VALIC Company I Aggressive Growth
Lifestyle Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $687,372,779 | $— | $— | $687,372,779 | |||
Short-Term Investments | 4,176,791 | — | — | 4,176,791 | |||
Total Investments at Value | $691,549,570 | $— | $— | $691,549,570 |
* | 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
— February 29, 2024 — (unaudited)
2
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
3
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
4
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
5
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
6
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
7
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
8
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
9
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
10
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
11
VALIC Company I Asset Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $91,040,670 | $— | $— | $91,040,670 | |||
Corporate Bonds & Notes | — | 16,270,330 | — | 16,270,330 | |||
Asset Backed Securities | — | 6,409,938 | — | 6,409,938 | |||
Collateralized Mortgage Obligations | — | 4,422,563 | — | 4,422,563 | |||
U.S. Government & Agency Obligations | — | 25,473,675 | — | 25,473,675 | |||
Municipal Securities | — | 30,420 | — | 30,420 | |||
Escrows and Litigation Trusts | — | 44 | — | 44 | |||
Short-Term Investments | 356,863 | — | — | 356,863 | |||
Repurchase Agreements | — | 2,515,503 | — | 2,515,503 | |||
Total Investments at Value | $91,397,533 | $55,122,473 | $— | $146,520,006 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
12
VALIC Company I Capital Appreciation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
13
VALIC Company I Capital Appreciation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Security Description | Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS — 6.2% | ||||
Unaffiliated Investment Companies — 6.2% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28%(1) (cost $8,762,894) | 8,762,894 | $ 8,762,894 | ||
TOTAL INVESTMENTS (cost $113,426,672) | 103.0% | 146,657,365 | ||
Other assets less liabilities | (3.0) | (4,222,885) | ||
NET ASSETS | 100.0% | $142,434,480 |
† | Non-income producing security |
(1) | The rate shown is the 7-day yield as of February 29, 2024. |
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $137,894,471 | $— | $— | $137,894,471 | |||
Short-Term Investments | 8,762,894 | — | — | 8,762,894 | |||
Total Investments at Value | $146,657,365 | $— | $— | $146,657,365 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
14
VALIC Company I Conservative Growth
Lifestyle Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $298,318,367 | $— | $— | $298,318,367 | |||
Short-Term Investments | 2,210,924 | — | — | 2,210,924 | |||
Total Investments at Value | $300,529,291 | $— | $— | $300,529,291 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
15
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
16
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
17
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
18
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
19
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
20
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
21
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
22
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
23
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
24
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
25
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
26
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
27
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
28
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
29
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
30
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
31
VALIC Company I Core Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $— | $1,052,213,389 | $— | $1,052,213,389 | |||
Asset Backed Securities | — | 35,328,586 | — | 35,328,586 | |||
Collateralized Mortgage Obligations | — | 33,788,294 | — | 33,788,294 | |||
U.S. Government & Agency Obligations | — | 1,357,077,936 | — | 1,357,077,936 | |||
Foreign Government Obligations | — | 63,794,811 | — | 63,794,811 | |||
Common Stocks | — | — | 7,578,891 | 7,578,891 | |||
Preferred Stocks | 22,961 | — | — | 22,961 | |||
Escrows and Litigation Trusts | — | 186 | — | 186 | |||
Short-Term Investments | 123,439,636 | — | — | 123,439,636 | |||
Total Investments at Value | $123,462,597 | $2,542,203,202 | $7,578,891 | $2,673,244,690 |
* | 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
32
VALIC Company I Dividend Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
33
VALIC Company I Dividend Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
34
VALIC Company I Dividend Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $62,692,721 | $2,178,580 | $— | $64,871,301 | |||
Beverages | 7,445,620 | 5,867,784 | — | 13,313,404 | |||
Healthcare-Products | 16,969,357 | 4,145,293 | — | 21,114,650 | |||
Home Furnishings | — | 6,300,397 | — | 6,300,397 | |||
Household Products/Wares | — | 1,924,644 | — | 1,924,644 | |||
Insurance | 40,240,965 | 2,098,866 | — | 42,339,831 | |||
Internet | 2,695,715 | 1,540,645 | — | 4,236,360 | |||
Machinery-Construction & Mining | — | 2,021,931 | — | 2,021,931 | |||
Miscellaneous Manufacturing | — | 1,264,605 | — | 1,264,605 | |||
Oil & Gas | 16,803,267 | 18,949,268 | — | 35,752,535 | |||
Pharmaceuticals | 39,846,341 | 15,422,276 | — | 55,268,617 | |||
Retail | 14,153,042 | 1,110,960 | — | 15,264,002 | |||
Semiconductors | 12,162,987 | 8,020,276 | — | 20,183,263 | |||
Other Industries | 366,094,345 | — | — | 366,094,345 | |||
Short-Term Investments | 26,592,114 | — | — | 26,592,114 | |||
Total Investments at Value | $605,696,474 | $70,845,525 | $— | $676,541,999 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
35
VALIC Company I Dynamic Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
110 | Long | S&P 500 E-Mini Index | March 2024 | $26,865,817 | $28,070,625 | $1,204,808 |
* | 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. |
36
VALIC Company I Dynamic Allocation
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $119,399,343 | $— | $— | $119,399,343 | |||
U.S. Government & Agency Obligations | — | 21,573,728 | — | 21,573,728 | |||
Purchased Options | — | 776,173 | — | 776,173 | |||
Short-Term Investments | 6,507,174 | — | — | 6,507,174 | |||
Total Investments at Value | $125,906,517 | $22,349,901 | $— | $148,256,418 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $1,204,808 | $— | $— | $1,204,808 |
* | 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
37
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
38
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
39
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation* | |
Semiconductors | 18.5% |
Banks | 18.1 |
Internet | 9.7 |
Oil & Gas | 8.7 |
Insurance | 4.6 |
Auto Manufacturers | 4.5 |
Computers | 3.7 |
Telecommunications | 3.0 |
Diversified Financial Services | 2.6 |
Software | 2.3 |
Transportation | 2.2 |
Airlines | 2.2 |
Home Furnishings | 2.2 |
Mining | 2.0 |
Electronics | 1.8 |
Engineering & Construction | 1.7 |
Auto Parts & Equipment | 1.5 |
Food | 1.1 |
40
VALIC Company I Emerging Economies
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation*(continued) | |
Miscellaneous Manufacturing | 1.1% |
Retail | 0.9 |
Beverages | 0.8 |
Coal | 0.7 |
Electric | 0.7 |
Forest Products & Paper | 0.4 |
Aerospace/Defense | 0.4 |
Iron/Steel | 0.3 |
Pharmaceuticals | 0.3 |
Electrical Components & Equipment | 0.3 |
Machinery-Diversified | 0.3 |
Entertainment | 0.3 |
Real Estate | 0.3 |
Media | 0.3 |
Building Materials | 0.2 |
Short-Term Investments | 0.1 |
97.8% |
* | 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 February 29, 2024 (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: | |||||||
Bermuda | $4,013,117 | $2,308,898 | $— | $6,322,015 | |||
Brazil | 41,877,548 | — | — | 41,877,548 | |||
Cayman Islands | 11,312,812 | 68,049,328 | — | 79,362,140 | |||
Chile | 1,963,792 | — | — | 1,963,792 | |||
Colombia | 1,814,471 | — | — | 1,814,471 | |||
India | 30,594,782 | 64,870,218 | — | 95,465,000 | |||
Mexico | 15,419,788 | — | — | 15,419,788 | |||
Panama | 3,511,649 | — | — | 3,511,649 | |||
Russia | — | — | 0 | 0 | |||
South Korea | 1,969,280 | 97,433,044 | — | 99,402,324 | |||
Thailand | 10,347,907 | 1,850,653 | — | 12,198,560 | |||
Other Countries | — | 287,764,787 | — | 287,764,787 | |||
Short-Term Investments | 664,368 | — | — | 664,368 | |||
Total Investments at Value | $123,489,514 | $522,276,928 | $0 | $645,766,442 |
* | 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
41
VALIC Company I Global Real Estate
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
42
VALIC Company I Global Real Estate
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation* | |
REITS | 82.0% |
Real Estate | 11.3 |
Short-Term Investments | 2.1 |
Healthcare-Services | 2.1 |
Engineering & Construction | 0.8 |
Telecommunications | 0.5 |
Private Equity | 0.4 |
Building Materials | 0.2 |
Transportation | 0.2 |
99.6% |
* | Calculated as a percentage of net assets |
43
VALIC Company I Global Real Estate
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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: | |||||||
Canada | $7,036,330 | $— | $— | $7,036,330 | |||
Mexico | 2,066,119 | — | — | 2,066,119 | |||
United States | 164,319,143 | — | — | 164,319,143 | |||
Other Countries | — | 80,318,889 | — | 80,318,889 | |||
Short-Term Investments: | |||||||
Sovereign | — | 1,020,851 | — | 1,020,851 | |||
Other Short-Term Investments | 4,536,941 | — | — | 4,536,941 | |||
Total Investments at Value | $177,958,533 | $81,339,740 | $— | $259,298,273 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
44
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
45
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
46
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
47
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
48
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
49
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
50
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
51
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
52
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The rates shown on FRS and/or
VRS are the current interest rates at February 29, 2024 and unless noted otherwise, the dates shown are the original maturity dates.
