||||
MDU Resources Group, Inc. | 399,800 | 8,283,856 | ||||||
National Fuel Gas Co. | 176,339 | 9,183,735 | ||||||
NV Energy, Inc. | 499,627 | 9,158,163 | ||||||
OGE Energy Corp. | 208,864 | 11,932,400 | ||||||
PNM Resources, Inc. | 168,599 | 3,562,497 | ||||||
Westar Energy, Inc. | 267,447 | 7,675,729 | ||||||
85,063,050 | ||||||||
Electronic Components - Misc. — 0.3% | ||||||||
Gentex Corp.# | 306,046 | 5,432,316 | ||||||
Vishay Intertechnology, Inc.†# | 279,007 | 2,706,368 | ||||||
8,138,684 | ||||||||
Electronic Components - Semiconductors — 1.6% | ||||||||
Cree, Inc.† | 245,503 | 7,932,202 | ||||||
Fairchild Semiconductor International, Inc.† | 268,133 | 3,576,894 | ||||||
International Rectifier Corp.†# | 146,753 | 2,506,541 | ||||||
Intersil Corp., Class A | 270,092 | 1,925,756 | ||||||
MEMC Electronic Materials, Inc.†# | 488,851 | 1,432,334 | ||||||
QLogic Corp.† | 199,557 | 1,891,800 | ||||||
Rovi Corp.† | 219,006 | 3,359,552 | ||||||
Semtech Corp.† | 139,601 | 3,818,087 | ||||||
Silicon Laboratories, Inc.† | 81,311 | 3,400,426 | ||||||
Skyworks Solutions, Inc.† | 404,012 | 9,150,872 | ||||||
38,994,464 | ||||||||
Electronic Design Automation — 0.8% | ||||||||
Cadence Design Systems, Inc.† | 581,919 | 7,407,829 | ||||||
Mentor Graphics Corp.† | 197,891 | 2,954,513 | ||||||
Synopsys, Inc.† | 315,745 | 10,356,436 | ||||||
20,718,778 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
Itron, Inc.† | 83,663 | 3,664,439 | ||||||
National Instruments Corp. | 199,165 | 4,843,693 | ||||||
Trimble Navigation, Ltd.† | 266,076 | 14,804,469 | ||||||
23,312,601 | ||||||||
Electronic Parts Distribution — 0.5% | ||||||||
Avnet, Inc.† | 299,188 | 8,763,216 | ||||||
Tech Data Corp.† | 79,940 | 3,530,950 | ||||||
12,294,166 | ||||||||
Engineering/R&D Services — 1.1% | ||||||||
Aecom Technology Corp.† | 239,429 | 5,408,701 | ||||||
KBR, Inc. | 311,924 | 8,671,487 | ||||||
Shaw Group, Inc.† | 139,699 | 6,276,676 | ||||||
URS Corp. | 162,721 | 6,131,328 | ||||||
26,488,192 | ||||||||
Enterprise Software/Service — 0.6% | ||||||||
Advent Software, Inc.†# | 67,596 | 1,504,687 | ||||||
Concur Technologies, Inc.†# | 95,419 | 6,269,982 | ||||||
Informatica Corp.† | 229,730 | 6,172,845 | ||||||
ManTech International Corp., Class A# | 50,060 | 1,250,499 | ||||||
15,198,013 | ||||||||
155
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co. | 65,735 | $ | 2,542,630 | |||||
Filtration/Separation Products — 0.6% | ||||||||
CLARCOR, Inc. | 106,097 | 4,920,779 | ||||||
Donaldson Co., Inc. | 290,078 | 9,740,819 | ||||||
14,661,598 | ||||||||
Finance - Investment Banker/Broker — 0.6% | ||||||||
Greenhill & Co., Inc. | 56,624 | 2,690,772 | ||||||
Jefferies Group, Inc. | 271,170 | 4,599,043 | ||||||
Raymond James Financial, Inc. | 236,686 | 8,934,897 | ||||||
16,224,712 | ||||||||
Finance - Other Services — 0.2% | ||||||||
CBOE Holdings, Inc. | 184,764 | 5,539,225 | ||||||
Food - Baking — 0.2% | ||||||||
Flowers Foods, Inc. | 243,740 | 5,737,640 | ||||||
Food - Confectionery — 0.0% | ||||||||
Tootsie Roll Industries, Inc.# | 43,594 | 1,184,885 | ||||||
Food - Flour & Grain — 0.1% | ||||||||
Post Holdings, Inc.† | 69,164 | 2,382,008 | ||||||
Food - Meat Products — 0.5% | ||||||||
Hillshire Brands Co. | 251,479 | 7,003,690 | ||||||
Smithfield Foods, Inc.† | 284,787 | 6,370,685 | ||||||
13,374,375 | ||||||||
Food - Misc./Diversified — 1.0% | ||||||||
Ingredion, Inc. | 161,252 | 10,473,318 | ||||||
Lancaster Colony Corp. | 41,047 | 3,108,900 | ||||||
Ralcorp Holdings, Inc.† | 116,481 | 10,383,116 | ||||||
23,965,334 | ||||||||
Food - Retail — 0.2% | ||||||||
Harris Teeter Supermarkets, Inc. | 104,334 | 3,963,649 | ||||||
SUPERVALU, Inc.# | 452,408 | 1,076,731 | ||||||
5,040,380 | ||||||||
Footwear & Related Apparel — 0.1% | ||||||||
Deckers Outdoor Corp.†# | 78,470 | 3,004,616 | ||||||
Funeral Services & Related Items — 0.3% | ||||||||
Matthews International Corp., Class A# | 59,171 | 1,789,923 | ||||||
Service Corp. International | 454,955 | 6,337,523 | ||||||
8,127,446 | ||||||||
Gas - Distribution — 1.2% | ||||||||
Atmos Energy Corp. | 190,936 | 6,684,669 | ||||||
Questar Corp. | 371,977 | 7,298,189 | ||||||
UGI Corp. | 238,057 | 7,908,254 | ||||||
Vectren Corp. | 173,694 | 5,080,549 | ||||||
WGL Holdings, Inc. | 109,232 | 4,266,602 | ||||||
31,238,263 | ||||||||
Gold Mining — 0.4% | ||||||||
Royal Gold, Inc. | 135,781 | 10,965,674 | ||||||
Hazardous Waste Disposal — 0.3% | ||||||||
Clean Harbors, Inc.† | 111,813 | 6,404,649 | ||||||
Home Furnishings — 0.1% | ||||||||
Tempur-Pedic International, Inc.† | 126,082 | 3,360,085 | ||||||
Human Resources — 0.3% | ||||||||
Manpower, Inc. | 167,914 | 6,454,614 | ||||||
Monster Worldwide, Inc.†# | 250,401 | 1,362,182 | ||||||
7,816,796 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Industrial Automated/Robotic — 0.3% | ||||||||
Nordson Corp. | 119,420 | $ | 7,307,310 | |||||
Instruments - Controls — 0.7% | ||||||||
Mettler-Toledo International, Inc.† | 65,637 | 12,280,026 | ||||||
Woodward, Inc. | 128,041 | 4,682,460 | ||||||
16,962,486 | ||||||||
Insurance Brokers — 0.6% | ||||||||
Arthur J. Gallagher & Co. | 256,083 | 9,352,151 | ||||||
Brown & Brown, Inc. | 248,736 | 6,676,074 | ||||||
16,028,225 | ||||||||
Insurance - Life/Health — 0.3% | ||||||||
Protective Life Corp. | 169,481 | 4,601,409 | ||||||
StanCorp Financial Group, Inc. | 93,361 | 3,175,208 | ||||||
7,776,617 | ||||||||
Insurance - Multi-line — 0.6% | ||||||||
American Financial Group, Inc. | 166,934 | 6,618,933 | ||||||
Kemper Corp. | 115,502 | 3,420,014 | ||||||
Old Republic International Corp. | 510,796 | 5,358,250 | ||||||
15,397,197 | ||||||||
Insurance - Property/Casualty — 2.1% | ||||||||
Alleghany Corp.† | 35,855 | 12,585,105 | ||||||
Fidelity National Financial, Inc., Class A | 446,236 | 10,803,374 | ||||||
First American Financial Corp. | 225,126 | 5,357,999 | ||||||
Hanover Insurance Group, Inc. | 94,929 | 3,469,655 | ||||||
HCC Insurance Holdings, Inc. | 213,174 | 7,861,857 | ||||||
Mercury General Corp. | 76,707 | 3,192,545 | ||||||
WR Berkley Corp. | 235,119 | 9,345,980 | ||||||
52,616,515 | ||||||||
Insurance - Reinsurance — 1.0% | ||||||||
Aspen Insurance Holdings, Ltd. | 151,063 | 4,728,272 | ||||||
Everest Re Group, Ltd. | 109,722 | 11,901,545 | ||||||
Reinsurance Group of America, Inc. | 156,060 | 7,990,272 | ||||||
24,620,089 | ||||||||
Internet Infrastructure Software — 0.3% | ||||||||
TIBCO Software, Inc.† | 326,031 | 8,167,077 | ||||||
Intimate Apparel — 0.2% | ||||||||
Warnaco Group, Inc.† | 86,504 | 6,218,773 | ||||||
Investment Companies — 0.1% | ||||||||
Apollo Investment Corp. | 429,484 | 3,487,410 | ||||||
Investment Management/Advisor Services — 1.2% |
| |||||||
Affiliated Managers Group, Inc.† | 108,742 | 14,013,582 | ||||||
Eaton Vance Corp.# | 243,838 | 7,773,556 | ||||||
Janus Capital Group, Inc.# | 396,567 | 3,251,849 | ||||||
Waddell & Reed Financial, Inc., Class A | 181,727 | 5,904,310 | ||||||
30,943,297 | ||||||||
Leisure Products — 0.1% | ||||||||
WMS Industries, Inc.† | 115,306 | 1,948,671 | ||||||
Lighting Products & Systems — 0.2% | ||||||||
Acuity Brands, Inc. | 89,639 | 5,929,620 | ||||||
Machine Tools & Related Products — 0.6% | ||||||||
Kennametal, Inc.# | 169,579 | 6,464,351 | ||||||
Lincoln Electric Holdings, Inc. | 176,829 | 8,401,146 | ||||||
14,865,497 | ||||||||
Machinery - Construction & Mining — 0.2% | ||||||||
Terex Corp.† | 233,943 | 5,659,081 | ||||||
156
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Machinery - Electrical — 0.2% | ||||||||
Regal-Beloit Corp. | 88,267 | $ | 6,156,623 | |||||
Machinery - Farming — 0.4% | ||||||||
AGCO Corp.† | 205,827 | 9,498,916 | ||||||
Machinery - General Industrial — 1.1% | ||||||||
Gardner Denver, Inc. | 103,648 | 7,239,813 | ||||||
IDEX Corp. | 176,535 | 7,935,248 | ||||||
Wabtec Corp. | 101,395 | 8,580,045 | ||||||
Zebra Technologies Corp., Class A† | 109,428 | 4,262,221 | ||||||
28,017,327 | ||||||||
Machinery - Pumps — 0.3% | ||||||||
Graco, Inc. | 128,139 | 6,331,348 | ||||||
Medical Information Systems — 0.2% | ||||||||
Allscripts Healthcare Solutions, Inc.† | 362,671 | 4,032,902 | ||||||
Medical Instruments — 0.4% | ||||||||
Techne Corp. | 73,278 | 5,195,410 | ||||||
Thoratec Corp.† | 124,515 | 4,631,958 | ||||||
9,827,368 | ||||||||
Medical Labs & Testing Services — 0.3% | ||||||||
Covance, Inc.† | 116,579 | 6,646,169 | ||||||
Medical Products — 1.4% | ||||||||
Cooper Cos., Inc. | 101,395 | 9,626,441 | ||||||
Henry Schein, Inc.† | 187,409 | 15,137,025 | ||||||
Hill-Rom Holdings, Inc. | 131,666 | 3,681,381 | ||||||
Teleflex, Inc. | 86,504 | 5,986,077 | ||||||
34,430,924 | ||||||||
Medical Sterilization Products — 0.2% | ||||||||
STERIS Corp. | 122,947 | 4,201,099 | ||||||
Medical - Biomedical/Gene — 2.4% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 42,517 | 4,442,601 | ||||||
Charles River Laboratories International, Inc.† | 103,158 | 3,958,173 | ||||||
Regeneron Pharmaceuticals, Inc.† | 158,607 | 28,002,066 | ||||||
United Therapeutics Corp.† | 101,786 | 5,348,854 | ||||||
Vertex Pharmaceuticals, Inc.† | 456,914 | 18,180,608 | ||||||
59,932,302 | ||||||||
Medical - Drugs — 0.5% | ||||||||
Endo Health Solutions, Inc.† | 247,462 | 7,092,261 | ||||||
Medicis Pharmaceutical Corp., | 126,474 | 5,470,000 | ||||||
12,562,261 | ||||||||
Medical - HMO — 0.7% | ||||||||
AMERIGROUP Corp.† | 103,256 | 9,480,966 | ||||||
Health Net, Inc.† | 172,518 | 4,062,799 | ||||||
WellCare Health Plans, Inc.† | 91,206 | 4,402,513 | ||||||
17,946,278 | ||||||||
Medical - Hospitals — 0.9% | ||||||||
Community Health Systems, Inc.† | 192,601 | 5,674,025 | ||||||
Health Management Associates, Inc., Class A† | 542,733 | 4,314,727 | ||||||
LifePoint Hospitals, Inc.† | 103,452 | 3,722,203 | ||||||
Universal Health Services, Inc., Class B | 186,723 | 8,415,606 | ||||||
22,126,561 | ||||||||
Metal Processors & Fabrication — 0.4% | ||||||||
Timken Co. | 171,049 | 7,705,757 | ||||||
Worthington Industries, Inc.# | 110,114 | 2,594,286 | ||||||
10,300,043 | ||||||||
Miscellaneous Manufacturing — 0.3% | ||||||||
Aptargroup, Inc. | 140,973 | 6,720,183 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Motion Pictures & Services — 0.1% | ||||||||
DreamWorks Animation SKG, Inc., Class A† | 151,749 | $ | 2,599,460 | |||||
Multimedia — 0.4% | ||||||||
FactSet Research Systems, Inc.# | 86,602 | 8,001,159 | ||||||
Meredith Corp.# | 76,315 | 2,379,502 | ||||||
10,380,661 | ||||||||
Networking Products — 0.2% | ||||||||
Polycom, Inc.† | 374,329 | 3,915,481 | ||||||
Non-Hazardous Waste Disposal — 0.3% | ||||||||
Waste Connections, Inc. | 260,786 | 8,585,075 | ||||||
Office Furnishings - Original — 0.2% | ||||||||
Herman Miller, Inc.# | 123,437 | 2,606,989 | ||||||
HNI Corp.# | 96,006 | 2,859,059 | ||||||
5,466,048 | ||||||||
Oil & Gas Drilling — 0.6% | ||||||||
Atwood Oceanics, Inc.† | 120,400 | 5,538,400 | ||||||
Patterson-UTI Energy, Inc.# | 321,329 | 5,706,803 | ||||||
Unit Corp.† | 91,598 | 4,114,582 | ||||||
15,359,785 | ||||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Bill Barrett Corp.†# | 101,982 | 1,772,447 | ||||||
Cimarex Energy Co. | 182,021 | 10,943,103 | ||||||
Energen Corp. | 152,729 | 6,801,022 | ||||||
Forest Oil Corp.†# | 250,303 | 1,594,430 | ||||||
Northern Oil and Gas, Inc.† | 125,298 | 1,967,179 | ||||||
Plains Exploration & Production Co.† | 273,129 | 9,750,705 | ||||||
Quicksilver Resources, Inc.†# | 252,654 | 800,913 | ||||||
Rosetta Resources, Inc.† | 111,975 | 5,032,157 | ||||||
SM Energy Co. | 137,936 | 6,854,040 | ||||||
45,515,996 | ||||||||
Oil Field Machinery & Equipment — 0.6% | ||||||||
Dresser-Rand Group, Inc.† | 160,174 | 8,458,789 | ||||||
Dril-Quip, Inc.† | 77,001 | 5,418,560 | ||||||
13,877,349 | ||||||||
Oil Refining & Marketing — 0.8% | ||||||||
HollyFrontier Corp. | 430,953 | 19,535,100 | ||||||
Oil - Field Services — 1.3% | ||||||||
CARBO Ceramics, Inc.# | 41,537 | 3,180,488 | ||||||
Helix Energy Solutions Group, Inc.† | 207,198 | 3,628,037 | ||||||
Oceaneering International, Inc. | 228,457 | 12,035,115 | ||||||
Oil States International, Inc.† | 115,894 | 8,196,023 | ||||||
Superior Energy Services, Inc.† | 332,693 | 6,756,995 | ||||||
33,796,658 | ||||||||
Paper & Related Products — 0.2% | ||||||||
Domtar Corp. | 76,021 | 6,090,042 | ||||||
Patient Monitoring Equipment — 0.1% | ||||||||
Masimo Corp. | 110,114 | 2,281,562 | ||||||
Pharmacy Services — 0.3% | ||||||||
Omnicare, Inc.# | 236,196 | 8,559,743 | ||||||
Physicians Practice Management — 0.3% | ||||||||
MEDNAX, Inc.†# | 105,215 | 8,311,985 | ||||||
Power Converter/Supply Equipment — 0.4% | ||||||||
Hubbell, Inc., Class B | 113,053 | 9,524,715 | ||||||
Printing - Commercial — 0.2% | ||||||||
Deluxe Corp.# | 106,979 | 3,080,995 | ||||||
Valassis Communications, Inc.†# | 84,250 | 2,188,815 | ||||||
5,269,810 | ||||||||
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Private Corrections — 0.3% | ||||||||
Corrections Corp. of America | 211,803 | $ | 7,180,122 | |||||
Publishing - Books — 0.2% | ||||||||
John Wiley & Sons, Inc., Class A | 99,141 | 4,233,321 | ||||||
Scholastic Corp.# | 55,448 | 1,555,871 | ||||||
5,789,192 | ||||||||
Publishing - Newspapers — 0.1% | ||||||||
New York Times Co., Class A†# | 257,357 | 2,087,165 | ||||||
Quarrying — 0.2% | ||||||||
Compass Minerals International, Inc.# | 70,045 | 5,351,438 | ||||||
Racetracks — 0.1% | ||||||||
International Speedway Corp., Class A | 54,077 | 1,450,886 | ||||||
Real Estate Investment Trusts — 9.2% | ||||||||
Alexandria Real Estate Equities, Inc. | 132,940 | 9,029,285 | ||||||
American Campus Communities, Inc. | 218,056 | 9,550,853 | ||||||
BioMed Realty Trust, Inc. | 326,423 | 6,290,171 | ||||||
BRE Properties, Inc. | 162,623 | 7,911,609 | ||||||
Camden Property Trust | 176,927 | 11,624,104 | ||||||
Corporate Office Properties Trust# | 168,501 | 4,158,605 | ||||||
Duke Realty Corp. | 570,947 | 7,707,785 | ||||||
Equity One, Inc. | 130,295 | 2,693,198 | ||||||
Essex Property Trust, Inc.# | 77,099 | 10,831,639 | ||||||
Federal Realty Investment Trust | 135,683 | 14,116,459 | ||||||
Highwoods Properties, Inc.# | 161,056 | 5,192,445 | ||||||
Home Properties, Inc. | 105,607 | 6,219,196 | ||||||
Hospitality Properties Trust | 261,569 | 5,937,616 | ||||||
Liberty Property Trust | 248,834 | 8,666,888 | ||||||
Macerich Co. | 281,848 | 15,924,412 | ||||||
Mack-Cali Realty Corp. | 176,633 | 4,465,282 | ||||||
National Retail Properties, Inc. | 229,045 | 7,036,262 | ||||||
Omega Healthcare Investors, Inc. | 230,024 | 5,272,150 | ||||||
Potlatch Corp. | 85,426 | 3,327,343 | ||||||
Rayonier, Inc. | 259,904 | 12,953,615 | ||||||
Realty Income Corp.# | 282,534 | 11,493,483 | ||||||
Regency Centers Corp. | 190,446 | 8,922,395 | ||||||
Senior Housing Properties Trust | 373,643 | 8,350,921 | ||||||
SL Green Realty Corp. | 190,838 | 14,385,369 | ||||||
Taubman Centers, Inc. | 130,589 | 10,116,730 | ||||||
UDR, Inc. | 529,703 | 12,188,466 | ||||||
Weingarten Realty Investors# | 236,196 | 6,419,807 | ||||||
230,786,088 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Jones Lang LaSalle, Inc. | 93,263 | 7,648,499 | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Alexander & Baldwin, Inc.† | 89,737 | 2,679,547 | ||||||
Recreational Centers — 0.2% | ||||||||
Life Time Fitness, Inc.†# | 84,740 | 3,987,864 | ||||||
Recreational Vehicles — 0.5% | ||||||||
Polaris Industries, Inc. | 134,801 | 11,432,473 | ||||||
Rental Auto/Equipment — 0.7% | ||||||||
Aaron’s, Inc. | 149,202 | 4,282,097 | ||||||
Rent-A-Center, Inc. | 125,004 | 4,345,139 | ||||||
United Rentals, Inc.† | 196,226 | 8,149,266 | ||||||
16,776,502 | ||||||||
Respiratory Products — 0.5% | ||||||||
ResMed, Inc.# | 300,658 | 12,354,037 | ||||||
Retail - Apparel/Shoe — 2.3% | ||||||||
Aeropostale, Inc.† | 172,028 | 2,375,707 | ||||||
American Eagle Outfitters, Inc. | 378,737 | 8,029,224 | ||||||
ANN, Inc.† | 100,219 | 3,362,347 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) | ||||||||
Ascena Retail Group, Inc.† | 260,786 | $ | 5,241,799 | |||||
Chico’s FAS, Inc. | 351,404 | 6,553,685 | ||||||
Foot Locker, Inc. | 319,761 | 11,460,234 | ||||||
Guess?, Inc.# | 129,805 | 3,358,055 | ||||||
PVH Corp. | 149,398 | 17,119,517 | ||||||
57,500,568 | ||||||||
Retail - Auto Parts — 0.5% | ||||||||
Advance Auto Parts, Inc. | 155,276 | 11,358,439 | ||||||
Retail - Automobile — 0.3% | ||||||||
Copart, Inc.† | 228,849 | 6,913,528 | ||||||
Retail - Bookstores — 0.0% | ||||||||
Barnes & Noble, Inc.†# | 79,940 | 1,147,139 | ||||||
Retail - Catalog Shopping — 0.3% | ||||||||
MSC Industrial Direct Co., Class A | 98,260 | 7,139,572 | ||||||
Retail - Discount — 0.2% | ||||||||
HSN, Inc. | 78,960 | 4,176,194 | ||||||
Retail - Gardening Products — 0.5% | ||||||||
Tractor Supply Co. | 150,084 | 13,450,528 | ||||||
Retail - Hair Salons — 0.1% | ||||||||
Regis Corp.# | 121,576 | 2,002,357 | ||||||
Retail - Jewelry — 0.4% | ||||||||
Signet Jewelers, Ltd. | 171,245 | 9,204,419 | ||||||
Retail - Mail Order — 0.3% | ||||||||
Williams-Sonoma, Inc. | 183,392 | 8,300,322 | ||||||
Retail - Major Department Stores — 0.1% | ||||||||
Saks, Inc.†# | 216,603 | 2,274,332 | ||||||
Retail - Office Supplies — 0.1% | ||||||||
Office Depot, Inc.†# | 603,668 | 2,028,325 | ||||||
Retail - Petroleum Products — 0.2% | ||||||||
World Fuel Services Corp.# | 152,533 | 5,941,160 | ||||||
Retail - Restaurants — 0.9% | ||||||||
Bob Evans Farms, Inc.# | 59,465 | 2,241,236 | ||||||
Brinker International, Inc. | 156,550 | 4,688,673 | ||||||
Cheesecake Factory, Inc.# | 105,705 | 3,614,054 | ||||||
Panera Bread Co., Class A† | 59,661 | 9,575,590 | ||||||
Wendy’s Co.# | 595,634 | 2,775,654 | ||||||
22,895,207 | ||||||||
Retail - Sporting Goods — 0.6% | ||||||||
Cabela’s, Inc.†# | 97,574 | 4,661,110 | ||||||
Dick’s Sporting Goods, Inc.# | 205,631 | 10,797,684 | ||||||
15,458,794 | ||||||||
Savings & Loans/Thrifts — 0.9% | ||||||||
Astoria Financial Corp.# | 172,910 | 1,613,250 | ||||||
First Niagara Financial Group, Inc. | 746,600 | 5,629,364 | ||||||
New York Community Bancorp, Inc.# | 929,601 | 12,094,109 | ||||||
Washington Federal, Inc. | 225,420 | 3,622,500 | ||||||
22,959,223 | ||||||||
Schools — 0.2% | ||||||||
DeVry, Inc.# | 122,163 | 3,184,789 | ||||||
ITT Educational Services, Inc.†# | 33,112 | 600,321 | ||||||
Strayer Education, Inc.# | 25,177 | 1,317,512 | ||||||
5,102,622 | ||||||||
Security Services — 0.1% | ||||||||
Brink’s Co. | 101,101 | 2,776,234 | ||||||
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VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Atmel Corp.† | 931,757 | $ | 5,208,521 | |||||
Cypress Semiconductor Corp. | 289,294 | 2,936,334 | ||||||
Integrated Device Technology, Inc.† | 303,695 | 1,904,168 | ||||||
10,049,023 | ||||||||
Shipbuilding — 0.2% | ||||||||
Huntington Ingalls Industries, Inc. | 104,823 | 4,282,020 | ||||||
Soap & Cleaning Preparation — 0.6% | ||||||||
Church & Dwight Co., Inc. | 294,780 | 15,962,337 | ||||||
Steel Pipe & Tube — 0.3% | ||||||||
Valmont Industries, Inc. | 49,570 | 6,922,946 | ||||||
Steel - Producers — 0.9% | ||||||||
Carpenter Technology Corp. | 93,557 | 4,533,772 | ||||||
Commercial Metals Co. | 245,993 | 3,333,205 | ||||||
Reliance Steel & Aluminum Co. | 159,391 | 8,989,652 | ||||||
Steel Dynamics, Inc. | 463,968 | 5,994,467 | ||||||
22,851,096 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% | ||||||||
Ciena Corp.†# | 212,096 | 3,155,989 | ||||||
Telecom Services — 0.5% | ||||||||
NeuStar, Inc., Class A† | 140,581 | 5,651,356 | ||||||
tw telecom, Inc.† | 319,761 | 8,214,660 | ||||||
13,866,016 | ||||||||
Telecommunication Equipment — 0.3% | ||||||||
ADTRAN, Inc.# | 133,919 | 2,630,169 | ||||||
Plantronics, Inc.# | 89,541 | 3,011,264 | ||||||
Tellabs, Inc. | 731,024 | 2,602,445 | ||||||
8,243,878 | ||||||||
Telephone - Integrated — 0.2% | ||||||||
Telephone & Data Systems, Inc. | 213,860 | 4,920,919 | ||||||
Textile - Home Furnishings — 0.4% | ||||||||
Mohawk Industries, Inc.† | 122,653 | 10,546,932 | ||||||
Theaters — 0.2% | ||||||||
Cinemark Holdings, Inc. | 216,407 | 5,886,270 | ||||||
Tobacco — 0.1% | ||||||||
Universal Corp.# | 49,472 | 2,468,653 | ||||||
Transactional Software — 0.7% | ||||||||
ACI Worldwide, Inc.† | 82,977 | 3,577,138 | ||||||
Solera Holdings, Inc. | 148,027 | 7,661,878 | ||||||
VeriFone Systems, Inc.†# | 228,261 | 6,936,852 | ||||||
18,175,868 | ||||||||
Transport - Equipment & Leasing — 0.2% | ||||||||
GATX Corp. | 99,337 | 4,185,068 | ||||||
Transport - Marine — 0.5% | ||||||||
Kirby Corp.†# | 118,245 | 6,844,020 | ||||||
Tidewater, Inc. | 105,509 | 4,733,134 | ||||||
11,577,154 | ||||||||
Transport - Rail — 1.0% | ||||||||
Genesee & Wyoming, Inc., Class A†# | 85,426 | 6,231,826 | ||||||
Kansas City Southern | 232,865 | 18,198,400 | ||||||
24,430,226 | ||||||||
Transport - Services — 0.2% | ||||||||
Matson, Inc. | 89,737 | 2,063,951 | ||||||
UTi Worldwide, Inc. | 219,640 | 3,101,317 | ||||||
5,165,268 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.9% | ||||||||
Con-way, Inc. | 118,441 | $ | 3,327,008 | |||||
J.B. Hunt Transport Services, Inc.# | 191,621 | 11,391,868 | ||||||
Landstar System, Inc. | 98,749 | 4,993,737 | ||||||
Werner Enterprises, Inc.# | 94,145 | 2,042,005 | ||||||
21,754,618 | ||||||||
Veterinary Diagnostics — 0.2% | ||||||||
VCA Antech, Inc.†# | 185,744 | 3,859,760 | ||||||
Water — 0.3% | ||||||||
Aqua America, Inc.# | 295,858 | 7,556,213 | ||||||
Web Hosting/Design — 1.4% | ||||||||
Equinix, Inc.† | 101,982 | 18,944,176 | ||||||
Rackspace Hosting, Inc.†# | 229,632 | 15,872,164 | ||||||
34,816,340 | ||||||||
Web Portals/ISP — 0.3% | ||||||||
AOL, Inc.† | 177,158 | 6,646,968 | ||||||
Wire & Cable Products — 0.1% | ||||||||
General Cable Corp.† | 105,411 | 3,026,350 | ||||||
Wireless Equipment — 0.3% | ||||||||
InterDigital, Inc.# | 90,226 | 3,850,846 | ||||||
RF Micro Devices, Inc.† | 585,838 | 2,530,820 | ||||||
6,381,666 | ||||||||
X-Ray Equipment — 0.4% | ||||||||
Hologic, Inc.† | 560,366 | 10,691,782 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,160,873,292) | 2,474,324,641 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 11.1% | ||||||||
Registered Investment Companies — 11.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 276,344,474 | 276,344,474 | ||||||
U.S. Government Treasuries — 0.1% | ||||||||
United States Treasury Bills | $ | 2,800,000 | 2,799,911 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $279,144,385) | 279,144,385 | |||||||
REPURCHASE AGREEMENT — 1.3% | ||||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(3) | 31,866,000 | 31,866,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,471,883,677)(4) | 110.9 | % | 2,785,335,026 | |||||
Liabilities in excess of other assets | (10.9 | ) | (273,978,761 | ) | ||||
NET ASSETS | 100.0 | % | $ | 2,511,356,265 | ||||
# | The security or a portion thereof is out on loan. |
† | Non-income producing security |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $269,762,574. This was secured by collateral of $276,344,474 which was received in cash and subsequently invested in short-term investments currently valued at $276,344,474 as reported in the portfolio of investments. Additional collateral of $320,107 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. |
159
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VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $297,842 | |||
United States Treasury Notes/Bonds | 0.13% to 0.75% | 12/15/2013 to 01/31/2014 | 22,265 |
(2) | The security or a 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. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
398 | Long | S&P Midcap 400 E-Mini Index | December 2012 | $ | 38,724,245 | $ | 39,776,120 | $ | 1,051,875 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 230,786,088 | $ | — | $ | — | $ | 230,786,088 | ||||||||
Other Industries* | 2,243,538,553 | — | — | 2,243,538,553 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 276,344,474 | — | — | 276,344,474 | ||||||||||||
U.S. Government Treasuries | — | 2,799,911 | — | 2,799,911 | ||||||||||||
Repurchase Agreement | — | 31,866,000 | — | 31,866,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 1,051,875 | — | — | 1,051,875 | ||||||||||||
Total Assets | $ | 2,751,720,990 | $ | 34,665,911 | $ | — | $ | 2,786,386,901 | ||||||||
* | 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 securities by 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
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VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 17.4 | % | ||
Commercial Services | 5.5 | |||
Consulting Services | 4.7 | |||
Applications Software | 4.0 | |||
Oil Companies — Exploration & Production | 3.7 | |||
Medical Instruments | 2.7 | |||
Medical — Biomedical/Gene | 2.4 | |||
Wireless Equipment | 2.4 | |||
Electric — Transmission | 2.2 | |||
Insurance — Property/Casualty | 2.1 | |||
Publishing — Books | 2.1 | |||
Web Portals/ISP | 2.0 | |||
Time Deposits | 1.9 | |||
Apparel Manufacturers | 1.8 | |||
Electronic Components — Semiconductors | 1.8 | |||
Vitamins & Nutrition Products | 1.7 | |||
Transactional Software | 1.7 | |||
Internet Content — Information/News | 1.7 | |||
Medical Products | 1.6 | |||
Computer Services | 1.5 | |||
Retail — Discount | 1.5 | |||
Decision Support Software | 1.5 | |||
Coffee | 1.5 | |||
Beverages — Non-alcoholic | 1.5 | |||
Computer Software | 1.5 | |||
Chemicals — Diversified | 1.5 | |||
Commercial Services — Finance | 1.4 | |||
Hazardous Waste Disposal | 1.4 | |||
Medical Information Systems | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Non-Hazardous Waste Disposal | 1.2 | |||
Building Products — Cement | 1.2 | |||
Diversified Manufacturing Operations | 1.1 | |||
Medical — Drugs | 1.1 | |||
E-Commerce/Products | 1.1 | |||
Instruments — Controls | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Electric Products — Misc. | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Finance — Other Services | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Multimedia | 0.9 | |||
Food — Confectionery | 0.9 | |||
Diagnostic Kits | 0.9 | |||
Schools | 0.9 | |||
Food — Retail | 0.9 | |||
Banks — Super Regional | 0.8 | |||
Dialysis Centers | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Retail — Gardening Products | 0.7 | |||
Pharmacy Services | 0.7 | |||
Internet Content — Entertainment | 0.7 | |||
Internet Infrastructure Software | 0.7 | |||
Retail — Sporting Goods | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Coatings/Paint | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Motorcycle/Motor Scooter | 0.6 | |||
Banks — Commercial | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Cable/Satellite TV | 0.5 | |||
Retail — Perfume & Cosmetics | 0.5 | |||
Steel — Producers | 0.5 | |||
Television | 0.5 |
Distribution/Wholesale | 0.5 | |||
Publishing — Periodicals | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Insurance Brokers | 0.4 | |||
Industrial Gases | 0.4 | |||
Private Equity | 0.4 | |||
Internet Application Software | 0.4 | |||
Diagnostic Equipment | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Internet Security | 0.3 | |||
Toys | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Engineering/R&D Services | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Transport — Rail | 0.2 | |||
Advertising Agencies | 0.2 | |||
Computer Data Security | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Data Processing/Management | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
116.7 | % | |||
* | Calculated as a percentage of net assets |
161
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.5% | ||||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc.# | 35,385 | $ | 382,866 | |||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
BE Aerospace, Inc.† | 27,795 | 1,316,371 | ||||||
Agricultural Chemicals — 0.7% |
| |||||||
Intrepid Potash, Inc.# | 75,231 | 1,600,916 | ||||||
Apparel Manufacturers — 1.8% |
| |||||||
Coach, Inc. | 41,628 | 2,407,763 | ||||||
VF Corp. | 11,345 | 1,820,986 | ||||||
4,228,749 | ||||||||
Applications Software — 4.0% |
| |||||||
Citrix Systems, Inc.† | 37,132 | 2,270,993 | ||||||
Red Hat, Inc.† | 39,577 | 1,955,104 | ||||||
Salesforce.com, Inc.†# | 32,931 | 5,192,231 | ||||||
9,418,328 | ||||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Tesla Motors, Inc.†# | 25,949 | 877,595 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
BorgWarner, Inc.†# | 23,455 | 1,555,066 | ||||||
Banks - Commercial — 0.6% |
| |||||||
Zions Bancorporation# | 65,730 | 1,319,201 | ||||||
Banks - Super Regional — 0.8% |
| |||||||
Fifth Third Bancorp | 54,030 | 790,999 | ||||||
SunTrust Banks, Inc.# | 42,870 | 1,163,921 | ||||||
1,954,920 | ||||||||
Beverages - Non-alcoholic — 1.5% |
| |||||||
Coca-Cola Enterprises, Inc. | 27,490 | 857,138 | ||||||
Monster Beverage Corp.†# | 49,294 | 2,565,753 | ||||||
3,422,891 | ||||||||
Broadcast Services/Program — 0.6% |
| |||||||
Scripps Networks Interactive, Inc., Class A# | 24,720 | 1,459,469 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc.† | 53,915 | 1,616,911 | ||||||
Louisiana-Pacific Corp.†# | 38,875 | 677,202 | ||||||
2,294,113 | ||||||||
Building Products - Cement — 1.2% |
| |||||||
Martin Marietta Materials, Inc.# | 30,640 | 2,757,600 | ||||||
Cable/Satellite TV — 0.5% |
| |||||||
Charter Communications, Inc., Class A† | 17,290 | 1,224,997 | ||||||
Chemicals - Diversified — 1.5% |
| |||||||
Celanese Corp., Series A | 14,755 | 605,545 | ||||||
PPG Industries, Inc. | 4,135 | 513,856 | ||||||
Rockwood Holdings, Inc. | 49,635 | 2,276,758 | ||||||
3,396,159 | ||||||||
Coatings/Paint — 0.7% |
| |||||||
Sherwin-Williams Co.# | 6,935 | 1,057,726 | ||||||
Valspar Corp. | 7,960 | 499,729 | ||||||
1,557,455 | ||||||||
Coffee — 1.5% |
| |||||||
DE Master Blenders 1753 NV† | 302,561 | 3,482,439 | ||||||
Commercial Services — 5.5% |
| |||||||
Edenred | 188,180 | 5,732,979 | ||||||
Intertek Group PLC | 80,486 | 3,984,577 | ||||||
Weight Watchers International, Inc.# | 63,635 | 3,306,475 | ||||||
13,024,031 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance — 1.4% |
| |||||||
Morningstar, Inc.# | 37,213 | $ | 2,375,306 | |||||
SEI Investments Co. | 44,995 | 990,340 | ||||||
3,365,646 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 16,855 | 336,763 | ||||||
Computer Services — 1.5% |
| |||||||
IHS, Inc., Class A†# | 39,335 | 3,624,327 | ||||||
Computer Software — 1.5% |
| |||||||
Akamai Technologies, Inc.† | 93,372 | 3,419,283 | ||||||
Computers - Memory Devices — 0.6% |
| |||||||
Fusion-io, Inc.†# | 13,855 | 323,237 | ||||||
NetApp, Inc.† | 33,790 | 1,071,481 | ||||||
1,394,718 | ||||||||
Consulting Services — 4.7% |
| |||||||
Gartner, Inc.†# | 75,984 | 3,638,114 | ||||||
Qualicorp SA† | 260,898 | 2,533,523 | ||||||
Verisk Analytics, Inc., Class A† | 97,026 | 4,835,776 | ||||||
11,007,413 | ||||||||
Decision Support Software — 1.5% |
| |||||||
MSCI, Inc., Class A†# | 122,316 | 3,547,164 | ||||||
Diagnostic Equipment — 0.3% |
| |||||||
Cepheid, Inc.†# | 24,180 | 783,916 | ||||||
Diagnostic Kits — 0.9% |
| |||||||
IDEXX Laboratories, Inc.†# | 23,239 | 2,172,149 | ||||||
Dialysis Centers — 0.8% |
| |||||||
DaVita HealthCare Partners, Inc.† | 17,670 | 1,908,360 | ||||||
Distribution/Wholesale — 0.5% |
| |||||||
Beacon Roofing Supply, Inc.†# | 34,205 | 1,054,882 | ||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
A.O. Smith Corp. | 6,685 | 420,821 | ||||||
Colfax Corp.†# | 28,955 | 1,128,955 | ||||||
Eaton Corp. PLC# | 21,785 | 1,136,306 | ||||||
2,686,082 | ||||||||
E-Commerce/Products — 1.0% |
| |||||||
MercadoLibre, Inc.# | 20,678 | 1,487,782 | ||||||
Netflix, Inc.†# | 11,495 | 939,257 | ||||||
2,427,039 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Groupon, Inc.†# | 362,575 | 1,519,189 | ||||||
Electric Products - Misc. — 1.0% |
| |||||||
AMETEK, Inc. | 63,549 | 2,372,284 | ||||||
Electric - Transmission — 2.2% |
| |||||||
Brookfield Infrastructure Partners LP | 153,476 | 5,213,580 | ||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Avago Technologies, Ltd. | 34,195 | 1,200,244 | ||||||
First Solar, Inc.†# | 65,203 | 1,759,829 | ||||||
Microchip Technology, Inc.# | 37,825 | 1,150,637 | ||||||
4,110,710 | ||||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Agilent Technologies, Inc.# | 47,250 | 1,809,202 | ||||||
Engineering/R&D Services — 0.2% |
| |||||||
KBR, Inc. | 20,040 | 557,112 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Ultimate Software Group, Inc.† | 4,380 | 413,954 |
162
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Enterprise Software/Service (continued) |
| |||||||
Workday, Inc., Class A†# | 17,877 | $ | 895,638 | |||||
1,309,592 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Greenhill & Co., Inc.# | 25,901 | 1,230,816 | ||||||
Finance - Other Services — 1.0% |
| |||||||
IntercontinentalExchange, Inc.† | 17,251 | 2,279,720 | ||||||
Food - Confectionery — 0.9% |
| |||||||
Hershey Co.# | 29,660 | 2,173,188 | ||||||
Food - Retail — 0.9% |
| |||||||
Whole Foods Market, Inc. | 22,575 | 2,107,602 | ||||||
Hazardous Waste Disposal — 1.4% |
| |||||||
Stericycle, Inc.†# | 35,852 | 3,351,086 | ||||||
Industrial Automated/Robotic — 0.3% |
| |||||||
Rockwell Automation, Inc.# | 8,900 | 705,236 | ||||||
Industrial Gases — 0.4% |
| |||||||
Airgas, Inc. | 10,565 | 935,742 | ||||||
Instruments - Controls — 1.0% |
| |||||||
Sensata Technologies Holding NV†# | 77,561 | 2,393,532 | ||||||
Insurance Brokers — 0.4% |
| |||||||
Brown & Brown, Inc. | 35,545 | 954,028 | ||||||
Insurance - Property/Casualty — 2.1% |
| |||||||
Arch Capital Group, Ltd.†# | 27,588 | 1,244,219 | ||||||
Progressive Corp.# | 176,288 | 3,746,120 | ||||||
4,990,339 | ||||||||
Internet Application Software — 0.4% |
| |||||||
Zynga, Inc., Class A† | 342,903 | 843,541 | ||||||
Internet Content - Entertainment — 0.7% |
| |||||||
Youku, Inc. ADR†# | 100,073 | 1,707,245 | ||||||
Internet Content - Information/News — 1.7% |
| |||||||
LinkedIn Corp., Class A† | 35,851 | 3,876,927 | ||||||
Internet Infrastructure Software — 0.7% |
| |||||||
F5 Networks, Inc.† | 3,990 | 373,783 | ||||||
TIBCO Software, Inc.† | 51,080 | 1,279,554 | ||||||
1,653,337 | ||||||||
Internet Security — 0.3% |
| |||||||
Qihoo 360 Technology Co., Ltd. ADR† | 3,546 | 88,614 | ||||||
Symantec Corp.† | 30,580 | 573,681 | ||||||
662,295 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Roper Industries, Inc. | 8,920 | 994,848 | ||||||
Medical Information Systems — 1.4% |
| |||||||
athenahealth, Inc.† | 36,594 | 2,330,672 | ||||||
Cerner Corp.†# | 12,960 | 1,000,771 | ||||||
3,331,443 | ||||||||
Medical Instruments — 2.7% |
| |||||||
Edwards Lifesciences Corp.†# | 7,195 | 624,310 | ||||||
Intuitive Surgical, Inc.† | 6,950 | 3,676,550 | ||||||
Techne Corp. | 29,634 | 2,101,051 | ||||||
6,401,911 | ||||||||
Medical Products — 1.6% |
| |||||||
Cooper Cos., Inc. | 19,040 | 1,807,658 | ||||||
Sirona Dental Systems, Inc.† | 18,395 | 1,151,711 | ||||||
Zimmer Holdings, Inc.# | 12,115 | 799,226 | ||||||
3,758,595 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene — 2.4% |
| |||||||
Halozyme Therapeutics, Inc.†# | 89,438 | $ | 557,199 | |||||
Illumina, Inc.†# | 93,423 | 5,017,749 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,175 | 166,123 | ||||||
5,741,071 | ||||||||
Medical - Drugs — 1.1% |
| |||||||
Ironwood Pharmaceuticals, Inc.†# | 121,551 | 1,312,751 | ||||||
Medivation, Inc.†# | 12,295 | 641,184 | ||||||
Valeant Pharmaceuticals International, Inc.† | 11,685 | 645,947 | ||||||
2,599,882 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Perrigo Co.# | 5,265 | 544,928 | ||||||
Motorcycle/Motor Scooter — 0.6% |
| |||||||
Harley-Davidson, Inc. | 29,580 | 1,389,077 | ||||||
Multimedia — 0.9% |
| |||||||
FactSet Research Systems, Inc.# | 23,883 | 2,206,550 | ||||||
Non-Hazardous Waste Disposal — 1.2% |
| |||||||
Covanta Holding Corp.# | 110,083 | 2,078,367 | ||||||
Republic Services, Inc. | 27,540 | 784,064 | ||||||
2,862,431 | ||||||||
Oil Companies - Exploration & Production — 3.7% |
| |||||||
Cabot Oil & Gas Corp. | 17,570 | 827,547 | ||||||
Cobalt International Energy, Inc.†# | 37,010 | 863,073 | ||||||
Energy XXI Bermuda, Ltd.# | 13,890 | 440,035 | ||||||
Pioneer Natural Resources Co.# | 11,630 | 1,244,410 | ||||||
Plains Exploration & Production Co.† | 10,565 | 377,171 | ||||||
Range Resources Corp.# | 53,694 | 3,437,490 | ||||||
Ultra Petroleum Corp.†# | 71,881 | 1,441,214 | ||||||
8,630,940 | ||||||||
Oil Field Machinery & Equipment — 0.6% |
| |||||||
Cameron International Corp.† | 27,110 | 1,462,585 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
Insulet Corp.† | 10,800 | 237,060 | ||||||
Pharmacy Services — 0.7% |
| |||||||
Catamaran Corp.†# | 35,370 | 1,722,165 | ||||||
Private Equity — 0.4% |
| |||||||
KKR & Co LP | 62,410 | 858,138 | ||||||
Publishing - Books — 2.1% |
| |||||||
McGraw-Hill Cos., Inc. | 91,985 | 4,885,323 | ||||||
Publishing - Periodicals — 0.4% |
| |||||||
Nielsen Holdings NV†# | 36,270 | 1,027,166 | ||||||
Real Estate Management/Services — 0.3% |
| |||||||
CBRE Group, Inc., Class A†# | 34,090 | 645,324 | ||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Lululemon Athletica, Inc.†# | 4,615 | 331,265 | ||||||
Retail - Discount — 1.5% |
| |||||||
Dollar Tree, Inc.† | 85,197 | 3,556,123 | ||||||
Retail - Gardening Products — 0.7% |
| |||||||
Tractor Supply Co.# | 19,460 | 1,744,005 | ||||||
Retail - Perfume & Cosmetics — 0.5% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc. | 12,075 | 1,210,881 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
Dunkin’ Brands Group, Inc.# | 97,011 | 3,086,890 | ||||||
Retail - Sporting Goods — 0.7% |
| |||||||
Dick’s Sporting Goods, Inc.# | 31,415 | 1,649,602 | ||||||
163
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Schools — 0.9% |
| |||||||
New Oriental Education & Technology Group ADR# | 107,581 | $ | 2,168,833 | |||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
Analog Devices, Inc.# | 13,905 | 564,543 | ||||||
Maxim Integrated Products, Inc. | 31,680 | 924,739 | ||||||
NXP Semiconductor NV†# | 36,525 | 894,132 | ||||||
2,383,414 | ||||||||
Steel - Producers — 0.5% |
| |||||||
Carpenter Technology Corp.# | 24,120 | 1,168,855 | ||||||
Television — 0.5% |
| |||||||
CBS Corp., Class B | 31,340 | 1,127,613 | ||||||
Toys — 0.3% |
| |||||||
Mattel, Inc.# | 17,610 | 660,551 | ||||||
Transactional Software — 1.7% |
| |||||||
Solera Holdings, Inc.# | 76,148 | 3,941,420 | ||||||
Transport - Rail — 0.2% |
| |||||||
Genesee & Wyoming, Inc., Class A†# | 6,290 | 458,856 | ||||||
Vitamins & Nutrition Products — 1.7% |
| |||||||
Mead Johnson Nutrition Co.# | 58,534 | 3,991,433 | ||||||
Web Portals/ISP — 2.0% |
| |||||||
Dropbox, Inc.†(1)(2)(3) | 89,561 | 776,518 | ||||||
SINA Corp.† | 14,390 | 655,033 | ||||||
Yandex NV, Class A†# | 146,201 | 3,190,106 | ||||||
4,621,657 | ||||||||
Wireless Equipment — 2.4% |
| |||||||
Motorola Solutions, Inc. | 104,903 | 5,711,968 | ||||||
Total Common Stock | ||||||||
(cost $209,583,428) | 226,870,014 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.5% |
| |||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Better Place LLC | 314,973 | 94,492 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Peixe Urbano, Inc. | 14,214 | 99,498 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
Workday, Inc. | 20,604 | 963,460 | ||||||
Web Portals/ISP — 0.0% |
| |||||||
Dropbox, Inc. | 8,758 | 73,308 | ||||||
Total Convertible Preferred Stock | ||||||||
(cost $1,607,928) | 1,230,758 | |||||||
PREFERRED STOCK — 0.1% |
| |||||||
Data Processing/Management — 0.1% |
| |||||||
Palantir Technologies, Inc. | 89,856 | 274,960 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $211,466,316) | 228,375,732 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 19.3% |
| |||||||
Registered Investment Companies — 17.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 40,945,890 | 40,945,890 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 1.9% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 4,470,000 | $ | 4,470,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $45,415,890) | 45,415,890 | |||||||
REPURCHASE AGREEMENT — 0.3% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01% dated 11/30/2012, to be repurchased 12/03/2012 in the amount of $617,001 and collateralized by $630,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $630,968 | 617,000 | 617,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $257,499,206)(6) | 116.7 | % | 274,408,622 | |||||
Liabilities in excess of other assets | (16.7 | ) | (39,259,636 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 235,148,986 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2012, 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 Series B Convertible Preferred Stock | 01/25/2010 | 262,477 | $ | 787,431 | ||||||||||||||||||||
11/30/2011 | 52,496 | — | ||||||||||||||||||||||
314,973 | 787,431 | $ | 94,492 | $ | 0.30 | 0.1 | % | |||||||||||||||||
Dropbox, Inc. Common Stock | 05/01/2012 | 89,561 | 810,680 | 776,518 | 8.67 | 0.3 | ||||||||||||||||||
Dropbox, Inc. | 05/25/2012 | 8,758 | 79,251 | 73,308 | 8.37 | 0.0 | ||||||||||||||||||
Palantir Technologies, Inc. Series G Preferred Stock | 07/19/2012 | 89,856 | 274,960 | 274,960 | 3.06 | 0.1 | ||||||||||||||||||
Peixe Urbano, Inc. Series C Convertible Preferred Stock | 12/02/2011 | 14,214 | 467,937 | 99,498 | 7.00 | 0.1 | ||||||||||||||||||
Workday, Inc. Series F Convertible Preferred Stock | 10/12/2011 | 20,604 | 273,209 | 963,460 | 46.76 | 0.4 | ||||||||||||||||||
$ | 2,282,236 | 1.0 | % | |||||||||||||||||||||
164
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
(2) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $2,282,236 representing 1.0% of net assets. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(5) | At November 30, 2012, the Fund had loaned securities with a total value of $40,031,929. This was secured by collateral of $40,945,890, which was received in cash and subsequently invested in short-term investments currently valued at $40,945,890 as reported in the portfolio of investments. Additional collateral of $78,799 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 1/10/2013 | $34,570 | |||
U.S. Treasury Notes/Bonds | 0.13% to 4.25% | 12/15/2013 to 08/15/2014 | 44,229 |
(6) | 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, 2012 (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: | ||||||||||||||||
Commercial Services | $ | 13,024,031 | $ | — | $ | — | $ | 13,024,031 | ||||||||
Web Portals/ISP | 3,845,139 | — | 776,518 | 4,621,657 | ||||||||||||
Other Industries* | 209,224,326 | — | — | 209,224,326 | ||||||||||||
Convertible Preferred Stock: | ||||||||||||||||
Enterprise Software/Service | — | 963,460 | — | 963,460 | ||||||||||||
Other Industries* | — | — | 267,298 | 267,298 | ||||||||||||
Preferred Stock | — | — | 274,960 | 274,960 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 40,945,890 | — | — | 40,945,890 | ||||||||||||
Time Deposits | — | 4,470,000 | — | 4,470,000 | ||||||||||||
Repurchase Agreement | — | 617,000 | — | 617,000 | ||||||||||||
Total | $ | 267,039,386 | $ | 6,050,460 | $ | 1,318,776 | $ | 274,408,622 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
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 5/31/2012 | $ | 810,446 | $ | 2,022,944 | $ | — | ||||||
Accrued discounts | — | — | — | |||||||||
Accrued premiums | — | — | — | |||||||||
Realized gain | — | — | — | |||||||||
Realized loss | — | — | — | |||||||||
Change in unrealized appreciation (1) | — | 690,251 | — | |||||||||
Change in unrealized depreciation (1) | (33,928 | ) | (1,482,437 | ) | — | |||||||
Net purchases | — | — | 274,960 | |||||||||
Net sales | — | — | — | |||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3 | — | (963,460 | ) | — | ||||||||
Balance as of 11/30/2012 | $ | 776,518 | $ | 267,298 | $ | 274,960 | ||||||
(1) | The total change in unrealized appreciation (depreciation) included in the operations attributable to level 3 investments still held at November 30, 2012 includes: |
Common Stock | Convertible Preferred Stock | Preferred Stock | ||||||||||
$ | (33,928 | ) | $ | (1,482,437 | ) | $ | — | |||||
At the end of the reporting period, Level 3 instruments in securities and other financial instruments were not considered a material portion of the portfolio.
See Notes to Financial Statements
165
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
U.S. Government Agencies | 38.6 | % | ||
Foreign Bank | 12.8 | |||
U.S. Government Treasuries | 12.4 | |||
Money Center Banks | 12.3 | |||
Repurchase Agreement | 8.9 | |||
Commercial Banks — Canadian | 4.8 | |||
Super — Regional Banks — US | 3.9 | |||
Commercial Banks | 3.9 | |||
Diversified Financial Services | 3.4 | |||
Finance | 2.2 | |||
103.2 | % | |||
Weighted Average Days to Maturity | 53.5 |
Credit Quality@#
A-1 | 100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poors. |
# | Calculated as a percentage of total debt issues. |
166
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 94.3% | ||||||||
Certificates of Deposit — 20.9% | ||||||||
Deutsche Bank AG NY | $ | 8,000,000 | $ | 8,000,000 | ||||
Deutsche Bank AG NY FRS | 8,000,000 | 8,000,000 | ||||||
Nordea Bank Finland PLC NY | 7,500,000 | 7,500,000 | ||||||
Rabobank Nederland NV NY FRS | 8,190,000 | 8,190,000 | ||||||
Rabobank Nederland NV NY FRS | 6,000,000 | 6,000,000 | ||||||
Royal Bank of Canada NY FRS | 7,700,000 | 7,700,000 | ||||||
Royal Bank of Canada NY FRS | 6,750,000 | 6,752,074 | ||||||
Svenska Handelsbanken NY | 7,000,000 | 7,000,000 | ||||||
Svenska Handelsbanken NY | 7,000,000 | 7,000,099 | ||||||
UBS AG Stamford CT FRS | 7,000,000 | 7,000,000 | ||||||
UBS AG Stamford CT | 7,850,000 | 7,850,000 | ||||||
Total Certificates of Deposit | ||||||||
(amortized cost $80,992,173) | 80,992,173 | |||||||
Commercial Paper — 12.7% | ||||||||
BNP Paribas Finance, Inc. | 12,000,000 | 11,999,913 | ||||||
General Electric Co. | 7,000,000 | 6,999,903 | ||||||
Lloyds TSB Bank PLC | 8,000,000 | 7,996,389 | ||||||
Nordea North America, Inc. | 7,000,000 | 6,996,780 | ||||||
State Street Corp. | 7,200,000 | 7,196,052 | ||||||
State Street Corp. | 7,900,000 | 7,899,372 | ||||||
Total Commercial Paper | ||||||||
(amortized cost $49,088,409) | 49,088,409 | |||||||
U.S. Corporate Bonds & Notes — 9.7% | ||||||||
Bank of America NA | 7,000,000 | 7,000,000 | ||||||
Bank of America NA | 8,000,000 | 8,000,000 | ||||||
Citigroup Funding, Inc. | 6,000,000 | 6,003,086 | ||||||
General Electric Capital Corp. FRS | 1,000,000 | 1,000,972 | ||||||
General Electric Capital Corp. | 650,000 | 651,735 | ||||||
JPMorgan Chase & Co. FRS | 10,760,000 | 10,777,604 | ||||||
Royal Bank of Canada | 4,000,000 | 4,045,710 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(amortized cost $37,479,107) | 37,479,107 | |||||||
U.S. Government Agencies — 38.6% | ||||||||
Federal Farm Credit Bank | ||||||||
0.18% due 09/11/2013 | 7,900,000 | 7,888,782 | ||||||
0.19% due 01/28/2013 | 2,900,000 | 2,899,112 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Agencies (continued) | ||||||||
Federal Farm Credit Bank FRS | ||||||||
0.18% due 03/15/2013 | $ | 300,000 | $ | 300,019 | ||||
0.18% due 04/17/2013 | 8,000,000 | 8,000,921 | ||||||
0.18% due 06/04/2013 | 8,120,000 | 8,119,588 | ||||||
0.18% due 07/24/2013 | 2,250,000 | 2,250,148 | ||||||
0.18% due 09/16/2013 | 300,000 | 300,026 | ||||||
0.19% due 02/11/2013 | 11,000,000 | 11,000,000 | ||||||
0.20% due 07/02/2013 | 8,040,000 | 8,040,000 | ||||||
0.21% due 08/06/2013 | 3,250,000 | 3,249,969 | ||||||
0.23% due 08/22/2013 | 3,250,000 | 3,251,693 | ||||||
0.24% due 01/25/2013 | 335,000 | 335,025 | ||||||
0.25% due 03/06/2013 | 4,900,000 | 4,900,320 | ||||||
0.27% due 06/26/2013 | 300,000 | 300,191 | ||||||
0.27% due 08/28/2013 | 2,500,000 | 2,500,374 | ||||||
0.29% due 07/10/2013 | 650,000 | 650,277 | ||||||
Federal Home Loan Bank | ||||||||
0.12% due 02/01/2013 | 3,800,000 | 3,799,215 | ||||||
0.13% due 01/02/2013 | 6,000,000 | 5,999,307 | ||||||
0.13% due 08/20/2013 | 1,500,000 | 1,499,191 | ||||||
0.14% due 02/06/2013 | 4,250,000 | 4,248,893 | ||||||
0.15% due 01/23/2013 | 4,600,000 | 4,598,984 | ||||||
0.17% due 05/03/2013 | 4,250,000 | 4,247,020 | ||||||
0.18% due 02/15/2013 | 4,550,000 | 4,549,688 | ||||||
0.21% due 04/08/2013 | 4,100,000 | 4,096,939 | ||||||
1.75% due 12/14/2012 | 1,500,000 | 1,500,856 | ||||||
Federal Home Loan Bank FRS | ||||||||
0.10% due 04/09/2013 | 10,500,000 | 10,500,000 | ||||||
0.17% due 04/18/2013 | 6,250,000 | 6,249,949 | ||||||
0.21% due 07/25/2013 | 6,020,000 | 6,019,805 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.13% due 12/18/2012 | 4,000,000 | 3,999,754 | ||||||
0.15% due 03/19/2013 | 4,500,000 | 4,497,975 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
0.15% due 05/16/2013 | 1,500,000 | 1,500,000 | ||||||
0.16% due 02/04/2013 | 2,930,000 | 2,930,317 | ||||||
0.16% due 05/06/2013 | 300,000 | 300,002 | ||||||
0.16% due 06/03/2013 | 500,000 | 500,000 | ||||||
0.17% due 03/21/2013 | 800,000 | 800,054 | ||||||
Federal National Mtg. Assoc. | ||||||||
0.12% due 12/20/2012 | 4,000,000 | 3,999,747 | ||||||
0.12% due 12/27/2012 | 4,000,000 | 3,999,653 | ||||||
0.16% due 03/04/2013 | 3,000,000 | 2,998,760 | ||||||
4.13% due 04/15/2013 | 500,000 | 507,317 | ||||||
Federal National Mtg. Assoc. FRS | 2,300,000 | 2,300,367 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $149,630,238) | 149,630,238 | |||||||
U.S. Government Treasuries — 12.4% | ||||||||
United States Cash Management Bill | 7,000,000 | 6,999,008 | ||||||
United States Treasury Bills | ||||||||
0.13% due 06/06/2013 | 8,000,000 | 7,994,742 | ||||||
0.17% due 03/07/2013 | 3,000,000 | 2,998,640 | ||||||
0.18% due 04/04/2013 | 8,520,000 | 8,514,670 | ||||||
United States Treasury Notes | ||||||||
1.38% due 01/15/2013 | 8,190,000 | 8,201,962 | ||||||
1.38% due 02/15/2013 | 8,250,000 | 8,270,255 | ||||||
3.88% due 02/15/2013 | 5,100,000 | 5,139,034 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $48,118,311) | 48,118,311 | |||||||
Total Short-Term Investment Securities — 94.3% | ||||||||
(amortized cost $365,308,238) | 365,308,238 | |||||||
167
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VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 8.9% | ||||||||
State Street Bank & Trust Co. Joint | $ | 8,060,000 | $ | 8,060,000 | ||||
UBS Securities LLC Joint Repurchase Agreement(1) | 26,525,000 | 26,525,000 | ||||||
Total Repurchase Agreements | ||||||||
(amortized cost $34,585,000) | 34,585,000 | |||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $399,893,238)(2) | 103.2 | % | 399,893,238 | |||||
Liabilities in excess of other assets | (3.2 | ) | (12,238,441 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 387,654,797 | ||||
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(2) | See Note 5 for cost of investments on a tax basis. |
FDIC—Federal Deposit Insurance Corp.
