VALIC Company I Aggressive Growth
Lifestyle Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Affiliated Investment Companies | $644,922,076 | $— | $— | $644,922,076 | |||
Short-Term Investments | 4,858,009 | — | — | 4,858,009 | |||
Total Investments at Value | $649,780,085 | $— | $— | $649,780,085 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
1
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
2
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
3
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
4
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
5
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
6
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
7
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
8
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
9
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
10
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $85,446,715 | $— | $— | $85,446,715 | |||
Corporate Bonds & Notes | — | 15,088,416 | — | 15,088,416 | |||
Asset Backed Securities | — | 5,762,741 | — | 5,762,741 | |||
Collateralized Mortgage Obligations: | |||||||
Commercial and Residential | — | 1,429,603 | 1,597 | 1,431,200 | |||
Other Industries | — | 2,791,683 | — | 2,791,683 | |||
U.S. Government & Agency Obligations | — | 25,887,632 | — | 25,887,632 | |||
Municipal Securities | — | 29,893 | — | 29,893 | |||
Escrows and Litigation Trusts | — | 66 | — | 66 | |||
Short-Term Investments | 63,188 | — | — | 63,188 | |||
Repurchase Agreements | — | 1,644,671 | — | 1,644,671 | |||
Total Investments at Value | $85,509,903 | $52,634,705 | $1,597 | $138,146,205 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3
investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to
Portfolio of Investments
11
VALIC Company I Capital Appreciation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
12
VALIC Company I Capital Appreciation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Security Description | Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS — 1.0% | ||||
Unaffiliated Investment Companies — 1.0% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28%(1) (cost $643,354) | 643,354 | $ 643,354 | ||
TOTAL INVESTMENTS (cost $47,130,671) | 100.1% | 65,938,975 | ||
Other assets less liabilities | (0.1) | (57,301) | ||
NET ASSETS | 100.0% | $65,881,674 |
† | Non-income producing security |
# | The security or a portion thereof is out on loan.At August 31, 2023, the Fund had loaned securities with a total value of $456,923. This was secured by collateral of $471,593 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of August 31, 2023 |
United States Treasury Bills | 0.00% | 10/31/2023 | $4,978 |
United States Treasury Notes/Bonds | 0.13% to 6.62% | 10/15/2023 to 05/15/2052 | 466,615 |
(1) | The rate shown is the 7-day yield as of August 31, 2023. |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $65,295,621 | $— | $— | $65,295,621 | |||
Short-Term Investments | 643,354 | — | — | 643,354 | |||
Total Investments at Value | $65,938,975 | $— | $— | $65,938,975 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
13
VALIC Company I Conservative Growth
Lifestyle Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Affiliated Investment Companies | $298,829,316 | $— | $— | $298,829,316 | |||
Short-Term Investments | 3,082,941 | — | — | 3,082,941 | |||
Total Investments at Value | $301,912,257 | $— | $— | $301,912,257 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
14
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
15
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
16
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
17
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
18
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
19
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
20
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
21
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
22
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
23
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
24
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
25
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
26
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
27
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
28
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Corporate Bonds & Notes | $— | $985,269,827 | $— | $985,269,827 | |||
Asset Backed Securities | — | 40,653,700 | — | 40,653,700 | |||
Collateralized Mortgage Obligations | — | 34,258,866 | — | 34,258,866 | |||
U.S. Government & Agency Obligations | — | 1,609,482,479 | — | 1,609,482,479 | |||
Foreign Government Obligations | — | 18,280,895 | — | 18,280,895 | |||
Common Stocks | — | — | 7,242,978 | 7,242,978 | |||
Preferred Stocks | 15,492 | — | — | 15,492 | |||
Escrows and Litigation Trusts | — | 279 | — | 279 | |||
Short-Term Investments | 43,221,193 | — | — | 43,221,193 | |||
Total Investments at Value | $43,236,685 | $2,687,946,046 | $7,242,978 | $2,738,425,709 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
29
VALIC Company I Dividend Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
30
VALIC Company I Dividend Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
31
VALIC Company I Dividend Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $801,981,245 | $— | $— | $801,981,245 | |||
Short-Term Investments | 31,701,013 | — | — | 31,701,013 | |||
Total Investments at Value | $833,682,258 | $— | $— | $833,682,258 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
32
VALIC Company I Dynamic Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
90 | Long | S&P 500 E-Mini Index | September 2023 | $20,316,744 | $20,322,000 | $5,256 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
33
VALIC Company I Dynamic Allocation
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Affiliated Investment Companies | $117,115,947 | $— | $— | $117,115,947 | |||
U.S. Government & Agency Obligations | — | 22,724,298 | — | 22,724,298 | |||
Purchased Options | — | 768,612 | — | 768,612 | |||
Short-Term Investments | 6,267,386 | — | — | 6,267,386 | |||
Total Investments at Value | $123,383,333 | $23,492,910 | $— | $146,876,243 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $5,256 | $— | $— | $5,256 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
34
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
35
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
36
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* | |
Banks | 17.2% |
Semiconductors | 16.2 |
Internet | 10.4 |
Oil & Gas | 5.7 |
Insurance | 5.4 |
Food | 3.5 |
Beverages | 3.5 |
Retail | 2.8 |
Auto Manufacturers | 2.6 |
Mining | 2.6 |
Engineering & Construction | 2.4 |
Diversified Financial Services | 2.3 |
Software | 2.2 |
Transportation | 1.8 |
Electronics | 1.7 |
Airlines | 1.7 |
Machinery-Diversified | 1.4 |
37
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* (continued) | |
Computers | 1.3% |
Electric | 1.2 |
Miscellaneous Manufacturing | 1.2 |
Iron/Steel | 1.2 |
Telecommunications | 1.1 |
Home Furnishings | 1.0 |
Pharmaceuticals | 1.0 |
Real Estate | 0.9 |
Aerospace/Defense | 0.9 |
Commercial Services | 0.8 |
Agriculture | 0.7 |
Auto Parts & Equipment | 0.5 |
Electrical Components & Equipment | 0.4 |
Gas | 0.4 |
Textiles | 0.3 |
Healthcare-Products | 0.3 |
Entertainment | 0.3 |
Lodging | 0.3 |
Distribution/Wholesale | 0.3 |
Energy-Alternate Sources | 0.3 |
Biotechnology | 0.2 |
98.0% |
* | Calculated as a percentage of net assets |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Russia | $— | $— | $0 | $0 | |||
Other Countries | 719,330,477 | — | — | 719,330,477 | |||
Total Investments at Value | $719,330,477 | $— | $0 | $719,330,477 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
38
VALIC Company I Global Real Estate
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
39
VALIC Company I Global Real Estate
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* | |
REITS | 80.8% |
Real Estate | 12.3 |
Short-Term Investments | 2.0 |
Healthcare-Services | 1.4 |
Engineering & Construction | 1.1 |
Private Equity | 0.9 |
Telecommunications | 0.7 |
Building Materials | 0.6 |
Diversified Financial Services | 0.3 |
100.1% |
* | Calculated as a percentage of net assets |
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $268,027,649 | $— | $— | $268,027,649 | |||
Short-Term Investments: | |||||||
Sovereign | — | 3,005,000 | — | 3,005,000 | |||
Other Short-Term Investments | 2,328,880 | — | — | 2,328,880 | |||
Total Investments at Value | $270,356,529 | $3,005,000 | $— | $273,361,529 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
40
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
41
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
42
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
43
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