Futures Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
9 | Long | S&P 500 E-Mini Index | March 2024 | $2,164,068 | $2,296,687 | $132,619 |
45 | Long | U.S. Treasury Ultra 10 Year Notes | June 2024 | 5,133,944 | 5,137,735 | 3,791 |
$136,410 |
Unrealized (Depreciation) | ||||||
8 | Long | Euro Buxl 30 Year Bonds | March 2024 | $1,168,770 | $1,151,354 | $(17,416) |
13 | Short | U.S. Treasury 10 Year Notes | June 2024 | 1,432,768 | 1,435,688 | (2,920) |
$(20,336) | ||||||
Net Unrealized Appreciation (Depreciation) | $116,074 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Forward Foreign Currency Contracts | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
Citibank, N.A. | CAD | 1,060,000 | USD | 785,581 | 04/25/2024 | $ 3,894 | $ — | |
GBP | 1,720,000 | USD | 2,155,263 | 03/08/2024 | — | (15,936) | ||
USD | 263,822 | MXN | 4,600,000 | 04/29/2024 | 3,681 | — | ||
7,575 | (15,936) | |||||||
HSBC Bank PLC | GBP | 1,620,000 | USD | 2,055,521 | 03/08/2024 | 10,554 | — | |
JPY | 225,000,000 | USD | 1,586,084 | 03/15/2024 | 82,716 | — | ||
USD | 792,553 | CAD | 1,060,000 | 04/25/2024 | — | (10,866) | ||
USD | 140,634 | EUR | 130,000 | 05/07/2024 | 237 | — | ||
93,507 | (10,866) | |||||||
JPMorgan Chase Bank, N.A. | EUR | 2,140,000 | USD | 2,326,351 | 05/07/2024 | 7,399 | — | |
GBP | 220,000 | USD | 277,957 | 03/08/2024 | 246 | — | ||
USD | 1,579,114 | JPY | 225,000,000 | 03/15/2024 | — | (75,747) | ||
7,645 | (75,747) | |||||||
Unrealized Appreciation (Depreciation) | $108,727 | $(102,549) |
CAD—Canadian Dollar |
EUR—Euro Currency |
GBP—British Pound |
JPY—Japanese Yen |
MXN—Mexican Peso |
USD—United States Dollar |
Industry Allocation* | |
Foreign Government Obligations | 8.1% |
Internet | 6.7 |
Short-Term Investments | 6.5 |
Software | 5.9 |
Diversified Financial Services | 5.3 |
Oil & Gas | 5.2 |
Banks | 5.0 |
Semiconductors | 4.9 |
Computers | 3.4 |
Investment Companies | 3.4 |
Collateralized Mortgage Obligations | 3.3 |
U.S. Government & Agency Obligations | 3.2 |
Pharmaceuticals | 2.8 |
Retail | 2.5 |
53
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation*(continued) | |
Auto Manufacturers | 2.4% |
Insurance | 2.2 |
Telecommunications | 2.0 |
Electric | 1.7 |
Chemicals | 1.6 |
Mining | 1.4 |
Healthcare-Products | 1.4 |
Pipelines | 1.3 |
Biotechnology | 1.3 |
Commercial Services | 1.3 |
Iron/Steel | 1.2 |
Media | 1.1 |
Electronics | 1.1 |
Food | 1.0 |
Building Materials | 1.0 |
REITS | 0.9 |
Aerospace/Defense | 0.9 |
Apparel | 0.8 |
Cosmetics/Personal Care | 0.8 |
Healthcare-Services | 0.8 |
Beverages | 0.7 |
Airlines | 0.7 |
Transportation | 0.7 |
Distribution/Wholesale | 0.7 |
Entertainment | 0.7 |
Machinery-Construction & Mining | 0.6 |
Private Equity | 0.6 |
Engineering & Construction | 0.5 |
Miscellaneous Manufacturing | 0.5 |
Home Builders | 0.5 |
Gas | 0.5 |
Machinery-Diversified | 0.5 |
Hand/Machine Tools | 0.4 |
Electrical Components & Equipment | 0.4 |
Agriculture | 0.3 |
Real Estate | 0.3 |
Advertising | 0.3 |
Auto Parts & Equipment | 0.2 |
Lodging | 0.2 |
Forest Products & Paper | 0.2 |
Home Furnishings | 0.1 |
Environmental Control | 0.1 |
Toys/Games/Hobbies | 0.1 |
Packaging & Containers | 0.1 |
Shipbuilding | 0.1 |
Coal | 0.1 |
Metal Fabricate/Hardware | 0.1 |
Water | 0.1 |
102.7% |
* | 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 February 29, 2024 (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: | ||||
Bermuda | $733,760 | $— | $— | $733,760 |
Brazil | 856,758 | — | — | 856,758 |
Canada | 3,005,790 | — | — | 3,005,790 |
Cayman Islands | 280,421 | 1,613,164 | — | 1,893,585 |
Ireland | 981,445 | 542,054 | — | 1,523,499 |
Israel | 312,819 | — | — | 312,819 |
54
VALIC Company I Global Strategy
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||
ASSETS: | |||||||
Liberia | $96,952 | $— | $— | $96,952 | |||
Mexico | 335,485 | — | — | 335,485 | |||
Netherlands | 464,684 | 3,087,548 | — | 3,552,232 | |||
Russia | — | — | 0 | 0 | |||
Switzerland | 140,139 | 2,406,657 | — | 2,546,796 | |||
United Kingdom | 159,153 | 4,620,759 | — | 4,779,912 | |||
United States | 76,654,995 | — | — | 76,654,995 | |||
Other Countries | — | 38,531,155 | — | 38,531,155 | |||
Corporate Bonds & Notes | — | 43,486,887 | — | 43,486,887 | |||
Loans | — | 824,025 | — | 824,025 | |||
Collateralized Mortgage Obligations | — | 7,116,825 | — | 7,116,825 | |||
U.S. Government & Agency Obligations | — | 6,988,078 | — | 6,988,078 | |||
Foreign Government Obligations | — | 17,855,949 | — | 17,855,949 | |||
Warrants | — | — | 0 | 0 | |||
Short-Term Investments: | |||||||
Sovereign | — | 1,799,737 | — | 1,799,737 | |||
Other Short-Term Investments | 12,493,624 | — | — | 12,493,624 | |||
Total Investments at Value | $96,516,025 | $128,872,838 | $0 | $225,388,863 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $136,410 | $— | $— | $136,410 | |||
Forward Foreign Currency Contracts | — | 108,727 | — | 108,727 | |||
Total Other Financial Instruments | $136,410 | $108,727 | $— | $245,137 | |||
LIABILITIES: | |||||||
Other Financial Instruments:† | |||||||
Futures Contracts | $20,336 | $— | $— | $20,336 | |||
Forward Foreign Currency Contracts | — | 102,549 | — | 102,549 | |||
Total Other Financial Instruments | $20,336 | $102,549 | $— | $122,885 |
* | 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
55
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
56
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
57
VALIC Company I Government Securities
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $— | $7,317,865 | $— | $7,317,865 | |||
Asset Backed Securities | — | 3,430,771 | — | 3,430,771 | |||
Collateralized Mortgage Obligations | — | 28,730,419 | — | 28,730,419 | |||
U.S. Government & Agency Obligations | — | 82,761,216 | — | 82,761,216 | |||
Municipal Securities | — | 255,446 | — | 255,446 | |||
Repurchase Agreements | — | 6,263,322 | — | 6,263,322 | |||
Total Investments at Value | $— | $128,759,039 | $— | $128,759,039 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
58
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
59
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
60
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
61
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Security Description | Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS — 0.2% | ||||
Unaffiliated Investment Companies — 0.2% | ||||
State Street Institutional Treasury Money Market Fund, Premier Class 5.25%(3) | 1,601,228 | $ 1,601,228 | ||
State Street Navigator Securities Lending Government Money Market Portfolio 5.35%(3)(4) | 1,891,500 | 1,891,500 | ||
3,492,728 | ||||
U.S. Government — 0.0% | ||||
United States Treasury Bills | ||||
5.22%, 03/21/2024(5) | $ 20,000 | 19,941 | ||
Total Short-Term Investments (cost $3,512,670) | 3,512,669 | |||
TOTAL INVESTMENTS (cost $1,219,579,359) | 100.1% | 1,713,304,599 | ||
Other assets less liabilities | (0.1) | (2,218,628) | ||
NET ASSETS | 100.0% | $1,711,085,971 |
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
(1) | Securities classified as Level 3 (see Note 1). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of February 29, 2024, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares or Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||
Convertible Preferred Stocks | ||||||||||||
ByteDance, Ltd., Series E-1 | 12/10/2020 | 47,885 | $5,246,959 | $7,747,916 | $161.80 | 0.4% |
(3) | The rate shown is the 7-day yield as of February 29, 2024. |
(4) | At February 29, 2024, the Fund had loaned securities with a total value of $9,771,121. This was secured by collateral of $1,891,500, which was received in cash and subsequently invested in short-term investments currently valued at $1,891,500 as reported in the Portfolio of Investments. Additional collateral of $8,183,954 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of February 29, 2024 | |||
United States Treasury Notes/Bonds | 0.00% to 5.56% | 03/15/2024 to 02/15/2054 | $8,183,954 |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
ETF—Exchange Traded Fund |
62
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (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 | March 2024 | $234,904 | $255,188 | $20,284 |