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates as of November 30, 2012 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, 2012 (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 | $ | — | $ | 80,992,173 | $ | — | $ | 80,992,173 | ||||||||
Commercial Paper | — | 49,088,409 | — | 49,088,409 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 37,479,107 | — | 37,479,107 | ||||||||||||
U.S. Government Agencies | — | 149,630,238 | — | 149,630,238 | ||||||||||||
U.S. Government Treasuries | — | 48,118,311 | — | 48,118,311 | ||||||||||||
Repurchase Agreement | — | 34,585,000 | — | 34,585,000 | ||||||||||||
Total | $ | — | $ | 399,893,238 | $ | — | $ | 399,893,238 | ||||||||
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
168
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Computers | 17.8 | % | ||
Applications Software | 8.4 | |||
Web Portals/ISP | 7.2 | |||
Medical — Biomedical/Gene | 7.2 | |||
Electronic Components — Semiconductors | 6.1 | |||
E-Commerce/Products | 5.8 | |||
Repurchase Agreements | 5.6 | |||
Enterprise Software/Service | 5.4 | |||
Registered Investment Companies | 4.6 | |||
Semiconductor Components — Integrated Circuits | 4.0 | |||
Cable/Satellite TV | 3.4 | |||
Networking Products | 3.2 | |||
Multimedia | 2.0 | |||
Retail — Discount | 1.7 | |||
E-Commerce/Services | 1.6 | |||
Food — Misc./Diversified | 1.4 | |||
Pharmacy Services | 1.4 | |||
Retail — Restaurants | 1.2 | |||
Commercial Services — Finance | 1.2 | |||
Computers — Memory Devices | 1.0 | |||
Semiconductor Equipment | 0.8 | |||
Cellular Telecom | 0.8 | |||
Computer Services | 0.7 | |||
Medical Instruments | 0.7 | |||
Medical — Generic Drugs | 0.6 | |||
Internet Security | 0.6 | |||
Transport — Services | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Entertainment Software | 0.5 | |||
Food — Retail | 0.5 | |||
Electronic Forms | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Radio | 0.5 | |||
Retail — Bedding | 0.4 | |||
Medical Information Systems | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Toys | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Casino Hotels | 0.4 | |||
Retail — Auto Parts | 0.3 | |||
Data Processing/Management | 0.3 | |||
Telecom Services | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Hazardous Waste Disposal | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Computer Aided Design | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Medical Products | 0.2 | |||
Computer Software | 0.2 | |||
Mining | 0.2 | |||
Coffee | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Retail — Major Department Stores | 0.1 | |||
Therapeutics | 0.1 | |||
Schools | 0.1 | |||
104.5 | % | |||
* | Calculated as a percentage of net assets |
169
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 93.9% |
| |||||||
Applications Software — 8.4% | ||||||||
Check Point Software Technologies, Ltd.†# | 11,709 | $ | 540,605 | |||||
Citrix Systems, Inc.† | 10,690 | 653,800 | ||||||
Intuit, Inc.# | 16,790 | 1,005,889 | ||||||
Microsoft Corp. | 479,317 | 12,759,419 | ||||||
Nuance Communications, Inc.†# | 17,602 | 391,468 | ||||||
15,351,181 | ||||||||
Auto - Heavy Duty Trucks — 0.5% | ||||||||
PACCAR, Inc.# | 20,211 | 888,071 | ||||||
Beverages - Non-alcoholic — 0.3% | ||||||||
Monster Beverage Corp.†# | 10,087 | 525,028 | ||||||
Cable/Satellite TV — 3.4% | ||||||||
Comcast Corp., Class A# | 120,916 | 4,495,657 | ||||||
DIRECTV† | 35,897 | 1,784,081 | ||||||
6,279,738 | ||||||||
Casino Hotels — 0.4% | ||||||||
Wynn Resorts, Ltd. | 5,747 | 645,963 | ||||||
Cellular Telecom — 0.8% | ||||||||
Vodafone Group PLC ADR | 54,326 | 1,401,611 | ||||||
Chemicals - Specialty — 0.3% | ||||||||
Sigma-Aldrich Corp.# | 6,904 | 500,678 | ||||||
Coffee — 0.2% | ||||||||
Green Mountain Coffee Roasters, Inc.†# | 8,892 | 326,070 | ||||||
Commercial Services - Finance — 1.2% | ||||||||
Automatic Data Processing, Inc.# | 27,701 | 1,572,309 | ||||||
Paychex, Inc.# | 20,741 | 674,912 | ||||||
2,247,221 | ||||||||
Computer Aided Design — 0.2% | ||||||||
Autodesk, Inc.† | 13,139 | 435,295 | ||||||
Computer Services — 0.7% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 17,070 | 1,147,616 | ||||||
Infosys, Ltd. ADR# | 3,812 | 169,443 | ||||||
1,317,059 | ||||||||
Computer Software — 0.2% | ||||||||
Akamai Technologies, Inc.† | 10,137 | 371,217 | ||||||
Computers — 17.8% | ||||||||
Apple, Inc. | 53,596 | 31,368,667 | ||||||
Dell, Inc.# | 99,175 | 956,047 | ||||||
Research In Motion, Ltd.†# | 29,514 | 342,362 | ||||||
32,667,076 | ||||||||
Computers - Memory Devices — 1.0% | ||||||||
NetApp, Inc.† | 20,772 | 658,680 | ||||||
SanDisk Corp.†# | 13,810 | 539,971 | ||||||
Seagate Technology PLC# | 22,968 | 576,497 | ||||||
1,775,148 | ||||||||
Data Processing/Management — 0.3% | ||||||||
Fiserv, Inc.† | 7,757 | 597,211 | ||||||
Dental Supplies & Equipment — 0.2% | ||||||||
DENTSPLY International, Inc.# | 8,106 | 321,808 | ||||||
Distribution/Wholesale — 0.6% | ||||||||
Fastenal Co.# | 16,932 | 707,927 | ||||||
Fossil, Inc.† | 3,479 | 300,725 | ||||||
1,008,652 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 5.8% | ||||||||
Amazon.com, Inc.† | 25,847 | $ | 6,514,736 | |||||
eBay, Inc.† | 73,679 | 3,891,725 | ||||||
Netflix, Inc.†# | 3,175 | 259,429 | ||||||
10,665,890 | ||||||||
E-Commerce/Services — 1.6% | ||||||||
Expedia, Inc. | 7,029 | 434,814 | ||||||
Liberty Interactive Corp., Class A† | 29,456 | 568,500 | ||||||
priceline.com, Inc.†# | 2,849 | 1,889,343 | ||||||
2,892,657 | ||||||||
Electronic Components - Misc. — 0.4% | ||||||||
Flextronics International, Ltd.† | 38,050 | 220,310 | ||||||
Garmin, Ltd.# | 11,142 | 433,312 | ||||||
653,622 | ||||||||
Electronic Components - Semiconductors — 6.1% | ||||||||
Altera Corp. | 18,291 | 592,446 | ||||||
Avago Technologies, Ltd. | 14,000 | 491,400 | ||||||
Broadcom Corp., Class A | 28,987 | 938,599 | ||||||
Intel Corp.# | 286,044 | 5,597,881 | ||||||
Microchip Technology, Inc.# | 11,074 | 336,871 | ||||||
Micron Technology, Inc.†# | 58,177 | 347,898 | ||||||
NVIDIA Corp. | 35,418 | 424,308 | ||||||
Texas Instruments, Inc.# | 65,051 | 1,917,053 | ||||||
Xilinx, Inc. | 14,989 | 519,369 | ||||||
11,165,825 | ||||||||
Electronic Forms — 0.5% | ||||||||
Adobe Systems, Inc.†# | 28,116 | 973,095 | ||||||
Enterprise Software/Service — 5.4% | ||||||||
BMC Software, Inc.† | 9,117 | 373,432 | ||||||
CA, Inc. | 26,817 | 594,265 | ||||||
Oracle Corp. | 279,155 | 8,960,875 | ||||||
9,928,572 | ||||||||
Entertainment Software — 0.5% | ||||||||
Activision Blizzard, Inc. | 63,526 | 726,738 | ||||||
Electronic Arts, Inc.†# | 18,204 | 269,601 | ||||||
996,339 | ||||||||
Food - Misc./Diversified — 1.4% | ||||||||
Mondelez International, Inc., Class A | 101,465 | 2,626,929 | ||||||
Food - Retail — 0.5% | ||||||||
Whole Foods Market, Inc.# | 10,558 | 985,695 | ||||||
Hazardous Waste Disposal — 0.2% | ||||||||
Stericycle, Inc.†# | 4,897 | 457,723 | ||||||
Internet Infrastructure Software — 0.2% | ||||||||
F5 Networks, Inc.† | 4,518 | 423,246 | ||||||
Internet Security — 0.6% | ||||||||
Symantec Corp.† | 40,133 | 752,895 | ||||||
VeriSign, Inc.†# | 8,942 | 305,190 | ||||||
1,058,085 | ||||||||
Medical Information Systems — 0.4% | ||||||||
Cerner Corp.†# | 9,787 | 755,752 | ||||||
Medical Instruments — 0.7% | ||||||||
Intuitive Surgical, Inc.† | 2,283 | 1,207,707 | ||||||
Medical Products — 0.2% | ||||||||
Henry Schein, Inc.† | 5,062 | 408,858 | ||||||
170
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene — 7.2% | ||||||||
Alexion Pharmaceuticals, Inc.† | 11,038 | $ | 1,059,869 | |||||
Amgen, Inc. | 44,068 | 3,913,238 | ||||||
Biogen Idec, Inc.† | 13,513 | 2,014,653 | ||||||
Celgene Corp.† | 24,666 | 1,938,501 | ||||||
Gilead Sciences, Inc.†# | 43,256 | 3,244,200 | ||||||
Life Technologies Corp.†# | 10,022 | 494,586 | ||||||
Vertex Pharmaceuticals, Inc.† | 12,339 | 490,969 | ||||||
13,156,016 | ||||||||
Medical - Generic Drugs — 0.6% | ||||||||
Mylan, Inc.† | 23,206 | 630,739 | ||||||
Perrigo Co.# | 5,346 | 553,311 | ||||||
1,184,050 | ||||||||
Mining — 0.2% | ||||||||
Randgold Resources, Ltd. ADR | 3,078 | 330,454 | ||||||
Multimedia — 2.0% | ||||||||
News Corp., Class A# | 89,696 | 2,210,110 | ||||||
Viacom, Inc., Class B | 26,497 | 1,367,510 | ||||||
3,577,620 | ||||||||
Networking Products — 3.2% | ||||||||
Cisco Systems, Inc. | 306,277 | 5,791,698 | ||||||
Pharmacy Services — 1.4% | ||||||||
Express Scripts Holding Co.† | 46,354 | 2,496,163 | ||||||
Radio — 0.5% | ||||||||
Sirius XM Radio, Inc.†# | 297,715 | 827,648 | ||||||
Retail - Apparel/Shoe — 0.4% | ||||||||
Ross Stores, Inc. | 12,897 | 734,097 | ||||||
Retail - Auto Parts — 0.3% | ||||||||
O’Reilly Automotive, Inc.† | 6,797 | 639,462 | ||||||
Retail - Bedding — 0.4% | ||||||||
Bed Bath & Beyond, Inc.†# | 13,273 | 779,390 | ||||||
Retail - Discount — 1.7% | ||||||||
Costco Wholesale Corp. | 24,719 | 2,570,529 | ||||||
Dollar Tree, Inc.† | 13,169 | 549,674 | ||||||
3,120,203 | ||||||||
Retail - Major Department Stores — 0.1% | ||||||||
Sears Holdings Corp.†# | 6,087 | 255,715 | ||||||
Retail - Office Supplies — 0.2% | ||||||||
Staples, Inc.# | 39,014 | 456,464 | ||||||
Retail - Restaurants — 1.2% | ||||||||
Starbucks Corp. | 43,453 | 2,253,907 | ||||||
Schools — 0.1% | ||||||||
Apollo Group, Inc., Class A†# | 6,455 | 123,871 | ||||||
Semiconductor Components - Integrated Circuits — 4.0% |
| |||||||
Linear Technology Corp. | 13,166 | 436,979 | ||||||
Marvell Technology Group, Ltd.# | 32,212 | 273,158 | ||||||
Maxim Integrated Products, Inc. | 16,685 | 487,035 | ||||||
QUALCOMM, Inc. | 97,388 | 6,195,825 | ||||||
7,392,997 | ||||||||
Semiconductor Equipment — 0.8% | ||||||||
Applied Materials, Inc.# | 70,753 | 759,180 | ||||||
KLA - Tencor Corp. | 9,520 | 432,874 | ||||||
Lam Research Corp.† | 10,423 | 366,056 | ||||||
1,558,110 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telecom Services — 0.3% | ||||||||
Virgin Media, Inc.# | 15,365 | $ | 540,387 | |||||
Therapeutics — 0.1% | ||||||||
Warner Chilcott PLC, Class A | 14,321 | 166,983 | ||||||
Toys — 0.4% | ||||||||
Mattel, Inc. | 19,492 | 731,145 | ||||||
Transport - Services — 0.6% | ||||||||
C.H. Robinson Worldwide, Inc.# | 9,224 | 569,490 | ||||||
Expeditors International of Washington, Inc. | 12,038 | 450,462 | ||||||
1,019,952 | ||||||||
Web Portals/ISP — 7.2% | ||||||||
Baidu, Inc. ADR† | 15,677 | 1,509,852 | ||||||
Google, Inc., Class A† | 14,978 | 10,460,186 | ||||||
Yahoo!, Inc.† | 67,730 | 1,271,292 | ||||||
13,241,330 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $125,982,148) | 172,236,684 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.0% |
| |||||||
Registered Investment Companies — 4.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 8,457,508 | 8,457,508 | ||||||
U.S. Government Treasuries — 0.4% | ||||||||
United States Treasury Bills | $ | 700,000 | 699,978 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $9,157,486) | 9,157,486 | |||||||
REPURCHASE AGREEMENT — 5.6% | ||||||||
State Street Bank & Trust Co. Joint Repurchase | 10,282,000 | 10,282,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $145,421,634)(4) | 104.5 | % | 191,676,170 | |||||
Liabilities in excess of other assets | (4.5 | ) | (8,285,051 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 183,391,119 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $ 8,327,259. This was secured by $8,457,508, which was received in cash and subsequently invested in short-term investments currently valued at $8,457,508 as reported in the portfolio of investments. Additional collateral of $ 72,492 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 1/10/2013 | $69,158 | |||
United States Treasury Notes/Bonds | 0.13% to 0.75% | 12/15/2013 to 01/31/2014 | 3,334 |
(2) | The security or a 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 the cost of investments on a tax basis |
ADR—American Depository Receipt
171
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Open Future Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
201 | Long | Nasdaq 100 E-Mini Index | December 2012 | $ | 11,109,238 | $ | 10,756,515 | $ | (352,723 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 15,351,181 | $ | — | $ | — | $ | 15,351,181 | ||||||||
Computers | 32,667,076 | — | — | 32,667,076 | ||||||||||||
E-Commerce/Products | 10,665,890 | — | — | 10,665,890 | ||||||||||||
Electronic Components-Semiconductors | 11,165,825 | — | — | 11,165,825 | ||||||||||||
Enterprise Software/Service | 9,928,572 | — | — | 9,928,572 | ||||||||||||
Medical-Biomedical/Gene | 13,156,016 | — | — | 13,156,016 | ||||||||||||
Web Portals/ISP | 13,241,330 | — | — | 13,241,330 | ||||||||||||
Other Industries* | 66,060,794 | — | — | 66,060,794 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,457,508 | — | — | 8,457,508 | ||||||||||||
U.S. Government Treasuries | — | 699,978 | — | 699,978 | ||||||||||||
Repurchase Agreement | — | 10,282,000 | — | 10,282,000 | ||||||||||||
Total | $ | 180,694,192 | $ | 10,981,978 | $ | — | $ | 191,676,170 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments: † | ||||||||||||||||
Open Futures Contracts-Depreciation | $ | 352,723 | $ | — | $ | — | $ | 352,723 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Note to Financial Statements
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PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 10.3 | % | ||
Computers | 10.0 | |||
Applications Software | 8.3 | |||
Web Portals/ISP | 8.0 | |||
Electronic Components — Semiconductors | 7.9 | |||
E-Commerce/Products | 5.8 | |||
Semiconductor Components — Integrated Circuits | 5.6 | |||
Enterprise Software/Service | 4.4 | |||
Networking Products | 4.3 | |||
Computer Services | 4.1 | |||
Computers — Memory Devices | 3.3 | |||
E-Commerce/Services | 3.2 | |||
Finance — Credit Card | 2.9 | |||
Internet Content — Entertainment | 2.3 | |||
Semiconductor Equipment | 2.2 | |||
Telecom Equipment — Fiber Optics | 1.9 | |||
Commercial Services — Finance | 1.8 | |||
Telecommunication Equipment | 1.7 | |||
Electronic Components — Misc. | 1.7 | |||
Wireless Equipment | 1.4 | |||
Computer Aided Design | 1.3 | |||
Internet Infrastructure Software | 1.2 | |||
Repurchase Agreements | 1.1 | |||
Entertainment Software | 1.0 | |||
Agricultural Chemicals | 0.9 | |||
Toys | 0.9 | |||
Internet Content — Information/News | 0.9 | |||
Consulting Services | 0.8 | |||
Commercial Services | 0.8 | |||
Cable/Satellite TV | 0.6 | |||
Web Hosting/Design | 0.6 | |||
Internet Application Software | 0.5 | |||
Electronic Parts Distribution | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Electric Products — Misc. | 0.5 | |||
Computers — Periphery Equipment | 0.4 | |||
Electronic Design Automation | 0.4 | |||
Medical Products | 0.4 | |||
Virtual Reality Products | 0.4 | |||
Computers — Integrated Systems | 0.3 | |||
Internet Security | 0.3 | |||
Computer Software | 0.3 | |||
Data Processing/Management | 0.3 | |||
Computer Data Security | 0.3 | |||
Internet Connectivity Services | 0.3 | |||
Multimedia | 0.3 | |||
Cellular Telecom | 0.3 | |||
Electronic Measurement Instruments | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
E-Services/Consulting | 0.1 | |||
Internet Telephone | 0.1 | |||
Advanced Materials | 0.1 | |||
Human Resources | 0.1 | |||
108.0 | % | |||
* | Calculated as a percentage of net assets |
173
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.9% | ||||||||
Advanced Materials — 0.1% |
| |||||||
STR Holdings, Inc.†# | 257,600 | $ | 610,512 | |||||
Agricultural Chemicals — 0.9% |
| |||||||
Monsanto Co. | 69,905 | 6,402,599 | ||||||
Applications Software — 8.3% |
| |||||||
Check Point Software Technologies, Ltd.†# | 72,000 | 3,324,240 | ||||||
Citrix Systems, Inc.† | 64,837 | 3,965,431 | ||||||
Intuit, Inc.# | 118,620 | 7,106,524 | ||||||
Microsoft Corp. | 832,705 | 22,166,607 | ||||||
NetSuite, Inc.†# | 11,900 | 709,478 | ||||||
Red Hat, Inc.†# | 129,882 | 6,416,171 | ||||||
Salesforce.com, Inc.†# | 92,158 | 14,530,552 | ||||||
ServiceNow, Inc.†# | 34,400 | 1,122,472 | ||||||
59,341,475 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Tesla Motors, Inc.†# | 104,876 | 3,546,906 | ||||||
Cable/Satellite TV — 0.6% |
| |||||||
Comcast Corp., Class A# | 122,295 | 4,546,928 | ||||||
Cellular Telecom — 0.3% |
| |||||||
China Unicom Hong Kong, Ltd. | 1,194,000 | 1,864,132 | ||||||
Commercial Services — 0.8% |
| |||||||
ExlService Holdings, Inc.†# | 34,751 | 933,065 | ||||||
Quanta Services, Inc.† | 151,320 | 3,913,135 | ||||||
RPX Corp.†# | 87,700 | 796,316 | ||||||
5,642,516 | ||||||||
Commercial Services - Finance — 1.8% |
| |||||||
Alliance Data Systems Corp.†# | 28,588 | 4,073,504 | ||||||
Automatic Data Processing, Inc.# | 66,150 | 3,754,674 | ||||||
Mastercard, Inc., Class A | 9,275 | 4,532,507 | ||||||
Vantiv, Inc., Class A†# | 32,400 | 702,108 | ||||||
13,062,793 | ||||||||
Computer Aided Design — 1.3% |
| |||||||
Aspen Technology, Inc.† | 131,905 | 3,428,211 | ||||||
Autodesk, Inc.† | 165,400 | 5,479,702 | ||||||
8,907,913 | ||||||||
Computer Data Security — 0.3% |
| |||||||
Fortinet, Inc.†# | 113,640 | 2,270,527 | ||||||
Computer Services — 4.1% |
| |||||||
Accenture PLC, Class A | 102,613 | 6,969,475 | ||||||
Cognizant Technology Solutions Corp., Class A† | 93,427 | 6,281,097 | ||||||
International Business Machines Corp. | 83,794 | 15,926,726 | ||||||
29,177,298 | ||||||||
Computer Software — 0.3% |
| |||||||
Akamai Technologies, Inc.† | 63,310 | 2,318,412 | ||||||
Computers — 10.0% |
| |||||||
Advantech Co., Ltd. | 585,000 | 2,184,639 | ||||||
Apple, Inc. | 98,846 | 57,852,587 | ||||||
Dell, Inc.# | 1,124,300 | 10,838,252 | ||||||
70,875,478 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Teradata Corp.†# | 34,642 | 2,060,506 | ||||||
Computers - Memory Devices — 3.3% |
| |||||||
EMC Corp.† | 426,706 | 10,590,843 | ||||||
Fusion-io, Inc.†# | 295,150 | 6,885,849 | ||||||
NetApp, Inc.† | 81,900 | 2,597,049 | ||||||
SanDisk Corp.† | 58,060 | 2,270,146 | ||||||
Seagate Technology PLC# | 33,170 | 832,567 |
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices (continued) |
| |||||||
Western Digital Corp. | 13,545 | $ | 452,945 | |||||
23,629,399 | ||||||||
Computers - Periphery Equipment — 0.4% |
| |||||||
Synaptics, Inc.† | 115,800 | 3,094,176 | ||||||
Consulting Services — 0.8% |
| |||||||
Genpact, Ltd.# | 223,792 | 3,591,862 | ||||||
Huron Consulting Group, Inc.† | 74,595 | 2,457,159 | ||||||
6,049,021 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
Fidelity National Information Services, Inc. | 25,680 | 927,048 | ||||||
Fiserv, Inc.†# | 18,040 | 1,388,900 | ||||||
2,315,948 | ||||||||
E-Commerce/Products — 5.8% |
| |||||||
Amazon.com, Inc.† | 85,365 | 21,516,248 | ||||||
eBay, Inc.† | 362,235 | 19,133,253 | ||||||
Netflix, Inc.† | 5,890 | 481,272 | ||||||
41,130,773 | ||||||||
E-Commerce/Services — 3.1% |
| |||||||
Angie’s List, Inc.†# | 93,832 | 1,042,474 | ||||||
Ctrip.com International, Ltd. ADR†# | 89,400 | 1,707,540 | ||||||
Dena Co., Ltd. | 33,200 | 1,218,293 | ||||||
Groupon, Inc.†# | 793,836 | 3,326,173 | ||||||
priceline.com, Inc.†# | 21,720 | 14,403,835 | ||||||
21,698,315 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Sapient Corp.†# | 71,339 | 755,480 | ||||||
Electric Products - Misc. — 0.5% |
| |||||||
Hitachi, Ltd. | 334,000 | 1,928,598 | ||||||
LG Electronics, Inc.# | 18,555 | 1,307,426 | ||||||
3,236,024 | ||||||||
Electronic Components - Misc. — 1.7% |
| |||||||
AAC Technologies Holdings, Inc. | 468,100 | 1,757,595 | ||||||
Anritsu Corp. | 43,000 | 552,399 | ||||||
Hon Hai Precision Industry Co., Ltd. | 424,000 | 1,360,116 | ||||||
LG Display Co., Ltd.† | 153,545 | 4,906,180 | ||||||
TPK Holding Co., Ltd. | 200,000 | 3,194,052 | ||||||
11,770,342 | ||||||||
Electronic Components - Semiconductors — 7.9% |
| |||||||
Advanced Micro Devices, Inc.†# | 327,100 | 719,620 | ||||||
Avago Technologies, Ltd. | 60,270 | 2,115,477 | ||||||
Broadcom Corp., Class A | 13,920 | 450,730 | ||||||
Cavium, Inc.†# | 64,860 | 2,285,018 | ||||||
Cree, Inc.†# | 58,100 | 1,877,211 | ||||||
Fairchild Semiconductor International, Inc.† | 195,800 | 2,611,972 | ||||||
First Solar, Inc.†# | 147,900 | 3,991,821 | ||||||
Intel Corp.# | 74,725 | 1,462,368 | ||||||
International Rectifier Corp.†# | 77,830 | 1,329,336 | ||||||
Intersil Corp., Class A | 139,600 | 995,348 | ||||||
MediaTek, Inc. | 315,000 | 3,583,241 | ||||||
MEMC Electronic Materials, Inc.†# | 209,300 | 613,249 | ||||||
Microchip Technology, Inc.# | 18,580 | 565,204 | ||||||
Micron Technology, Inc.† | 620,090 | 3,708,138 | ||||||
NVIDIA Corp. | 481,900 | 5,773,162 | ||||||
ON Semiconductor Corp.† | 878,560 | 5,824,853 | ||||||
PMC - Sierra, Inc.†# | 373,300 | 1,922,495 | ||||||
Samsung Electronics Co., Ltd. | 2,972 | 3,858,920 | ||||||
Samsung Electronics Co., Ltd. GDR* | 13,785 | 9,029,175 | ||||||
Skyworks Solutions, Inc.† | 104,055 | 2,356,846 |
174
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 45,015 | $ | 1,326,592 | |||||
56,400,776 | ||||||||
Electronic Design Automation — 0.4% |
| |||||||
Cadence Design Systems, Inc.†# | 216,000 | 2,749,680 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
National Instruments Corp.# | 66,300 | 1,612,416 | ||||||
Electronic Parts Distribution — 0.5% |
| |||||||
Avnet, Inc.† | 48,690 | 1,426,130 | ||||||
WPG Holdings, Ltd. | 1,731,000 | 2,290,802 | ||||||
3,716,932 | ||||||||
Enterprise Software/Service — 4.4% |
| |||||||
MicroStrategy, Inc., Class A†# | 9,150 | 809,683 | ||||||
Oracle Corp. | 797,029 | 25,584,631 | ||||||
Pactera Technology International, Ltd. ADR† | 181,780 | 1,359,713 | ||||||
QLIK Technologies, Inc.†# | 50,010 | 969,194 | ||||||
Workday, Inc., Class A† | 45,199 | 2,264,470 | ||||||
30,987,691 | ||||||||
Entertainment Software — 1.0% |
| |||||||
Activision Blizzard, Inc.# | 91,686 | 1,048,888 | ||||||
Electronic Arts, Inc.†# | 342,276 | 5,069,108 | ||||||
UBISOFT Entertainment† | 121,864 | 1,222,277 | ||||||
7,340,273 | ||||||||
Finance - Credit Card — 2.9% |
| |||||||
Visa, Inc., Class A | 137,866 | 20,639,919 | ||||||
Internet Application Software — 0.5% |
| |||||||
RealNetworks, Inc.†# | 176,524 | 1,283,330 | ||||||
Splunk, Inc.† | 46,300 | 1,398,260 | ||||||
Tencent Holdings, Ltd. | 34,400 | 1,120,301 | ||||||
3,801,891 | ||||||||
Internet Connectivity Services — 0.3% |
| |||||||
M3, Inc. | 1,179 | 2,172,501 | ||||||
Internet Content - Entertainment — 2.3% |
| |||||||
Facebook, Inc., Class A†# | 487,153 | 13,640,284 | ||||||
NetEase, Inc. ADR† | 67,080 | 2,942,129 | ||||||
Renren, Inc. ADR†# | 1,156 | 3,965 | ||||||
Youku.com, Inc. Class A(1)(2) | 16 | 15 | ||||||
16,586,393 | ||||||||
Internet Content - Information/News — 0.6% |
| |||||||
Kakaku.com, Inc.# | 87,300 | 3,004,429 | ||||||
LinkedIn Corp., Class A†# | 5,525 | 597,473 | ||||||
Yelp, Inc.†# | 17,170 | 324,685 | ||||||
3,926,587 | ||||||||
Internet Infrastructure Software — 1.2% |
| |||||||
F5 Networks, Inc.†# | 13,765 | 1,289,505 | ||||||
TIBCO Software, Inc.†# | 297,390 | 7,449,620 | ||||||
8,739,125 | ||||||||
Internet Security — 0.3% |
| |||||||
VeriSign, Inc.†# | 69,380 | 2,367,939 | ||||||
Internet Telephone — 0.1% |
| |||||||
BroadSoft, Inc.†# | 23,000 | 727,490 | ||||||
Medical Information Systems — 0.0% |
| |||||||
athenahealth, Inc.†# | 5,130 | 326,730 | ||||||
Medical Products — 0.4% |
| |||||||
Hospira, Inc.† | 35,100 | 1,045,980 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Stryker Corp. | 28,400 | $ | 1,538,144 | |||||
2,584,124 | ||||||||
Multimedia — 0.3% |
| |||||||
Time Warner, Inc.# | 45,830 | 2,167,759 | ||||||
Networking Products — 4.3% |
| |||||||
Acme Packet, Inc.†# | 235,600 | 4,700,220 | ||||||
Cisco Systems, Inc. | 1,358,325 | 25,685,926 | ||||||
30,386,146 | ||||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Delta Electronics, Inc. | 301,000 | 1,077,442 | ||||||
Semiconductor Components - Integrated Circuits — 5.6% |
| |||||||
Analog Devices, Inc. | 43,540 | 1,767,724 | ||||||
Atmel Corp.†# | 507,400 | 2,836,366 | ||||||
Cypress Semiconductor Corp.# | 90,600 | 919,590 | ||||||
Marvell Technology Group, Ltd.# | 358,300 | 3,038,384 | ||||||
Maxim Integrated Products, Inc. | 132,985 | 3,881,832 | ||||||
NXP Semiconductor NV† | 107,550 | 2,632,824 | ||||||
QUALCOMM, Inc. | 327,417 | 20,830,269 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,140,000 | 3,872,720 | ||||||
39,779,709 | ||||||||
Semiconductor Equipment — 2.2% |
| |||||||
Applied Materials, Inc. | 288,600 | 3,096,678 | ||||||
ASM Pacific Technology, Ltd.# | 163,400 | 1,906,987 | ||||||
ASML Holding NV# | 32,209 | 2,015,317 | ||||||
Lam Research Corp.† | 159,990 | 5,618,849 | ||||||
Tokyo Electron, Ltd. | 62,500 | 2,786,286 | ||||||
15,424,117 | ||||||||
Telecom Equipment - Fiber Optics — 1.9% |
| |||||||
Ciena Corp.†# | 109,000 | 1,621,920 | ||||||
Finisar Corp.†# | 189,600 | 2,572,872 | ||||||
IPG Photonics Corp.# | 90,000 | 5,319,000 | ||||||
JDS Uniphase Corp.†# | 334,000 | 4,051,420 | ||||||
13,565,212 | ||||||||
Telecommunication Equipment — 1.7% |
| |||||||
Alcatel-Lucent ADR†# | 2,609,400 | 2,870,340 | ||||||
Juniper Networks, Inc.†# | 443,865 | 7,980,693 | ||||||
ZTE Corp.# | 958,000 | 1,456,122 | ||||||
12,307,155 | ||||||||
Television — 0.0% |
| |||||||
Phoenix New Media, Ltd. ADR†# | 41,433 | 135,072 | ||||||
Toys — 0.9% |
| |||||||
Nintendo Co., Ltd. | 53,100 | 6,364,141 | ||||||
Virtual Reality Products — 0.4% |
| |||||||
RealD, Inc.†# | 239,600 | 2,530,176 | ||||||
Web Hosting/Design — 0.6% |
| |||||||
Equinix, Inc.†# | 21,780 | 4,045,853 | ||||||
Web Portals/ISP — 7.8% |
| |||||||
Baidu, Inc. ADR† | 113,000 | 10,883,030 | ||||||
Bitauto Holdings, Ltd. ADR† | 14,900 | 98,638 | ||||||
Dropbox, Inc.†(1)(2)(3) | 158,291 | 1,372,427 | ||||||
Google, Inc., Class A† | 50,081 | 34,975,068 | ||||||
SINA Corp.†# | 40,856 | 1,859,765 | ||||||
Yahoo!, Inc.† | 327,750 | 6,151,868 | ||||||
55,340,796 | ||||||||
Wireless Equipment — 1.4% |
| |||||||
Aruba Networks, Inc.†# | 352,180 | 6,860,466 |
175
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Wireless Equipment (continued) |
| |||||||
Motorola Solutions, Inc. | 45,510 | $ | 2,478,019 | |||||
Ruckus Wireless, Inc.†# | 2,500 | 33,100 | ||||||
SBA Communications Corp., Class A†# | 8,630 | 593,917 | ||||||
9,965,502 | ||||||||
Total Common Stock | ||||||||
(cost $655,453,658) | 682,077,020 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.7% | ||||||||
Computers - Integrated Systems — 0.0% |
| |||||||
Silver Spring Networks, Inc. | 46,800 | 351,000 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Coupons.com, Inc.(1)(2)(3) | 108,436 | 541,638 | ||||||
Human Resources — 0.1% |
| |||||||
Workday, Inc. | 11,845 | 553,882 | ||||||
Internet Content - Information/News — 0.3% |
| |||||||
Twitter, Inc. | 184,162 | 2,346,224 | ||||||
Web Portals/ISP — 0.2% |
| |||||||
Dropbox, Inc. | 71,096 | 595,103 | ||||||
Dropbox, Inc. | 60,803 | 508,947 | ||||||
1,104,050 | ||||||||
Total Convertible Preferred Stock | ||||||||
(cost $2,782,803) | 4,896,794 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $658,236,461) | 686,973,814 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.3% | ||||||||
Registered Investment Companies — 10.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 64,419,982 | 64,419,982 | ||||||
T. Rowe Price Reserve Investment Fund | 8,758,832 | 8,758,832 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $73,178,814) | 73,178,814 | |||||||
REPURCHASE AGREEMENT — 1.1% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/2012, to be repurchased 12/03/2012 in the amount of $8,160,000 and collateralized by $8,315,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $8,327,780 | $ | 8,160,000 | 8,160,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $739,575,275)(7) | 108.0 | % | 768,312,628 | |||||
Liabilities in excess of other assets | (8.0 | ) | (57,030,933 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 711,281,695 | ||||
† | 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 rights to demand registration of these securities. At November 30, 2012, the aggregate value of these securities was $9,029,175 representing 1.3% of net assets. Unless otherwise indicated these securities are not considered illiquid. |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $6,269,236 representing 0.9% of net assets. |
(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, 2012, 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 | ||||||||||||||||||
Coupons.com, Inc. Convertible Preferred Stock | 06/01/2011 | 54,218 | $ | 595,677 | ||||||||||||||||||||
08/18/2011 | 54,218 | — | ||||||||||||||||||||||
108,436 | 595,677 | $ | 541,638 | $ | 5.00 | 0.1 | % | |||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 158,291 | 1,432,800 | 1,372,427 | 8.67 | 0.2 | % | |||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 60,803 | 550,212 | 508,947 | 8.37 | 0.1 | % | |||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 12,378 | 112,010 | |||||||||||||||||||||
05/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
71,096 | 643,355 | 595,103 | 8.37 | 0.1 | % | |||||||||||||||||||
Silver Spring Networks, Inc. Series E | 12/11/2009 | 46,800 | 468,000 | 351,000 | 7.50 | 0.0 | % | |||||||||||||||||
Twitter, Inc. | 09/24/2009 | 23,021 | 367,920 | |||||||||||||||||||||
01/11/2011 | 46,040 | — | ||||||||||||||||||||||
08/22/2011 | 115,101 | — | ||||||||||||||||||||||
184,162 | 367,920 | 2,346,224 | 12.74 | 0.3 | % | |||||||||||||||||||
Workday, Inc. Series F Convertible Preferred Stock | 10/13/2011 | 11,845 | 157,639 | 553,882 | 46.76 | 0.1 | % | |||||||||||||||||
Youku.Com, Inc. | 07/11/2011 | 16 | — | 15 | 0.93 | 0.00 | % | |||||||||||||||||
$ | 6,269,236 | 0.9 | % | |||||||||||||||||||||
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(5) | At November 30, 2012, the Fund had loaned securities with a total value of $62,335,300. This was secured by collateral of $64,419,982, which was received in cash and subsequently invested in short-term investments currently valued at $64,419,982 as reported in the portfolio of investments. Additional collateral of $623,753 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. |
176
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $15,910 | |||
United States Treasury Notes/Bonds | 0.25% to 4.00% | 12/31/2013 to 02/15/2019 | 607,843 |
(7) | 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, 2012 (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 | $ | 59,341,475 | $ | — | $ | — | $ | 59,341,475 | ||||||||
Computers | 70,875,478 | — | — | 70,875,478 | ||||||||||||
E-Commerce/Products | 41,130,773 | — | — | 41,130,773 | ||||||||||||
Electronic Components-Semiconductors | 56,400,776 | — | — | 56,400,776 | ||||||||||||
Internet Content-Entertainment | 16,586,378 | 15 | — | 16,586,393 | ||||||||||||
Semiconductor Components-Integrated Circuits | 39,779,709 | — | — | 39,779,709 | ||||||||||||
Web Portals/ISP | 53,968,369 | — | 1,372,427 | 55,340,796 | ||||||||||||
Other Industries* | 342,621,620 | — | — | 342,621,620 | ||||||||||||
Convertible Preferred Stock | ||||||||||||||||
Human Resources | — | 553,882 | — | 553,882 | ||||||||||||
Other Industries* | — | — | 4,342,912 | 4,342,912 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 73,178,814 | — | — | 73,178,814 | ||||||||||||
Repurchase Agreement | — | 8,160,000 | — | 8,160,000 | ||||||||||||
Total | $ | 753,883,392 | $ | 8,713,897 | $ | 5,715,339 | $ | 768,312,628 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
177
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 10.4 | % | ||
Medical — Biomedical/Gene | 6.4 | |||
Medical — Drugs | 4.0 | |||
Oil Companies — Exploration & Production | 3.7 | |||
Applications Software | 3.5 | |||
Repurchase Agreements | 3.5 | |||
Commercial Services — Finance | 3.1 | |||
Transport — Truck | 2.8 | |||
Medical Products | 2.6 | |||
Retail — Apparel/Shoe | 2.5 | |||
Electronic Components — Semiconductors | 2.5 | |||
Machinery — General Industrial | 2.4 | |||
Enterprise Software/Service | 2.3 | |||
Insurance — Property/Casualty | 2.3 | |||
Medical Instruments | 2.2 | |||
Cosmetics & Toiletries | 2.1 | |||
Retail — Sporting Goods | 1.9 | |||
Consulting Services | 1.8 | |||
Schools | 1.8 | |||
Computer Aided Design | 1.7 | |||
Advanced Materials | 1.7 | |||
Retail — Vitamins & Nutrition Supplements | 1.6 | |||
Distribution/Wholesale | 1.6 | |||
Wireless Equipment | 1.6 | |||
Aerospace/Defense — Equipment | 1.6 | |||
Building & Construction Products — Misc. | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Food — Misc./Diversified | 1.5 | |||
E-Marketing/Info | 1.4 | |||
B2B/E — Commerce | 1.4 | |||
Finance — Consumer Loans | 1.4 | |||
Machinery — Pumps | 1.4 | |||
Human Resources | 1.4 | |||
Internet Security | 1.4 | |||
Chemicals — Diversified | 1.4 | |||
Metal Processors & Fabrication | 1.3 | |||
Recreational Centers | 1.3 | |||
Oil & Gas Drilling | 1.3 | |||
Consumer Products — Misc. | 1.3 | |||
Banks — Commercial | 1.2 | |||
Retail — Perfume & Cosmetics | 1.2 | |||
Instruments — Scientific | 1.2 | |||
Seismic Data Collection | 1.1 | |||
Oil Field Machinery & Equipment | 1.1 | |||
Dental Supplies & Equipment | 1.1 | |||
Medical — Hospitals | 1.0 | |||
Retail — Building Products | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Finance — Other Services | 1.0 | |||
Apparel Manufacturers | 0.9 | |||
Office Furnishings — Original | 0.9 | |||
Medical Labs & Testing Services | 0.9 | |||
Finance — Mortgage Loan/Banker | 0.9 | |||
Internet Telephone | 0.9 | |||
Networking Products | 0.9 | |||
Computer Data Security | 0.8 | |||
Vitamins & Nutrition Products | 0.8 | |||
Multimedia | 0.7 | |||
Rubber/Plastic Products | 0.7 | |||
Food — Dairy Products | 0.6 | |||
Computers — Voice Recognition | 0.4 | |||
Electronic Components — Misc. | 0.2 | |||
111.6 | % | |||
* | Calculated as a percentage of net assets |
178
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.7% |
| |||||||
Advanced Materials — 1.7% |
| |||||||
Hexcel Corp.†# | 47,463 | $ | 1,226,919 | |||||
Aerospace/Defense — 1.5% |
| |||||||
Teledyne Technologies, Inc.† | 17,700 | 1,115,100 | ||||||
Aerospace/Defense - Equipment — 1.6% |
| |||||||
HEICO Corp., Class A | 34,776 | 1,168,474 | ||||||
Apparel Manufacturers — 0.9% |
| |||||||
Under Armour, Inc., Class A†# | 13,488 | 699,083 | ||||||
Applications Software — 3.5% |
| |||||||
Infoblox, Inc.†# | 57,810 | 1,096,078 | ||||||
InterXion Holding NV† | 40,780 | 885,334 | ||||||
Tangoe, Inc.†# | 48,430 | 631,527 | ||||||
2,612,939 | ||||||||
B2B/E-Commerce — 1.4% |
| |||||||
SPS Commerce, Inc.†# | 28,130 | 1,036,872 | ||||||
Banks - Commercial — 1.2% |
| |||||||
Signature Bank†# | 12,969 | 909,905 | ||||||
Building & Construction Products - Misc. — 1.5% |
| |||||||
Trex Co., Inc.†# | 27,500 | 1,116,775 | ||||||
Chemicals - Diversified — 1.4% |
| |||||||
Rockwood Holdings, Inc. | 21,900 | 1,004,553 | ||||||
Commercial Services - Finance — 3.1% |
| |||||||
Heartland Payment Systems, Inc.# | 35,100 | 1,040,013 | ||||||
WEX, Inc.†# | 17,975 | 1,293,481 | ||||||
2,333,494 | ||||||||
Computer Aided Design — 1.7% |
| |||||||
Aspen Technology, Inc.† | 47,472 | 1,233,797 | ||||||
Computer Data Security — 0.8% |
| |||||||
Fortinet, Inc.† | 31,314 | 625,654 | ||||||
Computers - Voice Recognition — 0.4% |
| |||||||
Vocera Communications, Inc.† | 13,040 | 320,654 | ||||||
Consulting Services — 1.8% |
| |||||||
Gartner, Inc.†# | 12,091 | 578,917 | ||||||
Huron Consulting Group, Inc.† | 22,600 | 744,444 | ||||||
1,323,361 | ||||||||
Consumer Products - Misc. — 1.3% |
| |||||||
Tumi Holdings, Inc.†# | 42,160 | 947,335 | ||||||
Cosmetics & Toiletries — 2.1% |
| |||||||
Elizabeth Arden, Inc.†# | 32,880 | 1,525,961 | ||||||
Dental Supplies & Equipment — 1.1% |
| |||||||
Align Technology, Inc.†# | 30,204 | 827,288 | ||||||
Distribution/Wholesale — 1.6% |
| |||||||
Beacon Roofing Supply, Inc.†# | 38,620 | 1,191,041 | ||||||
E-Marketing/Info — 1.4% |
| |||||||
ExactTarget, Inc.† | 52,160 | 1,075,018 | ||||||
Electronic Components - Misc. — 0.2% |
| |||||||
SemiLEDs Corp.†# | 109,983 | 117,682 | ||||||
Electronic Components - Semiconductors — 2.5% |
| |||||||
Cree, Inc.†# | 16,315 | 527,138 | ||||||
Microsemi Corp.†# | 69,695 | 1,333,962 | ||||||
1,861,100 | ||||||||
Enterprise Software/Service — 2.3% |
| |||||||
Proofpoint, Inc.†# | 42,690 | 469,590 | ||||||
Ultimate Software Group, Inc.†# | 13,138 | 1,241,672 | ||||||
1,711,262 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Consumer Loans — 1.4% |
| |||||||
Portfolio Recovery Associates, Inc.†# | 10,361 | $ | 1,023,874 | |||||
Finance - Mortgage Loan/Banker — 0.9% |
| |||||||
Ellie Mae, Inc.† | 26,100 | 647,802 | ||||||
Finance - Other Services — 1.0% |
| |||||||
MarketAxess Holdings, Inc.# | 24,004 | 740,763 | ||||||
Food - Dairy Products — 0.6% |
| |||||||
WhiteWave Foods Co., Class A†# | 30,400 | 461,168 | ||||||
Food - Misc./Diversified — 1.5% |
| |||||||
Hain Celestial Group, Inc.†# | 17,953 | 1,082,027 | ||||||
Human Resources — 1.4% |
| |||||||
Team Health Holdings, Inc.† | 36,223 | 1,013,882 | ||||||
Instruments - Scientific — 1.2% |
| |||||||
FEI Co.# | 15,790 | 868,924 | ||||||
Insurance - Property/Casualty — 2.3% |
| |||||||
Amtrust Financial Services, Inc.# | 57,946 | 1,670,004 | ||||||
Internet Security — 1.4% |
| |||||||
Sourcefire, Inc.†# | 20,500 | 1,009,215 | ||||||
Internet Telephone — 0.9% |
| |||||||
BroadSoft, Inc.† | 20,356 | 643,860 | ||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Financial Engines, Inc.†# | 28,465 | 746,352 | ||||||
Machinery - General Industrial — 2.4% |
| |||||||
DXP Enterprises, Inc.† | 13,400 | 647,086 | ||||||
Middleby Corp.†# | 9,180 | 1,169,440 | ||||||
1,816,526 | ||||||||
Machinery - Pumps — 1.4% |
| |||||||
Graco, Inc. | 20,649 | 1,020,267 | ||||||
Medical Instruments — 2.2% |
| |||||||
Conceptus, Inc.†# | 32,800 | 682,568 | ||||||
DexCom, Inc.†# | 73,375 | 959,745 | ||||||
1,642,313 | ||||||||
Medical Labs & Testing Services — 0.9% |
| |||||||
ICON PLC ADR† | 23,500 | 648,365 | ||||||
Medical Products — 2.6% |
| |||||||
Cyberonics, Inc.† | 24,832 | 1,283,814 | ||||||
Globus Medical, Inc., Class A†# | 46,600 | 620,246 | ||||||
1,904,060 | ||||||||
Medical - Biomedical/Gene — 6.4% |
| |||||||
Aegerion Pharmaceuticals, Inc.†# | 19,675 | 430,883 | ||||||
Amarin Corp. PLC ADR†# | 41,650 | 516,876 | ||||||
Ariad Pharmaceuticals, Inc.†# | 24,300 | 543,348 | ||||||
Cubist Pharmaceuticals, Inc.†# | 18,000 | 730,980 | ||||||
Exact Sciences Corp.†# | 53,500 | 524,835 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 25,000 | 611,750 | ||||||
NPS Pharmaceuticals, Inc.†# | 73,618 | 753,112 | ||||||
Seattle Genetics, Inc.†# | 24,430 | 618,323 | ||||||
4,730,107 | ||||||||
Medical - Drugs — 4.0% |
| |||||||
Amicus Therapeutics, Inc.†# | 118,720 | 679,078 | ||||||
Jazz Pharmaceuticals PLC†# | 24,360 | 1,312,517 | ||||||
Medivation, Inc.†# | 12,084 | 630,181 | ||||||
Orexigen Therapeutics, Inc.†# | 79,200 | 373,824 | ||||||
2,995,600 | ||||||||
Medical - Hospitals — 1.0% |
| |||||||
Acadia Healthcare Co., Inc.†# | 33,700 | 773,415 | ||||||
179
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Metal Processors & Fabrication — 1.3% |
| |||||||
RBC Bearings, Inc.†# | 21,487 | $ | 1,001,079 | |||||
Multimedia — 0.7% |
| |||||||
Demand Media, Inc.†# | 59,200 | 526,880 | ||||||
Networking Products — 0.9% |
| |||||||
Procera Networks, Inc.†# | 31,100 | 642,215 | ||||||
Office Furnishings - Original — 0.9% |
| |||||||
Steelcase, Inc., Class A | 57,400 | 668,136 | ||||||
Oil & Gas Drilling — 1.3% |
| |||||||
Atwood Oceanics, Inc.†# | 20,800 | 956,800 | ||||||
Oil Companies - Exploration & Production — 3.7% |
| |||||||
Energy XXI Bermuda, Ltd.# | 22,409 | 709,917 | ||||||
Kodiak Oil & Gas Corp.†# | 80,241 | 688,468 | ||||||
Oasis Petroleum, Inc.†# | 21,220 | 641,268 | ||||||
Rosetta Resources, Inc.† | 15,400 | 692,076 | ||||||
2,731,729 | ||||||||
Oil Field Machinery & Equipment — 1.1% |
| |||||||
Dril - Quip, Inc.† | 12,000 | 844,440 | ||||||
Recreational Centers — 1.3% |
| |||||||
Life Time Fitness, Inc.†# | 20,500 | 964,730 | ||||||
Retail - Apparel/Shoe — 2.5% |
| |||||||
DSW, Inc., Class A# | 16,080 | 1,093,922 | ||||||
Francesca’s Holdings Corp.†# | 30,300 | 788,709 | ||||||
1,882,631 | ||||||||
Retail - Building Products — 1.0% |
| |||||||
Tile Shop Hldgs, Inc.†# | 48,100 | 753,727 | ||||||
Retail - Perfume & Cosmetics — 1.2% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.# | 8,874 | 889,885 | ||||||
Retail - Sporting Goods — 1.9% |
| |||||||
Cabela’s, Inc.†# | 29,080 | 1,389,152 | ||||||
Retail - Vitamins & Nutrition Supplements — 1.6% |
| |||||||
Vitamin Shoppe, Inc.†# | 20,285 | 1,202,089 | ||||||
Rubber/Plastic Products — 0.7% |
| |||||||
Proto Labs, Inc.† | 13,900 | 507,072 | ||||||
Schools — 1.8% |
| |||||||
Grand Canyon Education, Inc.†# | 54,810 | 1,297,901 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Seismic Data Collection — 1.1% |
| |||||||
Geospace Technologies Corp.†# | 11,120 | $ | 847,010 | |||||
Transport - Truck — 2.8% |
| |||||||
Old Dominion Freight Line, Inc.†# | 30,231 | 1,010,924 | ||||||
Roadrunner Transportation Systems, Inc.†# | 58,489 | 1,053,387 | ||||||
2,064,311 | ||||||||
Vitamins & Nutrition Products — 0.8% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 29,400 | 563,598 | ||||||
Wireless Equipment — 1.6% |
| |||||||
Aruba Networks, Inc.†# | 60,500 | 1,178,540 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $63,941,776) | 72,334,716 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.4% |
| |||||||
Registered Investment Companies — 10.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) (cost $7,718,432) | 7,718,432 | 7,718,432 | ||||||
REPURCHASE AGREEMENT — 3.5% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/12, to be repurchased 12/03/12 in the amount of $2,608,002 and collateralized by $2,660,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,664,088 | 2,608,000 | 2,608,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $74,268,208)(2) | 111.6 | % | 82,661,148 | |||||
Liabilities in excess of other assets | (11.6 | ) | (8,572,219 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 74,088,929 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $7,508,229. This was secured by collateral of $7,718,432, which was received in cash and subsequently invested in short-term investments currently valued at $7,718,432 as reported in the portfolio of investments. |
(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, 2012 (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 - Biomedical/Gene | $ | 4,730,107 | $ | — | $ | — | $ | 4,730,107 | ||||||||
Other Industries* | 67,604,609 | — | — | 67,604,609 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,718,432 | — | — | 7,718,432 | ||||||||||||
Repurchase Agreement | — | 2,608,000 | — | 2,608,000 | ||||||||||||
Total | $ | 80,053,148 | $ | 2,608,000 | $ | — | $ | 82,661,148 | ||||||||
* | 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 securities by classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
180
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 17.7 | % | ||
Banks — Commercial | 8.1 | |||
Real Estate Investment Trusts | 3.8 | |||
Medical — Biomedical/Gene | 2.7 | |||
Medical Products | 2.6 | |||
Retail — Apparel/Shoe | 2.4 | |||
Insurance — Property/Casualty | 2.3 | |||
Retail — Restaurants | 2.2 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Electronic Components — Semiconductors | 2.0 | |||
Auto/Truck Parts & Equipment — Original | 1.9 | |||
Time Deposits | 1.8 | |||
Transport — Truck | 1.7 | |||
Lasers — System/Components | 1.6 | |||
Machinery — General Industrial | 1.6 | |||
Chemicals — Diversified | 1.5 | |||
Medical — Drugs | 1.5 | |||
Oil — Field Services | 1.4 | |||
Computers — Integrated Systems | 1.3 | |||
Oil Field Machinery & Equipment | 1.3 | |||
Building & Construction Products — Misc. | 1.2 | |||
Commercial Services | 1.2 | |||
Steel Pipe & Tube | 1.1 | |||
Applications Software | 1.1 | |||
Investment Management/Advisor Services | 1.0 | |||
Metal Processors & Fabrication | 1.0 | |||
Gas — Distribution | 1.0 | |||
Miscellaneous Manufacturing | 0.9 | |||
Chemicals — Plastics | 0.9 | |||
Instruments — Controls | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Non-Hazardous Waste Disposal | 0.9 | |||
Medical — Hospitals | 0.9 | |||
Computer Software | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Consulting Services | 0.9 | |||
Telecommunication Equipment | 0.9 | |||
Wire & Cable Products | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Office Furnishings — Original | 0.9 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Electronic Design Automation | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Telecom Equipment — Fiber Optics | 0.8 | |||
Containers — Paper/Plastic | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Savings & Loans/Thrifts | 0.8 | |||
E-Marketing/Info | 0.8 | |||
Retail — Home Furnishings | 0.8 | |||
Insurance Brokers | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Electric — Integrated | 0.7 | |||
Building Products — Cement | 0.7 | |||
Food — Canned | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Home Furnishings | 0.7 | |||
Building — Mobile Home/Manufactured Housing | 0.7 | |||
Paper & Related Products | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Retail — Automobile | 0.7 | |||
Advertising Agencies | 0.7 | |||
Medical — Outpatient/Home Medical | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Quarrying | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Retail — Vitamins & Nutrition Supplements | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Food — Wholesale/Distribution | 0.6 | |||
Aerospace/Defense | 0.6 |
Semiconductor Equipment | 0.6 | |||
Transport — Services | 0.5 | |||
Physicians Practice Management | 0.5 | |||
Casino Services | 0.5 | |||
Gold Mining | 0.5 | |||
Medical — HMO | 0.5 | |||
Building — Maintance & Services | 0.5 | |||
Leisure Products | 0.4 | |||
Wireless Equipment | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Lighting Products & Systems | 0.4 | |||
Medical Instruments | 0.3 | |||
Therapeutics | 0.3 | |||
Internet Security | 0.3 | |||
Coal | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Human Resources | 0.3 | |||
Retail — Discount | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Telecom Services | 0.2 | |||
Food — Retail | 0.2 | |||
Advanced Materials | 0.2 | |||
Auto Repair Centers | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Data Processing/Management | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Garden Products | 0.2 | |||
Investment Companies | 0.2 | |||
Financial Guarantee Insurance | 0.2 | |||
Airlines | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Diagnostic Kits | 0.2 | |||
E-Commerce/Services | 0.1 | |||
Pharmacy Services | 0.1 | |||
Multimedia | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Steel — Producers | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Printing — Commercial | 0.1 | |||
Decision Support Software | 0.1 | |||
Transactional Software | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Independent Power Producers | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Internet Application Software | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Computer Services | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Television | 0.1 | |||
Publishing — Books | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Medical Sterilization Products | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Professional Sports | 0.1 | |||
Computer Data Security | 0.1 | |||
Diversified Minerals | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Networking Products | 0.1 | |||
Food — Baking | 0.1 |
181
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VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Industry Allocation* (continued)
Virtual Reality Products | 0.1 | % | ||
Finance — Leasing Companies | 0.1 | |||
Pollution Control | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Heart Monitors | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Diversified Operations | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Textile — Products | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Agricultural Operations | 0.1 | |||
Wound, Burn & Skin Care | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Finance — Other Services | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Casino Hotels | 0.1 | |||
117.1 | % | |||
* | Calculated as a percentage of net assets |
182
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PORTFOLIO OF INVESTMENTS — November 30, 2012 — (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.4% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Core Molding Technologies, Inc.† | 25,700 | $ | 176,045 | |||||
Hexcel Corp.† | 13,900 | 359,315 | ||||||
STR Holdings, Inc.†# | 24,600 | 58,302 | ||||||
593,662 | ||||||||
Advertising Agencies — 0.7% | ||||||||
Interpublic Group of Cos., Inc.# | 186,037 | 2,012,920 | ||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B | 26,400 | 109,824 | ||||||
Aerospace/Defense — 0.6% |
| |||||||
Aerovironment, Inc.†# | 61,027 | 1,245,561 | ||||||
Teledyne Technologies, Inc.† | 8,100 | 510,300 | ||||||
1,755,861 | ||||||||
Aerospace/Defense - Equipment — 0.8% |
| |||||||
Ducommun, Inc.† | 6,400 | 100,288 | ||||||
LMI Aerospace, Inc.† | 6,100 | 121,024 | ||||||
Moog, Inc., Class A† | 6,400 | 235,264 | ||||||
Triumph Group, Inc. | 32,449 | 2,128,979 | ||||||
2,585,555 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.# | 4,700 | 100,016 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Cadiz, Inc.† | 14,400 | 123,120 | ||||||
MGP Ingredients, Inc. | 13,100 | 43,230 | ||||||
166,350 | ||||||||
Airlines — 0.2% |
| |||||||
Allegiant Travel Co.# | 6,300 | 466,326 | ||||||
Apparel Manufacturers — 0.1% |
| |||||||
Carter’s, Inc.† | 1,600 | 84,864 | ||||||
Under Armour, Inc., Class A†# | 4,600 | 238,418 | ||||||
323,282 | ||||||||
Applications Software — 1.1% |
| |||||||
Actuate Corp.† | 140,080 | 746,626 | ||||||
Bsquare Corp.† | 13,900 | 40,727 | ||||||
Callidus Software, Inc.† | 19,500 | 82,095 | ||||||
EPIQ Systems, Inc.# | 18,500 | 221,815 | ||||||
Parametric Technology Corp.† | 73,376 | 1,485,130 | ||||||
PDF Solutions, Inc.† | 11,700 | 162,396 | ||||||
Progress Software Corp.† | 13,750 | 276,513 | ||||||
RealPage, Inc.†# | 15,600 | 308,724 | ||||||
3,324,026 | ||||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 19,000 | 128,060 | ||||||
Auto Repair Centers — 0.2% |
| |||||||
Monro Muffler Brake, Inc.# | 14,325 | 459,546 | ||||||
TravelCenters of America LLC† | 24,000 | 106,320 | ||||||
565,866 | ||||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Tesla Motors, Inc.†# | 1,200 | 40,584 | ||||||
Auto/Truck Parts & Equipment - Original — 1.9% |
| |||||||
Accuride Corp.† | 40,000 | 122,800 | ||||||
Dana Holding Corp. | 113,271 | 1,606,183 | ||||||
Miller Industries, Inc. | 10,000 | 143,000 | ||||||
SORL Auto Parts, Inc.† | 15,300 | 38,709 | ||||||
Spartan Motors, Inc. | 21,600 | 106,488 | ||||||
Strattec Security Corp. | 8,300 | 189,987 |
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Titan International, Inc.# | 89,985 | $ | 1,829,395 | |||||
TRW Automotive Holdings Corp.† | 36,522 | 1,849,474 | ||||||
5,886,036 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Commercial Vehicle Group, Inc.† | 6,700 | 53,667 | ||||||
Banks - Commercial — 8.0% |
| |||||||
1st United Bancorp, Inc.† | 14,300 | 81,224 | ||||||
American National Bankshares, Inc. | 5,900 | 118,767 | ||||||
American River Bankshares† | 19,500 | 133,380 | ||||||
Berkshire Bancorp, Inc. | 6,500 | 52,715 | ||||||
Bridge Capital Holdings† | 7,200 | 110,520 | ||||||
Capital Bank Financial Corp., Class A†# | 17,300 | 298,598 | ||||||
Capital City Bank Group, Inc.† | 9,600 | 104,064 | ||||||
Citizens Holding Co. | 4,500 | 85,050 | ||||||
CNB Financial Corp. | 8,500 | 134,725 | ||||||
Commerce Bancshares, Inc.# | 51,012 | 1,825,215 | ||||||
CVB Financial Corp.# | 179,086 | 1,819,514 | ||||||
East West Bancorp, Inc. | 102,930 | 2,176,969 | ||||||
Enterprise Bancorp, Inc. | 10,621 | 177,477 | ||||||
Enterprise Financial Services Corp. | 10,000 | 132,200 | ||||||
Farmers Capital Bank Corp.† | 7,900 | 90,850 | ||||||
Financial Institutions, Inc. | 6,500 | 120,965 | ||||||
First Horizon National Corp.# | 47,900 | 453,134 | ||||||
FNB Corp.# | 154,162 | 1,664,950 | ||||||
Glacier Bancorp, Inc.# | 25,571 | 371,547 | ||||||
Heritage Commerce Corp.† | 13,500 | 91,935 | ||||||
Heritage Financial Corp. | 8,300 | 115,619 | ||||||
LNB Bancorp, Inc. | 16,300 | 105,624 | ||||||
Merchants Bancshares, Inc. | 4,600 | 127,742 | ||||||
Metro Bancorp, Inc.† | 10,500 | 134,610 | ||||||
MetroCorp Bancshares, Inc.† | 8,000 | 77,760 | ||||||
MidWestOne Financial Group, Inc. | 5,400 | 111,024 | ||||||
Northrim BanCorp, Inc. | 7,100 | 157,691 | ||||||
Ohio Valley Banc Corp. | 6,400 | 118,976 | ||||||
Pacific Continental Corp. | 13,000 | 117,910 | ||||||
Park Sterling Corp.† | 25,200 | 132,300 | ||||||
Pinnacle Financial Partners, Inc.† | 5,000 | 95,150 | ||||||
Preferred Bank† | 3,320 | 44,986 | ||||||
Prosperity Bancshares, Inc.# | 10,300 | 423,639 | ||||||
Sierra Bancorp | 9,400 | 98,794 | ||||||
Signature Bank† | 10,500 | 736,680 | ||||||
Southwest Bancorp, Inc.† | 13,500 | 147,150 | ||||||
Suffolk Bancorp† | 9,100 | 113,477 | ||||||
Susquehanna Bancshares, Inc. | 209,511 | 2,153,773 | ||||||
Synovus Financial Corp.# | 53,800 | 127,506 | ||||||
TCF Financial Corp.# | 19,100 | 226,908 | ||||||
Texas Capital Bancshares, Inc.†# | 55,707 | 2,509,043 | ||||||
United Security Bancshares† | 19,532 | 52,736 | ||||||
Valley National Bancorp.# | 23,572 | 224,877 | ||||||
Washington Banking Co. | 13,800 | 184,920 | ||||||
Washington Trust Bancorp, Inc. | 7,100 | 179,062 | ||||||
Webster Financial Corp.# | 85,422 | 1,778,486 | ||||||
West Bancorporation, Inc. | 14,344 | 144,874 | ||||||
Westamerica Bancorporation# | 7,400 | 314,944 | ||||||
Western Alliance Bancorp†# | 27,200 | 276,352 | ||||||
Wintrust Financial Corp.# | 51,796 | 1,905,575 | ||||||
Zions Bancorporation# | 79,251 | 1,590,568 | ||||||
24,572,555 | ||||||||
Banks - Fiduciary — 0.6% |
| |||||||
Boston Private Financial Holdings, Inc.# | 193,757 | 1,788,377 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 5,100 | 83,895 | ||||||
183
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Beverages - Non - alcoholic — 0.0% |
| |||||||
Primo Water Corp.† | 21,600 | $ | 22,248 | |||||
Brewery — 0.0% |
| |||||||
Craft Brew Alliance, Inc.† | 18,800 | 119,944 | ||||||
Broadcast Services/Program — 0.0% |
| |||||||
Outdoor Channel Holdings, Inc. | 5,932 | 44,075 | ||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
Gibraltar Industries, Inc.†# | 5,550 | 76,979 | ||||||
Louisiana-Pacific Corp.†# | 34,400 | 599,248 | ||||||
NCI Building Systems, Inc.† | 10,700 | 140,063 | ||||||
Quanex Building Products Corp.# | 19,900 | 416,308 | ||||||
Simpson Manufacturing Co., Inc.# | 4,400 | 143,924 | ||||||
Trex Co., Inc.†# | 59,812 | 2,428,965 | ||||||
3,805,487 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Aegion Corp.†# | 5,500 | 113,410 | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
American DG Energy, Inc.† | 20,300 | 41,818 | ||||||
Lennox International, Inc. | 13,600 | 715,224 | ||||||
757,042 | ||||||||
Building Products - Cement — 0.7% |
| |||||||
Eagle Materials, Inc. | 38,526 | 2,050,354 | ||||||
Martin Marietta Materials, Inc.# | 2,100 | 189,000 | ||||||
2,239,354 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 18,400 | 125,488 | ||||||
Building - Heavy Construction — 0.0% |
| |||||||
Orion Marine Group, Inc.† | 16,100 | 114,310 | ||||||
Building - Maintance & Services — 0.5% |
| |||||||
ABM Industries, Inc.# | 73,176 | 1,396,198 | ||||||
Building - Mobile Home/Manufactured Housing — 0.7% |
| |||||||
Thor Industries, Inc.# | 58,379 | 2,203,223 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
Meritage Homes Corp.†# | 68,800 | 2,409,376 | ||||||
Standard Pacific Corp.†# | 20,300 | 136,010 | ||||||
2,545,386 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Monarch Casino & Resort, Inc.† | 15,000 | 142,050 | ||||||
Casino Services — 0.5% |
| |||||||
Bally Technologies, Inc.†# | 32,505 | 1,467,276 | ||||||
Chemicals - Diversified — 1.5% |
| |||||||
FMC Corp.# | 37,259 | 2,066,384 | ||||||
Innophos Holdings, Inc. | 39,705 | 1,902,267 | ||||||
Rockwood Holdings, Inc. | 16,000 | 733,920 | ||||||
4,702,571 | ||||||||
Chemicals - Plastics — 0.9% |
| |||||||
Landec Corp.† | 18,600 | 187,116 | ||||||
PolyOne Corp. | 133,146 | 2,681,560 | ||||||
2,868,676 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
KMG Chemicals, Inc. | 7,800 | 142,116 | ||||||
Circuit Boards — 0.0% |
| |||||||
UQM Technologies, Inc.† | 57,300 | 52,716 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Coal — 0.3% |
| |||||||
Cloud Peak Energy, Inc.† | 21,100 | $ | 400,267 | |||||
James River Coal Co.† | 43,200 | 159,408 | ||||||
Walter Energy, Inc.# | 2,600 | 78,520 | ||||||
Westmoreland Coal Co.†# | 19,700 | 193,454 | ||||||
831,649 | ||||||||
Commercial Services — 1.2% |
| |||||||
Collectors Universe | 7,200 | 73,656 | ||||||
HMS Holdings Corp.†# | 19,300 | 447,181 | ||||||
Intersections, Inc. | 12,500 | 115,375 | ||||||
Mac-Gray Corp. | 10,700 | 127,544 | ||||||
Providence Service Corp.† | 7,700 | 107,184 | ||||||
Quanta Services, Inc.† | 7,617 | 196,976 | ||||||
RPX Corp.†# | 1,700 | 15,436 | ||||||
Team, Inc.†# | 71,714 | 2,575,967 | ||||||
3,659,319 | ||||||||
Commercial Services - Finance — 0.7% |
| |||||||
Global Payments, Inc. | 4,100 | 180,031 | ||||||
Green Dot Corp., Class A†# | 1,300 | 16,159 | ||||||
Heartland Payment Systems, Inc.# | 62,040 | 1,838,245 | ||||||
2,034,435 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 13,300 | 129,675 | ||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 5,600 | 111,888 | ||||||
Qualys, Inc.†# | 10,400 | 139,152 | ||||||
251,040 | ||||||||
Computer Services — 0.1% |
| |||||||
Carbonite, Inc.† | 15,000 | 143,100 | ||||||
Dynamics Research Corp.† | 10,000 | 52,800 | ||||||
FleetMatics Group PLC | 5,300 | 115,434 | ||||||
311,334 | ||||||||
Computer Software — 0.9% |
| |||||||
Eloqua, Inc.†# | 5,400 | 97,470 | ||||||
SS&C Technologies Holdings, Inc.†# | 112,505 | 2,653,993 | ||||||
2,751,463 | ||||||||
Computers - Integrated Systems — 1.2% |
| |||||||
3D Systems Corp.†# | 18,600 | 831,606 | ||||||
Cray, Inc.† | 21,100 | 300,042 | ||||||
Jack Henry & Associates, Inc. | 68,085 | 2,646,464 | ||||||
Radisys Corp.† | 15,700 | 35,325 | ||||||
3,813,437 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Datalink Corp.† | 11,100 | 95,904 | ||||||
Dot Hill Systems Corp.† | 87,300 | 77,697 | ||||||
Netlist, Inc.† | 37,900 | 29,638 | ||||||
Xyratex, Ltd.# | 2,500 | 23,425 | ||||||
226,664 | ||||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Immersion Corp.† | 25,600 | 168,192 | ||||||
Synaptics, Inc.† | 11,000 | 293,920 | ||||||
462,112 | ||||||||
Consulting Services — 0.9% |
| |||||||
Forrester Research, Inc. | 6,000 | 168,060 | ||||||
Hackett Group, Inc.† | 27,900 | 99,324 | ||||||
Information Services Group, Inc.† | 42,400 | 42,400 |
184
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Consulting Services (continued) |
| |||||||
MAXIMUS, Inc. | 36,875 | $ | 2,322,756 | |||||
PDI, Inc.† | 9,800 | 63,994 | ||||||
2,696,534 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
AT Cross Co., Class A† | 13,000 | 127,400 | ||||||
Kid Brands, Inc.† | 18,000 | 29,880 | ||||||
Tumi Holdings, Inc.† | 17,300 | 388,731 | ||||||
546,011 | ||||||||
Containers - Paper/Plastic — 0.8% |
| |||||||
Graphic Packaging Holding Co.† | 388,679 | 2,522,527 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc. | 3,421 | 15,052 | ||||||
Data Processing/Management — 0.2% |
| |||||||
CommVault Systems, Inc.† | 4,900 | 325,164 | ||||||
Innodata, Inc.† | 25,000 | 92,500 | ||||||
Official Payments Holdings, Inc.† | 23,100 | 117,579 | ||||||
535,243 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Interactive Intelligence Group, Inc.†# | 12,200 | 391,864 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
CardioNet, Inc.† | 44,400 | 96,348 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
Meridian Bioscience, Inc.# | 22,400 | 448,672 | ||||||
Diamonds/Precious Stones — 0.0% |
| |||||||
Petra Diamonds, Ltd.† | 35,600 | 60,687 | ||||||
Direct Marketing — 0.0% |
| |||||||
ValueVision Media, Inc., Class A† | 18,400 | 33,672 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
Rochester Medical Corp.† | 10,900 | 120,554 | ||||||
Distribution/Wholesale — 0.9% |
| |||||||
Beacon Roofing Supply, Inc.†# | 74,891 | 2,309,638 | ||||||
Pool Corp.# | 10,411 | 436,117 | ||||||
2,745,755 | ||||||||
Diversified Manufacturing Operations — 0.6% |
| |||||||
A.O. Smith Corp.# | 2,250 | 141,638 | ||||||
AZZ, Inc. | 11,400 | 434,568 | ||||||
Chase Corp. | 7,100 | 122,475 | ||||||
Colfax Corp.†# | 1,900 | 74,081 | ||||||
EnPro Industries, Inc.†# | 11,100 | 436,008 | ||||||
Fabrinet†# | 6,300 | 78,246 | ||||||
Koppers Holdings, Inc. | 11,800 | 417,602 | ||||||
Lydall, Inc.† | 7,000 | 91,630 | ||||||
Standex International Corp. | 3,600 | 177,336 | ||||||
1,973,584 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
AMCOL International Corp.# | 8,300 | 250,577 | ||||||
Diversified Operations — 0.1% |
| |||||||
Horizon Pharma, Inc.† | 27,700 | 71,743 | ||||||
Resource America, Inc., Class A | 17,400 | 119,538 | ||||||
191,281 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
1-800-FLOWERS.COM, Inc., Class A† | 40,600 | 127,078 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Angie’s List, Inc.†# | 16,600 | 184,426 | ||||||
OpenTable, Inc.†# | 4,800 | 215,472 |
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services (continued) |
| |||||||
Zillow, Inc., Class A†# | 1,100 | $ | 30,272 | |||||
430,170 | ||||||||
E-Marketing/Info — 0.8% |
| |||||||
Active Network, Inc.†# | 12,000 | 64,320 | ||||||
ValueClick, Inc.†# | 126,216 | 2,381,696 | ||||||
2,446,016 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Saba Software, Inc.†# | 3,700 | 28,934 | ||||||
Sapient Corp.† | 18,000 | 190,620 | ||||||
219,554 | ||||||||
Electric Products - Misc. — 0.0% |
| |||||||
Graham Corp. | 5,800 | 104,226 | ||||||
Electric - Integrated — 0.7% |
| |||||||
Cleco Corp.# | 3,400 | 136,986 | ||||||
El Paso Electric Co. | 11,700 | 372,645 | ||||||
Empire District Electric Co. | 5,900 | 118,000 | ||||||
NorthWestern Corp. | 5,000 | 173,450 | ||||||
OGE Energy Corp. | 8,900 | 508,457 | ||||||
PNM Resources, Inc. | 21,800 | 460,634 | ||||||
UNS Energy Corp.# | 11,200 | 476,896 | ||||||
2,247,068 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Gentex Corp.# | 6,500 | 115,375 | ||||||
OSI Systems, Inc.† | 11,409 | 699,143 | ||||||
Pulse Electronics Corp.† | 30,400 | 9,728 | ||||||
Sanmina Corp.† | 179,264 | 1,688,667 | ||||||
2,512,913 | ||||||||
Electronic Components - Semiconductors — 2.0% |
| |||||||
AXT, Inc.† | 29,500 | 83,190 | ||||||
Cavium, Inc.†# | �� | 14,700 | 517,881 | |||||
Diodes, Inc.†# | 23,850 | 361,089 | ||||||
Fairchild Semiconductor International, Inc.†# | 5,100 | 68,034 | ||||||
First Solar, Inc.†# | 1,800 | 48,582 | ||||||
GT Advanced Technologies, Inc.†# | 18,100 | 60,997 | ||||||
Intersil Corp., Class A | 20,700 | 147,591 | ||||||
Kopin Corp.†# | 17,100 | 54,891 | ||||||
Lattice Semiconductor Corp.†# | 310,509 | 1,229,616 | ||||||
Mindspeed Technologies, Inc.† | 2,902 | 10,534 | ||||||
PLX Technology, Inc.† | 18,300 | 83,997 | ||||||
PMC - Sierra, Inc.†# | 72,800 | 374,920 | ||||||
Rubicon Technology, Inc.† | 11,000 | 70,620 | ||||||
Semtech Corp.†# | 87,298 | 2,387,600 | ||||||
Silicon Laboratories, Inc.†# | 9,900 | 414,018 | ||||||
Supertex, Inc. | 5,600 | 101,808 | ||||||
6,015,368 | ||||||||
Electronic Design Automation — 0.8% |
| |||||||
Cadence Design Systems, Inc.†# | 200,191 | 2,548,431 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Analogic Corp. | 2,100 | 154,707 | ||||||
CyberOptics Corp.† | 18,900 | 139,860 | ||||||
ESCO Technologies, Inc. | 12,800 | 469,760 | ||||||
Measurement Specialties, Inc.†# | 2,300 | 71,415 | ||||||
National Instruments Corp. | 11,600 | 282,112 | ||||||
Orbotech, Ltd.† | 9,900 | 83,853 | ||||||
1,201,707 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc.# | 4,500 | 287,460 | ||||||
185
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Electronics - Military — 0.0% |
| |||||||
M/A-COM Technology Solutions Holdings, Inc.†# | 9,100 | $ | 128,492 | |||||
Energy - Alternate Sources — 0.1% |
| |||||||
Ascent Solar Technologies, Inc.† | 33,000 | 25,740 | ||||||
FuelCell Energy, Inc.† | 49,000 | 42,140 | ||||||
Ocean Power Technologies, Inc.† | 17,900 | 42,781 | ||||||
REX American Resources Corp.† | 4,600 | 86,664 | ||||||
Saratoga Resources, Inc.† | 17,300 | 66,605 | ||||||
Solazyme, Inc.†# | 10,800 | 80,568 | ||||||
344,498 | ||||||||
Engineering/R&D Services — 0.0% |
| |||||||
VSE Corp. | 3,700 | 85,174 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
American Software, Inc., Class A | 11,600 | 93,612 | ||||||
Concur Technologies, Inc.†# | 5,000 | 328,550 | ||||||
Guidewire Software, Inc.# | 8,700 | 260,130 | ||||||
MicroStrategy, Inc., Class A† | 14,757 | 1,305,847 | ||||||
Proofpoint, Inc.†# | 4,900 | 53,900 | ||||||
PROS Holdings, Inc.†# | 8,800 | 156,024 | ||||||
QLIK Technologies, Inc.† | 1,200 | 23,256 | ||||||
2,221,319 | ||||||||
Environmental Monitoring & Detection — 0.2% |
| |||||||
Mine Safety Appliances Co. | 13,400 | 518,312 | ||||||
Filtration/Separation Products — 0.0% |
| |||||||
CLARCOR, Inc.# | 2,200 | 102,036 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Asta Funding, Inc. | 13,200 | 121,968 | ||||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
Diamond Hill Investment Group, Inc. | 1,700 | 136,051 | ||||||
E*TRADE Financial Corp.†# | 44,200 | 372,164 | ||||||
Evercore Partners, Inc., Class A | 54,347 | 1,492,912 | ||||||
FBR & Co.† | 39,000 | 130,650 | ||||||
Gleacher & Co., Inc.† | 20,600 | 13,596 | ||||||
JMP Group, Inc. | 16,300 | 85,575 | ||||||
KBW, Inc.# | 8,900 | 153,525 | ||||||
Piper Jaffray Cos.†# | 4,300 | 121,991 | ||||||
SWS Group, Inc.† | 21,300 | 102,240 | ||||||
2,608,704 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp | 6,000 | 92,280 | ||||||
Marlin Business Services Corp. | 7,500 | 129,750 | ||||||
222,030 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Federal Agricultural Mtg. Corp., Class C | 5,000 | 168,400 | ||||||
Finance - Other Services — 0.1% |
| |||||||
Asset Acceptance Capital Corp.† | 26,100 | 147,465 | ||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
Assured Guaranty, Ltd.# | 23,977 | 334,479 | ||||||
MGIC Investment Corp.†# | 14,800 | 25,900 | ||||||
Radian Group, Inc.# | 24,500 | 107,310 | ||||||
467,689 | ||||||||
Food - Baking — 0.1% |
| |||||||
Flowers Foods, Inc.# | 9,600 | 225,984 | ||||||
Food - Canned — 0.7% |
| |||||||
Seneca Foods Corp., Class B† | 200 | 5,692 | ||||||
TreeHouse Foods, Inc.†# | 42,522 | 2,229,854 | ||||||
2,235,546 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Ingredion, Inc. | 35,974 | $ | 2,336,511 | |||||
Inventure Foods, Inc.† | 17,900 | 116,171 | ||||||
John B. Sanfilippo & Son, Inc. | 12,100 | 214,412 | ||||||
Overhill Farms, Inc.† | 18,500 | 81,770 | ||||||
Senomyx, Inc.†# | 47,700 | 82,521 | ||||||
2,831,385 | ||||||||
Food - Retail — 0.2% |
| |||||||
Fresh Market, Inc.†# | 11,800 | 611,594 | ||||||
Food - Wholesale/Distribution — 0.6% |
| |||||||
United Natural Foods, Inc.†# | 34,439 | 1,782,907 | ||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Heelys, Inc.† | 56,600 | 125,652 | ||||||
R.G. Barry Corp. | 9,700 | 148,701 | ||||||
274,353 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Dover Downs Gaming & Entertainment, Inc. | 43,334 | 90,568 | ||||||
Isle of Capri Casinos, Inc.† | 23,400 | 114,894 | ||||||
Lakes Entertainment, Inc.† | 30,400 | 79,952 | ||||||
285,414 | ||||||||
Garden Products — 0.2% |
| |||||||
Toro Co. | 10,900 | 488,974 | ||||||
Gas - Distribution — 1.0% |
| |||||||
Chesapeake Utilities Corp.# | 1,700 | 76,500 | ||||||
Delta Natural Gas Co., Inc. | 7,600 | 154,888 | ||||||
Southwest Gas Corp. | 12,000 | 503,280 | ||||||
UGI Corp. | 67,465 | 2,241,187 | ||||||
2,975,855 | ||||||||
Gold Mining — 0.5% |
| |||||||
Allied Nevada Gold Corp.†# | 14,115 | 459,443 | ||||||
Detour Gold Corp.† | 16,997 | 420,925 | ||||||
Franco-Nevada Corp. | 8,900 | 503,708 | ||||||
Vista Gold Corp.† | 24,300 | 71,928 | ||||||
1,456,004 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha PRO Tech, Ltd.† | 30,000 | 42,600 | ||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.†# | 2,500 | 205,775 | ||||||
Home Furnishings — 0.7% |
| |||||||
American Woodmark Corp.†# | 4,700 | 133,527 | ||||||
Ethan Allen Interiors, Inc. | 2,700 | 78,327 | ||||||
Hooker Furniture Corp. | 9,100 | 126,399 | ||||||
La-Z-Boy, Inc.# | 125,446 | 1,871,654 | ||||||
2,209,907 | ||||||||
Hotel/Motels — 0.0% |
| |||||||
Morgans Hotel Group Co.† | 19,000 | 111,150 | ||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 80,000 | ||||||
Human Resources — 0.3% |
| |||||||
Barrett Business Services, Inc. | 6,700 | 222,775 | ||||||
Cross Country Healthcare, Inc.† | 20,000 | 80,200 | ||||||
CTPartners Executive Search, Inc.†# | 3,400 | 13,600 | ||||||
Hudson Global, Inc.† | 23,600 | 103,604 | ||||||
Kforce, Inc.# | 19,700 | 253,342 | ||||||
Korn/Ferry International† | 8,000 | 115,360 | ||||||
788,881 | ||||||||
186
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Independent Power Producers — 0.1% |
| |||||||
GenOn Energy, Inc.† | 141,680 | $ | 361,284 | |||||
Synthesis Energy Systems, Inc.†# | 4,300 | 5,117 | ||||||
366,401 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 44,520 | ||||||
Iteris, Inc.† | 76,210 | 127,271 | ||||||
171,791 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Adept Technology, Inc.† | 23,000 | 57,730 | ||||||
Hurco Cos., Inc.† | 5,000 | 120,050 | ||||||
177,780 | ||||||||
Instruments - Controls — 0.9% |
| |||||||
Watts Water Technologies, Inc., | 64,858 | 2,652,044 | ||||||
Woodward, Inc. | 5,300 | 193,821 | ||||||
2,845,865 | ||||||||
Insurance Brokers — 0.7% |
| |||||||
Arthur J. Gallagher & Co.# | 59,052 | 2,156,579 | ||||||
Brown & Brown, Inc. | 4,900 | 131,516 | ||||||
2,288,095 | ||||||||
Insurance - Life/Health — 0.0% |
| |||||||
Independence Holding Co. | 10,460 | 88,910 | ||||||
Insurance - Multi-line — 0.7% |
| |||||||
American Financial Group, Inc. | 49,742 | 1,972,270 | ||||||
Fortegra Financial Corp.†# | 9,600 | 84,096 | ||||||
Kemper Corp.# | 6,600 | 195,426 | ||||||
2,251,792 | ||||||||
Insurance - Property/Casualty — 2.3% |
| |||||||
Enstar Group, Ltd.† | 700 | 71,687 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 106,080 | ||||||
HCC Insurance Holdings, Inc. | 11,800 | 435,184 | ||||||
Infinity Property & Casualty Corp. | 12,200 | 667,584 | ||||||
Markel Corp.† | 5,358 | 2,566,482 | ||||||
RLI Corp.# | 4,700 | 302,868 | ||||||
Selective Insurance Group, Inc. | 25,000 | 467,000 | ||||||
State Auto Financial Corp.# | 5,750 | 83,490 | ||||||
Universal Insurance Holdings, Inc. | 28,300 | 129,897 | ||||||
WR Berkley Corp.# | 52,506 | 2,087,113 | ||||||
6,917,385 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Lionbridge Technologies, Inc.† | 36,800 | 151,248 | ||||||
Splunk, Inc.†# | 5,700 | 172,140 | ||||||
323,388 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 21,200 | 136,952 | ||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Pandora Media, Inc.†# | 15,000 | 130,800 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
Bankrate, Inc.†# | 20,000 | 240,600 | ||||||