44
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
45
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
46
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
47
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Credit Default Swaps - Buyer(1) | |||||||||||||||
Counterparty (OTC)/ Centrally cleared | Reference obligation | Notional amount(2) | Currency | USD notional amount(2) | Pay fixed rate | Fixed payment frequency | Maturity date | Upfront payment paid (received) | Unrealized appreciation (depreciation) | Value(3) | |||||
Centrally Cleared | CDX Markit | $7,690,000 | USD | $7,690,000 | 5.000% | Quarterly | Jun 2028 | $(203,958) | $(12,882) | $(216,840) |
(1) | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
48
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
68 | Long | U.S. Treasury 10 Year Notes | December 2023 | $ 7,493,926 | $ 7,550,125 | $ 56,199 |
92 | Long | U.S. Treasury 5 Year Notes | December 2023 | 9,766,161 | 9,836,813 | 70,652 |
150 | Long | U.S. Treasury Ultra 10 Year Notes | December 2023 | 17,204,261 | 17,416,406 | 212,145 |
56 | Long | U.S. Treasury Ultra Bonds | December 2023 | 7,155,379 | 7,250,250 | 94,871 |
$433,867 |
Unrealized (Depreciation) | ||||||
32 | Short | S&P 500 E-Mini Index | September 2023 | $7,061,080 | $7,225,600 | $(164,520) |
Net Unrealized Appreciation (Depreciation) | $269,347 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Forward Foreign Currency Contracts | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
Citibank, N.A. | CAD | 4,550,000 | USD | 3,461,774 | 10/25/2023 | $ 91,860 | $ — | |
KRW | 2,100,000,000 | USD | 1,636,916 | 09/13/2023 | 47,484 | — | ||
USD | 2,472,231 | JPY | 338,000,000 | 09/19/2023 | — | (143,963) | ||
USD | 1,618,747 | KRW | 2,100,000,000 | 09/13/2023 | — | (29,314) | ||
139,344 | (173,277) | |||||||
HSBC Bank PLC | BRL | 16,570,000 | USD | 3,379,989 | 10/19/2023 | 55,940 | — | |
MXN | 58,000,000 | USD | 3,341,608 | 10/27/2023 | — | (28,588) | ||
USD | 1,487,102 | BRL | 7,350,000 | 10/19/2023 | — | (12,644) | ||
USD | 1,760,003 | MXN | 30,200,000 | 10/27/2023 | — | (5,177) | ||
55,940 | (46,409) | |||||||
JPMorgan Chase Bank, N.A. | COP | 3,930,000,000 | USD | 918,686 | 10/30/2023 | — | (27,087) | |
EUR | 820,000 | USD | 907,137 | 11/07/2023 | 15,279 | — | ||
USD | 970,286 | COP | 3,930,000,000 | 10/30/2023 | — | (24,513) | ||
USD | 894,954 | EUR | 820,000 | 11/07/2023 | — | (3,096) | ||
USD | 2,436,860 | JPY | 335,000,000 | 09/19/2023 | — | (129,257) | ||
USD | 1,615,913 | MXN | 27,800,000 | 10/27/2023 | — | (543) | ||
15,279 | (184,496) | |||||||
Unrealized Appreciation (Depreciation) | $210,563 | $(404,182) |
BRL—Brazilian Real |
CAD—Canadian Dollar |
COP—Columbian Peso |
EUR—Euro Currency |
JPY—Japanese Yen |
KRW—South Korean Won |
MXN—Mexican Peso |
USD—United States Dollar |
Industry Allocation* | |
Short-Term Investments | 7.1% |
Foreign Government Obligations | 5.9 |
Internet | 5.8 |
Oil & Gas | 5.4 |
Software | 5.2 |
Semiconductors | 5.1 |
Banks | 4.5 |
Diversified Financial Services | 4.3 |
Computers | 3.9 |
U.S. Government & Agency Obligations | 3.4 |
Investment Companies | 3.2 |
49
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* (continued) | |
Telecommunications | 2.9% |
Retail | 2.9 |
Pharmaceuticals | 2.8 |
Auto Manufacturers | 2.7 |
Insurance | 2.2 |
Electric | 2.0 |
Commercial Services | 1.9 |
Electronics | 1.8 |
Chemicals | 1.8 |
Food | 1.6 |
Healthcare-Services | 1.6 |
Agriculture | 1.4 |
Healthcare-Products | 1.4 |
Biotechnology | 1.4 |
Mining | 1.3 |
Media | 1.3 |
Pipelines | 1.3 |
REITS | 1.3 |
Collateralized Mortgage Obligations | 1.2 |
Iron/Steel | 1.1 |
Transportation | 0.9 |
Airlines | 0.9 |
Cosmetics/Personal Care | 0.9 |
Beverages | 0.8 |
Building Materials | 0.8 |
Distribution/Wholesale | 0.8 |
Home Builders | 0.7 |
Entertainment | 0.6 |
Miscellaneous Manufacturing | 0.6 |
Machinery-Construction & Mining | 0.5 |
Aerospace/Defense | 0.4 |
Private Equity | 0.4 |
Gas | 0.4 |
Apparel | 0.4 |
Machinery-Diversified | 0.4 |
Engineering & Construction | 0.3 |
Lodging | 0.3 |
Advertising | 0.2 |
Real Estate | 0.2 |
Hand/Machine Tools | 0.1 |
Auto Parts & Equipment | 0.1 |
Electrical Components & Equipment | 0.1 |
Packaging & Containers | 0.1 |
Household Products/Wares | 0.1 |
Leisure Time | 0.1 |
Holding Companies-Diversified | 0.1 |
Food Service | 0.1 |
Environmental Control | 0.1 |
Toys/Games/Hobbies | 0.1 |
101.2% |
* | Calculated as a percentage of net assets |
50
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Russia | $— | $— | $0 | $0 | |||
Other Countries | 125,468,534 | — | — | 125,468,534 | |||
Corporate Bonds & Notes | — | 48,866,087 | — | 48,866,087 | |||
Loans | — | 852,732 | — | 852,732 | |||
Collateralized Mortgage Obligations | — | 2,463,618 | — | 2,463,618 | |||
U.S. Government & Agency Obligations | — | 7,200,704 | — | 7,200,704 | |||
Foreign Government Obligations | — | 12,303,755 | — | 12,303,755 | |||
Warrants | — | — | 0 | 0 | |||
Rights | 56 | — | — | 56 | |||
Short-Term Investments: | |||||||
Sovereign | — | 1,500,000 | — | 1,500,000 | |||
Other Short-Term Investments | 13,482,011 | — | — | 13,482,011 | |||
Total Investments at Value | $138,950,601 | $73,186,896 | $0 | $212,137,497 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $433,867 | $— | $— | $433,867 | |||
Forward Foreign Currency Contracts | — | 210,563 | — | 210,563 | |||
Total Other Financial Instruments | $433,867 | $210,563 | $— | $644,430 | |||
LIABILITIES: | |||||||
Other Financial Instruments:† | |||||||
Swaps | $— | $12,882 | $— | $12,882 | |||
Futures Contracts | 164,520 | — | — | 164,520 | |||
Forward Foreign Currency Contracts | — | 404,182 | — | 404,182 | |||
Total Other Financial Instruments | $164,520 | $417,064 | $— | $581,584 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
51
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
52
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
53
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
54
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Corporate Bonds & Notes | $— | $7,212,146 | $— | $7,212,146 | |||
Asset Backed Securities | — | 3,479,605 | — | 3,479,605 | |||
Collateralized Mortgage Obligations | — | 30,482,471 | — | 30,482,471 | |||
U.S. Government & Agency Obligations | — | 85,099,958 | — | 85,099,958 | |||
Foreign Government Obligations | — | 2,571,983 | — | 2,571,983 | |||
Municipal Securities | — | 259,429 | — | 259,429 | |||
Repurchase Agreements | — | 6,428,510 | — | 6,428,510 | |||
Total Investments at Value | $— | $135,534,102 | $— | $135,534,102 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
55
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
56
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
57
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
58
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
1 | Long | S&P 500 E-Mini Index | September 2023 | $219,424 | $225,800 | $6,376 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
59
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $1,279,966,224 | $— | $— | $1,279,966,224 | |||
Convertible Preferred Stocks | — | — | 8,317,138 | 8,317,138 | |||
Unaffiliated Investment Companies | 6,687,500 | — | — | 6,687,500 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 19,900 | — | 19,900 | |||
Other Short-Term Investments | 844,800 | — | — | 844,800 | |||
Repurchase Agreements | — | 181,839 | — | 181,839 | |||
Total Investments at Value | $1,287,498,524 | $201,739 | $8,317,138 | $1,296,017,401 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $6,376 | $— | $— | $6,376 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
60
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
61
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
62
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
63
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
64
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
65
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
Deutsche Bank AG | EUR | 4,554,331 | USD | 4,948,205 | 09/29/2023 | $4,024 | $— | |
JPMorgan Chase Bank, N.A. | GBP | 446,000 | USD | 566,708 | 09/29/2023 | 1,652 | — | |
Unrealized Appreciation (Depreciation) | $5,676 | $— |
EUR—Euro Currency |
GBP—British Pound |
USD—United States Dollar |
66
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Corporate Bonds & Notes | $— | $363,984,125 | $— | $363,984,125 | |||
Convertible Bonds & Notes | — | 5,233,108 | — | 5,233,108 | |||
Loans | — | 6,626,096 | — | 6,626,096 | |||
Short-Term Investments | 18,549,925 | — | — | 18,549,925 | |||
Repurchase Agreements | — | 2,973,174 | — | 2,973,174 | |||
Total Investments at Value | $18,549,925 | $378,816,503 | $— | $397,366,428 | |||
Other Financial Instruments:† | |||||||
Forward Foreign Currency Contracts | $— | $5,676 | $— | $5,676 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