* | 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 February 29, 2024 (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: | |||||||
Apparel | $1,004,280 | $16,219,117 | $— | $17,223,397 | |||
Other Industries | 1,683,385,817 | — | — | 1,683,385,817 | |||
Convertible Preferred Stocks | — | — | 7,747,916 | 7,747,916 | |||
Unaffiliated Investment Companies | 1,434,800 | — | — | 1,434,800 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 19,941 | — | 19,941 | |||
Other Short-Term Investments | 3,492,728 | — | — | 3,492,728 | |||
Total Investments at Value | $1,689,317,625 | $16,239,058 | $7,747,916 | $1,713,304,599 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $20,284 | $— | $— | $20,284 |
* | 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
63
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
64
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
65
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
66
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
67
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
68
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
Barclays Bank PLC | EUR | 7,346,331 | USD | 7,991,539 | 03/28/2024 | $43,902 | $— | |
JPMorgan Chase Bank, N.A. | GBP | 3,012,000 | USD | 3,821,802 | 03/28/2024 | 19,211 | — | |
Morgan Stanley & Co. International PLC | EUR | 480,000 | USD | 521,430 | 03/28/2024 | 2,141 | — | |
Standard Chartered Bank | GBP | 100,000 | USD | 126,897 | 03/28/2024 | 648 | — | |
State Street Bank & Trust Company | GBP | 89,000 | USD | 112,852 | 03/28/2024 | 491 | — | |
UBS AG | GBP | 550,000 | USD | 697,501 | 03/28/2024 | 3,137 | — | |
Unrealized Appreciation (Depreciation) | $69,530 | $— |
EUR—Euro Currency |
GBP—British Pound |
USD—United States Dollar |
69
VALIC Company I High Yield Bond
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $— | $382,668,607 | $— | $382,668,607 | |||
Convertible Bonds & Notes | — | 8,290,392 | — | 8,290,392 | |||
Loans | — | 8,220,377 | — | 8,220,377 | |||
Short-Term Investments | 16,742,665 | — | — | 16,742,665 | |||
Repurchase Agreements | — | 18,613,165 | — | 18,613,165 | |||
Total Investments at Value | $16,742,665 | $417,792,541 | $— | $434,535,206 | |||
Other Financial Instruments:† | |||||||
Forward Foreign Currency Contracts | $— | $69,530 | $— | $69,530 |
* | 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
70
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
71
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
72
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Inflation 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. | 39,860,000 | USD | Fixed 3.430% | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | $— | $(348,913) | $(348,913) |
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
122 | Long | U.S. Treasury 10 Year Notes | June 2024 | $13,467,379 | $13,473,375 | $ 5,996 |
352 | Short | Canada 10 Year Bonds | June 2024 | 31,171,764 | 31,090,329 | 81,435 |
42 | Short | Euro-BUND | March 2024 | 6,070,899 | 6,021,459 | 49,440 |
129 | Short | Euro-OAT | March 2024 | 17,827,918 | 17,802,940 | 24,978 |
$161,849 |
Unrealized (Depreciation) | ||||||
152 | Short | Euro-BTP | March 2024 | $18,997,257 | $19,355,649 | $(358,392) |
435 | Short | U.S. Treasury 2 Year Notes | June 2024 | 89,023,831 | 89,066,251 | (42,420) |
63 | Short | U.S. Treasury Ultra Bonds | June 2024 | 8,047,565 | 8,056,125 | (8,560) |
$(409,372) | ||||||
Net Unrealized Appreciation (Depreciation) | $(247,523) |
* | 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) | |||
Bank of America, N.A. | AUD | 835,000 | USD | 551,390 | 03/20/2024 | $ 8,371 | $ — | |
MXN | 89,152,000 | USD | 5,035,983 | 03/20/2024 | — | (181,232) | ||
NZD | 1,100,000 | USD | 688,161 | 03/20/2024 | 18,421 | — | ||
26,792 | (181,232) |
73
VALIC Company I Inflation Protected
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Forward Foreign Currency Contracts — (continued) | ||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized (Depreciation) | |||
Barclays Bank PLC | EUR | 1,772,000 | USD | 1,940,860 | 03/20/2024 | $ 24,452 | $ — | |
MXN | 89,153,000 | USD | 5,033,054 | 03/20/2024 | — | (184,220) | ||
24,452 | (184,220) | |||||||
BNP Paribas SA | USD | 692,339 | EUR | 629,000 | 03/20/2024 | — | (12,079) | |
Deutsche Bank AG | EUR | 37,745,000 | USD | 41,542,071 | 03/20/2024 | 721,062 | — | |
NZD | 56,539,000 | USD | 34,585,766 | 03/20/2024 | 161,727 | — | ||
882,789 | — | |||||||
Goldman Sachs International | BRL | 48,933,000 | USD | 9,788,871 | 03/20/2024 | — | (37,736) | |
Royal Bank of Canada | AUD | 47,732,000 | USD | 31,434,135 | 03/20/2024 | 392,925 | — | |
CAD | 22,924,000 | USD | 16,922,265 | 03/20/2024 | 26,273 | — | ||
419,198 | — | |||||||
Unrealized Appreciation (Depreciation) | $1,353,231 | $(415,267) |
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 February 29, 2024 (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 | $— | $18,268,166 | $— | $18,268,166 | |||
Asset Backed Securities | — | 3,888,851 | — | 3,888,851 | |||
Collateralized Mortgage Obligations | — | 10,620,603 | — | 10,620,603 | |||
U.S. Government & Agency Obligations | — | 220,277,438 | — | 220,277,438 | |||
Foreign Government Obligations | — | 141,262,697 | — | 141,262,697 | |||
Municipal Securities | — | 3,267,445 | — | 3,267,445 | |||
Escrows and Litigation Trusts | — | — | 1,563 | 1,563 | |||
Repurchase Agreements | — | 1,164,651 | — | 1,164,651 | |||
Total Investments at Value | $— | $398,749,851 | $1,563 | $398,751,414 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $161,849 | $— | $— | $161,849 | |||
Forward Foreign Currency Contracts | — | 1,353,231 | — | 1,353,231 | |||
Total Other Financial Instruments | $161,849 | $1,353,231 | $— | $1,515,080 | |||
LIABILITIES: | |||||||
Other Financial Instruments:† | |||||||
Swaps | $— | $348,913 | $— | $348,913 | |||
Futures Contracts | 409,372 | — | — | 409,372 | |||
Forward Foreign Currency Contracts | — | 415,267 | — | 415,267 | |||
Total Other Financial Instruments | $409,372 | $764,180 | $— | $1,173,552 |
* | 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
74
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
75
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
76
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
77
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
78
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
79
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
80
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
81
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
222 | Long | MSCI EAFE Index | March 2024 | $24,705,305 | $25,395,690 | $690,385 |
* | 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 | 11.1% |
Pharmaceuticals | 9.0 |
Insurance | 5.3 |
Semiconductors | 4.5 |
Auto Manufacturers | 4.3 |
Oil & Gas | 4.0 |
Food | 3.8 |
Chemicals | 2.8 |
Telecommunications | 2.8 |
Commercial Services | 2.6 |
Electric | 2.5 |
Mining | 2.5 |
Apparel | 2.4 |
Healthcare-Products | 2.2 |
Machinery-Diversified | 2.2 |
Retail | 2.1 |
Aerospace/Defense | 2.0 |
Cosmetics/Personal Care | 2.0 |
Building Materials | 2.0 |
Software | 1.8 |
Short-Term Investments | 1.8 |
Distribution/Wholesale | 1.8 |
Beverages | 1.7 |
Electronics | 1.7 |
Machinery-Construction & Mining | 1.6 |
Diversified Financial Services | 1.5 |
Engineering & Construction | 1.3 |
Transportation | 1.1 |
Miscellaneous Manufacturing | 1.1 |
Computers | 1.1 |
Electrical Components & Equipment | 1.0 |
Internet | 1.0 |
82
VALIC Company I International Equities
Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation*(continued) | |
Real Estate | 0.9% |
Auto Parts & Equipment | 0.9 |
Entertainment | 0.8 |
Home Furnishings | 0.8 |
REITS | 0.7 |
Biotechnology | 0.7 |
Agriculture | 0.7 |
Iron/Steel | 0.5 |
Investment Companies | 0.5 |
Private Equity | 0.5 |
Toys/Games/Hobbies | 0.5 |
Gas | 0.5 |
Healthcare-Services | 0.4 |
Household Products/Wares | 0.4 |
Repurchase Agreements | 0.4 |
Lodging | 0.4 |
Media | 0.3 |
Food Service | 0.3 |
Hand/Machine Tools | 0.3 |
Water | 0.3 |
Metal Fabricate/Hardware | 0.3 |
Home Builders | 0.2 |
Forest Products & Paper | 0.2 |
Advertising | 0.2 |
Office/Business Equipment | 0.2 |
Energy-Alternate Sources | 0.2 |
Leisure Time | 0.2 |