TheStreet, Inc. | 48,200 | 80,976 | ||||||
321,576 | ||||||||
Internet Financial Services — 0.0% |
| |||||||
Online Resources Corp.† | 30,900 | 71,379 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
support.com, Inc.† | 31,500 | 138,600 | ||||||
TeleCommunication Systems, Inc., Class A† | 28,000 | 63,000 |
Security Description | Shares | Value (Note 2) | ||||||
Internet Infrastructure Software (continued) |
| |||||||
Unwired Planet, Inc.† | 75,400 | $ | 103,298 | |||||
304,898 | ||||||||
Internet Security — 0.3% |
| |||||||
iPass, Inc.† | 49,900 | 91,317 | ||||||
Sourcefire, Inc.†# | 14,100 | 694,143 | ||||||
Zix Corp.† | 41,500 | 113,710 | ||||||
899,170 | ||||||||
Investment Companies — 0.2% |
| |||||||
Arlington Asset Investment Corp., Class A | 6,300 | 136,332 | ||||||
Gladstone Capital Corp. | 12,000 | 98,760 | ||||||
KCAP Financial, Inc. | 16,700 | 147,461 | ||||||
NGP Capital Resources Co. | 13,000 | 93,600 | ||||||
476,153 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Affiliated Managers Group, Inc.†# | 14,676 | 1,891,296 | ||||||
Cohen & Steers, Inc.# | 10,400 | 297,232 | ||||||
Financial Engines, Inc.†# | 18,000 | 471,960 | ||||||
Manning & Napier, Inc. | 8,400 | 105,084 | ||||||
National Financial Partners Corp.†# | 6,500 | 107,965 | ||||||
Pzena Investment Management, Inc., | 3,700 | 20,498 | ||||||
Waddell & Reed Financial, Inc., | 9,500 | 308,655 | ||||||
3,202,690 | ||||||||
Lasers - System/Components — 1.6% |
| |||||||
Cymer, Inc.†# | 37,301 | 3,271,298 | ||||||
Electro Scientific Industries, Inc. | 119,986 | 1,300,648 | ||||||
Newport Corp.† | 9,000 | 114,660 | ||||||
Rofin-Sinar Technologies, Inc.†# | 9,800 | 207,270 | ||||||
4,893,876 | ||||||||
Leisure Products — 0.4% |
| |||||||
Brunswick Corp.# | 42,600 | 1,097,802 | ||||||
Johnson Outdoors, Inc., Class A† | 3,400 | 70,992 | ||||||
Marine Products Corp. | 23,100 | 126,588 | ||||||
1,295,382 | ||||||||
Lighting Products & Systems — 0.4% |
| |||||||
Acuity Brands, Inc.# | 18,000 | 1,190,700 | ||||||
Machine Tools & Related Products — 0.0% |
| |||||||
Hardinge, Inc. | 11,000 | 105,490 | ||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Terex Corp.†# | 2,600 | 62,894 | ||||||
Machinery - General Industrial — 1.6% |
| |||||||
Albany International Corp., Class A# | 13,300 | 286,083 | ||||||
Flow International Corp.† | 35,000 | 110,250 | ||||||
Gardner Denver, Inc.# | 32,156 | 2,246,097 | ||||||
IDEX Corp.# | 45,392 | 2,040,370 | ||||||
Tennant Co. | 2,700 | 102,978 | ||||||
4,785,778 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Cascade Corp. | 4,100 | 266,377 | ||||||
Machinery - Pumps — 0.2% |
| |||||||
Graco, Inc. | 10,000 | 494,100 | ||||||
Medical Instruments — 0.3% |
| |||||||
Bruker Corp.†# | 16,100 | 235,060 | ||||||
Cardiovascular Systems, Inc.† | 12,200 | 142,252 | ||||||
CryoLife, Inc. | 17,000 | 100,980 | ||||||
Edwards Lifesciences Corp.†# | 1,200 | 104,124 | ||||||
Integra LifeSciences Holdings Corp.† | 1,300 | 50,388 |
187
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical Instruments (continued) |
| |||||||
Synergetics USA, Inc.† | 15,761 | $ | 67,299 | |||||
TranS1, Inc.† | 40,300 | 116,064 | ||||||
Vascular Solutions, Inc.† | 7,500 | 112,125 | ||||||
928,292 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
BioClinica, Inc.† | 25,200 | 149,436 | ||||||
Medical Laser Systems — 0.1% |
| |||||||
LCA-Vision, Inc.† | 18,900 | 60,669 | ||||||
Palomar Medical Technologies, Inc.† | 11,000 | 99,770 | ||||||
160,439 | ||||||||
Medical Products — 2.6% |
| |||||||
Accuray, Inc.†# | 1,037 | 6,512 | ||||||
Cardica, Inc.† | 33,400 | 35,070 | ||||||
Chindex International, Inc.† | 7,100 | 72,775 | ||||||
Cooper Cos., Inc. | 4,900 | 465,206 | ||||||
Haemonetics Corp.†# | 26,024 | 2,108,725 | ||||||
Orthofix International NV† | 22,778 | 848,481 | ||||||
PSS World Medical, Inc.†# | 5,800 | 164,952 | ||||||
Span-America Medical Systems, Inc. | 3,100 | 58,900 | ||||||
Teleflex, Inc.# | 25,836 | 1,787,851 | ||||||
Tornier NV† | 1,600 | 25,952 | ||||||
Wright Medical Group, Inc.†# | 114,178 | 2,411,439 | ||||||
7,985,863 | ||||||||
Medical Sterilization Products — 0.1% |
| |||||||
STERIS Corp. | 8,400 | 287,028 | ||||||
Medical - Biomedical/Gene — 2.7% |
| |||||||
AMAG Pharmaceuticals, Inc.†# | 4,700 | 70,641 | ||||||
Astex Pharmaceuticals† | 59,400 | 165,132 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 16,592 | 1,733,698 | ||||||
Biota Pharmaceuticals, Inc. | 4,250 | 18,700 | ||||||
Charles River Laboratories International, Inc.† | 46,431 | 1,781,557 | ||||||
Cubist Pharmaceuticals, Inc.†# | 52,724 | 2,141,122 | ||||||
Enzo Biochem, Inc.† | 33,500 | 92,460 | ||||||
Exelixis, Inc.†# | 24,400 | 119,316 | ||||||
Geron Corp.† | 77,000 | 110,110 | ||||||
GTx, Inc.† | 37,700 | 149,669 | ||||||
Harvard Bioscience, Inc.† | 30,000 | 118,200 | ||||||
Incyte Corp., Ltd.†# | 32,400 | 570,240 | ||||||
Maxygen, Inc. | 18,100 | 47,422 | ||||||
Medicines Co.†# | 10,100 | 216,847 | ||||||
Pacific Biosciences of California, Inc.† | 55,100 | 92,568 | ||||||
Regeneron Pharmaceuticals, Inc.† | 3,100 | 547,305 | ||||||
Repligen Corp.† | 17,000 | 109,650 | ||||||
Seattle Genetics, Inc.†# | 5,900 | 149,329 | ||||||
Transcept Pharmaceuticals, Inc.† | 13,000 | 70,070 | ||||||
XOMA Corp.† | 46,000 | 140,300 | ||||||
8,444,336 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
Acadia Pharmaceuticals, Inc.† | 16,300 | 84,760 | ||||||
Achillion Pharmaceuticals, Inc.†# | 7,600 | 59,204 | ||||||
Alimera Sciences, Inc.† | 25,025 | 49,800 | ||||||
Alkermes PLC†# | 16,000 | 308,960 | ||||||
Auxilium Pharmaceuticals, Inc.† | 70,619 | 1,351,647 | ||||||
BioSpecifics Technologies Corp.† | 5,200 | 69,316 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 57,344 | ||||||
Cytori Therapeutics, Inc.† | 17,000 | 71,230 | ||||||
Endo Health Solutions, Inc.† | 51,909 | 1,487,712 | ||||||
Idenix Pharmaceuticals, Inc.†# | 18,800 | 96,256 | ||||||
Optimer Pharmaceuticals, Inc.†# | 5,100 | 51,969 | ||||||
Pacira Pharmaceuticals, Inc.†# | 17,200 | 293,260 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Pozen, Inc.† | 15,600 | $ | 86,580 | |||||
Rigel Pharmaceuticals, Inc.†# | 14,900 | 123,670 | ||||||
SIGA Technologies, Inc.† | 19,900 | 53,730 | ||||||
Targacept, Inc.†# | 1,300 | 5,577 | ||||||
Vanda Pharmaceuticals, Inc.† | 16,600 | 57,768 | ||||||
XenoPort, Inc.†# | 20,300 | 159,355 | ||||||
Zalicus, Inc. | 101,600 | 66,548 | ||||||
4,534,686 | ||||||||
Medical - HMO — 0.5% |
| |||||||
AMERIGROUP Corp.† | 8,000 | 734,560 | ||||||
Centene Corp.† | 6,100 | 267,851 | ||||||
WellCare Health Plans, Inc.† | 8,800 | 424,776 | ||||||
1,427,187 | ||||||||
Medical - Hospitals — 0.9% |
| |||||||
Acadia Healthcare Co., Inc.†# | 7,600 | 174,420 | ||||||
LifePoint Hospitals, Inc.†# | 8,700 | 313,026 | ||||||
Universal Health Services, Inc., | 45,619 | 2,056,048 | ||||||
Vanguard Health Systems, Inc.† | 21,100 | 223,027 | ||||||
2,766,521 | ||||||||
Medical - Outpatient/Home Medical — 0.6% |
| |||||||
Amsurg Corp.† | 70,723 | 1,981,658 | ||||||
Metal Processors & Fabrication — 1.0% |
| |||||||
Ampco-Pittsburgh Corp. | 6,500 | 121,745 | ||||||
Dynamic Materials Corp. | 8,100 | 113,319 | ||||||
Haynes International, Inc.# | 39,859 | 1,855,038 | ||||||
NN, Inc.† | 14,900 | 120,988 | ||||||
RBC Bearings, Inc.† | 10,500 | 489,195 | ||||||
Rexnord Corp.† | 11,200 | 239,456 | ||||||
Sun Hydraulics Corp.# | 7,500 | 196,050 | ||||||
3,135,791 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Luxfer Holdings PLC ADR | 8,500 | 95,710 | ||||||
Miscellaneous Manufacturing — 0.9% |
| |||||||
FreightCar America, Inc. | 6,800 | 143,004 | ||||||
John Bean Technologies Corp. | 11,500 | 187,335 | ||||||
Trimas Corp.†# | 99,224 | 2,569,902 | ||||||
2,900,241 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 36,000 | 87,480 | ||||||
Multimedia — 0.1% |
| |||||||
Entravision Communications Corp., Class A | 58,800 | 88,200 | ||||||
Media General, Inc., Class A† | 13,200 | 59,004 | ||||||
Meredith Corp.# | 9,400 | 293,092 | ||||||
440,296 | ||||||||
Networking Products — 0.1% |
| |||||||
Acme Packet, Inc.† | 10,000 | 199,500 | ||||||
Ixia† | 1,800 | 27,036 | ||||||
226,536 | ||||||||
Non-Hazardous Waste Disposal — 0.9% |
| |||||||
Casella Waste Systems, Inc., | 15,900 | 70,278 | ||||||
Waste Connections, Inc.# | 82,046 | 2,700,954 | ||||||
2,771,232 | ||||||||
Office Furnishings - Original — 0.9% |
| |||||||
Interface, Inc.# | 156,466 | 2,298,486 | ||||||
Knoll, Inc.# | 21,200 | 304,432 | ||||||
2,602,918 | ||||||||
188
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production — 2.1% |
| |||||||
Approach Resources, Inc.†# | 4,500 | $ | 105,705 | |||||
Bill Barrett Corp.†# | 19,500 | 338,910 | ||||||
Callon Petroleum Co.† | 13,100 | 61,439 | ||||||
Clayton Williams Energy, Inc.† | 5,600 | 227,976 | ||||||
Contango Oil & Gas Co. | 7,700 | 315,623 | ||||||
Crimson Exploration, Inc.† | 33,200 | 90,968 | ||||||
Double Eagle Petroleum Co.† | 11,000 | 47,080 | ||||||
Energen Corp. | 34,396 | 1,531,654 | ||||||
Evolution Petroleum Corp.† | 10,600 | 83,740 | ||||||
FieldPoint Petroleum Corp.† | 31,900 | 126,962 | ||||||
Forest Oil Corp.†# | 10,200 | 64,974 | ||||||
GeoMet, Inc.† | 26,800 | 4,290 | ||||||
Goodrich Petroleum Corp.†# | 16,200 | 145,962 | ||||||
Lone Pine Resources, Inc.†# | 6,247 | 6,622 | ||||||
Matador Resources Co.† | 17,400 | 154,686 | ||||||
Miller Energy Resources, Inc.† | 23,400 | 106,236 | ||||||
Oasis Petroleum, Inc.† | 25,800 | 779,676 | ||||||
PostRock Energy Corp.† | 24,600 | 33,702 | ||||||
Rosetta Resources, Inc.† | 39,486 | 1,774,501 | ||||||
Swift Energy Co.†# | 13,900 | 215,172 | ||||||
Warren Resources, Inc.† | 34,500 | 94,875 | ||||||
6,310,753 | ||||||||
Oil Field Machinery & Equipment — 1.3% |
| |||||||
Bolt Technology Corp. | 12,800 | 184,960 | ||||||
Dresser-Rand Group, Inc.†# | 35,744 | 1,887,641 | ||||||
Forum Energy Technologies, Inc.†# | 8,600 | 217,064 | ||||||
Gulf Island Fabrication, Inc. | 9,600 | 223,392 | ||||||
Lufkin Industries, Inc.# | 21,157 | 1,158,557 | ||||||
Mitcham Industries, Inc.† | 6,900 | 99,981 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 121,804 | ||||||
3,893,399 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 214 | 7,466 | ||||||
Oil - Field Services — 1.4% |
| |||||||
C&J Energy Services, Inc.† | 12,200 | 243,634 | ||||||
Forbes Energy Services, Ltd.† | 17,200 | 39,904 | ||||||
Key Energy Services, Inc.† | 21,800 | 145,842 | ||||||
Oceaneering International, Inc. | 38,629 | 2,034,976 | ||||||
Oil States International, Inc.† | 25,431 | 1,798,480 | ||||||
Superior Energy Services, Inc.† | 4,677 | 94,990 | ||||||
4,357,826 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp. | 3,100 | 57,567 | ||||||
Paper & Related Products — 0.7% |
| |||||||
Schweitzer-Mauduit International, Inc.# | 56,114 | 2,102,592 | ||||||
Xerium Technologies, Inc.† | 15,000 | 45,000 | ||||||
2,147,592 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Masimo Corp.# | 1,000 | 20,720 | ||||||
Pharmacy Services — 0.1% |
| |||||||
Catamaran Corp.†# | 9,068 | 441,521 | ||||||
Physicians Practice Management — 0.5% |
| |||||||
Healthways, Inc.†# | 5,700 | 61,674 | ||||||
IPC The Hospitalist Co., Inc.†# | 40,039 | 1,511,472 | ||||||
1,573,146 | ||||||||
Pollution Control — 0.1% |
| |||||||
CECO Environmental Corp. | 12,700 | 118,364 | ||||||
Met-Pro Corp. | 11,500 | 102,465 | ||||||
220,829 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Advanced Energy Industries, Inc.†# | 26,800 | $ | 342,772 | |||||
Power-One, Inc.†# | 24,800 | 102,920 | ||||||
PowerSecure International, Inc.† | 12,700 | 81,915 | ||||||
527,607 | ||||||||
Printing - Commercial — 0.1% |
| |||||||
American Reprographics Co.† | 17,300 | 43,596 | ||||||
Consolidated Graphics, Inc.† | 3,500 | 119,140 | ||||||
Multi-Color Corp.# | 10,750 | 241,660 | ||||||
404,396 | ||||||||
Professional Sports — 0.1% |
| |||||||
Madison Square Garden, Co., | 6,000 | 262,800 | ||||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp. | 7,700 | 87,087 | ||||||
Scholastic Corp.# | 7,249 | 203,407 | ||||||
290,494 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp., Class A | 18,221 | 84,545 | ||||||
Dolan Co.† | 21,200 | 72,716 | ||||||
Lee Enterprises, Inc.† | 86,500 | 107,260 | ||||||
264,521 | ||||||||
Quarrying — 0.6% |
| |||||||
Compass Minerals International, Inc.# | 24,557 | 1,876,155 | ||||||
Radio — 0.0% |
| |||||||
Emmis Communications Corp., | 40,500 | 76,950 | ||||||
Salem Communications Corp., | 10,000 | 51,800 | ||||||
128,750 | ||||||||
Real Estate Investment Trusts — 3.8% |
| |||||||
Acadia Realty Trust# | 7,200 | 178,704 | ||||||
CBL & Associates Properties, Inc.# | 26,500 | 596,515 | ||||||
Chesapeake Lodging Trust | 17,100 | 322,677 | ||||||
Colony Financial, Inc.# | 6,900 | 138,138 | ||||||
Cousins Properties, Inc.# | 19,635 | 161,203 | ||||||
DCT Industrial Trust, Inc.# | 357,500 | 2,234,375 | ||||||
DiamondRock Hospitality Co. | 62,608 | 547,194 | ||||||
Douglas Emmett, Inc.# | 83,700 | 1,900,827 | ||||||
EastGroup Properties, Inc. | 10,700 | 559,396 | ||||||
Education Realty Trust, Inc. | 171,700 | 1,770,227 | ||||||
Equity One, Inc.# | 15,000 | 310,050 | ||||||
First Potomac Realty Trust# | 10,900 | 127,857 | ||||||
Kilroy Realty Corp.# | 7,700 | 347,270 | ||||||
LaSalle Hotel Properties# | 80,840 | 1,949,053 | ||||||
Parkway Properties, Inc.# | 5,000 | 67,200 | ||||||
Pebblebrook Hotel Trust | 6,100 | 127,185 | ||||||
PS Business Parks, Inc. | 1,300 | 83,837 | ||||||
Starwood Property Trust, Inc. | 5,000 | 114,300 | ||||||
11,536,008 | ||||||||
Real Estate Management/Services — 0.6% |
| |||||||
Jones Lang LaSalle, Inc. | 22,274 | 1,826,691 | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
AV Homes, Inc.† | 11,400 | 150,822 | ||||||
Consolidated-Tomoka Land Co. | 3,100 | 98,022 | ||||||
248,844 | ||||||||
Recycling — 0.0% |
| |||||||
Metalico, Inc.† | 31,700 | 52,939 | ||||||
189
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Electro Rent Corp.# | 6,300 | $ | 98,973 | |||||
H&E Equipment Services, Inc.# | 21,900 | 340,545 | ||||||
439,518 | ||||||||
Retail - Apparel/Shoe — 2.4% |
| |||||||
American Eagle Outfitters, Inc. | 9,900 | 209,880 | ||||||
ANN, Inc.† | 21,650 | 726,358 | ||||||
bebe stores, Inc.# | 206,794 | 777,545 | ||||||
Casual Male Retail Group, Inc.† | 39,600 | 151,668 | ||||||
Chico’s FAS, Inc. | 17,100 | 318,915 | ||||||
Christopher & Banks Corp.†# | 33,300 | 152,181 | ||||||
dELiA*s, Inc.† | 39,400 | 41,370 | ||||||
Express, Inc.†# | 17,100 | 255,303 | ||||||
Francesca’s Holdings Corp.†# | 14,300 | 372,229 | ||||||
Genesco, Inc.† | 25,430 | 1,407,042 | ||||||
Hot Topic, Inc.# | 22,000 | 219,560 | ||||||
Pacific Sunwear of California, Inc.† | 72,200 | 109,744 | ||||||
PVH Corp. | 21,385 | 2,450,507 | ||||||
rue21, Inc.†# | 10,000 | 287,100 | ||||||
Vera Bradley, Inc.†# | 1,500 | 41,565 | ||||||
7,520,967 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
hhgregg, Inc.†# | 7,400 | 54,760 | ||||||
Retail - Automobile — 0.7% |
| |||||||
Penske Automotive Group, Inc.# | 69,781 | 2,032,721 | ||||||
Retail - Convenience Store — 0.0% |
| |||||||
Pantry, Inc.†# | 8,500 | 109,140 | ||||||
Retail - Discount — 0.3% |
| |||||||
Citi Trends, Inc.† | 7,300 | 101,908 | ||||||
HSN, Inc.# | 10,800 | 571,212 | ||||||
Tuesday Morning Corp.† | 17,000 | 107,270 | ||||||
780,390 | ||||||||
Retail - Home Furnishings — 0.8% |
| |||||||
Kirkland’s, Inc.† | 9,700 | 88,173 | ||||||
Pier 1 Imports, Inc.# | 116,038 | 2,226,769 | ||||||
2,314,942 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Zale Corp.† | 17,900 | 87,352 | ||||||
Retail - Leisure Products — 0.1% |
| |||||||
MarineMax, Inc.†# | 29,400 | 242,844 | ||||||
West Marine, Inc.† | 5,938 | 61,399 | ||||||
304,243 | ||||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Five Below, Inc.†# | 6,100 | 226,615 | ||||||
Gaiam, Inc. Class A | 17,400 | 48,372 | ||||||
274,987 | ||||||||
Retail - Restaurants — 2.2% |
| |||||||
BJ’s Restaurants, Inc.†# | 11,700 | 401,193 | ||||||
Brinker International, Inc.# | 14,300 | 428,285 | ||||||
Carrols Restaurant Group, Inc.† | 15,000 | 97,350 | ||||||
Cheesecake Factory, Inc.# | 11,400 | 389,766 | ||||||
DineEquity, Inc.†# | 36,685 | 2,312,989 | ||||||
Famous Dave’s Of America, Inc.† | 10,500 | 91,350 | ||||||
Frisch’s Restaurants, Inc. | 1,864 | 35,528 | ||||||
Jack in the Box, Inc.†# | 23,400 | 644,670 | ||||||
Jamba, Inc.† | 2,600 | 5,460 | ||||||
Papa John’s International, Inc.† | 36,141 | 1,912,943 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,800 | 255,450 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Sonic Corp.†# | 31,262 | $ | 316,684 | |||||
6,891,668 | ||||||||
Retail - Sporting Goods — 0.3% |
| |||||||
Hibbett Sports, Inc.†# | 9,200 | 494,408 | ||||||
Zumiez, Inc.†# | 16,300 | 337,084 | ||||||
831,492 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 16,500 | 60,060 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.6% |
| |||||||
GNC Holdings, Inc., Class A | 51,081 | 1,794,476 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Quality Care, Inc.† | 24,000 | 118,080 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Proto Labs, Inc.† | 2,000 | 72,960 | ||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
Bank Mutual Corp. | 26,600 | 110,390 | ||||||
BankUnited, Inc. | 16,300 | 383,050 | ||||||
Capitol Federal Financial, Inc.# | 40,240 | 478,453 | ||||||
ESSA Bancorp, Inc. | 9,000 | 89,910 | ||||||
First Defiance Financial Corp. | 5,800 | 98,658 | ||||||
First Financial Holdings, Inc. | 13,400 | 180,766 | ||||||
First Pactrust Bancorp, Inc. | 10,000 | 118,000 | ||||||
Fox Chase Bancorp, Inc. | 9,500 | 148,580 | ||||||
Home Bancorp, Inc.† | 6,600 | 120,582 | ||||||
Louisiana Bancorp, Inc.† | 5,700 | 91,200 | ||||||
Naugatuck Valley Financial Corp. | 9,500 | 63,650 | ||||||
Pacific Premier Bancorp, Inc.† | 12,600 | 131,544 | ||||||
Territorial Bancorp, Inc. | 6,600 | 150,150 | ||||||
United Community Financial Corp.† | 25,000 | 73,250 | ||||||
United Financial Bancorp, Inc. | 8,687 | 135,083 | ||||||
Waterstone Financial, Inc.† | 15,100 | 83,805 | ||||||
2,457,071 | ||||||||
Schools — 0.0% |
| |||||||
Learning Tree International, Inc.† | 14,700 | 81,291 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 5,100 | 116,025 | ||||||
ION Geophysical Corp.†# | 25,700 | 153,172 | ||||||
TGC Industries, Inc. | 19,110 | 153,644 | ||||||
422,841 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Emulex Corp.† | 12,300 | 90,405 | ||||||
Pericom Semiconductor Corp.† | 14,100 | 106,032 | ||||||
TriQuint Semiconductor, Inc.†# | 34,200 | 173,052 | ||||||
369,489 | ||||||||
Semiconductor Equipment — 0.6% |
| |||||||
Amtech Systems, Inc.† | 6,100 | 19,764 | ||||||
Mattson Technology, Inc.† | 34,500 | 29,325 | ||||||
Ultra Clean Holdings, Inc.† | 14,700 | 70,854 | ||||||
Veeco Instruments, Inc.†# | 56,425 | 1,605,856 | ||||||
1,725,799 | ||||||||
Steel Pipe & Tube — 1.1% |
| |||||||
Furmanite Corp.† | 23,700 | 104,991 | ||||||
Valmont Industries, Inc. | 23,760 | 3,318,322 | ||||||
3,423,313 | ||||||||
190
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Steel - Producers — 0.1% |
| |||||||
AK Steel Holding Corp.# | 20,400 | $ | 81,804 | |||||
Schnitzer Steel Industries, Inc., | 12,100 | 341,099 | ||||||
422,903 | ||||||||
Telecom Equipment - Fiber Optics — 0.8% |
| |||||||
Finisar Corp.†# | 35,574 | 482,739 | ||||||
Harmonic, Inc.† | 15,600 | 71,448 | ||||||
JDS Uniphase Corp.†# | 147,461 | 1,788,702 | ||||||
KVH Industries, Inc.† | 14,357 | 181,760 | ||||||
2,524,649 | ||||||||
Telecom Services — 0.2% |
| |||||||
Aviat Networks, Inc.† | 46,800 | 128,700 | ||||||
Otelco, Inc. IDS(3) | 10,100 | 15,150 | ||||||
Premiere Global Services, Inc.†# | 19,400 | 164,706 | ||||||
tw telecom, Inc.† | 16,800 | 431,592 | ||||||
UniTek Global Services, Inc.† | 700 | 2,786 | ||||||
742,934 | ||||||||
Telecommunication Equipment — 0.9% |
| |||||||
ADTRAN, Inc.# | 26,900 | 528,316 | ||||||
Arris Group, Inc.† | 138,647 | 1,936,899 | ||||||
Aware, Inc. | 14,500 | 97,150 | ||||||
ShoreTel, Inc.†# | 3,000 | 12,960 | ||||||
Westell Technologies, Inc.† Class A | 41,700 | 81,315 | ||||||
2,656,640 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
HickoryTech Corp. | 9,800 | 95,256 | ||||||
IDT Corp., Class B | 11,900 | 109,123 | ||||||
Warwick Valley Telephone Co. | 8,100 | 92,664 | ||||||
297,043 | ||||||||
Television — 0.1% |
| |||||||
Gray Television, Inc.† | 57,100 | 119,910 | ||||||
LIN TV Corp., Class A† | 27,100 | 175,608 | ||||||
295,518 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Cherokee, Inc. | 6,400 | 91,712 | ||||||
Textile - Products — 0.1% |
| |||||||
Culp, Inc. | 12,300 | 175,152 | ||||||
Therapeutics — 0.3% |
| |||||||
Anika Therapeutics, Inc.† | 8,000 | 94,640 | ||||||
AVANIR Pharmaceuticals, Inc., Class A†# | 45,800 | 120,912 | ||||||
BioMarin Pharmaceutical, Inc.†# | 6,900 | 335,340 | ||||||
Isis Pharmaceuticals, Inc.†# | 9,500 | 87,400 | ||||||
Onyx Pharmaceuticals, Inc.†# | 2,400 | 181,128 | ||||||
Theragenics Corp.† | 12,015 | 17,422 | ||||||
Theravance, Inc.†# | 3,300 | 74,184 | ||||||
911,026 | ||||||||
Transactional Software — 0.1% |
| |||||||
Bottomline Technologies, Inc.†# | 15,300 | 375,003 | ||||||
Transport - Services — 0.5% |
| |||||||
Pacer International, Inc.† | 30,000 | 104,100 | ||||||
UTi Worldwide, Inc. | 105,225 | 1,485,777 | ||||||
1,589,877 | ||||||||
Transport - Truck — 1.7% |
| |||||||
Arkansas Best Corp. | 14,000 | 115,920 | ||||||
Celadon Group, Inc. | 12,300 | 212,544 | ||||||
Covenant Transportation Group, Inc., Class A† | 14,200 | 72,846 | ||||||
Heartland Express, Inc.# | 1,465 | 20,115 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck (continued) |
| |||||||
Knight Transportation, Inc.# | 29,775 | $ | 447,518 | |||||
Landstar System, Inc.# | 39,942 | 2,019,867 | ||||||
Old Dominion Freight Line, Inc.† | 66,107 | 2,210,618 | ||||||
5,099,428 | ||||||||
Virtual Reality Products — 0.1% |
| |||||||
RealD, Inc.†# | 21,200 | 223,872 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Nutraceutical International Corp.† | 8,200 | 135,874 | ||||||
Omega Protein Corp.† | 9,000 | 55,980 | ||||||
191,854 | ||||||||
Water — 0.0% |
| |||||||
York Water Co. | 7,000 | 122,010 | ||||||
Wire & Cable Products — 0.9% |
| |||||||
Belden, Inc. | 55,292 | 2,083,403 | ||||||
Coleman Cable, Inc. | 12,600 | 116,298 | ||||||
Encore Wire Corp.# | 2,600 | 81,484 | ||||||
General Cable Corp.†# | 12,000 | 344,520 | ||||||
2,625,705 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Aruba Networks, Inc.†# | 27,400 | 533,752 | ||||||
Globecomm Systems, Inc.† | 7,300 | 86,724 | ||||||
ID Systems, Inc.† | 22,000 | 133,100 | ||||||
RF Micro Devices, Inc.† | 21,300 | 92,016 | ||||||
SBA Communications Corp., | 1,900 | 130,758 | ||||||
Telular Corp. | 12,000 | 120,240 | ||||||
Tessco Technologies, Inc. | 5,900 | 128,443 | ||||||
1,225,033 | ||||||||
Wound, Burn & Skin Care — 0.1% |
| |||||||
Obagi Medical Products, Inc.† | 11,900 | 162,554 | ||||||
Total Common Stock |
| |||||||
(cost $252,862,257) | 299,746,097 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.2% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Synovus Financial Corp. 8.25% | 8,100 | 169,290 | ||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Apptio Inc. | 5,641 | 101,070 | ||||||
Silver Spring Networks, Inc. | 11,300 | 84,750 | ||||||
185,820 | ||||||||
E-Commerce/Services — 0.0% |
| |||||||
Coupons.com, Inc.(1)(4)(5) | 16,166 | 80,749 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
GeoMet, Inc. | 3,487 | 31,383 | ||||||
Total Convertible Preferred Stock |
| |||||||
(cost $538,081) | 467,242 | |||||||
WARRANTS† — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
FieldPoint Petroleum Corp. | 31,900 | 27,115 | ||||||
191
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Terex Corp. | $ | 36,000 | $ | 59,265 | ||||
Total Long - Term Investment Securities |
| |||||||
(cost $253,455,830) | 300,299,719 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 19.5% |
| |||||||
Registered Investment Companies — 17.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(7) | 53,666,972 | 53,666,972 | ||||||
T. Rowe Price Reserve Investment Fund | 864,045 | 864,045 | ||||||
54,531,017 | ||||||||
Time Deposits — 1.8% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 5,577,000 | 5,577,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $60,108,017) | 60,108,017 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $313,563,847)(6) | 117.1 | % | 360,407,736 | |||||
Liabilities in excess of other assets | (17.1 | ) | (52,569,143 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 307,838,593 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2012, the Small Cap Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value per Share | Value as a % of Net Assets | ||||||||||||||||||
Apptio, Inc | ||||||||||||||||||||||||
Convertible Preferred Stock | 03/09/12 | 5,641 | $ | 101,069 | $ | 101,070 | $ | 17.92 | 0.03 | % | ||||||||||||||
Coupons.com, Inc. | ||||||||||||||||||||||||
Convertible Preferred Stock | 06/01/11 | 8,083 | 88,806 | |||||||||||||||||||||
08/18/11 | 8,083 | — | ||||||||||||||||||||||
16,166 | $ | 88,806 | 80,749 | 4.99 | 0.03 | % | ||||||||||||||||||
Silver Spring Networks, Inc | ||||||||||||||||||||||||
Convertible Preferred Stock | 12/11/09 | 11,300 | 113,000 | 84,750 | 6.52 | 0.03 | % | |||||||||||||||||
$ | 266,569 | 0.09 | % | |||||||||||||||||||||
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2012. |
(3) | Consists of more than one type of security traded together as a unit. |
(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, 2012, the aggregate value of these securities was $266,569 representing 0.1% of net assets. |
(6) | See Note 5 for cost of Investments on a tax basis. |
(7) | At November 30, 2012, the Fund had loaned securities with a total value of $52,123,059. This was secured by collateral of $53,666,972, which was received in cash and subsequently invested in short-term investments currently valued at $53,666,972 as reported in the portfolio of investments. Additional collateral of $7,783 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 | Value as of November 30, 2012 | |||
United States Treasury Notes/Bonds | 0.25% to 4.00% | 12/15/2012 to 02/15/2042 | $7,783 |
ADR- American Depository Receipt
IDS- Income Deposit Security
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 24,572,555 | $ | — | $ | — | $ | 24,572,555 | ||||||||
Other Industries* | 275,173,542 | — | — | 275,173,542 | ||||||||||||
Convertible Preferred Stock | ||||||||||||||||
Computers-Integrated Systems | — | — | 185,820 | 185,820 | ||||||||||||
E-Commerce/Services | — | — | 80,749 | 80,749 | ||||||||||||
Other Industries* | 200,673 | — | — | 200,673 | ||||||||||||
Warrants | 27,115 | — | — | 27,115 | ||||||||||||
Convertible Bonds & Notes | — | 59,265 | — | 59,265 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 54,531,017 | — | — | 54,531,017 | ||||||||||||
Time Deposits | — | 5,577,000 | — | 5,577,000 | ||||||||||||
Total | $ | 354,504,902 | $ | 5,636,265 | $ | 266,569 | $ | 360,407,736 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
192
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 15.1 | % | ||
Real Estate Investment Trusts | 7.8 | |||
Banks — Commercial | 6.3 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Medical — Biomedical/Gene | 2.3 | |||
Electric — Integrated | 2.0 | |||
Medical — Drugs | 2.0 | |||
Retail — Restaurants | 1.6 | |||
Retail — Apparel/Shoe | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Repurchase Agreements | 1.4 | |||
Commercial Services | 1.4 | |||
Enterprise Software/Service | 1.2 | |||
Medical Products | 1.2 | |||
Insurance — Property/Casualty | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Savings & Loans/Thrifts | 1.1 | |||
Distribution/Wholesale | 1.0 | |||
Gas — Distribution | 1.0 | |||
Investment Companies | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Medical Instruments | 1.0 | |||
Oil — Field Services | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Consulting Services | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Airlines | 0.8 | |||
Computer Services | 0.8 | |||
Building & Construction Products — Misc. | 0.8 | |||
Therapeutics | 0.8 | |||
Telecommunication Equipment | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Aerospace/DefensE-Equipment | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Transport — Truck | 0.7 | |||
Human Resources | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Applications Software | 0.7 | |||
Finance — Consumer Loans | 0.7 | |||
Wireless Equipment | 0.7 | |||
Medical — HMO | 0.6 | |||
Paper & Related Products | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Data Processing/Management | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Networking Products | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Lasers — System/Components | 0.5 | |||
Retail — Automobile | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Rental Auto/Equipment | 0.5 | |||
Resorts/Theme Parks | 0.5 | |||
Investment Management/Advisor Services | 0.4 | |||
Printing — Commercial | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Medical Information Systems | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Retail — Sporting Goods | 0.4 |
Computer Software | 0.4 | |||
Transport — Services | 0.4 | |||
Home Furnishings | 0.3 | |||
Telecom Services | 0.3 | |||
E-Marketing/Info | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Schools | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Building Products — Cement | 0.3 | |||
Coal | 0.3 | |||
Internet Application Software | 0.3 | |||
Lighting Products & Systems | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Instruments — Controls | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Transport — Marine | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Transactional Software | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Water | 0.3 | |||
Leisure Products | 0.3 | |||
Retail — Pawn Shops | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Food — Retail | 0.3 | |||
Transport — Rail | 0.3 | |||
Chemicals — Plastics | 0.3 | |||
Retail — Discount | 0.3 | |||
Transport — Equipment & Leasing | 0.3 | |||
Intimate Apparel | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Alternative Waste Technology | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Advanced Materials | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Satellite Telecom | 0.2 | |||
Hotels/Motels | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Wire & Cable Products | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Computer Aided Design | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
Precious Metals | 0.2 | |||
Tobacco | 0.2 | |||
Finance — Other Services | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Independent Power Producers | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Audio/Video Products | 0.2 | |||
Recreational Centers | 0.2 | |||
Retirement/Aged Care | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Gold Mining | 0.2 | |||
Research & Development | 0.2 | |||
Food — Canned | 0.2 | |||
Seismic Data Collection | 0.2 | |||
Pipelines | 0.2 | |||
Multimedia | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Non-Ferrous Metals | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Building — Heavy Construction | 0.2 |
193
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Industry Allocation* (continued)
Medical Sterilization Products | 0.2 | % | ||
Retail — Misc./Diversified | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Internet Security | 0.2 | |||
Identification Systems | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Firearms & Ammunition | 0.2 | |||
Silver Mining | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Racetracks | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Retail — Vitamins & Nutrition Supplements | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Private Corrections | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Casino Services | 0.1 | |||
Agricultural Operations | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Television | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Rubber — Tires | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Poultry | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Retail — Building Products | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Protection/Safety | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Steel — Producers | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Electric — Generation | 0.1 | |||
Casino Hotels | 0.1 | |||
Platinum | 0.1 | |||
Security Services | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Diversified Minerals | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Machinery — Farming | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Building — Maintance & Services | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Theaters | 0.1 | |||
Heart Monitors | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Circuit Boards | 0.1 | |||
Internet Telephone | 0.1 | |||
Entertainment Software | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Electronic Security Devices | 0.1 |
Auto Repair Centers | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Cellular Telecom | 0.1 | |||
Diversified Operations | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Retail — Hair Salons | 0.1 | |||
Brewery | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Chemicals — Other | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Internet Incubators | 0.1 | |||
Publishing — Books | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Communications Software | 0.1 | |||
Venture Capital | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Forestry | 0.1 | |||
Building Products — Wood | 0.1 | |||
Toys | 0.1 | |||
Travel Services | 0.1 | |||
Marine Services | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Insurance Brokers | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Food — Confectionery | 0.1 | |||
Petrochemicals | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Textile — Apparel | 0.1 | |||
114.9 | % | |||
* | Calculated as a percentage of net assets |
194
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.0% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Hexcel Corp.† | 69,531 | $ | 1,797,376 | |||||
STR Holdings, Inc.†# | 21,128 | 50,074 | ||||||
1,847,450 | ||||||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A# | 17,871 | 189,433 | ||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B# | 15,821 | 65,815 | ||||||
Millennial Media, Inc.† | 7,969 | 109,574 | ||||||
175,389 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.† | 12,101 | 246,981 | ||||||
Cubic Corp. | 11,107 | 543,688 | ||||||
Esterline Technologies Corp.† | 21,403 | 1,308,579 | ||||||
Kratos Defense & Security Solutions, Inc.†# | 28,013 | 124,658 | ||||||
National Presto Industries, Inc.# | 3,359 | 257,837 | ||||||
Teledyne Technologies, Inc.† | 25,665 | 1,616,895 | ||||||
4,098,638 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
AAR Corp. | 28,132 | 432,108 | ||||||
Astronics Corp.† | 7,333 | 147,393 | ||||||
CPI Aerostructures, Inc.† | 4,614 | 43,879 | ||||||
Curtiss-Wright Corp. | 32,760 | 1,039,475 | ||||||
GenCorp, Inc.†# | 41,687 | 383,520 | ||||||
HEICO Corp.# | 36,783 | 1,514,724 | ||||||
Kaman Corp. | 18,425 | 667,722 | ||||||
LMI Aerospace, Inc.† | 6,287 | 124,734 | ||||||
Moog, Inc., Class A† | 31,599 | 1,161,579 | ||||||
Orbital Sciences Corp.† | 41,188 | 539,151 | ||||||
SIFCO Industries, Inc. | 1,754 | 26,854 | ||||||
6,081,139 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Ceres, Inc.†# | 4,166 | 17,289 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
Rentech, Inc.† | 159,496 | 449,779 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc.# | 2,452 | 84,398 | ||||||
Andersons, Inc. | 12,988 | 547,834 | ||||||
Cadiz, Inc.†# | 9,066 | 77,514 | ||||||
Griffin Land & Nurseries, Inc. | 1,957 | 49,649 | ||||||
Limoneira Co. | 5,781 | 112,267 | ||||||
Tejon Ranch Co.† | 9,209 | 256,931 | ||||||
1,128,593 | ||||||||
Airlines — 0.8% |
| |||||||
Alaska Air Group, Inc.† | 49,646 | 2,122,366 | ||||||
Allegiant Travel Co.# | 10,438 | 772,621 | ||||||
Hawaiian Holdings, Inc.†# | 35,658 | 222,506 | ||||||
JetBlue Airways Corp.† | 163,174 | 838,714 | ||||||
Republic Airways Holdings, Inc.†# | 33,819 | 196,488 | ||||||
SkyWest, Inc. | 35,573 | 412,291 | ||||||
Spirit Airlines, Inc.† | 29,047 | 487,409 | ||||||
US Airways Group, Inc.†# | 113,348 | 1,461,056 | ||||||
6,513,451 | ||||||||
Alternative Waste Technology — 0.2% |
| |||||||
Calgon Carbon Corp.† | 39,750 | 538,215 | ||||||
Darling International, Inc.† | 82,123 | 1,385,415 | ||||||
1,923,630 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers — 0.4% |
| |||||||
Columbia Sportswear Co.# | 8,559 | $ | 495,566 | |||||
Delta Apparel, Inc.†# | 4,926 | 71,476 | ||||||
G-III Apparel Group, Ltd.† | 11,588 | 440,923 | ||||||
Jones Group, Inc. | 57,335 | 674,260 | ||||||
Maidenform Brands, Inc.† | 16,434 | 301,893 | ||||||
Oxford Industries, Inc. | 9,783 | 534,543 | ||||||
Quiksilver, Inc.† | 91,153 | 364,612 | ||||||
True Religion Apparel, Inc. | 18,008 | 469,829 | ||||||
3,353,102 | ||||||||
Applications Software — 0.7% |
| |||||||
Actuate Corp.† | 34,412 | 183,416 | ||||||
Callidus Software, Inc.†# | 24,199 | 101,878 | ||||||
Demandware, Inc.†# | 4,565 | 125,035 | ||||||
Ebix, Inc.# | 19,737 | 331,779 | ||||||
EPIQ Systems, Inc.# | 22,015 | 263,960 | ||||||
Geeknet, Inc.† | 3,120 | 53,446 | ||||||
Imperva, Inc.†# | 6,793 | 208,953 | ||||||
inContact, Inc.†# | 26,086 | 135,647 | ||||||
Infoblox, Inc.† | 5,421 | 102,782 | ||||||
Parametric Technology Corp.† | 83,496 | 1,689,959 | ||||||
PDF Solutions, Inc.† | 16,847 | 233,836 | ||||||
Progress Software Corp.† | 43,884 | 882,507 | ||||||
RealPage, Inc.† | 25,021 | 495,165 | ||||||
Tangoe, Inc.† | 20,821 | 271,506 | ||||||
Verint Systems, Inc.† | 15,218 | 422,604 | ||||||
5,502,473 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Black Diamond, Inc.† | 14,656 | 120,765 | ||||||
Athletic Footwear — 0.0% |
| |||||||
K-Swiss, Inc., Class A†# | 18,445 | 56,995 | ||||||
Auction Houses/Art Dealers — 0.2% |
| |||||||
Premier Exhibitions, Inc.†# | 17,948 | 48,998 | ||||||
Sotheby’s | 47,302 | 1,365,136 | ||||||
1,414,134 | ||||||||
Audio/Video Products — 0.2% |
| |||||||
DTS, Inc.† | 12,713 | 194,255 | ||||||
Skullcandy, Inc.†# | 11,299 | 97,398 | ||||||
TiVo, Inc.† | 87,069 | 1,018,707 | ||||||
Universal Electronics, Inc.† | 10,427 | 183,932 | ||||||
VOXX International Corp.† | 12,730 | 85,800 | ||||||
1,580,092 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc.# | 21,574 | 692,094 | ||||||
Auto-Truck Trailers — 0.0% |
| |||||||
Wabash National Corp.† | 47,709 | 385,966 | ||||||
Auto/Truck Parts & Equipment-Original — 0.7% |
| |||||||
Accuride Corp.†# | 33,046 | 101,451 | ||||||
American Axle & Manufacturing Holdings, Inc.†# | 46,562 | 487,039 | ||||||
Dana Holding Corp. | 103,121 | 1,462,256 | ||||||
Federal-Mogul Corp.† | 12,914 | 101,504 | ||||||
Fuel Systems Solutions, Inc.†# | 10,258 | 154,998 | ||||||
Gentherm, Inc.† | 20,631 | 249,429 | ||||||
Meritor, Inc.† | 67,374 | 288,361 | ||||||
Miller Industries, Inc. | 7,727 | 110,496 | ||||||
Modine Manufacturing Co.† | 32,628 | 241,447 | ||||||
Spartan Motors, Inc. | 23,656 | 116,624 | ||||||
Superior Industries International, Inc. | 16,043 | 303,854 | ||||||
Tenneco, Inc.† | 42,385 | 1,359,287 | ||||||
Titan International, Inc.# | 29,497 | 599,674 | ||||||
Tower International, Inc.† | 4,014 | 31,510 | ||||||
5,607,930 | ||||||||
195
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Commercial Vehicle Group, Inc.† | 17,046 | $ | 136,539 | |||||
Dorman Products, Inc.# | 17,101 | 584,854 | ||||||
Douglas Dynamics, Inc. | 15,453 | 222,214 | ||||||
Exide Technologies† | 54,663 | 157,976 | ||||||
Standard Motor Products, Inc. | 13,861 | 271,121 | ||||||
1,372,704 | ||||||||
B2B/E - Commerce — 0.1% |
| |||||||
ePlus, Inc. | 2,769 | 111,978 | ||||||
Global Sources, Ltd.† | 13,169 | 79,541 | ||||||
SPS Commerce, Inc.† | 8,647 | 318,728 | ||||||
TechTarget, Inc. | 10,771 | 58,487 | ||||||
568,734 | ||||||||
Banks - Commercial — 6.3% |
| |||||||
1st Source Corp. | 10,333 | 218,543 | ||||||
1st United Bancorp, Inc.† | 20,855 | 118,456 | ||||||
Access National Corp. | 5,159 | 70,162 | ||||||
Alliance Financial Corp. | 3,341 | 141,959 | ||||||
American National Bankshares, Inc.# | 5,467 | 110,051 | ||||||
Ameris Bancorp† | 16,629 | 189,404 | ||||||
Ames National Corp. | 5,734 | 113,361 | ||||||
Arrow Financial Corp.# | 7,220 | 178,117 | ||||||
Bancfirst Corp.# | 4,488 | 190,067 | ||||||
Bancorp, Inc.† | 20,201 | 235,544 | ||||||
BancorpSouth, Inc. | 65,942 | 872,413 | ||||||
Bank of Kentucky Financial Corp. | 4,092 | 100,581 | ||||||
Bank of Marin Bancorp | 3,741 | 134,003 | ||||||
Bank of the Ozarks, Inc. | 20,398 | 648,248 | ||||||
Banner Corp. | 13,397 | 402,580 | ||||||
Bar Harbor Bankshares | 2,716 | 92,833 | ||||||
BBCN Bancorp, Inc. | 54,462 | 619,778 | ||||||
Berkshire Bancorp, Inc.# | 2,985 | 24,208 | ||||||
Bridge Bancorp, Inc. | 6,003 | 120,360 | ||||||
Bridge Capital Holdings† | 6,489 | 99,606 | ||||||
Bryn Mawr Bank Corp. | 7,978 | 171,766 | ||||||
C&F Financial Corp. | 2,238 | 76,182 | ||||||
Camden National Corp. | 5,366 | 186,147 | ||||||
Capital City Bank Group, Inc.† | 8,138 | 88,216 | ||||||
Cardinal Financial Corp. | 20,406 | 306,090 | ||||||
Cascade Bancorp† | 4,224 | 21,627 | ||||||
Cass Information Systems, Inc.# | 6,491 | 305,012 | ||||||
Cathay General Bancorp, Class B | 54,960 | 983,784 | ||||||
Center Bancorp, Inc. | 8,302 | 93,979 | ||||||
Centerstate Banks, Inc. | 20,998 | 165,044 | ||||||
Central Pacific Financial Corp.† | 15,097 | 222,983 | ||||||
Century Bancorp, Inc., Class A | 2,406 | 73,046 | ||||||
Chemical Financial Corp. | 19,196 | 417,897 | ||||||
Citizens & Northern Corp. | 8,531 | 153,558 | ||||||
Citizens Republic Bancorp, Inc.† | 27,955 | 524,715 | ||||||
City Holding Co.# | 10,262 | 344,803 | ||||||
CNB Financial Corp. | 8,686 | 137,673 | ||||||
CoBiz Financial, Inc. | 24,365 | 171,042 | ||||||
Columbia Banking System, Inc. | 27,704 | 478,171 | ||||||
Community Bank System, Inc.# | 27,544 | 740,383 | ||||||
Community Trust Bancorp, Inc.# | 9,753 | 319,313 | ||||||
Crescent Financial Bancshares, Inc.† | 1,902 | 9,567 | ||||||
CSF Holdings, Inc.†(1)(2) | 2,375 | 0 | ||||||
CVB Financial Corp. | 61,572 | 625,572 | ||||||
Eagle Bancorp, Inc.† | 11,719 | 228,286 | ||||||
Enterprise Bancorp, Inc. | 4,141 | 69,196 | ||||||
Enterprise Financial Services Corp. | 12,452 | 164,615 | ||||||
Farmers National Banc Corp.# | 13,129 | 80,349 | ||||||
Fidelity Southern Corp.†# | 6,737 | 60,566 | ||||||
Financial Institutions, Inc. | 9,644 | 179,475 | ||||||
First Bancorp# | 10,581 | 117,872 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
First BanCorp† | 49,082 | $ | 198,782 | |||||
First Bancorp, Inc.# | 6,157 | 92,047 | ||||||
First Busey Corp. | 51,959 | 238,492 | ||||||
First California Financial Group, Inc.† | 15,674 | 124,452 | ||||||
First Commonwealth Financial Corp. | 73,457 | 470,859 | ||||||
First Community Bancshares, Inc./VA | 12,341 | 190,051 | ||||||
First Connecticut Bancorp, Inc. | 12,485 | 170,171 | ||||||
First Financial Bancorp | 40,856 | 593,638 | ||||||
First Financial Bankshares, Inc.# | 21,980 | 855,242 | ||||||
First Financial Corp. | 7,801 | 234,030 | ||||||
First Interstate BancSystem, Inc. | 11,339 | 173,260 | ||||||
First Merchants Corp. | 19,987 | 271,423 | ||||||
First Midwest Bancorp, Inc. | 52,301 | 653,762 | ||||||
First of Long Island Corp. | 5,393 | 153,647 | ||||||
FirstMerit Corp. | 76,567 | 1,078,063 | ||||||
FNB Corp. | 97,446 | 1,052,417 | ||||||
FNB United Corp.†# | 6,984 | 79,129 | ||||||
Franklin Financial Corp.# | 9,987 | 166,883 | ||||||
German American Bancorp, Inc.# | 8,817 | 190,447 | ||||||
Glacier Bancorp, Inc.# | 50,227 | 729,798 | ||||||
Great Southern Bancorp, Inc. | 7,107 | 179,096 | ||||||
Guaranty Bancorp† | 53,178 | 98,379 | ||||||
Hancock Holding Co. | 53,273 | 1,673,838 | ||||||
Hanmi Financial Corp.† | 21,988 | 274,630 | ||||||
Heartland Financial USA, Inc. | 10,142 | 265,416 | ||||||
Heritage Commerce Corp.† | 14,482 | 98,622 | ||||||
Heritage Financial Corp. | 10,806 | 150,528 | ||||||
Heritage Oaks Bancorp† | 14,030 | 75,622 | ||||||
Home BancShares, Inc. | 15,386 | 510,200 | ||||||
Horizon Bancorp | 4,539 | 86,468 | ||||||
Hudson Valley Holding Corp. | 10,842 | 170,653 | ||||||
Iberiabank Corp. | 20,616 | 1,005,030 | ||||||
Independent Bank Corp.# | 15,097 | 433,284 | ||||||
International Bancshares Corp. | 37,191 | 673,157 | ||||||
Lakeland Bancorp, Inc. | 20,659 | 197,293 | ||||||
Lakeland Financial Corp. | 11,399 | 282,011 | ||||||
MainSource Financial Group, Inc. | 14,120 | 170,287 | ||||||
MB Financial, Inc. | 38,179 | 742,200 | ||||||
Mercantile Bank Corp. | 6,012 | 87,054 | ||||||
Merchants Bancshares, Inc. | 3,565 | 99,000 | ||||||
Metro Bancorp, Inc.† | 9,865 | 126,469 | ||||||
MetroCorp Bancshares, Inc.†# | 11,037 | 107,280 | ||||||
Middleburg Financial Corp. | 3,746 | 63,083 | ||||||
MidSouth Bancorp, Inc.# | 5,831 | 83,966 | ||||||
MidWestOne Financial Group, Inc. | 4,742 | 97,496 | ||||||
National Bankshares, Inc. | 4,846 | 151,292 | ||||||
National Penn Bancshares, Inc. | 86,176 | 816,087 | ||||||
NBT Bancorp, Inc.# | 23,206 | 458,783 | ||||||
Northrim BanCorp, Inc. | 4,517 | 100,323 | ||||||
Old National Bancorp | 70,720 | 830,253 | ||||||
OmniAmerican Bancorp, Inc.† | 7,816 | 177,736 | ||||||
Oriental Financial Group, Inc. | 28,414 | 342,105 | ||||||
Pacific Capital Bancorp† | 2,922 | 134,354 | ||||||
Pacific Continental Corp. | 12,711 | 115,289 | ||||||
Pacific Mercantile Bancorp† | 7,443 | 45,849 | ||||||
PacWest Bancorp | 21,174 | 527,444 | ||||||
Park National Corp.# | 7,917 | 499,484 | ||||||
Park Sterling Corp.† | 22,794 | 119,669 | ||||||
Peapack Gladstone Financial Corp.# | 6,195 | 85,739 | ||||||
Penns Woods Bancorp, Inc. | 2,680 | 103,314 | ||||||
Peoples Bancorp, Inc./OH | 7,456 | 150,611 | ||||||
Pinnacle Financial Partners, Inc.† | 24,152 | 459,613 | ||||||
Preferred Bank†# | 8,200 | 111,110 | ||||||
PrivateBancorp, Inc. | 42,162 | 691,035 |
196
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Prosperity Bancshares, Inc. | 33,134 | $ | 1,362,801 | |||||
Renasant Corp. | 17,531 | 322,921 | ||||||
Republic Bancorp, Inc., Class A# | 6,951 | 142,287 | ||||||
S&T Bancorp, Inc. | 20,189 | 342,607 | ||||||
S.Y. Bancorp, Inc. | 8,484 | 187,751 | ||||||
Sandy Spring Bancorp, Inc. | 16,863 | 317,699 | ||||||
SCBT Financial Corp.# | 10,524 | 407,805 | ||||||
Seacoast Banking Corp. of Florida†# | 51,323 | 80,064 | ||||||
Sierra Bancorp | 8,439 | 88,694 | ||||||
Simmons First National Corp., Class A# | 11,950 | 284,529 | ||||||
Southside Bancshares, Inc.# | 12,105 | 253,358 | ||||||
Southwest Bancorp, Inc.† | 13,579 | 148,011 | ||||||
State Bank Financial Corp. | 22,150 | 348,641 | ||||||
StellarOne Corp. | 16,116 | 207,896 | ||||||
Sterling Bancorp | 21,588 | 200,768 | ||||||
Sterling Financial Corp. | 18,695 | 384,556 | ||||||
Suffolk Bancorp† | 6,792 | 84,696 | ||||||
Sun Bancorp, Inc.†# | 27,814 | 90,952 | ||||||
Susquehanna Bancshares, Inc. | 131,174 | 1,348,469 | ||||||
Taylor Capital Group, Inc.† | 11,371 | 200,130 | ||||||
Texas Capital Bancshares, Inc.† | 27,957 | 1,259,183 | ||||||
Tompkins Financial Corp. | 7,765 | 302,757 | ||||||
TowneBank# | 18,379 | 277,707 | ||||||
TriCo Bancshares | 11,160 | 177,221 | ||||||
TrustCo Bank Corp. | 65,410 | 344,711 | ||||||
Trustmark Corp.# | 45,224 | 1,004,877 | ||||||
UMB Financial Corp.# | 22,543 | 955,372 | ||||||
Umpqua Holdings Corp. | 78,132 | 911,019 | ||||||
Union First Market Bankshares Corp. | 14,147 | 216,308 | ||||||
United Bankshares, Inc.# | 35,105 | 867,093 | ||||||
United Community Banks, Inc.† | 29,126 | 252,814 | ||||||
Univest Corp. of Pennsylvania | 11,717 | 197,080 | ||||||
ViewPoint Financial Group, Inc. | 23,530 | 481,188 | ||||||
Virginia Commerce Bancorp, Inc.† | 18,723 | 162,328 | ||||||
Washington Banking Co. | 10,768 | 144,291 | ||||||
Washington Trust Bancorp, Inc. | 10,052 | 253,511 | ||||||
Webster Financial Corp. | 50,373 | 1,048,766 | ||||||
WesBanco, Inc.# | 16,325 | 344,621 | ||||||
West Bancorporation, Inc.# | 10,925 | 110,343 | ||||||
West Coast Bancorp | 13,456 | 293,475 | ||||||
Westamerica Bancorporation# | 19,457 | 828,090 | ||||||
Western Alliance Bancorp† | 48,822 | 496,032 | ||||||
Wilshire Bancorp, Inc.† | 43,154 | 249,862 | ||||||
Wintrust Financial Corp.# | 25,360 | 932,994 | ||||||
52,501,226 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 54,577 | 503,746 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 7,943 | 130,662 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 19,731 | 426,190 | ||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys, Inc.† | 33,479 | 1,166,408 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 3,255 | 223,423 | ||||||
National Beverage Corp. | 7,884 | 135,290 | ||||||
358,713 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Central European Distribution Corp.†# | 46,024 | 77,781 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 5,437 | $ | 614,218 | |||||
Craft Brew Alliance, Inc.†# | 7,277 | 46,427 | ||||||
660,645 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Crown Media Holdings, Inc., Class A†# | 24,110 | 44,121 | ||||||
Digital Generation, Inc.†# | 19,253 | 204,467 | ||||||
Fisher Communications, Inc. | 6,192 | 155,481 | ||||||
Nexstar Broadcasting Group, Inc., Class A† | 7,900 | 71,100 | ||||||
Outdoor Channel Holdings, Inc. | 10,313 | 76,626 | ||||||
World Wrestling Entertainment, Inc., Class A# | 18,931 | 152,773 | ||||||
704,568 | ||||||||
Building & Construction Products - Misc. — 0.8% |
| |||||||
Builders FirstSource, Inc.†# | 31,393 | 163,244 | ||||||
Drew Industries, Inc. | 13,437 | 436,165 | ||||||
Gibraltar Industries, Inc.† | 21,323 | 295,750 | ||||||
Louisiana-Pacific Corp.† | 96,025 | 1,672,755 | ||||||
NCI Building Systems, Inc.† | 12,645 | 165,523 | ||||||
Nortek, Inc.† | 5,409 | 353,154 | ||||||
Patrick Industries, Inc.† | 2,766 | 48,073 | ||||||
Quanex Building Products Corp. | 25,675 | 537,121 | ||||||
Simpson Manufacturing Co., Inc. | 27,931 | 913,623 | ||||||
Trex Co., Inc.† | 10,396 | 422,182 | ||||||
USG Corp.†# | 51,732 | 1,387,969 | ||||||
6,395,559 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
Aegion Corp.†# | 27,413 | 565,256 | ||||||
Dycom Industries, Inc.† | 23,474 | 421,593 | ||||||
Layne Christensen Co.† | 13,858 | 318,596 | ||||||
MasTec, Inc.†# | 38,175 | 871,917 | ||||||
MYR Group, Inc.† | 14,316 | 306,935 | ||||||
2,484,297 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc.# | 12,977 | 273,166 | ||||||
American DG Energy, Inc.† | 17,003 | 35,026 | ||||||
Comfort Systems USA, Inc. | 26,103 | 282,173 | ||||||
590,365 | ||||||||
Building Products - Cement — 0.3% |
| |||||||
Eagle Materials, Inc. | 31,618 | 1,682,710 | ||||||
Headwaters, Inc.† | 42,654 | 324,170 | ||||||
Texas Industries, Inc.†# | 15,766 | 731,858 | ||||||
2,738,738 | ||||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 19,750 | 452,670 | ||||||
Griffon Corp. | 31,771 | 329,783 | ||||||
PGT, Inc.† | 13,641 | 59,884 | ||||||
842,337 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 13,627 | 92,936 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Universal Forest Products, Inc. | 13,767 | 518,465 | ||||||
Building - Heavy Construction — 0.2% |
| |||||||
Granite Construction, Inc. | 26,986 | 825,772 | ||||||
Orion Marine Group, Inc.† | 18,938 | 134,460 | ||||||
Sterling Construction Co., Inc.† | 11,399 | 105,213 | ||||||
Tutor Perini Corp.† | 24,939 | 320,715 | ||||||
1,386,160 | ||||||||
197
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Building-Maintance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 37,519 | $ | 715,863 | |||||
Swisher Hygiene, Inc.†# | 78,650 | 112,469 | ||||||
828,332 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 4,812 | 247,818 | ||||||
Winnebago Industries, Inc.†# | 20,410 | 290,230 | ||||||
538,048 | ||||||||
Building - Residential/Commercial — 0.6% |
| |||||||
Beazer Homes USA, Inc.†# | 17,119 | 255,587 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 69,677 | 363,714 | ||||||
KB Home | 53,863 | 773,473 | ||||||
M/I Homes, Inc.† | 14,929 | 328,587 | ||||||
MDC Holdings, Inc. | 26,702 | 940,978 | ||||||
Meritage Homes Corp.† | 21,269 | 744,840 | ||||||
Ryland Group, Inc. | 31,148 | 1,041,901 | ||||||
Standard Pacific Corp.†# | 80,597 | 540,000 | ||||||
4,989,080 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.†# | 31,343 | 138,536 | ||||||
Casino Hotels — 0.1% |
| |||||||
Ameristar Casinos, Inc. | 23,021 | 458,118 | ||||||
Boyd Gaming Corp.†# | 38,817 | 213,494 | ||||||
Caesars Entertainment Corp.†# | 25,722 | 156,904 | ||||||
Monarch Casino & Resort, Inc.† | 6,130 | 58,051 | ||||||
MTR Gaming Group, Inc.† | 15,784 | 45,458 | ||||||
932,025 | ||||||||
Casino Services — 0.1% |
| |||||||
Multimedia Games Holding Co., Inc.† | 19,118 | 282,564 | ||||||
Scientific Games Corp., Class A† | 39,648 | 330,268 | ||||||
SHFL Entertainment, Inc.† | 38,371 | 527,985 | ||||||
1,140,817 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Comverse, Inc.† | 15,295 | 440,037 | ||||||
Leap Wireless International, Inc.†# | 37,607 | 244,446 | ||||||
684,483 | ||||||||
Chemicals - Diversified — 0.6% |
| |||||||
Aceto Corp. | 18,727 | 186,708 | ||||||
Chemtura Corp.† | 68,895 | 1,399,946 | ||||||
Codexis, Inc.†# | 18,283 | 39,126 | ||||||
Georgia Gulf Corp. | 23,909 | 1,096,467 | ||||||
Innophos Holdings, Inc. | 15,219 | 729,142 | ||||||
Innospec, Inc. | 16,109 | 512,750 | ||||||
Olin Corp. | 55,926 | 1,159,346 | ||||||
5,123,485 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Zoltek Cos., Inc.†# | 19,215 | 135,466 | ||||||
Chemicals - Other — 0.1% |
| |||||||
American Vanguard Corp.# | 19,438 | 646,702 | ||||||
Chemicals - Plastics — 0.3% |
| |||||||
A. Schulman, Inc. | 20,612 | 539,622 | ||||||
Landec Corp.† | 17,839 | 179,460 | ||||||
PolyOne Corp. | 62,561 | 1,259,979 | ||||||
Spartech Corp.† | 21,507 | 190,982 | ||||||
2,170,043 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty — 0.9% |
| |||||||
Balchem Corp. | 20,433 | $ | 730,480 | |||||
Ferro Corp.† | 60,448 | 173,486 | ||||||
H.B. Fuller Co. | 34,839 | 1,144,461 | ||||||
Hawkins, Inc.# | 6,393 | 255,720 | ||||||
KMG Chemicals, Inc. | 5,450 | 99,299 | ||||||
Kraton Performance Polymers, Inc.† | 22,513 | 528,830 | ||||||
Minerals Technologies, Inc. | 12,394 | 917,156 | ||||||
Oil-Dri Corp. of America | 3,518 | 82,743 | ||||||
OM Group, Inc.† | 22,619 | 451,702 | ||||||
OMNOVA Solutions, Inc.† | 32,254 | 239,325 | ||||||
Quaker Chemical Corp. | 9,043 | 440,213 | ||||||
Sensient Technologies Corp. | 34,859 | 1,261,896 | ||||||
Stepan Co. | 5,864 | 586,107 | ||||||
Zep, Inc. | 15,491 | 192,088 | ||||||
7,103,506 | ||||||||
Circuit Boards — 0.1% | ||||||||
Multi-Fineline Electronix, Inc.† | 6,119 | 104,574 | ||||||
Park Electrochemical Corp. | 14,522 | 353,901 | ||||||
TTM Technologies, Inc.† | 37,117 | 334,795 | ||||||
793,270 | ||||||||
Coal — 0.3% | ||||||||
Arch Coal, Inc. | 148,206 | 995,944 | ||||||
Cloud Peak Energy, Inc.† | 42,621 | 808,521 | ||||||
Hallador Energy Co. | 4,567 | 37,404 | ||||||
SunCoke Energy, Inc.† | 48,889 | 794,446 | ||||||
Westmoreland Coal Co.†# | 7,599 | 74,622 | ||||||
2,710,937 | ||||||||
Coffee — 0.0% | ||||||||
Farmer Brothers Co.†# | 4,741 | 52,673 | ||||||
Commercial Services — 1.4% | ||||||||
Acacia Research Corp.† | 34,705 | 771,492 | ||||||
Arbitron, Inc. | 18,472 | 671,827 | ||||||
Collectors Universe# | 3,730 | 38,158 | ||||||
Convergys Corp. | 81,470 | 1,271,747 | ||||||
CoStar Group, Inc.† | 19,658 | 1,707,494 | ||||||
ExlService Holdings, Inc.† | 16,308 | 437,870 | ||||||
Healthcare Services Group, Inc. | 46,889 | 1,102,829 | ||||||
HMS Holdings Corp.† | 60,025 | 1,390,779 | ||||||
Intersections, Inc.# | 6,336 | 58,481 | ||||||
Live Nation Entertainment, Inc.† | 97,770 | 858,421 | ||||||
Mac-Gray Corp. | 8,311 | 99,067 | ||||||
Medifast, Inc.† | 9,681 | 307,081 | ||||||
National Research Corp. | 1,757 | 94,491 | ||||||
Performant Financial Corp.† | 6,281 | 60,674 | ||||||
PHH Corp.† | 39,554 | 866,628 | ||||||
Providence Service Corp.† | 9,096 | 126,616 | ||||||
RPX Corp.† | 14,773 | 134,139 | ||||||
ServiceSource International, Inc.† | 34,662 | 177,816 | ||||||
Standard Parking Corp.† | 10,934 | 243,282 | ||||||
Steiner Leisure, Ltd.† | 10,666 | 490,636 | ||||||
Team, Inc.† | 13,900 | 499,288 | ||||||
TeleTech Holdings, Inc.† | 16,034 | 272,899 | ||||||
TMS International Corp.† | 8,990 | 98,890 | ||||||
11,780,605 | ||||||||
Commercial Services - Finance — 0.7% | ||||||||
Cardtronics, Inc.† | 30,807 | 706,713 | ||||||
CBIZ, Inc.†# | 26,527 | 154,122 | ||||||
Euronet Worldwide, Inc.† | 35,435 | 788,783 | ||||||
Global Cash Access Holdings, Inc.† | 45,920 | 361,390 | ||||||
Green Dot Corp., Class A†# | 16,749 | 208,190 |
198
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Commercial Services - Finance (continued) | ||||||||
Heartland Payment Systems, Inc.# | 27,070 | $ | 802,084 | |||||
MoneyGram International, Inc.† | 14,983 | 179,946 | ||||||
PRGX Global, Inc.† | 14,616 | 93,396 | ||||||
TNS, Inc.† | 17,074 | 249,280 | ||||||
Tree.com, Inc. | 4,208 | 71,368 | ||||||
WEX, Inc.† | 27,136 | 1,952,707 | ||||||
5,567,979 | ||||||||
Communications Software — 0.1% | ||||||||
Audience, Inc.†# | 4,228 | 36,572 | ||||||
Digi International, Inc.† | 17,985 | 175,354 | ||||||
Jive Software, Inc.† | 11,303 | 163,442 | ||||||
Seachange International, Inc.† | 19,957 | 184,602 | ||||||
559,970 | ||||||||
Computer Aided Design — 0.2% | ||||||||
Aspen Technology, Inc.† | 65,340 | 1,698,186 | ||||||
Exa Corp.† | 4,362 | 54,220 | ||||||
1,752,406 | ||||||||
Computer Graphics — 0.0% | ||||||||
Monotype Imaging Holdings, Inc. | 25,534 | 390,926 | ||||||
Computer Services — 0.8% | ||||||||
Acorn Energy, Inc. | 12,492 | 101,685 | ||||||
CACI International, Inc., Class A† | 15,820 | 809,193 | ||||||
Carbonite, Inc.†# | 7,879 | 75,166 | ||||||
CIBER, Inc.† | 50,868 | 154,639 | ||||||
Computer Task Group, Inc.† | 10,667 | 194,566 | ||||||
iGATE Corp.† | 22,446 | 336,466 | ||||||
Insight Enterprises, Inc.† | 31,009 | 525,292 | ||||||
j2 Global, Inc.# | 32,302 | 976,812 | ||||||
KEYW Holding Corp.†# | 13,004 | 167,231 | ||||||
LivePerson, Inc.† | 38,425 | 506,826 | ||||||
Manhattan Associates, Inc.† | 14,186 | 812,007 | ||||||
Mattersight Corp.†# | 7,093 | 36,245 | ||||||
Sykes Enterprises, Inc.† | 27,182 | 398,488 | ||||||
Syntel, Inc. | 10,776 | 648,284 | ||||||
Unisys Corp.†# | 30,600 | 528,768 | ||||||
Virtusa Corp.† | 13,000 | 203,580 | ||||||
6,475,248 | ||||||||
Computer Software — 0.4% | ||||||||
Accelrys, Inc.† | 38,764 | 341,511 | ||||||
AVG Technologies NV† | 5,582 | 76,864 | ||||||
Avid Technology, Inc.† | 20,848 | 136,137 | ||||||
Blackbaud, Inc. | 31,516 | 704,067 | ||||||
Cornerstone OnDemand, Inc.† | 23,495 | 658,800 | ||||||
Eloqua, Inc.† | 6,457 | 116,549 | ||||||
Envestnet, Inc.† | 14,490 | 201,411 | ||||||
Guidance Software, Inc.† | 9,979 | 111,266 | ||||||
Market Leader, Inc.† | 15,391 | 102,350 | ||||||
SS&C Technologies Holdings, Inc.† | 23,652 | 557,951 | ||||||
3,006,906 | ||||||||
Computers — 0.0% | ||||||||
Silicon Graphics International Corp.†# | 22,300 | 187,097 | ||||||
Computers - Integrated Systems — 0.6% | ||||||||
3D Systems Corp.†# | 32,538 | 1,454,774 | ||||||
Agilysys, Inc.† | 10,209 | 83,305 | ||||||
Cray, Inc.† | 25,858 | 367,701 | ||||||
Echelon Corp.†# | 26,516 | 79,283 | ||||||
Maxwell Technologies, Inc.†# | 20,338 | 147,451 | ||||||
Mercury Systems, Inc.† | 21,618 | 190,022 | ||||||
MTS Systems Corp. | 11,226 | 542,777 |
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems (continued) | ||||||||
Netscout Systems, Inc.† | 25,643 | $ | 644,152 | |||||
Radisys Corp.† | 15,984 | 35,964 | ||||||
Stratasys, Inc.†# | 14,867 | 1,114,282 | ||||||
Super Micro Computer, Inc.†# | 20,336 | 189,735 | ||||||
4,849,446 | ||||||||
Computers - Memory Devices — 0.1% | ||||||||
Datalink Corp.† | 10,651 | 92,025 | ||||||
Imation Corp.† | 21,579 | 92,358 | ||||||
OCZ Technology Group, Inc.†# | 47,012 | 78,510 | ||||||
Quantum Corp.†# | 163,605 | 196,326 | ||||||
Spansion, Inc., Class A† | 33,675 | 394,671 | ||||||
STEC, Inc.† | 24,752 | 121,532 | ||||||
975,422 | ||||||||
Computers - Periphery Equipment — 0.2% | ||||||||
Electronics for Imaging, Inc.† | 32,409 | 595,029 | ||||||
Immersion Corp.†# | 19,631 | 128,976 | ||||||
Key Tronic Corp.†# | 7,309 | 74,113 | ||||||
Synaptics, Inc.† | 23,517 | 628,374 | ||||||
1,426,492 | ||||||||
Computers - Voice Recognition — 0.0% | ||||||||
Vocera Communications, Inc.† | 4,694 | 115,425 | ||||||
Consulting Services — 0.8% | ||||||||
Accretive Health, Inc.†# | 39,336 | 469,278 | ||||||
Advisory Board Co.† | 23,854 | 1,079,394 | ||||||
Corporate Executive Board Co. | 23,399 | 1,001,477 | ||||||
CRA International, Inc.† | 7,251 | 128,198 | ||||||
Forrester Research, Inc. | 9,836 | 275,506 | ||||||
Franklin Covey Co.† | 9,670 | 119,231 | ||||||
FTI Consulting, Inc.† | 29,312 | 906,034 | ||||||
Hackett Group, Inc.† | 17,161 | 61,093 | ||||||
Hill International, Inc.† | 15,893 | 55,308 | ||||||
Huron Consulting Group, Inc.† | 16,007 | 527,271 | ||||||
ICF International, Inc.† | 13,904 | 300,604 | ||||||
MAXIMUS, Inc. | 23,704 | 1,493,115 | ||||||
Navigant Consulting, Inc.† | 36,202 | 376,863 | ||||||
PDI, Inc.† | 6,997 | 45,690 | ||||||
Pendrell Corp.† | 108,124 | 117,855 | ||||||
6,956,917 | ||||||||
Consumer Products - Misc. — 0.5% | ||||||||
American Greetings Corp., Class A# | 24,509 | 422,535 | ||||||
AT Cross Co., Class A† | 6,715 | 65,807 | ||||||
Blyth, Inc.# | 7,249 | 116,854 | ||||||
Central Garden and Pet Co., Class A† | 26,948 | 316,100 | ||||||
CSS Industries, Inc. | 6,792 | 139,372 | ||||||
Helen of Troy, Ltd.† | 22,135 | 683,086 | ||||||
Prestige Brands Holdings, Inc.† | 35,115 | 758,484 | ||||||
Spectrum Brands Holdings, Inc. | 16,032 | 766,811 | ||||||
Tumi Holdings, Inc.†# | 15,069 | 338,600 | ||||||
WD-40 Co. | 11,119 | 525,262 | ||||||
4,132,911 | ||||||||
Containers - Paper/Plastic — 0.1% | ||||||||
AEP Industries, Inc.† | 2,912 | 176,176 | ||||||
Graphic Packaging Holding Co.† | 116,941 | 758,947 | ||||||
UFP Technologies, Inc.† | 3,837 | 63,809 | ||||||
998,932 | ||||||||
199
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Cosmetics & Toiletries — 0.1% | ||||||||
Elizabeth Arden, Inc.† | 17,596 | $ | 816,630 | |||||
Inter Parfums, Inc. | 11,417 | 228,568 | ||||||
Revlon, Inc., Class A† | 7,895 | 117,794 | ||||||
1,162,992 | ||||||||
Data Processing/Management — 0.6% | ||||||||
Acxiom Corp.† | 53,631 | 948,732 | ||||||
CommVault Systems, Inc.† | 31,188 | 2,069,636 | ||||||
CSG Systems International, Inc.† | 23,726 | 440,829 | ||||||
Fair Isaac Corp. | 23,939 | 1,025,068 | ||||||
FalconStor Software, Inc.†# | 22,104 | 52,829 | ||||||
Innodata, Inc.†# | 15,495 | 57,331 | ||||||
Pegasystems, Inc.# | 12,004 | 244,161 | ||||||
Schawk, Inc. | 8,264 | 99,251 | ||||||
4,937,837 | ||||||||
Decision Support Software — 0.0% | ||||||||
Interactive Intelligence Group, Inc.† | 10,252 | 329,294 | ||||||
QAD, Inc. | 4,366 | 57,544 | ||||||
386,838 | ||||||||
Dental Supplies & Equipment — 0.2% | ||||||||
Align Technology, Inc.† | 50,165 | 1,374,019 | ||||||
Diagnostic Equipment — 0.2% | ||||||||
Affymetrix, Inc.†# | 49,317 | 164,226 | ||||||
Cepheid, Inc.†# | 45,813 | 1,485,258 | ||||||
Hansen Medical, Inc.†# | 38,297 | 83,487 | ||||||
ImmunoCellular Therapeutics, Ltd.† | 27,797 | 61,709 | ||||||
1,794,680 | ||||||||
Diagnostic Kits — 0.1% | ||||||||
BG Medicine, Inc.† | 7,515 | 10,897 | ||||||
Meridian Bioscience, Inc.# | 28,808 | 577,024 | ||||||
OraSure Technologies, Inc.† | 37,673 | 290,082 | ||||||
Quidel Corp.†# | 19,684 | 345,061 | ||||||
1,223,064 | ||||||||
Direct Marketing — 0.0% | ||||||||
Harte-Hanks, Inc. | 31,100 | 164,519 | ||||||
Disposable Medical Products — 0.1% | ||||||||
ICU Medical, Inc.† | 8,739 | 514,640 | ||||||
Merit Medical Systems, Inc.† | 29,363 | 407,559 | ||||||
Rochester Medical Corp.†# | 7,404 | 81,888 | ||||||
Utah Medical Products, Inc. | 2,292 | 80,999 | ||||||
1,085,086 | ||||||||
Distribution/Wholesale — 1.0% | ||||||||
Beacon Roofing Supply, Inc.†# | 32,722 | 1,009,147 | ||||||
BlueLinx Holdings, Inc.† | 16,859 | 38,607 | ||||||
Core-Mark Holding Co., Inc. | 7,979 | 365,039 | ||||||
Houston Wire & Cable Co. | 12,451 | 139,700 | ||||||
MWI Veterinary Supply, Inc.† | 8,888 | 992,256 | ||||||
Owens & Minor, Inc.# | 44,360 | 1,214,577 | ||||||
Pool Corp. | 33,163 | 1,389,198 | ||||||
Rentrak Corp.† | 6,532 | 125,545 | ||||||
ScanSource, Inc.† | 19,257 | 569,044 | ||||||
Titan Machinery, Inc.†# | 11,798 | 261,208 | ||||||
United Stationers, Inc. | 28,401 | 871,627 | ||||||
Watsco, Inc.# | 20,532 | 1,471,939 | ||||||
8,447,887 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
DFC Global Corp.†# | 30,701 | 535,732 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
A.O. Smith Corp. | 27,193 | $ | 1,711,799 | |||||
Actuant Corp., Class A | 50,650 | 1,457,200 | ||||||
AZZ, Inc. | 17,632 | 672,132 | ||||||
Barnes Group, Inc. | 37,878 | 798,847 | ||||||
Blount International, Inc.† | 34,176 | 487,692 | ||||||
Chase Corp. | 4,462 | 76,970 | ||||||
EnPro Industries, Inc.†# | 14,373 | 564,571 | ||||||
Fabrinet†# | 15,403 | 191,305 | ||||||
Federal Signal Corp.† | 43,424 | 255,333 | ||||||
GP Strategies Corp.† | 10,323 | 206,976 | ||||||
Handy & Harman, Ltd.† | 3,759 | 52,889 | ||||||
Koppers Holdings, Inc. | 14,492 | 512,872 | ||||||
LSB Industries, Inc.† | 13,102 | 438,000 | ||||||
Lydall, Inc.† | 11,929 | 156,151 | ||||||
NL Industries, Inc.# | 4,587 | 49,081 | ||||||
Park-Ohio Holdings Corp.† | 6,057 | 126,773 | ||||||
Raven Industries, Inc. | 25,310 | 657,807 | ||||||
Standex International Corp. | 8,815 | 434,227 | ||||||
Tredegar Corp. | 16,866 | 317,924 | ||||||
9,168,549 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
AMCOL International Corp.# | 17,615 | 531,797 | ||||||
General Moly, Inc.† | 46,817 | 175,564 | ||||||
United States Lime & Minerals, Inc.† | 1,212 | 53,243 | ||||||
US Silica Holdings, Inc.†# | 8,206 | 119,151 | ||||||
879,755 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Harbinger Group, Inc.†# | 28,765 | 245,941 | ||||||
Horizon Pharma, Inc.† | 24,717 | 64,017 | ||||||
Primoris Services Corp. | 20,884 | 302,400 | ||||||
Resource America, Inc., Class A | 8,389 | 57,633 | ||||||
669,991 | ||||||||
Diversified Operations/Commercial Services — 0.2% |
| |||||||
Chemed Corp.# | 13,427 | 914,110 | ||||||
Viad Corp. | 14,143 | 317,935 | ||||||
1,232,045 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Antares Pharma, Inc.†# | 63,709 | 254,836 | ||||||
BioDelivery Sciences International, Inc.† | 14,854 | 63,130 | ||||||
Depomed, Inc.†# | 38,913 | 234,256 | ||||||
Nektar Therapeutics†# | 80,029 | 522,589 | ||||||
1,074,811 | ||||||||
E-Commerce/Products — 0.2% |
| |||||||
1-800-FLOWERS.COM, Inc., Class A† | 18,231 | 57,063 | ||||||
Blue Nile, Inc.†# | 8,655 | 340,488 | ||||||
CafePress, Inc.†# | 3,206 | 18,691 | ||||||
Nutrisystem, Inc.# | 19,844 | 158,554 | ||||||
Overstock.com, Inc.†# | 8,144 | 123,545 | ||||||
Shutterfly, Inc.†# | 24,972 | 672,995 | ||||||
Stamps.com, Inc.† | 9,886 | 250,808 | ||||||
US Auto Parts Network, Inc.† | 10,295 | 19,972 | ||||||
Vitacost.com, Inc.† | 15,417 | 111,773 | ||||||
1,753,889 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Ancestry.com, Inc.† | 20,205 | 638,478 | ||||||
Angie’s List, Inc.†# | 24,844 | 276,017 | ||||||
Kayak Software Corp.† | 2,443 | 99,430 | ||||||
Move, Inc.† | 27,415 | 206,435 | ||||||
OpenTable, Inc.†# | 15,759 | 707,421 |
200
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
E-Commerce/Services (continued) |
| |||||||
Orbitz Worldwide, Inc.† | 16,064 | $ | 37,108 | |||||
Spark Networks, Inc.†# | 8,011 | 48,146 | ||||||
United Online, Inc. | 63,265 | 361,876 | ||||||
Zillow, Inc., Class A†# | 2,153 | 59,251 | ||||||
2,434,162 | ||||||||
E-Marketing/Info — 0.3% |
| |||||||
Active Network, Inc.†# | 27,123 | 145,379 | ||||||
comScore, Inc.† | 24,675 | 328,424 | ||||||
Constant Contact, Inc.† | 21,235 | 282,850 | ||||||
ExactTarget, Inc.† | 6,811 | 140,375 | ||||||
Liquidity Services, Inc.†# | 16,453 | 675,560 | ||||||
QuinStreet, Inc.† | 22,824 | 142,650 | ||||||
ReachLocal, Inc.† | 7,089 | 77,696 | ||||||
ValueClick, Inc.† | 52,334 | 987,543 | ||||||
2,780,477 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
Keynote Systems, Inc. | 10,960 | 149,166 | ||||||
Perficient, Inc.† | 22,303 | 242,880 | ||||||
Saba Software, Inc.† | 20,799 | 162,648 | ||||||
Sapient Corp.† | 86,016 | 910,909 | ||||||
Websense, Inc.† | 25,984 | 362,737 | ||||||
1,828,340 | ||||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.†# | 7,455 | 95,275 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Graham Corp. | 6,940 | 124,712 | ||||||
Littelfuse, Inc. | 15,131 | 873,210 | ||||||
997,922 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
EnerNOC, Inc.† | 17,211 | 194,312 | ||||||
Genie Energy, Ltd.# | 10,570 | 72,193 | ||||||
266,505 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Atlantic Power Corp.# | 79,380 | 936,684 | ||||||
Electric - Integrated — 2.0% |
| |||||||
ALLETE, Inc. | 26,633 | 1,044,280 | ||||||
Ameresco, Inc., Class A† | 14,073 | 132,286 | ||||||
Avista Corp. | 40,971 | 971,422 | ||||||
Black Hills Corp. | 30,786 | 1,098,752 | ||||||
CH Energy Group, Inc. | 10,415 | 679,162 | ||||||
Cleco Corp. | 42,539 | 1,713,896 | ||||||
El Paso Electric Co. | 27,957 | 890,430 | ||||||
Empire District Electric Co. | 29,438 | 588,760 | ||||||
IDACORP, Inc. | 34,981 | 1,494,039 | ||||||
MGE Energy, Inc. | 16,140 | 815,877 | ||||||
NorthWestern Corp. | 25,410 | 881,473 | ||||||
Otter Tail Corp.# | 25,252 | 611,856 | ||||||
Pike Electric Corp. | 12,012 | 118,919 | ||||||
PNM Resources, Inc. | 55,620 | 1,175,251 | ||||||
Portland General Electric Co. | 52,724 | 1,425,130 | ||||||
UIL Holdings Corp. | 35,367 | 1,268,614 | ||||||
Unitil Corp. | 9,602 | 247,732 | ||||||
UNS Energy Corp. | 28,112 | 1,197,009 | ||||||
16,354,888 | ||||||||
Electronic Components - Misc. — 0.6% |
| |||||||
Bel Fuse, Inc., Class B | 7,401 | 117,602 | ||||||
Benchmark Electronics, Inc.† | 40,259 | 625,625 | ||||||
CTS Corp. | 23,782 | 210,708 | ||||||
Daktronics, Inc. | 25,215 | 263,749 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. (continued) |
| |||||||
GSI Group, Inc.† | 20,362 | $ | 154,548 | |||||
InvenSense, Inc.† | 25,417 | 255,441 | ||||||
Methode Electronics, Inc.# | 25,851 | 233,434 | ||||||
NVE Corp.† | 3,369 | 178,894 | ||||||
OSI Systems, Inc.† | 13,864 | 849,586 | ||||||
Plexus Corp.† | 24,425 | 565,439 | ||||||
Rogers Corp.† | 11,360 | 504,725 | ||||||
Sanmina Corp.† | 56,908 | 536,073 | ||||||
Stoneridge, Inc.† | 19,561 | 96,436 | ||||||
Sypris Solutions, Inc.# | 7,391 | 30,155 | ||||||
Viasystems Group, Inc.†# | 2,684 | 31,483 | ||||||
Vishay Precision Group, Inc.† | 8,593 | 104,835 | ||||||
Zagg, Inc.†# | 17,784 | 128,578 | ||||||
4,887,311 | ||||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 12,002 | 104,417 | ||||||
Amkor Technology, Inc.†# | 51,457 | 218,692 | ||||||
Applied Micro Circuits Corp.† | 43,352 | 296,094 | ||||||
AXT, Inc.† | 22,569 | 63,645 | ||||||
Cavium, Inc.†# | 34,716 | 1,223,045 | ||||||
Ceva, Inc.† | 16,201 | 244,797 | ||||||
Diodes, Inc.† | 24,787 | 375,275 | ||||||
DSP Group, Inc.† | 15,268 | 90,387 | ||||||