67
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
68
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
69
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Interest Rate Swaps | ||||||||||||
Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Upfront payment paid (received) | Unrealized appreciation (depreciation) | Value | ||
Bank of America, N.A. | 54,220,000 | USD | Fixed 3.430% | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | $— | $(523,504) | $(523,504) |
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
194 | Long | Canada 5 Year Bonds | December 2023 | $15,685,712 | $15,777,575 | $ 91,863 |
18 | Long | Long Gilt | December 2023 | 2,158,701 | 2,179,224 | 20,523 |
177 | Long | U.S. Treasury 10 Year Notes | December 2023 | 19,483,923 | 19,652,531 | 168,608 |
260 | Long | U.S. Treasury 2 Year Notes | December 2023 | 52,821,752 | 52,989,219 | 167,467 |
24 | Short | Euro Buxl 30 Year Bonds | September 2023 | 3,553,067 | 3,482,066 | 71,001 |
2 | Short | Euro-BUND | September 2023 | 290,647 | 288,849 | 1,798 |
122 | Short | Euro-OAT | September 2023 | 16,991,413 | 16,921,312 | 70,101 |
$591,361 |
Unrealized (Depreciation) | ||||||
442 | Short | Canada 10 Year Bonds | December 2023 | $38,667,280 | $39,028,286 | $(361,006) |
266 | Short | Euro-BTP | September 2023 | 33,257,917 | 33,435,646 | (177,729) |
165 | Short | U.S. Treasury Ultra Bonds | December 2023 | 21,097,902 | 21,362,343 | (264,441) |
$(803,176) | ||||||
Net Unrealized Appreciation (Depreciation) | $(211,815) |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Forward Foreign Currency Contracts | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
Barclays Bank PLC | CAD | 37,881,000 | USD | 28,353,618 | 09/20/2023 | $ 310,895 | $ — | |
MXN | 77,236,000 | USD | 4,356,478 | 09/20/2023 | — | (161,562) | ||
310,895 | (161,562) |
70
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Forward Foreign Currency Contracts — (continued) | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
BNP Paribas SA | MXN | 23,600,000 | USD | 1,342,732 | 09/20/2023 | $ — | $ (37,787) | |
Citibank, N.A. | MXN | 70,799,000 | USD | 4,020,500 | 09/20/2023 | — | (120,998) | |
Deutsche Bank AG | EUR | 39,372,000 | USD | 42,457,707 | 09/20/2023 | — | (265,777) | |
USD | 98,854 | EUR | 90,985 | 09/29/2023 | — | (80) | ||
— | (265,857) | |||||||
Goldman Sachs International | BRL | 45,473,000 | USD | 9,153,549 | 09/20/2023 | — | (8,624) | |
HSBC Bank PLC | USD | 1,765,765 | AUD | 2,655,000 | 09/20/2023 | — | (44,508) | |
JPMorgan Chase Bank, N.A. | USD | 1,682,963 | EUR | 1,494,000 | 09/20/2023 | — | (61,788) | |
Morgan Stanley & Co. International PLC | AUD | 48,832,000 | USD | 32,539,936 | 09/20/2023 | 881,780 | — | |
Royal Bank of Canada | NZD | 63,161,000 | USD | 38,139,138 | 09/20/2023 | 475,018 | — | |
Unrealized Appreciation (Depreciation) | $1,667,693 | $(701,124) |
AUD—Australian Dollar |
BRL—Brazilian Real |
CAD—Canadian Dollar |
EUR—Euro Currency |
MXN—Mexican Peso |
NZD—New Zealand Dollar |
USD—United States Dollar |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Corporate Bonds & Notes | $— | $18,088,521 | $— | $18,088,521 | |||
Asset Backed Securities | — | 4,675,963 | — | 4,675,963 | |||
Collateralized Mortgage Obligations | — | 12,060,551 | — | 12,060,551 | |||
U.S. Government & Agency Obligations | — | 264,028,249 | — | 264,028,249 | |||
Foreign Government Obligations | — | 151,543,342 | — | 151,543,342 | |||
Municipal Securities | — | 3,245,370 | — | 3,245,370 | |||
Escrows and Litigation Trusts | — | — | 1,611 | 1,611 | |||
Repurchase Agreements | — | 19,139,331 | — | 19,139,331 | |||
Total Investments at Value | $— | $472,781,327 | $1,611 | $472,782,938 | |||
Other Financial Instruments: | |||||||
Futures Contracts | $591,361 | $— | $— | $591,361 | |||
Forward Foreign Currency Contracts | — | 1,667,693 | — | 1,667,693 | |||
Total Other Financial Instruments | $591,361 | $1,667,693 | $— | $2,259,054 | |||
LIABILITIES: | |||||||
Other Financial Instruments: | |||||||
Swaps | $— | $523,504 | $— | $523,504 | |||
Futures Contracts | 803,176 | — | — | 803,176 | |||
Forward Foreign Currency Contracts | — | 701,124 | — | 701,124 | |||
Total Other Financial Instruments | $803,176 | $1,224,628 | $— | $2,027,804 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
71
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
72
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
73
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
74
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
75
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
76
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
77
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
78
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
79
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized (Depreciation) |
1,341 | Long | MSCI EAFE Index | September 2023 | $144,973,128 | $141,428,565 | $(3,544,563) |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Industry Allocation* | |
Banks | 10.0% |
Pharmaceuticals | 8.6 |
Repurchase Agreements | 5.8 |
Insurance | 4.4 |
Oil & Gas | 4.1 |
Food | 3.9 |
Unaffiliated Investment Companies | 3.9 |
Auto Manufacturers | 3.5 |
Semiconductors | 3.0 |
Telecommunications | 2.7 |
Chemicals | 2.6 |
Mining | 2.6 |
Electric | 2.5 |
Commercial Services | 2.4 |
Apparel | 2.3 |
Cosmetics/Personal Care | 2.0 |
Healthcare-Products | 2.0 |
Retail | 1.9 |
Machinery-Diversified | 1.9 |
Beverages | 1.7 |
Building Materials | 1.6 |
Software | 1.5 |
Distribution/Wholesale | 1.5 |
Aerospace/Defense | 1.4 |
Electronics | 1.4 |
Short-Term Investments | 1.4 |
Transportation | 1.3 |
Diversified Financial Services | 1.3 |
Machinery-Construction & Mining | 1.3 |
Computers | 1.1 |
Engineering & Construction | 1.0 |
Miscellaneous Manufacturing | 1.0 |
Biotechnology | 0.8 |
Home Furnishings | 0.8 |
Electrical Components & Equipment | 0.8 |
REITS | 0.7 |
Real Estate | 0.7 |
Entertainment | 0.7 |
Internet | 0.7 |
Agriculture | 0.7 |
Auto Parts & Equipment | 0.6 |
Healthcare-Services | 0.6 |
Investment Companies | 0.5 |
Iron/Steel | 0.5 |
Household Products/Wares | 0.4 |
Toys/Games/Hobbies | 0.4 |
Lodging | 0.4 |
Food Service | 0.4 |
Private Equity | 0.3 |
Media | 0.3 |
Gas | 0.3 |
Forest Products & Paper | 0.3 |
Water | 0.3 |
Packaging & Containers | 0.3 |
Home Builders | 0.2 |
Hand/Machine Tools | 0.2 |
Advertising | 0.2 |
80
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* (continued) | |
Office/Business Equipment | 0.2% |
Metal Fabricate/Hardware | 0.2 |
Leisure Time | 0.2 |
Energy-Alternate Sources | 0.1 |
Holding Companies-Diversified | 0.1 |
100.5% |
* | Calculated as a percentage of net assets |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $1,868,710,496 | $— | $— | $1,868,710,496 | |||
Unaffiliated Investment Companies | 80,149,365 | — | — | 80,149,365 | |||
Warrants | 90,179 | — | — | 90,179 | |||
Rights | — | 18,690 | — | 18,690 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 6,673,049 | — | 6,673,049 | |||
Other Short-Term Investments | 23,118,030 | — | — | 23,118,030 | |||
Repurchase Agreements | — | 120,766,498 | — | 120,766,498 | |||
Total Investments at Value | $1,972,068,070 | $127,458,237 | $— | $2,099,526,307 | |||
LIABILITIES: | |||||||
Other Financial Instruments:† | |||||||
Futures Contracts | $3,544,563 | $— | $— | $3,544,563 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
81
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
82
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
83
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
84
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* | |
Foreign Government Obligations | 57.4% |
U.S. Government & Agency Obligations | 33.2 |
Short-Term Investments | 1.9 |
Oil & Gas | 1.7 |
Electric | 1.5 |
Internet | 0.7 |
Banks | 0.6 |
Chemicals | 0.3 |
Commercial Services | 0.3 |
Energy-Alternate Sources | 0.3 |
Engineering & Construction | 0.3 |
Diversified Financial Services | 0.3 |
Transportation | 0.3 |
Forest Products & Paper | 0.2 |
Food | 0.2 |
99.2% |
* | Calculated as a percentage of net assets |
85
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Corporate Bonds & Notes | $— | $4,604,638 | $— | $4,604,638 | |||
U.S. Government & Agency Obligations | — | 22,873,675 | — | 22,873,675 | |||
Foreign Government Obligations | — | 39,585,136 | — | 39,585,136 | |||
Short-Term Investments | 1,310,655 | — | — | 1,310,655 | |||
Total Investments at Value | $1,310,655 | $67,063,449 | $— | $68,374,104 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
86
VALIC Company I International Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
Industry Allocation* | |
Apparel | 15.0% |
Internet | 13.2 |
Transportation | 13.2 |
Retail | 8.8 |
Beverages | 8.2 |
Semiconductors | 7.8 |
Banks | 6.4 |
Machinery-Diversified | 4.6 |