Packaging & Containers | 0.1 |
101.0% |
* | 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 February 29, 2024 (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: | |||||||
Cayman Islands | $2,956,027 | $6,079,228 | $— | $9,035,255 | |||
Ireland | 6,642,448 | 13,347,468 | — | 19,989,916 | |||
Israel | 6,387,526 | 7,362,790 | — | 13,750,316 | |||
Netherlands | 1,720,651 | 120,472,422 | — | 122,193,073 | |||
United Kingdom | 1,577,941 | 240,457,770 | — | 242,035,711 | |||
Other Countries | — | 1,434,781,608 | — | 1,434,781,608 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 3,743,951 | — | 3,743,951 | |||
Other Short-Term Investments | 30,083,784 | — | — | 30,083,784 | |||
Repurchase Agreements | — | 7,183,068 | — | 7,183,068 | |||
Total Investments at Value | $49,368,377 | $1,833,428,305 | $— | $1,882,796,682 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $690,385 | $— | $— | $690,385 |
* | 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
83
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
84
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
85
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
86
VALIC Company I International
Government Bond Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation* | |
Foreign Government Obligations | 57.2% |
U.S. Government & Agency Obligations | 32.0 |
Electric | 1.5 |
Oil & Gas | 0.9 |
Internet | 0.9 |
Diversified Financial Services | 0.8 |
Banks | 0.8 |
Short-Term Investments | 0.7 |
Commercial Services | 0.4 |
Mining | 0.3 |
Investment Companies | 0.3 |
Energy-Alternate Sources | 0.3 |
Computers | 0.3 |
Forest Products & Paper | 0.3 |
Transportation | 0.3 |
Food | 0.2 |
97.2% |
* | 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 February 29, 2024 (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 | $— | $4,386,473 | $— | $4,386,473 | |||
U.S. Government & Agency Obligations | — | 19,105,492 | — | 19,105,492 | |||
Foreign Government Obligations | — | 34,177,707 | — | 34,177,707 | |||
Short-Term Investments | 399,000 | — | — | 399,000 | |||
Total Investments at Value | $399,000 | $57,669,672 | $— | $58,068,672 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
87
VALIC Company I International Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
Industry Allocation* | |
Internet | 14.7% |
Apparel | 14.2 |
Transportation | 13.4 |
Semiconductors | 11.2 |
Retail | 9.6 |
Machinery-Diversified | 5.1 |
Banks | 4.8 |
Healthcare-Products | 4.7 |
Commercial Services | 3.6 |
88
VALIC Company I International Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation*(continued) | |
Entertainment | 3.3% |
Private Equity | 2.9 |
Diversified Financial Services | 2.5 |
Short-Term Investments | 2.3 |
Insurance | 2.3 |
Electric | 1.8 |
Food | 1.6 |
Pharmaceuticals | 1.6 |
Beverages | 1.3 |
100.9% |
* | 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 February 29, 2024 (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: | |||||||
Bermuda | $7,198,035 | $— | $— | $7,198,035 | |||
Canada | 49,679,835 | — | — | 49,679,835 | |||
India | 9,255,403 | 16,133,496 | — | 25,388,899 | |||
Jersey | 6,440,288 | — | — | 6,440,288 | |||
Luxembourg | 16,331,522 | — | — | 16,331,522 | |||
United States | 20,134,281 | — | — | 20,134,281 | |||
Other Countries | — | 275,118,943 | — | 275,118,943 | |||
Short-Term Investments | 9,372,594 | — | — | 9,372,594 | |||
Total Investments at Value | $118,411,958 | $291,252,439 | $— | $409,664,397 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of
Investments
89
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
90
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
91
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
92
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
93
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation* | |
Healthcare-Products | 8.6% |
Machinery-Diversified | 7.2 |
Commercial Services | 6.6 |
Software | 5.7 |
Computers | 5.0 |
Electronics | 4.5 |
Short-Term Investments | 4.3 |
Internet | 3.7 |
Banks | 3.6 |
Semiconductors | 3.4 |
Chemicals | 3.4 |
Retail | 3.3 |
Miscellaneous Manufacturing | 3.2 |
Food | 2.7 |
REITS | 2.5 |
Distribution/Wholesale | 2.5 |
94
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation*(continued) | |
Diversified Financial Services | 2.5% |
Engineering & Construction | 2.4 |
Pharmaceuticals | 2.3 |
Real Estate | 2.1 |
Insurance | 1.9 |
Building Materials | 1.9 |
Auto Parts & Equipment | 1.6 |
Telecommunications | 1.5 |
Advertising | 1.2 |
Leisure Time | 1.0 |
Private Equity | 1.0 |
Mining | 1.0 |
Oil & Gas | 0.9 |
Home Furnishings | 0.9 |
Machinery-Construction & Mining | 0.9 |
Packaging & Containers | 0.9 |
Biotechnology | 0.8 |
Metal Fabricate/Hardware | 0.7 |
Electric | 0.7 |
Healthcare-Services | 0.7 |
Transportation | 0.7 |
Entertainment | 0.6 |
Cosmetics/Personal Care | 0.5 |
Iron/Steel | 0.5 |
Gas | 0.4 |
Pipelines | 0.4 |
Airlines | 0.4 |
Hand/Machine Tools | 0.4 |
Home Builders | 0.3 |
Investment Companies | 0.3 |
Beverages | 0.3 |
Water | 0.3 |
Aerospace/Defense | 0.2 |
Apparel | 0.2 |
Coal | 0.2 |
Repurchase Agreements | 0.2 |
Forest Products & Paper | 0.2 |
Electrical Components & Equipment | 0.1 |
Unaffiliated Investment Companies | 0.1 |
Office/Business Equipment | 0.1 |
Oil & Gas Services | 0.1 |
Environmental Control | 0.1 |
Media | 0.1 |
103.8% |
* | Calculated as a percentage of net assets |
95
VALIC Company I International
Opportunities Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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: | |||||||
Bermuda | $276,241 | $— | $— | $276,241 | |||
Brazil | 9,422,950 | — | — | 9,422,950 | |||
Canada | 18,315,880 | — | — | 18,315,880 | |||
Cayman Islands | 789,482 | 340,530 | — | 1,130,012 | |||
Denmark | 527,355 | 4,749,223 | — | 5,276,578 | |||
Ireland | 3,079,555 | — | — | 3,079,555 | |||
Israel | 7,107,539 | 1,426,172 | — | 8,533,711 | |||
Italy | 598,291 | 21,967,615 | — | 22,565,906 | |||
Jersey | 694,573 | 1,963,086 | — | 2,657,659 | |||
Mauritius | 583,217 | — | — | 583,217 | |||
Mexico | 1,807,294 | — | — | 1,807,294 | |||
Netherlands | 1,649,904 | 4,566,451 | — | 6,216,355 | |||
Russia | — | — | 0 | 0 | |||
United Kingdom | 2,574,037 | 78,888,856 | — | 81,462,893 | |||
United States | 3,075,891 | — | — | 3,075,891 | |||
Other Countries | — | 284,479,060 | — | 284,479,060 | |||
Unaffiliated Investment Companies | 585,121 | — | — | 585,121 | |||
Short-Term Investments | 19,319,401 | — | — | 19,319,401 | |||
Repurchase Agreements | — | 982,500 | — | 982,500 | |||
Total Investments at Value | $70,406,731 | $399,363,493 | $0 | $469,770,224 |
* | 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
96
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
97
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
98
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
99
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
100
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
201 | Long | MSCI EAFE Index | March 2024 | $22,391,815 | $22,993,395 | $601,580 |
* | 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* | |
Pharmaceuticals | 8.0% |
Insurance | 7.5 |
Banks | 7.1 |
Semiconductors | 3.9 |
Repurchase Agreements | 3.9 |
Chemicals | 3.7 |
Commercial Services | 3.1 |
Healthcare-Products | 2.9 |
Auto Manufacturers | 2.8 |
Oil & Gas | 2.6 |
Telecommunications | 2.4 |
Engineering & Construction | 2.2 |
Food | 2.2 |
Software | 2.2 |
Electronics | 2.2 |
Retail | 2.2 |
Distribution/Wholesale | 2.1 |
Transportation | 1.9 |
Electric | 1.9 |
Machinery-Diversified | 1.9 |
Diversified Financial Services | 1.8 |
Building Materials | 1.7 |
Investment Companies | 1.4 |
Auto Parts & Equipment | 1.4 |
101
VALIC Company I International Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Industry Allocation*(continued) | |
Miscellaneous Manufacturing | 1.3% |
Machinery-Construction & Mining | 1.3 |
Mining | 1.3 |
Real Estate | 1.2 |
Apparel | 1.2 |
REITS | 1.2 |
Beverages | 1.2 |
Iron/Steel | 1.1 |
Cosmetics/Personal Care | 1.1 |
Electrical Components & Equipment | 1.1 |
Private Equity | 1.0 |
Biotechnology | 1.0 |
Computers | 0.9 |
Gas | 0.9 |
Lodging | 0.8 |
Food Service | 0.8 |
Home Furnishings | 0.8 |
Media | 0.7 |
Healthcare-Services | 0.6 |
Internet | 0.6 |