Entropic Communications, Inc.† | 61,440 | 318,874 | ||||||
First Solar, Inc.†# | 42,048 | 1,134,875 | ||||||
GSI Technology, Inc.†# | 14,389 | 81,154 | ||||||
GT Advanced Technologies, Inc.†# | 82,635 | 278,480 | ||||||
Inphi Corp.† | 16,326 | 127,343 | ||||||
Integrated Silicon Solution, Inc.† | 19,073 | 167,079 | ||||||
International Rectifier Corp.†# | 48,312 | 825,169 | ||||||
Intersil Corp., Class A | 88,990 | 634,499 | ||||||
IXYS Corp.# | 17,131 | 138,761 | ||||||
Kopin Corp.†# | 46,662 | 149,785 | ||||||
Lattice Semiconductor Corp.† | 82,374 | 326,201 | ||||||
MEMC Electronic Materials, Inc.† | 161,172 | 472,234 | ||||||
Microsemi Corp.† | 62,041 | 1,187,465 | ||||||
Mindspeed Technologies, Inc.†# | 25,224 | 91,563 | ||||||
MIPS Technologies, Inc.†# | 33,388 | 251,746 | ||||||
Monolithic Power Systems, Inc.† | 21,306 | 450,835 | ||||||
MoSys, Inc.†# | 23,483 | 75,146 | ||||||
OmniVision Technologies, Inc.†# | 36,565 | 552,131 | ||||||
Peregrine Semiconductor Corp.† | 4,414 | 74,729 | ||||||
PLX Technology, Inc.† | 31,243 | 143,405 | ||||||
QLogic Corp.† | 68,046 | 645,076 | ||||||
QuickLogic Corp.†# | 30,602 | 63,040 | ||||||
Rambus, Inc.† | 77,096 | 376,999 | ||||||
Richardson Electronics, Ltd. | 8,962 | 98,134 | ||||||
Rubicon Technology, Inc.†# | 11,880 | 76,270 | ||||||
Semtech Corp.† | 45,750 | 1,251,262 | ||||||
Silicon Image, Inc.† | 58,130 | 270,886 | ||||||
Supertex, Inc. | 7,201 | 130,914 | ||||||
Volterra Semiconductor Corp.† | 17,712 | 311,023 | ||||||
13,321,430 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Mentor Graphics Corp.† | 65,035 | 970,973 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Analogic Corp. | 8,560 | 630,615 | ||||||
Badger Meter, Inc.# | 10,133 | 456,593 | ||||||
ESCO Technologies, Inc. | 18,665 | 685,006 | ||||||
FARO Technologies, Inc.† | 11,815 | 416,833 | ||||||
Measurement Specialties, Inc.† | 10,553 | 327,671 |
201
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
Mesa Laboratories, Inc. | 1,811 | $ | 85,787 | |||||
Zygo Corp.† | 11,384 | 168,369 | ||||||
2,770,874 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 5,876 | 375,359 | ||||||
Taser International, Inc.†# | 38,774 | 320,273 | ||||||
695,632 | ||||||||
Electronics - Military — 0.0% |
| |||||||
API Technologies Corp.†# | 22,581 | 59,388 | ||||||
M/A-COM Technology Solutions Holdings, Inc.†# | 4,241 | 59,883 | ||||||
119,271 | ||||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Amyris, Inc.†# | 21,120 | 59,770 | ||||||
Clean Energy Fuels Corp.†# | 46,133 | 611,724 | ||||||
Enphase Energy, Inc.†# | 5,548 | 15,479 | ||||||
FuelCell Energy, Inc.†# | 105,664 | 90,871 | ||||||
FutureFuel Corp. | 13,473 | 152,919 | ||||||
Gevo, Inc.†# | 21,225 | 33,960 | ||||||
Green Plains Renewable Energy, Inc.† | 17,414 | 134,610 | ||||||
KiOR, Inc., Class A†# | 18,429 | 118,867 | ||||||
Renewable Energy Group, Inc.† | 5,027 | 29,760 | ||||||
REX American Resources Corp.† | 3,972 | 74,832 | ||||||
Saratoga Resources, Inc.† | 14,133 | 54,412 | ||||||
Solazyme, Inc.†# | 22,849 | 170,453 | ||||||
1,547,657 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 6,876 | 127,962 | ||||||
EMCOR Group, Inc. | 46,602 | 1,530,876 | ||||||
Exponent, Inc.† | 9,364 | 500,412 | ||||||
Michael Baker Corp. | 6,042 | 117,517 | ||||||
Mistras Group, Inc.† | 10,905 | 236,529 | ||||||
VSE Corp.# | 2,875 | 66,183 | ||||||
2,579,479 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp.# | 33,972 | 689,292 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
Advent Software, Inc.† | 22,038 | 490,566 | ||||||
American Software, Inc., Class A | 16,364 | 132,057 | ||||||
Digital River, Inc.† | 25,772 | 376,529 | ||||||
E2open, Inc.†# | 3,272 | 46,168 | ||||||
Guidewire Software, Inc.† | 13,528 | 404,487 | ||||||
JDA Software Group, Inc.† | 29,712 | 1,326,938 | ||||||
ManTech International Corp., Class A# | 16,134 | 403,027 | ||||||
MedAssets, Inc.† | 40,724 | 655,656 | ||||||
MicroStrategy, Inc., Class A† | 5,949 | 526,427 | ||||||
Omnicell, Inc.† | 23,450 | 358,081 | ||||||
Opnet Technologies, Inc.# | 10,429 | 433,221 | ||||||
Pervasive Software, Inc.† | 9,246 | 81,365 | ||||||
Proofpoint, Inc.† | 4,423 | 48,653 | ||||||
PROS Holdings, Inc.† | 15,252 | 270,418 | ||||||
QLIK Technologies, Inc.† | 59,604 | 1,155,126 | ||||||
Sapiens International Corp. NV† | 9,536 | 35,379 | ||||||
SciQuest, Inc.† | 12,471 | 203,153 | ||||||
SYNNEX Corp.†# | 18,358 | 606,181 | ||||||
Tyler Technologies, Inc.† | 21,021 | 986,305 | ||||||
Ultimate Software Group, Inc.†# | 18,594 | 1,757,319 | ||||||
10,297,056 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Glu Mobile, Inc.†# | 37,744 | 107,948 | ||||||
Take-Two Interactive Software, Inc.† | 54,599 | 675,389 | ||||||
783,337 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc.† | 44,290 | $ | 1,140,910 | |||||
TRC Cos., Inc.† | 10,679 | 57,026 | ||||||
1,197,936 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co. | 19,273 | 745,480 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Female Health Co.# | 13,374 | 96,293 | ||||||
Filtration/Separation Products — 0.2% |
| |||||||
CLARCOR, Inc. | 35,082 | 1,627,103 | ||||||
PMFG, Inc.†# | 14,506 | 100,527 | ||||||
1,727,630 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Credit Acceptance Corp.† | 5,493 | 506,784 | ||||||
Nicholas Financial, Inc.# | 6,951 | �� | 88,625 | |||||
595,409 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
Horizon Technology Finance Corp.# | 5,437 | 76,390 | ||||||
NewStar Financial, Inc.† | 18,228 | 229,855 | ||||||
306,245 | ||||||||
Finance - Consumer Loans — 0.7% |
| |||||||
Asta Funding, Inc. | 6,839 | 63,192 | ||||||
Encore Capital Group, Inc.† | 15,296 | 406,568 | ||||||
First Marblehead Corp.†# | 40,636 | 27,226 | ||||||
Nelnet, Inc., Class A | 16,684 | 476,996 | ||||||
Ocwen Financial Corp.† | 75,045 | 2,691,114 | ||||||
Portfolio Recovery Associates, Inc.† | 11,945 | 1,180,405 | ||||||
Regional Management Corp.†# | 3,374 | 59,045 | ||||||
World Acceptance Corp.†# | 7,251 | 529,395 | ||||||
5,433,941 | ||||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Cowen Group, Inc., Class A† | 61,087 | 141,722 | ||||||
Diamond Hill Investment Group, Inc.# | 1,871 | 149,736 | ||||||
Duff & Phelps Corp., Class A | 21,771 | 264,300 | ||||||
Evercore Partners, Inc., Class A | 19,971 | 548,603 | ||||||
FBR & Co.† | 25,869 | 86,661 | ||||||
FXCM, Inc., Class A# | 16,382 | 163,984 | ||||||
Gain Capital Holdings, Inc. | 10,369 | 45,935 | ||||||
GFI Group, Inc. | 48,170 | 134,394 | ||||||
Greenhill & Co., Inc. | 20,293 | 964,323 | ||||||
INTL FCStone, Inc.†# | 9,617 | 166,663 | ||||||
Investment Technology Group, Inc.† | 27,099 | 242,265 | ||||||
JMP Group, Inc. | 11,170 | 58,643 | ||||||
KBW, Inc.# | 24,250 | 418,312 | ||||||
Knight Capital Group, Inc., Class A† | 126,813 | 427,360 | ||||||
Ladenburg Thalmann Financial Services, Inc.†# | 71,919 | 87,741 | ||||||
Oppenheimer Holdings, Inc., Class A | 7,182 | 115,702 | ||||||
Piper Jaffray Cos.† | 10,594 | 300,552 | ||||||
Stifel Financial Corp.† | 37,495 | 1,140,598 | ||||||
SWS Group, Inc.† | 20,366 | 97,757 | ||||||
5,555,251 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 41,013 | 466,318 | ||||||
California First National Bancorp# | 1,579 | 24,285 | ||||||
Marlin Business Services Corp. | 5,737 | 99,250 | ||||||
MicroFinancial, Inc. | 5,920 | 43,038 | ||||||
SeaCube Container Leasing, Ltd. | 7,678 | 141,045 | ||||||
773,936 | ||||||||
202
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Doral Financial Corp.† | 89,701 | $ | 60,997 | |||||
Ellie Mae, Inc.† | 17,489 | 434,077 | ||||||
Federal Agricultural Mtg. Corp., Class C# | 6,943 | 233,840 | ||||||
Nationstar Mortgage Holdings, Inc.†# | 13,386 | 409,880 | ||||||
Walter Investment Management Corp.† | 20,001 | 845,642 | ||||||
1,984,436 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
Asset Acceptance Capital Corp.†# | 11,068 | 62,534 | ||||||
BGC Partners, Inc., Class A# | 68,737 | 247,453 | ||||||
Higher One Holdings, Inc.†# | 22,452 | 198,476 | ||||||
MarketAxess Holdings, Inc. | 25,486 | 786,498 | ||||||
Netspend Holdings, Inc.† | 21,675 | 252,514 | ||||||
WageWorks, Inc.† | 4,546 | 83,964 | ||||||
1,631,439 | ||||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
MGIC Investment Corp.†# | 131,619 | 230,333 | ||||||
Radian Group, Inc.# | 93,075 | 407,669 | ||||||
638,002 | ||||||||
Firearms & Ammunition — 0.2% |
| |||||||
Smith & Wesson Holding Corp.†# | 45,307 | 480,254 | ||||||
Sturm Ruger & Co., Inc.# | 13,369 | 783,290 | ||||||
1,263,544 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A† | 6,332 | 196,165 | ||||||
TreeHouse Foods, Inc.† | 25,104 | 1,316,454 | ||||||
1,512,619 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Tootsie Roll Industries, Inc.# | 16,532 | 449,340 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.# | 3,213 | 26,572 | ||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.† | 19,288 | 664,279 | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Annie’s, Inc.† | 3,486 | 125,043 | ||||||
B&G Foods, Inc. | 33,775 | 985,555 | ||||||
Cal-Maine Foods, Inc. | 10,087 | 463,699 | ||||||
Chiquita Brands International, Inc.† | 32,079 | 228,723 | ||||||
Diamond Foods, Inc.# | 15,442 | 219,894 | ||||||
Dole Food Co., Inc.† | 25,029 | 287,333 | ||||||
Hain Celestial Group, Inc.†# | 25,735 | 1,551,048 | �� | |||||
Inventure Foods, Inc.† | 9,128 | 59,241 | ||||||
J&J Snack Foods Corp. | 10,338 | 650,260 | ||||||
John B. Sanfilippo & Son, Inc.† | 5,553 | 98,399 | ||||||
Lancaster Colony Corp. | 12,896 | 976,743 | ||||||
Seaboard Corp. | 214 | 505,117 | ||||||
Smart Balance, Inc.†# | 41,157 | 511,582 | ||||||
Snyders-Lance, Inc. | 30,816 | 742,049 | ||||||
7,404,686 | ||||||||
Food - Retail — 0.3% |
| |||||||
Arden Group, Inc., Class A# | 784 | 78,196 | ||||||
Harris Teeter Supermarkets, Inc. | 30,635 | 1,163,824 | ||||||
Ingles Markets, Inc., Class A | 8,809 | 143,498 | ||||||
SUPERVALU, Inc.# | 148,213 | 352,747 | ||||||
Village Super Market, Inc., Class A | 5,882 | 221,516 | ||||||
Weis Markets, Inc.# | 7,682 | 300,443 | ||||||
2,260,224 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 8,301 | $ | 199,722 | |||||
Chefs’ Warehouse, Inc.† | 7,682 | 121,453 | ||||||
Fresh Del Monte Produce, Inc. | 26,612 | 690,582 | ||||||
Nash Finch Co. | 8,534 | 180,067 | ||||||
Spartan Stores, Inc.# | 15,128 | 227,525 | ||||||
United Natural Foods, Inc.† | 34,103 | 1,765,512 | ||||||
3,184,861 | ||||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Crocs, Inc.† | 62,788 | 838,220 | ||||||
Iconix Brand Group, Inc.† | 49,493 | 997,779 | ||||||
R.G. Barry Corp. | 6,106 | 93,605 | ||||||
Skechers U.S.A., Inc., Class A† | 26,426 | 514,250 | ||||||
Steven Madden, Ltd.† | 27,422 | 1,220,553 | ||||||
Weyco Group, Inc. | 4,650 | 109,414 | ||||||
Wolverine World Wide, Inc.# | 33,981 | 1,470,698 | ||||||
5,244,519 | ||||||||
Forestry — 0.1% |
| |||||||
Deltic Timber Corp.# | 7,608 | 525,332 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 11,077 | 123,065 | ||||||
Matthews International Corp., Class A | 19,690 | 595,623 | ||||||
Stewart Enterprises, Inc., Class A# | 52,181 | 398,663 | ||||||
1,117,351 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Isle of Capri Casinos, Inc.† | 14,617 | 71,769 | ||||||
Pinnacle Entertainment, Inc.† | 43,665 | 564,152 | ||||||
635,921 | ||||||||
Gas - Distribution — 1.0% |
| |||||||
Chesapeake Utilities Corp.# | 6,689 | 301,005 | ||||||
Delta Natural Gas Co., Inc.# | 4,744 | 96,683 | ||||||
Laclede Group, Inc.# | 15,702 | 639,229 | ||||||
New Jersey Resources Corp.# | 29,014 | 1,177,388 | ||||||
Northwest Natural Gas Co. | 18,714 | 820,796 | ||||||
Piedmont Natural Gas Co., Inc. | 50,056 | 1,544,728 | ||||||
South Jersey Industries, Inc. | 21,228 | 1,060,763 | ||||||
Southwest Gas Corp. | 32,199 | 1,350,426 | ||||||
WGL Holdings, Inc. | 35,985 | 1,405,574 | ||||||
8,396,592 | ||||||||
Gold Mining — 0.2% |
| |||||||
Gold Reserve, Inc.†# | 36,540 | 120,582 | ||||||
Gold Resource Corp.# | 20,838 | 330,491 | ||||||
Golden Star Resources, Ltd.†# | 180,755 | 328,974 | ||||||
McEwen Mining, Inc.†# | 137,690 | 509,453 | ||||||
Midway Gold Corp.†# | 88,870 | 133,305 | ||||||
Vista Gold Corp.† | 40,623 | 120,244 | ||||||
1,543,049 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co.# | 45,408 | 306,050 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
EnergySolutions, Inc.† | 55,360 | 181,027 | ||||||
Heritage-Crystal Clean, Inc.†# | 5,366 | 80,383 | ||||||
US Ecology, Inc. | 12,794 | 279,677 | ||||||
541,087 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
Corvel Corp.† | 4,271 | 179,168 | ||||||
ExamWorks Group, Inc.†# | 20,417 | 251,742 | ||||||
430,910 | ||||||||
203
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VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Unilife Corp.† | 55,854 | $ | 127,347 | |||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.†# | 9,873 | 812,647 | ||||||
Home Furnishings — 0.3% |
| |||||||
American Woodmark Corp.†# | 6,757 | 191,966 | ||||||
Bassett Furniture Industries, Inc. | 7,863 | 87,358 | ||||||
Ethan Allen Interiors, Inc. | 16,909 | 490,530 | ||||||
Flexsteel Industries, Inc. | 3,141 | 62,475 | ||||||
Hooker Furniture Corp.# | 7,536 | 104,675 | ||||||
Kimball International, Inc., Class B# | 22,759 | 284,032 | ||||||
La-Z-Boy, Inc. | 36,119 | 538,896 | ||||||
Sealy Corp.†# | 35,041 | 76,039 | ||||||
Select Comfort Corp.† | 39,598 | 1,060,434 | ||||||
2,896,405 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Marcus Corp. | 13,697 | 162,172 | ||||||
Morgans Hotel Group Co.† | 15,407 | 90,131 | ||||||
Orient-Express Hotels, Ltd., Class A† | 67,607 | 833,594 | ||||||
Red Lion Hotels Corp.†# | 9,619 | 69,738 | ||||||
Ryman Hospitality Properties | 19,908 | 661,344 | ||||||
1,816,979 | ||||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc.† | 14,328 | 279,683 | ||||||
Lifetime Brands, Inc. | 6,756 | 67,560 | ||||||
347,243 | ||||||||
Human Resources — 0.7% |
| |||||||
AMN Healthcare Services, Inc.† | 28,507 | 311,582 | ||||||
Barrett Business Services, Inc.# | 4,882 | 162,327 | ||||||
CDI Corp. | 9,562 | 157,964 | ||||||
Cross Country Healthcare, Inc.† | 18,975 | 76,090 | ||||||
Heidrick & Struggles International, Inc. | 12,559 | 165,025 | ||||||
Hudson Global, Inc.†# | 23,217 | 101,923 | ||||||
Insperity, Inc. | 15,842 | 478,428 | ||||||
Kelly Services, Inc., Class A | 18,714 | 255,633 | ||||||
Kenexa Corp.† | 19,087 | 876,475 | ||||||
Kforce, Inc. | 20,119 | 258,730 | ||||||
Korn/Ferry International† | 33,388 | 481,455 | ||||||
Monster Worldwide, Inc.† | 84,666 | 460,583 | ||||||
On Assignment, Inc.† | 29,986 | 597,621 | ||||||
Resources Connection, Inc. | 29,676 | 344,538 | ||||||
Team Health Holdings, Inc.† | 19,818 | 554,706 | ||||||
TrueBlue, Inc.† | 28,209 | 401,978 | ||||||
5,685,058 | ||||||||
Identification Systems — 0.2% |
| |||||||
Brady Corp., Class A | 34,249 | 1,093,913 | ||||||
Checkpoint Systems, Inc.† | 28,225 | 244,146 | ||||||
1,338,059 | ||||||||
Independent Power Producers — 0.2% |
| |||||||
GenOn Energy, Inc.† | 539,669 | 1,376,156 | ||||||
Ormat Technologies, Inc.# | 12,403 | 228,463 | ||||||
1,604,619 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 29,910 | 1,071,376 | ||||||
Hurco Cos., Inc.† | 4,498 | 107,997 | ||||||
Intermec, Inc.† | 41,887 | 316,247 | ||||||
iRobot Corp.† | 19,178 | 361,314 | ||||||
1,856,934 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Controls — 0.3% |
| |||||||
Watts Water Technologies, Inc., Class A | 19,575 | $ | 800,422 | |||||
Woodward, Inc. | 48,283 | 1,765,709 | ||||||
2,566,131 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
FEI Co. | 26,491 | 1,457,800 | ||||||
Fluidigm Corp.† | 16,931 | 241,097 | ||||||
1,698,897 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Crawford & Co., Class B# | 18,299 | 114,735 | ||||||
eHealth, Inc.† | 13,678 | 352,892 | ||||||
467,627 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
American Equity Investment Life Holding Co.# | 41,843 | 482,450 | ||||||
CNO Financial Group, Inc. | 148,009 | 1,346,882 | ||||||
FBL Financial Group, Inc., Class A# | 6,705 | 222,874 | ||||||
Independence Holding Co.# | 5,703 | 48,476 | ||||||
Kansas City Life Insurance Co. | 2,882 | 110,467 | ||||||
National Western Life Insurance Co., Class A | 1,530 | 230,999 | ||||||
Phoenix Cos., Inc.†# | 4,059 | 98,147 | ||||||
Presidential Life Corp. | 15,125 | 211,901 | ||||||
Primerica, Inc. | 32,847 | 940,410 | ||||||
Symetra Financial Corp. | 54,054 | 661,080 | ||||||
4,353,686 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Citizens, Inc.† | 27,178 | 273,411 | ||||||
Eastern Insurance Holdings, Inc. | 4,634 | 78,036 | ||||||
Fortegra Financial Corp.†# | 4,671 | 40,918 | ||||||
Horace Mann Educators Corp. | 27,695 | 529,528 | ||||||
United Fire Group, Inc. | 14,053 | 291,319 | ||||||
1,213,212 | ||||||||
Insurance - Property/Casualty — 1.1% |
| |||||||
American Safety Insurance Holdings, Ltd.†# | 6,310 | 106,387 | ||||||
AMERISAFE, Inc.† | 12,674 | 328,003 | ||||||
Amtrust Financial Services, Inc.# | 18,737 | 540,000 | ||||||
Baldwin & Lyons, Inc., Class B# | 6,366 | 146,291 | ||||||
Donegal Group, Inc., Class A | 5,455 | 75,443 | ||||||
EMC Insurance Group, Inc.# | 3,130 | 68,672 | ||||||
Employers Holdings, Inc. | 22,075 | 421,412 | ||||||
Enstar Group, Ltd.† | 5,893 | 603,502 | ||||||
First American Financial Corp. | 74,128 | 1,764,246 | ||||||
Global Indemnity PLC† | 7,160 | 157,592 | ||||||
Hallmark Financial Services, Inc.†# | 9,953 | 81,216 | ||||||
Hilltop Holdings, Inc.† | 27,706 | 395,919 | ||||||
Homeowners Choice, Inc.# | 5,347 | 111,271 | ||||||
Infinity Property & Casualty Corp. | 8,247 | 451,276 | ||||||
Investors Title Co.# | 864 | 51,892 | ||||||
Meadowbrook Insurance Group, Inc. | 35,272 | 196,112 | ||||||
National Interstate Corp. | 4,352 | 114,240 | ||||||
Navigators Group, Inc.† | 6,972 | 365,403 | ||||||
OneBeacon Insurance Group, Ltd., Class A | 15,849 | 213,645 | ||||||
RLI Corp. | 14,810 | 954,356 | ||||||
Safety Insurance Group, Inc. | 8,858 | 397,636 | ||||||
SeaBright Holdings, Inc. | 13,820 | 152,711 | ||||||
Selective Insurance Group, Inc. | 38,269 | 714,865 | ||||||
State Auto Financial Corp. | 10,318 | 149,817 | ||||||
Stewart Information Services Corp.# | 12,788 | 349,112 | ||||||
Tower Group, Inc. | 24,287 | 410,450 | ||||||
Universal Insurance Holdings, Inc.# | 13,043 | 59,867 | ||||||
9,381,336 | ||||||||
204
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Insurance - Reinsurance — 0.6% |
| |||||||
Alterra Capital Holdings, Ltd. | 59,863 | $ | 1,400,794 | |||||
Argo Group International Holdings, Ltd. | 18,010 | 597,752 | ||||||
Greenlight Capital Re, Ltd., Class A† | 19,620 | 453,811 | ||||||
Maiden Holdings, Ltd. | 35,015 | 314,435 | ||||||
Montpelier Re Holdings, Ltd. | 34,970 | 765,493 | ||||||
Platinum Underwriters Holdings, Ltd. | 24,326 | 1,082,993 | ||||||
Validus Holdings, Ltd. | 7,239 | 256,703 | ||||||
4,871,981 | ||||||||
Internet Application Software — 0.3% |
| |||||||
Bazaarvoice, Inc.† | 7,216 | 70,573 | ||||||
Brightcove, Inc.† | 4,134 | 40,182 | ||||||
DealerTrack Holdings, Inc.† | 29,635 | 796,885 | ||||||
IntraLinks Holdings, Inc.†# | 25,458 | 167,768 | ||||||
KIT Digital, Inc.†# | 38,198 | 28,840 | ||||||
Lionbridge Technologies, Inc.† | 39,304 | 161,539 | ||||||
RealNetworks, Inc.† | 15,265 | 110,977 | ||||||
VirnetX Holding Corp.†# | 29,300 | 1,009,971 | ||||||
Vocus, Inc.† | 14,403 | 245,715 | ||||||
2,632,450 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Ambient Corp.†# | 1,890 | 6,861 | ||||||
Boingo Wireless, Inc.†# | 11,028 | 78,188 | ||||||
Cogent Communications Group, Inc. | 32,697 | 691,215 | ||||||
Envivio, Inc.†# | 5,416 | 8,774 | ||||||
Internap Network Services Corp.†# | 37,043 | 221,147 | ||||||
PC-Tel, Inc. | 12,894 | 83,295 | ||||||
1,089,480 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.† | 41,999 | 81,478 | ||||||
Internet Content - Information/News — 0.2% |
| |||||||
Bankrate, Inc.† | 32,254 | 388,015 | ||||||
Dice Holdings, Inc.†# | 31,863 | 274,022 | ||||||
HealthStream, Inc.† | 13,637 | 323,470 | ||||||
Travelzoo, Inc.† | 4,982 | 87,484 | ||||||
WebMD Health Corp.†# | 35,374 | 497,005 | ||||||
XO Group, Inc.† | 18,288 | 144,475 | ||||||
Yelp, Inc.†# | 5,891 | 111,399 | ||||||
1,825,870 | ||||||||
Internet Incubators — 0.1% |
| |||||||
ICG Group, Inc.† | 26,004 | 289,945 | ||||||
ModusLink Global Solutions, Inc.† | 27,547 | 91,731 | ||||||
Safeguard Scientifics, Inc.† | 14,518 | 205,139 | ||||||
586,815 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
Responsys, Inc.† | 24,951 | 162,681 | ||||||
support.com, Inc.†# | 34,010 | 149,644 | ||||||
Unwired Planet, Inc.†# | 60,587 | 83,004 | ||||||
395,329 | ||||||||
Internet Security — 0.2% |
| |||||||
iPass, Inc.†# | 36,256 | 66,348 | ||||||
Sourcefire, Inc.†# | 20,637 | 1,015,960 | ||||||
VASCO Data Security International, Inc.†# | 19,684 | 147,827 | ||||||
Zix Corp.†# | 42,570 | 116,642 | ||||||
1,346,777 | ||||||||
Internet Telephone — 0.1% |
| |||||||
BroadSoft, Inc.† | 19,190 | 606,979 | ||||||
magicJack VocalTec, Ltd.†# | 10,537 | 181,342 | ||||||
788,321 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Intimate Apparel — 0.2% |
| |||||||
Warnaco Group, Inc.† | 28,658 | $ | 2,060,224 | |||||
Investment Companies — 1.0% |
| |||||||
Apollo Investment Corp. | 141,673 | 1,150,385 | ||||||
Arlington Asset Investment Corp., Class A | 7,686 | 166,325 | ||||||
BlackRock Kelso Capital Corp.# | 51,363 | 518,766 | ||||||
Capital Southwest Corp.# | 2,076 | 222,838 | ||||||
Fifth Street Finance Corp.# | 63,514 | 684,681 | ||||||
Gladstone Capital Corp. | 14,664 | 120,685 | ||||||
Golub Capital BDC, Inc.# | 9,989 | 157,926 | ||||||
Home Loan Servicing Solutions, Ltd. | 20,236 | 395,614 | ||||||
KCAP Financial, Inc.# | 15,194 | 134,163 | ||||||
Main Street Capital Corp.# | 19,441 | 595,867 | ||||||
MCG Capital Corp. | 53,601 | 239,061 | ||||||
Medallion Financial Corp. | 12,492 | 147,655 | ||||||
MVC Capital, Inc. | 16,701 | 199,076 | ||||||
New Mountain Finance Corp. | 8,826 | 133,979 | ||||||
NGP Capital Resources Co. | 15,102 | 108,734 | ||||||
PennantPark Investment Corp. | 39,359 | 423,896 | ||||||
Prospect Capital Corp. | 103,150 | 1,086,170 | ||||||
Solar Capital, Ltd. | 26,949 | 617,132 | ||||||
Solar Senior Capital, Ltd. | 6,634 | 120,473 | ||||||
TCP Capital Corp. | 4,019 | 60,325 | ||||||
THL Credit, Inc. | 10,508 | 152,366 | ||||||
TICC Capital Corp.# | 28,753 | 288,105 | ||||||
Triangle Capital Corp.# | 19,037 | 485,824 | ||||||
8,210,046 | ||||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
Artio Global Investors, Inc.# | 21,554 | 48,712 | ||||||
Calamos Asset Management, Inc., Class A | 13,431 | 131,624 | ||||||
CIFC Corp.†# | 4,473 | 30,595 | ||||||
Cohen & Steers, Inc.# | 12,886 | 368,282 | ||||||
Epoch Holding Corp.# | 11,128 | 243,815 | ||||||
Financial Engines, Inc.† | 32,344 | 848,060 | ||||||
GAMCO Investors, Inc., Class A | 4,500 | 220,500 | ||||||
Manning & Napier, Inc. | 9,486 | 118,670 | ||||||
Medley Capital Corp. | 16,078 | 219,143 | ||||||
National Financial Partners Corp.† | 28,353 | 470,943 | ||||||
Pzena Investment Management, Inc., Class A | 6,832 | 37,849 | ||||||
Virtus Investment Partners, Inc.† | 4,225 | 485,284 | ||||||
Westwood Holdings Group, Inc. | 4,641 | 185,547 | ||||||
WisdomTree Investments, Inc.†# | 40,901 | 249,905 | ||||||
3,658,929 | ||||||||
Lasers - System/Components — 0.5% | ||||||||
Coherent, Inc. | 16,529 | 764,466 | ||||||
Cymer, Inc.† | 21,602 | 1,894,495 | ||||||
Electro Scientific Industries, Inc. | 16,001 | 173,451 | ||||||
II-VI, Inc.† | 36,714 | 628,177 | ||||||
Newport Corp.† | 26,681 | 339,916 | ||||||
Rofin-Sinar Technologies, Inc.†# | 19,933 | 421,583 | ||||||
4,222,088 | ||||||||
Leisure Products — 0.3% | ||||||||
Brunswick Corp. | 62,365 | 1,607,146 | ||||||
Johnson Outdoors, Inc., Class A† | 3,956 | 82,601 | ||||||
Marine Products Corp. | 7,238 | 39,664 | ||||||
WMS Industries, Inc.† | 38,461 | 649,991 | ||||||
2,379,402 | ||||||||
Lighting Products & Systems — 0.3% | ||||||||
Acuity Brands, Inc. | 29,565 | 1,955,725 | ||||||
Universal Display Corp.†# | 27,737 | 662,359 | ||||||
2,618,084 | ||||||||
205
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Linen Supply & Related Items — 0.1% | ||||||||
G&K Services, Inc., Class A | 13,153 | $ | 445,887 | |||||
UniFirst Corp. | 10,121 | 714,239 | ||||||
1,160,126 | ||||||||
Machine Tools & Related Products — 0.0% | ||||||||
Hardinge, Inc. | 8,152 | 78,178 | ||||||
Machinery - Construction & Mining — 0.1% | ||||||||
Astec Industries, Inc. | 14,014 | 405,705 | ||||||
Hyster-Yale Materials Handling, Inc. | 7,694 | 319,147 | ||||||
724,852 | ||||||||
Machinery - Electrical — 0.1% | ||||||||
Franklin Electric Co., Inc. | 16,365 | 974,699 | ||||||
Machinery - Farming — 0.1% | ||||||||
Alamo Group, Inc. | 4,836 | 160,168 | ||||||
Lindsay Corp.# | 8,876 | 702,003 | ||||||
862,171 | ||||||||
Machinery - General Industrial — 1.0% | ||||||||
Albany International Corp., Class A | 19,281 | 414,734 | ||||||
Altra Holdings, Inc. | 18,809 | 353,797 | ||||||
Applied Industrial Technologies, Inc. | 29,465 | 1,179,484 | ||||||
Chart Industries, Inc.† | 20,879 | 1,262,762 | ||||||
DXP Enterprises, Inc.† | 6,143 | 296,645 | ||||||
Flow International Corp.† | 33,418 | 105,267 | ||||||
Intevac, Inc.† | 16,244 | 76,834 | ||||||
Kadant, Inc.† | 8,154 | 197,735 | ||||||
Middleby Corp.† | 13,073 | 1,665,370 | ||||||
Robbins & Myers, Inc. | 26,888 | 1,597,147 | ||||||
Sauer-Danfoss, Inc. | 8,151 | 428,172 | ||||||
Tennant Co. | 13,157 | 501,808 | ||||||
Twin Disc, Inc. | 5,953 | 101,558 | ||||||
8,181,313 | ||||||||
Machinery - Material Handling — 0.1% | ||||||||
Cascade Corp. | 6,434 | 418,017 | ||||||
Columbus McKinnon Corp.† | 13,547 | 202,663 | ||||||
NACCO Industries, Inc., Class A | 3,847 | 205,122 | ||||||
825,802 | ||||||||
Machinery - Pumps — 0.0% | ||||||||
Gorman-Rupp Co. | 10,612 | 295,332 | ||||||
Machinery - Thermal Process — 0.0% | ||||||||
Global Power Equipment Group, Inc. | 12,001 | 180,255 | ||||||
Marine Services — 0.1% | ||||||||
Great Lakes Dredge & Dock Corp. | 41,275 | 364,458 | ||||||
Odyssey Marine Exploration, Inc.†# | 51,137 | 143,695 | ||||||
508,153 | ||||||||
Medical Imaging Systems — 0.0% | ||||||||
Merge Healthcare, Inc.†# | 41,214 | 134,770 | ||||||
Medical Information Systems — 0.4% | ||||||||
athenahealth, Inc.† | 25,029 | 1,594,097 | ||||||
Computer Programs & Systems, Inc. | 7,725 | 386,791 | ||||||
Epocrates, Inc.† | 13,005 | 131,221 | ||||||
Greenway Medical Technologies†# | 5,523 | 107,367 | ||||||
Medidata Solutions, Inc.† | 15,518 | 620,720 | ||||||
Quality Systems, Inc.# | 27,616 | 502,887 | ||||||
3,343,083 | ||||||||
Medical Instruments — 1.0% | ||||||||
Abaxis, Inc. | 15,145 | 571,572 | ||||||
AngioDynamics, Inc.† | 17,142 | 180,677 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments (continued) | ||||||||
ArthroCare Corp.† | 19,313 | $ | 646,792 | |||||
AtriCure, Inc.† | 10,176 | 68,688 | ||||||
Cardiovascular Systems, Inc.†# | 11,706 | 136,492 | ||||||
Conceptus, Inc.†# | 21,910 | 455,947 | ||||||
CONMED Corp. | 19,754 | 545,803 | ||||||
CryoLife, Inc. | 19,241 | 114,292 | ||||||
DexCom, Inc.† | 47,866 | 626,087 | ||||||
Endologix, Inc.† | 38,634 | 566,374 | ||||||
Genomic Health, Inc.†# | 11,205 | 309,930 | ||||||
Integra LifeSciences Holdings Corp.† | 13,620 | 527,911 | ||||||
MAKO Surgical Corp.†# | 25,239 | 348,298 | ||||||
Natus Medical, Inc.† | 20,561 | 232,751 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 67,384 | 183,284 | ||||||
NuVasive, Inc.† | 30,149 | 437,764 | ||||||
Solta Medical, Inc.† | 47,724 | 119,310 | ||||||
Spectranetics Corp.† | 23,942 | 344,765 | ||||||
SurModics, Inc.† | 8,936 | 179,971 | ||||||
Symmetry Medical, Inc.† | 25,597 | 249,571 | ||||||
Vascular Solutions, Inc.† | 11,401 | 170,445 | ||||||
Volcano Corp.†# | 37,215 | 1,014,481 | ||||||
Young Innovations, Inc. | 3,835 | 138,712 | ||||||
8,169,917 | ||||||||
Medical Labs & Testing Services — 0.1% | ||||||||
Bio-Reference Labs, Inc.†# | 17,166 | 451,981 | ||||||
Medical Laser Systems — 0.1% | ||||||||
Cynosure, Inc., Class A† | 6,720 | 151,334 | ||||||
Palomar Medical Technologies, Inc.† | 13,637 | 123,688 | ||||||
PhotoMedex, Inc.†# | 9,152 | 126,938 | ||||||
401,960 | ||||||||
Medical Products — 1.2% | ||||||||
ABIOMED, Inc.†# | 23,337 | 311,549 | ||||||
Accuray, Inc.† | 49,786 | 312,656 | ||||||
Alphatec Holdings, Inc.†# | 38,172 | 65,274 | ||||||
Atrion Corp.# | 1,104 | 218,139 | ||||||
Cantel Medical Corp. | 14,798 | 406,057 | ||||||
Cerus Corp.†# | 37,994 | 122,721 | ||||||
Chindex International, Inc.† | 8,069 | 82,707 | ||||||
Cyberonics, Inc.† | 19,230 | 994,191 | ||||||
EnteroMedics, Inc.†# | 17,691 | 54,842 | ||||||
Exactech, Inc.† | 5,997 | 101,889 | ||||||
Globus Medical, Inc., Class A†# | 6,688 | 89,017 | ||||||
Greatbatch, Inc.† | 16,512 | 372,841 | ||||||
Haemonetics Corp.† | 17,694 | 1,433,745 | ||||||
Hanger, Inc.† | 23,823 | 622,019 | ||||||
Invacare Corp. | 22,219 | 313,954 | ||||||
Luminex Corp.† | 29,113 | 501,326 | ||||||
NxStage Medical, Inc.† | 34,370 | 413,127 | ||||||
Orthofix International NV† | 13,079 | 487,193 | ||||||
PSS World Medical, Inc.† | 35,212 | 1,001,429 | ||||||
Rockwell Medical Technologies, Inc.† | 14,565 | 106,033 | ||||||
Tornier NV† | 10,553 | 171,170 | ||||||
West Pharmaceutical Services, Inc. | 23,654 | 1,278,026 | ||||||
Wright Medical Group, Inc.† | 27,448 | 579,702 | ||||||
Zeltiq Aesthetics, Inc.† | 11,817 | 56,013 | ||||||
10,095,620 | ||||||||
Medical Sterilization Products — 0.2% | ||||||||
STERIS Corp. | 40,364 | 1,379,238 | ||||||
Medical - Biomedical/Gene — 2.3% | ||||||||
Acorda Therapeutics, Inc.† | 27,998 | 704,990 | ||||||
Aegerion Pharmaceuticals, Inc.†# | 17,363 | 380,250 | ||||||
Affymax, Inc.† | 25,214 | 616,230 |
206
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical - Biomedical/Gene (continued) | ||||||||
Agenus, Inc.†# | 17,051 | $ | 73,831 | |||||
Alnylam Pharmaceuticals, Inc.†# | 32,357 | 549,098 | ||||||
AMAG Pharmaceuticals, Inc.† | 14,914 | 224,157 | ||||||
Arena Pharmaceuticals, Inc.†# | 151,110 | 1,338,835 | ||||||
Arqule, Inc.† | 41,131 | 109,408 | ||||||
Astex Pharmaceuticals† | 65,017 | 180,747 | ||||||
BioCryst Pharmaceuticals, Inc.† | 34,334 | 59,054 | ||||||
BioTime, Inc.†# | 21,293 | 76,442 | ||||||
Cambrex Corp.† | 20,684 | 226,903 | ||||||
Celldex Therapeutics, Inc.† | 41,014 | 243,623 | ||||||
Coronado Biosciences, Inc.†# | 12,321 | 58,278 | ||||||
Cubist Pharmaceuticals, Inc.† | 44,226 | 1,796,018 | ||||||
Curis, Inc.†# | 55,172 | 184,826 | ||||||
Dendreon Corp.†# | 107,529 | 478,504 | ||||||
Discovery Laboratories, Inc.†# | 30,285 | 65,113 | ||||||
Dynavax Technologies Corp.†# | 121,590 | 345,316 | ||||||
Emergent Biosolutions, Inc.† | 18,079 | 271,547 | ||||||
Enzon Pharmaceuticals, Inc. | 29,480 | 205,770 | ||||||
Exact Sciences Corp.† | 44,371 | 435,280 | ||||||
Exelixis, Inc.†# | 127,745 | 624,673 | ||||||
Geron Corp.†# | 92,232 | 131,892 | ||||||
GTx, Inc.† | 18,462 | 73,294 | ||||||
Halozyme Therapeutics, Inc.† | 62,655 | 390,341 | ||||||
Harvard Bioscience, Inc.† | 17,295 | 68,142 | ||||||
Immunogen, Inc.†# | 58,012 | 736,172 | ||||||
Immunomedics, Inc.†# | 46,026 | 146,823 | ||||||
InterMune, Inc.†# | 45,664 | 418,282 | ||||||
Lexicon Pharmaceuticals, Inc.† | 138,614 | 238,416 | ||||||
Ligand Pharmaceuticals, Inc., Class B†# | 12,153 | 239,779 | ||||||
Maxygen, Inc. | 19,382 | 50,781 | ||||||
Medicines Co.† | 38,493 | 826,445 | ||||||
Merrimack Pharmaceuticals, Inc.† | 10,619 | 75,820 | ||||||
Momenta Pharmaceuticals, Inc.†# | 32,701 | 349,901 | ||||||
NewLink Genetics Corp.†# | 8,848 | 106,441 | ||||||
Novavax, Inc.†# | 80,927 | 150,524 | ||||||
NPS Pharmaceuticals, Inc.† | 60,159 | 615,427 | ||||||
Omeros Corp.†# | 17,950 | 134,266 | ||||||
OncoGenex Pharmaceutical, Inc.† | 10,153 | 128,029 | ||||||
Oncothyreon, Inc.†# | 39,891 | 182,701 | ||||||
Pacific Biosciences of California, Inc.†# | 25,887 | 43,490 | ||||||
PDL BioPharma, Inc.# | 97,677 | 771,648 | ||||||
Repligen Corp.† | 21,539 | 138,927 | ||||||
RTI Biologics, Inc.† | 38,986 | 174,267 | ||||||
Sangamo Biosciences, Inc.†# | 36,720 | 210,406 | ||||||
Seattle Genetics, Inc.†# | 66,368 | 1,679,774 | ||||||
Sequenom, Inc.†# | 79,980 | 389,503 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 41,562 | 492,094 | ||||||
Sunesis Pharmaceuticals, Inc.† | 18,840 | 93,635 | ||||||
Transcept Pharmaceuticals, Inc.† | 8,802 | 47,443 | ||||||
Trius Therapeutics, Inc.† | 17,362 | 83,164 | ||||||
Verastem, Inc.† | 4,411 | 30,039 | ||||||
Vical, Inc.† | 53,037 | 166,536 | ||||||
XOMA Corp.†# | 47,541 | 145,000 | ||||||
ZIOPHARM Oncology, Inc.†# | 46,422 | 203,328 | ||||||
18,981,623 | ||||||||
Medical - Drugs — 2.0% | ||||||||
Achillion Pharmaceuticals, Inc.†# | 41,493 | 323,230 | ||||||
Akorn, Inc.†# | 39,708 | 535,661 | ||||||
Alkermes PLC† | 85,486 | 1,650,735 | ||||||
Amicus Therapeutics, Inc.†# | 21,049 | 120,400 | ||||||
Ampio Pharmaceuticals, Inc.†# | 17,861 | 66,443 | ||||||
Anacor Pharmaceuticals, Inc.† | 10,008 | 53,042 | ||||||
Array BioPharma, Inc.† | 62,241 | 244,607 | ||||||
Auxilium Pharmaceuticals, Inc.† | 33,782 | 646,588 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
BioSpecifics Technologies Corp.† | 3,461 | $ | 46,135 | |||||
Cadence Pharmaceuticals, Inc.†# | 41,990 | 178,877 | ||||||
Cempra, Inc.†# | 2,951 | 18,149 | ||||||
ChemoCentryx, Inc.†# | 3,788 | 44,888 | ||||||
Clovis Oncology, Inc.†# | 9,542 | 146,756 | ||||||
Corcept Therapeutics, Inc.†# | 34,230 | 49,291 | ||||||
Cumberland Pharmaceuticals, Inc.† | 8,295 | 37,162 | ||||||
Cytori Therapeutics, Inc.†# | 38,151 | 159,853 | ||||||
Durata Therapeutics, Inc.†# | 6,027 | 54,785 | ||||||
Dusa Pharmaceuticals, Inc.† | 15,650 | 124,731 | ||||||
Endocyte, Inc.†# | 20,669 | 193,669 | ||||||
Furiex Pharmaceuticals, Inc.† | 5,141 | 100,044 | ||||||
Hi-Tech Pharmacal Co., Inc. | 7,476 | 225,775 | ||||||
Hyperion Therapeutics, Inc.†# | 2,474 | 26,224 | ||||||
Idenix Pharmaceuticals, Inc.†# | 62,791 | 321,490 | ||||||
Infinity Pharmaceuticals, Inc.†# | 16,835 | 426,767 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 52,480 | 566,784 | ||||||
Jazz Pharmaceuticals PLC† | 28,998 | 1,562,412 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 49,712 | 156,096 | ||||||
Lannett Co., Inc.† | 11,151 | 55,309 | ||||||
MAP Pharmaceuticals, Inc.† | 19,597 | 312,376 | ||||||
Medicis Pharmaceutical Corp., Class A | 40,129 | 1,735,579 | ||||||
Opko Health, Inc.†# | 74,600 | 326,748 | ||||||
Optimer Pharmaceuticals, Inc.†# | 32,856 | 334,803 | ||||||
Orexigen Therapeutics, Inc.†# | 42,121 | 198,811 | ||||||
Pacira Pharmaceuticals, Inc.†# | 12,884 | 219,672 | ||||||
Pain Therapeutics, Inc.# | 26,518 | 84,327 | ||||||
Pernix Therapeutics Holdings†# | 6,353 | 49,490 | ||||||
PharMerica Corp.†# | 20,598 | 297,435 | ||||||
Pozen, Inc.† | 18,570 | 103,064 | ||||||
Progenics Pharmaceuticals, Inc.†# | 21,114 | 49,829 | ||||||
Raptor Pharmaceutical Corp.†# | �� | 34,116 | 180,474 | |||||
Repros Therapeutics, Inc.†# | 10,350 | 155,354 | ||||||
Rigel Pharmaceuticals, Inc.† | 49,894 | 414,120 | ||||||
Sagent Pharmaceuticals, Inc.† | 6,550 | 97,595 | ||||||
Santarus, Inc.† | 38,215 | 381,004 | ||||||
Sciclone Pharmaceuticals, Inc.†# | 39,659 | 174,103 | ||||||
SIGA Technologies, Inc.†# | 24,555 | 66,299 | ||||||
Sucampo Pharmaceuticals, Inc., Class A† | 7,576 | 39,698 | ||||||
Supernus Pharmaceuticals, Inc.†# | 2,354 | 18,808 | ||||||
Synergy Pharmaceuticals, Inc.† | 28,693 | 159,533 | ||||||
Synta Pharmaceuticals Corp.†# | 25,919 | 209,166 | ||||||
Targacept, Inc.† | 19,007 | 81,540 | ||||||
TESARO, Inc.†# | 3,187 | 58,991 | ||||||
Vanda Pharmaceuticals, Inc.†# | 19,710 | 68,591 | ||||||
Ventrus Biosciences, Inc.†# | 8,719 | 21,623 | ||||||
ViroPharma, Inc.† | 48,691 | 1,207,050 | ||||||
Vivus, Inc.†# | 69,618 | 786,683 | ||||||
XenoPort, Inc.† | 29,929 | 234,943 | ||||||
Zogenix, Inc.† | 37,902 | 100,061 | ||||||
16,303,673 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Acura Pharmaceuticals, Inc.†# | 8,454 | 15,471 | ||||||
Impax Laboratories, Inc.† | 46,790 | 951,708 | ||||||
967,179 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Centene Corp.† | 35,936 | 1,577,950 | ||||||
Magellan Health Services, Inc.† | 19,072 | 989,455 | ||||||
Metropolitan Health Networks, Inc.† | 30,831 | 346,540 | ||||||
Molina Healthcare, Inc.† | 20,908 | 582,079 | ||||||
Triple-S Management Corp., Class B† | 13,540 | 236,273 | ||||||
Universal American Corp. | 26,236 | 217,496 | ||||||
WellCare Health Plans, Inc.† | 30,087 | 1,452,300 | ||||||
5,402,093 | ||||||||
207
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Hospitals — 0.1% | ||||||||
Acadia Healthcare Co., Inc.† | 16,080 | $ | 369,036 | |||||
Select Medical Holdings Corp. | 24,427 | 269,674 | ||||||
Vanguard Health Systems, Inc.† | 22,197 | 234,622 | ||||||
873,332 | ||||||||
Medical - Nursing Homes — 0.2% | ||||||||
Assisted Living Concepts, Inc., Class A | 13,521 | 117,092 | ||||||
Ensign Group, Inc. | 12,145 | 313,220 | ||||||
Kindred Healthcare, Inc.† | 36,937 | 400,766 | ||||||
National Healthcare Corp.# | 7,362 | 329,302 | ||||||
Skilled Healthcare Group, Inc., Class A† | 13,363 | 89,532 | ||||||
Sun Healthcare Group, Inc.† | 17,828 | 150,825 | ||||||
1,400,737 | ||||||||
Medical - Outpatient/Home Medical — 0.3% | ||||||||
Air Methods Corp.† | 8,959 | 978,054 | ||||||
Almost Family, Inc.† | 5,759 | 114,259 | ||||||
Amedisys, Inc.† | 21,037 | 220,257 | ||||||
Amsurg Corp.† | 22,090 | 618,962 | ||||||
Gentiva Health Services, Inc.† | 21,250 | 218,875 | ||||||
LHC Group, Inc.† | 11,144 | 215,915 | ||||||
2,366,322 | ||||||||
Metal Processors & Fabrication — 0.7% | ||||||||
Ampco-Pittsburgh Corp. | 5,944 | 111,331 | ||||||
CIRCOR International, Inc. | 12,151 | 439,137 | ||||||
Dynamic Materials Corp. | 9,415 | 131,716 | ||||||
Haynes International, Inc. | 8,578 | 399,220 | ||||||
Kaydon Corp. | 22,373 | 515,250 | ||||||
LB Foster Co., Class A | 6,363 | 263,746 | ||||||
Mueller Industries, Inc. | 18,935 | 904,336 | ||||||
NN, Inc.† | 11,887 | 96,522 | ||||||
RBC Bearings, Inc.† | 15,489 | 721,633 | ||||||
Rexnord Corp.† | 20,113 | 430,016 | ||||||
RTI International Metals, Inc.†# | 21,169 | 524,991 | ||||||
Sun Hydraulics Corp. | 14,428 | 377,148 | ||||||
Worthington Industries, Inc. | 36,480 | 859,469 | ||||||
5,774,515 | ||||||||
Metal Products - Distribution — 0.0% | ||||||||
A.M. Castle & Co.†# | 11,658 | 148,756 | ||||||
Olympic Steel, Inc.# | 6,368 | 125,895 | ||||||
274,651 | ||||||||
Metal Products - Fasteners — 0.0% | ||||||||
Eastern Co.# | 4,339 | 64,087 | ||||||
Metal - Aluminum — 0.2% | ||||||||
Century Aluminum Co.†# | 35,945 | 279,293 | ||||||
Kaiser Aluminum Corp. | 13,472 | 820,041 | ||||||
Noranda Aluminum Holding Corp. | 23,263 | 137,949 | ||||||
1,237,283 | ||||||||
Metal - Copper — 0.0% | ||||||||
Revett Minerals, Inc.† | 17,803 | 59,106 | ||||||
Miscellaneous Manufacturing — 0.3% | ||||||||
American Railcar Industries, Inc. | 6,604 | 202,941 | ||||||
FreightCar America, Inc. | 8,355 | 175,706 | ||||||
Hillenbrand, Inc. | 38,503 | 814,724 | ||||||
John Bean Technologies Corp. | 20,198 | 329,025 | ||||||
Movado Group, Inc. | 12,288 | 426,271 | ||||||
Trimas Corp.† | 22,486 | 582,387 | ||||||
2,531,054 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Motion Pictures & Services — 0.1% | ||||||||
Lions Gate Entertainment Corp.†# | 59,224 | $ | 970,089 | |||||
Multimedia — 0.2% | ||||||||
Demand Media, Inc.†# | 20,918 | 186,170 | ||||||
Entravision Communications Corp., Class A# | 35,411 | 53,116 | ||||||
EW Scripps Co., Class A† | 20,855 | 212,304 | ||||||
Journal Communications, Inc., Class A† | 29,996 | 168,278 | ||||||
Martha Stewart Living Omnimedia, Class A† | 19,392 | 51,195 | ||||||
Meredith Corp.# | 25,293 | 788,636 | ||||||
1,459,699 | ||||||||
Networking Products — 0.5% | ||||||||
Anixter International, Inc. | 19,695 | 1,202,971 | ||||||
Black Box Corp. | 12,229 | 301,445 | ||||||
Calix, Inc.†# | 27,407 | 202,264 | ||||||
Extreme Networks, Inc.† | 65,741 | 236,668 | ||||||
Infinera Corp.†# | 76,613 | 427,500 | ||||||
Ixia† | 29,444 | 442,249 | ||||||
LogMeIn, Inc.†# | 15,409 | 329,753 | ||||||
NeoPhotonics Corp.†# | 13,652 | 73,311 | ||||||
NETGEAR, Inc.† | 26,520 | 924,487 | ||||||
Parkervision, Inc.†# | 52,986 | 120,808 | ||||||
Procera Networks, Inc.† | 13,450 | 277,742 | ||||||
4,539,198 | ||||||||
Non-Ferrous Metals — 0.2% | ||||||||
Globe Specialty Metals, Inc. | 42,919 | 594,857 | ||||||
Horsehead Holding Corp.† | 30,589 | 284,478 | ||||||
Materion Corp. | 14,259 | 292,310 | ||||||
Uranerz Energy Corp.†# | 46,065 | 61,266 | ||||||
Uranium Energy Corp.†# | 59,157 | 133,695 | ||||||
US Antimony Corp.†# | 37,532 | 73,938 | ||||||
1,440,544 | ||||||||
Non-Hazardous Waste Disposal — 0.0% | ||||||||
Casella Waste Systems, Inc., Class A† | 18,138 | 80,170 | ||||||
Office Furnishings - Original — 0.4% | ||||||||
CompX International, Inc.# | 795 | 10,494 | ||||||
Herman Miller, Inc. | 40,729 | 860,197 | ||||||
HNI Corp. | 31,794 | 946,825 | ||||||
Interface, Inc. | 40,900 | 600,821 | ||||||
Knoll, Inc. | 33,472 | 480,658 | ||||||
Steelcase, Inc., Class A | 53,122 | 618,340 | ||||||
3,517,335 | ||||||||
Office Supplies & Forms — 0.1% | ||||||||
ACCO Brands Corp.† | 78,893 | 531,739 | ||||||
Oil & Gas Drilling — 0.1% | ||||||||
Hercules Offshore, Inc.† | 110,641 | 570,908 | ||||||
Parker Drilling Co.† | 82,123 | 344,095 | ||||||
Vantage Drilling Co.†# | 133,701 | 240,662 | ||||||
1,155,665 | ||||||||
Oil Companies - Exploration & Production — 2.6% | ||||||||
Abraxas Petroleum Corp.†# | 57,638 | 127,956 | ||||||
Apco Oil and Gas International, Inc. | 6,373 | 67,872 | ||||||
Approach Resources, Inc.† | 23,216 | 545,344 | ||||||
Berry Petroleum Co., Class A | 36,560 | 1,137,382 | ||||||
Bill Barrett Corp.†# | 33,592 | 583,829 | ||||||
Bonanza Creek Energy, Inc.† | 6,918 | 163,957 | ||||||
BPZ Resources, Inc.† | 73,025 | 184,753 | ||||||
Callon Petroleum Co.† | 27,543 | 129,177 | ||||||
Carrizo Oil & Gas, Inc.†# | 27,639 | 573,509 | ||||||
Clayton Williams Energy, Inc.† | 4,119 | 167,685 | ||||||
Comstock Resources, Inc.†# | 33,597 | 550,991 |
208
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) | ||||||||
Contango Oil & Gas Co. | 8,911 | $ | 365,262 | |||||
Crimson Exploration, Inc.† | 14,842 | 40,667 | ||||||
DLB Oil & Gas, Inc.†(1)(2) | 3,000 | 0 | ||||||
Emerald Oil, Inc.†# | 4,792 | 24,487 | ||||||
Endeavour International Corp.†# | 32,375 | 218,208 | ||||||
Energy XXI Bermuda, Ltd.# | 55,074 | 1,744,744 | ||||||
EPL Oil & Gas, Inc.† | 19,368 | 406,534 | ||||||
Evolution Petroleum Corp.† | 11,557 | 91,300 | ||||||
Forest Oil Corp.† | 82,234 | 523,831 | ||||||
FX Energy, Inc.† | 36,957 | 148,198 | ||||||
Gastar Exploration, Ltd.†# | 41,178 | 40,766 | ||||||
Goodrich Petroleum Corp.†# | 18,145 | 163,486 | ||||||
Gulfport Energy Corp.† | 38,859 | 1,478,196 | ||||||
Halcon Resources Corp.† | 77,772 | 480,631 | ||||||
Harvest Natural Resources, Inc.† | 26,091 | 229,601 | ||||||
Isramco, Inc.† | 717 | 76,719 | ||||||
Kodiak Oil & Gas Corp.† | 184,016 | 1,578,857 | ||||||
Magnum Hunter Resources Corp.†# | 102,882 | 414,614 | ||||||
Matador Resources Co.† | 9,845 | 87,522 | ||||||
McMoRan Exploration Co.†# | 70,848 | 604,333 | ||||||
Midstates Petroleum Co., Inc.† | 16,774 | 115,237 | ||||||
Miller Energy Resources, Inc.†# | 20,484 | 92,997 | ||||||
Northern Oil and Gas, Inc.† | 44,346 | 696,232 | ||||||
Oasis Petroleum, Inc.† | 55,781 | 1,685,702 | ||||||
Panhandle Oil and Gas, Inc., Class A# | 4,873 | 138,003 | ||||||
PDC Energy, Inc.† | 20,896 | 749,749 | ||||||
Penn Virginia Corp.# | 32,000 | 141,760 | ||||||
PetroQuest Energy, Inc.† | 39,507 | 210,572 | ||||||
Quicksilver Resources, Inc.†# | 82,003 | 259,950 | ||||||
Resolute Energy Corp.† | 33,698 | 287,781 | ||||||
Rex Energy Corp.† | 30,137 | 396,302 | ||||||
Rosetta Resources, Inc.† | 36,936 | 1,659,904 | ||||||
Sanchez Energy Corp.†# | 8,085 | 147,713 | ||||||
Stone Energy Corp.† | 34,545 | 716,118 | ||||||
Swift Energy Co.† | 29,917 | 463,115 | ||||||
Synergy Resources Corp.† | 27,322 | 105,736 | ||||||
Triangle Petroleum Corp.† | 30,894 | 193,088 | ||||||
Vaalco Energy, Inc.† | 40,392 | 342,120 | ||||||
W&T Offshore, Inc.# | 24,245 | 401,740 | ||||||
Warren Resources, Inc.† | 50,061 | 137,668 | ||||||
ZaZa Energy Corp.†# | 17,330 | 33,100 | ||||||
21,924,998 | ||||||||
Oil Field Machinery & Equipment — 0.6% | ||||||||
Bolt Technology Corp. | 5,988 | 86,527 | ||||||
Dril-Quip, Inc.† | 28,063 | 1,974,793 | ||||||
Flotek Industries, Inc.†# | 34,541 | 398,948 | ||||||
Forum Energy Technologies, Inc.† | 15,492 | 391,018 | ||||||
Gulf Island Fabrication, Inc. | 10,045 | 233,747 | ||||||
Lufkin Industries, Inc.# | 23,459 | 1,284,615 | ||||||
Mitcham Industries, Inc.† | 8,882 | 128,700 | ||||||
Natural Gas Services Group, Inc.† | 8,595 | 141,474 | ||||||
Thermon Group Holdings, Inc.† | 10,272 | 254,027 | ||||||
4,893,849 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,469 | 51,254 | ||||||
Alon USA Energy, Inc. | 6,788 | 96,525 | ||||||
Arabian American Development Co.†# | 13,941 | 113,340 | ||||||
CVR Energy, Inc.† | 11,577 | 529,532 | ||||||
CVR Energy, Inc. (CVR)†(1)(2) | 61,322 | 0 | ||||||
Delek US Holdings, Inc. | 11,867 | 311,746 | ||||||
Western Refining, Inc.# | 40,014 | 1,162,407 | ||||||
2,264,804 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil - Field Services — 0.9% |
| |||||||
Basic Energy Services, Inc.†# | 21,537 | $ | 237,338 | |||||
C&J Energy Services, Inc.† | 31,125 | 621,566 | ||||||
Cal Dive International, Inc.†# | 67,104 | 105,353 | ||||||
Edgen Group, Inc.† | 10,463 | 72,718 | ||||||
Exterran Holdings, Inc.†# | 45,268 | 944,743 | ||||||
Forbes Energy Services, Ltd.†# | 10,299 | 23,894 | ||||||
Helix Energy Solutions Group, Inc.† | 73,766 | 1,291,643 | ||||||
Hornbeck Offshore Services, Inc.† | 24,654 | 886,804 | ||||||
Key Energy Services, Inc.† | 105,447 | 705,440 | ||||||
Matrix Service Co.† | 17,967 | 197,098 | ||||||
Newpark Resources, Inc.†# | 62,772 | 489,622 | ||||||
Pioneer Energy Services Corp.† | 43,209 | 312,401 | ||||||
Targa Resources Corp. | 20,241 | 1,013,872 | ||||||
Tesco Corp.† | 21,191 | 228,863 | ||||||
TETRA Technologies, Inc.† | 54,166 | 379,162 | ||||||
Willbros Group, Inc.† | 27,175 | 136,690 | ||||||
7,647,207 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp. | 4,953 | 91,977 | ||||||
Optical Supplies — 0.0% |
| |||||||
Staar Surgical Co.† | 25,356 | 146,558 | ||||||
Paper & Related Products — 0.6% |
| |||||||
Boise, Inc. | 70,169 | 575,386 | ||||||
Buckeye Technologies, Inc. | 27,517 | 762,771 | ||||||
Clearwater Paper Corp.† | 16,326 | 648,959 | ||||||
KapStone Paper and Packaging Corp. | 28,211 | 618,385 | ||||||
Neenah Paper, Inc. | 11,050 | 310,063 | ||||||
Orchids Paper Products Co.# | 4,019 | 85,323 | ||||||
P.H. Glatfelter Co. | 29,859 | 507,305 | ||||||
Resolute Forest Products†# | 56,563 | 662,353 | ||||||
Schweitzer-Mauduit International, Inc. | 21,794 | 816,621 | ||||||
Wausau Paper Corp.# | 30,780 | 258,244 | ||||||
5,245,410 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.† | 33,359 | 732,230 | ||||||
Masimo Corp. | 34,862 | 722,341 | ||||||
1,454,571 | ||||||||
Petrochemicals — 0.1% |
| |||||||
TPC Group, Inc.† | 9,039 | 434,143 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.† | 30,673 | 315,932 | ||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
HealthSouth Corp.† | 66,743 | 1,467,679 | ||||||
U.S. Physical Therapy, Inc. | 8,216 | 219,531 | ||||||
1,687,210 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
Healthways, Inc.†# | 23,326 | 252,387 | ||||||
IPC The Hospitalist Co., Inc.†# | 11,572 | 436,843 | ||||||
689,230 | ||||||||
Pipelines — 0.2% |
| |||||||
Crosstex Energy, Inc. | 28,468 | 365,814 | ||||||
SemGroup Corp., Class A† | 29,186 | 1,099,728 | ||||||
1,465,542 | ||||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.† | 80,830 | 927,928 | ||||||
209
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Pollution Control — 0.0% |
| |||||||
ADA-ES, Inc.† | 6,287 | $ | 102,792 | |||||
CECO Environmental Corp.# | 5,007 | 46,665 | ||||||
GSE Holding, Inc.† | 5,617 | 39,375 | ||||||
Met-Pro Corp.# | 10,250 | 91,328 | ||||||
280,160 | ||||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.† | 42,126 | 300,779 | ||||||
Sanderson Farms, Inc. | 16,039 | 769,391 | ||||||
1,070,170 | ||||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Advanced Energy Industries, Inc.† | 27,744 | 354,846 | ||||||
Capstone Turbine Corp.†# | 208,445 | 201,316 | ||||||
Generac Holdings, Inc.# | 17,270 | 563,520 | ||||||
Powell Industries, Inc.† | 6,240 | 249,850 | ||||||
Power-One, Inc.† | 46,840 | 194,386 | ||||||
SunPower Corp.† | 27,765 | 127,719 | ||||||
Vicor Corp.† | 13,721 | 73,407 | ||||||
1,765,044 | ||||||||
Precious Metals — 0.2% |
| |||||||
Coeur d’Alene Mines Corp.† | 62,765 | 1,459,914 | ||||||
Paramount Gold and Silver Corp.†# | 91,183 | 211,544 | ||||||
1,671,458 | ||||||||
Printing - Commercial — 0.4% |
| |||||||
American Reprographics Co.† | 25,510 | 64,285 | ||||||
Cenveo, Inc.†# | 37,691 | 88,197 | ||||||
Consolidated Graphics, Inc.† | 5,555 | 189,092 | ||||||
Deluxe Corp.# | 35,605 | 1,025,424 | ||||||
Ennis, Inc. | 18,262 | 277,948 | ||||||
Multi-Color Corp.# | 9,428 | 211,941 | ||||||
Quad/Graphics, Inc.# | 17,587 | 284,909 | ||||||
Valassis Communications, Inc.†# | 27,720 | 720,166 | ||||||
VistaPrint NV†# | 23,815 | 739,337 | ||||||
3,601,299 | ||||||||
Private Corrections — 0.1% |
| |||||||
Geo Group, Inc. | 42,898 | 1,209,724 | ||||||
Private Equity — 0.0% |
| |||||||
Fidus Investment Corp. | 8,305 | 141,185 | ||||||
Gladstone Investment Corp. | 15,418 | 108,234 | ||||||
249,419 | ||||||||
Protection/Safety — 0.1% |
| |||||||
Ascent Capital Group, Inc., Class A† | 9,920 | 607,203 | ||||||
Landauer, Inc. | 6,601 | 393,288 | ||||||
1,000,491 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp. | 6,756 | 76,410 | ||||||
Scholastic Corp.# | 18,108 | 508,111 | ||||||
584,521 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Daily Journal Corp.†# | 680 | 61,622 | ||||||
Dolan Co.† | 21,350 | 73,230 | ||||||
McClatchy Co., Class A†# | 40,471 | 135,578 | ||||||
New York Times Co., Class A† | 95,104 | 771,293 | ||||||
1,041,723 | ||||||||
Publishing - Periodicals — 0.0% |
| |||||||
Value Line, Inc.# | 919 | 8,381 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Racetracks — 0.1% | ||||||||
Churchill Downs, Inc. | 9,087 | $ | 574,389 | |||||
International Speedway Corp., Class A | 19,346 | 519,053 | ||||||
Speedway Motorsports, Inc. | 8,134 | 131,934 | ||||||
1,225,376 | ||||||||
Radio — 0.0% |
| |||||||
Beasley Broadcasting Group, Inc., Class A† Class A | 3,074 | 15,032 | ||||||
Cumulus Media, Inc., Class A† | 43,073 | 98,637 | ||||||
Entercom Communications Corp., Class A†# | 17,056 | 108,306 | ||||||
Saga Communications, Inc., Class A | 2,448 | 111,017 | ||||||
Salem Communications Corp., Class A | 7,063 | 36,586 | ||||||
369,578 | ||||||||
Real Estate Investment Trusts — 7.8% |
| |||||||
Acadia Realty Trust | 32,126 | 797,367 | ||||||
AG Mortgage Investment Trust, Inc. | 15,825 | 389,770 | ||||||
Agree Realty Corp. | 7,985 | 209,367 | ||||||
Alexander’s, Inc. | 1,465 | 648,995 | ||||||
American Assets Trust, Inc. | 23,079 | 628,441 | ||||||
American Capital Mortgage Investment Corp. | 25,321 | 646,698 | ||||||
American Realty Capital Trust, Inc. | 110,658 | 1,290,272 | ||||||
AmREIT, Inc., Class B | 2,861 | 47,264 | ||||||
Anworth Mortgage Asset Corp. | 95,796 | 565,196 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 12,195 | 203,535 | ||||||
Apollo Residential Mortgage, Inc. | 16,886 | 366,257 | ||||||
Ares Commercial Real Estate Corp.# | 5,377 | 88,452 | ||||||
ARMOUR Residential REIT, Inc.# | 207,324 | 1,451,268 | ||||||
Ashford Hospitality Trust, Inc.# | 37,258 | 337,185 | ||||||
Associated Estates Realty Corp. | 34,412 | 520,654 | ||||||
Campus Crest Communities, Inc. | 26,806 | 306,661 | ||||||
CapLease, Inc. | 46,621 | 218,186 | ||||||
Capstead Mortgage Corp. | 68,758 | 834,722 | ||||||
Cedar Realty Trust, Inc. | 41,859 | 226,876 | ||||||
Chatham Lodging Trust | 9,712 | 137,133 | ||||||
Chesapeake Lodging Trust | 27,643 | 521,623 | ||||||
Colonial Properties Trust | 61,394 | 1,252,438 | ||||||
Colony Financial, Inc. | 28,769 | 575,955 | ||||||
Coresite Realty Corp. | 14,344 | 367,206 | ||||||
Cousins Properties, Inc. | 64,061 | 525,941 | ||||||
CreXus Investment Corp. | 46,760 | 584,032 | ||||||
CubeSmart | 86,011 | 1,186,952 | ||||||
CYS Investments, Inc.# | 115,833 | 1,481,504 | ||||||
DCT Industrial Trust, Inc.# | 172,469 | 1,077,931 | ||||||
DiamondRock Hospitality Co. | 130,660 | 1,141,968 | ||||||
DuPont Fabros Technology, Inc.# | 42,819 | 988,691 | ||||||
Dynex Capital, Inc. | 37,947 | 371,881 | ||||||
EastGroup Properties, Inc. | 19,883 | 1,039,483 | ||||||
Education Realty Trust, Inc. | 78,766 | 812,078 | ||||||
EPR Properties | 32,695 | 1,482,718 | ||||||
Equity One, Inc. | 38,305 | 791,764 | ||||||
Excel Trust, Inc. | 23,491 | 279,543 | ||||||
FelCor Lodging Trust, Inc.† | 86,744 | 364,325 | ||||||
First Industrial Realty Trust, Inc.† | 68,614 | 905,705 | ||||||
First Potomac Realty Trust | 35,589 | 417,459 | ||||||
Franklin Street Properties Corp. | 50,615 | 584,603 | ||||||
Getty Realty Corp.# | 17,909 | 301,588 | ||||||
Gladstone Commercial Corp.# | 7,643 | 133,982 | ||||||
Glimcher Realty Trust | 97,377 | 1,043,881 | ||||||
Government Properties Income Trust# | 25,878 | 596,488 | ||||||
Gramercy Capital Corp.† | 32,051 | 93,589 | ||||||
Gyrodyne Co. of America, Inc.# | 831 | 94,319 | ||||||
Healthcare Realty Trust, Inc. | 54,438 | 1,298,346 | ||||||
Hersha Hospitality Trust | 120,075 | 563,152 | ||||||
Highwoods Properties, Inc. | 51,620 | 1,664,229 | ||||||
Hudson Pacific Properties, Inc. | 25,028 | 484,792 |
210
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Inland Real Estate Corp. | 53,425 | $ | 425,797 | |||||
Invesco Mortgage Capital, Inc. | 80,584 | 1,705,963 | ||||||
Investors Real Estate Trust | 63,409 | 538,342 | ||||||
iStar Financial, Inc.† | 58,905 | 450,623 | ||||||
Kite Realty Group Trust | 38,471 | 205,435 | ||||||
LaSalle Hotel Properties | 59,797 | 1,441,706 | ||||||
Lexington Realty Trust | 82,841 | 794,445 | ||||||
LTC Properties, Inc. | 21,236 | 694,842 | ||||||
Medical Properties Trust, Inc. | 94,666 | 1,104,752 | ||||||
Mission West Properties, Inc. | 12,718 | 116,243 | ||||||
Monmouth Real Estate Investment Corp., Class A | 28,096 | 295,008 | ||||||
National Health Investors, Inc.# | 17,093 | 948,662 | ||||||
New York Mortgage Trust, Inc.# | 22,681 | 152,190 | ||||||
NorthStar Realty Finance Corp. | 93,119 | 626,691 | ||||||
Omega Healthcare Investors, Inc. | 73,878 | 1,693,284 | ||||||
One Liberty Properties, Inc. | 8,012 | 156,314 | ||||||
Parkway Properties, Inc.# | 11,068 | 148,754 | ||||||
Pebblebrook Hotel Trust | 39,904 | 831,998 | ||||||
Pennsylvania Real Estate Investment Trust | 39,070 | 650,906 | ||||||
PennyMac Mortgage Investment Trust | 41,053 | 1,011,957 | ||||||
Potlatch Corp. | 28,163 | 1,096,949 | ||||||
PS Business Parks, Inc. | 12,860 | 829,341 | ||||||
RAIT Financial Trust# | 34,845 | 193,390 | ||||||
Ramco - Gershenson Properties Trust | 32,084 | 429,284 | ||||||
Redwood Trust, Inc. | 55,202 | 922,977 | ||||||
Resource Capital Corp. | 69,444 | 411,109 | ||||||
Retail Opportunity Investments Corp.# | 35,155 | 446,117 | ||||||
RLJ Lodging Trust | 74,500 | 1,384,955 | ||||||
Rouse Properties, Inc.# | 15,464 | 231,960 | ||||||
Sabra Health Care REIT, Inc. | 25,872 | 561,422 | ||||||
Saul Centers, Inc. | 5,283 | 225,056 | ||||||
Select Income REIT | 6,427 | 160,611 | ||||||
Sovran Self Storage, Inc. | 20,248 | 1,251,124 | ||||||
STAG Industrial, Inc. | 21,693 | 408,913 | ||||||
Starwood Property Trust, Inc. | 81,264 | 1,857,695 | ||||||
Strategic Hotels & Resorts, Inc.† | 126,373 | 787,304 | ||||||
Summit Hotel Properties, Inc. | 21,323 | 187,216 | ||||||
Sun Communities, Inc. | 20,752 | 801,027 | ||||||
Sunstone Hotel Investors, Inc.† | 95,103 | 981,463 | ||||||
Terreno Realty Corp. | 9,366 | 140,022 | ||||||
Two Harbors Investment Corp. | 194,687 | 2,203,857 | ||||||
UMH Properties, Inc. | 9,199 | 93,186 | ||||||
Universal Health Realty Income Trust | 8,299 | 404,493 | ||||||
Urstadt Biddle Properties, Inc., Class A | 15,983 | 300,321 | ||||||
Washington Real Estate Investment Trust# | 46,308 | 1,200,303 | ||||||
Western Asset Mortgage Capital Corp. | 5,584 | 115,198 | ||||||
Whitestone REIT, Class B# | 9,647 | 135,540 | ||||||
Winthrop Realty Trust | 20,364 | 228,280 | ||||||
64,925,490 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
HFF, Inc., Class A | 22,778 | 337,798 | ||||||
Kennedy-Wilson Holdings, Inc.# | 30,003 | 393,039 | ||||||
730,837 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
AV Homes, Inc.†# | 6,891 | 91,168 | ||||||
Consolidated-Tomoka Land Co.# | 3,000 | 94,860 | ||||||
Forestar Group, Inc.† | 24,203 | 357,720 | ||||||
Thomas Properties Group, Inc. | 22,481 | 122,522 | ||||||
666,270 | ||||||||
Recreational Centers — 0.2% |
| |||||||
Life Time Fitness, Inc.†# | 29,932 | 1,408,600 | ||||||
Town Sports International Holdings, Inc. | 16,189 | 163,833 | ||||||
1,572,433 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc.† | 8,830 | $ | 332,273 | |||||
Recycling — 0.0% |
| |||||||
Metalico, Inc.†# | 27,993 | 46,748 | ||||||
Rental Auto/Equipment — 0.5% |
| |||||||
Avis Budget Group, Inc.† | 74,116 | 1,403,757 | ||||||
Electro Rent Corp. | 13,098 | 205,770 | ||||||
H&E Equipment Services, Inc. | 20,038 | 311,591 | ||||||
McGrath RentCorp | 17,290 | 484,466 | ||||||
Rent-A-Center, Inc. | 41,486 | 1,442,053 | ||||||
Zipcar, Inc.†# | 18,765 | 152,559 | ||||||
4,000,196 | ||||||||
Research & Development — 0.2% |
| |||||||
AVEO Pharmaceuticals, Inc.†# | 27,169 | 176,599 | ||||||
PAREXEL International Corp.† | 41,818 | 1,350,303 | ||||||
1,526,902 | ||||||||
Resorts/Theme Parks — 0.5% |
| |||||||
Bluegreen Corp.†# | 10,006 | 94,557 | ||||||
Marriott Vacations Worldwide Corp.† | 18,570 | 739,271 | ||||||
Six Flags Entertainment Corp. | 27,702 | 1,703,119 | ||||||
Vail Resorts, Inc. | 25,147 | 1,416,279 | ||||||
3,953,226 | ||||||||
Retail - Apparel/Shoe — 1.6% |
| |||||||
Aeropostale, Inc.† | 56,739 | 783,566 | ||||||
ANN, Inc.† | 34,065 | 1,142,881 | ||||||
bebe stores, Inc. | 25,793 | 96,982 | ||||||
Body Central Corp.† | 11,292 | 115,517 | ||||||
Brown Shoe Co., Inc. | 29,915 | 569,881 | ||||||
Buckle, Inc.# | 19,374 | 990,980 | ||||||
Casual Male Retail Group, Inc.† | 29,310 | 112,257 | ||||||
Cato Corp., Class A | 19,142 | 556,267 | ||||||
Children’s Place Retail Stores, Inc.† | 16,945 | 823,696 | ||||||
Destination Maternity Corp. | 9,334 | 207,401 | ||||||
Express, Inc.† | 62,458 | 932,498 | ||||||
Fifth & Pacific Cos., Inc.† | 75,918 | 914,812 | ||||||
Finish Line, Inc., Class A | 35,486 | 732,076 | ||||||
Francesca’s Holdings Corp.†# | 24,289 | 632,243 | ||||||
Genesco, Inc.† | 17,091 | 945,645 | ||||||
Hot Topic, Inc.# | 29,455 | 293,961 | ||||||
Jos. A. Bank Clothiers, Inc.†# | 19,438 | 837,778 | ||||||
Men’s Wearhouse, Inc. | 35,551 | 1,153,274 | ||||||
New York & Co., Inc.† | 19,126 | 71,149 | ||||||
rue21, Inc.†# | 10,809 | 310,326 | ||||||
Shoe Carnival, Inc. | 9,973 | 220,503 | ||||||
Stein Mart, Inc. | 19,076 | 162,909 | ||||||
Tilly’s, Inc.† | 6,417 | 84,897 | ||||||
Vera Bradley, Inc.†# | 14,066 | 389,769 | ||||||
Wet Seal, Inc., Class A† | 63,163 | 185,699 | ||||||
Winmark Corp. | 1,588 | 89,706 | ||||||
13,356,673 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 10,887 | 307,884 | ||||||
hhgregg, Inc.†# | 10,941 | 80,964 | ||||||
388,848 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
Pep Boys - Manny Moe & Jack | 36,904 | 390,075 | ||||||
Retail - Automobile — 0.5% |
| |||||||
America’s Car - Mart, Inc.† | 5,585 | 206,087 | ||||||
Asbury Automotive Group, Inc.† | 19,437 | 586,803 | ||||||
Group 1 Automotive, Inc.# | 16,007 | 972,585 |
211
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Automobile (continued) |
| |||||||
Lithia Motors, Inc., Class A | 15,133 | $ | 541,459 | |||||
Penske Automotive Group, Inc.# | 29,642 | 863,471 | ||||||
Rush Enterprises, Inc., Class A† | 23,227 | 444,797 | ||||||
Sonic Automotive, Inc., Class A | 28,128 | 555,247 | ||||||
4,170,449 | ||||||||
Retail - Bedding — 0.0% |
| |||||||
Mattress Firm Holding Corp.†# | 7,687 | 219,925 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble, Inc.†# | 19,797 | 284,087 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 19,226 | 1,032,052 | ||||||
Orchard Supply Hardware Stores Corp., Class A†# | 1,327 | 10,284 | ||||||
1,042,336 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,231 | 66,048 | ||||||
Systemax, Inc. | 7,716 | 79,475 | ||||||
145,523 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
RadioShack Corp.# | 69,428 | 140,939 | ||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc. | 26,590 | 1,313,546 | ||||||
Pantry, Inc.† | 16,315 | 209,485 | ||||||
Susser Holdings Corp.† | 7,812 | 285,216 | ||||||
1,808,247 | ||||||||
Retail - Discount — 0.3% |
| |||||||
Citi Trends, Inc.† | 10,408 | 145,295 | ||||||
Fred’s, Inc., Class A | 25,716 | 342,023 | ||||||
Gordmans Stores, Inc.† | 5,906 | 85,401 | ||||||
HSN, Inc. | 26,479 | 1,400,474 | ||||||
Tuesday Morning Corp.† | 29,209 | 184,309 | ||||||
2,157,502 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Rite Aid Corp.† | 460,804 | 465,412 | ||||||
Retail - Hair Salons — 0.1% |
| |||||||
Regis Corp.# | 40,193 | 661,979 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Haverty Furniture Cos., Inc. | 13,395 | 224,366 | ||||||
Kirkland’s, Inc.† | 9,465 | 86,037 | ||||||
Pier 1 Imports, Inc. | 67,828 | 1,301,619 | ||||||
1,612,022 | ||||||||
Retail - Hypermarkets — 0.0% |
| |||||||
Roundy’s, Inc.# | 13,961 | 66,315 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 14,238 | 117,606 | ||||||
Steinway Musical Instruments, Inc.† | 4,821 | 109,919 | ||||||
West Marine, Inc.† | 10,603 | 109,635 | ||||||
337,160 | ||||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Saks, Inc.†# | 76,719 | 805,550 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Five Below, Inc.† | 7,718 | 286,724 | ||||||
Perfumania Holdings, Inc.†# | 3,543 | 17,538 | ||||||
Pricesmart, Inc.# | 12,695 | 984,116 | ||||||
Teavana Holdings, Inc.†# | 6,124 | 90,329 | ||||||
1,378,707 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.†# | 198,186 | $ | 665,905 | |||||
OfficeMax, Inc. | 60,452 | 604,520 | ||||||
1,270,425 | ||||||||
Retail - Pawn Shops — 0.3% |
| |||||||
Cash America International, Inc.# | 20,511 | 763,830 | ||||||
Ezcorp, Inc.† | 33,492 | 643,716 | ||||||
First Cash Financial Services, Inc.† | 19,977 | 965,089 | ||||||
2,372,635 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc.# | 14,199 | 163,856 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Bon-Ton Stores, Inc.# | 8,835 | 104,695 | ||||||
Stage Stores, Inc. | 21,408 | 553,825 | ||||||
658,520 | ||||||||
Retail - Restaurants — 1.6% |
| |||||||
AFC Enterprises, Inc.† | 17,005 | 449,612 | ||||||
Biglari Holdings, Inc.† | 846 | 307,479 | ||||||
BJ’s Restaurants, Inc.†# | 17,129 | 587,353 | ||||||
Bloomin’ Brands, Inc.† | 12,838 | 203,226 | ||||||
Bob Evans Farms, Inc. | 20,348 | 766,916 | ||||||
Bravo Brio Restaurant Group, Inc.† | 13,642 | 186,213 | ||||||
Buffalo Wild Wings, Inc.†# | 12,964 | 939,112 | ||||||
Caribou Coffee Co., Inc.†# | 14,732 | 177,521 | ||||||
Carrols Restaurant Group, Inc.† | 10,642 | 69,067 | ||||||
CEC Entertainment, Inc. | 12,774 | 399,826 | ||||||
Cheesecake Factory, Inc.# | 37,714 | 1,289,442 | ||||||
Chuy’s Holdings, Inc.† | 4,682 | 110,261 | ||||||
Cracker Barrel Old Country Store, Inc. | 13,435 | 825,581 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 4,048 | 59,951 | ||||||
Denny’s Corp.† | 67,141 | 318,920 | ||||||
DineEquity, Inc.†# | 10,677 | 673,185 | ||||||
Domino’s Pizza, Inc. | 40,434 | 1,682,054 | ||||||
Einstein Noah Restaurant Group, Inc. | 4,294 | 68,747 | ||||||
Fiesta Restaurant Group, Inc.† | 11,289 | 169,899 | ||||||
Frisch’s Restaurants, Inc.# | 2,189 | 41,722 | ||||||
Ignite Restaurant Group, Inc.†# | 4,632 | 58,826 | ||||||
Jack in the Box, Inc.† | 30,877 | 850,661 | ||||||
Jamba, Inc.† | 46,998 | 98,696 | ||||||
Krispy Kreme Doughnuts, Inc.†# | 41,513 | 377,768 | ||||||
Luby’s, Inc.† | 13,969 | 88,843 | ||||||
Nathan’s Famous, Inc.†# | 1,864 | 59,014 | ||||||
Papa John’s International, Inc.† | 12,526 | 663,001 | ||||||
Red Robin Gourmet Burgers, Inc.† | 10,255 | 335,851 | ||||||
Ruby Tuesday, Inc.† | 44,543 | 347,881 | ||||||
Ruth’s Hospitality Group, Inc.† | 24,600 | 184,500 | ||||||
Sonic Corp.† | 42,328 | 428,783 | ||||||
Texas Roadhouse, Inc. | 43,573 | 723,748 | ||||||
13,543,659 | ||||||||
Retail - Sporting Goods — 0.4% |
| |||||||
Big 5 Sporting Goods Corp. | 11,606 | 162,484 | ||||||
Cabela’s, Inc.†# | 32,571 | 1,555,917 | ||||||
Hibbett Sports, Inc.† | 18,434 | 990,643 | ||||||
Zumiez, Inc.† | 15,290 | 316,197 | ||||||
3,025,241 | ||||||||
Retail-Video Rentals — 0.1% |
| |||||||
Coinstar, Inc.†# | 21,855 | 1,028,059 | ||||||
Retail-Vitamins & Nutrition Supplements — 0.1% |
| |||||||
Vitamin Shoppe, Inc.† | 20,557 | 1,218,208 | ||||||
212
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Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retirement/Aged Care — 0.2% |
| |||||||
Capital Senior Living Corp.† | 19,662 | $ | 350,180 | |||||
Emeritus Corp.† | 21,452 | 485,244 | ||||||
Five Star Quality Care, Inc.† | 29,700 | 146,124 | ||||||
Sunrise Senior Living, Inc.† | 40,636 | 586,784 | ||||||
1,568,332 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 43,512 | 1,086,930 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Myers Industries, Inc. | 23,402 | 347,988 | ||||||
Proto Labs, Inc.† | 3,507 | 127,935 | ||||||
475,923 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
DigitalGlobe, Inc.† | 25,254 | 629,835 | ||||||
GeoEye, Inc.† | 10,549 | 322,378 | ||||||
Iridium Communications, Inc.† | 34,708 | 214,148 | ||||||
Loral Space & Communications, Inc. | 7,676 | 652,997 | ||||||
1,819,358 | ||||||||
Savings & Loans/Thrifts — 1.1% |
| |||||||
Astoria Financial Corp. | 60,837 | 567,609 | ||||||
Bank Mutual Corp. | 32,348 | 134,244 | ||||||
BankFinancial Corp. | 14,715 | 104,182 | ||||||
Beneficial Mutual Bancorp, Inc.† | 22,922 | 214,779 | ||||||
Berkshire Hills Bancorp, Inc. | 15,478 | 356,923 | ||||||
BofI Holding, Inc.† | 6,921 | 184,514 | ||||||
Brookline Bancorp, Inc. | 48,907 | 413,753 | ||||||
BSB Bancorp, Inc.† | 5,726 | 68,598 | ||||||
Cape Bancorp, Inc. | 7,874 | 67,716 | ||||||
Charter Financial Corp. | 4,583 | 44,638 | ||||||
Clifton Savings Bancorp, Inc.# | 5,968 | 63,917 | ||||||
Dime Community Bancshares, Inc. | 21,951 | 306,217 | ||||||
ESB Financial Corp. | 7,259 | 91,681 | ||||||
ESSA Bancorp, Inc. | 6,291 | 62,847 | ||||||
EverBank Financial Corp. | 15,594 | 230,479 | ||||||
First Defiance Financial Corp. | 6,793 | 115,549 | ||||||
First Federal Bancshares of Arkansas, Inc.†# | 2,426 | 21,349 | ||||||
First Financial Holdings, Inc.# | 11,540 | 155,675 | ||||||
First Financial Northwest, Inc.† | 11,174 | 84,364 | ||||||
First Pactrust Bancorp, Inc. | 7,404 | 87,367 | ||||||
Flushing Financial Corp. | 21,591 | 323,001 | ||||||
Fox Chase Bancorp, Inc. | 8,867 | 138,680 | ||||||
Heritage Financial Group, Inc. | 6,053 | 79,536 | ||||||
Hingham Institution for Savings# | 894 | 55,133 | ||||||
Home Bancorp, Inc.† | 4,771 | 87,166 | ||||||
Home Federal Bancorp, Inc. | 10,965 | 127,742 | ||||||
HomeStreet, Inc.† | 6,082 | 149,678 | ||||||
HomeTrust Bancshares, Inc.†# | 14,768 | 189,621 | ||||||
Investors Bancorp, Inc. | 30,866 | 528,426 | ||||||
Kearny Financial Corp.# | 10,568 | 97,014 | ||||||
Meridian Interstate Bancorp, Inc.† | 5,921 | 97,400 | ||||||
NASB Financial, Inc.† | 2,928 | 63,450 | ||||||
Northfield Bancorp, Inc. | 10,263 | 156,716 | ||||||
Northwest Bancshares, Inc. | 68,152 | 813,053 | ||||||
OceanFirst Financial Corp. | 10,050 | 137,786 | ||||||
Oritani Financial Corp. | 31,738 | 463,375 | ||||||
Peoples Federal Bancshares, Inc.# | 4,255 | 74,207 | ||||||
Provident Financial Holdings, Inc. | 6,791 | 108,316 | ||||||
Provident Financial Services, Inc. | 42,024 | 608,928 | ||||||
Provident New York Bancorp# | 27,542 | 249,531 | ||||||
Rockville Financial, Inc. | 19,959 | 259,068 | ||||||
Roma Financial Corp. | 5,102 | 43,163 | ||||||
SI Financial Group, Inc. | 7,385 | 81,530 | ||||||
Simplicity Bancorp, Inc.# | 6,319 | 89,288 |
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Territorial Bancorp, Inc. | 7,705 | $ | 175,289 | |||||
United Financial Bancorp, Inc. | 10,841 | 168,578 | ||||||
Waterstone Financial, Inc.†# | 5,100 | 28,305 | ||||||
Westfield Financial, Inc. | 17,044 | 118,797 | ||||||
WSFS Financial Corp. | 5,318 | 230,801 | ||||||
9,119,979 | ||||||||
Schools — 0.3% |
| |||||||
American Public Education, Inc.†# | 12,588 | 432,775 | ||||||
Bridgepoint Education, Inc.†# | 12,152 | 118,360 | ||||||
Capella Education Co.† | 9,418 | 260,596 | ||||||
Career Education Corp.† | 36,149 | 108,086 | ||||||
Corinthian Colleges, Inc.†# | 54,658 | 121,341 | ||||||
Education Management Corp.†# | 18,610 | 72,021 | ||||||
Grand Canyon Education, Inc.† | 27,897 | 660,601 | ||||||
K12, Inc.†# | 18,628 | 322,823 | ||||||
Lincoln Educational Services Corp.# | 15,923 | 61,622 | ||||||
National American University Holdings, Inc. | 7,048 | 27,910 | ||||||
Strayer Education, Inc.# | 8,284 | 433,502 | ||||||
Universal Technical Institute, Inc. | 14,974 | 141,804 | ||||||
2,761,441 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 33,000 | 906,180 | ||||||
Seismic Data Collection — 0.2% |
| |||||||
Dawson Geophysical Co.† | 5,536 | 125,944 | ||||||
Geospace Technologies Corp.† | 8,900 | 677,913 | ||||||
Global Geophysical Services, Inc.†# | 13,556 | 57,071 | ||||||
ION Geophysical Corp.†# | 92,139 | 549,148 | ||||||
TGC Industries, Inc. | 10,177 | 81,823 | ||||||
1,491,899 | ||||||||
Semiconductor Components-Integrated Circuits — 0.7% |
| |||||||
Aeroflex Holding Corp.† | 13,804 | 89,450 | ||||||
ANADIGICS, Inc.†# | 49,191 | 89,036 | ||||||
Cirrus Logic, Inc.† | 45,024 | 1,410,151 | ||||||
Emulex Corp.† | 60,605 | 445,447 | ||||||
Exar Corp.† | 25,969 | 212,946 | ||||||
Hittite Microwave Corp.† | 22,005 | 1,335,263 | ||||||
Integrated Device Technology, Inc.† | 99,344 | 622,887 | ||||||
MaxLinear, Inc., Class A†# | 15,462 | 83,031 | ||||||
Micrel, Inc.# | 33,905 | 325,827 | ||||||
Pericom Semiconductor Corp.† | 16,492 | 124,020 | ||||||
Power Integrations, Inc.# | 19,818 | 616,538 | ||||||
Sigma Designs, Inc.† | 22,976 | 132,112 | ||||||
TriQuint Semiconductor, Inc.† | 117,678 | 595,451 | ||||||
6,082,159 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
ATMI, Inc.† | 22,290 | 444,017 | ||||||
Axcelis Technologies, Inc.† | 75,146 | 74,395 | ||||||
Brooks Automation, Inc. | 46,306 | 356,556 | ||||||
Cabot Microelectronics Corp. | 16,451 | 536,632 | ||||||
Cohu, Inc. | 17,012 | 165,016 | ||||||
Entegris, Inc.† | 95,844 | 858,762 | ||||||
FormFactor, Inc.† | 34,642 | 153,464 | ||||||
Intermolecular, Inc.† | 9,668 | 67,676 | ||||||
LTX-Credence Corp.† | 34,221 | 194,375 | ||||||
Mattson Technology, Inc.† | 40,831 | 34,706 | ||||||
MKS Instruments, Inc. | 36,685 | 889,611 | ||||||
Nanometrics, Inc.† | 16,400 | 237,144 | ||||||
Photronics, Inc.† | 42,164 | 217,145 | ||||||
Rudolph Technologies, Inc.† | 22,440 | 248,187 | ||||||
Tessera Technologies, Inc. | 36,237 | 588,851 | ||||||