Short-Term Investments | 4.3 |
Healthcare-Products | 4.1 |
Entertainment | 2.4 |
87
VALIC Company I International Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* (continued) | |
Insurance | 2.3% |
Private Equity | 2.2 |
Electric | 2.0 |
Commercial Services | 1.8 |
Food | 1.7 |
Biotechnology | 0.5 |
98.5% |
* | Calculated as a percentage of net assets |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $376,121,146 | $— | $— | $376,121,146 | |||
Short-Term Investments | 17,148,880 | — | — | 17,148,880 | |||
Total Investments at Value | $393,270,026 | $— | $— | $393,270,026 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
88
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
89
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
90
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
91
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
92
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
93
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* | |
Short-Term Investments | 6.9% |
Retail | 5.6 |
Banks | 5.3 |
Computers | 4.6 |
Semiconductors | 4.4 |
Healthcare-Products | 3.8 |
Machinery-Diversified | 3.8 |
Building Materials | 3.6 |
Internet | 3.6 |
Software | 3.3 |
Electronics | 3.2 |
Commercial Services | 2.9 |
Chemicals | 2.9 |
Engineering & Construction | 2.8 |
Food | 2.7 |
Mining | 2.5 |
Packaging & Containers | 2.3 |
Real Estate | 2.2 |
Distribution/Wholesale | 2.1 |
Diversified Financial Services | 1.9 |
Repurchase Agreements | 1.9 |
Lodging | 1.9 |
Apparel | 1.7 |
Miscellaneous Manufacturing | 1.7 |
Beverages | 1.6 |
Oil & Gas | 1.6 |
Insurance | 1.6 |
Food Service | 1.5 |
Aerospace/Defense | 1.3 |
Oil & Gas Services | 1.3 |
Healthcare-Services | 1.2 |
Auto Parts & Equipment | 1.2 |
REITS | 1.2 |
Hand/Machine Tools | 1.1 |
Pharmaceuticals | 1.1 |
Transportation | 1.0 |
Leisure Time | 0.9 |
Environmental Control | 0.9 |
94
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* (continued) | |
Electric | 0.9% |
Entertainment | 0.8 |
Advertising | 0.7 |
Cosmetics/Personal Care | 0.7 |
Home Builders | 0.6 |
Miscellaneous Manufactur | 0.6 |
Iron/Steel | 0.6 |
Electrical Components & Equipment | 0.6 |
Metal Fabricate/Hardware | 0.5 |
Media | 0.5 |
Home Furnishings | 0.4 |
Gas | 0.4 |
Textiles | 0.3 |
Machinery-Construction & Mining | 0.2 |
Private Equity | 0.2 |
Biotechnology | 0.2 |
Telecommunications | 0.1 |
Auto Manufacturers | 0.1 |
Holding Companies-Diversified | 0.1 |
Forest Products & Paper | 0.1 |
Water | 0.1 |
103.8% |
* | Calculated as a percentage of net assets |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Russia | $— | $— | $0 | $0 | |||
Other Countries | 463,189,942 | — | — | 463,189,942 | |||
Short-Term Investments: | |||||||
Sovereign | — | 14,710,000 | — | 14,710,000 | |||
Other Short-Term Investments | 18,706,299 | — | — | 18,706,299 | |||
Repurchase Agreements | — | 9,148,478 | — | 9,148,478 | |||
Total Investments at Value | $481,896,241 | $23,858,478 | $0 | $505,754,719 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
95
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
96
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
97
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
98
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
99
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized (Depreciation) |
216 | Long | MSCI EAFE Index | September 2023 | $23,378,280 | $22,780,440 | $(597,840) |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Industry Allocation* | |
Banks | 8.1% |
Insurance | 7.9 |
Pharmaceuticals | 6.6 |
Repurchase Agreements | 4.1 |
Telecommunications | 3.8 |
Chemicals | 3.5 |
Commercial Services | 3.4 |
Semiconductors | 3.3 |
Oil & Gas | 3.0 |
Food | 2.8 |
Healthcare-Products | 2.7 |
Engineering & Construction | 2.3 |
Auto Manufacturers | 2.2 |
Software | 2.1 |
100
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Industry Allocation* (continued) | |
Electronics | 2.0% |
Machinery-Diversified | 2.0 |
Diversified Financial Services | 1.9 |
Electric | 1.9 |
Distribution/Wholesale | 1.9 |
Transportation | 1.8 |
Apparel | 1.6 |
Retail | 1.5 |
Building Materials | 1.5 |
REITS | 1.4 |
Real Estate | 1.3 |
Investment Companies | 1.2 |
Auto Parts & Equipment | 1.2 |
Cosmetics/Personal Care | 1.2 |
Beverages | 1.2 |
Mining | 1.2 |
Machinery-Construction & Mining | 1.1 |
Miscellaneous Manufacturing | 1.1 |
Iron/Steel | 1.1 |
Biotechnology | 1.1 |
Private Equity | 1.0 |
Electrical Components & Equipment | 0.9 |
Computers | 0.9 |
Healthcare-Services | 0.8 |
Gas | 0.8 |
Food Service | 0.8 |
Lodging | 0.8 |
Home Furnishings | 0.7 |
Water | 0.7 |
Internet | 0.7 |
Household Products/Wares | 0.6 |
Home Builders | 0.6 |
Media | 0.5 |
Toys/Games/Hobbies | 0.5 |
Metal Fabricate/Hardware | 0.5 |
Advertising | 0.4 |
Forest Products & Paper | 0.4 |
Entertainment | 0.4 |
Short-Term Investments | 0.4 |
Hand/Machine Tools | 0.3 |
Leisure Time | 0.3 |
Office/Business Equipment | 0.3 |
Energy-Alternate Sources | 0.1 |
Pipelines | 0.1 |
Packaging & Containers | 0.1 |
Holding Companies-Diversified | 0.1 |
98.7% |
* | Calculated as a percentage of net assets |
101
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Portfolio’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $381,294,306 | $— | $— | $381,294,306 | |||
Short-Term Investments | — | 1,618,038 | — | 1,618,038 | |||
Repurchase Agreements | — | 16,813,316 | — | 16,813,316 | |||
Total Investments at Value | $381,294,306 | $18,431,354 | $— | $399,725,660 | |||
LIABILITIES: | |||||||
Other Financial Instruments:† | |||||||
Futures Contracts | $597,840 | $— | $— | $597,840 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
102
VALIC Company I International Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
103
VALIC Company I International Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Value Fund has no right to demand registration of these securities. At August 31, 2023, the aggregate value of these securities was $30,402,422 representing 6.0% of net assets. |
(1) | The rate shown is the 7-day yield as of August 31, 2023. |
(2) | At August 31, 2023, the Fund had loaned securities with a total value of $25,995,752. This was secured by collateral of $12,832,845, which was received in cash and subsequently invested in short-term investments currently valued at $12,832,845 as reported in the Portfolio of Investments. Additional collateral of $16,042,085 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of August 31, 2023 |
United States Treasury Notes/Bonds | 0.13% to 4.00% | 10/31/2023 to 02/15/2053 | $16,042,085 |
Industry Allocation* | |
Banks | 13.5% |
Short-Term Investments | 6.3 |
Oil & Gas | 6.0 |
Telecommunications | 5.6 |
Media | 5.4 |
Healthcare-Services | 4.2 |
Healthcare-Products | 3.7 |
Chemicals | 3.7 |
Food | 3.1 |
Home Furnishings | 3.1 |
Aerospace/Defense | 3.1 |
Diversified Financial Services | 3.1 |
Beverages | 3.0 |
Engineering & Construction | 3.0 |
Pharmaceuticals | 3.0 |
Apparel | 3.0 |
Insurance | 2.8 |
Computers | 2.8 |
Semiconductors | 2.7 |
Machinery-Construction & Mining | 2.7 |
Oil & Gas Services | 2.2 |
Food Service | 2.2 |
Electric | 1.9 |
Electrical Components & Equipment | 1.8 |
Airlines | 1.7 |
Lodging | 1.5 |
Entertainment | 1.5 |
Auto Parts & Equipment | 1.4 |
Commercial Services | 1.4 |
Real Estate | 1.3 |
Energy-Alternate Sources | 1.0 |
Software | 0.5 |
Building Materials | 0.4 |
Miscellaneous Manufacturing | 0.4 |
Retail | 0.2 |
103.2% |
* | Calculated as a percentage of net assets |
104
VALIC Company I International Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $489,391,268 | $— | $— | $489,391,268 | |||
Short-Term Investments | 31,801,457 | — | — | 31,801,457 | |||
Total Investments at Value | $521,192,725 | $— | $— | $521,192,725 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
105
VALIC Company I Large Capital Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
106
VALIC Company I Large Capital Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Security Description | Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS — 0.5% | ||||
Sovereign — 0.5% | ||||
Federal Home Loan Bank | ||||
5.17%, 09/01/2023 (cost $3,455,000) | $3,455,000 | $ 3,455,000 | ||
TOTAL INVESTMENTS (cost $516,263,600) | 100.0% | 677,636,181 | ||
Other assets less liabilities | (0.0) | (8,357) | ||
NET ASSETS | 100.0% | $677,627,824 |
† | Non-income producing security |
ADR—American Depositary Receipt |
The following is a summary of
the inputs used to value the Portfolio’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $674,181,181 | $— | $— | $674,181,181 | |||
Short-Term Investments | — | 3,455,000 | — | 3,455,000 | |||
Total Investments at Value | $674,181,181 | $3,455,000 | $— | $677,636,181 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
107
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
108