Home Builders | 0.6 |
Household Products/Wares | 0.5 |
Toys/Games/Hobbies | 0.5 |
Advertising | 0.5 |
Metal Fabricate/Hardware | 0.5 |
Entertainment | 0.4 |
Forest Products & Paper | 0.4 |
Hand/Machine Tools | 0.4 |
Short-Term Investments | 0.3 |
Office/Business Equipment | 0.3 |
Leisure Time | 0.3 |
Energy-Alternate Sources | 0.2 |
Water | 0.1 |
Pipelines | 0.1 |
Packaging & Containers | 0.1 |
98.3% |
* | 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 February 29, 2024 (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: | |||||||
Cayman Islands | $389,089 | $1,853,820 | $— | $2,242,909 | |||
Israel | 588,951 | 2,767,711 | — | 3,356,662 | |||
Netherlands | 207,383 | 33,149,018 | — | 33,356,401 | |||
United Kingdom | 1,795,292 | 55,824,004 | — | 57,619,296 | |||
Other Countries | — | 338,014,930 | — | 338,014,930 | |||
Short-Term Investments | — | 1,497,580 | — | 1,497,580 | |||
Repurchase Agreements | — | 17,853,051 | — | 17,853,051 | |||
Total Investments at Value | $2,980,715 | $450,960,114 | $— | $453,940,829 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $601,580 | $— | $— | $601,580 |
* | 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
— February 29, 2024 — (unaudited)
103
VALIC Company I International Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (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 February 29, 2024, the aggregate value of these securities was $12,174,825 representing 2.5% of net assets. |
(1) | The rate shown is the 7-day yield as of February 29, 2024. |
(2) | At February 29, 2024, the Fund had loaned securities with a total value of $11,170,965. This was secured by collateral of $6,241,227, which was received in cash and subsequently invested in short-term investments currently valued at $6,241,227 as reported in the Portfolio of Investments. Additional collateral of $5,301,403 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of February 29, 2024 | |||
United States Treasury Bills | 0.00% | 03/14/2024 to 08/22/2024 | $270,482 | |||
United States Treasury Notes/Bonds | 0.13% to 5.50% | 03/31/2024 to 11/15/2053 | 5,030,921 |
ADR—American Depositary Receipt |
Industry Allocation* | |
Oil & Gas | 8.0% |
Banks | 6.6 |
Pharmaceuticals | 6.6 |
Insurance | 6.5 |
Telecommunications | 5.7 |
Apparel | 5.1 |
Semiconductors | 4.9 |
Beverages | 4.3 |
Media | 4.2 |
Food | 3.9 |
Electrical Components & Equipment | 3.6 |
Diversified Financial Services | 3.5 |
Chemicals | 3.3 |
Short-Term Investments | 3.3 |
Computers | 3.1 |
Engineering & Construction | 3.0 |
Aerospace/Defense | 3.0 |
Home Furnishings | 2.8 |
Healthcare-Products | 2.8 |
Machinery-Construction & Mining | 2.4 |
Electric | 2.0 |
Water | 1.9 |
Healthcare-Services | 1.8 |
Food Service | 1.7 |
Mining | 1.6 |
Pipelines | 1.6 |
Oil & Gas Services | 1.4 |
Cosmetics/Personal Care | 1.0 |
Auto Parts & Equipment | 0.7 |
Commercial Services | 0.6 |
Miscellaneous Manufacturing | 0.5 |
Transportation | 0.5 |
101.9% |
* | Calculated as a percentage of net assets |
104
VALIC Company I International Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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: | |||||||
Bermuda | $3,570,843 | $— | $— | $3,570,843 | |||
Brazil | 18,052,749 | — | — | 18,052,749 | |||
British Virgin Islands | 8,500,063 | — | — | 8,500,063 | |||
Canada | 34,145,096 | — | — | 34,145,096 | |||
India | 8,078,610 | — | — | 8,078,610 | |||
Ireland | 8,550,935 | — | — | 8,550,935 | |||
Israel | 6,633,688 | — | — | 6,633,688 | |||
Mexico | 9,295,341 | — | — | 9,295,341 | |||
Netherlands | 2,867,351 | 11,414,140 | — | 14,281,491 | |||
Taiwan | 9,247,642 | — | — | 9,247,642 | |||
United Kingdom | 7,514,985 | 41,959,023 | — | 49,474,008 | |||
United States | 10,358,842 | — | — | 10,358,842 | |||
Other Countries | — | 297,807,539 | — | 297,807,539 | |||
Short-Term Investments | 16,200,678 | — | — | 16,200,678 | |||
Total Investments at Value | $143,016,823 | $351,180,702 | $— | $494,197,525 |
* | 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
— February 29, 2024 — (unaudited)
106
VALIC Company I Large Capital Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Security Description | Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS — 0.1% | ||||
Sovereign — 0.1% | ||||
Federal Home Loan Bank | ||||
5.15%, 03/01/2024 (cost $839,000) | $839,000 | $ 838,877 | ||
TOTAL INVESTMENTS (cost $488,299,250) | 100.2% | 683,722,512 | ||
Other assets less liabilities | (0.2) | (1,296,468) | ||
NET ASSETS | 100.0% | $682,426,044 |
† | Non-income producing security |
# | The security or a portion thereof is out on loan. At February 29, 2024, the Fund had loaned securities with a total value of $446,047. This was secured by collateral of $454,901 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of February 29, 2024 | |||
United States Treasury Notes/Bonds | 0.13% to 5.51% | 04/15/2024 to 05/15/2051 | $454,901 |
ADR—American Depositary Receipt |
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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: | |||||||
Apparel | $12,993,432 | $9,076,258 | $— | $22,069,690 | |||
Electrical Components & Equipment | 12,586,528 | 6,002,322 | — | 18,588,850 | |||
Internet | 32,959,572 | 7,364,903 | — | 40,324,475 | |||
Other Industries | 601,900,620 | — | — | 601,900,620 | |||
Short-Term Investments | — | 838,877 | — | 838,877 | |||
Total Investments at Value | $660,440,152 | $23,282,360 | $— | $683,722,512 |
* | 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
— February 29, 2024 — (unaudited)
108
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
109
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
110
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
111
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
84 | Long | S&P Mid Cap 400 E-Mini Index | March 2024 | $23,982,201 | $24,297,840 | $315,639 |
* | 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
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $3,033,252,513 | $— | $— | $3,033,252,513 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 2,769,194 | — | 2,769,194 | |||
Other Short-Term Investments | 9,269,226 | — | — | 9,269,226 | |||
Repurchase Agreements | — | 31,799,945 | — | 31,799,945 | |||
Total Investments at Value | $3,042,521,739 | $34,569,139 | $— | $3,077,090,878 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $315,639 | $— | $— | $315,639 |
* | 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
— February 29, 2024 — (unaudited)
114
VALIC Company I Mid Cap Strategic
Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
115
VALIC Company I Mid Cap Strategic
Growth Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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: | |||||||
Commercial Services | $46,554,531 | $985,723 | $— | $47,540,254 | |||
Entertainment | — | 2,916,711 | — | 2,916,711 | |||
Other Industries | 1,007,357,947 | — | — | 1,007,357,947 | |||
Warrants | — | — | 0 | 0 | |||
Short-Term Investments: | |||||||
Banks | — | 21,196,859 | — | 21,196,859 | |||
Other Short-Term Investments | 5,438,819 | — | — | 5,438,819 | |||
Total Investments at Value | $1,059,351,297 | $25,099,293 | $0 | $1,084,450,590 |
* | 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
— February 29, 2024 — (unaudited)
117
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
118
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
119
VALIC Company I Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $610,922,216 | $— | $— | $610,922,216 | |||
Short-Term Investments | 6,823,834 | — | — | 6,823,834 | |||
Repurchase Agreements | — | 644,188 | — | 644,188 | |||
Total Investments at Value | $617,746,050 | $644,188 | $— | $618,390,238 |
* | 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
— February 29, 2024 — (unaudited)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $1,016,621,984 | $— | $— | $1,016,621,984 | |||
Short-Term Investments | 10,338,422 | — | — | 10,338,422 | |||
Total Investments at Value | $1,026,960,406 | $— | $— | $1,026,960,406 |
* | 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
— February 29, 2024 — (unaudited)
122
VALIC Company I Nasdaq-100 Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