Ultra Clean Holdings, Inc.† | 16,259 | 78,368 |
213
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Semiconductor Equipment (continued) |
| |||||||
Ultratech, Inc.† | 18,301 | $ | 600,639 | |||||
Veeco Instruments, Inc.†# | 27,133 | 772,205 | ||||||
6,517,749 | ||||||||
Silver Mining — 0.2% |
| |||||||
Golden Minerals Co.†# | 23,068 | 92,041 | ||||||
Hecla Mining Co.# | 199,215 | 1,155,447 | ||||||
1,247,488 | ||||||||
Software Tools — 0.0% |
| |||||||
EPAM Systems, Inc.† | 3,396 | 69,856 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Furmanite Corp.† | 26,011 | 115,229 | ||||||
Mueller Water Products, Inc., Class A | 109,399 | 610,446 | ||||||
Northwest Pipe Co.† | 6,545 | 134,827 | ||||||
Omega Flex, Inc. | 1,924 | 24,916 | ||||||
885,418 | ||||||||
Steel - Producers — 0.1% |
| |||||||
AK Steel Holding Corp.# | 77,203 | 309,584 | ||||||
Metals USA Holdings Corp. | 8,125 | 127,075 | ||||||
Schnitzer Steel Industries, Inc., Class A# | 17,629 | 496,961 | ||||||
Shiloh Industries, Inc. | 4,071 | 46,369 | ||||||
979,989 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy† | 4,785 | 165,130 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc.†# | 26,691 | 532,753 | ||||||
Wesco Aircraft Holdings, Inc.†# | 12,307 | 157,037 | ||||||
689,790 | ||||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.† | 27,293 | 75,875 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.†# | 69,235 | 1,030,217 | ||||||
Finisar Corp.†# | 63,737 | 864,911 | ||||||
Harmonic, Inc.† | 82,098 | 376,009 | ||||||
KVH Industries, Inc.† | 10,309 | 130,512 | ||||||
Oclaro, Inc.† | 50,770 | 93,417 | ||||||
Oplink Communications, Inc.† | 13,312 | 206,336 | ||||||
Sycamore Networks, Inc. | 14,317 | 38,512 | ||||||
2,739,914 | ||||||||
Telecom Services — 0.3% |
| |||||||
Aviat Networks, Inc.† | 42,784 | 117,656 | ||||||
Cbeyond, Inc.† | 18,953 | 140,821 | ||||||
Consolidated Communications Holdings, Inc.# | 27,826 | 418,503 | ||||||
EarthLink, Inc. | 74,160 | 489,456 | ||||||
Fairpoint Communications, Inc.†# | 14,435 | 108,118 | ||||||
Hawaiian Telcom HoldCo, Inc.†# | 7,154 | 128,414 | ||||||
Lumos Networks Corp. | 10,607 | 103,843 | ||||||
Neutral Tandem, Inc. | 19,615 | 52,764 | ||||||
NTELOS Holdings Corp. | 10,360 | 133,644 | ||||||
ORBCOMM, Inc.† | 24,959 | 84,361 | ||||||
Premiere Global Services, Inc.† | 34,950 | 296,726 | ||||||
Primus Telecommunications Group, Inc.# | 8,490 | 96,277 | ||||||
RigNet, Inc.† | 8,602 | 165,330 | ||||||
USA Mobility, Inc. | 15,463 | 178,752 | ||||||
Vonage Holdings Corp.† | 111,118 | 270,017 | ||||||
2,784,682 | ||||||||
Telecommunication Equipment — 0.7% |
| |||||||
8x8, Inc.† | 49,374 | 325,868 | ||||||
ADTRAN, Inc.# | 44,491 | 873,803 | ||||||
Anaren, Inc.† | 9,686 | 188,780 |
Security Description | Shares | Value (Note 2) | ||||||
Telecommunication Equipment (continued) |
| |||||||
Arris Group, Inc.† | 78,933 | $ | 1,102,694 | |||||
Aware, Inc. | 8,011 | 53,674 | ||||||
Comtech Telecommunications Corp. | 12,487 | 319,168 | ||||||
Comverse Technology, Inc.† | 152,954 | 544,516 | ||||||
Neonode, Inc.†# | 15,698 | 60,908 | ||||||
Numerex Corp., Class A† | 6,988 | 78,825 | ||||||
Plantronics, Inc. | 29,683 | 998,239 | ||||||
Preformed Line Products Co. | 1,641 | 92,093 | ||||||
ShoreTel, Inc.† | 33,666 | 145,437 | ||||||
Sonus Networks, Inc.† | 148,537 | 248,057 | ||||||
Symmetricom, Inc.† | 29,061 | 172,913 | ||||||
Tellabs, Inc. | 255,714 | 910,342 | ||||||
Westell Technologies, Inc.† Class A | 33,939 | 66,181 | ||||||
6,181,498 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Atlantic Tele-Network, Inc. | 6,283 | 231,717 | ||||||
Cincinnati Bell, Inc.†# | 137,702 | 733,952 | ||||||
General Communication, Inc., Class A† | 25,752 | 217,089 | ||||||
HickoryTech Corp. | 9,413 | 91,494 | ||||||
IDT Corp., Class B# | 10,570 | 96,927 | ||||||
Shenandoah Telecommunications Co.# | 16,653 | 231,477 | ||||||
1,602,656 | ||||||||
Television — 0.1% |
| |||||||
Belo Corp., Class A | 65,316 | 470,275 | ||||||
Central European Media Enterprises, Ltd., Class A†# | 25,636 | 118,695 | ||||||
LIN TV Corp., Class A† | 21,276 | 137,869 | ||||||
Sinclair Broadcast Group, Inc., Class A | 35,205 | 388,311 | ||||||
1,115,150 | ||||||||
Textile - Apparel — 0.1% |
| |||||||
Cherokee, Inc.# | 5,856 | 83,916 | ||||||
Perry Ellis International, Inc.† | 8,279 | 179,489 | ||||||
Unifi, Inc.† | 9,820 | 135,909 | ||||||
399,314 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,089 | 86,707 | ||||||
Theaters — 0.1% |
| |||||||
Carmike Cinemas, Inc.† | 12,367 | 186,989 | ||||||
National CineMedia, Inc. | 39,151 | 559,859 | ||||||
Reading International, Inc.† | 11,676 | 66,437 | ||||||
813,285 | ||||||||
Therapeutics — 0.8% |
| |||||||
Allos Therapeutics, Inc. (CVR)†#(1)(2) | 55,715 | 0 | ||||||
Anika Therapeutics, Inc.† | 8,226 | 97,313 | ||||||
AVANIR Pharmaceuticals, Inc., Class A†# | 94,745 | 250,127 | ||||||
Cornerstone Therapeutics, Inc.†# | 5,995 | 31,114 | ||||||
Dyax Corp.† | 68,989 | 225,594 | ||||||
Isis Pharmaceuticals, Inc.†# | 69,955 | 643,586 | ||||||
MannKind Corp.†# | 78,748 | 168,521 | ||||||
Neurocrine Biosciences, Inc.† | 46,300 | 346,324 | ||||||
Osiris Therapeutics, Inc.†# | 11,493 | 110,333 | ||||||
Pharmacyclics, Inc.†# | 37,992 | 2,015,476 | ||||||
Questcor Pharmaceuticals, Inc.# | 37,538 | 974,111 | ||||||
Synageva BioPharma Corp.†# | 7,258 | 355,134 | ||||||
Theravance, Inc.†# | 42,361 | 952,275 | ||||||
Threshold Pharmaceuticals, Inc.†# | 31,396 | 138,770 | ||||||
6,308,678 | ||||||||
214
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Tobacco — 0.2% |
| |||||||
Alliance One International, Inc.† | 61,010 | $ | 200,723 | |||||
Universal Corp. | 16,240 | 810,376 | ||||||
Vector Group, Ltd.# | 38,792 | 626,103 | ||||||
1,637,202 | ||||||||
Toys — 0.1% |
| |||||||
JAKKS Pacific, Inc. | 15,348 | 191,543 | ||||||
LeapFrog Enterprises, Inc.†# | 35,230 | 320,945 | ||||||
512,488 | ||||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc.† | 27,761 | 1,196,777 | ||||||
Bottomline Technologies, Inc.† | 24,409 | 598,264 | ||||||
InnerWorkings, Inc.†# | 22,171 | 288,445 | ||||||
Synchronoss Technologies, Inc.† | 19,298 | 352,381 | ||||||
2,435,867 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 37,111 | 140,651 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 18,450 | 798,516 | ||||||
939,167 | ||||||||
Transport - Equipment & Leasing — 0.3% |
| |||||||
AmerCo., Inc. | 6,051 | 726,180 | ||||||
Greenbrier Cos., Inc.†# | 15,954 | 304,881 | ||||||
TAL International Group, Inc.# | 20,392 | 694,348 | ||||||
Textainer Group Holdings, Ltd.# | 9,649 | 291,207 | ||||||
Willis Lease Finance Corp.†# | 3,801 | 54,468 | ||||||
2,071,084 | ||||||||
Transport - Marine — 0.3% |
| |||||||
CAI International, Inc.† | 8,959 | 179,180 | ||||||
Frontline, Ltd.†# | 35,990 | 118,767 | ||||||
GasLog, Ltd. | 16,416 | 201,753 | ||||||
Genco Shipping & Trading, Ltd.†# | 21,810 | 58,451 | ||||||
Gulfmark Offshore, Inc., Class A† | 18,735 | 587,155 | ||||||
International Shipholding Corp.# | 3,828 | 63,085 | ||||||
Knightsbridge Tankers, Ltd. | 17,056 | 98,754 | ||||||
Nordic American Tankers, Ltd.# | 36,950 | 335,875 | ||||||
Rand Logistics, Inc.†# | 12,341 | 79,229 | ||||||
Scorpio Tankers, Inc.† | 26,287 | 168,237 | ||||||
Ship Finance International, Ltd.# | 31,588 | 511,410 | ||||||
Teekay Tankers, Ltd., Class A# | 43,980 | 121,385 | ||||||
2,523,281 | ||||||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 30,943 | 2,257,292 | ||||||
Transport - Services — 0.4% |
| |||||||
Bristow Group, Inc. | 24,975 | 1,301,198 | ||||||
Echo Global Logistics, Inc.†# | 10,309 | 181,129 | ||||||
Hub Group, Inc., Class A† | 25,904 | 838,512 | ||||||
Pacer International, Inc.†# | 24,504 | 85,029 | ||||||
PHI, Inc.†# | 9,098 | 285,040 | ||||||
Universal Truckload Services, Inc. | 3,820 | 59,248 | ||||||
XPO Logistics, Inc.†# | 12,308 | 195,328 | ||||||
2,945,484 | ||||||||
Transport - Truck — 0.7% |
| |||||||
Arkansas Best Corp. | 17,780 | 147,218 | ||||||
Celadon Group, Inc. | 13,995 | 241,834 | ||||||
Forward Air Corp. | 20,309 | 675,274 | ||||||
Heartland Express, Inc.# | 33,509 | 460,079 | ||||||
Knight Transportation, Inc. | 40,385 | 606,987 | ||||||
Marten Transport, Ltd. | 10,873 | 205,717 | ||||||
Old Dominion Freight Line, Inc.† | 49,756 | 1,663,841 | ||||||
Patriot Transportation Holding, Inc.†# | 4,444 | 114,877 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck (continued) |
| |||||||
Quality Distribution, Inc.† | 14,918 | $ | 99,801 | |||||
Roadrunner Transportation Systems, Inc.† | 8,953 | 161,244 | ||||||
Saia, Inc.† | 11,181 | 242,180 | ||||||
Swift Transportation Co.†# | 55,147 | 466,544 | ||||||
Werner Enterprises, Inc. | 30,880 | 669,787 | ||||||
5,755,383 | ||||||||
Travel Services — 0.1% |
| |||||||
Interval Leisure Group, Inc.# | 27,076 | 509,841 | ||||||
Venture Capital — 0.1% |
| |||||||
GSV Capital Corp.†# | 13,491 | 107,928 | ||||||
Harris & Harris Group, Inc.†# | 21,647 | 69,920 | ||||||
Hercules Technology Growth Capital, Inc. | 34,714 | 373,175 | ||||||
551,023 | ||||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Neogen Corp.† | 16,447 | 749,161 | ||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.†# | 30,708 | 324,276 | ||||||
Vitamins & Nutrition Products — 0.2% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 4,985 | 95,562 | ||||||
Nature’s Sunshine Products, Inc. | 7,898 | 121,076 | ||||||
Nutraceutical International Corp.† | 6,082 | 100,779 | ||||||
Omega Protein Corp.† | 13,684 | 85,114 | ||||||
Schiff Nutrition International, Inc.† | 9,332 | 391,851 | ||||||
Star Scientific, Inc.†# | 101,743 | 288,950 | ||||||
Synutra International, Inc.† | 12,083 | 54,132 | ||||||
USANA Health Sciences, Inc.†# | 4,160 | 171,725 | ||||||
1,309,189 | ||||||||
Warehousing & Harbor Transportation Services — 0.0% |
| |||||||
Westway Group, Inc.†# | 8,482 | 47,330 | ||||||
Water — 0.3% |
| |||||||
American States Water Co. | 13,169 | 599,189 | ||||||
Artesian Resources Corp., Class A# | 5,214 | 108,295 | ||||||
California Water Service Group# | 29,262 | 526,716 | ||||||
Connecticut Water Service, Inc.# | 6,049 | 186,551 | ||||||
Consolidated Water Co., Ltd.# | 10,180 | 79,098 | ||||||
Middlesex Water Co.# | 10,970 | 205,249 | ||||||
PICO Holdings, Inc.† | 15,899 | 287,772 | ||||||
SJW Corp.# | 9,828 | 240,393 | ||||||
York Water Co.# | 8,958 | 156,138 | ||||||
2,389,401 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
Energy Recovery, Inc.† | 30,681 | 95,725 | ||||||
Heckmann Corp.†# | 93,415 | 365,252 | ||||||
460,977 | ||||||||
Web Hosting/Design — 0.1% |
| |||||||
NIC, Inc. | 45,009 | 675,585 | ||||||
Web.com Group, Inc.†# | 24,476 | 369,832 | ||||||
1,045,417 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
Blucora, Inc.† | 27,952 | 412,292 | ||||||
MeetMe, Inc.†# | 12,915 | 45,332 | ||||||
Synacor, Inc.† | 4,711 | 30,056 | ||||||
Towerstream Corp.†# | 33,153 | 112,057 | ||||||
599,737 | ||||||||
215
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 31,780 | $ | 1,197,470 | |||||
Coleman Cable, Inc.# | 6,067 | 55,998 | ||||||
Encore Wire Corp. | 11,531 | 361,382 | ||||||
Insteel Industries, Inc.# | 12,353 | 147,742 | ||||||
1,762,592 | ||||||||
Wireless Equipment — 0.7% |
| |||||||
Aruba Networks, Inc.†# | 78,076 | 1,520,920 | ||||||
CalAmp Corp.† | 20,044 | 173,781 | ||||||
Globecomm Systems, Inc.† | 16,092 | 191,173 | ||||||
InterDigital, Inc.# | 30,970 | 1,321,800 | ||||||
RF Micro Devices, Inc.† | 194,220 | 839,030 | ||||||
TeleNav, Inc.† | 11,588 | 93,747 | ||||||
Telular Corp.# | 11,577 | 116,002 | ||||||
Tessco Technologies, Inc.# | 3,764 | 81,942 | ||||||
Ubiquiti Networks, Inc.†# | 7,313 | 85,928 | ||||||
ViaSat, Inc.†# | 26,198 | 1,001,550 | ||||||
5,425,873 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Derma Sciences, Inc.†# | 6,469 | 73,682 | ||||||
Obagi Medical Products, Inc.† | 13,080 | 178,673 | ||||||
252,355 | ||||||||
Total Common Stock | ||||||||
(cost $769,682,297) | 817,108,082 | |||||||
REGISTERED INVESTMENT COMPANIES — 0.0% |
| |||||||
Firsthand Technology Value Fund, Inc.† | 5,974 | 108,667 | ||||||
RIGHTS — 0.0% |
| |||||||
Gold Mining — 0.0% |
| |||||||
McEwen Mining, Inc. | 137,690 | 21,342 | ||||||
WARRANTS — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Magnum Hunter Resources Corp. | 8,134 | 203 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $769,795,866) | 817,238,294 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 15.5% |
| |||||||
Registered Investment Companies — 15.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 125,996,519 | $ | 125,996,519 | |||||
U.S. Government Treasuries — 0.4% |
| |||||||
United States Treasury Bills | $ | 3,500,000 | 3,499,889 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $129,496,408) | 129,496,408 | |||||||
REPURCHASE AGREEMENT — 1.4% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(5) | 11,784,000 | 11,784,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $911,076,274) (6) | 114.9 | % | 958,518,702 | |||||
Liabilities in excess of other assets | (14.9 | ) | (124,263,402 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 834,255,300 | ||||
† | 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 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(3) | At November 30, 2012, the Fund had loaned securities with a total value of $121,731,953. This was secured by collateral of $125,996,519, which was received in cash and subsequently invested in short-term investments currently value at $125,996,519 as reported in the portfolio of investments. The remaining collateral of $135,453 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 | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $898 | |||
United States Treasury Notes/Bonds | 0.13% to 4.00% | 12/15/2012 to 02/15/2042 | 134,555 |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(5) | See Note 2 for details of Joint Repurchase Agreements. |
(6) | See Note 5 for cost of investments on a tax basis. |
CVR—Contingent Value Recovery
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
193 | Long | Russell 2000 Mini Index | December 2012 | $ | 16,480,849 | $ | 15,839,510 | $ | (641,339 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 52,501,226 | $ | — | $ | 0 | $ | 52,501,226 | ||||||||
Oil Companies - Exploration & Production | 21,924,998 | — | 0 | 21,924,998 | ||||||||||||
Oil Refining & Marketing | 2,264,804 | — | 0 | 2,264,804 | ||||||||||||
Real Estate Investment Trusts | 64,925,490 | — | — | 64,925,490 |
216
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VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Therapeutics | $ | 6,308,678 | $ | — | $ | 0 | $ | 6,308,678 | ||||||||
Other Industries* | 669,182,886 | — | — | 669,182,886 | ||||||||||||
Registered Investment Companies | 108,667 | — | — | 108,667 | ||||||||||||
Rights | 21,342 | — | — | 21,342 | ||||||||||||
Warrants | — | 203 | — | 203 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 125,996,519 | — | — | 125,996,519 | ||||||||||||
U.S. Government Treasuries | — | 3,499,889 | — | 3,499,889 | ||||||||||||
Repurchase Agreement | — | 11,784,000 | — | 11,784,000 | ||||||||||||
Total Assets | $ | 943,234,610 | $ | 15,284,092 | $ | 0 | $ | 958,518,702 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Depreciation | $ | 641,339 | $ | — | $ | — | $ | 641,339 | ||||||||
* | 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 securities by 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and/or end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
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Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 16.7 | % | ||
Banks — Commercial | 9.3 | |||
Electric — Integrated | 2.9 | |||
Time Deposits | 2.9 | |||
Oil Companies — Exploration & Production | 2.9 | |||
Real Estate Investment Trusts | 2.8 | |||
Exchange — Traded Funds | 2.6 | |||
Insurance — Reinsurance | 2.6 | |||
Consumer Products — Misc. | 2.5 | |||
Building & Construction Products — Misc. | 2.4 | |||
Paper & Related Products | 2.2 | |||
Electronic Components — Semiconductors | 2.2 | |||
Diversified Manufacturing Operations | 2.0 | |||
Apparel Manufacturers | 2.0 | |||
Electronic Components — Misc. | 2.0 | |||
Machinery — General Industrial | 1.9 | |||
Retail — Restaurants | 1.8 | |||
Medical — Biomedical/Gene | 1.6 | |||
Medical Products | 1.5 | |||
Savings & Loans/Thrifts | 1.5 | |||
Investment Management/Advisor Services | 1.5 | |||
Miscellaneous Manufacturing | 1.5 | |||
Human Resources | 1.4 | |||
Retail — Apparel/Shoe | 1.4 | |||
Computer Services | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Insurance — Property/Casualty | 1.3 | |||
Consulting Services | 1.2 | |||
Funeral Services & Related Items | 1.2 | |||
Semiconductor Equipment | 1.2 | |||
Transactional Software | 1.1 | |||
Transport — Truck | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Computers — Integrated Systems | 1.0 | |||
Machinery — Electrical | 1.0 | |||
Repurchase Agreements | 1.0 | |||
Telecom Services | 1.0 | |||
Diversified Operations/Commercial Services | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Computers — Memory Devices | 0.9 | |||
Food — Canned | 0.9 | |||
Oil — Field Services | 0.9 | |||
Metal Processors & Fabrication | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Chemicals — Plastics | 0.9 | |||
Telecommunication Equipment | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Investment Companies | 0.8 | |||
Engineering/R&D Services | 0.7 | |||
Auto/Truck Parts & Equipment — Replacement | 0.7 | |||
Gold Mining | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Electronic Measurement Instruments | 0.7 | |||
Oil & Gas Drilling | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Wire & Cable Products | 0.6 | |||
Rubber — Tires | 0.5 | |||
Publishing — Books | 0.5 | |||
Building — Mobile Home/Manufactured Housing | 0.5 | |||
Security Services | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Transport — Services | 0.5 | |||
Multimedia | 0.4 | |||
Publishing — Newspapers | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Insurance Brokers | 0.4 |
Silver Mining | 0.4 | |||
Batteries/Battery Systems | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Medical — Hospitals | 0.4 | |||
Applications Software | 0.4 | |||
Precious Metals | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Finance — Leasing Companies | 0.4 | |||
Office Supplies & Forms | 0.4 | |||
Networking Products | 0.4 | |||
Commercial Services | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Steel — Producers | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Racetracks | 0.3 | |||
Medical Sterilization Products | 0.3 | |||
Retail — Convenience Store | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Identification Systems | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Building — Maintance & Services | 0.2 | |||
Medical — Drugs | 0.2 | |||
Textile — Products | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Diversified Minerals | 0.2 | |||
Electronic Design Automation | 0.1 | |||
Circuit Boards | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
116.9% | ||||
* | Calculated as a percentage of net assets |
218
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCK — 93.7% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
Esterline Technologies Corp.† | 14,326 | $ | 875,892 | |||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
Alliant Techsystems, Inc.# | 17,145 | 1,028,700 | ||||||
Curtiss-Wright Corp. | 27,321 | 866,895 | ||||||
1,895,595 | ||||||||
Apparel Manufacturers — 2.0% |
| |||||||
Delta Apparel, Inc.†# | 44,934 | 651,992 | ||||||
Hanesbrands, Inc.†# | 30,590 | 1,104,299 | ||||||
Jones Group, Inc.# | 60,718 | 714,044 | ||||||
Maidenform Brands, Inc.† | 87,749 | 1,611,949 | ||||||
4,082,284 | ||||||||
Applications Software — 0.4% |
| |||||||
Progress Software Corp.†# | 39,295 | 790,222 | ||||||
Auto/Truck Parts & Equipment - Original — 1.3% |
| |||||||
American Axle & Manufacturing Holdings, Inc.†# | 85,773 | 897,185 | ||||||
Lear Corp. | 11,998 | 523,953 | ||||||
Modine Manufacturing Co.†# | 84,554 | 625,700 | ||||||
Titan International, Inc.# | 32,895 | 668,755 | ||||||
2,715,593 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.7% |
| |||||||
Commercial Vehicle Group, Inc.†# | 60,276 | 482,811 | ||||||
Douglas Dynamics, Inc.# | 70,523 | 1,014,121 | ||||||
1,496,932 | ||||||||
Banks - Commercial — 9.3% |
| |||||||
Associated Banc-Corp.# | 83,270 | 1,070,019 | ||||||
BancorpSouth, Inc. | 53,449 | 707,130 | ||||||
Bank of Hawaii Corp.# | 18,905 | 821,800 | ||||||
Chemical Financial Corp.# | 10,519 | 228,999 | ||||||
City National Corp.# | 7,365 | 358,602 | ||||||
East West Bancorp, Inc. | 31,310 | 662,206 | ||||||
First Citizens BancShares, Inc., Class A | 31,167 | 5,142,555 | ||||||
First Horizon National Corp.# | 82,770 | 783,004 | ||||||
First Midwest Bancorp, Inc.# | 24,460 | 305,750 | ||||||
FirstMerit Corp.# | 56,240 | 791,859 | ||||||
Fulton Financial Corp.# | 101,920 | 991,682 | ||||||
Glacier Bancorp, Inc.# | 13,552 | 196,911 | ||||||
Hancock Holding Co.# | 27,965 | 878,660 | ||||||
Independent Bank Corp.# | 6,260 | 179,662 | ||||||
International Bancshares Corp. | 11,442 | 207,100 | ||||||
Lakeland Financial Corp.# | 6,830 | 168,974 | ||||||
NBT Bancorp, Inc.# | 9,582 | 189,436 | ||||||
Prosperity Bancshares, Inc.# | 14,227 | 585,157 | ||||||
TCF Financial Corp.# | 62,400 | 741,312 | ||||||
UMB Financial Corp.# | 49,649 | 2,104,125 | ||||||
Umpqua Holdings Corp.# | 10,495 | 122,372 | ||||||
Webster Financial Corp.# | 21,050 | 438,261 | ||||||
WesBanco, Inc.# | 10,516 | 221,993 | ||||||
Wintrust Financial Corp.# | 21,499 | 790,948 | ||||||
18,688,517 | ||||||||
Batteries/Battery Systems — 0.4% |
| |||||||
EnerSys, Inc.† | 22,940 | 799,230 | ||||||
Building & Construction Products - Misc. — 2.4% |
| |||||||
Quanex Building Products Corp.# | 100,777 | 2,108,255 | ||||||
Simpson Manufacturing Co., Inc.# | 82,449 | 2,696,907 | ||||||
4,805,162 | ||||||||
Building - Heavy Construction — 0.2% |
| |||||||
Tutor Perini Corp.† | 37,553 | 482,932 | ||||||
Security Description | Shares | Value | ||||||
Building - Maintance & Services — 0.2% |
| |||||||
ABM Industries, Inc. | 21,250 | $ | 405,450 | |||||
Building - Mobile Home/Manufactured Housing — 0.5% |
| |||||||
Cavco Industries, Inc.†# | 19,192 | 988,388 | ||||||
Chemicals - Diversified — 0.8% |
| |||||||
Huntsman Corp.# | 41,835 | 687,767 | ||||||
Olin Corp.# | 40,915 | 848,168 | ||||||
1,535,935 | ||||||||
Chemicals - Plastics — 0.9% |
| |||||||
A. Schulman, Inc.# | 65,383 | 1,711,727 | ||||||
Chemicals - Specialty — 0.8% |
| |||||||
American Pacific Corp.† | 21,868 | 253,450 | ||||||
Cabot Corp. | 22,224 | 838,512 | ||||||
Sensient Technologies Corp. | 13,786 | 499,053 | ||||||
1,591,015 | ||||||||
Circuit Boards — 0.1% |
| |||||||
TTM Technologies, Inc.†# | 19,571 | 176,530 | ||||||
Commercial Services — 0.4% |
| |||||||
Macquarie Infrastructure Co. LLC | 17,137 | 739,290 | ||||||
Commercial Services - Finance — 0.9% |
| |||||||
Euronet Worldwide, Inc.†# | 10,925 | 243,191 | ||||||
Global Payments, Inc. | 23,668 | 1,039,262 | ||||||
TNS, Inc.† | 31,759 | 463,681 | ||||||
1,746,134 | ||||||||
Computer Services — 1.4% |
| |||||||
CACI International, Inc., Class A†# | 18,003 | 920,853 | ||||||
DST Systems, Inc.# | 16,940 | 976,422 | ||||||
Sykes Enterprises, Inc.† | 61,599 | 903,041 | ||||||
2,800,316 | ||||||||
Computers - Integrated Systems — 1.0% |
| |||||||
Brocade Communications Systems, Inc.† | 159,378 | 905,267 | ||||||
NCR Corp.† | 34,005 | 813,740 | ||||||
Netscout Systems, Inc.†# | 15,695 | 394,258 | ||||||
2,113,265 | ||||||||
Computers - Memory Devices — 0.9% |
| |||||||
Imation Corp.†# | 435,328 | 1,863,204 | ||||||
Consulting Services — 1.2% |
| |||||||
FTI Consulting, Inc.† | 42,213 | 1,304,804 | ||||||
Towers Watson & Co., Class A | 21,143 | 1,118,042 | ||||||
2,422,846 | ||||||||
Consumer Products - Misc. — 2.5% |
| |||||||
Blyth, Inc.# | 68,195 | 1,099,303 | ||||||
Central Garden & Pet Co.† | 33,149 | 371,269 | ||||||
Central Garden and Pet Co., | 24,748 | 290,294 | ||||||
Helen of Troy, Ltd.†# | 30,325 | 935,829 | ||||||
Jarden Corp.# | 7,621 | 403,227 | ||||||
Spectrum Brands Holdings, Inc. | 9,585 | 458,451 | ||||||
WD-40 Co.# | 29,191 | 1,378,983 | ||||||
4,937,356 | ||||||||
Disposable Medical Products — 0.4% |
| |||||||
ICU Medical, Inc.†# | 13,025 | 767,042 | ||||||
Distribution/Wholesale — 1.1% |
| |||||||
Ingram Micro, Inc., Class A† | 49,179 | 796,700 | ||||||
Owens & Minor, Inc.# | 48,891 | 1,338,635 | ||||||
2,135,335 | ||||||||
219
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Diversified Manufacturing Operations — 2.0% |
| |||||||
Barnes Group, Inc. | 18,711 | $ | 394,615 | |||||
Carlisle Cos., Inc. | 15,138 | 857,870 | ||||||
Crane Co. | 21,088 | 894,975 | ||||||
ITT Corp. | 42,475 | 950,166 | ||||||
Koppers Holdings, Inc. | 5,847 | 206,925 | ||||||
SPX Corp. | 11,940 | 813,353 | ||||||
4,117,904 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
AMCOL International Corp.# | 10,430 | 314,882 | ||||||
Diversified Operations/Commercial Services — 1.0% |
| |||||||
Viad Corp.# | 85,917 | 1,931,414 | ||||||
E-Services/Consulting — 0.2% |
| |||||||
Websense, Inc.†# | 23,056 | 321,862 | ||||||
Electric - Integrated — 2.9% |
| |||||||
ALLETE, Inc. | 69,695 | 2,732,741 | ||||||
IDACORP, Inc.# | 19,965 | 852,705 | ||||||
NV Energy, Inc. | 40,813 | 748,102 | ||||||
Portland General Electric Co. | 32,895 | 889,152 | ||||||
TECO Energy, Inc.# | 41,840 | 703,331 | ||||||
5,926,031 | ||||||||
Electronic Components - Misc. — 2.0% |
| |||||||
AVX Corp. | 137,796 | 1,405,519 | ||||||
Celestica, Inc.†# | 84,632 | 624,584 | ||||||
Vishay Intertechnology, Inc.†# | 201,103 | 1,950,699 | ||||||
3,980,802 | ||||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Amkor Technology, Inc.†# | 35,617 | 151,372 | ||||||
DSP Group, Inc.†# | 131,366 | 777,687 | ||||||
Lattice Semiconductor Corp.†# | 335,794 | 1,329,744 | ||||||
Microsemi Corp.†# | 47,660 | 912,212 | ||||||
PMC - Sierra, Inc.†# | 141,865 | 730,605 | ||||||
QLogic Corp.† | 53,827 | 510,280 | ||||||
4,411,900 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Mentor Graphics Corp.† | 16,977 | 253,467 | ||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Itron, Inc.†# | 9,169 | 401,602 | ||||||
Orbotech, Ltd.† | 109,137 | 924,391 | ||||||
1,325,993 | ||||||||
Engineering/R&D Services — 0.7% |
| |||||||
EMCOR Group, Inc. | 14,400 | 473,040 | ||||||
Foster Wheeler AG† | 45,983 | 1,032,778 | ||||||
1,505,818 | ||||||||
Engines - Internal Combustion — 0.3% |
| |||||||
Briggs & Stratton Corp.# | 33,001 | 669,590 | ||||||
Enterprise Software/Service — 1.0% |
| |||||||
JDA Software Group, Inc.† | 27,093 | 1,209,974 | ||||||
MicroStrategy, Inc., Class A† | 617 | 54,598 | ||||||
Omnicell, Inc.† | 42,464 | 648,425 | ||||||
1,912,997 | ||||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Interactive Brokers Group, Inc., Class A# | 26,717 | 408,503 | ||||||
Investment Technology Group, Inc.†# | 103,915 | 929,000 | ||||||
1,337,503 | ||||||||
Security Description | Shares | Value | ||||||
Finance - Leasing Companies — 0.4% |
| |||||||
Aircastle, Ltd. | 66,968 | $ | 761,426 | |||||
Food - Canned — 0.9% |
| |||||||
Seneca Foods Corp., Class A†# | 18,755 | 581,030 | ||||||
TreeHouse Foods, Inc.† | 23,722 | 1,243,982 | ||||||
1,825,012 | ||||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Ingredion, Inc. | 12,273 | 797,131 | ||||||
Funeral Services & Related Items — 1.2% |
| |||||||
Matthews International Corp., Class A# | 78,830 | 2,384,608 | ||||||
Gold Mining — 0.7% |
| |||||||
AuRico Gold, Inc.† | 101,241 | 797,779 | ||||||
Aurizon Mines, Ltd.† | 157,516 | 573,358 | ||||||
1,371,137 | ||||||||
Home Furnishings — 0.0% |
| |||||||
Furniture Brands International, Inc.†# | 91,753 | 81,669 | ||||||
Human Resources — 1.4% |
| |||||||
Heidrick & Struggles International, Inc. | 68,413 | 898,947 | ||||||
Insperity, Inc.# | 26,859 | 811,142 | ||||||
Korn/Ferry International† | 83,070 | 1,197,869 | ||||||
2,907,958 | ||||||||
Identification Systems — 0.2% |
| |||||||
Brady Corp., Class A | 14,763 | 471,530 | ||||||
Instruments - Scientific — 0.4% |
| |||||||
PerkinElmer, Inc. | 26,330 | 833,345 | ||||||
Insurance Brokers — 0.4% |
| |||||||
Brown & Brown, Inc. | 30,485 | 818,217 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Protective Life Corp.# | 33,015 | 896,357 | ||||||
Symetra Financial Corp. | 28,325 | 346,415 | ||||||
1,242,772 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Fortegra Financial Corp.†# | 47,224 | 413,682 | ||||||
Insurance - Property/Casualty — 1.3% |
| |||||||
Hanover Insurance Group, Inc. | 22,485 | 821,827 | ||||||
Stewart Information Services Corp.# | 67,266 | 1,836,362 | ||||||
2,658,189 | ||||||||
Insurance - Reinsurance — 2.6% |
| |||||||
Aspen Insurance Holdings, Ltd. | 36,575 | 1,144,797 | ||||||
Endurance Specialty Holdings, Ltd.# | 51,248 | 2,060,170 | ||||||
Montpelier Re Holdings, Ltd. | 24,520 | 536,743 | ||||||
Platinum Underwriters Holdings, Ltd. | 17,668 | 786,579 | ||||||
Validus Holdings, Ltd.# | 20,350 | 721,611 | ||||||
5,249,900 | ||||||||
Investment Companies — 0.8% |
| |||||||
Steel Excel, Inc.†# | 61,548 | 1,526,390 | ||||||
Investment Management/Advisor Services — 1.5% |
| |||||||
CIFC Corp.†# | 40,112 | 274,366 | ||||||
Federated Investors, Inc., Class B# | 20,104 | 399,064 | ||||||
Waddell & Reed Financial, Inc., Class A# | 31,575 | 1,025,872 | ||||||
Westwood Holdings Group, Inc.# | 31,729 | 1,268,526 | ||||||
2,967,828 | ||||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Hyster-Yale Materials Handling, Inc.# | 2,286 | 94,823 | ||||||
220
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Machinery - Electrical — 1.0% |
| |||||||
Franklin Electric Co., Inc.# | 34,877 | $ | 2,077,274 | |||||
Machinery - General Industrial — 1.9% |
| |||||||
Kadant, Inc.† | 154,365 | 3,743,351 | ||||||
Machinery - Material Handling — 0.0% |
| |||||||
NACCO Industries, Inc., Class A# | 1,158 | 61,745 | ||||||
Medical Products — 1.5% |
| |||||||
Haemonetics Corp.†# | 8,659 | 701,639 | ||||||
Hill-Rom Holdings, Inc. | 21,064 | 588,949 | ||||||
Teleflex, Inc.# | 11,935 | 825,902 | ||||||
West Pharmaceutical Services, Inc. | 18,451 | 996,908 | ||||||
3,113,398 | ||||||||
Medical Sterilization Products — 0.3% |
| |||||||
STERIS Corp.# | 18,369 | 627,669 | ||||||
Medical - Biomedical/Gene — 1.6% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 11,351 | 1,186,066 | ||||||
Cambrex Corp.† | 84,856 | 930,870 | ||||||
Charles River Laboratories International, Inc.† | 26,875 | 1,031,194 | ||||||
3,148,130 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
Lannett Co., Inc.†# | 78,882 | 391,255 | ||||||
Medical - Generic Drugs — 0.5% |
| |||||||
Impax Laboratories, Inc.†# | 46,238 | 940,481 | ||||||
Medical - Hospitals — 0.4% |
| |||||||
LifePoint Hospitals, Inc.†# | 22,005 | 791,740 | ||||||
Metal Processors & Fabrication — 0.9% |
| |||||||
Mueller Industries, Inc. | 22,288 | 1,064,475 | ||||||
Worthington Industries, Inc.# | 29,099 | 685,572 | ||||||
1,750,047 | ||||||||
Miscellaneous Manufacturing — 1.5% |
| |||||||
Hillenbrand, Inc.# | 104,629 | 2,213,950 | ||||||
John Bean Technologies Corp. | 44,672 | 727,707 | ||||||
2,941,657 | ||||||||
Multimedia — 0.4% |
| |||||||
Meredith Corp.# | 28,850 | 899,543 | ||||||
Networking Products — 0.4% |
| |||||||
Black Box Corp.# | 23,624 | 582,332 | ||||||
Ixia† | 11,399 | 171,213 | ||||||
753,545 | ||||||||
Office Supplies & Forms — 0.4% |
| |||||||
ACCO Brands Corp.†# | 111,878 | 754,058 | ||||||
Oil & Gas Drilling — 0.6% |
| |||||||
Atwood Oceanics, Inc.†# | 28,065 | 1,290,990 | �� | |||||
Oil Companies - Exploration & Production — 2.9% |
| |||||||
Berry Petroleum Co., Class A# | 15,115 | 470,228 | ||||||
Bill Barrett Corp.†# | 35,757 | 621,457 | ||||||
Comstock Resources, Inc.†# | 84,251 | 1,381,716 | ||||||
Energen Corp. | 16,759 | 746,278 | ||||||
Stone Energy Corp.†# | 70,653 | 1,464,637 | ||||||
Swift Energy Co.†# | 49,121 | 760,393 | ||||||
W&T Offshore, Inc.# | 26,223 | 434,515 | ||||||
5,879,224 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Cal Dive International, Inc.†# | 104,251 | 163,674 | ||||||
CARBO Ceramics, Inc.# | 11,835 | 906,206 | ||||||
Superior Energy Services, Inc.† | 34,312 | 696,877 | ||||||
1,766,757 | ||||||||
Security Description | Shares | Value | ||||||
Paper & Related Products — 2.2% |
| |||||||
Clearwater Paper Corp.†# | 14,830 | $ | 589,493 | |||||
Neenah Paper, Inc.# | 63,563 | 1,783,578 | ||||||
Schweitzer-Mauduit International, Inc.# | 44,301 | 1,659,958 | ||||||
Wausau Paper Corp.# | 54,480 | 457,087 | ||||||
4,490,116 | ||||||||
Precious Metals — 0.4% |
| |||||||
Coeur d’Alene Mines Corp.† | 33,693 | 783,699 | ||||||
Publishing - Books — 0.5% |
| |||||||
Courier Corp.# | 49,450 | 559,280 | ||||||
John Wiley & Sons, Inc., Class A# | 10,202 | 435,625 | ||||||
994,905 | ||||||||
Publishing - Newspapers — 0.4% |
| |||||||
AH Belo Corp., Class A# | 189,018 | 877,044 | ||||||
Racetracks — 0.3% |
| |||||||
International Speedway Corp., Class A# | 24,095 | 646,469 | ||||||
Real Estate Investment Trusts — 2.8% |
| |||||||
Brandywine Realty Trust# | 79,445 | 947,779 | ||||||
CBL & Associates Properties, Inc.# | 37,570 | 845,701 | ||||||
Duke Realty Corp.# | 43,709 | 590,072 | ||||||
Hospitality Properties Trust# | 37,349 | 847,822 | ||||||
Omega Healthcare Investors, Inc. | 43,695 | 1,001,489 | ||||||
Pennsylvania Real Estate Investment Trust | 39,000 | 649,740 | ||||||
Post Properties, Inc. | 13,642 | 670,231 | ||||||
5,552,834 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
McGrath RentCorp# | 4,759 | 133,347 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Aeropostale, Inc.† | 21,592 | 298,186 | ||||||
Ascena Retail Group, Inc.† | 22,390 | 450,039 | ||||||
Christopher & Banks Corp.†# | 144,843 | 661,932 | ||||||
Guess?, Inc.# | 35,366 | 914,918 | ||||||
Men’s Wearhouse, Inc.# | 17,208 | 558,228 | ||||||
2,883,303 | ||||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc.# | 10,008 | 494,395 | ||||||
Retail - Restaurants — 1.8% |
| |||||||
Brinker International, Inc.# | 25,435 | 761,778 | ||||||
CEC Entertainment, Inc.# | 7,406 | 231,808 | ||||||
Denny’s Corp.†# | 345,883 | 1,642,944 | ||||||
Krispy Kreme Doughnuts, Inc.†# | 99,377 | 904,331 | ||||||
3,540,861 | ||||||||
Rubber - Tires — 0.5% |
| |||||||
Cooper Tire & Rubber Co.# | 43,547 | 1,087,804 | ||||||
Savings & Loans/Thrifts — 1.5% |
| |||||||
First Niagara Financial Group, Inc.# | 177,187 | 1,335,990 | ||||||
Provident New York Bancorp# | 82,087 | 743,708 | ||||||
Washington Federal, Inc. | 63,845 | 1,025,989 | ||||||
3,105,687 | ||||||||
Security Services — 0.5% |
| |||||||
Brink’s Co. | 34,460 | 946,272 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Exar Corp.† | 88,379 | 724,708 | ||||||
Semiconductor Equipment — 1.2% |
| |||||||
ATMI, Inc.† | 110,896 | 2,209,048 | ||||||
Kulicke & Soffa Industries, Inc.† | 13,260 | 151,562 | ||||||
2,360,610 | ||||||||
221
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | | ||||||
COMMON STOCK (continued) | ||||||||
Silver Mining — 0.4% |
| |||||||
Pan American Silver Corp. | 42,004 | $ | 800,176 | |||||
Steel - Producers — 0.3% |
| |||||||
Steel Dynamics, Inc.# | 54,487 | 703,972 | ||||||
Telecom Services — 1.0% |
| |||||||
Aviat Networks, Inc.†# | 159,251 | 437,940 | ||||||
EarthLink, Inc.# | 226,908 | 1,497,593 | ||||||
1,935,533 | ||||||||
Telecommunication Equipment — 0.8% |
| |||||||
Arris Group, Inc.†# | 66,666 | 931,324 | ||||||
Plantronics, Inc.# | 23,175 | 779,375 | ||||||
1,710,699 | ||||||||
Textile - Products — 0.2% |
| |||||||
Dixie Group, Inc.†# | 120,412 | 382,910 | ||||||
Transactional Software — 1.1% |
| |||||||
ACI Worldwide, Inc.† | 50,901 | 2,194,342 | ||||||
Transport - Services — 0.5% |
| |||||||
Ryder System, Inc.# | 19,715 | 927,985 | ||||||
Transport - Truck — 1.1% |
| |||||||
Arkansas Best Corp.# | 56,118 | 464,657 | ||||||
Forward Air Corp.# | 50,942 | 1,693,822 | ||||||
2,158,479 | ||||||||
Wire & Cable Products — 0.6% |
| |||||||
Belden, Inc. | 9,949 | 374,878 | ||||||
General Cable Corp.†# | 28,597 | 821,020 | ||||||
1,195,898 | ||||||||
Total Common Stock | ||||||||
(cost $182,024,176) | 188,544,884 | |||||||
EXCHANGE - TRADED FUNDS — 2.6% | ||||||||
iShares Russell 2000 Index Fund# | 34,727 | 2,851,434 | ||||||
iShares Russell 2000 Value Index Fund | 33,091 | 2,422,261 | ||||||
Total Exchange - Traded Funds | ||||||||
(cost $5,252,499) | 5,273,695 | |||||||
Security Description | Shares/ Principal Amount | Value | ||||||
WARRANTS — 0.0% |
| |||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Plastec Technologies, Ltd. | 19,280 | $ | 1,157 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $187,276,675) | 193,819,736 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 19.6% |
| |||||||
Registered Investment Companies — 16.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 33,471,168 | 33,471,168 | ||||||
Time Deposits — 2.9% |
| |||||||
Euro Time Deposit with State Street | $ | 5,897,000 | 5,897,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $39,368,168) | 39,368,168 | |||||||
REPURCHASE AGREEMENT — 1.0% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/2012, to be repurchased 12/03/2012 in the amount of $2,001,002 and collateralized by $2,040,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,043,135 | 2,001,000 | 2,001,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $228,645,843)(2) | 116.9 | % | 235,188,904 | |||||
Liabilities in excess of other assets | (16.9 | ) | (33,966,205 | ) | ||||
NET ASSETS | 100.0 | % | $ | 201,222,699 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $32,554,737. This was secured by collateral of $33,471,168, which was received in cash and subsequently invested in short-term investments currently valued at $33,471,168 as reported in the portfolio of investments. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Illiquid security. At November 30, 2012, the aggregate value of these securities was $1,157 representing 0.0% of net assets. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 18,688,517 | $ | — | $ | — | $ | 18,688,517 | ||||||||
Other Industries* | 169,856,367 | — | — | 169,856,367 | ||||||||||||
Exchange Traded Funds | 5,273,695 | — | — | 5,273,695 | ||||||||||||
Warrants | 1,157 | — | — | 1,157 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 33,471,168 | — | — | 33,471,168 | ||||||||||||
Time Deposits | — | 5,897,000 | — | 5,897,000 | ||||||||||||
Repurchase Agreement | — | 2,001,000 | — | 2,001,000 | ||||||||||||
Total | $ | 227,290,904 | $ | 7,898,000 | $ | — | $ | 235,188,904 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
222
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Registered Investment Companies | 14.6 | % | ||
Medical Instruments | 3.6 | |||
Medical Products | 3.3 | |||
Commercial Services — Finance | 3.2 | |||
Oil Companies — Exploration & Production | 3.1 | |||
Retail — Apparel/Shoe | 2.7 | |||
Enterprise Software/Service | 2.7 | |||
Medical — Drugs | 2.1 | |||
Internet Infrastructure Software | 2.0 | |||
Banks — Commercial | 1.9 | |||
Retail — Vitamins & Nutrition Supplements | 1.9 | |||
Electronic Components-Semiconductors | 1.9 | |||
Retail — Catalog Shopping | 1.8 | |||
Diversified Manufacturing Operations | 1.8 | |||
Apparel Manufacturers | 1.8 | |||
Consumer Products — Misc. | 1.7 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Medical — Biomedical/Gene | 1.6 | |||
Networking Products | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Computer Services | 1.4 | |||
Time Deposits | 1.3 | |||
Retail — Sporting Goods | 1.3 | |||
Telecom Equipment — Fiber Optics | 1.3 | |||
Oil Field Machinery & Equipment | 1.3 | |||
Wireless Equipment | 1.3 | |||
Physicians Practice Management | 1.2 | |||
Agricultural Chemicals | 1.2 | |||
Internet Application Software | 1.2 | |||
Web Hosting/Design | 1.1 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Racetracks | 1.1 | |||
Transport — Rail | 1.0 | |||
Filtration/Separation Products | 1.0 | |||
Industrial Automated/Robotic | 1.0 | |||
Appliances | 1.0 | |||
Internet Connectivity Services | 1.0 | |||
Rental Auto/Equipment | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Exchange — Traded Funds | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Advanced Materials | 1.0 | |||
Finance — Consumer Loans | 1.0 | |||
Computer Software | 1.0 | |||
Respiratory Products | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Telecom Services | 1.0 | |||
E-Commerce/Products | 1.0 | |||
Insurance Brokers | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Pharmacy Services | 0.9 | |||
Transactional Software | 0.9 | |||
Computer Aided Design | 0.9 | |||
Internet Telephone | 0.9 | |||
Retail — Restaurants | 0.9 | |||
Toys | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Gold Mining | 0.8 | |||
Retail — Perfume & Cosmetics | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Research & Development | 0.8 | |||
Non-Ferrous Metals | 0.7 | |||
Computers — Integrated Systems | 0.7 | |||
Internet Content — Entertainment | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Retail — Automobile | 0.7 | |||
Cosmetics & Toiletries | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
B2B/E-Commerce | 0.6 |
Diagnostic Equipment | 0.6 | |||
Medical — Hospitals | 0.6 | |||
E-Commerce/Services | 0.5 | |||
Transport — Truck | 0.5 | |||
Metal Processors & Fabrication | 0.5 | |||
Communications Software | 0.5 | |||
Finance — Other Services | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Casino Services | 0.5 | |||
Retail — Pet Food & Supplies | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Hotels/Motels | 0.5 | |||
Home Furnishings | 0.4 | |||
Soap & Cleaning Preparation | 0.4 | |||
Applications Software | 0.4 | |||
Retail — Building Products | 0.4 | |||
Computers — Voice Recognition | 0.4 | |||
Oil — Field Services | 0.4 | |||
Seismic Data Collection | 0.3 | |||
Internet Security | 0.3 | |||
Medical Information Systems | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Water | 0.3 | |||
Retail — Home Furnishings | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
114.1 | % | |||
* | Calculated as a percentage of net assets |
223
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.2% | ||||||||
Advanced Materials — 1.0% |
| |||||||
Hexcel Corp.†# | 38,614 | $ | 998,172 | |||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
BE Aerospace, Inc.† | 23,972 | 1,135,314 | ||||||
Agricultural Chemicals — 1.2% |
| |||||||
Intrepid Potash, Inc.# | 56,761 | 1,207,874 | ||||||
Apparel Manufacturers — 1.8% |
| |||||||
Hanesbrands, Inc.†# | 30,681 | 1,107,584 | ||||||
Oxford Industries, Inc.# | 12,000 | 655,680 | ||||||
1,763,264 | ||||||||
Appliances — 1.0% |
| |||||||
Whirlpool Corp. | 10,086 | 1,027,158 | ||||||
Applications Software — 0.4% |
| |||||||
Demandware, Inc.† | 14,100 | 386,199 | ||||||
Auction House/Art Dealers — 0.2% |
| |||||||
Sotheby’s# | 6,700 | 193,362 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Dana Holding Corp. | 21,600 | 306,288 | ||||||
Titan International, Inc.# | 31,023 | 630,698 | ||||||
936,986 | ||||||||
B2B/E-Commerce — 0.6% |
| |||||||
SPS Commerce, Inc.†# | 17,146 | 632,002 | ||||||
Banks - Commercial — 1.9% |
| |||||||
Associated Banc - Corp.# | 78,027 | 1,002,647 | ||||||
SVB Financial Group† | 4,700 | 259,534 | ||||||
Wintrust Financial Corp.# | 18,700 | 687,973 | ||||||
1,950,154 | ||||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys, Inc.† | 20,500 | 714,220 | ||||||
Building & Construction Products - Misc. — 0.5% |
| |||||||
Gibraltar Industries, Inc.†# | 34,300 | 475,741 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
D.R. Horton, Inc.# | 42,300 | 823,158 | ||||||
Casino Services — 0.5% |
| |||||||
SHFL Entertainment, Inc.†# | 37,100 | 510,496 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Rockwood Holdings, Inc. | 5,970 | 273,844 | ||||||
Chemicals - Specialty — 1.0% |
| |||||||
NewMarket Corp.# | 3,798 | 1,007,799 | ||||||
Commercial Services - Finance — 3.2% |
| |||||||
Alliance Data Systems Corp.†# | 7,510 | 1,070,100 | ||||||
Cardtronics, Inc.† | 48,120 | 1,103,873 | ||||||
Moody’s Corp.# | 22,020 | 1,069,731 | ||||||
3,243,704 | ||||||||
Communications Software — 0.5% |
| |||||||
SolarWinds, Inc.† | 9,284 | 520,183 | ||||||
Computer Aided Design — 0.9% |
| |||||||
ANSYS, Inc.†# | 13,614 | 903,017 | ||||||
Computer Services — 1.4% |
| |||||||
KEYW Holding Corp.†# | 61,598 | 792,150 | ||||||
LivePerson, Inc.†# | 43,970 | 579,965 | ||||||
1,372,115 | ||||||||
Computer Software — 1.0% |
| |||||||
Akamai Technologies, Inc.† | 27,147 | 994,123 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems — 0.7% |
| |||||||
Netscout Systems, Inc.† | 29,169 | $ | 732,725 | |||||
Computers - Voice Recognition — 0.4% |
| |||||||
Vocera Communications, Inc.† | 15,103 | 371,383 | ||||||
Consumer Products - Misc. — 1.7% |
| |||||||
Jarden Corp. | 19,220 | 1,016,930 | ||||||
SodaStream International, Ltd.†# | 17,300 | 689,924 | ||||||
1,706,854 | ||||||||
Cosmetics & Toiletries — 0.7% |
| |||||||
Elizabeth Arden, Inc.†# | 14,800 | 686,868 | ||||||
Diagnostic Equipment — 0.6% |
| |||||||
Cepheid, Inc.†# | 18,300 | 593,286 | ||||||
Distribution/Wholesale — 0.8% |
| |||||||
Beacon Roofing Supply, Inc.† | 9,300 | 286,812 | ||||||
MWI Veterinary Supply, Inc.†# | 4,562 | 509,302 | ||||||
796,114 | ||||||||
Diversified Manufacturing Operations — 1.8% |
| |||||||
A.O. Smith Corp.# | 15,845 | 997,443 | ||||||
Barnes Group, Inc. | 39,000 | 822,510 | ||||||
1,819,953 | ||||||||
E-Commerce/Products — 1.0% |
| |||||||
Shutterfly, Inc.†# | 35,400 | 954,030 | ||||||
E-Commerce/Services — 0.5% |
| |||||||
Angie’s List, Inc.†# | 49,436 | 549,234 | ||||||
Electronic Components - Semiconductors — 1.9% |
| |||||||
Cavium, Inc.†# | 43,100 | 1,518,413 | ||||||
Volterra Semiconductor Corp.† | 20,100 | 352,956 | ||||||
1,871,369 | ||||||||
Enterprise Software/Service — 2.7% |
| |||||||
Concur Technologies, Inc.†# | 14,800 | 972,508 | ||||||
MedAssets, Inc.† | 27,671 | 445,503 | ||||||
QLIK Technologies, Inc.† | 20,500 | 397,290 | ||||||
Ultimate Software Group, Inc.† | 9,751 | 921,567 | ||||||
2,736,868 | ||||||||
Filtration/Separation Products — 1.0% |
| |||||||
Polypore International, Inc.†# | 25,306 | 1,038,811 | ||||||
Finance - Consumer Loans — 1.0% |
| |||||||
Portfolio Recovery Associates, Inc.†# | 10,100 | 998,082 | ||||||
Finance - Other Services — 0.5% |
| |||||||
MarketAxess Holdings, Inc. | 16,700 | 515,362 | ||||||
Food - Misc./Diversified — 0.7% |
| |||||||
B&G Foods, Inc. | 22,588 | 659,118 | ||||||
Gold Mining — 0.8% |
| |||||||
Allied Nevada Gold Corp.†# | 24,903 | 810,593 | ||||||
Home Furnishings — 0.4% |
| |||||||
Ethan Allen Interiors, Inc.# | 15,300 | 443,853 | ||||||
Hotel/Motels — 0.5% |
| |||||||
Ryman Hospitality Properties | 14,200 | 471,724 | ||||||
Industrial Automated/Robotic — 1.0% |
| |||||||
Nordson Corp. | 16,930 | 1,035,947 | ||||||
Insurance Brokers — 0.9% |
| |||||||
Brown & Brown, Inc. | 35,186 | 944,392 | ||||||
Insurance - Property/Casualty — 0.5% |
| |||||||
First American Financial Corp. | 21,500 | 511,700 | ||||||
224
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Internet Application Software — 1.2% |
| |||||||
Brightcove, Inc.† | 53,138 | $ | 516,501 | |||||
Vocus, Inc.† | 38,832 | 662,474 | ||||||
1,178,975 | ||||||||
Internet Connectivity Services — 1.0% |
| |||||||
Cogent Communications Group, Inc. | 48,500 | 1,025,290 | ||||||
Internet Content - Entertainment — 0.7% |
| |||||||
Pandora Media, Inc.†# | 50,900 | 443,848 | ||||||
Shutterstock, Inc.† | 11,122 | 284,723 | ||||||
728,571 | ||||||||
Internet Infrastructure Software — 2.0% |
| |||||||
F5 Networks, Inc.† | 10,376 | 972,024 | ||||||
support.com, Inc.†# | 232,413 | 1,022,617 | ||||||
1,994,641 | ||||||||
Internet Security — 0.3% |
| |||||||
Sourcefire, Inc.†# | 7,000 | 344,610 | ||||||
Internet Telephone — 0.9% |
| |||||||
BroadSoft, Inc.† | 28,441 | 899,589 | ||||||
Investment Management/Advisor Services — 1.4% |
| |||||||
Financial Engines, Inc.†# | 52,600 | 1,379,172 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
Roper Industries, Inc.# | 8,970 | 1,000,424 | ||||||
Medical Information Systems — 0.3% |
| |||||||
Epocrates, Inc.†# | 32,100 | 323,889 | ||||||
Medical Instruments — 3.6% |
| |||||||
DexCom, Inc.†# | 94,508 | 1,236,165 | ||||||
Endologix, Inc.†# | 56,100 | 822,426 | ||||||
Thoratec Corp.† | 27,057 | 1,006,520 | ||||||
Volcano Corp.†# | 21,159 | 576,794 | ||||||
3,641,905 | ||||||||
Medical Products — 3.3% |
| |||||||
Cooper Cos., Inc. | 10,051 | 954,242 | ||||||
Cyberonics, Inc.† | 19,545 | 1,010,476 | ||||||
Hanger, Inc.† | 22,833 | 596,170 | ||||||
NxStage Medical, Inc.† | 21,100 | 253,622 | ||||||
Tornier NV† | 29,963 | 486,000 | ||||||
3,300,510 | ||||||||
Medical - Biomedical/Gene — 1.6% |
| |||||||
Ariad Pharmaceuticals, Inc.†# | 25,600 | 572,416 | ||||||
Cubist Pharmaceuticals, Inc.†# | 8,800 | 357,368 | ||||||
Exact Sciences Corp.†# | 73,600 | 722,016 | ||||||
1,651,800 | ||||||||
Medical - Drugs — 2.1% |
| |||||||
Akorn, Inc.†# | 50,600 | 682,594 | ||||||
Jazz Pharmaceuticals PLC†# | 9,106 | 490,631 | ||||||
Salix Pharmaceuticals, Ltd.†# | 22,542 | 965,925 | ||||||
2,139,150 | ||||||||
Medical - Hospitals — 0.6% |
| |||||||
Universal Health Services, Inc., Class B# | 12,228 | 551,116 | ||||||
Metal Processors & Fabrication — 0.5% |
| |||||||
RBC Bearings, Inc.†# | 11,200 | 521,808 | ||||||
Networking Products — 1.4% |
| |||||||
LogMeIn, Inc.†# | 33,300 | 712,620 | ||||||
Procera Networks, Inc.†# | 33,097 | 683,453 | ||||||
1,396,073 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Non-Ferrous Metals — 0.7% |
| |||||||
Materion Corp. | 35,952 | $ | 737,016 | |||||
Oil Companies - Exploration & Production — 3.1% |
| |||||||
Berry Petroleum Co., Class A# | 8,500 | 264,435 | ||||||
Cabot Oil & Gas Corp. | 14,710 | 692,841 | ||||||
Comstock Resources, Inc.†# | 13,200 | 216,480 | ||||||
Energy XXI Bermuda, Ltd.# | 20,200 | 639,936 | ||||||
Gulfport Energy Corp.†# | 14,888 | 566,340 | ||||||
Oasis Petroleum, Inc.†# | 8,200 | 247,804 | ||||||
Whiting Petroleum Corp.† | 10,595 | 444,354 | ||||||
3,072,190 | ||||||||
Oil Field Machinery & Equipment — 1.3% |
| |||||||
Dril-Quip, Inc.†# | 12,981 | 913,473 | ||||||
Lufkin Industries, Inc.# | 6,600 | 361,416 | ||||||
1,274,889 | ||||||||
Oil - Field Services — 0.4% |
| |||||||
Key Energy Services, Inc.† | 54,600 | 365,274 | ||||||
Pharmacy Services — 0.9% |
| |||||||
Catamaran Corp.†# | 19,100 | 929,979 | ||||||
Physicians Practice Management — 1.2% |
| |||||||
IPC The Hospitalist Co., Inc.†# | 19,700 | 743,675 | ||||||
MEDNAX, Inc.†# | 6,305 | 498,095 | ||||||
1,241,770 | ||||||||
Racetracks — 1.1% |
| |||||||
Penn National Gaming, Inc.†# | 21,963 | 1,116,160 | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
Essex Property Trust, Inc.# | 1,735 | 243,750 | ||||||
Omega Healthcare Investors, Inc. | 31,351 | 718,565 | ||||||
962,315 | ||||||||
Rental Auto/Equipment — 1.0% |
| |||||||
United Rentals, Inc.†# | 24,474 | 1,016,405 | ||||||
Research & Development — 0.8% |
| |||||||
PAREXEL International Corp.†# | 23,580 | 761,398 | ||||||
Respiratory Products — 1.0% |
| |||||||
ResMed, Inc.# | 23,649 | 971,737 | ||||||
Retail - Apparel/Shoe — 2.7% |
| |||||||
American Eagle Outfitters, Inc. | 48,822 | 1,035,026 | ||||||
DSW, Inc., Class A# | 15,266 | 1,038,546 | ||||||
Vera Bradley, Inc.†# | 24,029 | 665,844 | ||||||
2,739,416 | ||||||||
Retail - Automobile — 0.7% |
| |||||||
Group 1 Automotive, Inc.# | 11,700 | 710,892 | ||||||
Retail - Building Products — 0.4% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 7,100 | 381,128 | ||||||
Retail - Catalog Shopping — 1.8% |
| |||||||
MSC Industrial Direct Co., Class A# | 25,199 | 1,830,959 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Pier 1 Imports, Inc.# | 12,900 | 247,551 | ||||||
Retail - Perfume & Cosmetics — 0.8% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.# | 8,000 | 802,240 | ||||||
Retail - Pet Food & Supplies — 0.5% |
| |||||||
PetSmart, Inc. | 6,930 | 489,674 | ||||||
Retail - Restaurants — 0.9% |
| |||||||
Buffalo Wild Wings, Inc.†# | 12,057 | 873,409 | ||||||
225
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Sporting Goods — 1.3% |
| |||||||
Dick’s Sporting Goods, Inc.# | 18,812 | $ | 987,818 | |||||
Hibbett Sports, Inc.†# | 4,700 | 252,578 | ||||||
Zumiez, Inc.† | 5,000 | 103,400 | ||||||
1,343,796 | ||||||||
Retail - Vitamins & Nutrition Supplements — 1.9% |
| |||||||
Vitamin Shoppe, Inc.†# | 32,870 | 1,947,876 | ||||||
Seismic Data Collection — 0.3% |
| |||||||
ION Geophysical Corp.†# | 57,900 | 345,084 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
NXP Semiconductor NV†# | 40,470 | 990,706 | ||||||
Power Integrations, Inc.# | 22,300 | 693,753 | ||||||
1,684,459 | ||||||||
Soap & Cleaning Preparation — 0.4% |
| |||||||
Church & Dwight Co., Inc.# | 8,151 | 441,377 | ||||||
Telecom Equipment - Fiber Optics — 1.3% |
| |||||||
Ciena Corp.†# | 26,100 | 388,368 | ||||||
IPG Photonics Corp.# | 15,932 | 941,581 | ||||||
1,329,949 | ||||||||
Telecom Services — 1.0% |
| |||||||
tw telecom, Inc.† | 37,325 | 958,879 | ||||||
Toys — 0.8% |
| |||||||
LeapFrog Enterprises, Inc.†# | 91,600 | 834,476 | ||||||
Transactional Software — 0.9% |
| |||||||
InnerWorkings, Inc.†# | 71,167 | 925,883 | ||||||
Transport - Rail — 1.0% |
| |||||||
Kansas City Southern# | 13,312 | 1,040,333 | ||||||
Transport - Truck — 0.5% |
| |||||||
Forward Air Corp.# | 16,289 | 541,609 | ||||||
Water — 0.3% |
| |||||||
Aqua America, Inc.# | 9,813 | 250,624 | ||||||
Web Hosting/Design — 1.1% |
| |||||||
Equinix, Inc.†# | 2,700 | 501,552 | ||||||
Rackspace Hosting, Inc.†# | 9,400 | 649,728 | ||||||
1,151,280 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Wireless Equipment — 1.3% |
| |||||||
Aruba Networks, Inc.†# | 65,334 | $ | 1,272,706 | |||||
Total Common Stock | ||||||||
(cost $88,646,520) | 97,987,407 | |||||||
EXCHANGE-TRADED FUNDS — 1.0% |
| |||||||
iShares Russell 2000 Growth Index Fund | 10,775 | 1,007,570 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $89,647,956) | 98,994,977 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 15.9% |
| |||||||
Registered Investment Companies — 14.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 14,701,733 | 14,701,733 | ||||||
Time Deposits — 1.3% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/03/2012 | $ | 1,382,000 | 1,382,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $16,083,733) | 16,083,733 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $105,731,689)(2) | 114.1 | % | 115,078,710 | |||||
Liabilities in excess of other assets | (14.1 | ) | (14,218,094 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 100,860,616 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2012, the Fund had loaned securities with a total value of $14,330,573. This was secured by collateral of $14,701,733, which was received in cash and subsequently invested in short-term investments currently valued at $14,701,733 as reported in the portfolio of investments. |
(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, 2012 (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 | $ | 97,987,407 | $ | — | $ | — | $ | 97,987,407 | ||||||||
Exchange Traded Funds | 1,007,570 | — | — | 1,007,570 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 14,701,733 | — | — | 14,701,733 | ||||||||||||
Time Deposits | — | 1,382,000 | — | 1,382,000 | ||||||||||||
Total | $ | 113,696,710 | $ | 1,382,000 | $ | — | $ | 115,078,710 | ||||||||
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
226
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 6.1 | % | ||
Medical — Drugs | 5.9 | |||
Registered Investment Companies | 4.6 | |||
Computers | 4.6 | |||
Diversified Banking Institutions | 3.4 | |||
Diversified Manufacturing Operations | 3.3 | |||
Electric — Integrated | 2.9 | |||
Telephone — Integrated | 2.8 | |||
Banks — Super Regional | 2.6 | |||
Beverages — Non-alcoholic | 2.2 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Computer Services | 2.1 | |||
Real Estate Investment Trusts | 2.1 | |||
Cosmetics & Toiletries | 2.0 | |||
Applications Software | 2.0 | |||
Tobacco | 1.9 | |||
Retail — Discount | 1.8 | |||
Medical — Biomedical/Gene | 1.7 | |||
Multimedia | 1.6 | |||
Repurchase Agreements | 1.6 | |||
Web Portals/ISP | 1.6 | |||
Electronic Components — Semiconductors | 1.5 | |||
Retail — Restaurants | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Insurance — Multi-line | 1.2 | |||
Food — Misc./Diversified | 1.2 | |||
E-Commerce/Products | 1.2 | |||
Finance — Credit Card | 1.2 | |||
Oil — Field Services | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Retail — Building Products | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Enterprise Software/Service | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Medical Products | 1.0 | |||
Commercial Services — Finance | 0.9 | |||
Medical — HMO | 0.9 | |||
Networking Products | 0.8 | |||
Transport — Services | 0.8 | |||
Transport — Rail | 0.8 | |||
Medical Instruments | 0.7 | |||
Computers — Memory Devices | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Retail — Drug Store | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Pipelines | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Instruments — Controls | 0.4 | |||
Banks — Commercial | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Consumer Products — Misc. | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Pharmacy Services | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Industrial Gases | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Insurance Brokers | 0.3 |
Metal — Copper | 0.3 | |||
Gas — Distribution | 0.3 | |||
Athletic Footwear | 0.3 | |||
Wireless Equipment | 0.3 | |||
Finance — Other Services | 0.3 | |||
Food — Retail | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Machinery — Farming | 0.3 | |||
Medical — Generic Drugs | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Hotels/Motels | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Gold Mining | 0.2 | |||
Data Processing/Management | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Paper & Related Products | 0.2 | |||
Television | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Food — Confectionery | 0.2 | |||
Cellular Telecom | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Electronic Components — Misc. | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Internet Security | 0.1 | |||
Advertising Agencies | 0.1 | |||
Agricultural Operations | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Cruise Lines | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Toys | 0.1 | |||
Electronic Forms | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Steel — Producers | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Publishing — Books | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Coal | 0.1 | |||
Retail — Bedding | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Coatings/Paint | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Medical Information Systems | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Commercial Services | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Security Services | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Electronic Connectors | 0.1 | |||
Retail — Automobile | 0.1 | |||
Food — Meat Products | 0.1 | |||
Dialysis Centers | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Casino Hotels | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Savings & Loans/Thrifts | 0.1 |
227
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2012 (Unaudited) — (continued)
Industry Allocation* (continued)
Hazardous Waste Disposal | 0.1 | % | ||
Retail — Office Supplies | 0.1 | |||
Appliances | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Computer Aided Design | 0.1 | |||
Electronics — Military | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Airlines | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Quarrying | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Electric — Generation | 0.1 | |||
Computer Software | 0.1 | |||
104.5 | % | |||
* | Calculated as a percentage of net assets |
228
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.2% | ||||||||
Advertising Agencies — 0.1% | ||||||||
Interpublic Group of Cos., Inc. | 120,855 | $ | 1,307,651 | |||||
Omnicom Group, Inc. | 73,474 | 3,654,597 | ||||||
4,962,248 | ||||||||
Aerospace/Defense — 1.1% | ||||||||
Boeing Co. | 187,071 | 13,895,634 | ||||||
General Dynamics Corp. | 91,720 | 6,099,380 | ||||||
Lockheed Martin Corp. | 74,455 | 6,946,652 | ||||||
Northrop Grumman Corp. | 68,373 | 4,560,479 | ||||||
Raytheon Co. | 91,818 | 5,245,562 | ||||||
Rockwell Collins, Inc.# | 39,336 | 2,249,232 | ||||||
38,996,939 | ||||||||
Aerospace/Defense-Equipment — 0.5% | ||||||||
United Technologies Corp. | 231,901 | 18,577,589 | ||||||
Agricultural Chemicals — 0.6% | ||||||||
CF Industries Holdings, Inc. | 17,363 | 3,716,203 | ||||||
Monsanto Co. | 147,341 | 13,494,962 | ||||||
Mosaic Co. | 76,515 | 4,136,401 | ||||||
21,347,566 | ||||||||
Agricultural Operations — 0.1% | ||||||||
Archer-Daniels-Midland Co. | 182,068 | 4,861,216 | ||||||
Airlines — 0.1% | ||||||||
Southwest Airlines Co. | 205,415 | 1,957,605 | ||||||
Apparel Manufacturers — 0.3% | ||||||||
Coach, Inc. | 78,870 | 4,561,841 | ||||||
Ralph Lauren Corp. | 16,872 | 2,650,423 | ||||||
VF Corp. | 24,328 | 3,904,887 | ||||||
11,117,151 | ||||||||
Appliances — 0.1% | ||||||||
Whirlpool Corp. | 21,483 | 2,187,829 | ||||||
Applications Software — 2.0% | ||||||||
Citrix Systems, Inc.† | 51,697 | 3,161,789 | ||||||
Intuit, Inc. | 76,319 | 4,572,271 | ||||||
Microsoft Corp. | 2,086,231 | 55,535,469 | ||||||
Red Hat, Inc.† | 53,364 | 2,636,182 | ||||||
Salesforce.com, Inc.†# | 35,314 | 5,567,958 | ||||||
71,473,669 | ||||||||
Athletic Footwear — 0.3% | ||||||||
NIKE, Inc., Class B | 101,628 | 9,906,697 | ||||||
Audio/Video Products — 0.0% | ||||||||
Harman International Industries, Inc.# | 18,540 | 733,442 | ||||||
Auto-Cars/Light Trucks — 0.3% | ||||||||
Ford Motor Co. | 1,054,544 | 12,074,529 | ||||||
Auto-Heavy Duty Trucks — 0.1% | ||||||||
PACCAR, Inc. | 97,704 | 4,293,114 | ||||||
Auto/Truck Parts & Equipment-Original — 0.2% | ||||||||
BorgWarner, Inc.†# | 31,685 | 2,100,715 | ||||||
Johnson Controls, Inc. | 189,131 | 5,208,668 | ||||||
7,309,383 | ||||||||
Banks-Commercial — 0.4% | ||||||||
BB&T Corp. | 193,349 | 5,446,641 | ||||||
First Horizon National Corp.# | 68,766 | 650,526 | ||||||
M&T Bank Corp.# | 33,254 | 3,249,914 | ||||||
Regions Financial Corp. | 390,818 | 2,606,756 | ||||||
Zions Bancorporation# | 50,912 | 1,021,804 | ||||||
12,975,641 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks-Fiduciary — 0.5% | ||||||||
Bank of New York Mellon Corp. | 326,663 | $ | 7,820,312 | |||||
Northern Trust Corp. | 60,525 | 2,906,410 | ||||||
State Street Corp. | 132,431 | 5,885,234 | ||||||
16,611,956 | ||||||||
Banks-Super Regional — 2.6% | ||||||||
Capital One Financial Corp. | 160,683 | 9,255,341 | ||||||
Comerica, Inc. | 53,462 | 1,581,941 | ||||||
Fifth Third Bancorp | 254,071 | 3,719,599 | ||||||
Huntington Bancshares, Inc. | 237,395 | 1,459,979 | ||||||
KeyCorp | 260,840 | 2,107,587 | ||||||
PNC Financial Services Group, Inc. | 146,360 | 8,216,650 | ||||||
SunTrust Banks, Inc. | 148,911 | 4,042,934 | ||||||
US Bancorp | 524,034 | 16,905,337 | ||||||
Wells Fargo & Co. | 1,358,350 | 44,839,134 | ||||||
92,128,502 | ||||||||
Beverages-Non-alcoholic — 2.2% | ||||||||
Coca-Cola Co. | 1,070,533 | 40,594,611 | ||||||
Coca-Cola Enterprises, Inc. | 76,515 | 2,385,738 | ||||||
Dr Pepper Snapple Group, Inc.# | 58,171 | 2,608,969 | ||||||
Monster Beverage Corp.† | 42,476 | 2,210,876 | ||||||
PepsiCo, Inc. | 430,352 | 30,215,014 | ||||||
78,015,208 | ||||||||
Beverages-Wine/Spirits — 0.2% | ||||||||
Beam, Inc. | 43,751 | 2,454,868 | ||||||
Brown-Forman Corp., Class B | 41,887 | 2,939,630 | ||||||
Constellation Brands, Inc., Class A† | 40,710 | 1,460,675 | ||||||
6,855,173 | ||||||||
Brewery — 0.0% | ||||||||
Molson Coors Brewing Co., Class B | 43,064 | 1,785,433 | ||||||
Broadcast Services/Program — 0.2% | ||||||||
Discovery Communications, Inc., Class A† | 68,373 | 4,130,413 | ||||||
Scripps Networks Interactive, Inc., Class A# | 23,935 | 1,413,122 | ||||||
5,543,535 | ||||||||
Building Products-Wood — 0.0% | ||||||||
Masco Corp. | 98,783 | 1,675,360 | ||||||
Building-Residential/Commercial — 0.1% | ||||||||
D.R. Horton, Inc.# | 76,810 | 1,494,723 | ||||||
Lennar Corp., Class A# | 45,026 | 1,712,789 | ||||||
PulteGroup, Inc.† | 93,388 | 1,569,852 | ||||||
4,777,364 | ||||||||
Cable/Satellite TV — 1.3% | ||||||||
Cablevision Systems Corp., Class A# | 59,643 | 825,459 | ||||||
Comcast Corp., Class A | 739,848 | 27,507,548 | ||||||
DIRECTV† | 173,631 | 8,629,461 | ||||||
Time Warner Cable, Inc. | 84,755 | 8,042,402 | ||||||
45,004,870 | ||||||||
Casino Hotels — 0.1% | ||||||||
Wynn Resorts, Ltd. | 21,973 | 2,469,765 | ||||||
Casino Services — 0.0% | ||||||||
International Game Technology | 73,867 | 1,024,535 | ||||||
Cellular Telecom — 0.2% | ||||||||
MetroPCS Communications, Inc.† | 87,404 | 930,853 | ||||||
Sprint Nextel Corp.† | 829,607 | 4,753,648 | ||||||
5,684,501 | ||||||||
229
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Chemicals-Diversified — 1.1% | ||||||||
Air Products & Chemicals, Inc. | 58,563 | $ | 4,857,215 | |||||
Dow Chemical Co. | 331,273 | 10,001,132 | ||||||
E.I. du Pont de Nemours & Co. | 257,210 | 11,096,040 | ||||||
FMC Corp. | 37,963 | 2,105,428 | ||||||
LyondellBasell Industries NV, Class A | 93,780 | 4,663,679 | ||||||
PPG Industries, Inc. | 42,181 | 5,241,833 | ||||||
37,965,327 | ||||||||
Chemicals-Specialty — 0.3% | ||||||||
Eastman Chemical Co. | 42,279 | 2,572,677 | ||||||
Ecolab, Inc. | 72,788 | 5,246,559 | ||||||
International Flavors & Fragrances, Inc. | 22,562 | 1,467,207 | ||||||
Sigma-Aldrich Corp.# | 33,353 | 2,418,760 | ||||||
11,705,203 | ||||||||
Coal — 0.1% | ||||||||
CONSOL Energy, Inc.# | 62,978 | 1,974,360 | ||||||
Peabody Energy Corp. | 74,161 | 1,862,183 | ||||||
3,836,543 | ||||||||
Coatings/Paint — 0.1% | ||||||||
Sherwin-Williams Co. | 23,543 | 3,590,778 | ||||||
Commercial Services — 0.1% | ||||||||
Iron Mountain, Inc. | 49,600 | 1,567,360 | ||||||
Quanta Services, Inc.† | 58,956 | 1,524,602 | ||||||
3,091,962 | ||||||||
Commercial Services-Finance — 0.9% | ||||||||
Automatic Data Processing, Inc. | 134,000 | 7,605,840 | ||||||
Equifax, Inc. | 33,156 | 1,698,913 | ||||||
H&R Block, Inc.# | 74,946 | 1,351,276 | ||||||
Mastercard, Inc., Class A | 29,723 | 14,525,036 | ||||||
Moody’s Corp.# | 53,462 | 2,597,184 | ||||||
Paychex, Inc.# | 89,268 | 2,904,781 | ||||||
Total System Services, Inc. | 44,732 | 981,867 | ||||||
Western Union Co. | 166,568 | 2,100,423 | ||||||
33,765,320 | ||||||||
Computer Aided Design — 0.1% | ||||||||
Autodesk, Inc.† | 62,782 | 2,079,968 | ||||||
Computer Services — 2.1% | ||||||||
Accenture PLC, Class A | 175,495 | 11,919,620 | ||||||
Cognizant Technology Solutions Corp., Class A† | 82,597 | 5,552,996 | ||||||
Computer Sciences Corp. | 42,966 | 1,635,286 | ||||||
International Business Machines Corp. | 297,038 | 56,458,013 | ||||||
75,565,915 | ||||||||
Computer Software — 0.1% | ||||||||
Akamai Technologies, Inc.† | 49,048 | 1,796,138 | ||||||
Computers — 4.6% | ||||||||
Apple, Inc. | 259,172 | 151,688,188 | ||||||
Dell, Inc. | 402,884 | 3,883,802 | ||||||
Hewlett-Packard Co. | 543,654 | 7,062,065 | ||||||
162,634,055 | ||||||||
Computers-Integrated Systems — 0.1% | ||||||||
Teradata Corp.† | 46,596 | 2,771,530 | ||||||
Computers-Memory Devices — 0.7% | ||||||||
EMC Corp.† | 580,342 | 14,404,089 | ||||||
NetApp, Inc.† | 100,451 | 3,185,301 | ||||||
SanDisk Corp.† | 66,804 | 2,612,036 | ||||||
Seagate Technology PLC# | 97,802 | 2,454,830 |
Security Description | Shares | Value (Note 2) | ||||||
Computers-Memory Devices (continued) | ||||||||
Western Digital Corp. | 61,506 | $ | 2,056,761 | |||||
24,713,017 | ||||||||
Consulting Services — 0.0% | ||||||||
SAIC, Inc. | 78,477 | 904,840 | ||||||
Consumer Products-Misc. — 0.3% | ||||||||
Clorox Co.# | 35,805 | 2,733,712 | ||||||
Kimberly-Clark Corp. | 109,182 | 9,359,081 | ||||||
12,092,793 | ||||||||
Containers-Metal/Glass — 0.1% | ||||||||
Ball Corp. | 42,770 | 1,911,391 | ||||||
Owens-Illinois, Inc.† | 45,615 | 913,669 | ||||||
2,825,060 | ||||||||
Containers-Paper/Plastic — 0.1% | ||||||||
Bemis Co., Inc.# | 28,546 | 959,146 | ||||||
Sealed Air Corp.# | 53,761 | 904,260 | ||||||
1,863,406 | ||||||||
Cosmetics & Toiletries — 2.0% | ||||||||
Avon Products, Inc.# | 119,482 | 1,666,774 | ||||||
Colgate-Palmolive Co. | 123,209 | 13,368,177 | ||||||
Estee Lauder Cos., Inc., Class A# | 66,411 | 3,868,441 | ||||||
Procter & Gamble Co. | 761,527 | 53,177,430 | ||||||
72,080,822 | ||||||||
Cruise Lines — 0.1% | ||||||||
Carnival Corp. | 123,602 | 4,778,453 | ||||||
Data Processing/Management — 0.2% | ||||||||
Dun & Bradstreet Corp.# | 12,458 | 986,424 | ||||||
Fidelity National Information Services, Inc. | 69,256 | 2,500,142 | ||||||
Fiserv, Inc.† | 37,473 | 2,885,046 | ||||||
6,371,612 | ||||||||
Dental Supplies & Equipment — 0.1% | ||||||||
DENTSPLY International, Inc.# | 39,238 | 1,557,749 | ||||||
Patterson Cos., Inc.# | 23,445 | 799,474 | ||||||
2,357,223 | ||||||||
Dialysis Centers — 0.1% | ||||||||
DaVita HealthCare Partners, Inc.† | 23,543 | 2,542,644 | ||||||
Disposable Medical Products — 0.1% | ||||||||
C.R. Bard, Inc. | 21,581 | 2,136,735 | ||||||
Distribution/Wholesale — 0.3% | ||||||||
Fastenal Co. | 74,553 | 3,117,061 | ||||||
Fossil, Inc.† | 15,106 | 1,305,763 | ||||||
Genuine Parts Co.# | 42,868 | 2,790,278 | ||||||
WW Grainger, Inc. | 16,578 | 3,216,463 | ||||||
10,429,565 | ||||||||
Diversified Banking Institutions — 3.4% | ||||||||
Bank of America Corp. | 2,979,896 | 29,381,774 | ||||||
Citigroup, Inc. | 810,870 | 28,031,776 | ||||||
Goldman Sachs Group, Inc. | 124,583 | 14,674,632 | ||||||
JPMorgan Chase & Co. | 1,050,423 | 43,151,377 | ||||||
Morgan Stanley | 382,382 | 6,450,784 | ||||||
121,690,343 | ||||||||
Diversified Manufacturing Operations — 3.3% | ||||||||
3M Co. | 175,888 | 15,997,014 | ||||||
Cooper Industries PLC | 44,241 | 3,295,954 | ||||||
Danaher Corp. | 161,467 | 8,714,374 |
230
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Diversified Manufacturing Operations (continued) | ||||||||
Dover Corp.# | 50,520 | $ | 3,212,567 | |||||
Eaton Corp. PLC# | 93,388 | 4,871,118 | ||||||
General Electric Co. | 2,919,566 | 61,690,430 | ||||||
Illinois Tool Works, Inc. | 119,286 | 7,344,439 | ||||||
Ingersoll-Rand PLC | 79,262 | 3,866,400 | ||||||
Leggett & Platt, Inc.# | 38,846 | 1,081,861 | ||||||
Parker Hannifin Corp. | 41,298 | 3,392,631 | ||||||
Pentair, Ltd. | 57,975 | 2,811,208 | ||||||
Textron, Inc.# | 77,692 | 1,824,985 | ||||||
118,102,981 | ||||||||
Diversified Operations — 0.0% | ||||||||
Leucadia National Corp.# | 54,738 | 1,212,447 | ||||||
E-Commerce/Products — 1.2% | ||||||||
Amazon.com, Inc.† | 99,960 | 25,194,918 | ||||||
eBay, Inc.† | 320,679 | 16,938,265 | ||||||
Netflix, Inc.†# | 15,401 | 1,258,416 | ||||||
43,391,599 | ||||||||
E-Commerce/Services — 0.3% | ||||||||
Expedia, Inc. | 25,897 | 1,601,989 | ||||||
priceline.com, Inc.† | 13,733 | 9,107,176 | ||||||
TripAdvisor, Inc.†# | 30,312 | 1,157,615 | ||||||
11,866,780 | ||||||||
Electric Products-Misc. — 0.3% | ||||||||
Emerson Electric Co. | 201,099 | 10,101,203 | ||||||
Molex, Inc.# | 38,061 | 1,004,049 | ||||||