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
109
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
110
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
111
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
139 | Long | S&P Mid Cap 400 E-Mini Index | September 2023 | $36,081,212 | $36,816,930 | $735,718 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
112
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $2,986,831,207 | $— | $— | $2,986,831,207 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 4,716,810 | — | 4,716,810 | |||
Other Short-Term Investments | 8,266,037 | — | — | 8,266,037 | |||
Repurchase Agreements | — | 30,642,851 | — | 30,642,851 | |||
Total Investments at Value | $2,995,097,244 | $35,359,661 | $— | $3,030,456,905 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $735,718 | $— | $— | $735,718 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
113
VALIC Company I Mid Cap Strategic
Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
114
VALIC Company I Mid Cap Strategic
Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
115
VALIC Company I Mid Cap Strategic
Growth Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $781,529,912 | $— | $— | $781,529,912 | |||
Warrants | — | — | 0 | 0 | |||
Rights | 3,458 | — | — | 3,458 | |||
Short-Term Investments: | |||||||
Commercial Paper | — | 12,698,145 | — | 12,698,145 | |||
Other Short-Term Investments | 4,360,804 | — | — | 4,360,804 | |||
Total Investments at Value | $785,894,174 | $12,698,145 | $0 | $798,592,319 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3
investments in securities were not considered a significant portion of the Fund's net assets.
See Notes to
Portfolio of Investments
116
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
117
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
118
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
119
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $606,559,624 | $— | $— | $606,559,624 | |||
Short-Term Investments | 5,065,091 | — | — | 5,065,091 | |||
Repurchase Agreements | — | 409,810 | — | 409,810 | |||
Total Investments at Value | $611,624,715 | $409,810 | $— | $612,034,525 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
120
VALIC Company I Moderate Growth
Lifestyle Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Affiliated Investment Companies | $987,443,200 | $— | $— | $987,443,200 | |||
Short-Term Investments | 10,161,014 | — | — | 10,161,014 | |||
Total Investments at Value | $997,604,214 | $— | $— | $997,604,214 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
121
VALIC Company I Nasdaq-100 Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
122
VALIC Company I Nasdaq-100 Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
23 | Long | NASDAQ 100 E-Mini Index | September 2023 | $6,950,353 | $7,147,710 | $197,357 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
123
VALIC Company I Nasdaq-100 Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $827,915,824 | $— | $— | $827,915,824 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 3,497,969 | — | 3,497,969 | |||
Other Short-Term Investments | 1,695,349 | — | — | 1,695,349 | |||
Repurchase Agreements | — | 2,213,728 | — | 2,213,728 | |||
Total Investments at Value | $829,611,173 | $5,711,697 | $— | $835,322,870 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $197,357 | $— | $— | $197,357 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
124
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
125
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
126
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
127
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Biotechnology | $— | $— | $17,337 | $17,337 | |||
E-Commerce/Services | — | — | 398,058 | 398,058 | |||
Entertainment Software | — | — | 2,545,395 | 2,545,395 | |||
Healthcare-Services | — | — | 1,055,585 | 1,055,585 | |||
Pharmaceuticals | — | 4,725 | — | 4,725 | |||
Other Industries | 2,231,701,066 | — | — | 2,231,701,066 | |||
Convertible Preferred Stocks | — | — | 22,168,480 | 22,168,480 | |||
Escrows and Litigation Trusts | — | — | 661,183 | 661,183 | |||
Warrants | — | — | 0 | 0 | |||
Rights | 1,943 | — | — | 1,943 | |||
Short-Term Investments | 4,260,809 | — | — | 4,260,809 | |||
Repurchase Agreements | — | 3,228,903 | — | 3,228,903 | |||
Total Investments at Value | $2,235,963,818 | $3,233,628 | $26,846,038 | $2,266,043,484 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
128
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a
reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | Escrows and Litigation Trusts | Warrants | ||||
Balance as of May 31, 2023 | $4,081,098 | $21,943,256 | $664,425 | $- | |||
Accrued Discounts | - | - | - | - | |||
Accrued Premiums | - | - | - | - | |||
Realized Gain | - | - | - | - | |||
Realized Loss | - | (196,373) | - | - | |||
Change in unrealized appreciation(1) | 13,750 | 848,463 | - | - | |||
Change in unrealized depreciation(1) | (78,473) | (372,629) | (3,242) | - | |||
Net purchases | - | - | - | 0 | |||
Net sales | - | (49,512) | - | - | |||
Transfers into Level 3 | - | - | - | - | |||
Transfers out of Level 3(2) | - | (4,725) | - | - | |||
Balance as of August 31, 2023 | $4,016,375 | $22,168,480 | $661,183 | $0 |
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at August 31, 2023 includes: |
Common Stocks | Convertible Preferred Securities | Escrows and Litigation Trusts | Warrants | ||||
($64,723) | $400,428 | ($3,242) | $0 |
Any differences between the
change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at August 31, 2023.
(2) | Preferred Holdback Shares was converted Common Holdback Shares following a corporate action. Securities are now valued using Level 2 inputs. |
129
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is quantitative
information about Level 3 fair value measurements:
Description | Fair Value at August 31, 2023 | Valuation Technique(s) | Unobservable Input (1) | Range (weighted average)(2) |
Common Stock | $2,545,395 | Market Approach | Weight Average of Secondary Transactions* | $690.6500 |
Revenue Multiple* | 5.63x | |||
$398,058 | Market Approach | Secondary Transaction Price* | $32.5000 | |
Gross Profit Multiple* | 7.00x | |||
EBITDA Multiple* | 30.75x | |||
GTV Multiple* | 0.44x | |||
$1,055,585 | Market Approach | Revenue Multiple* | 28.84x | |
$17,337 | Market Approach | Term (years)* | 3.07 | |
Volatility* | 90% | |||
Preferred Securities | $4,202,522 | Market Approach | Market Transaction Price* | $60.7300 |
$974,649 | Market Approach | Market Transaction Price* | $2.37-$18.29 ($12.72) | |
Adjustment to Last Capital Raise* | -33.40% to -35.00%(-34.44%) | |||
$562,970 | Market Approach | Market Transaction Price* | $1.0158 | |
Volatility* | 70.00% | |||
Term (years)* | 3.00 | |||
$1,744,795 | Market Approach | Adjustment to Last Capital Raise* | -10.00% to -15.00% (-13.14%) | |
Volatility* | 70.00% - 75.00% (71.86%) | |||
Term (years)* | 2.00-3.00 (2.37) | |||
$779,951 | Market Approach | Secondary Transaction Price* | $32.5000 | |
Gross Profit Multiple* | 7.00x | |||
EBITDA Multiple* | 30.75x | |||
GTV Multiple* | 0.44x | |||
$1,955,106 | Market Approach | Market Transaction Price* | $64.4231 | |
GMV Multiple* | 0.50x | |||
Gross Profit Multiple* | 11.00x | |||
Sales Multiple* | 2.65x | |||
Discount for Lack of Marketability | 10.00% | |||
$1,749,371 | Market Approach | Adjustment to Last Capital Raise* | -20.00% | |
Sales Multiple* | 2.7x | |||
Volatility* | 80.00% | |||
Term (years)* | 5.00 | |||
Discount for Lack of Marketability | 10.00% | |||
$7,122,404 | Market Approach | Revenue Multiple* | 1.80x - 28.00x (27.14x) | |
$1,024,182 | Market Approach | Revenue Multiple* | 9.50x | |
Projected Sales Multiple* | 6.12x | |||
Discount for Lack of Marketability | 10.0% | |||
$1,615,497 | Market Approach | Revenue Multiple* | 3.75x | |
Projected Sales Multiple* | 2.7x | |||
Volatility* | 85.00% | |||
Term (years)* | 4.08 | |||
Discount for Lack of Marketability | 10.0% | |||
$270,791 | Market Approach | Gross Profit Multiple* | 3.95x | |
Revenue Multiple* | 3.50x | |||
Sales Multiple* | 1.60x | |||
Volatility* | 75.00% | |||
Term (years)* | 2.00 | |||
Discount for Lack of Marketability | 10.0% | |||
$166,242 | Market Approach and | Revenue Multiple* | 1.63x | |
Cost Approach | Volatility* | 60.00% | ||
Term (years)* | 1.00 | |||
Escrow and Litigation Trusts | $661,183 | Income Approach | Estimated Future Cash Distribution* | $0.56-$0.95 ($0.85) |
Warrants | $0 | Income Approach | Estimated Future Cash Distribution* | $0.00 |
130
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
(1) The significant
unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market
comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the
remaining unobservable inputs have an inverse relationship.