68 | Long | NASDAQ 100 E-Mini Index | March 2024 | $22,746,569 | $24,592,540 | $1,845,971 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
123
VALIC Company I Nasdaq-100 Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $936,950,902 | $— | $— | $936,950,902 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 1,497,580 | — | 1,497,580 | |||
Other Short-Term Investments | 3,313,015 | — | — | 3,313,015 | |||
Repurchase Agreements | — | 21,712,661 | — | 21,712,661 | |||
Total Investments at Value | $940,263,917 | $23,210,241 | $— | $963,474,158 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $1,845,971 | $— | $— | $1,845,971 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Portfolio of
Investments
124
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
125
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
126
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
127
VALIC Company I Science &
Technology Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $— | $— | $10,017 | $10,017 | |||
Commercial Services | 52,810,060 | 8,440,904 | — | 61,250,964 | |||
Computers | 255,026,235 | 3,929,903 | — | 258,956,138 | |||
Electronics | 29,151,572 | 30,531,763 | — | 59,683,335 | |||
Entertainment Software | — | — | 2,358,497 | 2,358,497 | |||
Healthcare-Services | — | — | 1,043,639 | 1,043,639 | |||
Pharmaceuticals | — | 6,801 | — | 6,801 | |||
Semiconductors | 756,184,548 | 59,525,847 | — | 815,710,395 | |||
Software | 744,398,656 | 17,760,911 | — | 762,159,567 | |||
Telecommunications | 52,470,926 | 8,701,728 | — | 61,172,654 | |||
Toys/Games/Hobbies | — | 5,977,146 | — | 5,977,146 | |||
Other Industries | 646,522,946 | — | — | 646,522,946 | |||
Convertible Preferred Stocks | — | — | 18,694,167 | 18,694,167 | |||
Escrows and Litigation Trusts | — | — | 202,050 | 202,050 | |||
Warrants | — | — | 0 | 0 | |||
Short-Term Investments | 8,039,448 | — | — | 8,039,448 | |||
Repurchase Agreements | — | 842,911 | — | 842,911 | |||
Total Investments at Value | $2,544,604,391 | $135,717,914 | $22,308,370 | $2,702,630,675 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The following is a
reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | Escrow and Litigation Trusts | Warrants | ||||
Balance as of May 31, 2023 | $4,081,098 | $21,943,256 | $664,425 | - | |||
Accrued Discounts | - | - | - | - | |||
Accrued Premiums | - | - | - | - | |||
Realized Gain | - | - | - | - | |||
Realized Loss | (156,860) | (2,210,683) | - | - | |||
Change in unrealized appreciation (1) | 102,848 | 2,390,264 | 31,160 | - | |||
Change in unrealized depreciation (1) | (283,481) | (2,722,914) | - | - | |||
Net Purchases | - | - | - | 0 | |||
Net Sales | (331,452) | (698,955) | (493,535) | - | |||
Transfers into Level 3 | - | - | - | - | |||
Transfers out of Level 3 (2) | - | (6,801) | - | - | |||
Balance as of February 29, 2024 | $3,412,153 | $18,694,167 | $202,050 | $0 |
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at February 29, 2024 includes: |
Common Stocks | Convertible Preferred Securities | Escrows and Litigation Trusts | Warrants | ||||
$(283,481) | $(2,173,528) | $6,483 | $— |
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 February 29, 2024.
(2) Preferred Holdback Shares
was converted Common Holdback Shares following a corporate action. Securities are now valued using Level 2 inputs.
Level 3 investments in
securities were not considered a significant portion of the Fund's net assets at the end of the period.
See Notes to Portfolio of
Investments
128
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
129
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
130
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
131
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Description | Acquisition Date | Shares or Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||
Convertible Preferred Stocks (continued) | ||||||||||||
National Resilience, Inc. Series B | 10/23/2020 | 5,496 | $75,075 | $315,663 | $57.44 | 0.1% | ||||||
Nuro, Inc. Series C | 10/30/2020 | 6,234 | 81,383 | 25,497 | 4.09 | 0.0 | ||||||
Seismic Software, Inc. Series E | 12/13/2018 | 11,680 | 73,632 | 83,979 | 7.19 | 0.0 | ||||||
Seismic Software, Inc. Series F | 09/25/2020 | 875 | 7,691 | 6,291 | 7.19 | 0.0 | ||||||
ServiceTitan, Inc. Series A1 | 11/09/2018 | 4 | 105 | 292 | 72.91 | 0.0 | ||||||
ServiceTitan, Inc. Series D | 11/09/2018 | 1,942 | 51,065 | 141,591 | 72.91 | 0.0 | ||||||
Sila Nanotechnologies, Inc. Series F | 01/07/2021 | 2,608 | 107,640 | 52,890 | 20.28 | 0.0 | ||||||
Warrants | ||||||||||||
Dogwood State Bank Expires 10/12/2028 | 05/06/2019 | 456 | 0 | 3,575 | 7.84 | 0.0 | ||||||
Grasshopper Bancorp, Inc. Expires 05/24/2024 | 10/12/2018 | 1,009 | 0 | 313 | 0.31 | 0.0 | ||||||
$1,122,817 | 0.1%** |
** | 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 February 29, 2024. |
(4) | At February 29, 2024, the Fund had loaned securities with a total value of $11,465,892. This was secured by collateral of $396,328, which was received in cash and subsequently invested in short-term investments currently valued at $396,328 as reported in the Portfolio of Investments. Additional collateral of $11,613,786 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of February 29, 2024 | |||
United States Treasury Bills | 0.00% | 04/04/2024 to 05/28/2024 | $224,517 | |||
United States Treasury Notes/Bonds | 0.00% to 5.56% | 03/15/2024 to 02/15/2054 | 11,389,269 |
132
VALIC Company I Small Cap Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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: | |||||||
Agriculture | $— | $— | $43,143 | $43,143 | |||
Banks | 3,942,658 | — | 95,600 | 4,038,258 | |||
E-Commerce/Products | — | — | 1,577 | 1,577 | |||
Human Resources | — | — | 25,350 | 25,350 | |||
Pharmaceuticals | 17,110,985 | 272 | — | 17,111,257 | |||
Software | 97,205,290 | — | 13,561 | 97,218,851 | |||
Telecommunications | 6,010,589 | — | 0 | 6,010,589 | |||
Other Industries | 449,769,286 | — | — | 449,769,286 | |||
Convertible Preferred Stocks | — | — | 941,003 | 941,003 | |||
Warrants | — | — | 3,888 | 3,888 | |||
Short-Term Investments | 396,328 | — | — | 396,328 | |||
Total Investments at Value | $574,435,136 | $272 | $1,124,122 | $575,559,530 |
* | 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
133
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
134
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
135
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
136
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
137
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
138
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
139
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
140
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
141
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
142
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
143
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
144
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
145
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
146
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
147
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
148
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
149
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
150
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
151
VALIC Company I Small Cap Index
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
110 | Long | E-Mini Russell 2000 Index | March 2024 | $11,162,158 | $11,315,150 | $152,992 |
* | 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 February 29, 2024 (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 | $76,214,307 | $— | $22,609 | $76,236,916 | |||
Computers | 36,017,334 | 32,469 | — | 36,049,803 | |||
Oil & Gas | 41,135,773 | — | 0 | 41,135,773 | |||
Pharmaceuticals | 28,807,244 | — | 465 | 28,807,709 | |||
Therapeutics | — | — | 0 | 0 | |||
Other Industries | 802,830,352 | — | — | 802,830,352 | |||
Escrows and Litigation Trusts | — | — | 0 | 0 | |||
Warrants | 125,788 | — | — | 125,788 | |||
Short-Term Investments: | |||||||
U.S. Government | — | 1,840,271 | — | 1,840,271 | |||
Other Short-Term Investments | 25,284,866 | — | — | 25,284,866 | |||