11,105,252 | ||||||||
Electric-Generation — 0.1% | ||||||||
AES Corp. | 171,669 | 1,831,708 | ||||||
Electric-Integrated — 2.9% | ||||||||
Ameren Corp. | 67,098 | 2,010,927 | ||||||
American Electric Power Co., Inc. | 134,098 | 5,719,280 | ||||||
CMS Energy Corp. | 73,278 | 1,790,182 | ||||||
Consolidated Edison, Inc. | 81,028 | 4,520,552 | ||||||
Dominion Resources, Inc. | 158,524 | 8,102,162 | ||||||
DTE Energy Co. | 47,479 | 2,876,278 | ||||||
Duke Energy Corp. | 194,722 | 12,427,158 | ||||||
Edison International | 90,053 | 4,095,610 | ||||||
Entergy Corp. | 49,048 | 3,116,510 | ||||||
Exelon Corp. | 236,021 | 7,132,555 | ||||||
FirstEnergy Corp. | 115,656 | 4,910,754 | ||||||
Integrys Energy Group, Inc.# | 21,581 | 1,147,462 | ||||||
NextEra Energy, Inc. | 116,931 | 8,034,329 | ||||||
Northeast Utilities | 86,815 | 3,363,213 | ||||||
Pepco Holdings, Inc.# | 63,272 | 1,248,989 | ||||||
PG&E Corp. | 117,912 | 4,828,496 | ||||||
Pinnacle West Capital Corp. | 30,312 | 1,559,855 | ||||||
PPL Corp. | 160,584 | 4,713,140 | ||||||
Public Service Enterprise Group, Inc. | 139,886 | 4,209,170 | ||||||
SCANA Corp.# | 36,295 | 1,681,910 | ||||||
Southern Co. | 241,907 | 10,535,050 | ||||||
TECO Energy, Inc.# | 56,307 | 946,521 | ||||||
Wisconsin Energy Corp. | 63,763 | 2,393,025 | ||||||
Xcel Energy, Inc. | 134,785 | 3,645,934 | ||||||
105,009,062 | ||||||||
Electronic Components-Misc. — 0.1% | ||||||||
Jabil Circuit, Inc. | 51,697 | 982,243 | ||||||
TE Connectivity, Ltd. | 118,305 | 4,163,153 | ||||||
5,145,396 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components-Semiconductors — 1.5% | ||||||||
Advanced Micro Devices, Inc.†# | 166,274 | $ | 365,803 | |||||
Altera Corp. | 88,483 | 2,865,964 | ||||||
Broadcom Corp., Class A | 142,240 | 4,605,731 | ||||||
First Solar, Inc.†# | 16,578 | 447,440 | ||||||
Intel Corp. | 1,383,365 | 27,072,453 | ||||||
LSI Corp.† | 154,208 | 1,039,362 | ||||||
Microchip Technology, Inc.# | 53,561 | 1,629,326 | ||||||
Micron Technology, Inc.† | 281,342 | 1,682,425 | ||||||
NVIDIA Corp. | 171,277 | 2,051,899 | ||||||
Texas Instruments, Inc. | 314,597 | 9,271,174 | ||||||
Xilinx, Inc. | 72,493 | 2,511,882 | ||||||
53,543,459 | ||||||||
Electronic Connectors — 0.1% | ||||||||
Amphenol Corp., Class A | 44,536 | 2,757,669 | ||||||
Electronic Forms — 0.1% | ||||||||
Adobe Systems, Inc.†# | 135,962 | 4,705,645 | ||||||
Electronic Measurement Instruments — 0.1% | ||||||||
Agilent Technologies, Inc. | 96,331 | 3,688,514 | ||||||
FLIR Systems, Inc.# | 41,789 | 852,496 | ||||||
4,541,010 | ||||||||
Electronic Security Devices — 0.1% | ||||||||
Tyco International, Ltd. | 127,133 | 3,606,763 | ||||||
Electronics-Military — 0.1% | ||||||||
L-3 Communications Holdings, Inc. | 26,682 | 2,050,512 | ||||||
Engineering/R&D Services — 0.1% | ||||||||
Fluor Corp. | 46,203 | 2,452,455 | ||||||
Jacobs Engineering Group, Inc.† | 35,903 | 1,469,869 | ||||||
3,922,324 | ||||||||
Engines-Internal Combustion — 0.1% | ||||||||
Cummins, Inc. | 48,950 | 4,804,932 | ||||||
Enterprise Software/Service — 1.0% | ||||||||
BMC Software, Inc.†# | 40,612 | 1,663,468 | ||||||
CA, Inc. | 94,663 | 2,097,732 | ||||||
Oracle Corp. | 1,053,072 | 33,803,611 | ||||||
37,564,811 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Electronic Arts, Inc.† | 87,993 | 1,303,176 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp.# | 32,175 | 1,913,769 | ||||||
Finance-Consumer Loans — 0.1% |
| |||||||
SLM Corp. | 129,782 | 2,147,892 | ||||||
Finance-Credit Card — 1.2% |
| |||||||
American Express Co. | 272,709 | 15,244,433 | ||||||
Discover Financial Services | 142,338 | 5,922,684 | ||||||
Visa, Inc., Class A | 144,497 | 21,632,646 | ||||||
42,799,763 | ||||||||
Finance-Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp.# | 303,021 | 3,969,575 | ||||||
E*TRADE Financial Corp.†# | 71,022 | 598,005 | ||||||
4,567,580 | ||||||||
Finance-Other Services — 0.3% |
| |||||||
CME Group, Inc. | 84,559 | 4,673,576 | ||||||
IntercontinentalExchange, Inc.† | 20,109 | 2,657,404 | ||||||
NASDAQ OMX Group, Inc. | 32,764 | 793,872 |
231
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Finance-Other Services (continued) |
| |||||||
NYSE Euronext# | 67,981 | $ | 1,587,356 | |||||
9,712,208 | ||||||||
Food-Confectionery — 0.2% | ||||||||
Hershey Co. | 41,887 | 3,069,060 | ||||||
J.M. Smucker Co. | 30,312 | 2,681,400 | ||||||
5,750,460 | ||||||||
Food-Dairy Products — 0.0% | ||||||||
Dean Foods Co.† | 51,108 | 875,991 | ||||||
Food-Meat Products — 0.1% | ||||||||
Hormel Foods Corp.# | 37,080 | 1,149,851 | ||||||
Tyson Foods, Inc., Class A | 80,047 | 1,534,501 | ||||||
2,684,352 | ||||||||
Food-Misc./Diversified — 1.2% | ||||||||
Campbell Soup Co.# | 49,833 | 1,831,363 | ||||||
ConAgra Foods, Inc. | 112,321 | 3,353,905 | ||||||
General Mills, Inc. | 179,223 | 7,346,351 | ||||||
H.J. Heinz Co.# | 88,581 | 5,178,445 | ||||||
Kellogg Co. | 68,275 | 3,786,532 | ||||||
Kraft Foods Group, Inc.† | 163,560 | 7,396,183 | ||||||
McCormick & Co., Inc.# | 36,688 | 2,368,577 | ||||||
Mondelez International, Inc., Class A | 490,681 | 12,703,731 | ||||||
43,965,087 | ||||||||
Food-Retail — 0.3% | ||||||||
Kroger Co. | 150,579 | 3,951,193 | ||||||
Safeway, Inc.# | 66,215 | 1,132,939 | ||||||
Whole Foods Market, Inc. | 47,479 | 4,432,639 | ||||||
9,516,771 | ||||||||
Food-Wholesale/Distribution — 0.1% | ||||||||
Sysco Corp.# | 162,154 | 5,132,174 | ||||||
Gas-Distribution — 0.3% | ||||||||
AGL Resources, Inc. | 32,470 | 1,265,681 | ||||||
CenterPoint Energy, Inc.# | 118,207 | 2,332,224 | ||||||
NiSource, Inc. | 85,671 | 2,070,668 | ||||||
Sempra Energy | 62,193 | 4,255,245 | ||||||
9,923,818 | ||||||||
Gold Mining — 0.2% |
| |||||||
Newmont Mining Corp. | 137,237 | 6,462,490 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.†# | 23,641 | 2,209,724 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc.# | 79,851 | 1,741,550 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Marriott International, Inc., Class A | 69,648 | 2,527,526 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 54,345 | 2,932,456 | ||||||
Wyndham Worldwide Corp. | 39,336 | 1,931,004 | ||||||
7,390,986 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 39,238 | 1,108,866 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 62,978 | 1,328,836 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 39,042 | 3,093,688 | ||||||
Industrial Gases — 0.3% |
| |||||||
Airgas, Inc. | 19,128 | 1,694,167 |
Security Description | Shares | Value (Note 2) | ||||||
Industrial Gases (continued) |
| |||||||
Praxair, Inc. | 82,401 | $ | 8,834,211 | |||||
10,528,378 | ||||||||
Instruments-Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 215,813 | 13,235,811 | ||||||
Instruments-Scientific — 0.3% |
| |||||||
PerkinElmer, Inc. | 31,587 | 999,729 | ||||||
Thermo Fisher Scientific, Inc. | 101,040 | 6,421,092 | ||||||
Waters Corp.† | 24,229 | 2,048,562 | ||||||
9,469,383 | ||||||||
Insurance Brokers — 0.3% |
| |||||||
Aon PLC | 89,170 | 5,064,856 | ||||||
Marsh & McLennan Cos., Inc. | 150,480 | 5,299,906 | ||||||
10,364,762 | ||||||||
Insurance-Life/Health — 0.6% |
| |||||||
Aflac, Inc. | 129,488 | 6,861,569 | ||||||
Lincoln National Corp.# | 77,202 | 1,906,889 | ||||||
Principal Financial Group, Inc. | 76,711 | 2,082,704 | ||||||
Prudential Financial, Inc. | 128,899 | 6,718,216 | ||||||
Torchmark Corp.# | 26,388 | 1,371,912 | ||||||
Unum Group | 77,496 | 1,580,144 | ||||||
20,521,434 | ||||||||
Insurance-Multi-line — 1.2% |
| |||||||
ACE, Ltd. | 93,780 | 7,430,189 | ||||||
Allstate Corp. | 134,098 | 5,428,287 | ||||||
American International Group, Inc.†(1) | 322,445 | 10,682,603 | ||||||
Assurant, Inc. | 22,464 | 768,494 | ||||||
Cincinnati Financial Corp.# | 40,416 | 1,637,656 | ||||||
Genworth Financial, Inc., Class A† | 135,962 | 808,974 | ||||||
Hartford Financial Services Group, Inc.# | 120,463 | 2,551,406 | ||||||
Loews Corp. | 86,423 | 3,532,972 | ||||||
MetLife, Inc. | 293,702 | 9,747,969 | ||||||
XL Group PLC | 84,559 | 2,057,321 | ||||||
44,645,871 | ||||||||
Insurance-Property/Casualty — 0.5% | ||||||||
Chubb Corp. | 73,474 | 5,656,764 | ||||||
Progressive Corp.# | 154,993 | 3,293,601 | ||||||
Travelers Cos., Inc. | 106,533 | 7,544,667 | ||||||
16,495,032 | ||||||||
Insurance-Reinsurance — 1.2% | ||||||||
Berkshire Hathaway, Inc., Class B† | 507,064 | 44,662,197 | ||||||
Internet Infrastructure Software — 0.1% | ||||||||
F5 Networks, Inc.† | 21,875 | 2,049,250 | ||||||
Internet Security — 0.1% | ||||||||
Symantec Corp.† | 194,330 | 3,645,631 | ||||||
VeriSign, Inc.†# | 43,260 | 1,476,464 | ||||||
5,122,095 | ||||||||
Investment Management/Advisor Services — 0.7% | ||||||||
Ameriprise Financial, Inc. | 58,269 | 3,535,180 | ||||||
BlackRock, Inc. | 35,413 | 6,977,778 | ||||||
Federated Investors, Inc., Class B# | 25,897 | 514,055 | ||||||
Franklin Resources, Inc. | 38,257 | 5,050,689 | ||||||
Invesco, Ltd. | 123,111 | 3,076,544 | ||||||
Legg Mason, Inc.# | 33,254 | 848,975 | ||||||
T. Rowe Price Group, Inc. | 70,139 | 4,535,889 | ||||||
24,539,110 | ||||||||
232
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Linen Supply & Related Items — 0.0% | ||||||||
Cintas Corp.# | 29,723 | $ | 1,231,721 | |||||
Machinery-Construction & Mining — 0.5% | ||||||||
Caterpillar, Inc. | 180,596 | 15,394,003 | ||||||
Joy Global, Inc. | 29,232 | 1,665,932 | ||||||
17,059,935 | ||||||||
Machinery-Farming — 0.3% | ||||||||
Deere & Co. | 108,299 | 9,102,531 | ||||||
Machinery-General Industrial — 0.1% | ||||||||
Roper Industries, Inc.# | 27,074 | 3,019,563 | ||||||
Machinery-Pumps — 0.1% | ||||||||
Flowserve Corp. | 14,125 | 1,957,019 | ||||||
Xylem, Inc. | 51,304 | 1,338,521 | ||||||
3,295,540 | ||||||||
Medical Information Systems — 0.1% | ||||||||
Cerner Corp.† | 40,219 | 3,105,711 | ||||||
Medical Instruments — 0.7% | ||||||||
Boston Scientific Corp.† | 392,388 | 2,173,830 | ||||||
Edwards Lifesciences Corp.† | 31,979 | 2,774,818 | ||||||
Intuitive Surgical, Inc.† | 11,084 | 5,863,436 | ||||||
Medtronic, Inc. | 282,029 | 11,876,241 | ||||||
St. Jude Medical, Inc. | 86,815 | 2,976,018 | ||||||
25,664,343 | ||||||||
Medical Labs & Testing Services — 0.1% | ||||||||
Laboratory Corp. of America Holdings†# | 26,486 | 2,240,451 | ||||||
Quest Diagnostics, Inc. | 43,849 | 2,533,595 | ||||||
4,774,046 | ||||||||
Medical Products — 1.0% | ||||||||
Baxter International, Inc. | 151,265 | 10,024,332 | ||||||
Becton, Dickinson and Co.# | 55,130 | 4,226,817 | ||||||
CareFusion Corp.† | 61,408 | 1,714,511 | ||||||
Covidien PLC | 132,725 | 7,712,650 | ||||||
Hospira, Inc.† | 45,615 | 1,359,327 | ||||||
Stryker Corp. | 79,949 | 4,330,038 | ||||||
Varian Medical Systems, Inc.†# | 30,606 | 2,116,711 | ||||||
Zimmer Holdings, Inc. | 48,263 | 3,183,910 | ||||||
34,668,296 | ||||||||
Medical-Biomedical/Gene — 1.7% | ||||||||
Alexion Pharmaceuticals, Inc.† | 53,364 | 5,124,011 | ||||||
Amgen, Inc. | 213,165 | 18,929,052 | ||||||
Biogen Idec, Inc.† | 65,332 | 9,740,348 | ||||||
Celgene Corp.† | 119,286 | 9,374,687 | ||||||
Gilead Sciences, Inc.† | 209,241 | 15,693,075 | ||||||
Life Technologies Corp.†# | 48,459 | 2,391,452 | ||||||
61,252,625 | ||||||||
Medical-Drugs — 5.9% | ||||||||
Abbott Laboratories | 433,883 | 28,202,395 | ||||||
Allergan, Inc. | 85,050 | 7,888,387 | ||||||
Bristol-Myers Squibb Co. | 464,293 | 15,149,881 | ||||||
Eli Lilly & Co. | 282,323 | 13,845,120 | ||||||
Forest Laboratories, Inc.† | 64,646 | 2,292,347 | ||||||
Johnson & Johnson | 762,312 | 53,156,016 | ||||||
Merck & Co., Inc. | 842,163 | 37,307,821 | ||||||
Pfizer, Inc. | 2,065,336 | 51,674,707 | ||||||
209,516,674 | ||||||||
Medical-Generic Drugs — 0.2% | ||||||||
Mylan, Inc.† | 112,223 | 3,050,221 |
Security Description | Shares | Value (Note 2) | ||||||
Medical-Generic Drugs (continued) | ||||||||
Perrigo Co. | 24,328 | $ | 2,517,948 | |||||
Watson Pharmaceuticals, Inc.† | 35,314 | 3,107,985 | ||||||
8,676,154 | ||||||||
Medical-HMO — 0.9% | ||||||||
Aetna, Inc. | 92,407 | 3,991,058 | ||||||
Cigna Corp. | 79,752 | 4,168,637 | ||||||
Coventry Health Care, Inc. | 36,982 | 1,615,374 | ||||||
Humana, Inc. | 44,732 | 2,925,920 | ||||||
UnitedHealth Group, Inc. | 285,560 | 15,531,608 | ||||||
WellPoint, Inc. | 83,955 | 4,693,085 | ||||||
32,925,682 | ||||||||
Medical-Hospitals — 0.0% | ||||||||
Tenet Healthcare Corp.†# | 28,816 | 834,511 | ||||||
Medical-Wholesale Drug Distribution — 0.4% | ||||||||
AmerisourceBergen Corp. | 69,550 | 2,936,401 | ||||||
Cardinal Health, Inc. | 94,271 | 3,813,262 | ||||||
McKesson Corp. | 65,234 | 6,162,656 | ||||||
12,912,319 | ||||||||
Metal Processors & Fabrication — 0.2% | ||||||||
Precision Castparts Corp. | 40,219 | 7,375,762 | ||||||
Metal-Aluminum — 0.1% | ||||||||
Alcoa, Inc.# | 294,978 | 2,480,765 | ||||||
Metal-Copper — 0.3% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 262,507 | 10,240,398 | ||||||
Metal-Iron — 0.0% | ||||||||
Cliffs Natural Resources, Inc.# | 39,435 | 1,133,756 | ||||||
Motorcycle/Motor Scooter — 0.1% | ||||||||
Harley-Davidson, Inc. | 62,978 | 2,957,447 | ||||||
Multimedia — 1.6% | ||||||||
News Corp., Class A | 562,979 | 13,871,803 | ||||||
Time Warner, Inc. | 262,409 | 12,411,946 | ||||||
Viacom, Inc., Class B | 130,861 | 6,753,736 | ||||||
Walt Disney Co. | 496,175 | 24,640,050 | ||||||
57,677,535 | ||||||||
Networking Products — 0.8% | ||||||||
Cisco Systems, Inc. | 1,462,726 | 27,660,149 | ||||||
Non-Ferrous Metals — 0.0% | ||||||||
Titanium Metals Corp. | 20,306 | 337,486 | ||||||
Non-Hazardous Waste Disposal — 0.2% | ||||||||
Republic Services, Inc. | 82,793 | 2,357,117 | ||||||
Waste Management, Inc.# | 120,463 | 3,923,480 | ||||||
6,280,597 | ||||||||
Office Automation & Equipment — 0.1% | ||||||||
Pitney Bowes, Inc.# | 55,522 | 621,291 | ||||||
Xerox Corp. | 361,487 | 2,461,727 | ||||||
3,083,018 | ||||||||
Office Supplies & Forms — 0.0% | ||||||||
Avery Dennison Corp.# | 28,055 | 938,440 | ||||||
Oil & Gas Drilling — 0.3% | ||||||||
Diamond Offshore Drilling, Inc. | 19,227 | 1,326,663 | ||||||
Ensco PLC, Class A | 64,155 | 3,735,746 | ||||||
Helmerich & Payne, Inc. | 29,232 | 1,525,910 | ||||||
Nabors Industries, Ltd.† | 80,341 | 1,181,013 | ||||||
Noble Corp. | 69,845 | 2,408,954 |
233
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil & Gas Drilling (continued) | ||||||||
Rowan Cos. PLC, Class A†# | 34,333 | $ | 1,089,386 | |||||
11,267,672 | ||||||||
Oil Companies-Exploration & Production — 2.1% | ||||||||
Anadarko Petroleum Corp. | 138,120 | 10,109,003 | ||||||
Apache Corp. | 108,201 | 8,341,215 | ||||||
Cabot Oil & Gas Corp. | 58,073 | 2,735,238 | ||||||
Chesapeake Energy Corp.# | 143,516 | 2,444,077 | ||||||
Denbury Resources, Inc.† | 108,201 | 1,669,541 | ||||||
Devon Energy Corp. | 103,982 | 5,372,750 | ||||||
EOG Resources, Inc. | 74,651 | 8,780,451 | ||||||
EQT Corp. | 41,396 | 2,486,244 | ||||||
Newfield Exploration Co.† | 37,276 | 907,298 | ||||||
Noble Energy, Inc. | 49,146 | 4,804,021 | ||||||
Occidental Petroleum Corp. | 223,955 | 16,843,656 | ||||||
Pioneer Natural Resources Co. | 34,039 | 3,642,173 | ||||||
QEP Resources, Inc. | 49,146 | 1,381,986 | ||||||
Range Resources Corp.# | 44,928 | 2,876,291 | ||||||
Southwestern Energy Co.† | 96,233 | 3,340,247 | ||||||
WPX Energy, Inc.†# | 55,032 | 868,955 | ||||||
76,603,146 | ||||||||
Oil Companies-Integrated — 6.1% | ||||||||
Chevron Corp. | 542,575 | 57,344,752 | ||||||
ConocoPhillips | 335,786 | 19,119,655 | ||||||
Exxon Mobil Corp. | 1,276,341 | 112,496,696 | ||||||
Hess Corp. | 82,107 | 4,073,328 | ||||||
Marathon Oil Corp. | 194,918 | 6,013,220 | ||||||
Marathon Petroleum Corp. | 93,584 | 5,571,991 | ||||||
Murphy Oil Corp. | 51,010 | 2,894,307 | ||||||
Phillips 66 | 173,337 | 9,077,659 | ||||||
216,591,608 | ||||||||
Oil Field Machinery & Equipment — 0.4% | ||||||||
Cameron International Corp.† | 68,079 | 3,672,862 | ||||||
FMC Technologies, Inc.† | 65,921 | 2,693,532 | ||||||
National Oilwell Varco, Inc. | 117,912 | 8,053,390 | ||||||
14,419,784 | ||||||||
Oil Refining & Marketing — 0.2% | ||||||||
Tesoro Corp. | 38,650 | 1,634,122 | ||||||
Valero Energy Corp. | 152,541 | 4,920,973 | ||||||
6,555,095 | ||||||||
Oil-Field Services — 1.1% | ||||||||
Baker Hughes, Inc. | 121,542 | 5,244,537 | ||||||
Halliburton Co. | 256,523 | 8,555,042 | ||||||
Schlumberger, Ltd. | 366,883 | 26,276,161 | ||||||
40,075,740 | ||||||||
Paper & Related Products — 0.2% | ||||||||
International Paper Co. | 120,953 | 4,492,194 | ||||||
MeadWestvaco Corp. | 47,969 | 1,482,722 | ||||||
5,974,916 | ||||||||
Pharmacy Services — 0.3% | ||||||||
Express Scripts Holding Co.† | 224,151 | 12,070,531 | ||||||
Pipelines — 0.5% | ||||||||
Kinder Morgan, Inc. | 174,907 | 5,913,606 | ||||||
ONEOK, Inc. | 56,700 | 2,544,129 | ||||||
Spectra Energy Corp. | 180,498 | 5,044,919 | ||||||
Williams Cos., Inc. | 173,239 | 5,689,169 | ||||||
19,191,823 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Printing-Commercial — 0.0% | ||||||||
R.R. Donnelley & Sons Co.# | 49,833 | $ | 468,430 | |||||
Publishing-Books — 0.1% | ||||||||
McGraw-Hill Cos., Inc. | 77,496 | 4,115,813 | ||||||
Publishing-Newspapers — 0.0% | ||||||||
Gannett Co., Inc.# | 63,959 | 1,144,866 | ||||||
Washington Post Co., Class B# | 1,275 | 468,002 | ||||||
1,612,868 | ||||||||
Quarrying — 0.1% | ||||||||
Vulcan Materials Co. | 35,805 | 1,891,936 | ||||||
Real Estate Investment Trusts — 2.1% | ||||||||
American Tower Corp. | 109,280 | 8,188,350 | ||||||
Apartment Investment & Management Co., Class A# | 40,219 | 1,008,290 | ||||||
AvalonBay Communities, Inc.# | 30,780 | 4,056,496 | ||||||
Boston Properties, Inc. | 41,691 | 4,278,747 | ||||||
Equity Residential# | 88,486 | 4,911,858 | ||||||
HCP, Inc. | 124,895 | 5,626,520 | ||||||
Health Care REIT, Inc. | 71,218 | 4,194,028 | ||||||
Host Hotels & Resorts, Inc. | 199,823 | 2,935,400 | ||||||
Kimco Realty Corp.# | 112,517 | 2,167,078 | ||||||
Plum Creek Timber Co., Inc.# | 44,634 | 1,912,567 | ||||||
Prologis, Inc. | 127,428 | 4,324,906 | ||||||
Public Storage | 39,827 | 5,601,269 | ||||||
Simon Property Group, Inc. | 83,873 | 12,759,600 | ||||||
Ventas, Inc. | 81,714 | 5,201,096 | ||||||
Vornado Realty Trust | 46,792 | 3,576,313 | ||||||
Weyerhaeuser Co. | 148,715 | 4,098,585 | ||||||
74,841,103 | ||||||||
Real Estate Management/Services — 0.0% | ||||||||
CBRE Group, Inc., Class A† | 83,480 | 1,580,276 | ||||||
Retail-Apparel/Shoe — 0.3% | ||||||||
Abercrombie & Fitch Co., Class A# | 22,856 | 1,048,862 | ||||||
Gap, Inc. | 82,401 | 2,839,539 | ||||||
Limited Brands, Inc. | 65,921 | 3,437,780 | ||||||
Ross Stores, Inc.# | 61,899 | 3,523,291 | ||||||
Urban Outfitters, Inc.† | 30,213 | 1,139,030 | ||||||
11,988,502 | ||||||||
Retail-Auto Parts — 0.2% | ||||||||
AutoZone, Inc.† | 10,398 | 3,990,440 | ||||||
O’Reilly Automotive, Inc.† | 32,862 | 3,091,657 | ||||||
7,082,097 | ||||||||
Retail-Automobile — 0.1% | ||||||||
AutoNation, Inc.†# | 10,692 | 416,347 | ||||||
CarMax, Inc.†# | 63,174 | 2,290,689 | ||||||
2,707,036 | ||||||||
Retail-Bedding — 0.1% | ||||||||
Bed Bath & Beyond, Inc.† | 64,155 | 3,767,182 | ||||||
Retail-Building Products — 1.1% | ||||||||
Home Depot, Inc. | 416,814 | 27,122,087 | ||||||
Lowe’s Cos., Inc. | 315,382 | 11,382,136 | ||||||
38,504,223 | ||||||||
Retail-Computer Equipment — 0.0% | ||||||||
GameStop Corp., Class A# | 34,137 | 896,096 | ||||||
Retail-Consumer Electronics — 0.0% | ||||||||
Best Buy Co., Inc. | 73,572 | 964,529 | ||||||
234
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail-Discount — 1.8% | ||||||||
Big Lots, Inc.†# | 16,480 | $ | 464,077 | |||||
Costco Wholesale Corp. | 119,580 | 12,435,124 | ||||||
Dollar General Corp.† | 73,500 | 3,675,000 | ||||||
Dollar Tree, Inc.† | 63,665 | 2,657,377 | ||||||
Family Dollar Stores, Inc.# | 26,780 | 1,906,736 | ||||||
Target Corp. | 181,087 | 11,432,022 | ||||||
Wal-Mart Stores, Inc. | 464,686 | 33,466,686 | ||||||
66,037,022 | ||||||||
Retail-Drug Store — 0.7% | ||||||||
CVS Caremark Corp. | 351,776 | 16,361,102 | ||||||
Walgreen Co. | 237,002 | 8,036,738 | ||||||
24,397,840 | ||||||||
Retail-Jewelry — 0.1% | ||||||||
Tiffany & Co.# | 32,960 | 1,943,981 | ||||||
Retail-Major Department Stores — 0.3% | ||||||||
J.C. Penney Co., Inc.# | 39,336 | 705,688 | ||||||
Nordstrom, Inc.# | 42,279 | 2,286,871 | ||||||
TJX Cos., Inc. | 203,551 | 9,025,451 | ||||||
12,018,010 | ||||||||
Retail-Office Supplies — 0.1% | ||||||||
Staples, Inc.# | 188,640 | 2,207,088 | ||||||
Retail-Pet Food & Supplies — 0.1% | ||||||||
PetSmart, Inc. | 28,938 | 2,044,759 | ||||||
Retail-Regional Department Stores — 0.2% | ||||||||
Kohl’s Corp. | 59,643 | 2,663,060 | ||||||
Macy’s, Inc. | 111,340 | 4,308,858 | ||||||
6,971,918 | ||||||||
Retail-Restaurants — 1.3% | ||||||||
Chipotle Mexican Grill, Inc.†# | 8,730 | 2,302,799 | ||||||
Darden Restaurants, Inc.# | 35,413 | 1,872,640 | ||||||
McDonald’s Corp. | 278,792 | 24,266,056 | ||||||
Starbucks Corp. | 210,124 | 10,899,132 | ||||||
Yum! Brands, Inc. | 126,054 | 8,455,702 | ||||||
47,796,329 | ||||||||
Rubber-Tires — 0.0% | ||||||||
Goodyear Tire & Rubber Co.† | 67,687 | 852,856 | ||||||
Savings & Loans/Thrifts — 0.1% | ||||||||
Hudson City Bancorp, Inc. | 131,450 | 1,059,487 | ||||||
People’s United Financial, Inc.# | 97,116 | 1,183,844 | ||||||
2,243,331 | ||||||||
Schools — 0.0% | ||||||||
Apollo Group, Inc., Class A†# | 27,859 | 534,614 | ||||||
Security Services — 0.1% | ||||||||
ADT Corp. | 63,566 | 2,917,679 | ||||||
Semiconductor Components-Integrated Circuits — 1.0% | ||||||||
Analog Devices, Inc. | 82,695 | 3,357,417 | ||||||
Linear Technology Corp. | 63,665 | 2,113,041 | ||||||
QUALCOMM, Inc. | 470,964 | 29,962,730 | ||||||
35,433,188 | ||||||||
Semiconductor Equipment — 0.2% | ||||||||
Applied Materials, Inc. | 342,162 | 3,671,398 | ||||||
KLA-Tencor Corp. | 46,007 | 2,091,938 | ||||||
Lam Research Corp.† | 47,421 | 1,665,426 | ||||||
Teradyne, Inc.†# | 51,893 | 811,607 | ||||||
8,240,369 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Steel-Producers — 0.1% | ||||||||
Nucor Corp. | 87,796 | $ | 3,615,439 | |||||
United States Steel Corp.# | 39,925 | 860,783 | ||||||
4,476,222 | ||||||||
Steel-Specialty — 0.0% | ||||||||
Allegheny Technologies, Inc. | 29,625 | 775,583 | ||||||
Telecom Equipment-Fiber Optics — 0.2% | ||||||||
Corning, Inc. | 411,713 | 5,035,250 | ||||||
JDS Uniphase Corp.† | 64,155 | 778,200 | ||||||
5,813,450 | ||||||||
Telecommunication Equipment — 0.1% | ||||||||
Harris Corp. | 31,292 | 1,474,792 | ||||||
Juniper Networks, Inc.† | 145,576 | 2,617,456 | ||||||
4,092,248 | ||||||||
Telephone-Integrated — 2.8% |
| |||||||
AT&T, Inc. | 1,595,157 | 54,442,708 | ||||||
CenturyLink, Inc. | 172,160 | 6,686,694 | ||||||
Frontier Communications Corp.# | 276,143 | 1,328,248 | ||||||
Verizon Communications, Inc. | 787,719 | 34,754,162 | ||||||
Windstream Corp.# | 162,546 | 1,362,136 | ||||||
98,573,948 | ||||||||
Television — 0.2% | ||||||||
CBS Corp., Class B | 164,606 | 5,922,524 | ||||||
Tobacco — 1.9% | ||||||||
Altria Group, Inc. | 562,096 | 19,004,466 | ||||||
Lorillard, Inc.# | 36,099 | 4,373,755 | ||||||
Philip Morris International, Inc. | 466,157 | 41,898,191 | ||||||
Reynolds American, Inc.# | 90,641 | 3,962,824 | ||||||
69,239,236 | ||||||||
Tools-Hand Held — 0.1% | ||||||||
Snap-on, Inc. | 16,087 | 1,277,951 | ||||||
Stanley Black & Decker, Inc. | 46,498 | 3,343,671 | ||||||
4,621,622 | ||||||||
Toys — 0.1% | ||||||||
Hasbro, Inc.# | 32,077 | 1,233,682 | ||||||
Mattel, Inc. | 94,271 | 3,536,105 | ||||||
4,769,787 | ||||||||
Transport-Rail — 0.8% | ||||||||
CSX Corp. | 287,522 | 5,681,435 | ||||||
Norfolk Southern Corp. | 88,385 | 5,336,686 | ||||||
Union Pacific Corp. | 130,959 | 16,079,146 | ||||||
27,097,267 | ||||||||
Transport-Services — 0.8% | ||||||||
C.H. Robinson Worldwide, Inc.# | 44,634 | 2,755,703 | ||||||
Expeditors International of Washington, Inc. | 58,171 | 2,176,759 | ||||||
FedEx Corp. | 80,733 | 7,228,025 | ||||||
Ryder System, Inc. | 14,125 | 664,864 | ||||||
United Parcel Service, Inc., Class B | 198,744 | 14,530,174 | ||||||
27,355,525 | ||||||||
Vitamins & Nutrition Products — 0.1% | ||||||||
Mead Johnson Nutrition Co. | 56,307 | 3,839,574 | ||||||
Web Portals/ISP — 1.6% | ||||||||
Google, Inc., Class A† | 73,278 | 51,175,157 | ||||||
Yahoo!, Inc.† | 288,209 | 5,409,683 | ||||||
56,584,840 | ||||||||
235
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Wireless Equipment — 0.3% | ||||||||
Crown Castle International Corp.† | 81,028 | $ | 5,471,010 | |||||
Motorola Solutions, Inc. | 79,164 | 4,310,480 | ||||||
9,781,490 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,573,592,413) | 3,506,322,636 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 4.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 164,723,437 | 164,723,437 | ||||||
U.S. Government Treasuries — 0.1% | ||||||||
United States Treasury Bills | $ | 4,500,000 | 4,499,858 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $169,223,295) | 169,223,295 | |||||||
REPURCHASE AGREEMENT — 1.6% | ||||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(4) | 56,816,000 | 56,816,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,799,631,708)(5) | 104.5 | % | 3,732,361,931 | |||||
Liabilities in excess of other assets | (4.5 | ) | (159,824,707 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,572,537,224 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security represents an investment in an affIliated company (see Note 3). |
(2) | At November 30, 2012, the Fund had loaned securities with a total value of $161,308,072. This was secured by collateral of $164,723,437, which was received in cash and subsequently invested in short-term investments currently valued at $164,723,437 as reported in the portfolio of investments. Additional collateral of $522,893 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 other assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2012 | |||
Federal Home Loan Mtg. Corp. | 0.35% | 01/10/2013 | $156,497 | |||
United States Treasury Notes/Bonds | 0.13% to 4.25% | 12/15/2013 to 08/15/2020 | 366,396 |
(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. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2012 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
929 | Long | S&P 500 E-Mini Index | December 2012 | $ | 67,351,050 | $ | 65,698,880 | $ | (1,652,170 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2012 (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 | $ | 209,516,674 | $ | — | $ | — | $ | 209,516,674 | ||||||||
Oil Companies - Integrated | 216,591,608 | — | — | 216,591,608 | ||||||||||||
Other Industries* | 3,080,214,354 | — | — | 3,080,214,354 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 164,723,437 | — | — | 164,723,437 | ||||||||||||
U.S. Government Treasuries | — | 4,499,858 | — | 4,499,858 | ||||||||||||
Repurchase Agreement | — | 56,816,000 | — | 56,816,000 | ||||||||||||
Total | $ | 3,671,046,073 | $ | 61,315,858 | $ | — | $ | 3,732,361,931 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Depreciation | $ | 1,652,170 | $ | — | $ | — | $ | 1,652,170 | ||||||||
* | 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 securities by 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
236
Table of Contents
PORTFOLIO OF INVESTMENTS — November 30, 2012 — (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 7.6 | % | ||
Diversified Banking Institutions | 7.2 | |||
Diversified Manufacturing Operations | 6.7 | |||
Medical — Drugs | 6.5 | |||
Banks — Super Regional | 5.7 | |||
Oil Companies — Exploration & Production | 3.7 | |||
Electric — Integrated | 3.5 | |||
Investment Management/Advisor Services | 2.7 | |||
Medical Products | 2.6 | |||
Retail — Building Products | 2.5 | |||
Networking Products | 2.5 | |||
Telephone — Integrated | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Insurance — Multi-line | 2.1 | |||
Cable/Satellite TV | 2.0 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Insurance Brokers | 1.8 | |||
Chemicals — Diversified | 1.8 | |||
Tobacco | 1.5 | |||
Retail — Drug Store | 1.4 | |||
Medical — HMO | 1.4 | |||
Repurchase Agreements | 1.3 | |||
Applications Software | 1.3 | |||
Steel — Producers | 1.3 | |||
Food — Misc./Diversified | 1.2 | |||
Oil — Field Services | 1.2 | |||
Insurance — Property/Casualty | 1.2 | |||
Tools — Hand Held | 1.2 | |||
Agricultural Chemicals | 1.2 | |||
Banks — Commercial | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Brewery | 1.1 | |||
Insurance — Reinsurance | 1.1 | |||
Beverages — Non-alcoholic | 1.1 | |||
Insurance — Life/Health | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Retail — Regional Department Stores | 1.0 | |||
Multimedia | 1.0 | |||
Medical — Generic Drugs | 0.9 | |||
Paper & Related Products | 0.9 | |||
Home Decoration Products | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Aerospace/Defense | 0.8 | |||
Retail — Major Department Stores | 0.8 | |||
Auto — Heavy Duty Trucks | 0.7 | |||
Television | 0.6 | |||
Electronic Security Devices | 0.6 | |||
Toys | 0.6 | |||
Rubber — Tires | 0.6 | |||
Oil & Gas Drilling | 0.5 | |||
Medical — Hospitals | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Computers | 0.3 | |||
99.6 | % | |||
* | Calculated as a percentage of net assets |
237
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.3% | ||||||||
Aerospace/Defense — 0.8% | ||||||||
Boeing Co. | 10,067 | $ | 747,777 | |||||
Aerospace/Defense - Equipment — 1.0% | ||||||||
United Technologies Corp. | 11,700 | 937,287 | ||||||
Agricultural Chemicals — 1.2% | ||||||||
Mosaic Co. | 20,004 | 1,081,416 | ||||||
Applications Software — 1.3% | ||||||||
Microsoft Corp. | 44,294 | 1,179,106 | ||||||
Auto - Cars/Light Trucks — 0.3% | ||||||||
General Motors Co.† | 11,314 | 292,806 | ||||||
Auto - Heavy Duty Trucks — 0.7% | ||||||||
PACCAR, Inc. | 14,520 | 638,009 | ||||||
Banks - Commercial — 1.2% | ||||||||
BB&T Corp. | 38,060 | 1,072,150 | ||||||
Banks - Super Regional — 5.7% | ||||||||
PNC Financial Services Group, Inc. | 34,238 | 1,922,122 | ||||||
Wells Fargo & Co. | 99,821 | 3,295,091 | ||||||
5,217,213 | ||||||||
Beverages - Non-alcoholic — 1.1% | ||||||||
PepsiCo, Inc. | 13,662 | 959,209 | ||||||
Brewery — 1.1% | ||||||||
Anheuser - Busch InBev NV ADR | 11,050 | 972,068 | ||||||
Cable/Satellite TV — 2.0% | ||||||||
Comcast Corp., Class A | 49,349 | 1,834,796 | ||||||
Chemicals - Diversified — 1.8% | ||||||||
Dow Chemical Co. | 28,553 | 862,015 | ||||||
E.I. du Pont de Nemours & Co. | 17,262 | 744,683 | ||||||
1,606,698 | ||||||||
Computers — 0.3% | ||||||||
Hewlett - Packard Co. | 20,494 | 266,217 | ||||||
Computers - Memory Devices — 0.4% | ||||||||
NetApp, Inc.† | 10,100 | 320,271 | ||||||
Diversified Banking Institutions — 7.2% | ||||||||
Citigroup, Inc. | 40,570 | 1,402,505 | ||||||
Credit Suisse Group AG ADR | 20,519 | 484,454 | ||||||
Goldman Sachs Group, Inc. | 10,637 | 1,252,932 | ||||||
JPMorgan Chase & Co. | 82,027 | 3,369,669 | ||||||
6,509,560 | ||||||||
Diversified Manufacturing Operations — 6.7% | ||||||||
3M Co. | 10,060 | 914,957 | ||||||
Eaton Corp. PLC | 22,970 | 1,198,115 | ||||||
General Electric Co. | 88,849 | 1,877,379 | ||||||
Illinois Tool Works, Inc. | 16,157 | 994,787 | ||||||
Ingersoll - Rand PLC | 22,414 | 1,093,355 | ||||||
6,078,593 | ||||||||
Electric - Integrated — 3.5% | ||||||||
Edison International | 18,544 | 843,381 | ||||||
Entergy Corp. | 11,165 | 709,424 | ||||||
NextEra Energy, Inc. | 7,020 | 482,344 | ||||||
Northeast Utilities | 22,174 | 859,021 | ||||||
PPL Corp. | 10,370 | 304,360 | ||||||
3,198,530 | ||||||||
Electronic Components - Semiconductors — 2.3% | ||||||||
Intel Corp. | 57,912 | 1,133,338 | ||||||
Xilinx, Inc. | 28,491 | 987,213 | ||||||
2,120,551 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Security Devices — 0.6% | ||||||||
Tyco International, Ltd. | 19,330 | $ | 548,392 | |||||
Food - Misc./Diversified — 1.2% | ||||||||
General Mills, Inc. | 17,876 | 732,737 | ||||||
Kraft Foods Group, Inc. | 8,761 | 396,173 | ||||||
1,128,910 | ||||||||
Home Decoration Products — 0.9% | ||||||||
Newell Rubbermaid, Inc. | 37,000 | 806,970 | ||||||
Insurance Brokers — 1.8% | ||||||||
Marsh & McLennan Cos., Inc. | 46,285 | 1,630,158 | ||||||
Insurance - Life/Health — 1.0% | ||||||||
Principal Financial Group, Inc. | 35,219 | 956,196 | ||||||
Insurance - Multi-line — 2.1% | ||||||||
ACE, Ltd. | 24,364 | 1,930,360 | ||||||
Insurance - Property/Casualty — 1.2% | ||||||||
Chubb Corp. | 14,428 | 1,110,812 | ||||||
Insurance - Reinsurance — 1.1% | ||||||||
Swiss Re AG | 13,417 | 966,424 | ||||||
Investment Management/Advisor Services — 2.7% | ||||||||
Ameriprise Financial, Inc. | 18,071 | 1,096,368 | ||||||
BlackRock, Inc. | 6,908 | 1,361,152 | ||||||
2,457,520 | ||||||||
Medical Products — 2.6% | ||||||||
Baxter International, Inc. | 17,420 | 1,154,423 | ||||||
Covidien PLC | 20,792 | 1,208,223 | ||||||
2,362,646 | ||||||||
Medical - Biomedical/Gene — 1.2% | ||||||||
Amgen, Inc. | 11,896 | 1,056,365 | ||||||
Medical - Drugs — 6.5% | ||||||||
Johnson & Johnson | 13,673 | 953,418 | ||||||
Merck & Co., Inc. | 44,198 | 1,957,972 | ||||||
Pfizer, Inc. | 71,714 | 1,794,284 | ||||||
Roche Holding AG | 6,155 | 1,211,473 | ||||||
5,917,147 | ||||||||
Medical - Generic Drugs — 0.9% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 21,437 | 864,983 | ||||||
Medical - HMO — 1.4% | ||||||||
UnitedHealth Group, Inc. | 23,035 | 1,252,874 | ||||||
Medical - Hospitals — 0.4% | ||||||||
HCA Holdings, Inc. | 12,260 | 389,255 | ||||||
Multimedia — 1.0% | ||||||||
Thomson Reuters Corp. | 31,530 | 868,336 | ||||||
Networking Products — 2.5% | ||||||||
Cisco Systems, Inc. | 119,599 | 2,261,617 | ||||||
Oil & Gas Drilling — 0.5% | ||||||||
Noble Corp. | 14,260 | 491,827 | ||||||
Oil Companies - Exploration & Production — 3.7% | ||||||||
Anadarko Petroleum Corp. | 12,160 | 889,990 | ||||||
EOG Resources, Inc. | 2,700 | 317,574 | ||||||
Occidental Petroleum Corp. | 18,500 | 1,391,385 | ||||||
Southwestern Energy Co.† | 21,079 | 731,652 | ||||||
3,330,601 | ||||||||
Oil Companies - Integrated — 7.6% | ||||||||
Chevron Corp. | 29,386 | 3,105,806 | ||||||
Exxon Mobil Corp. | 24,837 | 2,189,133 |
238
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2012 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Companies - Integrated (continued) | ||||||||
Marathon Oil Corp. | 23,407 | $ | 722,106 | |||||
Royal Dutch Shell PLC ADR, Class B | 12,360 | 853,829 | ||||||
6,870,874 | ||||||||
Oil - Field Services — 1.2% | ||||||||
Halliburton Co. | 33,600 | 1,120,560 | ||||||
Paper & Related Products — 0.9% | ||||||||
International Paper Co. | 22,960 | 852,734 | ||||||
Retail - Auto Parts — 0.9% | ||||||||
AutoZone, Inc.† | 2,100 | 805,917 | ||||||
Retail - Building Products — 2.5% | ||||||||
Home Depot, Inc. | 16,134 | 1,049,840 | ||||||
Lowe’s Cos., Inc. | 33,670 | 1,215,150 | ||||||
2,264,990 | ||||||||
Retail - Drug Store — 1.4% | ||||||||
CVS Caremark Corp. | 27,034 | 1,257,351 | ||||||
Retail - Major Department Stores — 0.8% | ||||||||
Nordstrom, Inc. | 13,655 | 738,599 | ||||||
Retail - Regional Department Stores — 1.0% | ||||||||
Kohl’s Corp. | 20,653 | 922,156 | ||||||
Rubber - Tires — 0.6% | ||||||||
Goodyear Tire & Rubber Co.† | 40,850 | 514,710 | ||||||
Semiconductor Components - Integrated Circuits — 1.9% | ||||||||
Analog Devices, Inc. | 22,719 | 922,391 | ||||||
Maxim Integrated Products, Inc. | 26,163 | 763,698 | ||||||
1,686,089 | ||||||||
Steel - Producers — 1.3% | ||||||||
Nucor Corp. | 13,080 | 538,635 | ||||||
Steel Dynamics, Inc. | 47,611 | 615,134 | ||||||
1,153,769 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated — 2.4% | ||||||||
AT&T, Inc. | 62,978 | $ | 2,149,439 | |||||
Television — 0.6% | ||||||||
CBS Corp., Class B | 16,085 | 578,738 | ||||||
Tobacco — 1.5% | ||||||||
Philip Morris International, Inc. | 15,552 | 1,397,814 | ||||||
Tools - Hand Held — 1.2% | ||||||||
Stanley Black & Decker, Inc. | 15,438 | 1,110,147 | ||||||
Toys — 0.6% | ||||||||
Mattel, Inc. | 14,444 | 541,794 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $82,339,385) | 89,329,331 | |||||||
REPURCHASE AGREEMENT — 1.3% | ||||||||
State Street Bank & Trust Co. bearing interest at 0.01%, dated 11/30/2012 to be repurchased 12/03/2012 in the amount of $1,198,001 and collateralized by $1,125,000 Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $1,226,883 (cost $1,198,000) | $ | 1,198,000 | 1,198,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $83,537,385)(1) | 99.6 | % | 90,527,331 | |||||
Other assets less liabilities | 0.4 | 339,478 | ||||||
NET ASSETS | 100.0 | % | $ | 90,866,809 | ||||
† | 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, 2012 (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 | $ | 5,217,213 | $ | — | $ | — | $ | 5,217,213 | ||||||||
Diversified Banking Institutions | 6,509,560 | — | — | 6,509,560 | ||||||||||||
Diversified Manufacturing Operations | 6,078,593 | — | — | 6,078,593 | ||||||||||||
Medical - Drugs | 5,917,147 | — | — | 5,917,147 | ||||||||||||
Oil Companies-Integrated | 6,870,874 | — | — | 6,870,874 | ||||||||||||
Other Industries* | 58,735,944 | — | — | 58,735,944 | ||||||||||||
Repurchase Agreement | — | 1,198,000 | — | 1,198,000 | ||||||||||||
Total | $ | 89,329,331 | $ | 1,198,000 | $ | — | $ | 90,527,331 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
239
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2012 (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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 153,130,618 | $ | 458,721,464 | $ | 31,304,222 | $ | 234,865,584 | $ | 220,130,276 | $ | 477,351,982 | $ | 680,498,432 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 2,806,000 | 14,903,000 | – | |||||||||||||||||||||
Total Investments | 153,130,618 | 458,721,464 | 31,304,222 | 234,865,584 | 222,936,276 | 492,254,982 | 680,498,432 | |||||||||||||||||||||
Cash | 82,987 | – | 363 | 6,432 | 651 | 188 | 834 | |||||||||||||||||||||
Foreign cash* | – | – | – | – | – | 1,348,688 | 2,379,386 | |||||||||||||||||||||
Due from Broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 13,934 | 66,485 | 4,201 | 48,087 | 4,052 | 179,380 | 9,387 | |||||||||||||||||||||
Dividends and interest | 563,262 | 301,153 | 84,838 | 1,018,299 | 654,472 | 2,042,327 | 380,421 | |||||||||||||||||||||
Investments sold | 1,011,674 | 1,187,259 | 90,155 | 4,741,486 | 1,819,310 | 1,186,452 | 1,885,893 | |||||||||||||||||||||
Securities lending income | – | 2,374 | – | 1,169 | 2,309 | – | 20,372 | |||||||||||||||||||||
Prepaid expenses and other assets | 18,468 | 4,818 | 1,556 | 6,876 | 9,060 | 4,662 | 3,975 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 7,707 | 8,534 | – | 31,063 | 38,935 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 154,820,943 | 460,291,260 | 31,493,869 | 240,687,933 | 225,457,193 | 497,055,614 | 685,178,700 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 20,754 | 12,655 | 21,146 | 134,769 | 117,577 | 259,952 | 129,040 | |||||||||||||||||||||
Investments purchased | 818,209 | – | 332,172 | 2,972,846 | 1,319,776 | 2,811,154 | 3,036,447 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | 551,964 | |||||||||||||||||||||
Investment advisory and management fees | 62,491 | 260,680 | 17,674 | 94,015 | 142,530 | 286,219 | 404,461 | |||||||||||||||||||||
Administrative service fee | 8,749 | 24,673 | 1,767 | 13,162 | 12,471 | 27,227 | 36,838 | |||||||||||||||||||||
Transfer agent fees and expenses | 227 | 282 | 141 | 303 | 197 | 432 | 246 | |||||||||||||||||||||
Directors’ fees and expenses | 3,253 | 4,892 | 320 | 2,717 | 7,995 | 5,004 | 4,716 | |||||||||||||||||||||
Other accrued expenses | 72,106 | 67,813 | 28,551 | 56,313 | 51,380 | 73,719 | 162,157 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 18,307,681 | – | 7,204,728 | 5,409,887 | – | 23,359,720 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 985,789 | 18,678,676 | 401,771 | 10,478,853 | 7,061,813 | 3,463,707 | 27,685,589 | |||||||||||||||||||||
NET ASSETS | $ | 153,835,154 | $ | 441,612,584 | $ | 31,092,098 | $ | 230,209,080 | $ | 218,395,380 | $ | 493,591,907 | $ | 657,493,111 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 132,805 | $ | 353,757 | $ | 28,300 | $ | 222,208 | $ | 162,644 | $ | 485,649 | $ | 829,955 | ||||||||||||||
Additional paid-in capital | 136,324,310 | 314,145,225 | 29,266,406 | 212,132,141 | 267,994,216 | 461,382,699 | 743,433,010 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,606,942 | 361,281 | 515,704 | 7,344,005 | 4,957,802 | 12,955,318 | 8,730,375 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 1,701,321 | (9,379,315 | ) | (2,715,820 | ) | 2,632,001 | (75,179,169 | ) | (29,952,527 | ) | (138,038,973 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 11,069,776 | 136,131,636 | 3,997,508 | 7,878,725 | 20,459,890 | 48,719,846 | 43,087,553 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | (3 | ) | 922 | 3,155 | ||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | (551,964 | ) | ||||||||||||||||||||
NET ASSETS | $ | 153,835,154 | $ | 441,612,584 | $ | 31,092,098 | $ | 230,209,080 | $ | 218,395,380 | $ | 493,591,907 | $ | 657,493,111 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 13,280,470 | 35,375,740 | 2,830,045 | 22,220,822 | 16,264,354 | 48,564,878 | 82,995,500 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.58 | $ | 12.48 | $ | 10.99 | $ | 10.36 | $ | 13.43 | $ | 10.16 | $ | 7.92 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 142,060,842 | $ | 322,589,828 | $ | 27,306,714 | $ | 226,986,859 | $ | 199,670,386 | $ | 428,632,137 | $ | 637,410,879 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,347,968 | $ | 2,370,981 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | 17,925,787 | $ | – | $ | 7,531,196 | $ | 5,303,015 | $ | – | $ | 22,520,770 | ||||||||||||||
See Notes to Financial Statements
240
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2012 (unaudited) — (continued)
FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 883,801,052 | $ | 355,177,409 | $ | 286,772,768 | $ | 450,755,661 | $ | 141,321,746 | $ | 860,357,084 | $ | 85,320,641 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 7,637,000 | – | 3,713,000 | |||||||||||||||||||||
Total Investments | 883,801,052 | 355,177,409 | 286,772,768 | 450,755,661 | 148,958,746 | 860,357,084 | 89,033,641 | |||||||||||||||||||||
Cash | 593 | 556 | 3,231 | 64,049 | 657 | 1,509 | 437 | |||||||||||||||||||||
Foreign cash* | 227,266 | 295,404 | 470,460 | 1,100,564 | – | 16,892 | – | |||||||||||||||||||||
Due from Broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 14,590 | 56,290 | 6,147 | 71,808 | 58,314 | 12,545 | 8,639 | |||||||||||||||||||||
Dividends and interest | 1,636,990 | 704,285 | 1,000,668 | 3,010,841 | 695,295 | 1,421,406 | 210,880 | |||||||||||||||||||||
Investments sold | 9,241,725 | 1,741,877 | 214,244 | – | – | 3,204,401 | 3,072,737 | |||||||||||||||||||||
Securities lending income | 23,323 | – | 4,570 | 4,431 | 374 | 21,015 | 694 | |||||||||||||||||||||
Prepaid expenses and other assets | 9,169 | 2,590 | 9,344 | 5,140 | 16,912 | 11,670 | 8,203 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | 16,428 | 9,481 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 2,925,436 | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 894,954,708 | 357,978,411 | 288,481,432 | 457,937,930 | 149,730,298 | 865,062,950 | 92,344,712 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 305,941 | 125,368 | 132,216 | 17,138 | 14,004 | 111,612 | 19,060 | |||||||||||||||||||||
Investments purchased | 1,727,046 | 2,702,327 | – | 198,357 | – | 4,955,395 | 4,096,726 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | 67,505 | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 456,498 | 210,967 | 112,179 | 177,330 | 59,984 | 459,512 | 50,783 | |||||||||||||||||||||
Administrative service fee | 47,298 | 20,070 | 15,705 | 24,826 | 8,398 | 45,433 | 4,740 | |||||||||||||||||||||
Transfer agent fees and expenses | 225 | 225 | 311 | 141 | 339 | 169 | 169 | |||||||||||||||||||||
Directors’ fees and expenses | 10,575 | 2,636 | 7,097 | 5,551 | 2,924 | 13,136 | 2,631 | |||||||||||||||||||||
Other accrued expenses | 174,400 | 76,640 | 77,825 | 116,532 | 47,173 | 119,157 | 44,750 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 3,900 | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 55,564,136 | – | 8,924,291 | 21,711,067 | 3,435,645 | 53,705,363 | 4,366,852 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 1,242,771 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 58,286,119 | 3,138,233 | 9,273,524 | 23,561,218 | 3,568,467 | 59,409,777 | 8,585,711 | |||||||||||||||||||||
NET ASSETS | $ | 836,668,589 | $ | 354,840,178 | $ | 279,207,908 | $ | 434,376,712 | $ | 146,161,831 | $ | 805,653,173 | $ | 83,759,001 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 954,565 | $ | 412,121 | $ | 179,242 | $ | 356,569 | $ | 127,095 | $ | 647,427 | $ | 64,908 | ||||||||||||||
Additional paid-in capital | 962,676,710 | 292,532,217 | 410,268,011 | 389,774,884 | 131,903,437 | 764,396,093 | 102,467,963 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 31,784,023 | 6,289,832 | 7,265,423 | 28,512,735 | 5,154,086 | 9,035,009 | 1,149,124 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (113,228,777 | ) | 14,094,751 | (154,461,952 | ) | (11,701,521 | ) | 1,568,077 | (69,952,071 | ) | (23,282,967 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | (45,525,183 | ) | 41,518,106 | 16,058,300 | 25,776,119 | 7,409,136 | 101,527,656 | 3,359,973 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | (92,143 | ) | – | – | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 7,251 | (6,849 | ) | (8,973 | ) | 1,725,431 | – | (941 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | (67,505 | ) | – | – | – | ||||||||||||||||||||
NET ASSETS | $ | 836,668,589 | $ | 354,840,178 | $ | 279,207,908 | $ | 434,376,712 | $ | 146,161,831 | $ | 805,653,173 | $ | 83,759,001 | ||||||||||||||
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 | 95,456,465 | 41,212,054 | 17,924,188 | 35,656,873 | 12,709,473 | 64,742,668 | 6,490,819 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.76 | $ | 8.61 | $ | 15.58 | $ | 12.18 | $ | 11.50 | $ | 12.44 | $ | 12.90 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 929,326,235 | $ | 313,659,303 | $ | 270,714,468 | $ | 424,979,542 | $ | 133,912,610 | $ | 758,829,428 | $ | 81,960,668 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 227,336 | $ | 298,124 | $ | 470,081 | $ | 1,084,459 | $ | – | $ | 16,825 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 52,507,086 | $ | – | $ | 8,728,218 | $ | 20,925,754 | $ | 3,369,049 | $ | 52,572,665 | $ | 4,733,061 | ||||||||||||||
See Notes to Financial Statements
241
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2012 (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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 317,568,656 | $ | 446,903,757 | $ | 895,312,064 | $ | 186,704,541 | $ | 614,733,692 | $ | 137,113,936 | $ | 360,305,541 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 1,807,000 | – | – | 1,590,000 | 6,230,000 | |||||||||||||||||||||
Total Investments | 317,568,656 | 446,903,757 | 897,119,064 | 186,704,541 | 614,733,692 | 138,703,936 | 366,535,541 | |||||||||||||||||||||
Cash | – | 20,517 | 620 | 477,989 | 1,136 | 586 | 512 | |||||||||||||||||||||
Foreign cash* | – | 74,926 | 1,632,890 | 871,744 | 405,521 | – | – | |||||||||||||||||||||
Due from Broker | – | – | 9,709 | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 543,174 | 382,105 | 35,279 | 42,136 | 35,257 | 133,529 | 3,983 | |||||||||||||||||||||
Dividends and interest | 143,259 | 1,820,800 | 3,170,482 | 1,886,483 | 1,208,910 | 310,786 | 482,792 | |||||||||||||||||||||
Investments sold | 909,907 | 5,639,893 | 4,028,257 | 275,832 | 3,744,398 | 1,612,142 | 8,405,319 | |||||||||||||||||||||
Securities lending income | – | – | 35,240 | – | 22,224 | 1,379 | 2,656 | |||||||||||||||||||||
Prepaid expenses and other assets | 4,106 | 3,041 | 25,595 | 5,046 | 9,258 | 2,299 | 13,426 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 54,281 | 1,597 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 22,905 | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 319,169,102 | 454,845,039 | 906,080,041 | 190,263,771 | 620,214,677 | 140,766,254 | 375,444,229 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 8,470 | 407,680 | 297,882 | 25,572 | 89,776 | 3,733 | 97,847 | |||||||||||||||||||||
Investments purchased | 1,107,347 | 2,368,042 | 22,927,618 | 1,079,291 | 4,353,596 | 2,549,730 | 11,140,503 | |||||||||||||||||||||
Accrued foreign tax on capital gains | 248,974 | – | 194,209 | – | 121,805 | – | – | |||||||||||||||||||||
Investment advisory and management fees | 250,079 | 175,856 | 209,738 | 77,465 | 421,970 | 75,596 | 178,457 | |||||||||||||||||||||
Administrative service fee | 17,506 | 25,757 | 47,220 | 10,845 | 32,212 | 7,560 | 19,519 | |||||||||||||||||||||
Transfer agent fees and expenses | 339 | 227 | 1,528 | 197 | 225 | 141 | 169 | |||||||||||||||||||||
Directors’ fees and expenses | 3,761 | 3,348 | 12,995 | 3,315 | 9,938 | 1,479 | 4,915 | |||||||||||||||||||||
Other accrued expenses | 64,491 | 69,321 | 290,446 | 59,674 | 153,331 | 41,979 | 68,408 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | 35,350,859 | – | 37,385,715 | 3,710,917 | 17,031,272 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | 3,563,403 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 5,264,370 | 3,050,231 | 59,332,495 | 1,256,359 | 42,568,568 | 6,391,135 | 28,541,090 | |||||||||||||||||||||
NET ASSETS | $ | 313,904,732 | $ | 451,794,808 | $ | 846,747,546 | $ | 189,007,412 | $ | 577,646,109 | $ | 134,375,119 | $ | 346,903,139 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 220,167 | $ | 370,023 | $ | 1,394,582 | $ | 140,672 | $ | 504,688 | $ | 107,953 | $ | 285,470 | ||||||||||||||
Additional paid-in capital | 207,960,093 | 385,135,654 | 1,047,447,160 | 166,400,406 | 573,112,081 | 94,159,698 | 286,561,612 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | (1,487,714 | ) | 15,504,411 | 30,352,522 | 6,487,739 | 10,537,744 | 2,280,226 | 1,484,166 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 23,432,561 | (1,189,498 | ) | (259,668,360 | ) | 6,084,603 | (75,623,172 | ) | 19,027,144 | 32,378,306 | ||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 82,798,278 | 51,971,273 | 26,980,629 | 9,886,235 | 69,251,542 | 18,800,098 | 26,191,363 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,231,908 | – | 484,438 | – | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (1,587 | ) | 2,945 | (49,216 | ) | 7,757 | (14,969 | ) | – | 2,222 | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (248,974 | ) | – | (194,209 | ) | – | (121,805 | ) | – | – | ||||||||||||||||||
NET ASSETS | $ | 313,904,732 | $ | 451,794,808 | $ | 846,747,546 | $ | 189,007,412 | $ | 577,646,109 | $ | 134,375,119 | $ | 346,903,139 | ||||||||||||||
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 | 22,016,748 | 37,002,309 | 139,458,231 | 14,067,236 | 50,468,775 | 10,795,282 | 28,546,952 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 14.26 | $ | 12.21 | $ | 6.07 | $ | 13.44 | $ | 11.45 | $ | 12.45 | $ | 12.15 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 234,770,378 | $ | 394,932,484 | $ | 868,331,435 | $ | 176,818,306 | $ | 545,482,150 | $ | 118,313,838 | $ | 334,114,178 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 76,113 | $ | 1,630,591 | $ | 865,998 | $ | 405,876 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | 4,795,311 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | – | $ | 33,724,041 | $ | – | $ | 38,655,710 | $ | 3,653,345 | $ | 16,866,452 | ||||||||||||||
See Notes to Financial Statements
242
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2012 (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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 2,753,469,026 | $ | 273,791,622 | $ | 365,308,238 | $ | 181,394,170 | $ | 760,152,628 | $ | 80,053,148 | $ | 360,407,736 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 31,866,000 | 617,000 | 34,585,000 | 10,282,000 | 8,160,000 | 2,608,000 | – | |||||||||||||||||||||
Total Investments | 2,785,335,026 | 274,408,622 | 399,893,238 | 191,676,170 | 768,312,628 | 82,661,148 | 360,407,736 | |||||||||||||||||||||
Cash | 215,587 | 1,139 | 907 | 737 | 1,563 | 176 | 5,227 | |||||||||||||||||||||
Foreign cash* | – | – | – | – | 1,037,758 | – | – | |||||||||||||||||||||
Due from Broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 45,808 | 4,007 | 543,032 | 33,421 | 12,864 | 5,780 | 6,091 | |||||||||||||||||||||
Dividends and interest | 3,910,674 | 205,317 | 331,229 | 313,537 | 718,166 | 11,340 | 439,978 | |||||||||||||||||||||
Investments sold | 362,381 | 3,351,206 | – | – | 15,246,234 | 75,287 | 1,386,916 | |||||||||||||||||||||
Securities lending income | 153,210 | 43,234 | – | 4,125 | 108,671 | 2,564 | 21,762 | |||||||||||||||||||||
Prepaid expenses and other assets | 47,327 | 5,466 | 14,669 | 2,597 | 24,788 | 1,568 | 11,242 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 6,968 | 97,269 | 17,185 | – | 5,753 | 39,411 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 2,790,070,013 | 278,025,959 | 400,880,344 | 192,047,772 | 785,462,672 | 82,763,616 | 362,318,363 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 638,691 | 33,236 | 897,683 | 29,711 | 397,125 | 11,427 | 100,895 | |||||||||||||||||||||
Investments purchased | 654,157 | 1,684,745 | 12,069,385 | – | 8,661,350 | 856,720 | 386,882 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 547,873 | 133,083 | 128,293 | 58,226 | 504,039 | 50,646 | 221,800 | |||||||||||||||||||||
Administrative service fee | 141,898 | 13,308 | 22,451 | 10,190 | 39,817 | 4,171 | 17,421 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,897 | 253 | 1,953 | 1,500 | 1,415 | 141 | 198 | |||||||||||||||||||||
Directors’ fees and expenses | 41,447 | 3,355 | 10,061 | 2,181 | 20,003 | 860 | 9,024 | |||||||||||||||||||||
Other accrued expenses | 283,611 | 63,103 | 95,721 | 80,252 | 137,246 | 32,290 | 76,578 | |||||||||||||||||||||
Variation margin on futures contracts | 59,700 | – | – | 17,085 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 276,344,474 | 40,945,890 | – | 8,457,508 | 64,419,982 | 7,718,432 | 53,666,972 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 278,713,748 | 42,876,973 | 13,225,547 | 8,656,653 | 74,180,977 | 8,674,687 | 54,479,770 | |||||||||||||||||||||
NET ASSETS | $ | 2,511,356,265 | $ | 235,148,986 | $ | 387,654,797 | $ | 183,391,119 | $ | 711,281,695 | $ | 74,088,929 | $ | 307,838,593 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,169,404 | $ | 193,662 | $ | 3,883,097 | $ | 285,259 | $ | 426,312 | $ | 66,590 | $ | 274,042 | ||||||||||||||
Additional paid-in capital | 2,056,028,936 | 218,928,807 | 384,425,459 | 131,461,527 | 801,128,244 | 61,861,734 | 260,993,984 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 43,734,449 | 977,133 | 1,134 | 1,782,800 | 722,757 | (482,038 | ) | 494,441 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 95,920,252 | (1,859,910 | ) | (654,893 | ) | 3,959,720 | (119,729,060 | ) | 4,249,703 | (767,763 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 313,451,349 | 16,909,416 | – | 46,254,536 | 28,737,353 | 8,392,940 | 46,843,889 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,051,875 | – | – | (352,723 | ) | – | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (122 | ) | – | – | (3,911 | ) | – | – | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 2,511,356,265 | $ | 235,148,986 | $ | 387,654,797 | $ | 183,391,119 | $ | 711,281,695 | $ | 74,088,929 | $ | 307,838,593 | ||||||||||||||
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 | 116,940,425 | 19,366,174 | 388,309,696 | 28,525,872 | 42,631,216 | 6,659,022 | 27,404,202 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 21.48 | $ | 12.14 | $ | 1.00 | $ | 6.43 | $ | 16.68 | $ | 11.13 | $ | 11.23 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 2,440,017,677 | $ | 256,882,206 | $ | 365,308,238 | $ | 135,139,634 | $ | 731,415,275 | $ | 71,660,208 | $ | 313,563,847 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | 1,038,884 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 269,762,574 | $ | 40,031,929 | $ | – | $ | 8,327,259 | $ | 62,335,300 | $ | 7,508,229 | $ | 52,123,059 | ||||||||||||||
See Notes to Financial Statements
243
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2012 (unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 946,734,702 | $ | 233,187,904 | $ | 115,078,710 | $ | 3,664,863,328 | $ | 89,329,331 | ||||||||||
Investment securities, at value (affiliated)*† | – | – | – | 10,682,603 | – | |||||||||||||||
Repurchase agreements (cost approximates value) | 11,784,000 | 2,001,000 | – | 56,816,000 | 1,198,000 | |||||||||||||||
Total Investments | 958,518,702 | 235,188,904 | 115,078,710 | 3,732,361,931 | 90,527,331 | |||||||||||||||
Cash | – | 1,286 | 1,623 | 981 | 278 | |||||||||||||||
Foreign cash* | – | – | – | – | – | |||||||||||||||
Due from Broker | – | – | – | – | – | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Fund shares sold | 48,282 | 30,605 | 15,319 | 1,609,482 | 12,115 | |||||||||||||||
Dividends and interest | 1,402,207 | 349,480 | 145,599 | 9,548,305 | 255,029 | |||||||||||||||
Investments sold | 2,306,365 | 1,823,009 | 1,347,042 | 328,703 | – | |||||||||||||||
Securities lending income | 187,536 | 18,468 | 14,598 | 54,974 | – | |||||||||||||||
Prepaid expenses and other assets | 14,465 | 3,608 | 2,211 | 144,962 | 174,820 | |||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 10,103 | 7,048 | – | 7,776 | |||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | |||||||||||||||
TOTAL ASSETS | 962,477,557 | 237,425,463 | 116,612,150 | 3,744,049,338 | 90,977,349 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Fund shares reacquired | 142,164 | 152,467 | 8,700 | 768,587 | 8,383 | |||||||||||||||
Investments purchased | – | 2,390,593 | 924,767 | 4,532,653 | – | |||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | |||||||||||||||
Investment advisory and management fees | 208,774 | 121,125 | 69,011 | 741,696 | 58,312 | |||||||||||||||
Administrative service fee | 46,950 | 11,305 | 5,683 | 202,059 | 5,233 | |||||||||||||||
Transfer agent fees and expenses | 1,557 | 225 | 141 | 2,009 | 225 | |||||||||||||||
Directors’ fees and expenses | 14,695 | 2,725 | 1,335 | 77,978 | 1,923 | |||||||||||||||
Other accrued expenses | 155,264 | 53,156 | 40,164 | 403,310 | 36,464 | |||||||||||||||
Variation margin on futures contracts | 55,970 | – | – | 60,385 | – | |||||||||||||||
Collateral upon return of securities loaned | 125,996,519 | 33,471,168 | 14,701,733 | 164,723,437 | – | |||||||||||||||
Due to custodian | 1,600,364 | – | – | – | – | |||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | |||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | |||||||||||||||
TOTAL LIABILITIES | 128,222,257 | 36,202,764 | 15,751,534 | 171,512,114 | 110,540 | |||||||||||||||
NET ASSETS | $ | 834,255,300 | $ | 201,222,699 | $ | 100,860,616 | $ | 3,572,537,224 | $ | 90,866,809 | ||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 547,339 | $ | 209,418 | $ | 91,376 | $ | 1,336,251 | $ | 85,064 | ||||||||||
Additional paid-in capital | 762,381,024 | 227,540,807 | 94,043,091 | 2,518,385,046 | 133,970,567 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 18,648,612 | 2,120,225 | (25,363 | ) | 96,393,665 | 3,137,824 | ||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 5,877,239 | (35,190,812 | ) | (2,595,509 | ) | 25,344,209 | (53,316,592 | ) | ||||||||||||
Unrealized appreciation (depreciation) on investments | 47,442,428 | 6,543,061 | 9,347,021 | 932,730,223 | 6,989,946 | |||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (641,339 | ) | – | – | (1,652,170 | ) | – | |||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (3 | ) | – | – | – | – | ||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
NET ASSETS | $ | 834,255,300 | $ | 201,222,699 | $ | 100,860,616 | $ | 3,572,537,224 | $ | 90,866,809 | ||||||||||
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 | 54,733,870 | 20,941,797 | 9,137,620 | 133,625,121 | 8,506,447 | |||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 15.24 | $ | 9.61 | $ | 11.04 | $ | 26.74 | $ | 10.68 | ||||||||||
* Cost | ||||||||||||||||||||
Investment securities (unaffiliated) | $ | 899,292,274 | $ | 226,644,843 | $ | 105,731,689 | $ | 2,704,843,661 | $ | 82,339,385 | ||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | 37,972,047 | $ | – | ||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
† Including securities on loan | $ | 121,731,953 | $ | 32,554,737 | $ | 14,330,573 | $ | 161,308,072 | $ | – | ||||||||||
See Notes to Financial Statements
244
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2012 (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) | $ | 1,019,830 | $ | 1,968,715 | $ | 434,344 | $ | 7,775 | $ | 2,454,980 | $ | 7,573,156 | $ | 8,165,752 | ||||||||||||||
Securities lending income | – | 32,946 | – | 7,103 | 67,461 | – | 60,565 | |||||||||||||||||||||
Interest (unaffiliated) | 946,299 | 1,659 | 51 | 2,967,769 | 161 | 1,001 | 259 | |||||||||||||||||||||
Total investment income* | 1,966,129 | 2,003,320 | 434,395 | 2,982,647 | 2,522,602 | 7,574,157 | 8,226,576 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 380,369 | 1,580,678 | 107,230 | 596,575 | 882,420 | 1,509,076 | 2,188,302 | |||||||||||||||||||||
Administrative service fee | 53,252 | 149,592 | 10,723 | 83,524 | 77,212 | 143,060 | 197,216 | |||||||||||||||||||||
Transfer agent fees and expenses | 671 | 868 | 431 | 1,052 | 606 | 688 | 978 | |||||||||||||||||||||
Custodian fees | 84,917 | 29,710 | 13,052 | 39,002 | 36,866 | 47,252 | 252,626 | |||||||||||||||||||||
Reports to shareholders | 13,006 | 36,381 | 2,647 | 21,893 | 18,577 | 38,975 | 51,882 | |||||||||||||||||||||
Audit and tax fees | 26,917 | 14,989 | 14,699 | 28,690 | 15,205 | 15,072 | 18,523 | |||||||||||||||||||||
Legal fees | 5,037 | 7,607 | 4,068 | 5,881 | 5,513 | 7,799 | 14,675 | |||||||||||||||||||||
Directors’ fees and expenses | 4,465 | 12,723 | 388 | 6,888 | 6,606 | 11,656 | 16,954 | |||||||||||||||||||||
Interest expense | – | 16 | – | 740 | 87 | 176 | 161 | |||||||||||||||||||||
Other expenses | 19,272 | 11,653 | 7,790 | 5,960 | 8,507 | 11,829 | 12,853 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 587,906 | 1,844,217 | 161,028 | 790,205 | 1,051,599 | 1,785,583 | 2,754,170 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (27,747 | ) | (30,820 | ) | – | (169,177 | ) | (109,738 | ) | – | |||||||||||||||||
Fees paid indirectly (Note 7) | (399 | ) | (2,019 | ) | (1,744 | ) | – | (1,414 | ) | – | (107 | ) | ||||||||||||||||
Net expenses | 587,507 | 1,814,451 | 128,464 | 790,205 | 881,008 | 1,675,845 | 2,754,063 | |||||||||||||||||||||
Net investment income (loss) | 1,378,622 | 188,869 | 305,931 | 2,192,442 | 1,641,594 | 5,898,312 | 5,472,513 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 1,804,211 | 7,206,860 | 266,415 | 4,320,179 | 2,380,276 | 6,875,271 | (12,597,638 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (85,919 | ) | – | – | – | – | – | 489,875 | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (27 | ) | – | – | 130 | 20,379 | 25,722 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,718,292 | 7,206,833 | 266,415 | 4,320,179 | 2,380,406 | 6,895,650 | (12,082,041 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 6,280,256 | 22,213,156 | 2,207,012 | (669,869 | ) | 15,720,462 | 17,408,978 | 68,765,264 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (107,400 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 6 | – | – | (3 | ) | 1,899 | 40,253 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | (246,826 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 6,172,856 | 22,213,162 | 2,207,012 | (669,869 | ) | 15,720,459 | 17,410,877 | 68,558,691 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 7,891,148 | 29,419,995 | 2,473,427 | 3,650,310 | 18,100,865 | 24,306,527 | 56,476,650 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 9,269,770 | $ | 29,608,864 | $ | 2,779,358 | $ | 5,842,752 | $ | 19,742,459 | $ | 30,204,839 | $ | 61,949,163 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 463 | $ | 51 | $ | – | $ | 1,469 | $ | 7,108 | $ | 64,632 | $ | 1,160,572 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 19,183 | ||||||||||||||
See Notes to Financial Statements
245
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2012 (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) | $ | 8,793,012 | $ | 4,845,566 | $ | 3,222,538 | $ | 3,146,974 | $ | – | $ | 6,631,147 | $ | 732,522 | ||||||||||||||
Securities lending income | 497,345 | – | 24,121 | 72,518 | 2,402 | 108,853 | 4,731 | |||||||||||||||||||||
Interest (unaffiliated) | 995 | 529 | 162 | 4,083,299 | 2,112,881 | 336 | 317 | |||||||||||||||||||||
Total investment income* | 9,291,352 | 4,846,095 | 3,246,821 | 7,302,791 | 2,115,283 | 6,740,336 | 737,570 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,766,906 | 1,206,491 | 660,302 | 1,151,122 | 395,493 | 2,840,728 | 315,092 | |||||||||||||||||||||
Administrative service fee | 286,544 | 114,382 | 92,442 | 161,157 | 55,369 | 281,078 | 29,409 | |||||||||||||||||||||
Transfer agent fees and expenses | 690 | 686 | 952 | 431 | 1,025 | 518 | 518 | |||||||||||||||||||||
Custodian fees | 222,419 | 72,583 | 79,769 | 147,673 | 23,133 | 87,198 | 28,399 | |||||||||||||||||||||
Reports to shareholders | 66,517 | 29,434 | 22,765 | 39,024 | 15,360 | 68,394 | 7,344 | |||||||||||||||||||||
Audit and tax fees | 27,760 | 13,086 | 12,057 | 21,231 | 20,047 | 13,447 | 15,236 | |||||||||||||||||||||
Legal fees | 9,552 | 8,629 | 5,907 | 6,906 | 5,304 | 9,869 | 4,524 | |||||||||||||||||||||
Directors’ fees and expenses | 25,079 | 9,537 | 7,646 | 14,156 | 4,413 | 24,334 | 2,498 | |||||||||||||||||||||
Interest expense | 137 | – | – | 298 | 1,508 | 131 | – | |||||||||||||||||||||
Other expenses | 13,675 | 13,174 | 18,050 | 13,338 | 4,674 | 18,193 | 8,526 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 3,419,279 | 1,468,002 | 899,890 | 1,555,336 | 526,326 | 3,343,890 | 411,546 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | – | (91,416 | ) | (54,442 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (1,250 | ) | (3,332 | ) | (265 | ) | (1,657 | ) | – | – | (5,830 | ) | ||||||||||||||||
Net expenses | 3,418,029 | 1,464,670 | 899,625 | 1,553,679 | 526,326 | 3,252,474 | 351,274 | |||||||||||||||||||||
Net investment income (loss) | 5,873,323 | 3,381,425 | 2,347,196 | 5,749,112 | 1,588,957 | 3,487,862 | 386,296 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (19,947,472 | ) | 8,084,834 | 2,155,266 | 781,136 | 845,799 | 26,654,893 | 1,795,197 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | 463,003 | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (137,174 | ) | (2,939 | ) | (50,025 | ) | 1,931,373 | – | (5,105 | ) | – | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (20,084,646 | ) | 8,081,895 | 2,568,244 | 2,712,509 | 845,799 | 26,649,788 | 1,795,197 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 161,561,872 | 32,935,583 | 27,649,825 | 62,915,536 | (439,253 | ) | 20,434,394 | 3,666,061 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | 205,712 | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 115,589 | (4,151 | ) | 15,479 | 1,186,941 | – | 2,676 | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | (164 | ) | – | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 161,677,461 | 32,931,432 | 27,871,016 | 64,102,313 | (439,253 | ) | 20,437,070 | 3,666,061 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 141,592,815 | 41,013,327 | 30,439,260 | 66,814,822 | 406,546 | 47,086,858 | 5,461,258 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 147,466,138 | $ | 44,394,752 | $ | 32,786,456 | $ | 72,563,934 | $ | 1,995,503 | $ | 50,574,720 | $ | 5,847,554 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 731,960 | $ | 389,565 | $ | 85,389 | $ | 264,097 | $ | – | $ | 25,147 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | 13,147 | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
246
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2012 (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) | $ | 872,421 | $ | 268,357 | $ | 10,178,653 | $ | – | $ | 4,715,373 | $ | 1,479,817 | $ | 2,067,878 | ||||||||||||||
Securities lending income | – | – | 332,966 | – | 141,482 | 12,908 | 18,066 | |||||||||||||||||||||
Interest (unaffiliated) | 7,057 | 5,564,339 | 6,141 | 3,281,717 | 1,168 | 89 | 623 | |||||||||||||||||||||
Total investment income* | 879,478 | 5,832,696 | 10,517,760 | 3,281,717 | 4,858,023 | 1,492,814 | 2,086,567 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,490,989 | 1,033,122 | 1,223,525 | 480,774 | 2,483,290 | 466,863 | 1,124,270 | |||||||||||||||||||||
Administrative service fee | 104,369 | 150,959 | 272,395 | 67,308 | 189,051 | 46,686 | 122,967 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,037 | 686 | 4,594 | 604 | 693 | 431 | 518 | |||||||||||||||||||||
Custodian fees | 51,194 | 34,817 | 509,677 | 33,753 | 232,424 | 13,328 | 47,715 | |||||||||||||||||||||
Reports to shareholders | 27,482 | 38,250 | 58,653 | 16,363 | 45,505 | 18,585 | 31,221 | |||||||||||||||||||||
Audit and tax fees | 16,736 | 22,101 | 21,873 | 22,529 | 16,263 | 15,269 | 14,963 | |||||||||||||||||||||
Legal fees | 9,017 | 7,397 | 7,979 | 5,405 | 10,688 | 8,268 | 7,014 | |||||||||||||||||||||
Directors’ fees and expenses | 8,815 | 12,798 | 22,523 | 5,778 | 16,143 | 4,058 | 10,769 | |||||||||||||||||||||
Interest expense | – | – | 273 | 131 | 133 | 14 | – | |||||||||||||||||||||
Other expenses | 12,450 | 7,539 | 36,299 | 5,144 | 15,271 | 7,871 | 10,369 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,722,089 | 1,307,669 | 2,157,791 | 637,789 | 3,009,461 | 581,373 | 1,369,806 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | (281,732 | ) | (14,467 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | (1,028 | ) | – | – | – | (516 | ) | (5,262 | ) | (29,022 | ) | |||||||||||||||||
Net expenses | 1,721,061 | 1,307,669 | 2,157,791 | 637,789 | 2,727,213 | 561,644 | 1,340,784 | |||||||||||||||||||||
Net investment income (loss) | (841,583 | ) | 4,525,027 | 8,359,969 | 2,643,928 | 2,130,810 | 931,170 | 745,783 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 6,430,631 | 1,685,023 | (9,727,999 | ) | 2,103,946 | 4,757,371 | 3,556,942 | 6,600,204 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 565,236 | – | 272,098 | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (5,901 | ) | (183,593 | ) | (298,372 | ) | 67,342 | (6,207 | ) | – | 8 | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,989,966 | 1,501,430 | (9,754,273 | ) | 2,171,288 | 4,751,164 | 3,556,942 | 6,600,212 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 27,182,193 | 9,343,232 | 114,359,539 | 7,513,962 | 75,369,479 | 9,284,236 | 12,585,623 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,106,373 | – | 2,908,300 | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (365 | ) | 12,119 | 188,318 | (187,037 | ) | 8,139 | – | 895 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (94,942 | ) | – | (143,039 | ) | – | (61,240 | ) | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 28,193,259 | 9,355,351 | 117,313,118 | 7,326,925 | 75,316,378 | 9,284,236 | 12,586,518 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 35,183,225 | 10,856,781 | 107,558,845 | 9,498,213 | 80,067,542 | 12,841,178 | 19,186,730 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 34,341,642 | $ | 15,381,808 | $ | 115,918,814 | $ | 12,142,141 | $ | 82,198,352 | $ | 13,772,348 | $ | 19,932,513 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 9,111 | $ | 1,361 | $ | 564,538 | $ | (19,139 | ) | $ | 195,103 | $ | – | $ | 28 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | 43,203 | $ | – | $ | 15,679 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