(2) The average
represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount.
See Notes to Portfolio of
Investments
131
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
132
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
133
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
134
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Description | Acquisition Date | Shares or Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||
Warrants | ||||||||||||
Dogwood State Bank Expires 10/12/2028 | 05/06/2019 | 456 | $0 | $4,747 | $10.41 | 0.0% | ||||||
Grasshopper Bancorp, Inc. Expires 05/24/2024 | 10/12/2018 | 1,009 | 0 | 162 | 0.16 | 0.0 | ||||||
$2,339,967 | 0.5%** |
** | Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding. |
(3) | The rate shown is the 7-day yield as of August 31, 2023. |
(4) | At August 31, 2023, the Fund had loaned securities with a total value of $19,756,851. This was secured by collateral of $1,649,828, which was received in cash and subsequently invested in short-term investments currently valued at $1,649,828 as reported in the Portfolio of Investments. Additional collateral of $18,803,898 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of August 31, 2023 |
Government National Mtg. Assoc. | 1.75% | 11/20/2051 | $4,939 |
United States Treasury Bills | 0.00% | 09/19/2023 to 01/25/2024 | 809,348 |
United States Treasury Notes/Bonds | 0.13% to 6.62% | 10/15/2023 to 05/15/2053 | 17,989,611 |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Banks | $3,954,451 | $— | $103,691 | $4,058,142 | |||
E-Commerce/Products | — | — | 377 | 377 | |||
Human Resources | — | — | 31,687 | 31,687 | |||
Pharmaceuticals | 17,470,493 | 189 | — | 17,470,682 | |||
Software | 91,264,525 | — | 13,561 | 91,278,086 | |||
Telecommunications | 5,622,054 | — | 0 | 5,622,054 | |||
Other Industries | 420,119,911 | — | — | 420,119,911 | |||
Convertible Preferred Stocks | — | — | 1,305,813 | 1,305,813 | |||
Warrants | — | — | 4,909 | 4,909 | |||
Short-Term Investments | 1,649,828 | — | — | 1,649,828 | |||
Total Investments at Value | $540,081,262 | $189 | $1,460,038 | $541,541,489 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
135
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
136
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
137
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
138
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
139
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
140
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
141
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
142
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
143
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
144
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
145
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
146
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
147
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
148
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
149
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
150
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
151
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
152
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
153
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
(2) | The rate shown is the 7-day yield as of August 31, 2023. |
(3) | At August 31, 2023, the Fund had loaned securities with a total value of $36,736,198. This was secured by collateral of $23,338,427, which was received in cash and subsequently invested in short-term investments currently valued at $23,338,427 as reported in the Portfolio of Investments. Additional collateral of $15,276,761 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of August 31, 2023 |
Government National Mtg. Assoc. | 1.75% | 11/20/2051 | $1,585 |
United States Treasury Bills | 0.00% | 09/19/2023 to 01/25/2024 | 776,421 |
United States Treasury Notes/Bonds | 0.13% to 6.62% | 10/15/2023 to 05/15/2053 | 14,498,755 |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
CVR—Contingent Value Rights |
Futures Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
372 | Long | E-Mini Russell 2000 Index | September 2023 | $35,235,334 | $35,369,760 | $134,426 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Biotechnology | $60,929,381 | $— | $10,861 | $60,940,242 | |||
Oil & Gas | 44,670,851 | — | 0 | 44,670,851 | |||
Pharmaceuticals | 27,489,472 | — | 465 | 27,489,937 | |||
Therapeutics | — | — | 0 | 0 | |||
Other Industries | 792,151,637 | — | — | 792,151,637 | |||
Warrants | 94,526 | — | — | 94,526 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 5,005,315 | — | 5,005,315 | |||
Other Short-Term Investments | 23,338,427 | — | — | 23,338,427 | |||
Repurchase Agreements | — | 29,318,921 | — | 29,318,921 | |||
Total Investments at Value | $948,674,294 | $34,324,236 | $11,326 | $983,009,856 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $134,426 | $— | $— | $134,426 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
154
VALIC Company I Small Cap Special
Values Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
155
VALIC Company I Small Cap Special
Values Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
156
VALIC Company I Small Cap Special
Values Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Special Purpose Acquisition Company | $— | $— | $0 | $0 | |||
Other Industries | 197,937,076 | — | — | 197,937,076 | |||
Short-Term Investments | 10,199,646 | — | — | 10,199,646 | |||
Total Investments at Value | $208,136,722 | $— | $0 | $208,136,722 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
157
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
158
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
159
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
160
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
161
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
109 | Long | E-Mini Russell 2000 Index | September 2023 | $10,334,452 | $10,363,720 | $29,268 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
162
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $344,502,100 | $— | $— | $344,502,100 | |||
Short-Term Investments | 2,491,433 | — | — | 2,491,433 | |||
Repurchase Agreements | — | 10,023,710 | — | 10,023,710 | |||
Total Investments at Value | $346,993,533 | $10,023,710 | $— | $357,017,243 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $29,268 | $— | $— | $29,268 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
163
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
164
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
165
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
166
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
167
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
168
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
1,493 | Long | S&P 500 E-Mini Index | September 2023 | $329,259,253 | $337,119,400 | $7,860,147 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $5,474,877,130 | $— | $— | $5,474,877,130 | |||
Short-Term Investments | — | 19,607,532 | — | 19,607,532 | |||
Repurchase Agreements | — | 308,540,178 | — | 308,540,178 | |||
Total Investments at Value | $5,474,877,130 | $328,147,710 | $— | $5,803,024,840 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $7,860,147 | $— | $— | $7,860,147 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to
Portfolio of Investments
169
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
170
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
171
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
172
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
173
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
174
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
175
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
176
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
177
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks: | |||||||
Packaging & Containers | $2,042,100 | $90,145 | $— | $2,132,245 | |||
Telecommunications | 8,162,113 | — | 0 | 8,162,113 | |||
Other Industries | 538,039,956 | — | — | 538,039,956 | |||
Unaffiliated Investment Companies | 9,547,216 | — | — | 9,547,216 | |||
Short-Term Investments | 994,826 | — | — | 994,826 | |||
Total Investments at Value | $558,786,211 | $90,145 | $0 | $558,876,356 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
178
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
179
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
180
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
181
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
182
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
183
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $873,693,803 | $— | $— | $873,693,803 | |||
Convertible Preferred Stocks | — | — | 306,768 | 306,768 | |||
Unaffiliated Investment Companies | 9,535,606 | — | — | 9,535,606 | |||
Short-Term Investments | 348,098 | — | — | 348,098 | |||
Total Investments at Value | $883,577,507 | $— | $306,768 | $883,884,275 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets.