Repurchase Agreements | — | 8,102,723 | — | 8,102,723 | |||
Total Investments at Value | $1,010,415,664 | $9,975,463 | $23,074 | $1,020,414,201 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $152,992 | $— | $— | $152,992 |
* | 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
152
VALIC Company I Small Cap Special
Values Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
153
VALIC Company I Small Cap Special
Values Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
154
VALIC Company I Small Cap Special
Values Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
(1) | Securities classified as Level 3 (see Note 1). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of February 29, 2024, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares or Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||
Rights | ||||||||||||
Pershing Square SPARC Holdings, Ltd. | 07/26/2022 | 15,102 | $0 | $0 | $0.00 | 0.0% |
(3) | The rate shown is the 7-day yield as of February 29, 2024. |
(4) | At February 29, 2024, the Fund had loaned securities with a total value of $4,889,411. This was secured by collateral of $4,513,064, which was received in cash and subsequently invested in short-term investments currently valued at $4,513,064 as reported in the Portfolio of Investments. Additional collateral of $493,481 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of February 29, 2024 | |||
United States Treasury Bills | 0.00% | 04/04/2024 to 05/28/2024 | $3,306 | |||
United States Treasury Notes/Bonds | 0.00% to 5.56% | 03/15/2024 to 02/15/2054 | 490,175 |
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | 209,333,597 | — | — | 209,333,597 | |||
Rights | — | — | 0 | 0 | |||
Short-Term Investments | 9,567,682 | — | — | 9,567,682 | |||
Total Investments at Value | $218,901,279 | $— | $0 | $218,901,279 |
* | 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
155
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
156
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
157
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
158
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
159
VALIC Company I Small Cap Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
90 | Long | E-Mini Russell 2000 Index | March 2024 | $9,100,767 | $9,257,850 | $157,083 |
* | 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 February 29, 2024 (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 | $487,263,091 | $— | $— | $487,263,091 | |||
Short-Term Investments | 2,188,353 | — | — | 2,188,353 | |||
Repurchase Agreements | — | 10,180,934 | — | 10,180,934 | |||
Total Investments at Value | $489,451,444 | $10,180,934 | $— | $499,632,378 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $157,083 | $— | $— | $157,083 |
* | 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
160
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
161
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
162
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
163
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
164
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
165
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
655 | Long | S&P 500 E-Mini Index | March 2024 | $159,828,751 | $167,147,813 | $7,319,062 |
* | 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. |
166
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $6,197,400,932 | $— | $— | $6,197,400,932 | |||
Short-Term Investments | — | 12,762,382 | — | 12,762,382 | |||
Repurchase Agreements | — | 149,140,977 | — | 149,140,977 | |||
Total Investments at Value | $6,197,400,932 | $161,903,359 | $— | $6,359,304,291 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $7,319,062 | $— | $— | $7,319,062 |
* | 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
167
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
168
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
169
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
170
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
171
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
172
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
173
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
174
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
175
VALIC Company I Systematic Core
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a summary of
the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $2,129,130 | $82,361 | $— | $2,211,491 | |||
Other Industries | 588,769,827 | — | — | 588,769,827 | |||
Unaffiliated Investment Companies | 992,543 | — | — | 992,543 | |||
Escrows and Litigation Trusts | — | — | 0 | 0 | |||
Short-Term Investments | 2,062,446 | — | — | 2,062,446 | |||
Total Investments at Value | $593,953,946 | $82,361 | $0 | $594,036,307 |
* | 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
176
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
177
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
178
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
179
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
180
VALIC Company I Systematic Growth
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $1,001,795,649 | $— | $— | $1,001,795,649 | |||
Convertible Preferred Stocks | — | — | 317,724 | 317,724 | |||
Unaffiliated Investment Companies | 2,796,146 | — | — | 2,796,146 | |||
Short-Term Investments | 617,953 | — | — | 617,953 | |||
Total Investments at Value | $1,005,209,748 | $— | $317,724 | $1,005,527,472 |
* | 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
181
VALIC Company I Systematic Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
182
VALIC Company I Systematic Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
183
VALIC Company I Systematic Value
Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
The following is a
summary of the inputs used to value the Fund's net assets as of February 29, 2024 (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 | $453,835,399 | $— | $— | $453,835,399 | |||
Short-Term Investments | 561,728 | — | — | 561,728 | |||
Repurchase Agreements | — | 3,158,457 | — | 3,158,457 | |||
Total Investments at Value | $454,397,127 | $3,158,457 | $— | $457,555,584 |
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to
Portfolio of Investments
184
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited)
185
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
186
VALIC Company I U.S. Socially
Responsible Fund
PORTFOLIO OF INVESTMENTS
— February 29, 2024 — (unaudited) — (continued)
Futures
Contracts
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation |
58 | Long | S&P 500 E-Mini Index | March 2024 | $14,389,231 | $14,800,875 | $411,644 |
* | 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 February 29, 2024 (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 | $713,217,394 | $— | $— | $713,217,394 | |||
Short-Term Investments | — | 3,389,249 | — | 3,389,249 | |||
Repurchase Agreements | — | 11,522,532 | — | 11,522,532 | |||
Total Investments at Value | $713,217,394 | $14,911,781 | $— | $728,129,175 | |||
Other Financial Instruments:† | |||||||
Futures Contracts | $411,644 | $— | $— | $411,644 |
* | 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
187
NOTES TO PORTFOLIO OF
INVESTMENTS — February 29, 2024 — (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 February 29, 2024, 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.
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
188
NOTES TO PORTFOLIO OF
INVESTMENTS — February 29, 2024 — (unaudited) — (continued)
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.
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.
189
NOTES TO PORTFOLIO OF
INVESTMENTS — February 29, 2024 — (unaudited) — (continued)
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.
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.
Inflation Swap Agreements: In an inflation swap, one party pays a fixed rate on a notional principal amount while the other party pays a floating rate linked to an inflation index
on the same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional principal amount. If the average inflation rate over the term of the swap is the
same as the fixed rate of the swap, the two legs will have the same value and the swap will break even.