247
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2012 (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) | $ | 21,874,085 | $ | 1,708,686 | $ | – | $ | 1,387,912 | $ | 3,842,886 | $ | 94,666 | $ | 1,963,080 | ||||||||||||||
Securities lending income | 1,301,869 | 216,542 | – | 24,431 | 582,575 | 15,885 | 165,725 | |||||||||||||||||||||
Interest (unaffiliated) | 2,889 | 284 | 463,500 | 745 | 4,445 | 91 | 1,782 | |||||||||||||||||||||
Total investment income* | 23,178,843 | 1,925,512 | 463,500 | 1,413,088 | 4,429,906 | 110,642 | 2,130,587 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,359,161 | 845,054 | 798,130 | 357,354 | 3,216,302 | 317,372 | 1,368,274 | |||||||||||||||||||||
Administrative service fee | 870,373 | 84,508 | 139,673 | 62,537 | 254,550 | 26,136 | 107,520 | |||||||||||||||||||||
Transfer agent fees and expenses | 5,673 | 778 | 5,864 | 4,590 | 4,256 | 431 | 606 | |||||||||||||||||||||
Custodian fees | 114,448 | 60,966 | 19,731 | 14,148 | 86,303 | �� | 14,041 | 75,418 | ||||||||||||||||||||
Reports to shareholders | 208,780 | 20,256 | 34,300 | 15,198 | 59,821 | 6,175 | 25,954 | |||||||||||||||||||||
Audit and tax fees | 15,434 | 15,341 | 20,055 | 15,205 | 16,001 | 15,504 | 15,371 | |||||||||||||||||||||
Legal fees | 23,546 | 5,528 | 7,266 | 5,274 | 8,729 | 4,234 | 6,151 | |||||||||||||||||||||
Directors’ fees and expenses | 74,555 | 7,421 | 11,752 | 5,156 | 21,683 | 2,321 | 9,585 | |||||||||||||||||||||
Interest expense | – | – | – | – | 137 | – | 12 | |||||||||||||||||||||
Other expenses | 52,561 | 9,504 | 6,687 | 18,544 | 25,810 | 7,791 | 16,549 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 4,724,531 | 1,049,356 | 1,043,458 | 498,006 | 3,693,592 | 394,005 | 1,625,440 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (23,193 | ) | (599,934 | ) | (24,512 | ) | – | (24,360 | ) | (196,957 | ) | ||||||||||||||||
Fees paid indirectly (Note 7) | – | (21,606 | ) | – | – | (30,939 | ) | – | (8,634 | ) | ||||||||||||||||||
Net expenses | 4,724,531 | 1,004,557 | 443,524 | 473,494 | 3,662,653 | 369,645 | 1,419,849 | |||||||||||||||||||||
Net investment income (loss) | 18,454,312 | 920,955 | 19,976 | 939,594 | 767,253 | (259,003 | ) | 710,738 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 43,053,431 | (4,269,237 | ) | 4,616 | 414,487 | 16,668,508 | 3,411,718 | 14,537,051 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (122,079 | ) | – | – | 453,683 | – | – | – | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (7,594 | ) | – | – | (9,623 | ) | – | (89 | ) | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 42,931,352 | (4,276,831 | ) | 4,616 | 868,170 | 16,658,885 | 3,411,718 | 14,536,962 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 144,175,319 | 9,680,428 | – | 8,932,043 | 20,400,150 | 2,357,945 | 10,440,823 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 3,228,506 | – | – | 218,775 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 3,780 | – | – | (13,621 | ) | – | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 147,403,825 | 9,684,208 | – | 9,150,818 | 20,386,529 | 2,357,945 | 10,440,823 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 190,335,177 | 5,407,377 | 4,616 | 10,018,988 | 37,045,414 | 5,769,663 | 24,977,785 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 208,789,489 | $ | 6,328,332 | $ | 24,592 | $ | 10,958,582 | $ | 37,812,667 | $ | 5,510,660 | $ | 25,688,523 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | $ | – | $ | – | $ | – | $ | 95,195 | $ | 271 | $ | 387 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
248
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2012 (unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends (unaffiliated) | $ | 8,006,697 | $ | 1,527,302 | $ | 573,866 | $ | 41,085,232 | $ | 1,357,981 | ||||||||||
Securities lending income | 1,285,780 | 147,819 | 91,919 | 347,757 | – | |||||||||||||||
Interest (unaffiliated) | 3,223 | 447 | 109 | 4,003 | 36 | |||||||||||||||
Total investment income* | 9,295,700 | 1,675,568 | 665,894 | 41,436,992 | 1,358,017 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory and management fees | 1,302,552 | 711,661 | 437,678 | 4,576,561 | 395,688 | |||||||||||||||
Administrative service fee | 294,523 | 66,422 | 36,044 | 1,250,838 | 35,511 | |||||||||||||||
Transfer agent fees and expenses | 4,667 | 690 | 431 | 6,038 | 693 | |||||||||||||||
Custodian fees | 120,679 | 45,144 | 30,265 | 160,389 | 16,319 | |||||||||||||||
Reports to shareholders | 71,448 | 16,005 | 8,770 | 300,662 | 8,516 | |||||||||||||||
Audit and tax fees | 16,265 | 15,213 | 15,326 | 15,270 | 15,150 | |||||||||||||||
Legal fees | 9,902 | 5,275 | 4,615 | 29,026 | 4,549 | |||||||||||||||
Directors’ fees and expenses | 25,372 | 5,796 | 3,197 | 105,308 | 3,223 | |||||||||||||||
Interest expense | – | – | – | 1,423 | 76 | |||||||||||||||
Other expenses | 11,408 | 10,815 | 8,895 | 78,477 | 8,048 | |||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,856,816 | 877,021 | 545,221 | 6,523,992 | 487,773 | |||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (23,028 | ) | (30,307 | ) | – | (56,575 | ) | ||||||||||||
Fees paid indirectly (Note 7) | – | (5,848 | ) | (6,184 | ) | – | (382 | ) | ||||||||||||
Net expenses | 1,856,816 | 848,145 | 508,730 | 6,523,992 | 430,816 | |||||||||||||||
Net investment income (loss) | 7,438,884 | 827,423 | 157,164 | 34,913,000 | 927,201 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 8,072,084 | 384,936 | 2,430,139 | 65,678,781 | 2,810,064 | |||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | (3,594,246 | ) | – | ||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 2,028,443 | – | – | 497,679 | – | |||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (189 | ) | – | – | – | (1,125 | ) | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 10,100,338 | 384,936 | 2,430,139 | 62,582,214 | 2,808,939 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 50,685,314 | 10,821,960 | 2,022,058 | 205,665,663 | 7,099,142 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | 4,261,921 | – | |||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 954,497 | – | – | 1,430,020 | – | |||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 57 | – | – | – | – | |||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 51,639,868 | 10,821,960 | 2,022,058 | 211,357,604 | 7,099,142 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 61,740,206 | 11,206,896 | 4,452,197 | 273,939,818 | 9,908,081 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 69,179,090 | $ | 12,034,319 | $ | 4,609,361 | $ | 308,852,818 | $ | 10,835,282 | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 7,442 | $ | 325 | $ | – | $ | 44,255 | $ | 5,717 | ||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
See Notes to Financial Statements
249
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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,378,622 | $ | 3,030,563 | $ | 188,869 | $ | 150,793 | $ | 305,931 | $ | 536,149 | $ | 2,192,442 | $ | 4,741,326 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,718,292 | 4,885,791 | 7,206,833 | 20,239,557 | 266,415 | (69,935 | ) | 4,320,179 | 2,403,074 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 6,172,856 | (6,507,408 | ) | 22,213,162 | (7,002,099 | ) | 2,207,012 | (2,032,972 | ) | (669,869 | ) | 4,512,824 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 9,269,770 | 1,408,946 | 29,608,864 | 13,388,251 | 2,779,358 | (1,566,758 | ) | 5,842,752 | 11,657,224 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,429,852 | ) | – | (70,304 | ) | – | (463,566 | ) | – | (4,938,152 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (3,429,852 | ) | – | (70,304 | ) | – | (463,566 | ) | – | (4,938,152 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (289,004 | ) | 1,826,317 | 7,358,142 | (52,764,359 | ) | (162,861 | ) | 1,482,884 | (8,623,347 | ) | 83,618,371 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 8,980,766 | (194,589 | ) | 36,967,006 | (39,446,412 | ) | 2,616,497 | (547,440 | ) | (2,780,595 | ) | 90,337,443 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 144,854,388 | 145,048,977 | 404,645,578 | 444,091,990 | 28,475,601 | 29,023,041 | 232,989,675 | 142,652,232 | ||||||||||||||||||||||||
End of period† | $ | 153,835,154 | $ | 144,854,388 | $ | 441,612,584 | $ | 404,645,578 | $ | 31,092,098 | $ | 28,475,601 | $ | 230,209,080 | $ | 232,989,675 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,606,942 | $ | 3,228,320 | $ | 361,281 | $ | 172,412 | $ | 515,704 | $ | 209,773 | $ | 7,344,005 | $ | 5,151,563 | ||||||||||||||||
See Notes to Financial Statements
250
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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,641,594 | $ | 3,303,876 | $ | 5,898,312 | $ | 7,090,814 | $ | 5,472,513 | $ | 5,061,832 | $ | 5,873,323 | $ | 26,383,377 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,380,406 | 8,097,391 | 6,895,650 | 2,084,489 | (12,082,041 | ) | (28,756,983 | ) | (20,084,646 | ) | 9,455,416 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 15,720,459 | (30,749,992 | ) | 17,410,877 | 732,981 | 68,558,691 | (50,159,651 | ) | 161,677,461 | (306,588,811 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 19,742,459 | (19,348,725 | ) | 30,204,839 | 9,908,284 | 61,949,163 | (73,854,802 | ) | 147,466,138 | (270,750,018 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,494,004 | ) | – | (3,936,226 | ) | – | (2,741,502 | ) | – | (25,185,909 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (2,494,004 | ) | – | (3,936,226 | ) | – | (2,741,502 | ) | – | (25,185,909 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (12,336,141 | ) | (19,129,988 | ) | 116,954,722 | 149,140,951 | 94,226,746 | 320,353,263 | (68,891,197 | ) | (13,547,337 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 7,406,318 | (40,972,717 | ) | 147,159,561 | 155,113,009 | 156,175,909 | 243,756,959 | 78,574,941 | (309,483,264 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 210,989,062 | 251,961,779 | 346,432,346 | 191,319,337 | 501,317,202 | 257,560,243 | 758,093,648 | 1,067,576,912 | ||||||||||||||||||||||||
End of period† | $ | 218,395,380 | $ | 210,989,062 | $ | 493,591,907 | $ | 346,432,346 | $ | 657,493,111 | $ | 501,317,202 | $ | 836,668,589 | $ | 758,093,648 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,957,802 | $ | 3,316,208 | $ | 12,955,318 | $ | 7,057,006 | $ | 8,730,375 | $ | 3,257,862 | $ | 31,784,023 | $ | 25,910,700 | ||||||||||||||||
See Notes to Financial Statements
251
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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,381,425 | $ | 6,230,898 | $ | 2,347,196 | $ | 5,272,371 | $ | 5,749,112 | $ | 17,542,912 | $ | 1,588,957 | $ | 3,206,260 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 8,081,895 | 16,149,733 | 2,568,244 | (5,140,424 | ) | 2,712,509 | 18,640,470 | 845,799 | 4,315,320 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 32,931,432 | (45,662,001 | ) | 27,871,016 | (32,272,439 | ) | 64,102,313 | (89,529,272 | ) | (439,253 | ) | 3,979,705 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 44,394,752 | (23,281,370 | ) | 32,786,456 | (32,140,492 | ) | 72,563,934 | (53,345,890 | ) | 1,995,503 | 11,501,285 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (6,181,361 | ) | – | (5,488,185 | ) | – | (22,147,238 | ) | – | (2,700,933 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (20,286,032 | ) | – | – | – | – | – | (1,094,307 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (26,467,393 | ) | – | (5,488,185 | ) | – | (22,147,238 | ) | – | (3,795,240 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 28,806,012 | 17,607,141 | 5,140,359 | (13,324,387 | ) | (78,071,461 | ) | (31,122,617 | ) | (1,762,747 | ) | 27,104,622 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 73,200,764 | (32,141,622 | ) | 37,926,815 | (50,953,064 | ) | (5,507,527 | ) | (106,615,745 | ) | 232,756 | 34,810,667 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 281,639,414 | 313,781,036 | 241,281,093 | 292,234,157 | 439,884,239 | 546,499,984 | 145,929,075 | 111,118,408 | ||||||||||||||||||||||||
End of period† | $ | 354,840,178 | $ | 281,639,414 | $ | 279,207,908 | $ | 241,281,093 | $ | 434,376,712 | $ | 439,884,239 | $ | 146,161,831 | $ | 145,929,075 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 6,289,832 | $ | 2,908,407 | $ | 7,265,423 | $ | 4,918,227 | $ | 28,512,735 | $ | 22,763,623 | $ | 5,154,086 | $ | 3,565,129 | ||||||||||||||||
See Notes to Financial Statements
252
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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,487,862 | $ | 5,753,454 | $ | 386,296 | $ | 763,126 | $ | (841,583 | ) | $ | (1,351,629 | ) | $ | 4,525,027 | $ | 11,885,395 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 26,649,788 | 44,728,947 | 1,795,197 | 2,823,543 | 6,989,966 | 20,017,078 | 1,501,430 | 659,929 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 20,437,070 | (60,371,740 | ) | 3,666,061 | (8,390,232 | ) | 28,193,259 | (4,654,959 | ) | 9,355,351 | 22,799,711 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 50,574,720 | (9,889,339 | ) | 5,847,554 | (4,803,563 | ) | 34,341,642 | 14,010,490 | 15,381,808 | 35,345,035 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (5,230,264 | ) | – | (650,051 | ) | – | (761,059 | ) | (479,963 | ) | (5,725,808 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (13,467,228 | ) | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (5,230,264 | ) | – | (650,051 | ) | – | (14,228,287 | ) | (479,963 | ) | (5,725,808 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (10,436,611 | ) | (19,387,819 | ) | (3,145,588 | ) | (4,603,647 | ) | 18,908,693 | 31,803,221 | 23,075,086 | 36,252,150 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 40,138,109 | (34,507,422 | ) | 2,701,966 | (10,057,261 | ) | 53,250,335 | 31,585,424 | 37,976,931 | 65,871,377 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 765,515,064 | 800,022,486 | 81,057,035 | 91,114,296 | 260,654,397 | 229,068,973 | 413,817,877 | 347,946,500 | ||||||||||||||||||||||||
End of period† | $ | 805,653,173 | $ | 765,515,064 | $ | 83,759,001 | $ | 81,057,035 | $ | 313,904,732 | $ | 260,654,397 | $ | 451,794,808 | $ | 413,817,877 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 9,035,009 | $ | 5,547,147 | $ | 1,149,124 | $ | 762,828 | $ | (1,487,714 | ) | $ | (646,131 | ) | $ | 15,504,411 | $ | 11,459,347 | ||||||||||||||
See Notes to Financial Statements
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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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 8,359,969 | $ | 24,371,459 | $ | 2,643,928 | $ | 6,146,803 | $ | 2,130,810 | $ | 9,006,568 | $ | 931,170 | $ | 1,325,572 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (9,754,273 | ) | (57,322,931 | ) | 2,171,288 | 5,873,450 | 4,751,164 | 1,390,107 | 3,556,942 | 16,595,618 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 117,313,118 | (169,114,142 | ) | 7,326,925 | (6,466,662 | ) | 75,316,378 | (112,110,035 | ) | 9,284,236 | (24,721,941 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 115,918,814 | (202,065,614 | ) | 12,142,141 | 5,553,591 | 82,198,352 | (101,713,360 | ) | 13,772,348 | (6,800,751 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (27,470,184 | ) | – | (7,282,500 | ) | – | (8,989,593 | ) | – | (1,184,950 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (2,195,429 | ) | – | – | – | (4,344,944 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (27,470,184 | ) | – | (9,477,929 | ) | – | (8,989,593 | ) | – | (5,529,894 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 40,988,802 | (108,821,152 | ) | (18,628,795 | ) | 10,109,079 | 9,608,887 | (21,177,967 | ) | (4,678,314 | ) | (8,363,546 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 156,907,616 | (338,356,950 | ) | (6,486,654 | ) | 6,184,741 | 91,807,239 | (131,880,920 | ) | 9,094,034 | (20,694,191 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 689,839,930 | 1,028,196,880 | 195,494,066 | 189,309,325 | 485,838,870 | 617,719,790 | 125,281,085 | 145,975,276 | ||||||||||||||||||||||||
End of period† | $ | 846,747,546 | $ | 689,839,930 | $ | 189,007,412 | $ | 195,494,066 | $ | 577,646,109 | $ | 485,838,870 | $ | 134,375,119 | $ | 125,281,085 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 30,352,522 | $ | 21,992,553 | $ | 6,487,739 | $ | 3,843,811 | $ | 10,537,744 | $ | 8,406,934 | $ | 2,280,226 | $ | 1,349,056 | ||||||||||||||||
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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 745,783 | $ | 722,327 | $ | 18,454,312 | $ | 24,714,377 | $ | 920,955 | $ | 274,630 | $ | 19,976 | $ | 44,510 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,600,212 | 29,548,687 | 42,931,352 | 96,217,514 | (4,276,831 | ) | 12,970,769 | 4,616 | 182,267 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 12,586,518 | (56,269,234 | ) | 147,403,825 | (297,348,077 | ) | 9,684,208 | (55,576,227 | ) | – | – | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 19,932,513 | (25,998,220 | ) | 208,789,489 | (176,416,186 | ) | 6,328,332 | (42,330,828 | ) | 24,592 | 226,777 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,035,950 | ) | – | (22,290,565 | ) | – | (1,342,901 | ) | (19,976 | ) | (44,510 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | (142,995,493 | ) | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (1,035,950 | ) | – | (165,286,058 | ) | – | (1,342,901 | ) | (19,976 | ) | (44,510 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (17,000,135 | ) | (31,971,616 | ) | (112,897,400 | ) | 20,934,565 | (17,216,774 | ) | (51,529,773 | ) | (20,837,086 | ) | (65,137,961 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 2,932,378 | (59,005,786 | ) | 95,892,089 | (320,767,679 | ) | (10,888,442 | ) | (95,203,502 | ) | (20,832,470 | ) | (64,955,694 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 343,970,761 | 402,976,547 | 2,415,464,176 | 2,736,231,855 | 246,037,428 | 341,240,930 | 408,487,267 | 473,442,961 | ||||||||||||||||||||||||
End of period† | $ | 346,903,139 | $ | 343,970,761 | $ | 2,511,356,265 | $ | 2,415,464,176 | $ | 235,148,986 | $ | 246,037,428 | $ | 387,654,797 | $ | 408,487,267 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,484,166 | $ | 738,383 | $ | 43,734,449 | $ | 25,280,137 | $ | 977,133 | $ | 56,178 | $ | 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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 939,594 | $ | 837,967 | $ | 767,253 | $ | (657,813 | ) | $ | (259,003 | ) | $ | (450,763 | ) | $ | 710,738 | $ | 77,718 | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 868,170 | 4,246,335 | 16,658,885 | 67,060,291 | 3,411,718 | 1,831,189 | 14,536,962 | 26,581,858 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 9,150,818 | 5,961,303 | 20,386,529 | (152,413,612 | ) | 2,357,945 | (11,932,888 | ) | 10,440,823 | (55,248,972 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 10,958,582 | 11,045,605 | 37,812,667 | (86,011,134 | ) | 5,510,660 | (10,552,462 | ) | 25,688,523 | (28,589,396 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (518,467 | ) | – | – | – | – | – | (414,586 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | (16,828,508 | ) | – | – | – | (5,225,815 | ) | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | (17,346,975 | ) | – | – | – | (5,225,815 | ) | – | (414,586 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 9,449,940 | 42,123,996 | (40,649,077 | ) | (88,788,668 | ) | (3,645,994 | ) | (3,323,448 | ) | (16,995,185 | ) | (29,421,443 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 20,408,522 | 35,822,626 | (2,836,410 | ) | (174,799,802 | ) | 1,864,666 | (19,101,725 | ) | 8,693,338 | (58,425,425 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 162,982,597 | 127,159,971 | 714,118,105 | 888,917,907 | 72,224,263 | 91,325,988 | 299,145,255 | 357,570,680 | ||||||||||||||||||||||||
End of period† | $ | 183,391,119 | $ | 162,982,597 | $ | 711,281,695 | $ | 714,118,105 | $ | 74,088,929 | $ | 72,224,263 | $ | 307,838,593 | $ | 299,145,255 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,782,800 | $ | 843,206 | $ | 722,757 | $ | (44,496 | ) | $ | (482,038 | ) | $ | (223,035 | ) | $ | 494,441 | $ | (216,297 | ) | ||||||||||||
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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 7,438,884 | $ | 10,632,370 | $ | 827,423 | $ | 1,171,834 | $ | 157,164 | $ | (526,382 | ) | |||||||||||
Net realized gain (loss) on investments and foreign currencies | 10,100,338 | 46,423,008 | 384,936 | 9,124,997 | 2,430,139 | 5,784,431 | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 51,639,868 | (144,026,373 | ) | 10,821,960 | (24,792,472 | ) | 2,022,058 | (17,492,147 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 69,179,090 | (86,970,995 | ) | 12,034,319 | (14,495,641 | ) | 4,609,361 | (12,234,098 | ) | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | – | (8,534,509 | ) | – | (1,538,947 | ) | – | – | ||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | ||||||||||||||||||
Total distributions to shareholders | – | (8,534,509 | ) | – | (1,538,947 | ) | – | – | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (40,707,374 | ) | (77,302,891 | ) | 7,812,371 | (30,539,922 | ) | (4,880,369 | ) | (7,667,640 | ) | |||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 28,471,716 | (172,808,395 | ) | 19,846,690 | (46,574,510 | ) | (271,008 | ) | (19,901,738 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 805,783,584 | 978,591,979 | 181,376,009 | 227,950,519 | 101,131,624 | 121,033,362 | ||||||||||||||||||
End of period† | $ | 834,255,300 | $ | 805,783,584 | $ | 201,222,699 | $ | 181,376,009 | $ | 100,860,616 | $ | 101,131,624 | ||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 18,648,612 | $ | 11,209,728 | $ | 2,120,225 | $ | 1,292,802 | $ | (25,363 | ) | $ | (182,527 | ) | ||||||||||
See Notes to Financial Statements
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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, 2012 (Unaudited) | For the Year Ended May 31, 2012 | For the Six Months Ended November 30, 2012 (Unaudited) | For the Year Ended May 31, 2012 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 34,913,000 | $ | 61,249,255 | $ | 927,201 | $ | 2,205,562 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 62,582,214 | 62,069,102 | 2,808,939 | (1,558,436 | ) | |||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 211,357,604 | (155,772,163 | ) | 7,099,142 | (9,970,410 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 308,852,818 | (32,453,806 | ) | 10,835,282 | (9,323,284 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (55,685,112 | ) | – | (1,598,533 | ) | ||||||||||
Net realized gain on securities | – | (188,517,274 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (244,202,386 | ) | – | (1,598,533 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (129,981,181 | ) | 118,714,383 | (20,788,875 | ) | (40,714,411 | ) | |||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 178,871,637 | (157,941,809 | ) | (9,953,593 | ) | (51,636,228 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 3,393,665,587 | 3,551,607,396 | 100,820,402 | 152,456,630 | ||||||||||||
End of period† | $ | 3,572,537,224 | $ | 3,393,665,587 | $ | 90,866,809 | $ | 100,820,402 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 96,393,665 | $ | 61,480,665 | $ | 3,137,824 | $ | 2,210,623 | ||||||||
See Notes to Financial Statements
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VALIC Company I
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 Government Bond Fund | |
Blue Chip Growth Fund | International Growth 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 | 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 |
Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100® Index Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liability 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 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 significant accounting policies consistently followed by the Trust in the preparation of its financial statements:
Security Valuation
In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“GAAP”), the Funds disclose the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP established a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:
Level 1 — Unadjusted quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.).
Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances.)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of inputs used to value the Funds’ net assets as of November 30, 2012 are reported on a schedule following the Portfolio of Investments.
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.
As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price 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 a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board 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 NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.
Bonds 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 and are generally categorized as Level 2 or Level 3 depending on the observability of inputs. 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.
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, and are generally categorized as Level 2.
Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade and are generally categorized as Level 1. Options contracts traded on national securities exchanges are valued as of the close of the exchange upon which they trade and are generally categorized as Level 1. Options contracts traded on over-the-counter markets are marked-to-market daily based upon quotations received from an approved outside pricing service or market makers and are generally categorized as Level 2. Forward Foreign Currency Contracts (“Forward Contracts”) are valued at the 4:00 p.m. eastern time forward rate and are generally categorized as Level 2.
Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Registered investment companies are generally categorized as Level 1.
For the Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with rule 2a-7 under the 1940 Act, the Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the Money Market I Fund 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.
Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market and are generally categorized as Level 1 or Level 2.
The Board is responsible for the share valuation process and has adopted a policy and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Fund, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Trust’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.
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Derivative Instruments
The following tables represent the value of derivatives held as of November 30, 2012, 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 six months ended November 30, 2012:
Asset Allocation Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | — | |||||||
Interest rate contracts(3) | Variation margin on futures contracts | — | Variation margin on futures 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 | |||||||
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 | $ | (88,896 | ) | $ | (81,102 | ) | |||
Interest rate 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 | 2,977 | (26,298 | ) | ||||||
$ | (85,919 | ) | $ | (107,400 | ) | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $723,818 |
(3) | The average value outstanding for interest rate futures contracts was $1,540,042 |
Emerging Economies Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity Contracts(2) | Variation margin on futures contracts | $ | — | Variation margin on futures 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 | |||||||
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 | $ | 489,875 | $ | — | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $2,200,808. |
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Global Social Awareness Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | — | Variation margin on futures contracts | $ | 3,900 | ||||||
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 | |||||
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 | $ | 463,003 | $205,712 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $(92,143) as reported in the Portfolio of Investments. |
(3) | The average value outstanding for equity futures contracts was $5,189,477 |
Global Strategy Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | 2,925,436 | Unrealized depreciation on forward foreign currency contracts | $ | 1,242,771 | ||||||
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 | $ | 2,009,612 | $ | 930,238 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $169,133,761. |
Health Sciences Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | 3,563,403 | ||||||
Call and put options purchased, at value | 82,920 | Call and put options purchased, at value | — | |||||||||
$ | 82,920 | $ | 3,563,403 | |||||||||
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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)(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 | $ | 565,236 | $ | 1,106,373 | |||||
Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options | 8,189 | 39,073 | ||||||||
$ | 573,425 | $ | 1,145,446 | |||||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $3,353,035. |
(3) | The average value outstanding for purchased options equity contracts was $66,275. |
(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 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | 22,905 | 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 | $ | 272,098 | $ | 2,908,300 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $15,463,990 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $484,438 as reported in the Portfolio of Investments. |
International Government Bond Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | — | ||||||
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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 | |||||||
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 | $ | 65,403 | $ | (318,122 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $2,633,347 |
Mid Cap Index Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | — | Variation margin on futures contracts | $ | 59,700 | ||||||
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 | $ | (122,079 | ) | $ | 3,228,506 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $41,319,245 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,051,875 as reported in the Portfolio of Investments. |
Nasdaq-100® Index Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | — | Variation margin on futures contracts | $ | 17,085 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized | |||||||
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 | $ | 453,683 | $ | 218,775 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $8,664,093 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(352,723) as reported in the Portfolio of Investments. |
Small Cap Index Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | — | Variation margin on futures contracts | $ | 55,970 | ||||||
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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 | $ | 2,028,443 | $ | 954,497 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $30,388,148 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(641,339) as reported in the Portfolio of Investments. |
Stock Index Fund | ||||||||||||
Asset Derivatives 2012 | Liability Derivatives 2012 | |||||||||||
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 | $ | — | Variation margin on futures contracts | $ | 60,385 | ||||||
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 | $ | 497,679 | $ | 1,430,020 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2012, 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 $49,093,685 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(1,652,170) as reported in the Portfolio of Investments. |
Forward Foreign Currency Contracts: Certain Funds may enter into 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 six months ended November 30, 2012, International Government Bond Fund used Forward Foreign Currency Contracts to protect securities and related receivables and payables against changes in 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, 2012, the Global Strategy Fund had open forward contracts, which is reported on a schedule following the 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 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 risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other 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: 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 six months ended November 30, 2012, the Asset Allocation Fund, Emerging Economies, 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 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. As of November 30, 2012, the following Funds
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had open futures contracts: 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.
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 futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Subsequent payments, known as “Variation Margin” are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as due to/from broker for the changes in the value of the initial margin requirement. 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 risk to the Funds since the futures contracts 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 six months ended November 30, 2012, the Health Sciences Fund used options contracts to facilitate trading, increase market exposure, 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, 2012, 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.
Risks to the Funds of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, 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. Transactions in options written during the period ended November 30, 2012 are summarized as follows:
Written Options | ||||||||
Health Sciences | ||||||||
Number of Contracts | Premiums Received | |||||||
Options Outstanding as of May 31, 2012 | 6,255 | $ | 3,763,808 | |||||
Options Written | 4,295 | 2,375,408 | ||||||
Options terminated in closing purchase transactions | (1,238 | ) | (694,501 | ) | ||||
Options exercised | (266 | ) | (160,237 | ) | ||||
Options expired | (1,277 | ) | (489,167 | ) | ||||
Options Outstanding as of November 30, 2012 | 7,769 | $ | 4,795,311 | |||||
Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes
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NOTES TO FINANCIAL STATEMENTS — (continued)
in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation- indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.
Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Fund’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the 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, 2012, 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 | 4.19 | % | $ | 14,903,000 | ||||
Government Securities | 1.71 | % | 6,060,000 | |||||
Growth & Income | 1.04 | % | 3,713,000 | |||||
Large Capital Growth | 1.75 | % | 6,230,000 | |||||
Mid Cap Index | 8.97 | % | 31,866,000 | |||||
Money Market I | 2.27 | % | 8,060,000 | |||||
Nasdaq-100® Index | 2.89 | % | 10,282,000 | |||||
Small Cap Index | 3.32 | % | 11,784,000 | |||||
Stock Index | 15.99 | % | 56,816,000 |
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, 2012, bearing interest at a rate of 0.01% per annum, with a principal amount of $355,383,000, a repurchase price of $355,383,296, and a maturity date of December 3, 2012. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | ||||||||||||
U.S. Treasury Bonds | 3.13 | % | 11/15/41 | $ | 332,315,000 | $ | 358,655,616 | |||||||||
U.S. Treasury Notes | 1.50 | % | 06/30/16 | 3,675,000 | 3,839,177 |
As of November 30, 2012, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities LLC:
Fund | Percentage Ownership | Principal Amount | ||||||
Money Market I | 26.53 | % | $ | 26,525,000 |
As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:
UBS Securities LLC, dated November 30, 2012, bearing interest at a rate of 0.19% per annum, with a principal amount of $100,000,000, a repurchase price of 100,001,583 and a maturity date of December 3, 2012. 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 | % | 07/15/15 | $ | 78,311,000 | $ | 102,000,078 |
Mortgage-Backed Dollar Rolls: During the six months ended November 30, 2012, the Asset Allocation Fund and Capital Conservation Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Fund’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. There were no TBA Rolls outstanding at period end. 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 six months ended November 30, 2012, the Asset Allocation Fund and Capital Conservation Fund had realized gains (losses) from mortgage-backed dollar rolls of $3,938 and $8,611, respectively.
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Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.
The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period.
Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the 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 the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates and realized gains and losses on forward foreign currency contracts.
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, 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 the 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. Income and fees are recorded in the Statement of Operations as Securities lending income.
Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.
Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations.
Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund.
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.
Expenses common to all Funds, not directly related to individual Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. Interest earned on cash balances held at the custodian are shown as custody credits on the Statement of Operations.
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 amount of dividends and distributions from net investment income and net realized capital 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 assets are not affected by these reclassifications.
Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that each Fund will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.
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Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2009 – 2011 or expected to be taken in each Fund’s 2012 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2009.
New Accounting Pronouncements
In May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU 2011-04 requires common fair value measurement and disclosure requirements between U.S. GAAP and International Financial Reporting Standards. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. All required changes to accounting policies have been made in accordance with ASU No. 2011-04.
In December 2011, the FASB issued ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The new and revised disclosures are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. At this time, management is evaluating the implications of ASU 2011-11 and its impact on the financial statements.
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 |
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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 | ||
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 |
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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 |
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, 2013. 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”).
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, 2012, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Blue Chip Growth | $ | 27,747 | ||
Broad Cap Value Income | 30,820 | |||
Core Equity | 169,177 | |||
Dividend Value | 109,738 | |||
Growth | 91,416 | |||
Growth & Income | 54,442 | |||
International Growth | 281,732 | |||
Large Cap Core | 14,467 | |||
Mid Cap Strategic Growth | 23,193 | |||
Nasdaq-100® Index | 24,512 | |||
Small Cap Aggressive Growth | 24,360 | |||
Small Cap | 196,957 | |||
Small Cap Special Values | 23,028 | |||
Small-Mid Growth | 30,307 | |||
Value | 56,575 |
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 six months ended November 30, 2012, VALIC voluntarily waived $599,934 of expenses for the Money Market I Fund.
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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.
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.
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 six months ended November 30, 2012, VC I expensed $5,917,330 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, 2012, the Series expensed $53,394 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, 2012, certain directors of VC I have deferred $12,495 of director compensation.
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NOTES TO FINANCIAL STATEMENTS — (continued)
At November 30, 2012, 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 | 99.99 | % | * | |||||
Emerging Economies | 100.00 | % | — | |||||
Foreign Value | 100.00 | % | — | |||||
Global Real Estate | 100.00 | % | — | |||||
Global Social Awareness | 100.00 | % | — | |||||
Global Strategy | 100.00 | % | — | |||||
Government Securities | 98.09 | % | — | |||||
Growth | 100.00 | % | — | |||||
Growth & Income | 96.71 | % | — | |||||
Health Sciences | 99.97 | % | * | |||||
Inflation Protected | 100.00 | % | — | |||||
International Equities | 99.46 | % | * | |||||
International Government Bond | 100.00 | % | — | |||||
International Growth | 100.00 | % | — | |||||
Large Cap Core | 100.00 | % | — | |||||
Large Capital Growth | 100.00 | % | — | |||||
Mid Cap Index | 99.32 | % | * | |||||
Mid Cap Strategic Growth | 100.00 | % | — | |||||
Money Market I | 94.52 | % | * | |||||
Nasdaq-100® Index | 97.70 | % | * | |||||
Science & Technology | 99.80 | % | * | |||||
Small Cap Aggressive Growth | 100.00 | % | — | |||||
Small Cap | 100.00 | % | — | |||||
Small Cap Index | 99.08 | % | * | |||||
Small Cap Special Values | 100.00 | % | — | |||||
Small-Mid Growth | 100.00 | % | — | |||||
Stock Index | 96.93 | % | * | |||||
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 year ended November 30, 2012, 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 05/31/12 | Purchases | Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Market Value at 11/30/12 | ||||||||||||||||||||||
Stock Index | American International Group, Inc. Common Stock | $ | — | $ | 5,261,154 | $ | 4,987,175 | $ | 233,401 | $ | (3,594,246 | ) | $ | 4,261,921 | $ | 10,682,603 |
During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:
Affiliated Broker | Emerging Economies Fund | |
J. P. Morgan | $452 |
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 $0 and $173,000 for the periods ended November 30, 2012 and May 31, 2012, respectively.
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NOTES TO FINANCIAL STATEMENTS — (continued)
As of the date of this report, the United States Department of the Treasury (“Department of the Treasury”) owned less than 25% of the outstanding shares of common stock of 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 the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, and a portion of the Dividend Value Fund, Government Securities Fund and Large Capital Growth Fund and the Funds’ administrator. AIG has stated that it understands that, subject to market conditions, the Department of the Treasury intends to dispose of its ownership interest in AIG over time, and that AIG has granted certain registration rights to the Department of the Treasury to facilitate such sales.
Note 4 — Purchases and Sales of Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended November 30, 2012 were as follows:
Fund | Purchases of Investment Securities (Excluding U.S. Government Securities) | Sales of Investment Securities (Excluding U.S. Government Securities) | Purchase of U.S. Government Securities | Sales of U.S. Government Securities | ||||||||||||
Asset Allocation | $ | 71,648,212 | $ | 66,639,190 | $ | 11,284,607 | $ | 9,187,794 | ||||||||
Blue Chip Growth | 55,552,954 | 48,570,054 | — | — | ||||||||||||
Broad Cap Value Income | 4,469,589 | 3,820,411 | — | — | ||||||||||||
Capital Conservation | 138,455,160 | 138,195,358 | 52,762,877 | 59,962,360 | ||||||||||||
Core Equity | 99,631,050 | 113,201,091 | — | — | ||||||||||||
Dividend Value | 188,573,402 | 82,157,514 | — | — | ||||||||||||
Emerging Economies | 256,622,312 | 156,978,653 | — | — | ||||||||||||
Foreign Value | 50,370,571 | 111,476,207 | — | — | ||||||||||||
Global Real Estate | 90,616,683 | 59,682,392 | — | — | ||||||||||||
Global Social Awareness | 134,814,142 | 123,501,460 | — | — | ||||||||||||
Global Strategy | 50,187,273 | 114,910,331 | — | — | ||||||||||||
Government Securities | 13,618,118 | 227,685 | 77,391,116 | 80,633,346 | ||||||||||||
Growth | 370,693,753 | 373,814,274 | — | — | ||||||||||||
Growth & Income | 116,257,866 | 111,936,296 | — | — | ||||||||||||
Health Sciences | 39,394,973 | 9,164,385 | — | — | ||||||||||||
Inflation Protected | 115,252,367 | 102,337,482 | 28,945,110 | 17,136,690 | ||||||||||||
International Equities | 267,981,190 | 200,637,079 | — | — | ||||||||||||
International Government Bond | 60,802,902 | 70,846,854 | 8,916,154 | 5,359,882 | ||||||||||||
International Growth | 155,630,920 | 144,369,103 | — | — | ||||||||||||
Large Cap Core | 45,346,350 | 48,360,670 | — | — | ||||||||||||
Large Capital Growth | 361,563,025 | 371,743,228 | — | — | ||||||||||||
Mid Cap Index | 93,541,635 | 180,109,209 | — | — | ||||||||||||
Mid Cap Strategic Growth | 69,272,644 | 82,603,469 | — | — | ||||||||||||
Nasdaq-100® Index | 12,304,831 | 3,545,530 | — | — | ||||||||||||
Science & Technology | 278,834,956 | 316,326,769 | — | — | ||||||||||||
Small Cap Aggressive Growth | 35,399,748 | 39,416,193 | — | — | ||||||||||||
Small Cap | 41,106,131 | 59,022,227 | — | — | ||||||||||||
Small Cap Index | 77,267,109 | 85,642,649 | — | — | ||||||||||||
Small Cap Special Values | 63,336,469 | 52,952,339 | — | — | ||||||||||||
Small-Mid Growth | 47,450,548 | 51,511,010 | — | — | ||||||||||||
Stock Index | 52,001,167 | 153,255,513 | — | — | ||||||||||||
Value | 10,454,796 | 30,713,789 | — | — |
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies and investments in partnerships, treatment of defaulted securities and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2012.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 142,602,704 | $ | 13,483,194 | $ | (2,955,280 | ) | $ | 10,527,914 | |||||||
Blue Chip Growth | 323,645,270 | 138,717,875 | (3,641,681 | ) | 135,076,194 | |||||||||||
Broad Cap Value | 27,536,937 | 4,855,477 | (1,088,192 | ) | 3,767,285 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Capital Conservation | $ | 227,090,984 | $ | 8,107,676 | $ | (333,076 | ) | $ | 7,774,600 | |||||||
Core Equity | 207,130,640 | 24,181,990 | (8,376,354 | ) | 15,805,636 | |||||||||||
Dividend Value | 445,972,856 | 53,608,874 | (7,326,748 | ) | 46,282,126 | |||||||||||
Emerging Economies | 638,110,900 | 65,572,596 | (23,185,064 | ) | 42,387,532 | |||||||||||
Foreign Value | 931,003,605 | 95,827,587 | (143,030,140 | ) | (47,202,553 | ) | ||||||||||
Global Real Estate | 319,049,584 | 43,402,838 | (7,275,013 | ) | 36,127,825 | |||||||||||
Global Social Awareness | 272,604,908 | 30,705,953 | (16,538,093 | ) | 14,167,860 | |||||||||||
Global Strategy | 422,902,630 | 54,032,256 | (26,179,226 | ) | 27,853,030 | |||||||||||
Government Securities | 141,580,323 | 7,459,540 | (81,117 | ) | 7,378,423 | |||||||||||
Growth | 765,047,897 | 110,895,483 | (15,586,296 | ) | 95,309,187 | |||||||||||
Growth & Income | 87,664,999 | 4,061,910 | (2,693,268 | ) | 1,368,642 | |||||||||||
Health Sciences | 237,171,092 | 97,470,380 | (17,072,816 | ) | 80,397,564 | |||||||||||
Inflation Protected | 394,943,641 | 54,515,951 | (2,555,835 | ) | 51,960,116 | |||||||||||
International Equities | 894,892,173 | 83,189,191 | (80,962,300 | ) | 2,226,891 | |||||||||||
International Government Bond* | 176,947,447 | 11,227,304 | (1,470,210 | ) | 9,757,094 | |||||||||||
International Growth | 554,084,319 | 83,470,663 | (22,821,290 | ) | 60,649,373 | |||||||||||
Large Cap Core | 120,495,108 | 19,815,199 | (1,606,371 | ) | 18,208,828 | |||||||||||
Large Capital Growth | 342,985,884 | 32,050,562 | (8,500,905 | ) | 23,549,657 | |||||||||||
Mid Cap Index | 2,508,809,770 | 545,785,030 | (269,259,774 | ) | 276,525,256 | |||||||||||
Mid Cap Strategic Growth | 260,447,431 | 37,277,209 | (23,316,018 | ) | 13,961,191 | |||||||||||
Money Market I | 399,893,238 | — | — | — | ||||||||||||
Nasdaq-100® Index | 147,226,894 | 53,003,840 | (8,554,564 | ) | 44,449,276 | |||||||||||
Science & Technology | 760,367,988 | 79,223,383 | (71,278,744 | ) | 7,944,639 | |||||||||||
Small Cap Aggressive Growth | 74,471,760 | 10,487,322 | (2,297,934 | ) | 8,189,388 | |||||||||||
Small Cap | 315,100,192 | 69,009,034 | (23,701,490 | ) | 45,307,544 | |||||||||||
Small Cap Index | 916,434,399 | 190,915,367 | (148,831,064 | ) | 42,084,303 | |||||||||||
Small Cap Special Values | 231,574,000 | 22,590,655 | (18,975,751 | ) | 3,614,904 | |||||||||||
Small-Mid Growth | 106,315,239 | 12,694,534 | (3,931,063 | ) | 8,763,471 | |||||||||||
Stock Index | 2,893,202,298 | 1,227,619,756 | (388,460,123 | ) | 839,159,633 | |||||||||||
Value | 84,191,642 | 10,928,165 | (4,592,476 | ) | 6,335,689 |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2012. |
The tax basis distributable earnings at May 31, 2012 and the tax character of distributions paid during the year ended May 31, 2012 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2012 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 3,231,904 | $ | 651,012 | $ | 4,247,658 | $ | 3,429,852 | $ | — | ||||||||||
Blue Chip Growth | 227,880 | (11,047,851 | ) | 112,863,032 | 70,304 | — | ||||||||||||||
Broad Cap Value Income | 209,946 | (2,734,232 | ) | 1,560,273 | 463,566 | — | ||||||||||||||
Capital Conservation | 5,163,741 | (1,392,709 | ) | 8,444,468 | 4,938,152 | — | ||||||||||||||
Core Equity | 3,334,616 | (72,905,324 | ) | 85,174 | 2,494,004 | — | ||||||||||||||
Dividend Value | 7,071,676 | (33,800,907 | ) | 28,872,173 | 3,936,226 | — | ||||||||||||||
Emerging Economies | 4,047,952 | (125,795,654 | ) | (26,719,968 | ) | 2,741,502 | — | |||||||||||||
Foreign Value | 26,994,235 | (92,552,087 | ) | (208,872,763 | ) | 25,185,909 | — | |||||||||||||
Global Real Estate | 5,610,988 | 10,219,178 | 3,189,544 | 9,971,969 | 16,495,424 | |||||||||||||||
Global Social Awareness | 5,033,717 | (155,144,454 | ) | (13,506,416 | ) | 5,488,185 | — | |||||||||||||
Global Strategy | 26,419,646 | (14,244,900 | ) | (40,055,103 | ) | 22,147,238 | — | |||||||||||||
Government Securities | 3,929,133 | 401,219 | 7,817,676 | 3,795,240 | — | |||||||||||||||
Growth | 5,680,809 | (90,503,739 | ) | 74,871,176 | 5,230,264 | — | ||||||||||||||
Growth & Income | 768,730 | (23,086,833 | ) | (2,297,419 | ) | 650,051 | — | |||||||||||||
Health Sciences | 449,757 | 18,069,278 | 53,185,666 | 4,686,128 | 9,542,159 | |||||||||||||||
Inflation Protected | 10,988,282 | (1,232,111 | ) | 42,607,710 | 5,725,808 | — | ||||||||||||||
International Equities | 23,118,146 | (191,118,703 | ) | (112,631,634 | ) | 27,470,184 | — |
275
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NOTES TO FINANCIAL STATEMENTS — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2012 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
International Government Bond* | $ | 8,644,850 | $ | 2,381,653 | $ | 10,720,242 | $ | 7,282,500 | $ | 2,195,429 | ||||||||||
International Growth | 8,754,391 | (64,526,280 | ) | (14,804,595 | ) | 8,989,593 | — | |||||||||||||
Large Cap Core | 2,083,183 | 15,328,155 | 8,924,592 | 1,184,950 | 4,344,944 | |||||||||||||||
Large Capital Growth | 741,444 | 28,419,799 | 10,965,361 | 1,035,950 | — | |||||||||||||||
Mid Cap Index | 25,136,643 | 87,738,369 | 132,349,937 | 29,978,644 | 135,307,414 | |||||||||||||||
Mid Cap Strategic Growth | — | 5,860,139 | 4,276,957 | 1,342,901 | — | |||||||||||||||
Money Market I | 8,268 | (659,507 | ) | — | 44,510 | — | ||||||||||||||
Nasdaq-100 Index® | 908,095 | 4,265,002 | 35,517,233 | 518,467 | 16,828,508 | |||||||||||||||
Science & Technology | — | (114,724,083 | ) | (12,445,800 | ) | — | — | |||||||||||||
Small Cap Aggressive Growth | 1,041,533 | — | 5,831,443 | — | 5,225,815 | |||||||||||||||
Small Cap | 199,056 | (14,051,285 | ) | 34,866,721 | 414,586 | — | ||||||||||||||
Small Cap Index | 10,836,193 | (432,798 | ) | (8,601,071 | ) | 8,534,509 | — | |||||||||||||
Small Cap Special Values | 1,209,966 | (32,647,595 | ) | (7,207,056 | ) | 1,538,947 | — | |||||||||||||
Small-Mid Growth | — | (1,378,922 | ) | 6,741,413 | — | — | ||||||||||||||
Stock Index | 62,358,482 | 53,660,339 | 629,232,049 | 59,354,862 | 184,847,524 | |||||||||||||||
Value | 2,211,912 | (54,753,674 | ) | (763,453 | ) | 1,598,533 | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2012. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2012, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:
Capital Loss Carryforward† | Unlimited | |||||||||||||||||||
Fund | 2017 | 2018 | 2019 | ST | LT | |||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Blue Chip Growth | — | 11,047,851 | — | — | — | |||||||||||||||
Broad Cap Value Income | 953,767 | 1,775,201 | — | 5,264 | — | |||||||||||||||
Capital Conservation | 1,392,709 | — | — | — | — | |||||||||||||||
Core Equity | 24,335,917 | 48,569,407 | — | — | — | |||||||||||||||
Dividend Value | 6,880,654 | 21,908,895 | 5,011,358 | — | — | |||||||||||||||
Emerging Economies | 26,872,567 | 71,874,688 | — | 27,048,399 | — | |||||||||||||||
Foreign Value | — | 92,552,087 | — | — | — | |||||||||||||||
Global Real Estate | — | — | — | — | — | |||||||||||||||
Global Social Awareness | 47,411,740 | 101,716,217 | — | 5,347,792 | 668,705 | |||||||||||||||
Global Strategy | — | 14,244,900 | — | — | — | |||||||||||||||
Government Securities | — | — | — | — | — | |||||||||||||||
Growth | — | 90,503,739 | — | — | — | |||||||||||||||
Growth & Income | 4,609,953 | 18,476,880 | — | — | — | |||||||||||||||
Health Sciences | — | — | — | — | — | |||||||||||||||
Inflation Protected | — | 1,232,111 | — | — | — | |||||||||||||||
International Equities | 36,713,038 | 128,172,760 | — | 12,304,080 | 13,928,825 | |||||||||||||||
International Government Bond | — | — | — | — | — | |||||||||||||||
International Growth | 4,556,037 | 59,970,243 | — | — | — | |||||||||||||||
Large Cap Core | — | — | — | — | — | |||||||||||||||
Large Capital Growth | — | — | — | — | — | |||||||||||||||
Mid Cap Index | — | — | — | — | — | |||||||||||||||
Mid Cap Strategic Growth | — | — | — | — | — | |||||||||||||||
Money Market I | 659,507 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index® | — | — | — | — | — | |||||||||||||||
Science & Technology | 38,732,224 | 75,991,859 | — | — | — | |||||||||||||||
Small Cap Aggressive Growth | — | — | — | — | — | |||||||||||||||
Small Cap | — | 14,051,285 | — | — | — | |||||||||||||||
Small Cap Index | — | 432,798 | — | — | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Capital Loss Carryforward† | Unlimited | |||||||||||||||||||
Fund | 2017 | 2018 | 2019 | ST | LT | |||||||||||||||
Small Cap Special Values | $ | — | $ | 32,647,595 | $ | — | $ | — | $ | — | ||||||||||
Small-Mid Growth | — | 1,378,922 | — | — | — | |||||||||||||||
Stock Index | — | — | — | — | — | |||||||||||||||
Value | 4,825,365 | 48,597,058 | — | 1,331,251 | — |
† | On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law. |
Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2012, the Funds elected to defer late year ordinary losses and post October capital losses as follows:
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Asset Allocation | $ | — | $ | — | $ | — | ||||||
Blue Chip Growth | 52,781 | 4,482,855 | — | |||||||||
Broad Cap Value Income | — | 17,779 | — | |||||||||
Capital Conservation | — | — | 191,338 | |||||||||
Core Equity | — | — | — | |||||||||
Dividend Value | — | 609,555 | — | |||||||||
Emerging Economies | — | — | 66,888 | |||||||||
Foreign Value | — | — | — | |||||||||
Global Real Estate | — | 1,491,853 | — | |||||||||
Global Social Awareness | — | 403,266 | — | |||||||||
Global Strategy | — | — | — | |||||||||
Government Securities | — | — | — | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | 258,009 | — | — | |||||||||
Inflation Protected | — | — | 1,454,848 | |||||||||
International Equities | — | 9,806,716 | 27,529,724 | |||||||||
International Government Bond | — | — | — | |||||||||
International Growth | — | 7,582,878 | — | |||||||||
Large Cap Core | — | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | — | 460,559 | — | |||||||||
Money Market I | — | — | — | |||||||||
Nasdaq-100 Index® | — | — | — | |||||||||
Science & Technology | 212,697 | 871,149 | — | |||||||||
Small Cap Aggressive Growth | 222,549 | — | — | |||||||||
Small Cap | 109,599 | — | — | |||||||||
Small Cap Index | — | — | — | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | 206,554 | 3,063,175 | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | — | 717,598 | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,238,905 | $ | 14,090,579 | 1,793,063 | $ | 19,280,864 | 1,844,932 | $ | 22,721,459 | 2,928,226 | $ | 32,687,871 | ||||||||||||||||||||
Reinvested dividends | — | — | 333,319 | 3,429,852 | — | — | 6,670 | 70,304 | ||||||||||||||||||||||||
Shares redeemed | (1,260,546 | ) | (14,379,583 | ) | (1,953,250 | ) | (20,884,399 | ) | (1,258,296 | ) | (15,363,317 | ) | (7,852,611 | ) | (85,522,534 | ) | ||||||||||||||||
Net increase (decrease) | (21,641 | ) | $ | (289,004 | ) | 173,132 | $ | 1,826,317 | 586,636 | $ | 7,358,142 | (4,917,715 | ) | $ | (52,764,359 | ) | ||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 258,565 | $ | 2,740,395 | 984,920 | $ | 9,911,785 | 3,629,671 | $ | 37,219,461 | 10,530,972 | $ | 104,358,898 | ||||||||||||||||||||
Reinvested dividends | — | — | 47,545 | 463,566 | — | — | 508,564 | 4,938,152 | ||||||||||||||||||||||||
Shares redeemed | (269,224 | ) | (2,903,256 | ) | (899,902 | ) | (8,892,467 | ) | (4,457,752 | ) | (45,842,808 | ) | (2,590,038 | ) | (25,678,679 | ) | ||||||||||||||||
Net increase (decrease) | (10,659 | ) | $ | (162,861 | ) | 132,563 | $ | 1,482,884 | (828,081 | ) | $ | (8,623,347 | ) | 8,449,498 | $ | 83,618,371 | ||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 120,199 | $ | 1,578,444 | 783,239 | $ | 9,276,442 | 13,170,715 | $ | 133,957,703 | 19,013,046 | $ | 171,408,462 | ||||||||||||||||||||
Reinvested dividends | — | — | 208,878 | 2,494,004 | — | — | 434,942 | 3,936,226 | ||||||||||||||||||||||||
Shares redeemed | (1,055,882 | ) | (13,914,585 | ) | (2,534,819 | ) | (30,900,434 | ) | (1,717,025 | ) | (17,002,981 | ) | (2,896,208 | ) | (26,203,737 | ) | ||||||||||||||||
Net increase (decrease) | (935,683 | ) | $ | (12,336,141 | ) | (1,542,702 | ) | $ | (19,129,988 | ) | 11,453,690 | $ | 116,954,722 | 16,551,780 | $ | 149,140,951 | ||||||||||||||||
Emerging Economies | Foreign Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 14,521,095 | $ | 110,721,044 | 44,884,216 | $ | 354,281,859 | 2,773,874 | $ | 22,982,245 | 12,046,042 | $ | 101,709,220 | ||||||||||||||||||||
Reinvested dividends | — | — | 387,218 | 2,741,502 | — | — | 3,237,263 | 25,185,909 | ||||||||||||||||||||||||
Shares redeemed | (2,185,898 | ) | (16,494,298 | ) | (4,798,204 | ) | (36,670,098 | ) | (11,198,124 | ) | (91,873,442 | ) | (16,285,380 | ) | (140,442,466 | ) | ||||||||||||||||
Net increase (decrease) | 12,335,197 | $ | 94,226,746 | 40,473,230 | $ | 320,353,263 | (8,424,250 | ) | $ | (68,891,197 | ) | (1,002,075 | ) | $ | (13,547,337 | ) | ||||||||||||||||
Global Real Estate | Global Social Awareness | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,938,044 | $ | 40,953,102 | 5,248,997 | $ | 40,268,627 | 1,327,679 | $ | 19,912,814 | 1,545,931 | $ | 22,390,918 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,863,853 | 26,467,393 | — | — | 406,532 | 5,488,185 | ||||||||||||||||||||||||
Shares redeemed | (1,454,397 | ) | (12,147,090 | ) | (6,253,498 | ) | (49,128,879 | ) | (993,069 | ) | (14,772,455 | ) | (2,869,015 | ) | (41,203,490 | ) | ||||||||||||||||
Net increase (decrease) | 3,483,647 | $ | 28,806,012 | 2,859,352 | $ | 17,607,141 | 334,610 | $ | 5,140,359 | (916,552 | ) | $ | (13,324,387 | ) | ||||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Global Strategy | Government Securities | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 443,181 | $ | 5,011,180 | 2,277,871 | $ | 26,000,749 | 2,844,996 | $ | 32,484,317 | 6,403,812 | $ | 70,713,320 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,119,353 | 22,147,238 | — | — | 345,022 | 3,795,240 | ||||||||||||||||||||||||
Shares redeemed | (7,029,116 | ) | (83,082,641 | ) | (6,972,474 | ) | (79,270,604 | ) | (3,001,571 | ) | (34,247,064 | ) | (4,271,681 | ) | (47,403,938 | ) | ||||||||||||||||
Net increase (decrease) | (6,585,935 | ) | $ | (78,071,461 | ) | (2,575,250 | ) | $ | (31,122,617 | ) | (156,575 | ) | $ | (1,762,747 | ) | 2,477,153 | $ | 27,104,622 | ||||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,740,063 | $ | 21,372,762 | 4,361,781 | $ | 50,920,938 | 184,236 | $ | 2,316,946 | 671,111 | $ | 7,920,295 | ||||||||||||||||||||
Reinvested dividends | — | — | 483,836 | 5,230,264 | — | — | 56,922 | 650,051 | ||||||||||||||||||||||||
Shares redeemed | (2,592,963 | ) | (31,809,373 | ) | (6,735,708 | ) | (75,539,021 | ) | (430,101 | ) | (5,462,534 | ) | (1,109,888 | ) | (13,173,993 | ) | ||||||||||||||||
Net increase (decrease) | (852,900 | ) | $ | (10,436,611 | ) | (1,890,091 | ) | $ | (19,387,819 | ) | (245,865 | ) | $ | (3,145,588 | ) | (381,855 | ) | $ | (4,603,647 | ) | ||||||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,999,831 | $ | 27,926,801 | 3,336,130 | $ | 39,730,119 | 3,541,094 | $ | 42,594,534 | 9,475,950 | $ | 107,955,418 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,318,655 | 14,228,287 | 39,964 | 479,963 | 505,813 | 5,725,808 | ||||||||||||||||||||||||
Shares redeemed | (650,662 | ) | (9,018,108 | ) | (1,907,081 | ) | (22,155,185 | ) | (1,671,873 | ) | (19,999,411 | ) | (6,844,630 | ) | (77,429,076 | ) | ||||||||||||||||
Net increase (decrease) | 1,349,169 | $ | 18,908,693 | 2,747,704 | $ | 31,803,221 | 1,909,185 | $ | 23,075,086 | 3,137,133 | $ | 36,252,150 | ||||||||||||||||||||
International Equities | International Government Bond | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 14,649,079 | $ | 84,880,321 | 23,478,967 | $ | 140,825,129 | 672,063 | $ | 8,811,948 | 4,414,528 | $ | 57,000,251 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,096,509 | 27,470,184 | — | — | 768,688 | 9,477,929 | ||||||||||||||||||||||||
Shares redeemed | (7,469,368 | ) | (43,891,519 | ) | (46,717,556 | ) | (277,116,465 | ) | (2,098,458 | ) | (27,440,743 | ) | (4,410,138 | ) | (56,369,101 | ) | ||||||||||||||||
Net increase (decrease) | 7,179,711 | $ | 40,988,802 | (18,142,080 | ) | $ | (108,821,152 | ) | (1,426,395 | ) | $ | (18,628,795 | ) | 773,078 | $ | 10,109,079 | ||||||||||||||||
International Growth | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,542,432 | $ | 37,452,522 | 5,612,790 | $ | 59,748,332 | 540,091 | $ | 6,524,683 | 1,521,264 | $ | 17,251,142 | ||||||||||||||||||||
Reinvested dividends | — | — | 920,122 | 8,989,593 | — | — | 522,181 | 5,529,894 | ||||||||||||||||||||||||
Shares redeemed | (2,605,827 | ) | (27,843,635 | ) | (8,294,925 | ) | (89,915,892 | ) | (914,399 | ) | (11,202,997 | ) | (2,716,380 | ) | (31,144,582 | ) | ||||||||||||||||
Net increase (decrease) | 936,605 | $ | 9,608,887 | (1,762,013 | ) | $ | (21,177,967 | ) | (374,308 | ) | $ | (4,678,314 | ) | (672,935 | ) | $ | (8,363,546 | ) | ||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 141,504 | $ | 1,672,371 | 1,003,703 | $ | 11,245,366 | 907,378 | $ | 18,412,572 | 7,121,453 | $ | 143,360,183 | ||||||||||||||||||||
Reinvested dividends | — | — | 96,099 | 1,035,950 | — | — | 8,853,029 | 165,286,058 | ||||||||||||||||||||||||
Shares redeemed | (1,560,012 | ) | (18,672,506 | ) | (3,869,042 | ) | (44,252,932 | ) | (6,301,480 | ) | (131,309,972 | ) | (14,114,375 | ) | (287,711,676 | ) | ||||||||||||||||
Net increase (decrease) | (1,418,508 | ) | $ | (17,000,135 | ) | (2,769,240 | ) | $ | (31,971,616 | ) | (5,394,102 | ) | $ | (112,897,400 | ) | 1,860,107 | $ | 20,934,565 | ||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
Mid Cap Strategic Growth | Money Market I | |||||||||||||||||||||||||||||||
| For the six months ended November 30, 2012 (Unaudited) | | | For the year ended May 31, 2012 | | | For the six months ended November 30, 2012 (Unaudited) | | | For the year ended May 31, 2012 | | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 313,424 | $ | 3,673,037 | 1,061,685 | $ | 13,082,805 | 67,430,088 | $ | 67,430,088 | 165,175,653 | $ | 165,175,653 | ||||||||||||||||||||
Reinvested dividends | — | — | 117,798 | 1,342,901 | 19,976 | 19,976 | 44,511 | 44,510 | ||||||||||||||||||||||||
Shares redeemed | (1,746,898 | ) | (20,889,811 | ) | (5,431,891 | ) | (65,955,479 | ) | (88,287,150 | ) | (88,287,150 | ) | (230,358,121 | ) | (230,358,124 | ) | ||||||||||||||||
Net increase (decrease) | (1,433,474 | ) | $ | (17,216,774 | ) | (4,252,408 | ) | $ | (51,529,773 | ) | (20,837,086 | ) | $ | (20,837,086 | ) | (65,137,957 | ) | $ | (65,137,961 | ) | ||||||||||||
Nasdaq-100® Index | Science & Technology | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,107,401 | $ | 19,845,235 | 8,049,273 | $ | 49,055,752 | 436,844 | $ | 7,124,585 | 1,797,577 | $ | 28,223,257 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,212,403 | 17,346,975 | — | — | — | — | ||||||||||||||||||||||||
Shares redeemed | (1,609,686 | ) | (10,395,295 | ) | (3,946,542 | ) | (24,278,731 | ) | (2,897,215 | ) | (47,773,662 | ) | (7,288,049 | ) | (117,011,925 | ) | ||||||||||||||||
Net increase (decrease) | 1,497,715 | $ | 9,449,940 | 7,315,134 | $ | 42,123,996 | (2,460,371 | ) | $ | (40,649,077 | ) | (5,490,472 | ) | $ | (88,788,668 | ) | ||||||||||||||||
Small Cap Aggressive | Small Cap | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 163,391 | $ | 1,779,417 | 784,166 | $ | 8,441,921 | 259,173 | $ | 2,838,112 | 1,486,221 | $ | 14,967,559 | ||||||||||||||||||||
Reinvested dividends | — | — | 533,791 | 5,225,815 | — | — | 41,500 | 414,586 | ||||||||||||||||||||||||
Shares redeemed | (497,899 | ) | (5,425,411 | ) | (1,554,682 | ) | (16,991,184 | ) | (1,818,683 | ) | (19,833,297 | ) | (4,421,199 | ) | (44,803,588 | ) | ||||||||||||||||
Net increase (decrease) | (334,508 | ) | $ | (3,645,994 | ) | (236,725 | ) | $ | (3,323,448 | ) | (1,559,510 | ) | $ | (16,995,185 | ) | (2,893,478 | ) | $ | (29,421,443 | ) | ||||||||||||
Small Cap Index | Small Cap Special Values | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 512,179 | $ | 7,524,775 | 3,615,507 | $ | 48,940,126 | 1,664,321 | $ | 16,072,976 | 1,573,095 | $ | 13,947,801 | ||||||||||||||||||||
Reinvested dividends | — | — | 624,324 | 8,534,509 | — | — | 176,283 | 1,538,947 | ||||||||||||||||||||||||
Shares redeemed | (3,205,577 | ) | (48,232,149 | ) | (9,562,299 | ) | (134,777,526 | ) | (889,559 | ) | (8,260,605 | ) | (5,151,731 | ) | (46,026,670 | ) | ||||||||||||||||
Net increase (decrease) | (2,693,398 | ) | $ | (40,707,374 | ) | (5,322,468 | ) | $ | (77,302,891 | ) | 774,762 | $ | 7,812,371 | (3,402,353 | ) | $ | (30,539,922 | ) | ||||||||||||||
Small-Mid Growth | Stock Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 101,331 | $ | 1,105,115 | 761,018 | $ | 8,137,174 | 4,206,784 | $ | 110,678,688 | 13,423,225 | $ | 329,975,516 | ||||||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 10,498,813 | 244,202,386 | ||||||||||||||||||||||||
Shares redeemed | (544,965 | ) | (5,985,484 | ) | (1,508,577 | ) | (15,804,814 | ) | (9,088,793 | ) | (240,659,869 | ) | (18,388,900 | ) | (455,463,519 | ) | ||||||||||||||||
Net increase (decrease) | (443,634 | ) | $ | (4,880,369 | ) | (747,559 | ) | $ | (7,667,640 | ) | (4,882,009 | ) | $ | (129,981,181 | ) | 5,533,138 | $ | 118,714,383 | ||||||||||||||
Value | ||||||||||||||||||||||||||||||||
For the six months ended November 30, 2012 (Unaudited) | For the year ended May 31, 2012 | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold | 106,163 | $ | 1,079,660 | 911,400 | $ | 8,656,830 | ||||||||||||||||||||||||||
Reinvested dividends | — | — | 172,256 | 1,598,533 | ||||||||||||||||||||||||||||
Shares redeemed | (2,068,584 | ) | (21,868,535 | ) | (5,439,660 | ) | (50,969,774 | ) | ||||||||||||||||||||||||
Net increase (decrease) | (1,962,421 | ) | $ | (20,788,875 | ) | (4,356,004 | ) | $ | (40,714,411 | ) | ||||||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the six months ended November 30, 2012, the amount of expense reductions received by each Fund used to offset the Fund’s non-affiliated expenses were as follows:
Fund | Expense Reductions | |||
Asset Allocation | $ | 399 | ||
Blue Chip Growth | 2,019 | |||
Broad Cap Value Income | 1,744 | |||
Core Equity | 1,414 | |||
Emerging Economies | 107 | |||
Foreign Value | 1,250 | |||
Global Real Estate | 3,332 | |||
Global Social Awareness | 265 | |||
Global Strategy | 1,657 | |||
Growth & Income | 5,830 | |||
Health Sciences | 1,028 | |||
International Growth | 516 | |||
Large Cap Core | 5,262 | |||
Large Capital Growth | 29,022 | |||
Mid Cap Strategic Growth | 21,606 | |||
Science & Technology | 30,939 | |||
Small Cap | 8,634 | |||
Small Cap Special Values | 5,848 | |||
Small-Mid Growth | 6,184 | |||
Value | 382 |
Note 8 — Investment Concentration
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, the Foreign Value Fund, the Global Real Estate Fund, the International Equities Fund, the International Government Bond Fund and the International Growth Fund. At November 30, 2012, the Emerging Economies Fund had 16.0% and 13.4% of its net assets invested in equity securities domiciled in South Korea and China, respectively. The Foreign Value Fund had 21.5%, 14.8% and 11.4% of its net assets invested in equity securities domiciled in the United Kingdom, France and Switzerland, respectively. The Global Real Estate Fund had 10.5% of its net assets invested in equity securities domiciled in Japan. The International Equities Fund had 18.0% and 16.5% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively. The International Government Bond Fund had 15.9% of its net assets invested in fixed income securities domiciled in Japan. The International Growth Fund had 16.2% and 11.5% of its net assets invested in equity securities domiciled in the United Kingdom and Japan respectively.