See Notes to Portfolio of
Investments
184
VALIC Company I Systematic Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
185
VALIC Company I Systematic Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
186
VALIC Company I Systematic Value
Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $420,317,166 | $— | $— | $420,317,166 | |||
Short-Term Investments | 133,947 | — | — | 133,947 | |||
Repurchase Agreements | — | 1,905,143 | — | 1,905,143 | |||
Total Investments at Value | $420,451,113 | $1,905,143 | $— | $422,356,256 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
187
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited)
188
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
189
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
152 | Long | S&P 500 E-Mini Index | September 2023 | $33,352,512 | $34,321,600 | $969,088 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
190
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— August 31, 2023— (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund’s net assets as of August 31, 2023 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Investments at Value:* | |||||||
Common Stocks | $696,297,659 | $— | $— | $696,297,659 | |||
Short-Term Investments | — | 2,666,530 | — | 2,666,530 | |||
Repurchase Agreements | — | 31,198,355 | — | 31,198,355 | |||
Total Investments at Value | $696,297,659 | $33,864,885 | $— | $730,162,544 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $969,088 | $— | $— | $969,088 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
191
NOTES TO PORTFOLIO OF
INVESTMENTS — August 31, 2023 — (unaudited)
Note 1. Security Valuation
In accordance with the
authoritative guidance on fair value measurements and disclosures under U.S. generally accepted accounting principles (“GAAP”), the Funds disclose the fair value of their investments in a hierarchy that
prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability
in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and
to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or
liability developed based on the best information available in the circumstances. The three-tiers are as follows:
Level 1—Unadjusted
quoted prices in active markets for identical securities
Level 2—Other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active
markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”) , etc.)
Level 3—Significant
unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under
the circumstances)
Changes in valuation
techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with
investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
The availability of
observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the
marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the
determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each
Fund’s assets and liabilities classified in the fair value hierarchy as of August 31, 2023, is reported on a schedule at the end of each Fund’s Portfolio of Investments.
Stocks are generally valued
based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the
NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be
normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.
As of the close of regular
trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or
if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the
security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may
determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of
U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair
value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close
of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign
equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are
generally categorized as Level 2.
Bonds, debentures, and other
debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or
matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such
characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a
Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.
Senior floating rate loans
(“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.
Investments in registered
investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price
or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level
1.
192
NOTES TO PORTFOLIO OF
INVESTMENTS — August 31, 2023 — (unaudited) — (continued)
Futures contracts traded on
national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1.
Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a
mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded over the counter (“OTC”) are valued at a mid valuation provided by a
Board-approved pricing service, and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved
pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the OTC market are valued at the mid valuation provided by a
Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally
categorized as Level 2.
Other securities are valued
on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC
market, and are generally categorized as Level 1 or Level 2.
The Board is responsible for
the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of
securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among
other things, making certain determinations in connection with the Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly
impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those
of other funds.
Note 2. Derivative Instruments
Forward Foreign Currency
Contracts: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency
exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund
records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks to a Fund of entering
into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their
contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to
counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts
may involve market risk in excess of the unrealized appreciation or depreciation reported on the Portfolio of Investments. Illiquidity risk arises because the secondary market for forwards may have less liquidity
relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing
governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation
of currency, and manipulations or exchange restrictions imposed by governments.
Forward foreign currency
contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Futures: A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be
required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by a Fund as a result of
changes in the value of the contract and/or changes in the value of the initial margin requirement. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
The primary risk to a Fund of
entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts
involve, to varying degrees, risk of loss in excess of the variation margin. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures
contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable
to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous
times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.
Futures contracts outstanding
at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Options: 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. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option. The option position is
marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial
instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing
purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a
call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put
option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national
securities exchange or in the OTC market.
NOTES TO PORTFOLIO OF INVESTMENTS — August 31, 2023 — (unaudited) — (continued)
Risks to a Fund of entering
into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their
contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change
in the value of the underlying securities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange
and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction
may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.
Option contracts outstanding
at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as
a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a
central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or
securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments. Unlike a bilateral swap
contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded
as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a
realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium
received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).
Credit Default Swap
Agreements: Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party
(the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit
default swaps, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add
leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event
occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced
obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less
the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Fund will make periodic payments, similar to an insurance
premium and the seller of protection agrees to compensate the Fund for future potential losses as a result of a credit event on the reference bond or other asset. A Fund effectively transfers the credit event risk of
the reference bond or asset from it to the seller of protection. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i)
receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or
(ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced
index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the
recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swaps on
credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified
payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit
instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities
in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging
markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default
swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six
months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it
would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit
quality.
Implied credit spreads,
represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule at the
end of each Fund’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied
credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based
securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing market values, in
absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring
as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap would be an
amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the end of the period, for which a Fund is the seller of protection, if any, are disclosed on a
schedule following each Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering
into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Fund for the same referenced entity or entities.
194
NOTES TO PORTFOLIO OF
INVESTMENTS — August 31, 2023 — (unaudited) — (continued)
Credit default swap contracts
outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Interest Rate Swap
Agreements: Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since
interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into
interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.
Interest rate swaps do not
involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is
contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to
receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.
Interest rate swap contracts
outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Risks of Entering into Swap
Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation
risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced
asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties
may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of
the swap, a Portfolio may suffer a loss.
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar
agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations,
representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral
requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the
occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to
pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period
of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings
of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular
Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to
elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master
Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset
in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a
Fund’s financial statements.
The following table
represents the Portfolio’s objectives for using derivative instruments for the period ended August 31, 2023:
Objectives for Using Derivatives | |||||||||||
Fund | Futures Contracts | Foreign Forward Exchange Contracts | Options Contracts | Interest Rate Swap Contracts | Credit Default Swap Contracts | ||||||
Asset Allocation | 1 | - | - | - | - | ||||||
Dynamic Allocation | 1 | - | 1 | - | - | ||||||
Emerging Economies | 1 | - | - | - | - | ||||||
Global Strategy | 1, 2 | 3 | - | - | 4, 5 | ||||||
Growth | 1 | - | - | - | - | ||||||
High Yield Bond | - | 3 | - | - | - | ||||||
Inflation Protected | 1, 2 | 3 | - | 2 | - | ||||||
International Equities Index | 1 | - | - | - | - | ||||||
International Socially Responsible | 1 | - | - | - | - | ||||||
Mid Cap Index | 1 | - | - | - | - | ||||||
Nasdaq-100® Index | 1 | - | - | - | - | ||||||
Small Cap Index | 1 | - | - | - | - | ||||||
Small Cap Value | 1 | - | - | - | - | ||||||
Stock Index | 1 | - | - | - | - | ||||||
U.S. Socially Responsible | 1 | - | - | - | - |
(1) To manage exposures in certain
securities markets.
(2) To manage interest rate risk and
the duration of the portfolio.
(3) To manage foreign currency
exchange rate risk.
NOTES TO PORTFOLIO OF INVESTMENTS — August 31, 2023 — (unaudited) — (continued)
(4) To manage credit risk.
(5) To manage against or gain exposure
to certain securities and/or sectors.