Inflation 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
190
NOTES TO PORTFOLIO OF
INVESTMENTS — February 29, 2024 — (unaudited) — (continued)
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 Fund's objectives for using derivative instruments for the period ended February 29, 2024:
Objectives for Using Derivatives | ||||||||||
Fund | Futures Contracts | Foreign Forward Exchange Contracts | Options Contracts | Inflation 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 | - | 6 | - | |||||
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. |
(4) | To manage credit risk. |
(5) | To manage against or gain exposure to certain securities and/or sectors. |
(6) | To manage inflation risk and the duration of the portfolio. |
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 February 29, 2024, 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 February 29, 2024 | ||||||||
VALIC Company I | ||||||||||||||||
Core Bond Fund | $— | $— | $170,266,219 | $12,581,661 | $60,979,392 | $(12,666,379) | $15,659,392 | $124,861,501 | ||||||||
Emerging Economies Fund | — | — | — | 6,505,586 | — | — | 470,811 | 6,976,397 | ||||||||
International Equities Index Fund | — | — | 110,291,478 | 12,175,870 | 5,261,305 | 947,061 | 13,431,862 | 131,584,966 |
191
NOTES TO PORTFOLIO OF
INVESTMENTS — February 29, 2024 — (unaudited) — (continued)
Aggressive Growth Lifestyle Fund — (continued) | ||||||||||||||||
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 February 29, 2024 | ||||||||
Large Capital Growth Fund | $— | $— | 29,111,623 | $— | $30,855,343 | $(1,044,044) | $2,787,764 | $— | ||||||||
Small Cap Growth Fund | — | — | 31,538,743 | 12,474,064 | 10,786,645 | 46,008 | 8,209,179 | 41,481,349 | ||||||||
Small Cap Value Fund | — | — | 30,759,881 | 10,600,123 | 9,970,573 | (581,780) | 7,899,154 | 38,706,805 | ||||||||
Stock Index Fund | — | — | 166,722,826 | 18,504,813 | 21,563,011 | 418,850 | 36,848,682 | 200,932,160 | ||||||||
Systematic Growth Fund | — | — | 36,949,756 | 41,589,123 | 14,102,961 | 175,892 | 14,962,059 | 79,573,869 | ||||||||
Systematic Value Fund | — | — | 49,322,459 | 10,827,583 | 6,521,680 | (1,415,705) | 11,043,075 | 63,255,732 | ||||||||
$— | $— | $624,962,985 | $125,258,823 | $160,040,910 | $(14,120,097) | $111,311,978 | $687,372,779 |
† | 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 February 29, 2024 | ||||||||
VALIC Company I | ||||||||||||||||
Core Bond Fund | $— | $— | $204,003,207 | $6,185,073 | $40,882,529 | $(6,856,870) | $11,081,478 | $173,530,359 | ||||||||
Emerging Economies Fund | — | — | — | 2,923,226 | — | — | 212,882 | 3,136,108 | ||||||||
International Equities Index Fund | — | — | 23,613,099 | 3,503,811 | 2,832,455 | 547,866 | 2,555,363 | 27,387,684 | ||||||||
Large Capital Growth Fund | — | — | 6,251,657 | — | 6,625,161 | 222,354 | 151,150 | — | ||||||||
Small Cap Growth Fund | — | — | 6,071,559 | 4,943,796 | 4,104,739 | 103,092 | 1,888,222 | 8,901,930 | ||||||||
Small Cap Value Fund | — | — | 5,928,513 | 4,401,346 | 3,855,261 | (226,717) | 1,927,566 | 8,175,447 | ||||||||
Stock Index Fund | — | — | 35,384,818 | 8,245,341 | 8,089,344 | 755,583 | 7,155,405 | 43,451,803 | ||||||||
Systematic Growth Fund | — | — | 10,547,151 | 11,648,411 | 5,671,519 | 206,904 | 3,514,746 | 20,245,693 | ||||||||
Systematic Value Fund | — | — | 9,688,725 | 4,672,108 | 2,925,643 | (100,043) | 2,154,196 | 13,489,343 | ||||||||
$— | $— | $301,488,729 | $46,523,112 | $74,986,651 | $(5,347,831) | $30,641,008 | $298,318,367 |
† | 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 February 29, 2024 | ||||||||
VALIC Company I | ||||||||||||||||
Capital Appreciation Fund | $— | $— | $5,372,628 | $359,656 | $1,845,718 | $191,268 | $1,273,287 | $5,351,121 | ||||||||
Core Bond Fund | — | — | 19,799,704 | 2,198,939 | 5,061,035 | (738,918) | 1,226,916 | 17,425,606 | ||||||||
Dividend Value Fund | — | — | 8,870,602 | 636,869 | 2,300,931 | 186,850 | 1,108,847 | 8,502,237 | ||||||||
Emerging Economies Fund | — | — | 766,449 | 56,471 | 204,292 | (56,489) | 147,884 | 710,023 | ||||||||
Global Real Estate Fund | — | — | 1,554,739 | 480,317 | 466,057 | (89,138) | 203,304 | 1,683,165 | ||||||||
Government Securities Fund | — | — | 6,933,528 | 486,517 | 1,759,281 | (282,210) | 311,154 | 5,689,708 | ||||||||
Growth Fund | — | — | 5,522,036 | 359,657 | 1,945,719 | (1,191,236) | 2,638,173 | 5,382,911 | ||||||||
High Yield Bond Fund | — | — | 1,247,154 | 86,878 | 317,372 | (27,548) | 131,466 | 1,120,578 | ||||||||
Inflation Protected Fund | — | — | 2,297,092 | 156,178 | 657,915 | (103,993) | 117,578 | 1,808,940 | ||||||||
International Equities Index Fund | — | — | 2,703,664 | 186,787 | 670,349 | 100,267 | 207,714 | 2,528,083 | ||||||||
International Government Bond Fund | — | — | 614,859 | 43,440 | 158,686 | (25,814) | 40,652 | 514,451 | ||||||||
International Growth Fund | — | — | 2,871,720 | 182,444 | 658,480 | 6,502 | 173,809 | 2,575,995 | ||||||||
International Opportunities Fund | — | — | 412,654 | 26,063 | 91,212 | (62,094) | 111,850 | 397,261 | ||||||||
International Socially Responsible Fund | — | — | 1,988,879 | 143,348 | 521,663 | (92,580) | 321,792 | 1,839,776 | ||||||||
International Value Fund | — | — | 4,397,926 | 308,417 | 1,112,669 | 73,304 | 531,224 | 4,198,202 | ||||||||
Large Capital Growth Fund | — | — | 5,776,527 | 402,210 | 1,455,032 | 241,277 | 801,323 | 5,766,305 | ||||||||
Mid Cap Index Fund | — | — | 1,532,966 | 108,597 | 396,714 | 42,797 | 258,512 | 1,546,158 | ||||||||
Mid Cap Strategic Growth Fund | — | — | 1,585,196 | 108,598 | 396,714 | (232,576) | 578,344 | 1,642,848 | ||||||||
Mid Cap Value Fund | — | — | 1,806,998 | 130,317 | 466,057 | 34,251 | 321,848 | 1,827,357 | ||||||||
Small Cap Growth Fund | — | — | 521,943 | 460,815 | 216,160 | (140,452) | 282,655 | 908,801 | ||||||||
Small Cap Index Fund | — | — | 630,919 | 43,439 | 158,686 | (2,485) | 111,275 | 624,462 | ||||||||
Small Cap Special Values Fund | — | — | 976,710 | 69,502 | 249,897 | (25,592) | 238,460 | 1,009,183 | ||||||||
Small Cap Value Fund | — | — | 306,725 | 21,720 | 79,343 | 2,479 | 53,664 | 305,245 | ||||||||
Stock Index Fund | — | — | 12,548,207 | 868,779 | 3,143,715 | 638,805 | 1,979,728 | 12,891,804 | ||||||||
Systematic Core Fund | — | — | 9,150,466 | 634,210 | 2,292,812 | 178,292 | 1,784,002 | 9,454,158 | ||||||||
Systematic Growth Fund | — | — | 3,873,335 | 258,862 | 1,183,369 | (310,805) | 1,336,367 | 3,974,390 |
192
NOTES TO PORTFOLIO OF
INVESTMENTS — February 29, 2024 — (unaudited) — (continued)
Dynamic Allocation Fund — (continued) | ||||||||||||||||
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 February 29, 2024 | ||||||||
Systematic Value Fund | $— | $— | 12,203,573 | $884,470 | $3,197,440 | $32,747 | $2,004,453 | $11,927,803 | ||||||||
U.S. Socially Responsible Fund | — | — | 7,573,037 | 534,301 | 1,929,835 | (932,736) | 2,548,005 | 7,792,772 | ||||||||
$— | $— | $123,840,236 | $10,237,801 | $32,937,153 | $(2,585,827) | $20,844,286 | $119,399,343 |
† | 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 February 29, 2024 | ||||||||
VALIC Company I | ||||||||||||||||
Core Bond Fund | $— | $— | $465,074,965 | $22,043,557 | $111,020,181 | $(23,834,185) | $33,278,212 | $385,542,368 | ||||||||
Emerging Economies Fund | — | — | — | 9,888,344 | — | — | 716,447 | 10,604,791 | ||||||||
International Equities Index Fund | — | — | 124,666,481 | 14,655,852 | 12,494,359 | 2,468,913 | 13,731,679 | 143,028,566 | ||||||||
Large Capital Growth Fund | — | — | 33,761,516 | — | 35,776,452 | (1,107,723) | 3,122,659 | — | ||||||||
Small Cap Growth Fund | — | — | 34,555,699 | 17,439,597 | 15,134,082 | (76,555) | 9,690,588 | 46,475,247 | ||||||||
Small Cap Value Fund | — | — | 33,714,154 | 15,386,844 | 14,850,588 | (887,596) | 9,342,467 | 42,705,281 | ||||||||
Stock Index Fund | — | — | 189,555,753 | 28,289,351 | 34,554,929 | (3,622,651) | 46,050,914 | 225,718,438 | ||||||||
Systematic Growth Fund | — | — | 44,778,820 | 51,081,798 | 20,228,011 | 321,143 | 17,148,666 | 93,102,416 | ||||||||
Systematic Value Fund | — | — | 53,204,496 | 16,302,264 | 10,666,981 | (1,393,513) | 11,998,610 | 69,444,877 | ||||||||
$— | $— | $979,311,884 | $175,087,607 | $254,725,583 | $(28,132,167) | $145,080,242 | $1,016,621,984 |
† | 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 February 29, 2024 | ||||||||
American International Group, Inc. | $113,858 | $— | $5,697,663 | $— | $374,582 | $168,272 | $1,920,029 | $7,411,382 |
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.
193