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, the Government Securities Fund and the Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At November 30, 2012, the Funds had 38.4%, 52.9% and 38.6%, respectively, of their total net assets invested in such securities.
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, 2012, the Global Real Estate Fund had 72.3% of its net assets invested in Real Estate Investment Trusts.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Note 9 — Line of Credit
The Series and VALIC Company II has established a $85 million committed and $40 million uncommitted line of credit with State Street Bank and Trust Company, the Funds’ custodian. Interest is currently payable at the higher of the Federal Funds Rate plus 125 basis points or the London Interbank Offered Rate plus 125 basis points on the committed line and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum on the daily unused portion of the committed line of credit which is included in other expenses on the Statement of Operations. Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000. For the six months ended November 30, 2012, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Blue Chip Growth | 1 | $ | 16 | $ | 408,299 | 1.43 | % | |||||||||
Capital Conservation | 2 | 740 | 9,319,647 | 1.43 | % | |||||||||||
Core Equity | 11 | 87 | 200,144 | 1.43 | % | |||||||||||
Dividend Value | 1 | 176 | 4,429,303 | 1.43 | % | |||||||||||
Emerging Economies | 3 | 161 | 1,353,962 | 1.43 | % | |||||||||||
Foreign Value | 3 | 137 | 1,151,248 | 1.43 | % | |||||||||||
Global Strategy | 13 | 298 | 577,269 | 1.43 | % | |||||||||||
Government Securities | 23 | 1,508 | 1,650,067 | 1.43 | % | |||||||||||
Growth | 7 | 131 | 467,274 | 1.43 | % | |||||||||||
International Equities | 21 | 273 | 325,621 | 1.43 | % | |||||||||||
International Government Bond | 2 | 131 | 1,654,640 | 1.43 | % | |||||||||||
International Growth | 19 | 133 | 176,194 | 1.44 | % | |||||||||||
Large Cap Core | 1 | 14 | 355,552 | 1.43 | % | |||||||||||
Science & Technology | 12 | 137 | 289,016 | 1.42 | % | |||||||||||
Small Cap | 2 | 12 | 156,221 | 1.43 | % | |||||||||||
Stock Index | 1 | 1,423 | 35,835,074 | 1.43 | % | |||||||||||
Value | 8 | 76 | 237,860 | 1.43 | % |
At November 30, 2012, there were no borrowings outstanding.
Note 10 — Interfund Lending Agreement
Pursuant to the 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 lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.
For the six months ended November 30, 2012, none of the Funds participated in this program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board of Directors. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2012, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | |||||||||
Core Equity | $ | 68,706 | $ | 290,323 | $ | (104,711 | ) | |||||
Dividend Value | — | 64,709 | 2,338 | |||||||||
Foreign Value | — | 1,332,397 | 381,080 | |||||||||
Growth | 1,516,447 | 1,842,068 | 131,283 | |||||||||
International Growth | 102,246 | 92,915 | (5,430 | ) | ||||||||
Large Capital Growth | 343,901 | 166,742 | (175,578 | ) | ||||||||
Mid Cap Strategic Growth | 188,122 | 4,064,724 | 210,777 | |||||||||
Small Cap | 340,941 | 2,687,951 | (991,855 | ) | ||||||||
Small Cap Special Values | 6,343,576 | — | — |
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VALIC Company I
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 12.16 | $ | 11.63 | $ | 11.18 | $ | 8.77 | $ | 7.29 | $ | 10.54 | $ | 10.80 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.23 | 0.25 | 0.20 | 0.25 | 0.31 | 0.01 | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.59 | (0.12 | ) | 1.63 | 1.36 | (2.06 | ) | (0.75 | ) | 0.84 | 0.45 | 2.41 | 1.50 | (3.25 | ) | (0.23 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.69 | 0.11 | 1.88 | 1.56 | (1.81 | ) | (0.44 | ) | 0.85 | 0.45 | 2.41 | 1.50 | (3.23 | ) | (0.20 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.27 | ) | (0.21 | ) | (0.26 | ) | (0.34 | ) | (0.35 | ) | – | (0.00 | ) | (0.00 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.45 | ) | (0.69 | ) | – | – | – | – | (0.01 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.27 | ) | (0.21 | ) | (0.26 | ) | (0.79 | ) | (1.04 | ) | – | (0.00 | ) | (0.00 | ) | (0.02 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.58 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 12.48 | $ | 11.63 | $ | 11.18 | $ | 8.77 | $ | 7.29 | $ | 10.54 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.34 | % | 1.10 | % | 20.16 | % | 19.38 | %(e) | (16.41 | )% | (3.84 | )%(f) | 7.31 | % | 4.04 | % | 27.53 | % | 20.54 | % | (30.63 | )% | (1.84 | )%(g) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | %@ | 0.75 | % | 0.74 | % | 0.78 | % | 0.73 | % | 0.69 | % | 0.85 | %@ |
| 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.87 | % | |||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.77 | %@ | 0.75 | % | 0.74 | % | 0.78 | % | 0.73 | % | 0.69 | % | 0.86 | %@ | 0.86 | % | 0.87 | % | 0.88 | % | 0.89 | % | 0.91 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.02 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.81 | %@ | 2.16 | % | 2.43 | % | 2.18 | % | 2.88 | % | 2.71 | % | 0.09 | %@ | 0.04 | % | 0.01 | % | 0.01 | % | 0.29 | % | 0.31 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.81 | %@ | 2.16 | % | 2.43 | % | 2.18 | % | 2.88 | % | 2.71 | % | 0.07 | %@ | 0.02 | % | (0.01 | )% | (0.02 | )% | 0.25 | % | 0.27 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 53 | % | 115 | % | 133 | % | 143 | % | 108 | % | 124 | % | 11 | % | 25 | % | 38 | % | 47 | % | 58 | % | 20 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,280 | 13,302 | 13,129 | 13,551 | 13,693 | 14,626 | 35,376 | 34,789 | 39,707 | 48,453 | 49,573 | 39,703 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 153,835 | $ | 144,854 | $ | 145,049 | $ | 127,129 | $ | 110,655 | $ | 156,260 | $ | 441,613 | $ | 404,646 | $ | 444,092 | $ | 424,966 | $ | 361,592 | $ | 418,429 |
# | 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
283
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 12.65 | $ | 10.11 | $ | 9.77 | $ | 9.38 | $ | 8.78 | $ | 9.54 | $ | 9.91 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.20 | 0.15 | 0.16 | 0.20 | 0.19 | 0.10 | 0.27 | 0.32 | 0.34 | 0.43 | 0.52 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.86 | (0.73 | ) | 2.04 | 1.58 | (3.41 | ) | (1.69 | ) | 0.15 | 0.38 | 0.38 | 0.70 | (0.46 | ) | (0.31 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.97 | (0.53 | ) | 2.19 | 1.74 | (3.21 | ) | (1.50 | ) | 0.25 | 0.65 | 0.70 | 1.04 | (0.03 | ) | 0.21 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.17 | ) | (0.16 | ) | (0.17 | ) | (0.21 | ) | (0.19 | ) | – | (0.31 | ) | (0.31 | ) | (0.44 | ) | (0.73 | ) | (0.58 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.00 | ) | (0.42 | ) | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.17 | ) | (0.16 | ) | (0.17 | ) | (0.21 | ) | (0.61 | ) | – | (0.31 | ) | (0.31 | ) | (0.44 | ) | (0.73 | ) | (0.58 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.99 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 10.36 | $ | 10.11 | $ | 9.77 | $ | 9.38 | $ | 8.78 | $ | 9.54 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.68 | % | (4.87 | )% | 25.42 | % | 24.41 | % | (30.34 | )% | (12.08 | )% | 2.47 | % | 6.81 | % | 7.56 | % | 12.04 | %(e)(f) | (0.06 | )% | 2.09 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | | 0.66 | %@ | 0.66 | % | 0.67 | % | 0.69 | % | 0.69 | % | 0.68 | % | |||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.05 | %@ | 1.06 | % | 1.15 | % | 1.14 | % | 1.26 | % | 1.03 | % | 0.66 | %@ | 0.66 | % | 0.67 | % | 0.69 | % | 0.69 | % | 0.68 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.99 | %@ | 1.97 | % | 1.60 | % | 1.90 | % | 2.57 | % | 1.65 | % | 1.84 | %@ | 2.79 | % | 3.37 | % | 3.71 | % | 4.83 | % | 5.27 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.78 | %@ | 1.76 | % | 1.30 | % | 1.61 | % | 2.16 | % | 1.47 | % | 1.84 | %@ | 2.79 | % | 3.37 | % | 3.71 | % | 4.83 | % | 5.27 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 13 | % | 18 | % | 21 | % | 22 | % | 24 | % | 21 | % | 84 | % | 141 | % | 164 | % | 170 | % | 122 | % | 136 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 2,830 | 2,841 | 2,708 | 2,337 | 2,330 | 2,481 | 22,221 | 23,049 | 14,599 | 13,871 | 12,387 | 13,389 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 31,092 | $ | 28,476 | $ | 29,023 | $ | 20,302 | $ | 16,590 | $ | 26,151 | $ | 230,209 | $ | 232,990 | $ | 142,652 | $ | 130,157 | $ | 108,805 | $ | 127,695 |
# | 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
284
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 15.37 | $ | 9.33 | $ | 9.31 | $ | 7.45 | $ | 6.49 | $ | 10.66 | $ | 12.98 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.18 | 0.13 | 0.14 | 0.17 | 0.12 | 0.14 | 0.23 | 0.21 | 0.12 | 0.18 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.06 | (1.21 | ) | 2.69 | 1.59 | (4.66 | ) | (1.50 | ) | 0.69 | (0.08 | ) | 1.75 | 1.02 | (3.64 | ) | (1.89 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.16 | (1.03 | ) | 2.82 | 1.73 | (4.49 | ) | (1.38 | ) | 0.83 | 0.15 | 1.96 | 1.14 | (3.46 | ) | (1.69 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.15 | ) | (0.20 | ) | (0.12 | ) | (0.14 | ) | – | (0.13 | ) | (0.10 | ) | (0.18 | ) | (0.24 | ) | (0.22 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | (0.47 | ) | (0.41 | ) | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.14 | ) | (0.15 | ) | (0.20 | ) | (0.12 | ) | (0.14 | ) | – | (0.13 | ) | (0.10 | ) | (0.18 | ) | (0.71 | ) | (0.63 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.43 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 10.16 | $ | 9.33 | $ | 9.31 | $ | 7.45 | $ | 6.49 | $ | 10.66 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.45 | % | (7.63 | )% | 26.32 | % | 18.73 | %(g) | (32.34 | )% | (9.00 | )%(e) | 8.90 | % | 1.62 | % | 26.50 | % | 17.49 | % | (32.20 | )% | (13.28 | )%(f) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.80 | % | 0.80 | % | 0.80 | % | 0.82 | % | 0.85 | % | 0.82 | %@ | 0.82 | % | 0.82 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.95 | %@ | 0.94 | % | 0.94 | % | 0.95 | % | 0.95 | % | 0.91 | % | 0.87 | %@ | 0.89 | % | 0.96 | % | 1.00 | % | 0.97 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.49 | %@ | 1.48 | % | 1.07 | % | 1.30 | % | 1.65 | % | 0.84 | % | 2.89 | %@ | 2.58 | % | 2.58 | % | 1.60 | % | 2.35 | % | 1.75 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.33 | %@ | 1.34 | % | 0.93 | % | 1.16 | % | 1.52 | % | 0.78 | % | 2.83 | %@ | 2.52 | % | 2.44 | % | 1.43 | % | 2.21 | % | 1.65 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 46 | % | 81 | % | 103 | % | 103 | % | 88 | % | 69 | % | 21 | % | 12 | % | 70 | % | 41 | % | 39 | % | 37 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 16,264 | 17,200 | 18,743 | 20,445 | 21,909 | 25,275 | 48,565 | 37,111 | 20,559 | 16,350 | 15,228 | 16,855 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 218,395 | $ | 210,989 | $ | 251,962 | $ | 220,172 | $ | 202,490 | $ | 349,995 | $ | 493,592 | $ | 346,432 | $ | 191,319 | $ | 121,769 | $ | 98,820 | $ | 179,697 |
# | 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 0.66% from a reimbursement by an affiliate. |
(f) | The Fund’s performance figure was increased by 0.16% from a reimbursement by an affiliate. |
(g) | The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
285
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Emerging Economies Fund | Foreign Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.09 | $ | 8.53 | $ | 6.88 | $ | 6.17 | $ | 11.67 | $ | 13.82 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 12.41 | $ | 13.21 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.11 | 0.09 | 0.10 | 0.17 | 0.18 | 0.06 | 0.25 | 0.24 | 0.17 | 0.23 | 0.36 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.76 | (1.47 | ) | 1.70 | 0.63 | (4.85 | ) | (1.44 | ) | 1.40 | (2.89 | ) | 2.35 | 0.52 | (4.23 | ) | (0.67 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.83 | (1.36 | ) | 1.79 | 0.73 | (4.68 | ) | (1.26 | ) | 1.46 | (2.64 | ) | 2.59 | 0.69 | (4.00 | ) | (0.31 | ) | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.08 | ) | (0.14 | ) | (0.02 | ) | (0.12 | ) | (0.23 | ) | – | (0.24 | ) | (0.15 | ) | (0.21 | ) | (0.36 | ) | (0.11 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.70 | ) | (0.66 | ) | – | – | – | – | (0.79 | ) | (0.38 | ) | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.08 | ) | (0.14 | ) | (0.02 | ) | (0.82 | ) | (0.89 | ) | – | (0.24 | ) | (0.15 | ) | (0.21 | ) | (1.15 | ) | (0.49 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 7.92 | $ | 7.09 | $ | 8.53 | $ | 6.88 | $ | 6.17 | $ | 11.67 | $ | 8.76 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 12.41 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 11.71 | % | (15.99 | )% | 26.09 | %(f) | 11.86 | %(e) | (39.30 | )% | (9.39 | )% | 20.00 | % | (26.11 | )% | 33.69 | % | 9.23 | % | (30.15 | )% | (2.44 | )% | ||||||||||||||||||||||||
RATIOS/ | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.98 | %@ | 1.04 | % | 1.00 | % | 1.02 | % | 1.01 | % | 0.97 | % | 0.84 | %@ | 0.83 | % | 0.84 | % | 0.84 | % | 0.94 | % | 0.86 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.98 | %@ | 1.04 | % | 1.00 | % | 1.02 | % | 1.01 | % | 0.97 | % | 0.84 | %@ | 0.83 | % | 0.84 | % | 0.84 | % | 0.94 | % | 0.86 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | – | – | 0.01 | % | 0.03 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | – | – | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.94 | %@ | 1.50 | % | 1.09 | % | 1.44 | % | 2.32 | % | 1.38 | % | 1.43 | %@ | 2.94 | % | 2.60 | % | 1.98 | % | 3.01 | % | 2.82 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.94 | %@ | 1.50 | % | 1.09 | % | 1.44 | % | 2.32 | % | 1.38 | % | 1.43 | %@ | 2.94 | % | 2.60 | % | 1.98 | % | 3.01 | % | 2.82 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 28 | % | 108 | % | 131 | % | 236 | % | 109 | % | 93 | % | 6 | % | 25 | % | 25 | % | 28 | % | 22 | % | 34 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 82,996 | 70,660 | 30,187 | 32,153 | 34,373 | 33,870 | 95,456 | 103,881 | 104,883 | 98,873 | 91,924 | 76,318 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 657,493 | $ | 501,317 | $ | 257,560 | $ | 221,201 | $ | 212,124 | $ | 395,426 | $ | 836,669 | $ | 758,094 | $ | 1,067,577 | $ | 765,267 | $ | 667,342 | $ | 946,934 |
# | 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 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
286
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Real Estate Fund | Global Social Awareness Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | March 10, 2008* to May 31, 2008 | Six Months Ended November 30, 2012# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.46 | $ | 9.00 | $ | 7.44 | $ | 6.45 | $ | 11.21 | $ | 10.00 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 20.21 | $ | 24.25 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.17 | 0.16 | 0.20 | 0.20 | 0.04 | 0.13 | 0.29 | 0.25 | 0.21 | 0.27 | 0.41 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.07 | (0.95 | ) | 2.04 | 1.64 | (4.87 | ) | 1.17 | 1.73 | (2.06 | ) | 3.21 | 1.48 | (7.47 | ) | (1.71 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.15 | (0.78 | ) | 2.20 | 1.84 | (4.67 | ) | 1.21 | 1.86 | (1.77 | ) | 3.46 | 1.69 | (7.20 | ) | (1.30 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.29 | ) | (0.53 | ) | (0.85 | ) | (0.09 | ) | – | – | (0.30 | ) | (0.23 | ) | (0.34 | ) | (0.40 | ) | (0.29 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | (0.47 | ) | (0.11 | ) | – | – | – | – | – | – | – | (1.40 | ) | (2.45 | ) | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.76 | ) | (0.64 | ) | (0.85 | ) | (0.09 | ) | – | – | (0.30 | ) | (0.23 | ) | (0.34 | ) | (1.80 | ) | (2.74 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 8.61 | $ | 7.46 | $ | 9.00 | $ | 7.44 | $ | 6.45 | $ | 11.21 | $ | 15.58 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 20.21 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 15.42 | % | (7.94 | )% | 30.56 | % | 28.56 | % | (41.58 | )% | 12.10 | % | 13.56 | % | (11.20 | )% | 27.71 | % | 14.88 | % | (34.56 | )% | (5.35 | )%(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.90 | %@ | 0.92 | % | 0.92 | % | 0.93 | % | 0.95 | % | 0.95 | %@ | 0.68 | %@ | 0.68 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.90 | %@ | 0.92 | % | 0.92 | % | 0.93 | % | 1.01 | % | 5.04 | %@ | 0.68 | %@ | 0.68 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.07 | %@ | 2.25 | % | 1.88 | % | 2.68 | % | 3.54 | % | 2.22 | %@ | 1.78 | %@ | 1.98 | % | 1.74 | % | 1.63 | % | 2.03 | % | 1.95 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.07 | %@ | 2.25 | % | 1.88 | % | 2.68 | % | 3.48 | % | (1.87 | )%@ | 1.78 | %@ | 1.98 | % | 1.74 | % | 1.63 | % | 2.03 | % | 1.95 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 19 | % | 88 | % | 75 | % | 86 | % | 88 | % | 11 | % | 48 | % | 102 | % | 119 | % | 91 | % | 95 | % | 165 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 41,212 | 37,728 | 34,869 | 37,199 | 35,436 | 2,599 | 17,924 | 17,590 | 18,506 | 20,713 | 24,562 | 27,983 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 354,840 | $ | 281,639 | $ | 313,781 | $ | 276,688 | $ | 228,590 | $ | 29,131 | $ | 279,208 | $ | 241,281 | $ | 292,234 | $ | 260,145 | $ | 275,293 | $ | 565,483 |
# | 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
287
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Strategy Fund | Government Securities Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.41 | $ | 12.19 | $ | 10.07 | $ | 9.74 | $ | 12.77 | $ | 13.08 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 10.42 | $ | 10.12 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.15 | 0.41 | 0.36 | 0.37 | 0.32 | 0.41 | 0.12 | 0.27 | 0.24 | 0.28 | 0.28 | 0.40 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.62 | (1.66 | ) | 2.11 | 0.99 | (2.39 | ) | (0.33 | ) | 0.04 | 0.70 | 0.12 | 0.29 | 0.05 | 0.36 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.77 | (1.25 | ) | 2.47 | 1.36 | (2.07 | ) | 0.08 | 0.16 | 0.97 | 0.36 | 0.57 | 0.33 | 0.76 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.53 | ) | (0.35 | ) | (1.03 | ) | (0.71 | ) | (0.19 | ) | – | (0.33 | ) | (0.33 | ) | (0.40 | ) | (0.25 | ) | (0.46 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.25 | ) | (0.20 | ) | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.53 | ) | (0.35 | ) | (1.03 | ) | (0.96 | ) | (0.39 | ) | – | (0.33 | ) | (0.33 | ) | (0.40 | ) | (0.25 | ) | (0.46 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.18 | $ | 10.41 | $ | 12.19 | $ | 10.07 | $ | 9.74 | $ | 12.77 | $ | 11.50 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 10.42 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 17.00 | % | (10.28 | )% | 24.85 | % | 13.79 | %(e) | (15.60 | )% | 0.63 | % | 1.41 | % | 9.19 | %(f) | 3.45 | % | 5.56 | %(e) | 3.04 | % | 7.54 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.68 | %@ | 0.67 | % | 0.68 | % | 0.68 | % | 0.71 | % | 0.73 | % | 0.67 | %@ | 0.67 | % | 0.65 | % | 0.71 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.68 | %@ | 0.67 | % | 0.68 | % | 0.68 | % | 0.71 | % | 0.73 | % | 0.67 | %@ | 0.69 | % | 0.65 | % | 0.71 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.50 | %@ | 3.65 | % | 3.26 | % | 3.47 | % | 3.16 | % | 3.17 | % | 2.01 | %@ | 2.51 | % | 2.22 | % | 2.58 | % | 2.63 | % | 3.92 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.50 | %@ | 3.65 | % | 3.26 | % | 3.47 | % | 3.16 | % | 3.17 | % | 2.01 | %@ | 2.49 | % | 2.22 | % | 2.58 | % | 2.63 | % | 3.92 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 28 | % | 17 | % | 20 | % | 25 | % | 25 | % | 59 | % | 230 | % | 353 | % | 216 | % | 126 | % | 67 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 35,657 | 42,243 | 44,818 | 39,169 | 36,697 | 38,838 | 12,709 | 12,866 | 10,389 | 11,721 | 13,789 | 16,472 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 434,377 | $ | 439,884 | $ | 546,500 | $ | 394,548 | $ | 357,538 | $ | 495,975 | $ | 146,162 | $ | 145,929 | $ | 111,118 | $ | 125,053 | $ | 144,793 | $ | 171,641 |
# | 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. |
See Notes to Financial Statements
288
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth Fund | Growth & Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.67 | $ | 11.85 | $ | 9.20 | $ | 7.60 | $ | 11.17 | $ | 10.26 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 16.14 | $ | 17.73 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.09 | 0.07 | 0.06 | 0.05 | 0.02 | 0.06 | 0.11 | 0.09 | 0.13 | 0.24 | 0.26 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.72 | (0.19 | ) | 2.65 | 1.61 | (3.62 | ) | 0.89 | 0.81 | (0.79 | ) | 2.37 | 1.24 | (5.79 | ) | (0.85 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.77 | (0.10 | ) | 2.72 | 1.67 | (3.57 | ) | 0.91 | 0.87 | (0.68 | ) | 2.46 | 1.37 | (5.55 | ) | (0.59 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.08 | ) | (0.07 | ) | (0.07 | ) | 0.00 | – | – | (0.09 | ) | (0.14 | ) | (0.24 | ) | (0.28 | ) | (0.22 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | 0.00 | – | – | – | – | – | (0.96 | ) | (0.78 | ) | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.08 | ) | (0.07 | ) | (0.07 | ) | 0.00 | – | – | (0.09 | ) | (0.14 | ) | (0.24 | ) | (1.24 | ) | (1.00 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.44 | $ | 11.67 | $ | 11.85 | $ | 9.20 | $ | 7.60 | $ | 11.17 | $ | 12.90 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 16.14 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.60 | % | (0.78 | )% | 29.60 | % | 22.01 | %(f) | (31.94 | )% | 8.87 | % | 7.23 | % | (5.23 | )% | 23.60 | % | 14.58 | %(f) | (33.90 | )% | (3.44 | )%(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | %@ | 0.81 | % | 0.81 | % | 0.85 | % | 0.94 | % | 0.95 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.83 | %@ | 0.84 | % | 0.85 | % | 0.88 | % | 0.94 | % | 0.95 | % | 0.98 | %@ | 0.98 | % | 0.96 | % | 0.95 | % | 0.95 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.03 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.87 | %@ | 0.77 | % | 0.71 | % | 0.67 | % | 0.64 | % | 0.22 | % | 0.91 | %@ | 0.92 | % | 0.76 | % | 1.21 | % | 2.15 | % | 1.53 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.85 | %@ | 0.74 | % | 0.67 | % | 0.64 | % | 0.64 | % | 0.22 | % | 0.78 | %@ | 0.79 | % | 0.65 | % | 1.11 | % | 2.05 | % | 1.49 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 47 | % | 87 | % | 95 | % | 99 | % | 114 | % | 203 | % | 144 | % | 227 | % | 167 | % | 174 | % | 189 | % | 238 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 64,743 | 65,596 | 67,486 | 71,366 | 75,864 | 86,259 | 6,491 | 6,737 | 7,119 | 7,598 | 7,861 | 8,034 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 805,653 | $ | 765,515 | $ | 800,022 | $ | 656,380 | $ | 576,502 | $ | 963,368 | $ | 83,759 | $ | 81,057 | $ | 91,114 | $ | 79,602 | $ | 73,508 | $ | 129,657 |
# | 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
289
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.61 | $ | 12.78 | $ | 9.07 | $ | 7.18 | $ | 10.56 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 10.01 | $ | 9.59 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.04 | ) | (0.07 | ) | 0.00 | (0.05 | ) | (0.04 | ) | (0.07 | ) | 0.13 | 0.37 | 0.34 | 0.24 | 0.20 | 0.49 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.69 | 0.68 | 3.71 | 1.94 | (2.45 | ) | 0.13 | 0.30 | 0.70 | 0.62 | 0.81 | (0.61 | ) | 0.29 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.65 | 0.61 | 3.71 | 1.89 | (2.49 | ) | 0.06 | 0.43 | 1.07 | 0.96 | 1.05 | (0.41 | ) | 0.78 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.26 | ) | – | – | – | – | (0.01 | ) | (0.17 | ) | (0.24 | ) | (0.08 | ) | (0.39 | ) | (0.36 | ) | |||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.52 | ) | – | – | (0.89 | ) | (1.03 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | (0.01 | ) | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.78 | ) | – | – | (0.89 | ) | (1.03 | ) | (0.01 | ) | (0.17 | ) | (0.24 | ) | (0.08 | ) | (0.40 | ) | (0.36 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.26 | $ | 12.61 | $ | 12.78 | $ | 9.07 | $ | 7.18 | $ | 10.56 | $ | 12.21 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 10.01 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.08 | % | 5.81 | % | 40.90 | % | 26.32 | % | (23.05 | )% | 0.05 | % | 3.68 | % | 9.93 | % | 9.57 | % | 11.47 | % | (4.08 | )% | 8.22 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.15 | %@ | 1.16 | % | 1.17 | % | 1.18 | % | 1.19 | % | 1.17 | % | 0.61 | %@ | 0.61 | % | 0.63 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.15 | %@ | 1.16 | % | 1.17 | % | 1.18 | % | 1.19 | % | 1.17 | % | 0.61 | %@ | 0.61 | % | 0.63 | % | 0.65 | % | 0.66 | % | 0.73 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.57 | )%@ | (0.60 | )% | 0.01 | % | (0.62 | )% | (0.55 | )% | (0.63 | )% | 2.10 | %@ | 3.22 | % | 3.30 | % | 2.55 | % | 2.18 | % | 5.59 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.57 | )%@ | (0.60 | )% | 0.01 | % | (0.62 | )% | (0.55 | )% | (0.63 | )% | 2.10 | %@ | 3.22 | % | 3.30 | % | 2.55 | % | 2.16 | % | 5.51 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 3 | % | 21 | % | 38 | % | 38 | % | 43 | % | 44 | % | 29 | % | 52 | % | 49 | % | 48 | % | 39 | % | 70 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,017 | 20,668 | 17,920 | 18,776 | 19,699 | 18,782 | 37,002 | 35,093 | 31,956 | 22,673 | 16,219 | 15,887 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 313,905 | $ | 260,654 | $ | 229,069 | $ | 170,216 | $ | 141,470 | $ | 198,368 | $ | 451,795 | $ | 413,818 | $ | 347,947 | $ | 230,538 | $ | 149,178 | $ | 159,074 |
# | 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
290
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 5.22 | $ | 6.84 | $ | 5.38 | $ | 5.15 | $ | 10.37 | $ | 11.29 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 12.39 | $ | 12.05 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.16 | 0.16 | 0.13 | 0.19 | 0.31 | 0.18 | 0.39 | 0.42 | 0.45 | 0.46 | 0.49 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.79 | (1.60 | ) | 1.45 | 0.25 | (4.18 | ) | (0.75 | ) | 0.64 | (0.03 | ) | 1.12 | 0.40 | (0.56 | ) | 0.57 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.85 | (1.44 | ) | 1.61 | 0.38 | (3.99 | ) | (0.44 | ) | 0.82 | 0.36 | 1.54 | 0.85 | (0.10 | ) | 1.06 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.15 | ) | (0.15 | ) | (0.28 | ) | (0.26 | ) | – | (0.46 | ) | (0.60 | ) | (0.48 | ) | (0.73 | ) | (0.63 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.95 | ) | (0.22 | ) | – | (0.14 | ) | – | – | (0.01 | ) | (0.09 | ) | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.18 | ) | (0.15 | ) | (0.15 | ) | (1.23 | ) | (0.48 | ) | – | (0.60 | ) | (0.60 | ) | (0.48 | ) | (0.74 | ) | (0.72 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 6.07 | $ | 5.22 | $ | 6.84 | $ | 5.38 | $ | 5.15 | $ | 10.37 | $ | 13.44 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 12.39 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 16.28 | % | (21.18 | )% | 30.18 | % | 7.06 | % | (37.10 | )% | (3.91 | )% | 6.50 | % | 2.86 | % | 13.16 | % | 7.32 | % | (0.70 | )% | 8.94 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.55 | %@ | 0.52 | % | 0.47 | % | 0.52 | % | 0.55 | % | 0.51 | % | 0.66 | %@ | 0.67 | % | 0.67 | % | 0.68 | % | 0.72 | % | 0.68 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.55 | %@ | 0.52 | % | 0.47 | % | 0.52 | % | 0.55 | % | 0.51 | % | 0.66 | %@ | 0.67 | % | 0.67 | % | 0.68 | % | 0.72 | % | 0.68 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.15 | %@ | 2.78 | % | 2.53 | % | 2.29 | % | 3.18 | % | 2.87 | % | 2.75 | %@ | 3.08 | % | 3.34 | % | 3.70 | % | 3.96 | % | 4.07 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.15 | %@ | 2.78 | % | 2.53 | % | 2.29 | % | 3.18 | % | 2.87 | % | 2.75 | %@ | 3.08 | % | 3.34 | % | 3.70 | % | 3.96 | % | 4.07 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 27 | % | 99 | % | 56 | % | 66 | % | 81 | % | 104 | % | 37 | % | 126 | % | 113 | % | 147 | % | 224 | % | 183 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 139,458 | 132,279 | 150,421 | 145,793 | 141,492 | 106,313 | 14,067 | 15,494 | 14,721 | 12,409 | 13,016 | 14,457 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 846,748 | $ | 689,840 | $ | 1,028,197 | $ | 783,839 | $ | 728,784 | $ | 1,102,850 | $ | 189,007 | $ | 195,494 | $ | 189,309 | $ | 147,932 | $ | 150,314 | $ | 179,191 |
# | 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
291
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.81 | $ | 12.04 | $ | 9.04 | $ | 8.29 | $ | 13.15 | $ | 12.91 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 10.78 | $ | 11.91 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.18 | 0.17 | 0.13 | 0.18 | 0.20 | 0.08 | 0.12 | 0.09 | 0.10 | 0.13 | 0.11 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.60 | (2.22 | ) | 2.98 | 0.80 | (4.86 | ) | 0.16 | 1.15 | (0.73 | ) | 2.98 | 1.47 | (2.51 | ) | (0.65 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.64 | (2.04 | ) | 3.15 | 0.93 | (4.68 | ) | 0.36 | 1.23 | (0.61 | ) | 3.07 | 1.57 | (2.38 | ) | (0.54 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.19 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.12 | ) | – | (0.11 | ) | (0.11 | ) | (0.12 | ) | (0.04 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.39 | ) | – | – | (0.44 | ) | (0.50 | ) | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.19 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.12 | ) | – | (0.50 | ) | (0.11 | ) | (0.12 | ) | (0.48 | ) | (0.59 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.45 | $ | 9.81 | $ | 12.04 | $ | 9.04 | $ | 8.29 | $ | 13.15 | $ | 12.45 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 10.78 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 16.72 | % | (16.96 | )% | 35.00 | %(e) | 11.07 | % | (35.39 | )% | 2.78 | % | 10.96 | % | (4.78 | )% | 32.94 | % | 19.81 | % | (21.36 | )% | (4.73 | )% | ||||||||||||||||||||||||
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) | 1.11 | %@ | 1.11 | % | 1.12 | % | 1.12 | % | 1.14 | % | 1.11 | % | 0.87 | %@ | 0.89 | % | 0.85 | % | 0.88 | % | 0.89 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | %@ | – | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.79 | %@ | 1.72 | % | 1.53 | % | 1.35 | % | 2.11 | % | 1.56 | % | 1.39 | %@ | 1.04 | % | 0.85 | % | 1.08 | % | 1.60 | % | 0.96 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.68 | %@ | 1.62 | % | 1.42 | % | 1.24 | % | 1.97 | % | 1.46 | % | 1.37 | %@ | 0.99 | % | 0.85 | % | 1.05 | % | 1.56 | % | 0.81 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 28 | % | 53 | % | 67 | % | 79 | % | 70 | % | 64 | % | 35 | % | 106 | % | 44 | % | 33 | % | 41 | % | 62 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 50,469 | 49,532 | 51,294 | 52,207 | 53,649 | 55,226 | 10,795 | 11,170 | 11,843 | 12,406 | 12,312 | 7,869 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 577,646 | $ | 485,839 | $ | 617,720 | $ | 471,764 | $ | 444,783 | $ | 726,258 | $ | 134,375 | $ | 125,281 | $ | 145,975 | $ | 116,227 | $ | 97,480 | $ | 84,844 |
# | 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
292
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.48 | $ | 12.31 | $ | 9.73 | $ | 8.23 | $ | 12.45 | $ | 12.38 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 23.88 | $ | 26.62 | ||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | 0.02 | 0.03 | 0.04 | 0.06 | 0.03 | 0.15 | 0.21 | 0.18 | 0.19 | 0.25 | 0.26 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.64 | (0.82 | ) | 2.59 | 1.53 | (4.01 | ) | 0.07 | 1.59 | (1.74 | ) | 5.43 | 4.40 | (8.65 | ) | (1.05 | ) | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.67 | (0.80 | ) | 2.62 | 1.57 | (3.95 | ) | 0.10 | 1.74 | (1.53 | ) | 5.61 | 4.59 | (8.40 | ) | (0.79 | ) | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.03 | ) | (0.04 | ) | (0.07 | ) | (0.03 | ) | (0.03 | ) | – | (0.26 | ) | (0.20 | ) | (0.25 | ) | (0.27 | ) | (0.30 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.24 | ) | – | – | (1.18 | ) | – | (0.36 | ) | (1.89 | ) | (1.65 | ) | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.03 | ) | (0.04 | ) | (0.07 | ) | (0.27 | ) | (0.03 | ) | – | (1.44 | ) | (0.20 | ) | (0.61 | ) | (2.16 | ) | (1.95 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.15 | $ | 11.48 | $ | 12.31 | $ | 9.73 | $ | 8.23 | $ | 12.45 | $ | 21.48 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 23.88 | ||||||||||||||||||||||||||
TOTAL RETURN(a) | 5.84 | % | (6.45 | )% | 27.01 | % | 19.08 | %(f) | (31.55 | )% | 0.78 | %(e) | 8.81 | % | (6.38 | )% | 32.54 | %(e) | 34.73 | % | (33.91 | )% | (2.73 | )% | ||||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.78 | %@ | 0.78 | % | 0.78 | % | 0.78 | % | 0.79 | % | 0.78 | % | 0.38 | %@ | 0.38 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.38 | % | ||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.78 | %@ | 0.78 | % | 0.78 | % | 0.78 | % | 0.79 | % | 0.78 | % | 0.38 | %@ | 0.38 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.38 | % | ||||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %@ | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.41 | %@ | 0.19 | % | 0.25 | % | 0.41 | % | 0.61 | % | 0.27 | % | 1.48 | %@ | 1.02 | % | 0.93 | % | 1.17 | % | 1.64 | % | 1.08 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.41 | %@ | 0.19 | % | 0.25 | % | 0.41 | % | 0.61 | % | 0.27 | % | 1.48 | %@ | 1.02 | % | 0.93 | % | 1.17 | % | 1.64 | % | 1.08 | % | ||||||||||||||||||||||||||
Portfolio turnover rate | 107 | % | 173 | % | 129 | % | 59 | % | 49 | % | 49 | % | 4 | % | 11 | % | 18 | % | 12 | % | 22 | % | 21 | % | ||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 28,547 | 29,965 | 32,735 | 35,736 | 38,018 | 41,724 | 116,940 | 122,335 | 120,474 | 121,459 | 123,279 | 112,050 | ||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 346,903 | $ | 343,971 | $ | 402,977 | $ | 347,731 | $ | 312,755 | $ | 519,294 | $ | 2,511,356 | $ | 2,415,464 | $ | 2,736,232 | $ | 2,101,641 | $ | 1,642,120 | $ | 2,676,198 |
# | 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
293
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.83 | $ | 13.62 | $ | 9.92 | $ | 7.83 | $ | 15.03 | $ | 14.14 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.01 | 0.01 | (0.00 | ) | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.26 | (1.74 | ) | 3.70 | 2.14 | (5.95 | ) | 1.23 | 0.00 | 0.00 | (0.00 | ) | 0.00 | – | – | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.31 | (1.73 | ) | 3.71 | 2.14 | (5.93 | ) | 1.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.06 | ) | (0.01 | ) | (0.05 | ) | – | – | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.04 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (1.27 | ) | (0.35 | ) | – | – | – | (0.00 | ) | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.06 | ) | (0.01 | ) | (0.05 | ) | (1.27 | ) | (0.35 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.04 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 12.14 | $ | 11.83 | $ | 13.62 | $ | 9.92 | $ | 7.83 | $ | 15.03 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.62 | % | (12.67 | )% | 37.37 | % | 27.35 | %(f) | (37.52 | )% | 8.71 | % | 0.01 | % | 0.01 | %(e) | 0.01 | % | 0.04 | %(e) | 1.33 | % | 3.82 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.84 | % | 0.85 | % | 0.85 | % | 0.84 | % | 0.22 | %@ | 0.17 | % | 0.24 | % | 0.41 | % | 0.54 | % | 0.51 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | %@ | 0.86 | % | 0.84 | % | 0.86 | % | 0.87 | % | 0.84 | % | 0.52 | %@ | 0.52 | % | 0.52 | % | 0.55 | % | 0.59 | % | 0.51 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %@ | 0.01 | % | 0.02 | % | 0.04 | % | 0.04 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.74 | %@ | 0.09 | % | 0.10 | % | (0.09 | )% | 0.21 | % | 0.03 | % | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.03 | % | 1.31 | % | 3.72 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.73 | %@ | 0.08 | % | 0.10 | % | (0.10 | )% | 0.19 | % | 0.03 | % | (0.29 | )%@ | (0.33 | )% | (0.27 | )% | (0.10 | )% | 1.26 | % | 3.72 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 29 | % | 62 | % | 134 | % | 239 | % | 293 | % | 151 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,366 | 20,800 | 25,052 | 25,009 | 26,125 | 24,438 | 388,310 | 409,147 | 474,285 | 542,000 | 612,933 | 572,369 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 235,149 | $ | 246,037 | $ | 341,241 | $ | 248,109 | $ | 204,470 | $ | 367,295 | $ | 387,655 | $ | 408,487 | $ | 473,443 | $ | 541,159 | $ | 611,356 | $ | 572,434 |
# | 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. |
See Notes to Financial Statements
294
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Nasdaq-100® Index Fund | Science & Technology Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.03 | $ | 6.45 | $ | 5.03 | $ | 3.89 | $ | 5.62 | $ | 5.34 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 14.41 | $ | 13.67 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | (0.01 | ) | (0.03 | ) | (0.02 | ) | 0.01 | (0.01 | ) | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.37 | 0.31 | 1.41 | 1.14 | (1.68 | ) | 0.27 | 0.82 | (1.72 | ) | 4.67 | 2.98 | (4.44 | ) | 0.75 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.40 | 0.35 | 1.43 | 1.15 | (1.67 | ) | 0.28 | 0.84 | (1.73 | ) | 4.64 | 2.96 | (4.43 | ) | 0.74 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | – | – | – | (0.00 | ) | (0.01 | ) | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.75 | ) | – | – | (0.05 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.77 | ) | (0.01 | ) | (0.01 | ) | (0.06 | ) | – | – | – | (0.00 | ) | (0.01 | ) | – | – | ||||||||||||||||||||||||||||||
Net asset value at end of period | $ | 6.43 | $ | 6.03 | $ | 6.45 | $ | 5.03 | $ | 3.89 | $ | 5.62 | $ | 16.68 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 14.41 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.63 | % | 6.91 | % | 28.53 | % | 29.60 | %(f) | (29.36 | )% | 5.32 | % | 5.30 | % | (9.85 | )% | 35.89 | % | 29.67 | %(f) | (30.74 | )%(e) | 5.41 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.54 | % | 0.55 | % | 0.56 | % | 1.02 | %@ | 1.02 | % | 1.02 | % | 1.02 | % | 1.06 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.56 | %@ | 0.59 | % | 0.63 | % | 0.60 | % | 0.66 | % | 0.60 | % | 1.02 | %@ | 1.02 | % | 1.02 | % | 1.02 | % | 1.06 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.05 | %@ | 0.59 | % | 0.43 | % | 0.25 | % | 0.35 | % | 0.27 | % | 0.20 | %@ | (0.10 | )% | (0.22 | )% | (0.20 | )% | 0.09 | % | (0.11 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.02 | %@ | 0.52 | % | 0.33 | % | 0.18 | % | 0.24 | % | 0.23 | % | 0.20 | %@ | (0.10 | )% | (0.22 | )% | (0.20 | )% | 0.09 | % | (0.11 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 12 | % | 29 | % | 6 | % | 9 | % | 8 | % | 40 | % | 113 | % | 111 | % | 138 | % | 150 | % | 145 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 28,526 | 27,028 | 19,713 | 20,423 | 18,892 | 17,471 | 42,631 | 45,092 | 50,582 | 54,912 | 56,476 | 63,061 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 183,391 | $ | 162,983 | $ | 127,160 | $ | 102,703 | $ | 73,521 | $ | 98,269 | $ | 711,282 | $ | 714,118 | $ | 888,918 | $ | 710,097 | $ | 563,610 | $ | 908,590 |
# | 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
295
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Aggressive Growth Fund | Small Cap Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.33 | $ | 12.63 | $ | 9.84 | $ | 7.05 | $ | 11.17 | $ | 11.71 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 9.82 | $ | 13.22 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.04 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | (0.03 | ) | (0.05 | ) | 0.03 | 0.00 | 0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.84 | (1.46 | ) | 2.85 | 2.84 | (3.17 | ) | (0.49 | ) | 0.87 | (0.88 | ) | 2.92 | 1.95 | (2.98 | ) | (2.04 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.80 | (1.52 | ) | 2.79 | 2.79 | (3.20 | ) | (0.54 | ) | 0.90 | (0.88 | ) | 2.93 | 1.96 | (2.95 | ) | (2.00 | ) | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (0.00 | ) | – | – | – | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.04 | ) | – | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.78 | ) | – | – | (0.92 | ) | – | – | – | – | – | (0.44 | ) | (1.40 | ) | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.78 | ) | – | (0.00 | ) | (0.92 | ) | – | – | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.48 | ) | (1.40 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.13 | $ | 10.33 | $ | 12.63 | $ | 9.84 | $ | 7.05 | $ | 11.17 | $ | 11.23 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 9.82 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 7.74 | % | (11.72 | )% | 28.35 | % | 39.59 | %(e) | (26.42 | )% | (4.59 | )% | 8.71 | % | (7.81 | )% | 35.24 | % | 30.65 | % | (29.56 | )% | (15.29 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 1.00 | % | 0.93 | %@ | 0.93 | % | 0.93 | % | 0.94 | % | 0.95 | % | 0.95 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.06 | %@ | 1.10 | % | 1.05 | % | 1.10 | % | 1.12 | % | 1.14 | % | 1.06 | %@ | 1.05 | % | 1.05 | % | 1.06 | % | 1.07 | % | 1.05 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | 0.04 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.69 | )%@ | (0.59 | )% | (0.62 | )% | (0.56 | )% | (0.37 | )% | (0.52 | )% | 0.46 | %@ | 0.01 | % | 0.05 | % | 0.13 | % | 0.40 | % | 0.31 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.76 | )%@ | (0.70 | )% | (0.68 | )% | (0.66 | )% | (0.50 | )% | (0.66 | )% | 0.33 | %@ | (0.11 | )% | (0.07 | )% | 0.00 | % | 0.28 | % | 0.21 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 49 | % | 169 | % | 42 | % | 73 | % | 74 | % | 98 | % | 14 | % | 39 | % | 38 | % | 37 | % | 40 | % | 119 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 6,659 | 6,994 | 7,230 | 8,809 | 6,553 | 5,823 | 27,404 | 28,964 | 31,857 | 34,509 | 37,152 | 39,852 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 74,089 | $ | 72,224 | $ | 91,326 | $ | 86,711 | $ | 46,179 | $ | 65,033 | $ | 307,839 | $ | 299,145 | $ | 357,571 | $ | 286,788 | $ | 237,444 | $ | 391,306 |
# | 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
296
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.03 | $ | 15.60 | $ | 12.15 | $ | 9.43 | $ | 15.80 | $ | 19.41 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 9.73 | $ | 12.62 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.18 | 0.13 | 0.11 | 0.18 | 0.23 | 0.04 | 0.05 | 0.06 | 0.05 | 0.10 | 0.12 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.08 | (1.61 | ) | 3.44 | 3.06 | (5.35 | ) | (2.27 | ) | 0.58 | (0.66 | ) | 1.59 | 2.12 | (3.43 | ) | (2.31 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.21 | (1.43 | ) | 3.57 | 3.17 | (5.17 | ) | (2.04 | ) | 0.62 | (0.61 | ) | 1.65 | 2.17 | (3.33 | ) | (2.19 | ) | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.12 | ) | (0.18 | ) | (0.23 | ) | (0.20 | ) | – | (0.07 | ) | (0.06 | ) | (0.12 | ) | (0.10 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.27 | ) | (0.97 | ) | (1.37 | ) | – | – | – | – | (0.27 | ) | (0.61 | ) | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.14 | ) | (0.12 | ) | (0.45 | ) | (1.20 | ) | (1.57 | ) | – | (0.07 | ) | (0.06 | ) | (0.12 | ) | (0.37 | ) | (0.70 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.24 | $ | 14.03 | $ | 15.60 | $ | 12.15 | $ | 9.43 | $ | 15.80 | $ | 9.61 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 9.73 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.62 | % | (9.13 | )% | 29.44 | % | 34.01 | % | (32.19 | )% | (10.71 | )% | 6.90 | % | (6.27 | )% | 20.40 | % | 36.20 | %(e) | (33.97 | )% | (17.39 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.44 | %@ | 0.44 | % | 0.44 | % | 0.46 | % | 0.47 | % | 0.42 | % | 0.90 | %@ | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.44 | %@ | 0.44 | % | 0.44 | % | 0.46 | % | 0.47 | % | 0.42 | % | 0.92 | %@ | 0.93 | % | 0.92 | % | 0.98 | % | 0.96 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.04 | % | 0.03 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.77 | %@ | 1.26 | % | 0.95 | % | 0.98 | % | 1.65 | % | 1.34 | % | 0.87 | %@ | 0.59 | % | 0.65 | % | 0.69 | % | 1.48 | % | 1.09 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.77 | %@ | 1.26 | % | 0.95 | % | 0.98 | % | 1.65 | % | 1.34 | % | 0.84 | %@ | 0.57 | % | 0.63 | % | 0.61 | % | 1.42 | % | 1.07 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 10 | % | 14 | % | 13 | % | 15 | % | 24 | % | 20 | % | 29 | % | 60 | % | 41 | % | 98 | % | 67 | % | 51 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 54,734 | 57,427 | 62,750 | 66,604 | 67,300 | 62,690 | 20,942 | 20,167 | 23,569 | 25,867 | 26,857 | 26,379 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 834,255 | $ | 805,784 | $ | 978,592 | $ | 809,018 | $ | 634,336 | $ | 990,398 | $ | 201,223 | $ | 181,376 | $ | 227,951 | $ | 209,121 | $ | 162,069 | $ | 256,767 |
# | 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
297
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small-Mid Growth Fund | Stock Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.56 | $ | 11.72 | $ | 8.54 | $ | 6.79 | $ | 10.05 | $ | 11.65 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 34.60 | $ | 39.80 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | (0.05 | ) | (0.06 | ) | (0.05 | ) | 0.01 | (0.03 | ) | 0.26 | 0.45 | 0.41 | 0.37 | 0.53 | 0.60 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.46 | (1.11 | ) | 3.24 | 1.82 | (2.98 | ) | (1.57 | ) | 1.98 | (0.76 | ) | 5.12 | 3.66 | (12.20 | ) | (3.30 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.48 | (1.16 | ) | 3.18 | 1.77 | (2.97 | ) | (1.60 | ) | 2.24 | (0.31 | ) | 5.53 | 4.03 | (11.67 | ) | (2.70 | ) | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | (0.00 | ) | (0.02 | ) | (0.01 | ) | – | – | (0.46 | ) | (0.43 | ) | (0.49 | ) | (0.70 | ) | (0.61 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.28 | ) | – | – | (1.44 | ) | (0.32 | ) | (0.67 | ) | (3.17 | ) | (1.89 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | – | (0.00 | ) | (0.02 | ) | (0.29 | ) | – | – | (1.90 | ) | (0.75 | ) | (1.16 | ) | (3.87 | ) | (2.50 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.04 | $ | 10.56 | $ | 11.72 | $ | 8.54 | $ | 6.79 | $ | 10.05 | $ | 26.74 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 34.60 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 4.55 | % | (9.90 | )%(f) | 37.24 | % | 26.03 | %(e) | (29.01 | )% | (13.73 | )% | 9.14 | % | (0.76 | )% | 25.55 | % | 21.06 | % | (32.99 | )% | (6.98 | )% | ||||||||||||||||||||||||
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 | %@ | 0.37 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.06 | %@ | 1.06 | % | 1.15 | % | 1.09 | % | 1.15 | % | 1.03 | % | 0.37 | %@ | 0.37 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.02 | % | 0.02 | % | 0.04 | % | 0.06 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.29 | %@ | (0.52 | )% | (0.61 | )% | (0.63 | )% | 0.01 | % | (0.33 | )% | 1.95 | %@ | 1.83 | % | 1.70 | % | 1.70 | % | 2.31 | % | 1.64 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.23 | %@ | (0.58 | )% | (0.76 | )% | (0.72 | )% | (0.14 | )% | (0.36 | )% | 1.95 | %@ | 1.83 | % | 1.70 | % | 1.70 | % | 2.31 | % | 1.64 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 47 | % | 120 | % | 155 | % | 74 | % | 91 | % | 196 | % | 1 | % | 3 | % | 11 | % | 7 | % | 7 | % | 5 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 9,138 | 9,581 | 10,329 | 11,165 | 11,464 | 11,803 | 133,625 | 138,507 | 132,974 | 136,381 | 130,783 | 124,600 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 100,861 | $ | 101,132 | $ | 121,033 | $ | 95,319 | $ | 77,843 | $ | 118,628 | $ | 3,572,537 | $ | 3,393,666 | $ | 3,551,607 | $ | 2,990,589 | $ | 2,493,280 | $ | 4,311,083 |
# | 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. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Value Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2012# | Year Ended May 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.63 | $ | 10.28 | $ | 8.28 | $ | 7.20 | $ | 11.01 | $ | 13.41 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.18 | 0.10 | 0.05 | 0.15 | 0.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.95 | (0.70 | ) | 1.97 | 1.20 | (3.76 | ) | (1.65 | ) | |||||||||||||||
Total income (loss) from investment operations | 1.05 | (0.52 | ) | 2.07 | 1.25 | (3.61 | ) | (1.50 | ) | |||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.13 | ) | (0.07 | ) | (0.17 | ) | (0.09 | ) | (0.04 | ) | |||||||||||||
Net realized gain on securities | – | – | – | – | (0.11 | ) | (0.86 | ) | ||||||||||||||||
Return of capital | – | – | – | – | – | – | ||||||||||||||||||
Total distributions | – | (0.13 | ) | (0.07 | ) | (0.17 | ) | (0.20 | ) | (0.90 | ) | |||||||||||||
Net asset value at end of period | $ | 10.68 | $ | 9.63 | $ | 10.28 | $ | 8.28 | $ | 7.20 | $ | 11.01 | ||||||||||||
TOTAL RETURN(a) | 10.90 | % | (5.00 | )% | 25.03 | % | 17.30 | % | (32.55 | )%(e) | (11.44 | )% | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.88 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.96 | %@ | 0.97 | % | 0.93 | % | 0.94 | % | 0.94 | % | 0.93 | % | ||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | – | – | – | – | ||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.83 | %@ | 1.87 | % | 1.10 | % | 0.56 | % | 1.89 | % | 1.39 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.72 | %@ | 1.75 | % | 1.02 | % | 0.47 | % | 1.79 | % | 1.34 | % | ||||||||||||
Portfolio turnover rate | 11 | % | 13 | % | 157 | % | 105 | % | 173 | % | 142 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 8,506 | 10,469 | 14,825 | 18,716 | 21,631 | 25,199 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 90,867 | $ | 100,820 | $ | 152,457 | $ | 155,035 | $ | 155,725 | $ | 277,346 |
# | 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 August 13-14, 2012, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each Fund the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements”): American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, Inc. (“Barrow Hanley”); BlackRock Investment Management, LLC (“BlackRock”); Bridgeway Capital Management, Inc. (“Bridgeway Capital”); Century Capital Management, LLC (“Century Capital”); Dreman Value Management, LLC (“Dreman”), Franklin Advisers, Inc. (“Franklin”); Goldman Sachs Asset Management, L.P. (“GSAM”); Invesco Advisers, Inc. (“Invesco”); ; Massachusetts Financial Services Company (“MFS”); Morgan Stanley Investment Management, Inc. (“Morgan Stanley”); PineBridge Investments, LLC (“PineBridge”), RCM Capital Management, LLC (“RCM”); RS Investment Management Co. LLC (“RS Investments”); SunAmerica Asset Management Corp. (“SAAMCo”); T. Rowe Price Associates, Inc. (“T. Rowe Price”); Templeton Global Advisors, Limited (“Templeton Global”); Templeton Investment Counsel, LLC (“Templeton Investment”); Wellington Management Company, LLP (“Wellington Management”); and Wells Capital Management Incorporated (“Wells Capital”). The Investment Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.”
In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of each series of VC I (each a “Fund,” and collectively, the “Funds”), compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Sub-Adviser Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies to the Funds and which are advised or managed by VALIC or SAAMCo, an affiliated Sub-Adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates; (8) the terms of the Advisory Contracts; and (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in executive sessions held at a July 9-10, 2012 special meeting and executive sessions held during the August 2012 meeting during which such independent counsel provided guidance to the Independent Directors. The continuation of all Advisory Contracts was approved at the August 2012 meeting for a one-year term beginning September 1, 2012 and ending August 31, 2013.
Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Investment Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.
With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Funds it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment and compliance personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser. The Board also reviewed each Sub-adviser’s brokerage practices. The Board also considered each Sub-adviser’s risk management processes.
The Board reviewed VALIC’s and SAAMCo’s compliance program and personnel. It was noted that SAAMCo is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
The Board concluded that the scope and quality of the advisory services provided by VALIC and Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other
expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Subadvisor Expense Universe and, in some cases as noted below, the Subadvisor Expense Group. It was noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Subadvisor Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SAAMCo with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers, as applicable, which accounts may have included one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.
The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below.
The Board received and reviewed information prepared by management and by an independent third-party regarding the Funds’ investment performance compared against their benchmarks and their respective Performance Groups/Universes. It was noted that performance information provided by the independent third-party was for the period ended April 30, 2012 and that benchmark information presented by management was through the period ended June 30, 2012.
• | Asset Allocation Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe. The Board also noted that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense universe. The Board considered that breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules in March 2010. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods and outperformed its Lipper peer index for the same periods. The Board also noted that the Fund outperformed its blended benchmark for the three- and five-year periods and underperformed its blended benchmark for the one-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board considered that the Fund’s actual advisory fee was at the median of its Expense Group and above the median of its Expense Universe. The Board also noted that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also considered that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its Lipper peer index and its benchmark, the S&P 500® Index, for the same periods. The Board concluded that the Fund’s performance was satisfactory.
• | Broad Cap Value Income Fund (sub-advised by Barrow Hanley). The Board considered that the Fund’s actual advisory fees were above the median of its Expense Group and below the median of its Expense Universe. The Board also considered that the Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its Lipper peer index for the same periods. The Board also considered that the Fund outperformed its benchmark, the Russell 1000® Value Index, for the five-year period and underperformed its benchmark for the one- and three-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Capital Conservation Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees and total net expenses were above the medians of its Expense Group/Universe. It was also noted that the Fund’s sub-advisory fees were above the median of the Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was at the median of its Performance Group for the one-year period and below the median of its Performance Group for the three- and five-year periods. The Board also noted that the Fund was above the median of its Performance Universe for the three-year period and below the median of its Performance Universe for the one- and five-year periods. The Board also considered that the Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its benchmark, the Barclays U.S. Aggregate Bond Index, for the one- and three-year periods and underperformed the index for the five-year period. The Board considered management’s discussion of the Fund’s more recent improved performance relative to its peers, and concluded that performance is being addressed.
• | Core Equity Fund (sub-advised by BlackRock). The Board noted that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were below the median of the Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one- and five-year periods and below the median of its Performance Group/Universe for the three-year period. The Board also noted that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods and underperformed its benchmark, the Russell 1000® Index, for the same periods. The Board considered management’s discussion of the Fund’s performance. The Board noted that management is monitoring the Fund. The Board concluded that the Fund’s performance was satisfactory in light of all factors considered.
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
• | Dividend Value Fund (sub-advised by BlackRock and SAAMCo). The Board considered that the Fund’s actual advisory fees were at the median of its Expense Group and above the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the median of its Subadvisor Expense Universe. The Board also noted that total net expenses were at the median of the Fund’s Expense Group and below the median of the Fund’s Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. The Board also noted that the Fund’s contractual management fee payable to VALIC was lowered in June 2010 and that the Fund’s expense limitation was lowered in August 2010. |
The Board considered that the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and below the median for the five-year period. The Board also noted that the Fund’s performance was above the median of its Performance Group for the one- and three-year periods and at the median for the five-year period. The Board further noted that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed the Lipper peer index for the five-year period. The Board also considered that the Fund outperformed the Russell 1000® Value Index for the one-, three- and five- year periods. The Board also noted that on June 7, 2010, the Fund’s investment strategy changed and BlackRock and SAAMCo replaced the previous sub-adviser. The Board considered that the Fund’s performance for periods beyond the one-year period represented the performance of the previous sub-adviser which utilized a different investment strategy. The Board also considered the Fund’s strong performance subsequent to the subadviser change. The Board concluded that the Fund’s performance was satisfactory in light of all the factors considered.
• | Emerging Economies Fund (formerly, Global Equity Fund) (sub-advised by JPMIM). The Board considered that the Fund’s actual advisory fees and total net expenses were below the medians of its Expense Group/Universe. The Board also considered that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one-year period and below the medians for the three- and five-year periods. The Board also noted that the Fund outperformed its Lipper peer index and its benchmark, the MSCI Emerging Markets Index, for the one-year period and underperformed the index and benchmark for the three- and five- year periods. The Board considered management’s discussion of the Fund’s performance. The Board noted that JPMIM assumed sub-advisory responsibility for the Fund on October 1, 2011 and that the Fund’s performance prior to that time was attributable to the prior sub-advisor. The Board also considered the Fund’s strong performance subsequent to the subadviser change. The Board concluded that the Fund’s performance was being addressed.
• | Foreign Value Fund (sub-advised by Templeton Global). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also considered that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Universe and above the median of its Subadvisor Expense Group. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe and Lipper peer index for the three- and five-year periods and below its Performance Group/Universe and Lipper peer index for the one-year period. The Board also considered that the Fund unperformed its benchmark, the MSCI EAFE Index, for the one- and three- year periods and outperformed the benchmark for the five-year period. The Board considered management’s discussion of performance including the factors that contributed to the Fund’s underperformance relative to its peers and concluded that the Fund’s overall performance was satisfactory.
• | Global Real Estate Fund (sub-advised by GSAM and Invesco). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was below the medians of its Performance Group/Universe and underperformed its Lipper peer index for the one- and three-year periods. The Board also noted that the Fund underperformed its benchmark, the FTSE EPRA/NAREIT Developed Index, for the one- and three-year periods. The Board considered management’s discussion of the Fund’s performance, including the peer group in which the Fund was placed and the effects of the Fund’s repositioning which occurred in June 2011. The Board concluded that the Fund’s performance is being addressed.
• | Global Social Awareness Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees and total net expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe and its Lipper peer index for the one-year period and below the medians of its Performance Group/Universe and Lipper peer index for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark, the MSCI World Index, for the three- and five-year periods and underperformed the benchmark for the one-year period. The Board also noted the Fund’s more recent improved performance relative to its peers. The Board also noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Global Strategy Fund (sub-advised by Franklin and Templeton Investment). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Universe and at the median of its Expense Group. It was also noted that total expenses were below the medians of its Expense Group/Universe. The Board also considered that the Fund’s actual sub-advisory fees were above the median of its Sub-Advisor Expense Universe. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and five- year periods and below the median of its Performance Group for the three- year period. The Board also noted that the Fund’s performance was equal to the median of its Performance Universe for the one- and five-year periods and above the median for the three-year period. The Board noted that the Fund outperformed its Lipper peer index for the one-, three- and five-year
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
periods and outperformed its benchmark, the MSCI ACWI Index for the one- and five-year periods. It was noted that the Fund underperformed its benchmark for the three-year period. The Board considered management’s discussion of the Fund’s performance. It was noted management is monitoring the Fund. The Board concluded that the Fund’s overall performance has been satisfactory.
• | Government Securities Fund (sub-advised by SAAMCo and JPMIM). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group and above the median of its Expense Universe. The Board also noted that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board considered that the Fund’s actual sub-advisory fees were at the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe and outperformed its Lipper peer index for the one- year period. The Board also considered that the Fund’s performance was below the medians of its Performance Group/Universe and underperformed its Lipper peer index for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark, the BofA ML U.S. Treasury Master Index, for the three- and five-year periods and outperformed its benchmark for the one-year period. The Board noted management’s discussion of the Fund’s performance. The Board noted that JPMIM was added as sub-adviser for the Fund effective November 14, 2011. The Board also considered the Fund’s improved performance subsequent to the addition of JPMIM. The Board considered management’s continued monitoring of the Fund and concluded that the Fund’s performance is being addressed.
• | Growth & Income Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board noted that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was below the medians of its Performance Group/Universe and underperformed its Lipper peer index for the one-, three- and five- year periods. The Board also considered that the Fund underperformed its benchmark, the S&P 500® Index, for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including the factors that contributed to the Fund’s underperformance relative to its peers, as well as management’s continued monitoring of the Fund. The Board also noted that a new investment sleeve was added to the Fund in March 2010. The Board concluded that the Fund’s performance is being addressed.
• | Growth Fund (sub-advised by American Century). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group and above the median of its Expense Universe. In addition, the Board considered that the Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. The Board also considered that the Fund’s advisory and sub-advisory fee schedules were reduced effective October 1, 2009. |
The Board noted that the Fund’s performance was above the medians of its Performance Group/Universe and that it outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also noted that the Fund underperformed its benchmark, the Russell 1000® Growth Index, for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Health Sciences Fund (sub-advised by T. Rowe Price). The Board considered that the Fund’s actual advisory fees and total net expenses were above the medians of its Expense Group/Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe and outperformed its Lipper peer index and its benchmark, the S&P 500® Healthcare Index, for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Inflation Protected Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board noted the relatively small number of funds in its Expense and Subadvisor Expense Groups. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board noted that the Fund was above the median of its Performance Group for the three- year period and below the median for the one- and five- year periods. The Board also considered that the Fund was above the median of its Performance Universe for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its Lipper peer index for the one-, three- and five- year periods. The Board considered that the Fund outperformed its benchmark, the Barclays U.S. TIPS Index, for the three-year period and underperformed the benchmark for the one- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted management’s continued monitoring of the Fund’s performance and concluded that the Fund’s overall performance was satisfactory.
• | International Equities Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe and that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account that the Fund’s advisory and sub-advisory fee schedules were reduced in March 2010. |
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The Board considered that the Fund’s performance was below the median of its Performance Group for the one- and five-year periods and at the median for the three- year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe and that the Fund underperformed its Lipper peer index for the one-, three- and five-year periods. In addition, the Board noted that the Fund underperformed its benchmark, the MSCI EAFE Index for the one-, three- and five-year periods. The Board also noted management’s discussion of the Fund’s performance, including changes implemented to the Fund’s investment strategies in 2011. The Board noted management’s continued monitoring of the Fund and concluded that the Fund’s performance is being addressed.
• | International Government Bond Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund was above the median of its Performance Group for the one- and three-year periods and below the median of its Performance Group for the five-year period. The Board also considered that the Fund was above the median of its Performance Universe for the one-year period and below the median for the three- and five-year periods. In addition, the Board noted that the Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. Finally, the Board noted that the Fund outperformed its blended benchmark for the three-year period and underperformed the blended benchmark for the one- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and concluded that the Fund’s overall performance was satisfactory.
• | International Growth Fund (sub-advised by American Century, Invesco and MFS). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe. The Board also considered that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the median of its Performance Universe and below the median of its Performance Group for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its Lipper peer index for the one-, three- and five- year periods. In addition, the Fund outperformed its benchmark, the MSCI EAFE Index, for the one-, three- and five-year periods. The Board took into account management’s discussion of the factors that contributed to the Fund’s underperformance relative to its Performance Group. The Board concluded that the Fund’s performance was satisfactory.
• | Large Cap Core Fund (sub-advised by Columbia). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group and above the median of its Expense Universe. In addition, the Board noted that the Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board considered that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund was above the medians of its Performance Group/Universe for the three- and five year periods and below the medians for the one-year period. The Board also noted that the Fund outperformed its Lipper peer index for the three- and five-year periods and underperformed the index for the one-year period. The Board also considered that the Fund outperformed its benchmark, the S&P 500® Index, for the five-year period and underperformed its benchmark for the one- and three-year periods. The Board noted that Columbia replaced the Fund’s previous subadviser effective November 14, 2011. The Board concluded that Fund’s overall performance was satisfactory.
• | Large Capital Growth Fund (sub-advised by SAAMCo and Invesco). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund was below the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also noted that the Fund underperformed its Lipper peer index and its benchmark, the Russell 1000 Growth Index, for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance including the factors that contributed to the Fund’s underperformance relative to its peers, as well as management’s continued monitoring of the Fund and concluded that the Fund’s performance is being addressed.
• | Mid Cap Index Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees and total expenses were at the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its Lipper peer index for the one-, three- and five- year periods. The Board also considered that the Fund underperformed its benchmark, the S&P MidCap 400 Index, for the one-, three- and five-year periods. The Board also considered the Fund’s historic tracking error. The Board concluded that the Fund’s performance was satisfactory.
• | Mid Cap Strategic Growth Fund (sub-advised by RCM and Morgan Stanley). The Board considered that the Fund’s actual advisory fees and total net expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s actual sub-advisory fees were at the median of its Subadvisor Expense Universe and below the median of its Subadvisor Expense Group. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
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The Board considered that the Fund was above the median of its Performance Group/Universe for the five-year period and below the medians for the one- and three-year periods. The Board also considered that the Fund underperformed its Lipper peer index and its benchmark, the Russell Midcap® Growth Index, for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund and the change of a co-sub-adviser in March 2011. The Board concluded that the Fund’s performance was being addressed.
• | Money Market I Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that total expenses were below the medians of its Expense Group/Universe. In addition, the Board considered that the Fund’s actual sub-advisory fees were at the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and noted the relatively small range among the expense ratios of the funds in the Fund’s Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2013 and that VALIC has contributed capital to support the Fund’s current yield. |
The Board considered that the Fund’s performance was at the median of its Performance Group for the one-year period, above the median for the three-year period and below the median for the five- year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and below the median for the five-year period. The Board also considered that the Fund underperformed the its Lipper peer index for the three- and five- year periods and was equal to its Lipper peer index for the one-year period. In addition, the Board noted that the Fund underperformed its benchmark, the T-Bill 3 Month Index, for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account the relatively small range in performance returns among the Performance Group/Universe. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Nasdaq-100® Index Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were below the median of its Expense Universe and above the median of its Expense Group. The Board noted that the Fund’s actual sub-advisory fees were at medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. The Board also considered management’s discussion of the Fund’s expenses and of the appropriateness of the Fund’s peer group. The Board also noted that breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules in December 2009 and that the Fund’s expense limitation on total expenses was reduced in October 2009. |
The Board considered that the Fund’s performance was slightly below the median of its Performance Group for the one-year period and above the median for the three- and five- year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one-, three- and five-year periods. The Board also noted that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board noted that there was only one other fund in the Fund’s Performance Group. The Board considered that the Fund slightly underperformed its benchmark, the Nasdaq-100® Index for the one-, three- and five-year periods. The Board also considered the Fund’s historic tracking error. The Board concluded that the Fund’s performance was satisfactory.
• | Science & Technology Fund (sub-advised by RCM, T. Rowe Price and Wellington Management). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group and above the median of its Expense Universe. The Board also considered that the Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and three-year periods and below the median for the five-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the three- and five-year periods and at the median for the one-year period. The Board further noted that the Fund outperformed its Lipper peer index for the three- and five-year periods and underperformed the index for the one- year period. The Fund underperformed its benchmark, the S&P North American Technology Index, for the one-, three- and five-year periods. The Board noted the limited size of the Fund’s Performance Group. The Board considered management’s discussion of the Fund’s performance relative to its benchmark, including management’s continued monitoring of the Fund, and concluded that the Fund’s overall performance was satisfactory.
• | Small Cap Aggressive Growth Fund (sub-advised by RS Investments). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund was below the medians of its Performance Group/Universe and underperformed its Lipper peer index for the one-year and three-year periods. The Board also noted that the Fund’s performance was equal to the median of its Performance Group and outperformed its Lipper peer index for the five-year period. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the five-year period. The Board also considered that the Fund underperformed its benchmark, the Russell 2000® Growth Index, for the one- and three-year periods and outperformed the benchmark for the five-year period. It was also noted that the sub-adviser assumed responsibility for the Fund on August 22, 2011, and that performance prior to that date represents that of the previous subadviser. The Board concluded that the Fund’s performance was being addressed.
• | Small Cap Fund (sub-advised by Bridgeway Capital, Invesco and T. Rowe Price). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one- and three-year periods. The Board also noted that the Fund’s performance was above the median of its Performance Universe and at the median of its Performance Group for the five year period. The Board considered
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that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark, the Russell 2000 Index for the three-year period and underperformed the benchmark for the one- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and concluded that Fund’s performance was satisfactory.
• | Small Cap Index Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were equal to the median of the Expense Group and below the median of the Expense Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was below the medians of its Performance Group/Universe for the one-year period and above the medians for the three- and five-year periods. The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed the index for the three-year period. The Board noted that the Fund slightly underperformed its benchmark, the Russell 2000 Index, for the one-, three- and five-year periods. The Board also considered the Fund’s tracking error versus its benchmark. The Board concluded that the Fund’s performance was satisfactory in light of all factors considered.
• | Small Cap Special Values Fund (sub-advised by Wells Capital and Dreman). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that its total expenses were above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board noted that the Fund’s performance was above the medians of its Performance Group/Universe for the one-year period and below the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed the index for the five-year period. In addition, the Board noted that the Fund underperformed its benchmark, the Russell 2000 Value Index, for the one-, three- and five-year periods. The Board also noted that Dreman replaced Putnam Investment Management, LLC in September 2009 as one of the Fund’s sub-advisers. The Board took into account management’s discussion of the Fund’s performance. The Board also took into account the Fund’s more recent improved performance relative to its peers. The Board considered management’s continued monitoring of the Fund and concluded that performance is being addressed.
• | Small-Mid Growth Fund (sub-advised by Century Capital and Wells Capital). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total net expenses were below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board noted that the Fund’s performance was below the median of its Performance Group for the three- and five-year periods and above the median for the one-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the one-, three- and five-year periods. The Board also noted that the Fund underperformed its Lipper peer index for the three- and five-year periods and outperformed the index for the one-year period. The Board considered that the Fund underperformed its benchmark, the Russell 2000® Growth Index, for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, the addition of Century Capital as a co-sub-adviser in August 2010, and its continued monitoring of the Fund and concluded that the Fund’s performance is being addressed.
• | Stock Index Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe, and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was below the median of its Performance Group for the one- and five-year periods and above the median of its Performance Group for the three-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one-, three- and five-year periods. The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed the Lipper peer index for the five-year period. The Board also noted that the Fund underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods. The Board also considered the Fund’s tracking error versus its benchmark. The Board took into account management’s discussion of the Fund’s performance and concluded that the Fund’s overall performance has been satisfactory in light of all factors considered.
• | Value Fund (sub-advised by Wellington Management). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were at the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2013. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and three-year periods and at the median for the five-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and below the median for the five-year period. The Board also considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also noted that the Fund underperformed its benchmark, the Russell 1000® Value Index, for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance, including the fact that Wellington Management replaced the Fund’s previous sub-adviser on March 14 2011, and considered that performance prior to that date represents that of the previous subadviser. The Board concluded that performance has been satisfactory.
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The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average daily net assets of the respective Fund.
It was noted that VALIC reviewed a number of factors in determining appropriate fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such factors include review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC will receive benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees paid or to be paid by the Funds. The Board considered that the Funds also pay VALIC a fee for the provision of recordkeeping and shareholder services to contract owners and participants, which is provided at cost. Such payment is allocated to each Fund based on the number of accounts serviced. Finally, it was noted that the Funds pay SAAMCo, an affiliate of VALIC, an annual fee of approximately 0.07% based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SAAMCo receives from the Funds, SAAMCo compensates VALIC for certain administrative services (0.02% of daily net assets), and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value (0.01% of daily net assets). It was also noted that SAAMCo receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VC II pays VALIC an annual fee of 0.25% on average daily net assets of each Fund (other than the Lifestyle Funds) pursuant to a Shareholder Services Agreement.
The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, it was noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material.
In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC, as adviser, transfer agent and as shareholder servicing agent. In addition, the Board considered the profitability of SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether it was currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each of the Funds and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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VALIC Company I
Supplement to the Prospectus dated October 1, 2012
Core Equity Fund (the “Fund”). In the Fund Summary, in the Investment Adviser section, the information about the current portfolio manager Kevin Rendino is deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||
Bartlett Geer, CFA | 2012 | Managing Director |
In the Management section under Investment Sub-Advisers – BlackRock Investment Management, LLC (“BlackRock”), the portfolio manager information for the Fund with respect Kevin Rendino is deleted in its entirety and replaced with the following:
BlackRock’s Basic Value team is led by Bartlett Geer, CFA. Mr. Geer has been Managing Director of BlackRock, Inc. since 2012. He was Managing Director of the Putnam Equity Income Fund and U.S. Large Cap Value institutional equity portfolios of Putnam Investments from 2000 to 2012. Mr. Geer is primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.
All changes reflected herein are effective immediately.
Date: November 1, 2012
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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 Dr.
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 Advisors, LLC
100 Federal 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, LP
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 St.
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
Thomas M. Ward,
Vice President
Diedre L. Shepherd,
Assistant Treasurer
Shawn Parry,
Assistant Treasurer
Louis O. Ducote, II
Assistant Secretary
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
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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, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 9530 (11/2012) J74462
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 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 270.30a-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, 2013
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, 2013
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 7, 2013