Note 3. Transactions with Affiliates
As disclosed in the Portfolio
of Investments, certain Funds owned shares of various VALIC Co. I Funds and securities issued by American International Group, Inc. or an affiliate thereof. During the period ended August 31, 2023, transactions in
these securities were as follows:
Aggressive Growth Lifestyle Fund | ||||||||||||||||
Security | Income | Capital Gain Distribution Received | Value at May 31, 2023 | Cost of Purchases† | Proceeds of Sales | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Value at August 31, 2023 | ||||||||
VALIC Company I | ||||||||||||||||
Core Bond Fund | $— | $— | $170,266,219 | $9,248,238 | $13,770,946 | $(3,073,643) | $2,500,608 | $165,170,476 | ||||||||
International Equities Index Fund | — | — | 110,291,478 | 9,133,980 | 1,589,365 | 309,989 | 3,206,733 | 121,352,815 | ||||||||
Large Capital Growth Fund | — | — | 29,111,623 | — | 30,855,342 | (1,044,045) | 2,787,764 | — | ||||||||
Small Cap Growth Fund | — | — | 31,538,743 | — | 1,915,222 | (205,124) | 2,530,192 | 31,948,589 | ||||||||
Small Cap Value Fund | — | — | 30,759,881 | — | 1,882,679 | (157,686) | 3,085,552 | 31,805,068 | ||||||||
Stock Index Fund | — | — | 166,722,826 | 1,806,044 | 5,659,733 | 810,305 | 12,568,879 | 176,248,321 | ||||||||
Systematic Growth Fund | — | — | 36,949,756 | 28,986,325 | 4,191,397 | (326,703) | 4,380,122 | 65,798,103 | ||||||||
Systematic Value Fund | — | — | 49,322,459 | 3,244,859 | 4,319,190 | (779,633) | 5,130,209 | 52,598,704 | ||||||||
$— | $— | $624,962,985 | $52,419,446 | $64,183,874 | $(4,466,540) | $36,190,059 | $644,922,076 | |||||||||
† Includes reinvestment of distributions paid. |
Conservative Growth Lifestyle Fund | ||||||||||||||||
Security | Income | Capital Gain Distribution Received | Value at May 31, 2023 | Cost of Purchases† | Proceeds of Sales | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Value at August 31, 2023 | ||||||||
VALIC Company I | ||||||||||||||||
Core Bond Fund | $— | $— | $204,003,207 | $4,674,107 | $10,351,962 | $(2,005,721) | $1,346,694 | $197,666,325 | ||||||||
International Equities Index Fund | — | — | 23,613,099 | 2,867,898 | 633,847 | 124,014 | 635,870 | 26,607,034 | ||||||||
Large Capital Growth Fund | — | — | 6,251,657 | — | 6,625,161 | 222,354 | 151,150 | — | ||||||||
Small Cap Growth Fund | — | — | 6,071,559 | — | 778,711 | (14,937) | 450,738 | 5,728,649 | ||||||||
Small Cap Value Fund | — | — | 5,928,513 | — | 614,691 | (51,484) | 627,932 | 5,890,270 | ||||||||
Stock Index Fund | — | — | 35,384,818 | 1,087,164 | 1,853,435 | 75,831 | 2,734,082 | 37,428,460 | ||||||||
Systematic Growth Fund | — | — | 10,547,151 | 5,579,241 | 1,618,737 | (2,842) | 1,103,485 | 15,608,298 | ||||||||
Systematic Value Fund | — | — | 9,688,725 | 1,517,684 | 2,192,715 | (92,339) | 978,925 | 9,900,280 | ||||||||
$— | $— | $301,488,729 | $15,726,094 | $24,669,259 | $(1,745,124) | $8,028,876 | $298,829,316 | |||||||||
† Includes reinvestment of distributions paid. |
Dynamic Allocation Fund | ||||||||||||||||
Security | Income | Capital Gain Distribution Received | Value at May 31, 2023 | Cost of Purchases† | Proceeds of Sales | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Value at August 31, 2023 | ||||||||
VALIC Company I | ||||||||||||||||
Capital Appreciation Fund | $— | $— | $5,372,628 | $214,954 | $772,921 | $66,887 | $433,350 | $5,314,898 | ||||||||
Core Bond Fund | — | — | 19,799,704 | 844,039 | 3,047,621 | (499,353) | 447,720 | 17,544,489 | ||||||||
Dividend Value Fund | — | — | 8,870,602 | 390,528 | 1,410,929 | 3,513 | 517,176 | 8,370,890 | ||||||||
Emerging Economies Fund | — | — | 766,449 | 34,077 | 123,382 | (32,363) | 68,443 | 713,224 | ||||||||
Global Real Estate Fund | — | — | 1,554,739 | 78,638 | 279,344 | (50,476) | 100,360 | 1,403,917 | ||||||||
Government Securities Fund | — | — | 6,933,528 | 293,579 | 1,062,216 | (149,654) | 51,759 | 6,066,996 | ||||||||
Growth Fund | — | — | 5,522,036 | 214,955 | 772,921 | (360,065) | 876,794 | 5,480,799 | ||||||||
High Yield Bond Fund | — | — | 1,247,154 | 52,425 | 192,896 | (16,650) | 55,470 | 1,145,503 | ||||||||
Inflation Protected Fund | — | — | 2,297,092 | 94,363 | 343,212 | (57,082) | 25,369 | 2,016,530 | ||||||||
International Equities Index Fund | — | — | 2,703,664 | 112,713 | 402,726 | 52,379 | 40,351 | 2,506,381 | ||||||||
International Government Bond Fund | — | — | 614,859 | 26,213 | 96,448 | (14,715) | 15,276 | 545,185 | ||||||||
International Growth Fund | — | — | 2,871,720 | 110,092 | 397,081 | 14,420 | (53,188) | 2,545,963 |
196
NOTES TO PORTFOLIO OF
INVESTMENTS — August 31, 2023 — (unaudited) — (continued)
Dynamic Allocation Fund | ||||||||||||||||
Security | Income | Capital Gain Distribution Received | Value at May 31, 2023 | Cost of Purchases† | Proceeds of Sales | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Value at August 31, 2023 | ||||||||
International Opportunities Fund | $— | $— | 412,654 | $15,727 | $53,869 | $(36,921) | $57,885 | $395,476 | ||||||||
International Socially Responsible Fund | — | — | 1,988,879 | 86,501 | 316,278 | (56,287) | 115,469 | 1,818,284 | ||||||||
International Value Fund | — | — | 4,397,926 | 186,109 | 670,780 | 33,540 | 341,116 | 4,287,911 | ||||||||
Large Capital Growth Fund | — | — | 5,776,527 | 238,558 | 863,772 | 140,972 | 260,550 | 5,552,835 | ||||||||
Mid Cap Index Fund | — | — | 1,532,966 | 65,531 | 241,120 | 12,957 | 146,512 | 1,516,846 | ||||||||
Mid Cap Strategic Growth Fund | — | — | 1,585,196 | 65,531 | 241,120 | (162,797) | 255,325 | 1,502,135 | ||||||||
Mid Cap Value Fund | — | — | 1,806,998 | 78,637 | 279,344 | 11,022 | 179,661 | 1,796,974 | ||||||||
Small Cap Growth Fund | — | — | 521,943 | 36,697 | 129,027 | (55,066) | 95,449 | 469,996 | ||||||||
Small Cap Index Fund | — | — | 630,919 | 26,212 | 96,448 | (2,670) | 60,441 | 618,454 | ||||||||
Small Cap Special Values Fund | — | — | 976,710 | 41,939 | 150,317 | (17,047) | 136,656 | 987,941 | ||||||||
Small Cap Value Fund | — | — | 306,725 | 13,106 | 48,224 | 1,468 | 27,609 | 300,684 | ||||||||
Stock Index Fund | — | — | 12,548,207 | 524,248 | 1,898,957 | 345,649 | 676,606 | 12,195,753 | ||||||||
Systematic Core Fund | — | — | 9,150,466 | 382,702 | 1,384,139 | 132,259 | 669,432 | 8,950,720 | ||||||||
Systematic Growth Fund | — | — | 3,873,335 | 152,057 | 547,494 | (41,587) | 425,331 | 3,861,642 | ||||||||
Systematic Value Fund | — | — | 12,203,573 | 539,939 | 1,952,682 | 119,049 | 942,591 | 11,852,470 | ||||||||
U.S. Socially Responsible Fund | — | — | 7,573,037 | 322,413 | 1,164,309 | (590,998) | 1,212,908 | 7,353,051 | ||||||||
$— | $— | $123,840,236 | $5,242,483 | $18,939,577 | $(1,209,616) | $8,182,421 | $117,115,947 | |||||||||
† Includes reinvestment of distributions paid. |
Moderate Growth Lifestyle Fund | ||||||||||||||||
Security | Income | Capital Gain Distribution Received | Value at May 31, 2023 | Cost of Purchases† | Proceeds of Sales | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Value at August 31, 2023 | ||||||||
VALIC Company I | ||||||||||||||||
Core Bond Fund | $— | $— | $465,074,965 | $15,024,886 | $27,140,993 | $(5,270,825) | $3,743,257 | $451,431,290 | ||||||||
International Equities Index Fund | — | — | 124,666,481 | 11,272,016 | 2,661,968 | 520,822 | 3,481,582 | 137,278,933 | ||||||||
Large Capital Growth Fund | — | — | 33,761,516 | — | 35,776,452 | (1,107,723) | 3,122,659 | — | ||||||||
Small Cap Growth Fund | — | — | 34,555,699 | — | 2,783,377 | (484,234) | 3,048,711 | 34,336,799 | ||||||||
Small Cap Value Fund | — | — | 33,714,154 | — | 2,774,717 | (232,400) | 3,475,764 | 34,182,801 | ||||||||
Stock Index Fund | — | — | 189,555,753 | 2,693,945 | 7,280,880 | (716,309) | 15,914,208 | 200,166,717 | ||||||||
Systematic Growth Fund | — | — | 44,778,820 | 30,909,536 | 5,983,213 | (429,135) | 5,243,733 | 74,519,741 | ||||||||
Systematic Value Fund | — | — | 53,204,496 | 5,012,664 | 7,431,881 | (1,005,176) | 5,746,816 | 55,526,919 | ||||||||
$— | $— | $979,311,884 | $64,913,047 | $91,833,481 | $(8,724,980) | $43,776,730 | $987,443,200 | |||||||||
† Includes reinvestment of distributions paid. |
Stock Index Fund | ||||||||||||||||
Security | Income | Capital Gain Distribution Received | Value at May 31, 2023 | Cost of Purchases | Proceeds of Sales | Realized Gain/(Loss) | Change in Unrealized Gain (Loss) | Value at August 31, 2023 | ||||||||
American International Group, Inc. - Common Stock | $38,826 | $— | $5,697,663 | $— | $150,614 | $62,707 | $547,718 | $6,157,474 |
ADDITIONAL INFORMATION
Additional information is
available in the VALIC Company I’s Annual and Semi-annual reports which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.